{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "pearsonplc": "http://pearsonplc.com/xbrl/2023", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://pearsonplc.com/xbrl/2023/2138004JBXWWJKIURC57-2024-12-31.xsd" ] }, "facts": { "fact-7": { "value": "3552000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "3674000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "3841000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-10": { "value": "1741000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "1839000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "2046000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "1811000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "1835000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "1795000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "1265000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "1322000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "1549000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherGainsLosses", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "-16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherGainsLosses", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "24000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherGainsLosses", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "541000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "498000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "271000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "112000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "81000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "71000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "81000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "76000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "123000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "510000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "493000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "323000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "75000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "113000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "79000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "435000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "380000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "244000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "434000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-44": { "value": "378000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "242000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "0.645", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-50": { "value": "0.531", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-51": { "value": "0.328", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-52": { "value": "0.635", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-53": { "value": "0.527", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-54": { "value": "0.326", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-55": { "value": "435000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "380000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "244000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "-35000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:NetExchangeDifferencesOnTranslationOfForeignOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "-177000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:NetExchangeDifferencesOnTranslationOfForeignOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "330000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:NetExchangeDifferencesOnTranslationOfForeignOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:CurrencyTranslationAdjustmentDisposed", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "-122000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:CurrencyTranslationAdjustmentDisposed", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:CurrencyTranslationAdjustmentDisposed", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "-85000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "54000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "-20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "-32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "-363000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "390000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "403000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "17000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "634000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "402000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "630000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "216000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "217000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "77000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "79000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "3026000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "3091000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "22000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "52000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "491000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "499000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "141000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "143000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "41000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "125000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "135000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "4164000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "4294000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "947000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:CurrentIntangibleAssetsProductDevelopment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-114": { "value": "947000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:CurrentIntangibleAssetsProductDevelopment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "74000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-116": { "value": "91000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "1030000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "1050000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "31000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "103000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "543000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "312000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "2728000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-126": { "value": "2431000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-128": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-129": { "value": "6892000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "6727000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-131": { "value": "1157000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-132": { "value": "1094000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-135": { "value": "63000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "46000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-137": { "value": "41000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-138": { "value": "44000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-140": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-141": { "value": "83000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-142": { "value": "98000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-143": { "value": "1361000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-144": { "value": "1335000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-145": { "value": "1054000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-146": { "value": "1275000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-147": { "value": "315000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-148": { "value": "67000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-149": { "value": "54000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-150": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-151": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-152": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-153": { "value": "23000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-154": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-155": { "value": "1478000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-156": { "value": "1404000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-158": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-159": { "value": "2839000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-160": { "value": "2739000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-161": { "value": "4053000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-162": { "value": "3988000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-163": { "value": "166000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-164": { "value": "174000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-165": { "value": "2649000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-166": { "value": "2642000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-167": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-168": { "value": "19000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-169": { "value": "41000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-170": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-171": { "value": "-14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-172": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-173": { "value": "376000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-174": { "value": "411000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-175": { "value": "827000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-176": { "value": "745000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-177": { "value": "4038000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-178": { "value": "3974000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-179": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-180": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-181": { "value": "4053000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-182": { "value": "3988000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-1": { "value": "These financial statements have been approved for issue by the Board of Directors on 13 March 2025 and signed on its behalf by Sally Johnson Chief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-183": { "value": "174000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-184": { "value": "2642000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-185": { "value": "-19000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "411000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "745000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-190": { "value": "3974000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-191": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-192": { "value": "3988000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-193": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-194": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-195": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-196": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-197": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-198": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-199": { "value": "434000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "434000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-202": { "value": "435000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-203": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-204": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-205": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-206": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-207": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-208": { "value": "-35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-209": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-210": { "value": "-32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-211": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-212": { "value": "-32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-213": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-214": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-215": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-216": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-217": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-218": { "value": "-35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-219": { "value": "439000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-220": { "value": "402000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-221": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-222": { "value": "403000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-223": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-224": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-225": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-226": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-227": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-228": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-229": { "value": "37000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-230": { "value": "37000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-231": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-232": { "value": "37000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-233": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-234": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-235": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-236": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-237": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-238": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-239": { "value": "-11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-240": { "value": "-11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-241": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-242": { "value": "-11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-243": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-244": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-245": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-246": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-247": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-248": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-249": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-250": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-251": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-252": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-253": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-254": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-255": { "value": "-8000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-256": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-257": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-258": { "value": "204000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-259": { "value": "204000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-260": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-261": { "value": "204000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-262": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-263": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-264": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-265": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-266": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-267": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-268": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-269": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-270": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-271": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-272": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-273": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-274": { "value": "45000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-275": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-276": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-277": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-278": { "value": "-45000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-279": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-280": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-281": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-283": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-284": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-285": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-286": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-287": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-288": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-289": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-290": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-291": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "166000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-293": { "value": "2649000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-294": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-295": { "value": "41000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-296": { "value": "-14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-297": { "value": "376000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-298": { "value": "827000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-299": { "value": "4038000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-300": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-301": { "value": "4053000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "179000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-303": { "value": "2633000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-304": { "value": "-15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-305": { "value": "28000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-306": { "value": "-13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-307": { "value": "709000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-308": { "value": "881000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-309": { "value": "4402000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-310": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-311": { "value": "4415000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-312": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-313": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-314": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-315": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-316": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-317": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-318": { "value": "378000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-319": { "value": "378000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-320": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-321": { "value": "380000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-322": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-323": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-324": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-325": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-326": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-327": { "value": "-298000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-328": { "value": "-65000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-329": { "value": "-362000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-330": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-331": { "value": "-363000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-333": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-334": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-335": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-336": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-337": { "value": "-298000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-338": { "value": "313000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-339": { "value": "16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-340": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-341": { "value": "17000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-343": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-344": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-345": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-346": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-347": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-348": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-349": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-350": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-351": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-353": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-354": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-355": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-356": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-357": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-358": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-359": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-360": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-361": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-363": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-364": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-365": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-366": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-367": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-368": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-369": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-370": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-371": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-372": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-373": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-374": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-375": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-376": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-377": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-378": { "value": "304000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-379": { "value": "304000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-380": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-381": { "value": "304000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-382": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-383": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-384": { "value": "35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-385": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-386": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-387": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-388": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-389": { "value": "35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-390": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-391": { "value": "35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-392": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-393": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-394": { "value": "31000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-395": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-396": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-397": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-398": { "value": "-31000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-399": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-400": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-401": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-402": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-403": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-404": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-405": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-406": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-407": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-408": { "value": "155000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-409": { "value": "155000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-410": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-411": { "value": "155000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-412": { "value": "174000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-413": { "value": "2642000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-414": { "value": "-19000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-415": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-416": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-417": { "value": "411000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-418": { "value": "745000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-419": { "value": "3974000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-420": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-421": { "value": "3988000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-422": { "value": "189000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-423": { "value": "2626000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-424": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-425": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-426": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-427": { "value": "386000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-428": { "value": "1067000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-429": { "value": "4270000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-430": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-431": { "value": "4280000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-432": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-433": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-434": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-435": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-436": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-437": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-438": { "value": "242000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-439": { "value": "242000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-440": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-441": { "value": "244000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-442": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-443": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-444": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-445": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-446": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-447": { "value": "323000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-448": { "value": "47000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-449": { "value": "388000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-450": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-451": { "value": "390000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-452": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-453": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-454": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-455": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-456": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-457": { "value": "323000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-458": { "value": "289000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-459": { "value": "630000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-460": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-461": { "value": "634000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-462": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-463": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-464": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-465": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-466": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-467": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-468": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-469": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-470": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-471": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-472": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-473": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-474": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-475": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-476": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-477": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-478": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-479": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-480": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-481": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-482": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-483": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-484": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-485": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-486": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-487": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-488": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-489": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-490": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-491": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-492": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-493": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-494": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-495": { "value": "-10000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-496": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-497": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-498": { "value": "353000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-499": { "value": "353000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-500": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-501": { "value": "353000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-502": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-503": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-504": { "value": "37000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-505": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-506": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-507": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-508": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-509": { "value": "37000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-510": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-511": { "value": "37000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-512": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-513": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-514": { "value": "34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-515": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-516": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-517": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-518": { "value": "-34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-519": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-520": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-521": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-522": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-523": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-524": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-525": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-526": { "value": "-27000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-527": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-528": { "value": "27000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-529": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-530": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-531": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:TransferOfGainOnDisposalOfFVOCIInvestment", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-532": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-533": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-534": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-535": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-536": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-537": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-538": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-539": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-540": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-541": { "value": "157000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-542": { "value": "179000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-543": { "value": "2633000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-544": { "value": "-15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-545": { "value": "28000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-546": { "value": "-13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:GBP" } }, "fact-547": { "value": "709000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-548": { "value": "881000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-549": { "value": "4402000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-550": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-551": { "value": "4415000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-552": { "value": "510000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-553": { "value": "493000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-554": { "value": "323000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-555": { "value": "-31000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-556": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-557": { "value": "52000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-558": { "value": "-77000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForDepreciationAndImpairmentPPEAndInvestmentProperty", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-559": { "value": "-90000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForDepreciationAndImpairmentPPEAndInvestmentProperty", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-560": { "value": "-136000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForDepreciationAndImpairmentPPEAndInvestmentProperty", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-561": { "value": "-117000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForAmortisationAndImpairmentSoftware", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-562": { "value": "-123000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForAmortisationAndImpairmentSoftware", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-563": { "value": "-125000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForAmortisationAndImpairmentSoftware", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-564": { "value": "-41000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForAmortisationAndImpairmentAcquiredIntangibleAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-565": { "value": "-46000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForAmortisationAndImpairmentAcquiredIntangibleAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-566": { "value": "-54000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForAmortisationAndImpairmentAcquiredIntangibleAssets", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-567": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForOtherNetGainsAndLosses", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-568": { "value": "-13000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForOtherNetGainsAndLosses", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-569": { "value": "24000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForOtherNetGainsAndLosses", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-570": { "value": "284000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForProductDevelopmentCapitalExpenditure", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-571": { "value": "300000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForProductDevelopmentCapitalExpenditure", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-572": { "value": "357000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForProductDevelopmentCapitalExpenditure", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-573": { "value": "-291000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForProductDevelopmentAmortisation", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-574": { "value": "-284000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForProductDevelopmentAmortisation", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-575": { "value": "-303000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AdjustmentsForProductDevelopmentAmortisation", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-576": { "value": "44000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-577": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-578": { "value": "35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-579": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-580": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-581": { "value": "-34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-582": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-583": { "value": "-24000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-584": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-585": { "value": "-99000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-586": { "value": "-20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-587": { "value": "-84000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-588": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-589": { "value": "-61000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-590": { "value": "50000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-591": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-592": { "value": "-16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-593": { "value": "19000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-594": { "value": "811000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-595": { "value": "682000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-596": { "value": "527000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-597": { "value": "65000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-598": { "value": "60000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-599": { "value": "57000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-600": { "value": "119000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-601": { "value": "97000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-602": { "value": "109000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-603": { "value": "627000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-604": { "value": "525000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-605": { "value": "361000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-606": { "value": "39000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AcquisitionOfSubsidiariesNetOfCashAcquiredClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-607": { "value": "171000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AcquisitionOfSubsidiariesNetOfCashAcquiredClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-608": { "value": "228000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AcquisitionOfSubsidiariesNetOfCashAcquiredClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-609": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AcquisitionOfJointVenturesAndAssociatesClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-610": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AcquisitionOfJointVenturesAndAssociatesClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-611": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:AcquisitionOfJointVenturesAndAssociatesClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-612": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-613": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-614": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-615": { "value": "33000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-616": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-617": { "value": "57000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-618": { "value": "91000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-619": { "value": "96000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-620": { "value": "90000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-621": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:DisposalOfSubsidiariesNetOfCashDisposedClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-622": { "value": "-38000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:DisposalOfSubsidiariesNetOfCashDisposedClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-623": { "value": "333000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:DisposalOfSubsidiariesNetOfCashDisposedClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-624": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-625": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-626": { "value": "17000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-627": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-628": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-629": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-630": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:LeaseReceivablesRepaidIncludingDisposalsClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-631": { "value": "15000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:LeaseReceivablesRepaidIncludingDisposalsClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-632": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:LeaseReceivablesRepaidIncludingDisposalsClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-633": { "value": "20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-634": { "value": "20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-635": { "value": "22000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-636": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-637": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-638": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-639": { "value": "-131000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-640": { "value": "-301000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-641": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-642": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-643": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-644": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-645": { "value": "318000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquityClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-646": { "value": "186000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquityClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-647": { "value": "353000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:BuybackOfEquityClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-648": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:SettlementOfSharebasedPaymentsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-649": { "value": "35000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:SettlementOfSharebasedPaymentsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-650": { "value": "37000000.0", "decimals": -6, "dimensions": { "concept": "pearsonplc:SettlementOfSharebasedPaymentsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-651": { "value": "1265000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-652": { "value": "285000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-653": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-654": { "value": "921000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-655": { "value": "285000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-656": { "value": "171000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-657": { "value": "78000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-658": { "value": "84000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-659": { "value": "93000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-660": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-661": { "value": "154000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-662": { "value": "156000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-663": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-664": { "value": "-0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-665": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-666": { "value": "-241000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-667": { "value": "-450000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-668": { "value": "-804000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-669": { "value": "-21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-670": { "value": "-8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-671": { "value": "36000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-672": { "value": "234000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-673": { "value": "-234000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-674": { "value": "-394000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-675": { "value": "309000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-676": { "value": "543000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-677": { "value": "937000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-678": { "value": "543000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-679": { "value": "309000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-680": { "value": "543000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-685": { "value": "General information Pearson plc (\u2018the company\u2019), its subsidiaries and associates (together \u2018the Group\u2019) are international businesses covering educational courseware, assessments and services. The company is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of its registered office is 80 Strand, London WC2R 0RL. The company has its primary listing on the London Stock Exchange and is also listed on the New York Stock Exchange. These consolidated financial statements were approved for issue by the Board of Directors on 13 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-681": { "value": "Pearson plc (\u2018the company\u2019), its subsidiaries and associates (together \u2018the Group\u2019) are international businesses covering educational courseware, assessments and services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Pearson plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-682": { "value": "Pearson plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "80 Strand, London WC2R 0RL", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-683": { "value": "1a. Accounting policies The material accounting policies applied in the preparation of these consolidated financial statements are set out below. Basis of preparation These consolidated financial statements have been prepared on the going concern basis (see note 1b) and in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The consolidated financial statements have also been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). These standards are collectively referred to as IFRS in these financial statements. These consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and liabilities (including derivative financial instruments) at fair value. These accounting policies have been consistently applied to all years presented, unless otherwise stated. 1. Interpretations and amendments to published standards effective 2024 \u2013 No new standards were adopted in 2024. A number of other new pronouncements are effective from 1 January 2024 but they do not have a material impact on the consolidated financial statements. Additional disclosure has been given where relevant. 2. Standards, interpretations and amendments to published standards that are not yet effective \u2013 The following new accounting standards and amendments to new accounting standards have been issued but are not yet effective and unless otherwise indicated, have been endorsed: \u2014 Amendments to IAS 21 \u2019Lack of exchangeability\u2019; \u2014 Amendment to IFRS 9 and IFRS 7 \u2018Classification and measurement of financial instruments\u2019 (not yet endorsed; \u2014 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (not yet endorsed); and \u2014 IFRS 19 \u2019Subsidiaries without Public Accountability: Disclosures (not yet endorsed). IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January 2027. The main new requirements in the standard will be a change in presentation of the income statement with new categories and new sub-totals, management-defined performance measures being presented in a single note in the financial statements, the cash flow statement using the operating profit sub-total as the starting point, and certain other changes to how information is grouped in the financial statements. The Group is still assessing the impact of the new standard. The Group is currently assessing the impact of the remaining changes to other standards, interpretations and amendments, but they are not expected to have a material impact. The Group does not plan to early adopt any of the above new accounting standards or amendments. The Group has not adopted any other standard, amendment or interpretation that has been issued but is not yet effective. 3. Critical accounting assumptions and judgements \u2013 The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting assumptions and estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. All assumptions and estimates constitute management\u2019s best judgement at the date of the financial statements, however, in the future, actual experience may deviate from these estimates and assumptions. The areas requiring a higher degree of judgement or complexity, or areas where assumptions and estimates have a significant risk of resulting in material adjustments to the carrying value of assets and liabilities within the consolidated financial statements are: \u2014 Taxation; and \u2014 Employee benefits: pensions. The key judgements and key areas of estimation are set out below, as well as in the relevant accounting policies and in the notes to the accounts where appropriate. The Group has assessed the impact of the uncertainty presented by the volatile macro-economic and geo-political environment on the financial statements, specifically considering the impact on key judgements and significant estimates along with other areas of increased risk as follows: \u2014 Financial instruments and hedge accounting; and \u2014 Translation methodologies. No material accounting impacts relating to the areas assessed above were recognised in the year. The Group will continue to monitor these areas of increased judgement, estimation and risk. Subsequent to the release of the 2024 unaudited preliminary results, a \u00a310m adjustment has been made which reduces other comprehensive income and which reduces net assets by increasing tax liabilities. KJ Key judgements \u2014 The application of tax legislation in relation to provisions for uncertain tax positions. See notes 7 and 34. \u2014 The Group is eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. See note 25. KE Key areas of estimation \u2014 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations. See notes 7 and 34. \u2014 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity. See note 25. Consolidation 1. Business combinations \u2013 The acquisition method of accounting is used to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred in the operating expenses line of the income statement. Identifiable assets acquired and identifiable liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The determination of fair values often requires significant judgements and the use of estimates, and, for material acquisitions, the fair value of the acquired intangible assets is determined by an independent valuer. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill (note 30). See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following: 2. Subsidiaries \u2013 Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 3. Transactions with non-controlling interests \u2013 Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. Any surplus or deficit arising from disposals to a non-controlling interest is recorded in equity. For purchases from a non-controlling interest, the difference between consideration paid and the relevant share acquired of the carrying value of the subsidiary is recorded in equity.
4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest
on a long-term basis and has rights to the net assets through contractually agreed sharing of
control. Associates are entities over which the Group has significant influence but not the power to
control the financial and operating policies, generally accompanying a shareholding of between 20%
and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment
classification; however, other factors, such as Board representation, may also affect the accounting
classification. Judgement is required to assess all of the qualitative and quantitative factors which
may indicate that the Group does, or does not, have significant influence over an investment.
Investments in joint ventures and associates are accounted for by the equity method and are initially
recognised at the fair value of consideration transferred.
The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised
in the income statement and its share of post-acquisition movements in reserves is recognised
in reserves.
The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of
operating profit as these operations form part of the core business of the Group and are an integral
part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted
against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture
or associate equals or exceeds its interest in the joint venture or associate, the Group does not
recognise further losses unless the Group has incurred obligations or made payments on behalf of
the joint venture or associate.
Unrealised gains and losses on transactions between the Group and its joint ventures and associates
are eliminated to the extent of the Group\u2019s interest in these entities.
Foreign currency translation
1. Functional and presentation currency \u2013 Items included in the financial statements of each of
the Group\u2019s entities are measured using the currency of the primary economic environment in which
the entity operates (the functional currency). The consolidated financial statements are presented in
sterling, which is the company\u2019s functional and presentation currency.
2. Transactions and balances \u2013 Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognised in the income statement, except when deferred in equity as qualifying net
investment hedges.
3. Group companies \u2013 The results and financial position of all Group companies that have a
functional currency different from the presentation currency are translated into the presentation
currency as follows:
\u2014 Assets and liabilities are translated at the closing rate at the date of the balance sheet;
\u2014 Income and expenses are translated at average exchange rates; and
\u2014 All resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in
foreign entities, and of borrowings and other currency instruments designated as hedges of such
investments, are taken to shareholders\u2019 equity. The Group treats specific inter-company loan
balances, which are not intended to be repaid in the foreseeable future, as part of its net investment.
When a foreign operation is sold, such exchange differences are recognised in the income statement
as part of the gain or loss on sale.
The principal overseas currency for the Group is the US dollar. The average rate for the year
against sterling was $1.28 (2023: $1.25; 2022: $1.24) and the year-end rate was $1.25 (2023: $1.27;
2022: $1.21).
Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Cost includes the
original purchase price of the asset and the costs attributable to bringing the asset to its working
condition for intended use. Land is not depreciated. Depreciation on other assets is calculated using
the straight-line method to allocate their cost less their residual values over their estimated useful
lives as follows:
Buildings (freehold):
20\u201350 years
Buildings (leasehold):
over the period of the lease
Plant and equipment:
3\u201310 years
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance
sheet date.
The carrying value of an asset is written down to its recoverable amount if the carrying value of the
asset is greater than its estimated recoverable amount.
Investment property
Properties that are no longer occupied by the Group and which are held for operating lease
rental are classified as investment property. Investment property assets are carried at cost less
accumulated depreciation and any recognised impairment in value. The depreciation policies for
investment property are consistent with those described for property, plant and equipment.
4. Acquired intangible assets \u2013 Acquired intangible assets include customer lists, contracts and relationships, trademarks and brands, publishing rights, content, technology and software rights. These assets are capitalised on acquisition at cost and included in intangible assets. Intangible assets acquired in material business combinations are capitalised at their fair value as determined with the support of a third-party specialist. Intangible assets are amortised over their estimated useful lives of between two and twenty years, using an amortisation method that reflects the pattern of their consumption. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. 5. Product development assets \u2013 Product development assets represent direct costs incurred in the development of educational programmes and titles prior to their publication. These costs are recognised as current intangible assets where the title will generate probable future economic benefits and costs can be measured reliably. Product development assets relating to content are amortised upon publication of the title over estimated economic lives of seven years or less, being an estimate of the expected operating lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product development assets relating to product platforms are amortised over ten years or less, being an estimate of the expected useful life. Amortisation is included in the income statement in cost of goods sold. The assessment of the useful economic life and the recoverability of product development assets involves judgement and is based on historical trends and management estimation of future potential sales. Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. The carrying amount of product development assets is set out in note 20. The investment in product development assets has been disclosed as part of net cash generated from operating activities in the cash flow statement. Other financial assets Other financial assets are non-derivative financial assets classified and measured at estimated fair value. Marketable securities and cash deposits with maturities of greater than three months are classified and subsequently measured at fair value through profit and loss (FVTPL). They are remeasured at each balance sheet date by using market data and the use of established valuation techniques. Any movement in the fair value is immediately recognised in finance income or finance costs in the income statement. Intangible assets 1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. An impairment loss is recognised to the extent that the carrying value of goodwill exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and value in use. These calculations require the use of estimates in respect of forecast cash flows and discount rates and management judgement in respect of cash-generating unit (CGU) and cost allocation. Goodwill is allocated to aggregated CGUs for the purpose of impairment testing. The allocation is made to those aggregated CGUs that are expected to benefit from the business combination in which the goodwill arose. Where there are changes to CGUs, goodwill is reallocated to the new CGUs and aggregation of CGUs using a relative value method. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 2. Acquired software \u2013 Software separately acquired for internal use is capitalised at cost. Software acquired in material business combinations is capitalised at its fair value, with the valuation being determined with the support of a third-party specialist. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. Acquired software is amortised on a straight-line basis over its estimated useful life of between three and eight years. 3. Internally developed software \u2013 Internal and external costs incurred during the preliminary stage of developing computer software for internal use are expensed as incurred. Internal and external costs incurred to develop computer software for internal use during the application development stage are capitalised if the Group expects economic benefits from the development. Capitalisation in the application development stage begins once the Group can reliably measure the expenditure attributable to the software development and has demonstrated its intention to complete and use the software. Internally developed software is amortised on a straight-line basis over its estimated useful life of between three and ten years. The assets are assessed for impairment triggers on an annual basis or when triggering events occur.
Investments in the equity instruments of other entities are classified and subsequently measured at
fair value through other comprehensive income (FVOCI) where the investment meets the definition
of equity from the perspective of the issuer. Changes in fair value are recorded in equity in the fair
value reserve via other comprehensive income. On subsequent disposal of the asset, the net fair
value gains or losses are reclassified from the fair value reserve to retained earnings. Any dividends
received from equity investments classified as FVOCI are recognised in the income statement unless
they represent a return of capital.
Investments in funds which have a limited life and those investment which do not meet the criteria
to be classified as FVOCI are classified and subsequently measured at fair value through profit and
loss (FVTPL). Changes in fair value are included within finance income or finance costs within the
income statement.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the
weighted average method or an approximation thereof, such as the first in first out (FIFO) method.
The cost of finished goods and work in progress comprises raw materials, direct labour, other direct
costs and related production overheads. Net realisable value is the estimated selling price in the
ordinary course of business, less estimated costs necessary to make the sale. Provisions are made
for slow-moving and obsolete stock.
Royalty advances
Advances of royalties to authors are included within trade and other receivables when the advance is
paid less any provision required to adjust the advance to its net realisable value. The realisable value
of royalty advances relies on a degree of management estimation in determining the profitability of
individual author contracts. If the estimated realisable value of author contracts is overstated, this
will have an adverse effect on operating profits as these excess amounts will be written off.
The recoverability of royalty advances is based upon an annual detailed management review
of the age of the advance, the future sales projections for new authors and prior sales history of
repeat authors.
The royalty advance is expensed at the contracted or effective royalty rate as the related revenues
are earned. Royalty advances which will be consumed within one year are held in current assets.
Royalty advances which will be consumed after one year are held in non-current assets.
Cash and cash equivalents
Cash and cash equivalents in the cash flow statement include cash in hand, deposits held on call with
banks, other short-term highly liquid investments with original maturities of three months or less,
and bank overdrafts. Bank overdrafts are included in borrowings in current liabilities in the
balance sheet.
Short-term deposits and marketable securities with maturities of greater than three months do
not qualify as cash and cash equivalents and are reported as financial assets. Movements on these
financial assets are classified as cash flows from financing activities in the cash flow statement where
these amounts are used to offset the borrowings of the Group or as cash flows from investing
activities where these amounts are held to generate an investment return.
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.
Where any Group company purchases the company\u2019s equity share capital (treasury shares), the
consideration paid, including any directly attributable incremental costs, net of income taxes, is
deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled,
reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration
received, net of any directly attributable transaction costs and the related income tax effects, is
included in equity attributable to the company\u2019s equity holders.
Ordinary shares purchased under a buyback programme are cancelled and the nominal value of the
shares is transferred to a capital redemption reserve.
Borrowings
Borrowings are recognised initially at fair value, which is proceeds received net of transaction costs
incurred. Borrowings are subsequently stated at amortised cost with any difference between the
proceeds (net of transaction costs) and the redemption value being recognised in the income
statement over the period of the borrowings using the effective interest method. Accrued interest is
included as part of borrowings.
Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its carrying
value in the income statement to reflect the hedged risk.
Where a debt instrument is in a net investment hedge relationship, gains and losses on the effective
portion of the hedge are recognised in other comprehensive income.
Derivative financial instruments
Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value
of derivatives is determined by using market data and the use of established estimation techniques
such as discounted cash flow and option valuation models.
For derivatives in a hedge relationship, the currency basis spread is excluded from the designation
as a hedging instrument.
Changes in the fair value of derivatives are recognised immediately in finance income or costs.
However, derivatives relating to borrowings and certain foreign exchange contracts are designated
as part of a hedging transaction.
The accounting treatment is summarised as follows:
Reporting of gains
and losses on effective Reporting of gains and losses
Typical reason for designation portion of the hedge on disposal
Net investment hedge
The derivative creates a foreign Recognised in other On the disposal of foreign
currency liability which is used comprehensive income. operations or subsidiaries,
to hedge changes in the value of the accumulated value of
a subsidiary which transacts in gains and losses reported
that currency. in other comprehensive
income is transferred to the
income statement.
Fair value hedges
The derivative transforms the Gains and losses on the If the debt and derivative are
interest profile on debt from derivative are reported in disposed of, the value of the
fixed rate to floating rate. finance income or finance derivative and the debt (including
Changes in the value of the debt costs. However, an equal and the fair value adjustment) are
as a result of changes in interest opposite change is made to reset to zero. Any resultant gain
rates and foreign exchange the carrying value of the debt or loss is recognised in finance
rates are offset by equal and (a \u2018fair value adjustment\u2019) with income or finance costs.
opposite changes in the value of the benefit/cost reported in
the derivative. When the Group\u2019s finance income or finance
debt is swapped to floating costs. The net result should be
rates, the contracts used are a zero charge on a perfectly
designated as fair value hedges. effective hedge.
Non-hedge accounted contracts
These are not designated as Recognised in the income
hedging instruments. Typically, statement. No hedge
these are short-term contracts accounting applies.
to convert debt back to fixed
rates or foreign exchange
contracts where a natural
offset exists.
Taxation Current tax is recognised at the amounts expected to be paid or recovered under the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred income tax is provided, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided in respect of the undistributed earnings of subsidiaries, associates and joint ventures other than where it is intended that those undistributed earnings will not be remitted in the foreseeable future. Current and deferred tax are recognised in the income statement, except when the tax relates to items charged or credited directly to equity or other comprehensive income, in which case the tax is also recognised in equity or other comprehensive income. The Group has applied the exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the estimates in relation to the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises tax provisions when it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are based on management\u2019s best judgement of the application of tax legislation and best estimates of future settlement amounts (see note 7). Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax assets and liabilities require management judgement and estimation in determining the amounts to be recognised. In particular, when assessing the extent to which deferred tax assets should be recognised, judgement is used when considering the timing of the recognition and estimation is used to determine the level of future taxable income together with any future tax planning strategies (see note 13).
Employee benefits
1. Pensions \u2013 The retirement benefit asset and obligation recognised in the balance sheet represent
the net of the present value of the defined benefit obligation and the fair value of plan assets at the
balance sheet date. The defined benefit obligation is calculated annually by independent actuaries
using the projected unit credit method. The present value of the defined benefit obligation is
determined by discounting estimated future cash flows using yields on high-quality corporate bonds
which have terms to maturity approximating the terms of the related liability.
When the calculation results in a potential asset, the recognition of that asset is limited to the asset
ceiling \u2013 that is the present value of any economic benefits available in the form of refunds from the
plan or a reduction in future contributions. Management uses judgement to determine the level of
refunds available from the plan in recognising an asset.
The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit
pension schemes depends on the selection of certain assumptions, which include the discount rate,
inflation rate, salary growth and longevity (see note 25).
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period in
which they arise. The service cost, representing benefits accruing over the year, is included in the
income statement as an operating cost. Net interest is calculated by applying the discount rate to the
net defined benefit obligation and is presented as finance costs or finance income.
Obligations for contributions to defined contribution pension plans are recognised as an operating
expense in the income statement as incurred.
2. Other post-retirement obligations \u2013 The expected costs of post-retirement medical and
life assurance benefits are accrued over the period of employment, using a similar accounting
methodology as for defined benefit pension obligations. The liabilities and costs relating to significant
other post-retirement obligations are assessed annually by independent qualified actuaries.
3. Share-based payments \u2013 The fair value of options or shares granted under the Group\u2019s share
and option plans is recognised as an employee expense after taking into account the Group\u2019s
best estimate of the number of awards expected to vest. Fair value is measured at the date of
grant and is spread over the vesting period of the option or share. The fair value of the options
granted is measured using an option model that is most appropriate to the award. The fair value of
shares awarded is measured using the share price at the date of grant unless another method is
more appropriate. Any proceeds received are credited to share capital and share premium when
the options are exercised. Where options or shares are net settled in respect of withholding tax
obligations, these are accounted for as equity settled transactions. Payments to local tax authorities
are accounted for as a deduction from equity for the shares withheld.
Provisions
Provisions are recognised if the Group has a present legal or constructive obligation as a result
of past events; it is more likely than not that an outflow of resources will be required to settle the
obligation and the amount can be reliably estimated. Provisions are discounted to present value
where the effect is material.
Revenue recognition
The Group\u2019s revenue streams are courseware, assessments and services. Courseware includes
curriculum materials provided in book form and/or via access to digital content. Assessments
includes test development, processing and scoring services provided to governments, educational
institutions, corporations and professional bodies. Services includes the operation of schools,
colleges and universities, as well as the provision of online learning services in partnership with
universities and other academic institutions.
Revenue is recognised in order to depict the transfer of control of promised goods and services
to customers in an amount that reflects the consideration to which we expect to be entitled in
exchange for those goods and services. This process begins with the identification of our contract
with a customer, which is generally through a master services agreement, customer purchase order,
or a combination thereof. Within each contract, judgement is applied to determine the extent to
which activities within the contract represent distinct performance obligations to be delivered and
the total amount of transaction price to which we expect to be entitled.
The transaction price determined is net of sales taxes, rebates and discounts, and after eliminating
sales within the Group. Where a contract contains multiple performance obligations such as the
provision of supplementary materials or online access with textbooks, revenue is allocated on
the basis of relative standalone selling prices. Where a contract contains variable consideration,
estimation is required to determine the amount to which the Group is expected to
be entitled.
Revenue is recognised on contracts with customers when or as performance obligations are
satisfied, which is the period or the point in time where control of goods or services transfers to
the customer. Judgement is applied to determine first whether control passes over time and if not,
then the point in time at which control passes. Where revenue is recognised over time, judgement
is used to determine the method which best depicts the transfer of control. Where an input
method is used, estimation is required to determine the progress towards delivering
the performance obligation.
If a contract with a customer is modified (change of scope, price or both), management uses
judgement to determine whether changes to existing rights and obligations should be accounted
for as a separate contract or as an adjustment to the existing contracts. Adjustments to existing
contracts are either accounted for prospectively or through a cumulative catch up adjustment.
Revenue from the sale of books is recognised net of a provision for anticipated returns. This
provision is based primarily on historical return rates, customer buying patterns and retailer
behaviours including stock levels. If these estimates do not reflect actual returns in future periods
then revenue could be understated or overstated for a particular period. When the provision for
returns is remeasured at each reporting date to reflect changes in estimates, a corresponding
adjustment is also recorded to revenue.
The Group may enter into contracts with another party in addition to our customer. In making the determination as to whether revenue should be recognised on a gross or net basis, the contract with the customer is analysed to understand which party controls the relevant good or service prior to transferring to the customer. This judgement is informed by facts and circumstances of the contract in determining whether the Group has promised to provide the specified good or service or whether the Group is arranging for the transfer of the specified good or service, including which party is responsible for fulfilment, has discretion to set the price to the customer and is responsible for inventory risk. On certain contracts, where the Group acts as an agent, only commissions and fees receivable for services rendered are recognised as revenue. Any third-party costs incurred on behalf of the principal that are rechargeable under the contractual arrangement are not included in revenue. Income from recharges of freight and other activities which are incidental to the normal revenue- generating activities is included in other income. Additional details on the Group\u2019s revenue streams are also included in note 3. Leases 1. The Group as a lessee \u2013 The Group assesses whether a contract is or contains a lease at the inception of the contract. A contract is, or contains, a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease. The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight- line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of-use asset. Management uses judgement to determine the lease term where extension and termination options are available within the lease. 2. The Group as a lessor \u2013 When the Group is an intermediate lessor, the head lease and sublease are accounted for as two separate contracts. The head lease is accounted for as per the lessee policy above. The sublease is classified as a finance lease or operating lease by reference to the right-of-use asset arising from the head lease. Where the lease transfers substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease; all other leases are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance subleases are recognised as receivables at the amount of the Group\u2019s net investment in the leases discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the discount rate used in the head lease. Dividends Final dividends are recorded in the Group\u2019s financial statements in the period in which they are approved by the company\u2019s shareholders. Interim dividends are recorded when paid. Discontinued operations A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographical area of operations that has been disposed of or meets the criteria to be classified as held for sale. When applicable, discontinued operations are presented in the income statement as a separate line and are shown net of tax. Assets and liabilities held for sale Assets and liabilities are classified as held for sale and stated at the lower of carrying amount and fair value less costs to sell if it is highly probable that the carrying amount will be recovered principally through a sale transaction rather than through continuing use. No depreciation is charged in respect of non-current assets classified as held for sale. Amounts relating to non-current assets and liabilities held for sale are classified as discontinued operations in the income statement where appropriate. Trade receivables Trade receivables are stated at fair value after provision for bad and doubtful debts. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u2018simplified approach\u2019 is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. A provision for anticipated future sales returns is included within trade and other liabilities (also see Revenue recognition policy). 1b. Going concern In assessing the Group\u2019s ability to continue as a going concern for the period to 30 June 2026, the Board reviewed management\u2019s five-year plan, which was used as the base case. The review included available liquidity throughout the period and headroom against the Group\u2019s two main covenants, which require net debt to EBITDA to be a maximum of four times and interest cover to be at least three times. At 31 December 2024, the Group had available liquidity of c.\u00a31.2bn, comprising central cash balances and its undrawn $1bn Revolving Credit Facility (RCF) which matures in February 2028, but which has options to extend the maturity to February 2030. Significant liquidity and covenant headroom was observed throughout the assessment period in this base model. A severe but plausible scenario was analysed, where the Group is impacted by all principal risks in both 2025 and 2026, adjusted for probability weighting as well as other significant risks. The net impact of the risks modelled was to reduce free cashflow by around 30% per year. Even under a severe downside case, the company would maintain comfortable liquidity headroom and sufficient headroom against covenant requirements during the period under assessment. That is, even before modelling the mitigating effect of actions that management would take if these downside risks were to crystalise. A reverse stress test was performed to identify the reduction in profit required to exhaust liquidity at 30 June 2026. The model showed that significant profit declines in excess of the severe but plausible were required in both 2025 and 2026 to exhaust liquidity. The Directors have confirmed that there are no material uncertainties that cast doubt on the Group\u2019s going concern status and that they have a reasonable expectation that the Group has adequate resources to continue in operational existence beyond 30 June 2026. The consolidated financial statements have therefore been prepared on a going concern basis. 1c. Climate change The Group has assessed the impacts of climate change on the Group\u2019s financial statements, including our commitment to achieving a 50% reduction in greenhouse gas (GHG) emissions across our operations and supply chain by 2030, and achieve a 90% reduction in GHG emissions across our value chain and meet our science-based (SBTi approved) net zero target by 2050, and the actions the Group intends to take to achieve those targets. The assessment did not identify any material impact on the Group\u2019s significant judgements or estimates at 31 December 2024, or the assessment of going concern for the period to June 2026 and the Group\u2019s viability over the next five years. Specifically, we have considered the following areas: \u2014 The physical and transition risks associated with climate change; and \u2014 The actions the Group is taking to meet its carbon reduction and net zero targets. As a result, the Group has assessed the impacts of climate change on the financial statements, and in particular, on the following areas: \u2014 The impact on the Group\u2019s future cash flows, and the resulting impact that such adjustments to our future cash flows would have on the outcome of the annual impairment testing of our goodwill balances (see note 11 for further details), the recognition of deferred tax assets and our assessment of going concern; \u2014 The carrying value of the Group\u2019s assets, in particular the recoverable amounts of inventories, product development assets, intangible assets and property, plant and equipment; and \u2014 Any changes to our estimates of the useful economic lives of product development assets, intangible assets and property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-684": { "value": "
Basis of preparation
These consolidated financial statements have been prepared on the going concern basis (see note
1b) and in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority
and in accordance with UK-adopted International Accounting Standards and with the requirements
of the Companies Act 2006. The consolidated financial statements have also been prepared in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards
Board (IASB). These standards are collectively referred to as IFRS in these financial statements.
These consolidated financial statements have been prepared under the historical cost convention
as modified by the revaluation of financial assets and liabilities (including derivative financial
instruments) at fair value.
These accounting policies have been consistently applied to all years presented, unless
otherwise stated.
1. Interpretations and amendments to published standards effective 2024 \u2013 No new
standards were adopted in 2024.
A number of other new pronouncements are effective from 1 January 2024 but they do not have
a material impact on the consolidated financial statements. Additional disclosure has been given
where relevant.
2. Standards, interpretations and amendments to published standards that are not yet
effective \u2013 The following new accounting standards and amendments to new accounting standards
have been issued but are not yet effective and unless otherwise indicated, have been endorsed:
\u2014 Amendments to IAS 21 \u2019Lack of exchangeability\u2019;
\u2014 Amendment to IFRS 9 and IFRS 7 \u2018Classification and measurement of financial instruments\u2019 (not
yet endorsed;
\u2014 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (not yet endorsed); and
\u2014 IFRS 19 \u2019Subsidiaries without Public Accountability: Disclosures (not yet endorsed).
IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January
2027. The main new requirements in the standard will be a change in presentation of the income
statement with new categories and new sub-totals, management-defined performance measures
being presented in a single note in the financial statements, the cash flow statement using the
operating profit sub-total as the starting point, and certain other changes to how information is
grouped in the financial statements. The Group is still assessing the impact of the new standard.
The Group is currently assessing the impact of the remaining changes to other standards,
interpretations and amendments, but they are not expected to have a material impact. The Group
does not plan to early adopt any of the above new accounting standards or amendments. The Group
has not adopted any other standard, amendment or interpretation that has been issued but is not
yet effective.
3. Critical accounting assumptions and judgements \u2013 The preparation of financial statements
in conformity with IFRS requires the use of certain critical accounting assumptions and estimates.
It also requires management to exercise its judgement in the process of applying the Group\u2019s
accounting policies.
All assumptions and estimates constitute management\u2019s best judgement at the date of the financial
statements, however, in the future, actual experience may deviate from these estimates and
assumptions.
The areas requiring a higher degree of judgement or complexity, or areas where assumptions and
estimates have a significant risk of resulting in material adjustments to the carrying value of assets
and liabilities within the consolidated financial statements are:
\u2014 Taxation; and
\u2014 Employee benefits: pensions.
The key judgements and key areas of estimation are set out below, as well as in the relevant
accounting policies and in the notes to the accounts where appropriate.
The Group has assessed the impact of the uncertainty presented by the volatile macro-economic
and geo-political environment on the financial statements, specifically considering the impact on key
judgements and significant estimates along with other areas of increased risk as follows:
\u2014 Financial instruments and hedge accounting; and
\u2014 Translation methodologies.
No material accounting impacts relating to the areas assessed above were recognised in the year.
The Group will continue to monitor these areas of increased judgement, estimation and risk.
Subsequent to the release of the 2024 unaudited preliminary results, a \u00a310m adjustment has
been made which reduces other comprehensive income and which reduces net assets by increasing
tax liabilities.
Key judgements
\u2014 The application of tax legislation in relation to provisions for uncertain tax positions. See
notes 7 and 34.
\u2014 The Group is eligible to receive the surplus associated with the UK Group Pension Plan in
recognising a pension asset. See note 25.
KE
Key areas of estimation
\u2014 The level of provisions required in relation to uncertain tax positions is complex and each
matter is separately assessed. The estimation of future settlement amounts is based on a
number of factors including the status of the unresolved matter, clarity of legislation, range
of possible outcomes and the statute of limitations. See notes 7 and 34.
\u2014 The determination of the pension cost and defined benefit obligation of the Group\u2019s
defined benefit pension schemes depends on the selection of certain assumptions, which
include the discount rate, inflation rate, salary growth and longevity. See note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-735": { "value": "These consolidated financial statements have been prepared on the going concern basis (see note 1b) and in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. The consolidated financial statements have also been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). These standards are collectively referred to as IFRS in these financial statements. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-736": { "value": "1. Interpretations and amendments to published standards effective 2024 \u2013 No new standards were adopted in 2024. A number of other new pronouncements are effective from 1 January 2024 but they do not have a material impact on the consolidated financial statements. Additional disclosure has been given where relevant. 2. Standards, interpretations and amendments to published standards that are not yet effective \u2013 The following new accounting standards and amendments to new accounting standards have been issued but are not yet effective and unless otherwise indicated, have been endorsed: \u2014 Amendments to IAS 21 \u2019Lack of exchangeability\u2019; \u2014 Amendment to IFRS 9 and IFRS 7 \u2018Classification and measurement of financial instruments\u2019 (not yet endorsed; \u2014 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (not yet endorsed); and \u2014 IFRS 19 \u2019Subsidiaries without Public Accountability: Disclosures (not yet endorsed). IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January 2027. The main new requirements in the standard will be a change in presentation of the income statement with new categories and new sub-totals, management-defined performance measures being presented in a single note in the financial statements, the cash flow statement using the operating profit sub-total as the starting point, and certain other changes to how information is grouped in the financial statements. The Group is still assessing the impact of the new standard. The Group is currently assessing the impact of the remaining changes to other standards, interpretations and amendments, but they are not expected to have a material impact. The Group does not plan to early adopt any of the above new accounting standards or amendments. The Group has not adopted any other standard, amendment or interpretation that has been issued but is not yet effective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-781": { "value": "1. Interpretations and amendments to published standards effective 2024 \u2013 No new standards were adopted in 2024. A number of other new pronouncements are effective from 1 January 2024 but they do not have a material impact on the consolidated financial statements. Additional disclosure has been given where relevant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-782": { "value": "2. Standards, interpretations and amendments to published standards that are not yet effective \u2013 The following new accounting standards and amendments to new accounting standards have been issued but are not yet effective and unless otherwise indicated, have been endorsed: \u2014 Amendments to IAS 21 \u2019Lack of exchangeability\u2019; \u2014 Amendment to IFRS 9 and IFRS 7 \u2018Classification and measurement of financial instruments\u2019 (not yet endorsed; \u2014 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019 (not yet endorsed); and \u2014 IFRS 19 \u2019Subsidiaries without Public Accountability: Disclosures (not yet endorsed). IFRS 18 will replace IAS 1 \u2019Presentation of financial statements\u2019 for the period beginning 1 January 2027. The main new requirements in the standard will be a change in presentation of the income statement with new categories and new sub-totals, management-defined performance measures being presented in a single note in the financial statements, the cash flow statement using the operating profit sub-total as the starting point, and certain other changes to how information is grouped in the financial statements. The Group is still assessing the impact of the new standard. The Group is currently assessing the impact of the remaining changes to other standards, interpretations and amendments, but they are not expected to have a material impact. The Group does not plan to early adopt any of the above new accounting standards or amendments. The Group has not adopted any other standard, amendment or interpretation that has been issued but is not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-810": { "value": "3. Critical accounting assumptions and judgements \u2013 The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting assumptions and estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. All assumptions and estimates constitute management\u2019s best judgement at the date of the financial statements, however, in the future, actual experience may deviate from these estimates and assumptions. The areas requiring a higher degree of judgement or complexity, or areas where assumptions and estimates have a significant risk of resulting in material adjustments to the carrying value of assets and liabilities within the consolidated financial statements are: \u2014 Taxation; and \u2014 Employee benefits: pensions. The key judgements and key areas of estimation are set out below, as well as in the relevant accounting policies and in the notes to the accounts where appropriate. The Group has assessed the impact of the uncertainty presented by the volatile macro-economic and geo-political environment on the financial statements, specifically considering the impact on key judgements and significant estimates along with other areas of increased risk as follows: \u2014 Financial instruments and hedge accounting; and \u2014 Translation methodologies. No material accounting impacts relating to the areas assessed above were recognised in the year. The Group will continue to monitor these areas of increased judgement, estimation and risk. Subsequent to the release of the 2024 unaudited preliminary results, a \u00a310m adjustment has been made which reduces other comprehensive income and which reduces net assets by increasing tax liabilities. Key judgements \u2014 The application of tax legislation in relation to provisions for uncertain tax positions. See notes 7 and 34. \u2014 The Group is eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. See note 25. KE Key areas of estimation \u2014 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations. See notes 7 and 34. \u2014 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity. See note 25.
KJ
Key judgements
\u2014 The application of tax legislation in relation to provisions for uncertain tax positions.
KE
Key areas of estimation
\u2014 The level of provisions required in relation to uncertain tax positions is complex and each
matter is separately assessed. The estimation of future settlement amounts is based on a
number of factors including the status of the unresolved matter, clarity of legislation, range
of possible outcomes and the statute of limitations.
KJ
Key judgements
\u2014 Whether the Group will be eligible to receive the surplus associated with the UK Group
Pension Plan in recognising a pension asset.
KE
Key areas of estimation
\u2014 The determination of the pension cost and defined benefit obligation of the Group\u2019s
defined benefit pension schemes depends on the selection of certain assumptions, which
include the discount rate, inflation rate, salary growth and longevity.
KJ
Key judgements
\u2014 The application of tax legislation in relation to provisions for uncertain tax positions.
Key areas of estimation
\u2014 The level of provisions required in relation to uncertain tax positions is complex and each
matter is separately assessed. The estimation of future settlement amounts is based on a
number of factors including the status of the unresolved matter, clarity of legislation, range
of possible outcomes and the statute of limitations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-686": { "value": "
Consolidation
1. Business combinations \u2013 The acquisition method of accounting is used to account for
business combinations.
The consideration transferred for the acquisition of a subsidiary is the fair value of the assets
transferred, the liabilities incurred and the equity interest issued by the Group. The consideration
transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as incurred in the operating expenses line of
the income statement. Identifiable assets acquired and identifiable liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date.
The determination of fair values often requires significant judgements and the use of estimates,
and, for material acquisitions, the fair value of the acquired intangible assets is determined by an
independent valuer. The excess of the consideration transferred, the amount of any non-controlling
interest in the acquiree and the acquisition date fair value of any previous equity interest in the
acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill (note 30).
See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair
value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is
recognised directly in the income statement.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the
acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s
net assets.
Management exercises judgement in determining the classification of its investments in its
businesses, in line with the following:
2. Subsidiaries \u2013 Subsidiaries are entities over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power over the entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
3. Transactions with non-controlling interests \u2013 Transactions with non-controlling interests
that do not result in loss of control are accounted for as equity transactions, that is, as transactions
with the owners in their capacity as owners. Any surplus or deficit arising from disposals to a
non-controlling interest is recorded in equity. For purchases from a non-controlling interest, the
difference between consideration paid and the relevant share acquired of the carrying value of the
subsidiary is recorded in equity.
4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-737": { "value": "1. Business combinations \u2013 The acquisition method of accounting is used to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred in the operating expenses line of the income statement. Identifiable assets acquired and identifiable liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The determination of fair values often requires significant judgements and the use of estimates, and, for material acquisitions, the fair value of the acquired intangible assets is determined by an independent valuer. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill (note 30). See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-783": { "value": "1. Business combinations \u2013 The acquisition method of accounting is used to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred in the operating expenses line of the income statement. Identifiable assets acquired and identifiable liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The determination of fair values often requires significant judgements and the use of estimates, and, for material acquisitions, the fair value of the acquired intangible assets is determined by an independent valuer. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill (note 30). See the \u2018Intangible assets\u2019 policy for the accounting policy on goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Management exercises judgement in determining the classification of its investments in its businesses, in line with the following: 1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. An impairment loss is recognised to the extent that the carrying value of goodwill exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and value in use. These calculations require the use of estimates in respect of forecast cash flows and discount rates and management judgement in respect of cash-generating unit (CGU) and cost allocation. Goodwill is allocated to aggregated CGUs for the purpose of impairment testing. The allocation is made to those aggregated CGUs that are expected to benefit from the business combination in which the goodwill arose. Where there are changes to CGUs, goodwill is reallocated to the new CGUs and aggregation of CGUs using a relative value method. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-738": { "value": "2. Subsidiaries \u2013 Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-739": { "value": "3. Transactions with non-controlling interests \u2013 Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions, that is, as transactions with the owners in their capacity as owners. Any surplus or deficit arising from disposals to a non-controlling interest is recorded in equity. For purchases from a non-controlling interest, the difference between consideration paid and the relevant share acquired of the carrying value of the subsidiary is recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-740": { "value": "4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-784": { "value": "4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-801": { "value": "4. Joint ventures and associates \u2013 Joint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets through contractually agreed sharing of control. Associates are entities over which the Group has significant influence but not the power to control the financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the voting rights. Ownership percentage is likely to be the key indicator of investment classification; however, other factors, such as Board representation, may also affect the accounting classification. Judgement is required to assess all of the qualitative and quantitative factors which may indicate that the Group does, or does not, have significant influence over an investment. Investments in joint ventures and associates are accounted for by the equity method and are initially recognised at the fair value of consideration transferred. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in reserves. The Group\u2019s share of its joint ventures\u2019 and associates\u2019 results is recognised as a component of operating profit as these operations form part of the core business of the Group and are an integral part of existing wholly-owned businesses. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interest in the joint venture or associate, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture or associate. Unrealised gains and losses on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group\u2019s interest in these entities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-689": { "value": "Foreign currency translation 1. Functional and presentation currency \u2013 Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling, which is the company\u2019s functional and presentation currency. 2. Transactions and balances \u2013 Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in equity as qualifying net investment hedges. 3. Group companies \u2013 The results and financial position of all Group companies that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2014 Assets and liabilities are translated at the closing rate at the date of the balance sheet; \u2014 Income and expenses are translated at average exchange rates; and \u2014 All resulting exchange differences are recognised as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders\u2019 equity. The Group treats specific inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. The principal overseas currency for the Group is the US dollar. The average rate for the year against sterling was $1.28 (2023: $1.25; 2022: $1.24) and the year-end rate was $1.25 (2023: $1.27; 2022: $1.21). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-741": { "value": "1. Functional and presentation currency \u2013 Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in sterling, which is the company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-742": { "value": "Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their residual values over their estimated useful lives as follows:
Buildings (freehold):
20\u201350 years
Buildings (leasehold):
over the period of the lease
Plant and equipment:
3\u201310 years
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of an asset is written down to its recoverable amount if the carrying value of the asset is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-687": { "value": "Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their residual values over their estimated useful lives as follows:
Buildings (freehold):
20\u201350 years
Buildings (leasehold):
over the period of the lease
Plant and equipment:
3\u201310 years
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of an asset is written down to its recoverable amount if the carrying value of the asset is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-688": { "value": "Investment property Properties that are no longer occupied by the Group and which are held for operating lease rental are classified as investment property. Investment property assets are carried at cost less accumulated depreciation and any recognised impairment in value. The depreciation policies for investment property are consistent with those described for property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-785": { "value": "
5. Product development assets \u2013 Product development assets represent direct costs incurred
in the development of educational programmes and titles prior to their publication. These costs
are recognised as current intangible assets where the title will generate probable future economic
benefits and costs can be measured reliably.
Product development assets relating to content are amortised upon publication of the title over
estimated economic lives of seven years or less, being an estimate of the expected operating
lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product
development assets relating to product platforms are amortised over ten years or less, being an
estimate of the expected useful life. Amortisation is included in the income statement in cost of
goods sold.
The assessment of the useful economic life and the recoverability of product development assets
involves judgement and is based on historical trends and management estimation of future
potential sales.
Product development assets are assessed for impairment triggers on an annual basis or when
triggering events occur. The carrying amount of product development assets is set out in note 20.
The investment in product development assets has been disclosed as part of net cash generated
from operating activities in the cash flow statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-744": { "value": "
Other financial assets
Other financial assets are non-derivative financial assets classified and measured at estimated
fair value.
Marketable securities and cash deposits with maturities of greater than three months are classified
and subsequently measured at fair value through profit and loss (FVTPL). They are remeasured at
each balance sheet date by using market data and the use of established valuation techniques.
Any movement in the fair value is immediately recognised in finance income or finance costs in
the income statement.
Investments in the equity instruments of other entities are classified and subsequently measured at fair value through other comprehensive income (FVOCI) where the investment meets the definition of equity from the perspective of the issuer. Changes in fair value are recorded in equity in the fair value reserve via other comprehensive income. On subsequent disposal of the asset, the net fair value gains or losses are reclassified from the fair value reserve to retained earnings. Any dividends received from equity investments classified as FVOCI are recognised in the income statement unless they represent a return of capital. Investments in funds which have a limited life and those investment which do not meet the criteria to be classified as FVOCI are classified and subsequently measured at fair value through profit and loss (FVTPL). Changes in fair value are included within finance income or finance costs within the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-690": { "value": "Other financial assets Other financial assets are non-derivative financial assets classified and measured at estimated fair value. Marketable securities and cash deposits with maturities of greater than three months are classified and subsequently measured at fair value through profit and loss (FVTPL). They are remeasured at each balance sheet date by using market data and the use of established valuation techniques. Any movement in the fair value is immediately recognised in finance income or finance costs in the income statement. Investments in the equity instruments of other entities are classified and subsequently measured at fair value through other comprehensive income (FVOCI) where the investment meets the definition of equity from the perspective of the issuer. Changes in fair value are recorded in equity in the fair value reserve via other comprehensive income. On subsequent disposal of the asset, the net fair value gains or losses are reclassified from the fair value reserve to retained earnings. Any dividends received from equity investments classified as FVOCI are recognised in the income statement unless they represent a return of capital. Investments in funds which have a limited life and those investment which do not meet the criteria to be classified as FVOCI are classified and subsequently measured at fair value through profit and loss (FVTPL). Changes in fair value are included within finance income or finance costs within the income statement. Borrowings Borrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings. Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its carrying value in the income statement to reflect the hedged risk. Where a debt instrument is in a net investment hedge relationship, gains and losses on the effective portion of the hedge are recognised in other comprehensive income. Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction.
The accounting treatment is summarised as follows:
Reporting of gains
and losses on effective Reporting of gains and losses
Typical reason for designation portion of the hedge on disposal
Net investment hedge
The derivative creates a foreign Recognised in other On the disposal of foreign
currency liability which is used comprehensive income. operations or subsidiaries,
to hedge changes in the value of the accumulated value of
a subsidiary which transacts in gains and losses reported
that currency. in other comprehensive
income is transferred to the
income statement.
Fair value hedges
The derivative transforms the Gains and losses on the If the debt and derivative are
interest profile on debt from derivative are reported in disposed of, the value of the
fixed rate to floating rate. finance income or finance derivative and the debt (including
Changes in the value of the debt costs. However, an equal and the fair value adjustment) are
as a result of changes in interest opposite change is made to reset to zero. Any resultant gain
rates and foreign exchange the carrying value of the debt or loss is recognised in finance
rates are offset by equal and (a \u2018fair value adjustment\u2019) with income or finance costs.
opposite changes in the value of the benefit/cost reported in
the derivative. When the Group\u2019s finance income or finance
debt is swapped to floating costs. The net result should be
rates, the contracts used are a zero charge on a perfectly
designated as fair value hedges. effective hedge.
Non-hedge accounted contracts
These are not designated as Recognised in the income
hedging instruments. Typically, statement. No hedge
these are short-term contracts accounting applies.
to convert debt back to fixed
rates or foreign exchange
contracts where a natural
offset exists.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-691": { "value": "Intangible assets 1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. An impairment loss is recognised to the extent that the carrying value of goodwill exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and value in use. These calculations require the use of estimates in respect of forecast cash flows and discount rates and management judgement in respect of cash-generating unit (CGU) and cost allocation. Goodwill is allocated to aggregated CGUs for the purpose of impairment testing. The allocation is made to those aggregated CGUs that are expected to benefit from the business combination in which the goodwill arose. Where there are changes to CGUs, goodwill is reallocated to the new CGUs and aggregation of CGUs using a relative value method. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. 2. Acquired software \u2013 Software separately acquired for internal use is capitalised at cost. Software acquired in material business combinations is capitalised at its fair value, with the valuation being determined with the support of a third-party specialist. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. Acquired software is amortised on a straight-line basis over its estimated useful life of between three and eight years. 3. Internally developed software \u2013 Internal and external costs incurred during the preliminary stage of developing computer software for internal use are expensed as incurred. Internal and external costs incurred to develop computer software for internal use during the application development stage are capitalised if the Group expects economic benefits from the development. Capitalisation in the application development stage begins once the Group can reliably measure the expenditure attributable to the software development and has demonstrated its intention to complete and use the software. Internally developed software is amortised on a straight-line basis over its estimated useful life of between three and ten years. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. 4. Acquired intangible assets \u2013 Acquired intangible assets include customer lists, contracts and relationships, trademarks and brands, publishing rights, content, technology and software rights. These assets are capitalised on acquisition at cost and included in intangible assets. Intangible assets acquired in material business combinations are capitalised at their fair value as determined with the support of a third-party specialist. Intangible assets are amortised over their estimated useful lives of between two and twenty years, using an amortisation method that reflects the pattern of their consumption. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. 5. Product development assets \u2013 Product development assets represent direct costs incurred in the development of educational programmes and titles prior to their publication. These costs are recognised as current intangible assets where the title will generate probable future economic benefits and costs can be measured reliably. Product development assets relating to content are amortised upon publication of the title over estimated economic lives of seven years or less, being an estimate of the expected operating lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product development assets relating to product platforms are amortised over ten years or less, being an estimate of the expected useful life. Amortisation is included in the income statement in cost of goods sold. The assessment of the useful economic life and the recoverability of product development assets involves judgement and is based on historical trends and management estimation of future potential sales. Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. The carrying amount of product development assets is set out in note 20. The investment in product development assets has been disclosed as part of net cash generated from operating activities in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-743": { "value": "
1. Goodwill \u2013 For the acquisition of subsidiaries made on or after 1 January 2010, goodwill
represents the excess of the consideration transferred, the amount of any non-controlling interest in
the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over
the fair value of the identifiable net assets acquired. For the acquisition of subsidiaries made from
the date of transition to IFRS to 31 December 2009, goodwill represents the excess of the cost of an
acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill
on acquisitions of subsidiaries is included in intangible assets.
Goodwill on acquisition of associates and joint ventures represents the excess of the cost of an
acquisition over the fair value of the Group\u2019s share of the net identifiable assets acquired. Goodwill
on acquisitions of associates and joint ventures is included in investments in associates and joint
ventures.
Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment
losses. An impairment loss is recognised to the extent that the carrying value of goodwill exceeds
the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and
value in use. These calculations require the use of estimates in respect of forecast cash flows and
discount rates and management judgement in respect of cash-generating unit (CGU) and
cost allocation.
Goodwill is allocated to aggregated CGUs for the purpose of impairment testing. The allocation is
made to those aggregated CGUs that are expected to benefit from the business combination in
which the goodwill arose. Where there are changes to CGUs, goodwill is reallocated to the new CGUs
and aggregation of CGUs using a relative value method.
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the
entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-745": { "value": "
2. Acquired software \u2013 Software separately acquired for internal use is capitalised at cost. Software
acquired in material business combinations is capitalised at its fair value, with the valuation being
determined with the support of a third-party specialist. The assets are assessed for impairment
triggers on an annual basis or when triggering events occur. Acquired software is amortised on a
straight-line basis over its estimated useful life of between three and eight years.
3. Internally developed software \u2013 Internal and external costs incurred during the preliminary
stage of developing computer software for internal use are expensed as incurred. Internal and
external costs incurred to develop computer software for internal use during the application
development stage are capitalised if the Group expects economic benefits from the development.
Capitalisation in the application development stage begins once the Group can reliably measure
the expenditure attributable to the software development and has demonstrated its intention to
complete and use the software. Internally developed software is amortised on a straight-line basis
over its estimated useful life of between three and ten years. The assets are assessed for impairment
triggers on an annual basis or when triggering events occur.
4. Acquired intangible assets \u2013 Acquired intangible assets include customer lists, contracts and relationships, trademarks and brands, publishing rights, content, technology and software rights. These assets are capitalised on acquisition at cost and included in intangible assets. Intangible assets acquired in material business combinations are capitalised at their fair value as determined with the support of a third-party specialist. Intangible assets are amortised over their estimated useful lives of between two and twenty years, using an amortisation method that reflects the pattern of their consumption. The assets are assessed for impairment triggers on an annual basis or when triggering events occur. 5. Product development assets \u2013 Product development assets represent direct costs incurred in the development of educational programmes and titles prior to their publication. These costs are recognised as current intangible assets where the title will generate probable future economic benefits and costs can be measured reliably. Product development assets relating to content are amortised upon publication of the title over estimated economic lives of seven years or less, being an estimate of the expected operating lifecycle of the title, with a higher proportion of the amortisation taken in the earlier years. Product development assets relating to product platforms are amortised over ten years or less, being an estimate of the expected useful life. Amortisation is included in the income statement in cost of goods sold. The assessment of the useful economic life and the recoverability of product development assets involves judgement and is based on historical trends and management estimation of future potential sales. Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. The carrying amount of product development assets is set out in note 20. The investment in product development assets has been disclosed as part of net cash generated from operating activities in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-692": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method or an approximation thereof, such as the first in first out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-693": { "value": "Royalty advances Advances of royalties to authors are included within trade and other receivables when the advance is paid less any provision required to adjust the advance to its net realisable value. The realisable value of royalty advances relies on a degree of management estimation in determining the profitability of individual author contracts. If the estimated realisable value of author contracts is overstated, this will have an adverse effect on operating profits as these excess amounts will be written off. The recoverability of royalty advances is based upon an annual detailed management review of the age of the advance, the future sales projections for new authors and prior sales history of repeat authors. The royalty advance is expensed at the contracted or effective royalty rate as the related revenues are earned. Royalty advances which will be consumed within one year are held in current assets. Royalty advances which will be consumed after one year are held in non-current assets. ", "dimensions": { "concept": "pearsonplc:DescriptionOfAccountingPolicyForRoyaltyAdvances", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-694": { "value": "Cash and cash equivalents Cash and cash equivalents in the cash flow statement include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are included in borrowings in current liabilities in the balance sheet. Short-term deposits and marketable securities with maturities of greater than three months do not qualify as cash and cash equivalents and are reported as financial assets. Movements on these financial assets are classified as cash flows from financing activities in the cash flow statement where these amounts are used to offset the borrowings of the Group or as cash flows from investing activities where these amounts are held to generate an investment return. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-695": { "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. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs, net of income taxes, is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders. Ordinary shares purchased under a buyback programme are cancelled and the nominal value of the shares is transferred to a capital redemption reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-786": { "value": "Borrowings Borrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings. Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its carrying value in the income statement to reflect the hedged risk. Where a debt instrument is in a net investment hedge relationship, gains and losses on the effective portion of the hedge are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-746": { "value": "Borrowings Borrowings are recognised initially at fair value, which is proceeds received net of transaction costs incurred. Borrowings are subsequently stated at amortised cost with any difference between the proceeds (net of transaction costs) and the redemption value being recognised in the income statement over the period of the borrowings using the effective interest method. Accrued interest is included as part of borrowings. Where a debt instrument is in a fair value hedging relationship, an adjustment is made to its carrying value in the income statement to reflect the hedged risk. Where a debt instrument is in a net investment hedge relationship, gains and losses on the effective portion of the hedge are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-802": { "value": "Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction. The accounting treatment is summarised as follows:
Reporting of gains
and losses on effective Reporting of gains and losses
Typical reason for designation portion of the hedge on disposal
Net investment hedge
The derivative creates a foreign Recognised in other On the disposal of foreign
currency liability which is used comprehensive income. operations or subsidiaries,
to hedge changes in the value of the accumulated value of
a subsidiary which transacts in gains and losses reported
that currency. in other comprehensive
income is transferred to the
income statement.
Fair value hedges
The derivative transforms the Gains and losses on the If the debt and derivative are
interest profile on debt from derivative are reported in disposed of, the value of the
fixed rate to floating rate. finance income or finance derivative and the debt (including
Changes in the value of the debt costs. However, an equal and the fair value adjustment) are
as a result of changes in interest opposite change is made to reset to zero. Any resultant gain
rates and foreign exchange the carrying value of the debt or loss is recognised in finance
rates are offset by equal and (a \u2018fair value adjustment\u2019) with income or finance costs.
opposite changes in the value of the benefit/cost reported in
the derivative. When the Group\u2019s finance income or finance
debt is swapped to floating costs. The net result should be
rates, the contracts used are a zero charge on a perfectly
designated as fair value hedges. effective hedge.
Non-hedge accounted contracts
These are not designated as Recognised in the income
hedging instruments. Typically, statement. No hedge
these are short-term contracts accounting applies.
to convert debt back to fixed
rates or foreign exchange
contracts where a natural
offset exists.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-787": { "value": "Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction. The accounting treatment is summarised as follows:
Reporting of gains
and losses on effective Reporting of gains and losses
Typical reason for designation portion of the hedge on disposal
Net investment hedge
The derivative creates a foreign Recognised in other On the disposal of foreign
currency liability which is used comprehensive income. operations or subsidiaries,
to hedge changes in the value of the accumulated value of
a subsidiary which transacts in gains and losses reported
that currency. in other comprehensive
income is transferred to the
income statement.
Fair value hedges
The derivative transforms the Gains and losses on the If the debt and derivative are
interest profile on debt from derivative are reported in disposed of, the value of the
fixed rate to floating rate. finance income or finance derivative and the debt (including
Changes in the value of the debt costs. However, an equal and the fair value adjustment) are
as a result of changes in interest opposite change is made to reset to zero. Any resultant gain
rates and foreign exchange the carrying value of the debt or loss is recognised in finance
rates are offset by equal and (a \u2018fair value adjustment\u2019) with income or finance costs.
opposite changes in the value of the benefit/cost reported in
the derivative. When the Group\u2019s finance income or finance
debt is swapped to floating costs. The net result should be
rates, the contracts used are a zero charge on a perfectly
designated as fair value hedges. effective hedge.
Non-hedge accounted contracts
These are not designated as Recognised in the income
hedging instruments. Typically, statement. No hedge
these are short-term contracts accounting applies.
to convert debt back to fixed
rates or foreign exchange
contracts where a natural
offset exists.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-747": { "value": "Derivative financial instruments Derivatives are recognised at fair value and remeasured at each balance sheet date. The fair value of derivatives is determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. For derivatives in a hedge relationship, the currency basis spread is excluded from the designation as a hedging instrument. Changes in the fair value of derivatives are recognised immediately in finance income or costs. However, derivatives relating to borrowings and certain foreign exchange contracts are designated as part of a hedging transaction. The accounting treatment is summarised as follows:
Reporting of gains
and losses on effective Reporting of gains and losses
Typical reason for designation portion of the hedge on disposal
Net investment hedge
The derivative creates a foreign Recognised in other On the disposal of foreign
currency liability which is used comprehensive income. operations or subsidiaries,
to hedge changes in the value of the accumulated value of
a subsidiary which transacts in gains and losses reported
that currency. in other comprehensive
income is transferred to the
income statement.
Fair value hedges
The derivative transforms the Gains and losses on the If the debt and derivative are
interest profile on debt from derivative are reported in disposed of, the value of the
fixed rate to floating rate. finance income or finance derivative and the debt (including
Changes in the value of the debt costs. However, an equal and the fair value adjustment) are
as a result of changes in interest opposite change is made to reset to zero. Any resultant gain
rates and foreign exchange the carrying value of the debt or loss is recognised in finance
rates are offset by equal and (a \u2018fair value adjustment\u2019) with income or finance costs.
opposite changes in the value of the benefit/cost reported in
the derivative. When the Group\u2019s finance income or finance
debt is swapped to floating costs. The net result should be
rates, the contracts used are a zero charge on a perfectly
designated as fair value hedges. effective hedge.
Non-hedge accounted contracts
These are not designated as Recognised in the income
hedging instruments. Typically, statement. No hedge
these are short-term contracts accounting applies.
to convert debt back to fixed
rates or foreign exchange
contracts where a natural
offset exists.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-696": { "value": "
Taxation
Current tax is recognised at the amounts expected to be paid or recovered under the tax rates and
laws that have been enacted or substantively enacted at the balance sheet date.
Deferred income tax is provided, using the balance sheet liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income
tax is determined using tax rates and laws that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the related deferred tax asset is realised or the
deferred income tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised.
Deferred income tax is provided in respect of the undistributed earnings of subsidiaries, associates
and joint ventures other than where it is intended that those undistributed earnings will not be
remitted in the foreseeable future.
Current and deferred tax are recognised in the income statement, except when the tax relates to
items charged or credited directly to equity or other comprehensive income, in which case the tax
is also recognised in equity or other comprehensive income. The Group has applied the exception
under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required
in determining the estimates in relation to the worldwide provision for income taxes. There are
many transactions and calculations for which the ultimate tax determination is uncertain during
the ordinary course of business. The Group recognises tax provisions when it is considered
probable that there will be a future outflow of funds to a tax authority. The provisions are based
on management\u2019s best judgement of the application of tax legislation and best estimates of future
settlement amounts (see note 7). Where the final tax outcome of these matters is different from the
amounts that were initially recorded, such differences will impact the income tax and deferred tax
provisions in the period in which such determination is made.
Deferred tax assets and liabilities require management judgement and estimation in determining
the amounts to be recognised. In particular, when assessing the extent to which deferred tax
assets should be recognised, judgement is used when considering the timing of the recognition
and estimation is used to determine the level of future taxable income together with any future tax
planning strategies (see note 13).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-748": { "value": "Taxation Current tax is recognised at the amounts expected to be paid or recovered under the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred income tax is provided, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is provided in respect of the undistributed earnings of subsidiaries, associates and joint ventures other than where it is intended that those undistributed earnings will not be remitted in the foreseeable future. Current and deferred tax are recognised in the income statement, except when the tax relates to items charged or credited directly to equity or other comprehensive income, in which case the tax is also recognised in equity or other comprehensive income. The Group has applied the exception under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the estimates in relation to the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises tax provisions when it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are based on management\u2019s best judgement of the application of tax legislation and best estimates of future settlement amounts (see note 7). Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax assets and liabilities require management judgement and estimation in determining the amounts to be recognised. In particular, when assessing the extent to which deferred tax assets should be recognised, judgement is used when considering the timing of the recognition and estimation is used to determine the level of future taxable income together with any future tax planning strategies (see note 13). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-697": { "value": "Employee benefits 1. Pensions \u2013 The retirement benefit asset and obligation recognised in the balance sheet represent the net of the present value of the defined benefit obligation and the fair value of plan assets at the balance sheet date. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting estimated future cash flows using yields on high-quality corporate bonds which have terms to maturity approximating the terms of the related liability. When the calculation results in a potential asset, the recognition of that asset is limited to the asset ceiling \u2013 that is the present value of any economic benefits available in the form of refunds from the plan or a reduction in future contributions. Management uses judgement to determine the level of refunds available from the plan in recognising an asset. The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity (see note 25). Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. The service cost, representing benefits accruing over the year, is included in the income statement as an operating cost. Net interest is calculated by applying the discount rate to the net defined benefit obligation and is presented as finance costs or finance income. Obligations for contributions to defined contribution pension plans are recognised as an operating expense in the income statement as incurred. 2. Other post-retirement obligations \u2013 The expected costs of post-retirement medical and life assurance benefits are accrued over the period of employment, using a similar accounting methodology as for defined benefit pension obligations. The liabilities and costs relating to significant other post-retirement obligations are assessed annually by independent qualified actuaries. 3. Share-based payments \u2013 The fair value of options or shares granted under the Group\u2019s share and option plans is recognised as an employee expense after taking into account the Group\u2019s best estimate of the number of awards expected to vest. Fair value is measured at the date of grant and is spread over the vesting period of the option or share. The fair value of the options granted is measured using an option model that is most appropriate to the award. The fair value of shares awarded is measured using the share price at the date of grant unless another method is more appropriate. Any proceeds received are credited to share capital and share premium when the options are exercised. Where options or shares are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to local tax authorities are accounted for as a deduction from equity for the shares withheld. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-749": { "value": "3. Share-based payments \u2013 The fair value of options or shares granted under the Group\u2019s share and option plans is recognised as an employee expense after taking into account the Group\u2019s best estimate of the number of awards expected to vest. Fair value is measured at the date of grant and is spread over the vesting period of the option or share. The fair value of the options granted is measured using an option model that is most appropriate to the award. The fair value of shares awarded is measured using the share price at the date of grant unless another method is more appropriate. Any proceeds received are credited to share capital and share premium when the options are exercised. Where options or shares are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to local tax authorities are accounted for as a deduction from equity for the shares withheld. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-698": { "value": "Provisions Provisions are recognised if the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are discounted to present value where the effect is material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-699": { "value": "Revenue recognition The Group\u2019s revenue streams are courseware, assessments and services. Courseware includes curriculum materials provided in book form and/or via access to digital content. Assessments includes test development, processing and scoring services provided to governments, educational institutions, corporations and professional bodies. Services includes the operation of schools, colleges and universities, as well as the provision of online learning services in partnership with universities and other academic institutions. Revenue is recognised in order to depict the transfer of control of promised goods and services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods and services. This process begins with the identification of our contract with a customer, which is generally through a master services agreement, customer purchase order, or a combination thereof. Within each contract, judgement is applied to determine the extent to which activities within the contract represent distinct performance obligations to be delivered and the total amount of transaction price to which we expect to be entitled. The transaction price determined is net of sales taxes, rebates and discounts, and after eliminating sales within the Group. Where a contract contains multiple performance obligations such as the provision of supplementary materials or online access with textbooks, revenue is allocated on the basis of relative standalone selling prices. Where a contract contains variable consideration, estimation is required to determine the amount to which the Group is expected to be entitled. Revenue is recognised on contracts with customers when or as performance obligations are satisfied, which is the period or the point in time where control of goods or services transfers to the customer. Judgement is applied to determine first whether control passes over time and if not, then the point in time at which control passes. Where revenue is recognised over time, judgement is used to determine the method which best depicts the transfer of control. Where an input method is used, estimation is required to determine the progress towards delivering the performance obligation. If a contract with a customer is modified (change of scope, price or both), management uses judgement to determine whether changes to existing rights and obligations should be accounted for as a separate contract or as an adjustment to the existing contracts. Adjustments to existing contracts are either accounted for prospectively or through a cumulative catch up adjustment. Revenue from the sale of books is recognised net of a provision for anticipated returns. This provision is based primarily on historical return rates, customer buying patterns and retailer behaviours including stock levels. If these estimates do not reflect actual returns in future periods then revenue could be understated or overstated for a particular period. When the provision for returns is remeasured at each reporting date to reflect changes in estimates, a corresponding adjustment is also recorded to revenue.
The Group may enter into contracts with another party in addition to our customer. In making the
determination as to whether revenue should be recognised on a gross or net basis, the contract
with the customer is analysed to understand which party controls the relevant good or service
prior to transferring to the customer. This judgement is informed by facts and circumstances of the
contract in determining whether the Group has promised to provide the specified good or service
or whether the Group is arranging for the transfer of the specified good or service, including which
party is responsible for fulfilment, has discretion to set the price to the customer and is responsible
for inventory risk. On certain contracts, where the Group acts as an agent, only commissions and
fees receivable for services rendered are recognised as revenue. Any third-party costs incurred on
behalf of the principal that are rechargeable under the contractual arrangement are not included
in revenue.
Income from recharges of freight and other activities which are incidental to the normal revenue-
generating activities is included in other income.
Additional details on the Group\u2019s revenue streams are also included in note 3.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-700": { "value": "
Leases
1. The Group as a lessee \u2013 The Group assesses whether a contract is or contains a lease at the
inception of the contract. A contract is, or contains, a lease, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. The Group
recognises a right-of-use asset and a lease liability at the lease commencement date with respect to
all lease arrangements except for short-term leases (leases with a lease term of 12 months or less)
and leases of low-value assets. For these leases, the lease payments are recognised as an operating
expense on a straight-line basis over the term of the lease.
The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability
plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less
any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-
line method from the commencement date to the earlier of the end of the useful life of the asset
or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is
impaired. The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that
rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at
amortised cost using the effective interest method. It is remeasured when there is a change in future
lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of
whether it will exercise an extension or termination option. When the lease liability is remeasured, a
corresponding adjustment is made to the right-of-use asset.
Management uses judgement to determine the lease term where extension and termination options
are available within the lease.
2. The Group as a lessor \u2013 When the Group is an intermediate lessor, the head lease and sublease
are accounted for as two separate contracts. The head lease is accounted for as per the lessee policy
above. The sublease is classified as a finance lease or operating lease by reference to the right-of-use
asset arising from the head lease. Where the lease transfers substantially all the risks and rewards
of ownership to the lessee, the contract is classified as a finance lease; all other leases are classified
as operating leases. Rental income from operating leases is recognised on a straight-line basis over
the term of the relevant lease. Amounts due from lessees under finance subleases are recognised as
receivables at the amount of the Group\u2019s net investment in the leases discounted using the interest
rate implicit in the lease or, if that rate cannot be readily determined, the discount rate used in the
head lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-701": { "value": "
Dividends
Final dividends are recorded in the Group\u2019s financial statements in the period in which they are
approved by the company\u2019s shareholders. Interim dividends are recorded when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-702": { "value": "
Discontinued operations
A discontinued operation is a component of the Group\u2019s business that represents a separate major
line of business or geographical area of operations that has been disposed of or meets the criteria to
be classified as held for sale.
When applicable, discontinued operations are presented in the income statement as a separate line
and are shown net of tax.
Assets and liabilities held for sale
Assets and liabilities are classified as held for sale and stated at the lower of carrying amount and fair
value less costs to sell if it is highly probable that the carrying amount will be recovered principally
through a sale transaction rather than through continuing use. No depreciation is charged in respect
of non-current assets classified as held for sale. Amounts relating to non-current assets and liabilities
held for sale are classified as discontinued operations in the income statement where appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-751": { "value": "Discontinued operations A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographical area of operations that has been disposed of or meets the criteria to be classified as held for sale. When applicable, discontinued operations are presented in the income statement as a separate line and are shown net of tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-750": { "value": "Assets and liabilities held for sale Assets and liabilities are classified as held for sale and stated at the lower of carrying amount and fair value less costs to sell if it is highly probable that the carrying amount will be recovered principally through a sale transaction rather than through continuing use. No depreciation is charged in respect of non-current assets classified as held for sale. Amounts relating to non-current assets and liabilities held for sale are classified as discontinued operations in the income statement where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-703": { "value": "
Trade receivables
Trade receivables are stated at fair value after provision for bad and doubtful debts. Provisions for
bad and doubtful debts are based on the expected credit loss model. The \u2018simplified approach\u2019 is
used with the expected loss allowance measured at an amount equal to the lifetime expected credit
losses. A provision for anticipated future sales returns is included within trade and other liabilities
(also see Revenue recognition policy).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-706": { "value": "
1b. Going concern
In assessing the Group\u2019s ability to continue as a going concern for the period to 30 June 2026, the
Board reviewed management\u2019s five-year plan, which was used as the base case. The review included
available liquidity throughout the period and headroom against the Group\u2019s two main covenants,
which require net debt to EBITDA to be a maximum of four times and interest cover to be at least
three times.
At 31 December 2024, the Group had available liquidity of c.\u00a31.2bn, comprising central cash
balances and its undrawn $1bn Revolving Credit Facility (RCF) which matures in February 2028,
but which has options to extend the maturity to February 2030. Significant liquidity and covenant
headroom was observed throughout the assessment period in this base model.
A severe but plausible scenario was analysed, where the Group is impacted by all principal risks
in both 2025 and 2026, adjusted for probability weighting as well as other significant risks. The net
impact of the risks modelled was to reduce free cashflow by around 30% per year. Even under a
severe downside case, the company would maintain comfortable liquidity headroom and sufficient
headroom against covenant requirements during the period under assessment. That is, even before
modelling the mitigating effect of actions that management would take if these downside risks were
to crystalise.
A reverse stress test was performed to identify the reduction in profit required to exhaust liquidity at
30 June 2026. The model showed that significant profit declines in excess of the severe but plausible
were required in both 2025 and 2026 to exhaust liquidity.
The Directors have confirmed that there are no material uncertainties that cast doubt on the Group\u2019s
going concern status and that they have a reasonable expectation that the Group has adequate
resources to continue in operational existence beyond 30 June 2026. The consolidated financial
statements have therefore been prepared on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-704": { "value": "
1c. Climate change
The Group has assessed the impacts of climate change on the Group\u2019s financial statements,
including our commitment to achieving a 50% reduction in greenhouse gas (GHG) emissions across
our operations and supply chain by 2030, and achieve a 90% reduction in GHG emissions across our
value chain and meet our science-based (SBTi approved) net zero target by 2050, and the actions
the Group intends to take to achieve those targets. The assessment did not identify any material
impact on the Group\u2019s significant judgements or estimates at 31 December 2024, or the assessment
of going concern for the period to June 2026 and the Group\u2019s viability over the next five years.
Specifically, we have considered the following areas:
\u2014 The physical and transition risks associated with climate change; and
\u2014 The actions the Group is taking to meet its carbon reduction and net zero targets.
As a result, the Group has assessed the impacts of climate change on the financial statements, and
in particular, on the following areas:
\u2014 The impact on the Group\u2019s future cash flows, and the resulting impact that such adjustments
to our future cash flows would have on the outcome of the annual impairment testing of our
goodwill balances (see note 11 for further details), the recognition of deferred tax assets and our
assessment of going concern;
\u2014 The carrying value of the Group\u2019s assets, in particular the recoverable amounts of inventories,
product development assets, intangible assets and property, plant and equipment; and
\u2014 Any changes to our estimates of the useful economic lives of product development assets,
intangible assets and property, plant and equipment.
", "dimensions": { "concept": "pearsonplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-705": { "value": "
2. Segment information
There are five main global business units, which are each considered separate operating segments
for management and reporting purposes, as these are reported separately to the Group\u2019s chief
operating decision-maker, the Pearson Executive Management team. These five business units are
Assessment & Qualifications, Virtual Learning, English Language Learning, Higher Education and
Workforce Skills.
In addition, the International Courseware local publishing businesses, which were under strategic
review, were previously being managed as a separate business unit, known as Strategic Review. In
2022, some of the businesses from the Strategic Review business unit were disposed of (see note
31). There are no longer any reported results for the Strategic Review business unit.
The following describes the principal activities of the five main operating segments:
\u2014 Assessment & Qualifications \u2013 Pearson VUE, US Student Assessment, Clinical Assessment, UK
GCSE and A Levels and International academic qualifications and associated courseware including
the English-speaking Canadian and Australian K-12 businesses, and PDRI;
\u2014 Virtual Learning \u2013 Virtual Schools and Online Program Management (up to the point of disposal);
\u2014 English Language Learning \u2013 Pearson Test of English, Institutional Courseware and English
Online Solutions;
\u2014 Workforce Skills \u2013 BTEC, GED, TalentLens, Faethm, Credly, Pearson College and Apprenticeships;
and
\u2014 Higher Education \u2013 US, Canadian and International Higher Education Courseware businesses.
The Pearson Executive Management team evaluates and allocates resources to operating segments,
and evaluates the performance of each of its operating segments on the basis of adjusted operating
profit, which is considered to be the segment measure.
Sales
Adjusted operating profit
2024
2023
2022
2024
2023
2022
Assessment & Qualifications
1,591
1,559
1,444
368
350
258
Virtual Learning
489
616
820
66
76
70
English Language Learning
420
415
321
50
47
25
Workforce Skills
226
220
204
8
(8)
(3)
Higher Education
826
855
898
108
110
91
Strategic Review
\u2013
9
154
\u2013
(2)
15
Total
3,552
3,674
3,841
600
573
456
A reconciliation of the operating segments\u2019 measure of profit to profit for the year is provided below:
2024
2023
2022
Adjusted operating profit
600
573
456
Cost of major reorganisation
2
\u2013
(150)
Property charges
\u2013
(11)
\u2013
Intangible charges
(41)
(48)
(56)
UK pension discretionary increases
(13)
\u2013
(3)
Other net gains and losses
(7)
(16)
24
Operating profit
541
498
271
Finance costs
6
(112)
(81)
(71)
Finance income
6
81
76
123
Profit before tax
510
493
323
Income tax
7
(75)
(113)
(79)
Profit for the year
435
380
244
There were no material inter-segment sales in either 2024, 2023 or 2022. Corporate costs are allocated to business segments on an appropriate basis depending on the nature of the cost and therefore the
total segment result is equal to the Group operating profit.
Other segment disclosures are as follows:
Amortisation, depreciation, and impairment
All figures in \u00a3 millions
2024
2023
2022
Assessment & Qualifications
196
196
202
Virtual Learning
64
76
108
English Language Learning
56
58
51
Workforce Skills
33
31
33
Higher Education
177
179
201
Strategic Review
\u2013
3
23
Total
526
543
618
Adjusted operating profit is shown in the above tables as it is the key financial measure used by management to evaluate the performance of the Group. The measure also enables investors to more easily,
and consistently, track the underlying operational performance of the Group and its business segments over time by separating out those items of income and expenditure relating to acquisition and disposal
transactions, certain property charges, major reorganisation programmes and certain other items that are also not representative of underlying performance, which are explained below and reconciled within
this note.
Cost of major reorganisation \u2013 In 2024, there was a release of \u00a32m relating to amounts previously accrued. In 2023, there were no costs of major reorganisation. In 2022, the reorganisation costs of \u00a3150m
mainly related to staff redundancies and impairment of right of use property assets. The 2022 charge includes the impact of updated assumptions related to the recoverability of right-of-use assets made in
2021. The costs of these reorganisation programmes are significant enough to exclude from the adjusted operating profit measure so as to better highlight the underlying performance.
Property charges \u2013 In 2024, there were no property charges. In 2023, charges of \u00a311m related to impairments of property assets arising from the impact of updates in 2023 to assumptions initially made
during the 2022 and 2021 reorganisation programmes.
Intangible charges \u2013 These represent amortisation relating to intangibles acquired through business combinations. These amortisation charges are excluded as they reflect past acquisition activity and do
not necessarily reflect the current year performance of the Group. Intangible amortisation charges in 2024 were \u00a341m compared to a charge of \u00a348m in 2023. This is due to decreased amortisation from
disposals partially offset by additional amortisation from recent acquisitions. In 2022, intangible charges were \u00a356m. In all three years, there were no impairment charges.
Other net gains and losses \u2013 These represent profits and losses on the sale of subsidiaries, joint ventures, associates and other financial assets and are excluded from adjusted operating profit in order to
show the performance of the Group on a more comparable basis year on year. Other net gains and losses also includes costs related to business closures and acquisitions. Other net gains and losses in 2024
relate to costs related to prior year acquisitions and disposals, which were partially offset by a gain on the partial disposal of our investment in an associate. Other net gains and losses in 2023 relate to the
gain on the disposal of the POLS business and gains related to the release of accruals and a provision related to historical acquisitions, offset by losses on the disposal of Pearson College and costs related to
current and prior year disposals and acquisitions. In 2022, they related to the gains on the disposal of our international courseware local publishing businesses in Europe, French-speaking Canada and Hong
Kong and a gain arising on a decrease in the deferred consideration payable on prior year acquisitions, offset by a loss on disposal of our international courseware local publishing businesses in South Africa
due to recycling of currency translation adjustments and costs related to disposals and acquisitions.
UK pension discretionary increases \u2013 Charges in 2024 and 2022 relate to one-off pension increases awarded to certain cohorts of pensioners in response to the cost of living crisis. There were no such awards
in 2023.
Adjusted operating profit should not be regarded as a complete picture of the Group\u2019s financial performance. For example, adjusted operating profit includes the benefits of major reorganisation programmes
but excludes the significant associated costs, and adjusted operating profit excludes costs related to acquisitions, and the amortisation of intangibles acquired in business combinations, but does not exclude
the associated revenue. The Group\u2019s definition of adjusted operating profit may not be comparable to other similarly titled measures reported by other companies.
The Group operates in the following main geographic areas:
Sales
Non-current assets
All figures in \u00a3 millions
2024
2023
2022
2024
2023
UK
487
450
424
505
518
Other European countries
120
130
192
160
179
US
2,444
2,504
2,668
2,310
2,320
Canada
68
83
110
174
186
Asia Pacific
313
386
290
169
186
Other countries
120
121
157
13
20
Total
3,552
3,674
3,841
3,331
3,409
Sales are allocated based on the country in which the customer is located. This does not differ materially from the location where the order is received. The geographical split of non-current assets is based
on the subsidiary\u2019s country of domicile. This is not materially different to the location of the assets. Non-current assets comprise investment property, property, plant and equipment, intangible assets and
investments in joint ventures and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-752": { "value": "The Group operates in the following main geographic areas:
Sales
Non-current assets
All figures in \u00a3 millions
2024
2023
2022
2024
2023
UK
487
450
424
505
518
Other European countries
120
130
192
160
179
US
2,444
2,504
2,668
2,310
2,320
Canada
68
83
110
174
186
Asia Pacific
313
386
290
169
186
Other countries
120
121
157
13
20
Total
3,552
3,674
3,841
3,331
3,409
Sales are allocated based on the country in which the customer is located. This does not differ materially from the location where the order is received. The geographical split of non-current assets is based on the subsidiary\u2019s country of domicile. This is not materially different to the location of the assets. Non-current assets comprise investment property, property, plant and equipment, intangible assets and investments in joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-707": { "value": "
3. Revenue from contracts with customers
The following tables analyse the Group\u2019s revenue streams. Courseware includes curriculum materials provided in book form and/or via access to digital content. Assessments includes integrated test
development, processing and scoring services provided to governments, educational institutions, corporations and professional bodies. Services includes the operation of schools, colleges and universities,
as well as the provision of online learning services to universities and other academic institutions.
The Group derived revenue from the transfer of goods and services over time and at a point in time in the following major product lines:
2024
English
Assessment & Virtual Language Workforce Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Courseware
Products transferred at a point in time
56
\u2013
142
1
230
\u2013
429
Products and services transferred over time
17
\u2013
13
\u2013
596
\u2013
626
73
\u2013
155
1
826
\u2013
1,055
Assessments
Products transferred at a point in time
184
\u2013
11
5
\u2013
\u2013
200
Products and services transferred over time
1,334
\u2013
198
179
\u2013
\u2013
1,711
1,518
\u2013
209
184
\u2013
\u2013
1,911
Services
Products transferred at a point in time
\u2013
\u2013
35
\u2013
\u2013
\u2013
35
Products and services transferred over time
\u2013
489
21
41
\u2013
\u2013
551
\u2013
489
56
41
\u2013
\u2013
586
Total
1,591
489
420
226
826
\u2013
3,552
2023
English
Assessment & Virtual Language Workforce Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Courseware
Products transferred at a point in time
57
\u2013
135
2
254
9
457
Products and services transferred over time
20
\u2013
15
\u2013
595
\u2013
630
77
\u2013
150
2
849
9
1,087
Assessments
Products transferred at a point in time
198
\u2013
5
5
\u2013
\u2013
208
Products and services transferred over time
1,284
\u2013
204
170
\u2013
\u2013
1,658
1,482
\u2013
209
175
\u2013
\u2013
1,866
Services
Products transferred at a point in time
\u2013
\u2013
35
\u2013
\u2013
\u2013
35
Products and services transferred over time
\u2013
616
21
43
6
\u2013
686
\u2013
616
56
43
6
\u2013
721
Total
1,559
616
415
220
855
9
3,674
2022
English
Assessment & Virtual Language Workforce Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Courseware
Products transferred at a point in time
64
\u2013
110
2
302
148
626
Products and services transferred over time
21
\u2013
25
\u2013
588
6
640
85
\u2013
135
2
890
154
1,266
Assessments
Products transferred at a point in time
169
\u2013
5
14
\u2013
\u2013
188
Products and services transferred over time
1,190
\u2013
138
142
\u2013
\u2013
1,470
1,359
\u2013
143
156
\u2013
\u2013
1,658
Services
Products transferred at a point in time
\u2013
\u2013
29
\u2013
\u2013
\u2013
29
Products and services transferred over time
\u2013
820
14
46
8
\u2013
888
\u2013
820
43
46
8
\u2013
917
Total
1,444
820
321
204
898
154
3,841
a. Nature of goods and services
The following is a description of the nature of the Group\u2019s performance obligations within contracts
with customers broken down by revenue stream, along with judgements and estimates made within
each of those revenue streams.
Courseware
Revenue is generated from customers through the sales of print and digital courseware materials to
schools, bookstores and direct to individual learners. Goods and services may be sold separately or
purchased together in bundled packages. The goods and services included in bundled arrangements
are considered distinct performance obligations, except for where Pearson provides both a licence
of intellectual property and an ongoing hosting service. As the licence of intellectual property is only
available with the concurrent hosting service, the licence is not treated as a distinct performance
obligation separate from the hosting service.
The transaction price is allocated between distinct performance obligations on the basis of their
relative standalone selling prices.
In determining the transaction price, variable consideration exists in the form of discounts and
anticipated returns. Discounts reduce the transaction price on a given transaction. A provision for
anticipated returns is made based primarily on historical return rates, customer buying patterns
and retailer behaviours including stock levels. If these estimates do not reflect actual returns in
future periods then revenue could be understated or overstated for a particular period. Variable
consideration as described above is determined using the expected value approach. The sales
return liability at the end of 2024 was \u00a327m (2023: \u00a331m; 2022: \u00a353m).
While payment for these goods and services generally occurs at the start of these arrangements,
the length of time between payment and delivery of the performance obligations is generally short-
term in nature or the reason for early payment relates to reasons other than financing, including
customers securing a vendor in a longer-term arrangement or the transfer of goods or services is at
the discretion of the customer. For these reasons and the use of the practical expedient on short-
term financing, significant financing components are not recognised within Courseware transactions.
Revenue from the sale of physical books is recognised at a point in time when control passes. This is
generally at the point of shipment when title passes to the customer, when the Group has a present
right to payment and the significant risks and rewards of ownership have passed to the customer.
Revenue from physical books sold through the direct print rental method is recognised over the
rental period, as the customer is simultaneously receiving and consuming the benefits of this rental
service through the passage of time.
Revenue from the sale of digital courseware products is recognised on a straight-line basis over the
subscription period, unless hosted by a third party or representative of a downloadable product, in
which case Pearson has no ongoing obligation and recognises revenue when control transfers as the
customer is granted access to the digital product.
Revenue from the sale of \u2018off-the-shelf\u2019 software is recognised on delivery or on installation of the
software where that is a condition of the contract. In certain circumstances, where installation is
complex, revenue is recognised when the customer has completed their acceptance procedures.
Assessments
Revenue is primarily generated from multi-year contractual arrangements related to large-scale
assessment delivery, such as contracts to process qualifying tests for individual professions and
government departments, and is recognised as performance occurs. Under these arrangements,
while the agreement spans multiple years, the contract duration has been determined to be each
testing cycle based on contract structure, including clauses regarding termination.
While in some cases the customer may have the ability to terminate during the term for convenience,
significant financial or qualitative barriers exist limiting the potential for such terminations in the
middle of a testing cycle.
Within each testing cycle, a variety of service activities are performed such as test administration,
delivery, scoring, reporting, item development, operational services and programme management.
These services are not treated as distinct in the context of the customer contract as Pearson
provides an integrated managed service offering and these activities are accounted for together as
one comprehensive performance obligation.
Within each testing cycle, the transaction price may contain both fixed and variable amounts.
Variable consideration within these transactions primarily relates to expected testing volumes to
be delivered in the cycle. The assumptions, risks and uncertainties inherent to long-term contract
accounting can affect the amounts and timing of revenue and related expenses reported. Variable
consideration is measured using the expected value method, except where amounts are contingent
upon a future event\u2019s occurrence, such as performance bonuses. Such event-driven contingency
payments are measured using the most likely amount approach. In estimating and constraining
variable consideration, historical experience, current trends and local market conditions are
considered. To the extent that a higher degree of uncertainty exists regarding variable consideration,
these amounts are excluded from the transaction price and recognised when the uncertainty is
reasonably removed.
Customer payments are generally defined in the contract through a payment schedule, which may
require customer acceptance for services rendered. Pearson has a history of providing satisfactory
services which are accepted by the customer. While a delay between rendering of services and
payment may exist, payment terms are within 12 months and the Group has elected to use the
practical expedient available in IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and not identify a
significant financing component on these transactions.
Revenue is recognised for Assessment contracts over time as the customer is benefiting as
performance takes place through a continuous transfer of control to the customer. This continuous
transfer of control to the customer is supported by clauses in the contracts which may allow the
customer to terminate for convenience, compensate us for work performed to date, and take
possession of work in process.
As control transfers over time, revenue is recognised based on the extent of progress towards
completion of the performance obligation. The selection of the method to measure progress
towards completion requires judgement and is based on the nature of the services provided.
Revenue is recognised on a percentage of costs basis, calculated using the proportion of the total
estimated costs incurred to date. Percentage of completion is used to recognise the transfer of
control of services provided as these services are not provided evenly throughout the testing cycle
and involve varying degrees of effort during the contract term.
Losses on contracts are recognised in the period in which the loss first becomes foreseeable.
Contract losses are determined to be the amount by which estimated total costs of the contract
exceed the estimated total revenue that will be generated.
In Assessments contracts driven primarily by transactions directly to end users, Pearson\u2019s main
obligation to the customer involves test delivery and scoring. Test delivery and scoring are defined
as a single performance obligation delivered over time whether the test is subsequently manually
scored or digitally scored on the day of the assessment. Customers may also purchase print and
digital supplemental materials. Print products in this revenue stream are recognised at a point in
time when control passes to the customer upon shipment. Recognition of digital revenue will occur
based on the extent of Pearson\u2019s ongoing hosting obligation.
Services
Revenue is primarily generated from multi-year contractual arrangements related to large-scale
educational service delivery to academic institutions, such as schools and higher education
universities. Under these arrangements, while an agreement may span multiple years, the contract
duration has been determined to be each academic period based on the structure of contracts,
including clauses regarding termination. While in some cases the customer may have the ability
to terminate during the term for convenience, significant financial or qualitative barriers exist
limiting the potential for such terminations in the middle of an academic period. The academic
period for this customer base is normally an academic year for schools and a semester for higher
education universities.
Within each academic period, a variety of services are provided such as programme development,
student acquisition, education technology and student support services. These services are not
distinct in the context of the customer contract as Pearson provides an integrated managed service
offering and these activities are accounted for together as a comprehensive performance obligation.
Where Services are provided to university customers, volume and transaction price are fixed at the
start of the semester. Where Services are provided to school customers, the transaction price may
contain both fixed and variable amounts which require estimation during the academic period.
Estimation is required where consideration is based upon average enrolments or other metrics
which are not known at the start of the academic year. Variable consideration is measured using
the expected value method. Historical experience, current trends, local circumstances and customer-
specific funding formulas are considered in estimating and constraining variable consideration.
To the extent that a higher degree of uncertainty exists regarding variable consideration, these
amounts are excluded from the transaction price and recognised when the uncertainty is
reasonably removed.
Customer payments are generally defined in the contract as occurring shortly after invoicing. Where
there is a longer payment term offered to a customer through a payment schedule, payment terms
are within 12 months and the Group has elected to use the practical expedient available in IFRS 15
and not identify a significant financing component on these transactions.
Revenue is recognised for Service contracts over time as the customer is benefiting as performance
takes place through a continuous transfer of control to the customer. This continuous transfer of
control to the customer is supported by clauses in the contracts which may allow the customer to
terminate for convenience, compensate for work performed to date, and take possession of work
in process.
As control transfers over time, revenue is recognised based on the extent of progress towards
completion of the performance obligation. The selection of the method to measure progress
towards completion requires judgement and is based on the nature of the products or services
provided. Within the comprehensive service obligation, the timing of services occurs relatively evenly
over each academic period and, as such, time elapsed is used to recognise the transfer of control to
the customer on a straight-line basis.
Losses on contracts are recognised in the period in which the loss first becomes foreseeable.
Contract losses are determined to be the amount by which estimated total costs of the contract
exceed the estimated total revenue that will be generated.
In cases of optional or add-on purchases, institutions may purchase physical goods priced at their
standalone value, which are accounted for separately and recognised at the point in time when
control passes to the customer upon shipment.
b. Disaggregation of revenue
The tables in notes 2 and 3 show revenue from contracts with customers disaggregated by operating
segment, geography and revenue stream. These disaggregation categories are appropriate as they
represent the key groupings used in managing and evaluating underlying performance of each of the
businesses. The categories also reflect groups of similar types of transactional characteristics, among
similar customers, with similar accounting conclusions.
c. Contract balances
Transactions within the Courseware revenue stream generally entail customer billings at or near the
contract\u2019s inception and accordingly Courseware deferred income balances are primarily related to
subscription performance obligations to be delivered over time.
Transactions within the Assessments and Services revenue streams generally entail customer billings
over time based on periodic intervals, progress towards milestones or enrolment census dates.
As the performance obligations within these arrangements are delivered over time, the extent of
accrued income or deferred income will ultimately depend upon the difference between revenue
recognised and billings to date.
Refer to note 22 for opening and closing balances of accrued income. Refer to note 24 for opening
and closing balances of deferred income. Revenue recognised during the period from changes in
deferred income was driven primarily by the release of revenue over time from digital subscriptions.
d. Contract costs
The Group capitalises incremental costs to obtain contracts with customers where it is expected
these costs will be recoverable. Incremental costs to obtain contracts with customers are considered
those which would not have been incurred if the contract had not been obtained. For the Group,
these costs relate primarily to sales commissions and royalty payments. The Group has elected
to use the practical expedient as allowable by IFRS 15 whereby such costs will be expensed as
incurred where the expected amortisation period is one year or less. Where the amortisation period
is greater than one year, these costs are amortised over the contract term on a systematic basis
consistent with the transfer of the underlying goods and services within the contract to which these
costs relate, which will generally be on a rateable basis.
The Group does not recognise any material costs to fulfil contracts with customers as these types of
activities are governed by other accounting standards.
e. Remaining transaction price
The below table depicts the remaining transaction price on unsatisfied or partially unsatisfied performance obligations from contracts with customers.
2024
Total
remaining
Deferred Committed transaction 2027
All figures in \u00a3 millions Sales income sales
price
2025
2026
and later
Courseware
Products transferred at a point in time
429
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time
626
94
\u2013
94
50
17
27
Assessments
Products transferred at a point in time
200
1
\u2013
1
1
\u2013
\u2013
Products and services transferred over time
1,711
273
253
526
469
56
1
Services
Products transferred at a point in time
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time \u2013 subscriptions
533
7
\u2013
7
7
\u2013
\u2013
Products and services transferred over time \u2013 other
18
16
232
248
248
\u2013
\u2013
Total
3,552
391
485
876
775
73
28
2023
Total
remaining
Deferred Committed transaction 2026
All figures in \u00a3 millions Sales income sales
price
2024
2025
and later
Courseware
Products transferred at a point in time
457
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time
630
78
\u2013
78
38
15
25
Assessments
Products transferred at a point in time
208
1
\u2013
1
1
\u2013
\u2013
Products and services transferred over time
1,658
261
332
593
496
94
3
Services
Products transferred at a point in time
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time \u2013 subscriptions
660
12
\u2013
12
11
1
\u2013
Products and services transferred over time \u2013 other
26
16
234
250
250
\u2013
\u2013
Total
3,674
368
566
934
796
110
28
All figures in \u00a3 millions
2022
Total
remaining
Deferred Committed transaction 2025
Sales income sales
price
2023
2024
and later
Courseware
Products transferred at a point in time
626
1
\u2013
1
1
\u2013
\u2013
Products and services transferred over time
640
95
\u2013
95
56
14
25
Assessments
Products transferred at a point in time
188
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time
1,470
262
472
734
524
206
4
Services
Products transferred at a point in time
29
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time \u2013 subscriptions
351
20
7
27
27
\u2013
\u2013
Products and services transferred over time \u2013 other
537
22
225
247
247
\u2013
\u2013
Total
3,841
400
704
1,104
855
220
29
Committed sales amounts are equal to the transaction price from contracts with customers, excluding those amounts previously recognised as revenue and amounts currently recognised in deferred
income. The total of committed sales and deferred income is equal to the remaining transaction price. Time bands stated above represent the expected timing of when the remaining transaction price will be
recognised as revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-753": { "value": "3. Revenue from contracts with customers The following tables analyse the Group\u2019s revenue streams. Courseware includes curriculum materials provided in book form and/or via access to digital content. Assessments includes integrated test development, processing and scoring services provided to governments, educational institutions, corporations and professional bodies. Services includes the operation of schools, colleges and universities, as well as the provision of online learning services to universities and other academic institutions. The Group derived revenue from the transfer of goods and services over time and at a point in time in the following major product lines:
2024
English
Assessment & Virtual Language Workforce Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Courseware
Products transferred at a point in time
56
\u2013
142
1
230
\u2013
429
Products and services transferred over time
17
\u2013
13
\u2013
596
\u2013
626
73
\u2013
155
1
826
\u2013
1,055
Assessments
Products transferred at a point in time
184
\u2013
11
5
\u2013
\u2013
200
Products and services transferred over time
1,334
\u2013
198
179
\u2013
\u2013
1,711
1,518
\u2013
209
184
\u2013
\u2013
1,911
Services
Products transferred at a point in time
\u2013
\u2013
35
\u2013
\u2013
\u2013
35
Products and services transferred over time
\u2013
489
21
41
\u2013
\u2013
551
\u2013
489
56
41
\u2013
\u2013
586
Total
1,591
489
420
226
826
\u2013
3,552
2023
English
Assessment & Virtual Language Workforce Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Courseware
Products transferred at a point in time
57
\u2013
135
2
254
9
457
Products and services transferred over time
20
\u2013
15
\u2013
595
\u2013
630
77
\u2013
150
2
849
9
1,087
Assessments
Products transferred at a point in time
198
\u2013
5
5
\u2013
\u2013
208
Products and services transferred over time
1,284
\u2013
204
170
\u2013
\u2013
1,658
1,482
\u2013
209
175
\u2013
\u2013
1,866
Services
Products transferred at a point in time
\u2013
\u2013
35
\u2013
\u2013
\u2013
35
Products and services transferred over time
\u2013
616
21
43
6
\u2013
686
\u2013
616
56
43
6
\u2013
721
Total
1,559
616
415
220
855
9
3,674
2022
English
Assessment & Virtual Language Workforce Higher Strategic
All figures in \u00a3 millions Qualifications Learning Learning Skills Education
Review
Total
Courseware
Products transferred at a point in time
64
\u2013
110
2
302
148
626
Products and services transferred over time
21
\u2013
25
\u2013
588
6
640
85
\u2013
135
2
890
154
1,266
Assessments
Products transferred at a point in time
169
\u2013
5
14
\u2013
\u2013
188
Products and services transferred over time
1,190
\u2013
138
142
\u2013
\u2013
1,470
1,359
\u2013
143
156
\u2013
\u2013
1,658
Services
Products transferred at a point in time
\u2013
\u2013
29
\u2013
\u2013
\u2013
29
Products and services transferred over time
\u2013
820
14
46
8
\u2013
888
\u2013
820
43
46
8
\u2013
917
Total
1,444
820
321
204
898
154
3,841
a. Nature of goods and services The following is a description of the nature of the Group\u2019s performance obligations within contracts with customers broken down by revenue stream, along with judgements and estimates made within each of those revenue streams. Courseware Revenue is generated from customers through the sales of print and digital courseware materials to schools, bookstores and direct to individual learners. Goods and services may be sold separately or purchased together in bundled packages. The goods and services included in bundled arrangements are considered distinct performance obligations, except for where Pearson provides both a licence of intellectual property and an ongoing hosting service. As the licence of intellectual property is only available with the concurrent hosting service, the licence is not treated as a distinct performance obligation separate from the hosting service. The transaction price is allocated between distinct performance obligations on the basis of their relative standalone selling prices. In determining the transaction price, variable consideration exists in the form of discounts and anticipated returns. Discounts reduce the transaction price on a given transaction. A provision for anticipated returns is made based primarily on historical return rates, customer buying patterns and retailer behaviours including stock levels. If these estimates do not reflect actual returns in future periods then revenue could be understated or overstated for a particular period. Variable consideration as described above is determined using the expected value approach. The sales return liability at the end of 2024 was \u00a327m (2023: \u00a331m; 2022: \u00a353m). While payment for these goods and services generally occurs at the start of these arrangements, the length of time between payment and delivery of the performance obligations is generally short- term in nature or the reason for early payment relates to reasons other than financing, including customers securing a vendor in a longer-term arrangement or the transfer of goods or services is at the discretion of the customer. For these reasons and the use of the practical expedient on short- term financing, significant financing components are not recognised within Courseware transactions. Revenue from the sale of physical books is recognised at a point in time when control passes. This is generally at the point of shipment when title passes to the customer, when the Group has a present right to payment and the significant risks and rewards of ownership have passed to the customer. Revenue from physical books sold through the direct print rental method is recognised over the rental period, as the customer is simultaneously receiving and consuming the benefits of this rental service through the passage of time. Revenue from the sale of digital courseware products is recognised on a straight-line basis over the subscription period, unless hosted by a third party or representative of a downloadable product, in which case Pearson has no ongoing obligation and recognises revenue when control transfers as the customer is granted access to the digital product. Revenue from the sale of \u2018off-the-shelf\u2019 software is recognised on delivery or on installation of the software where that is a condition of the contract. In certain circumstances, where installation is complex, revenue is recognised when the customer has completed their acceptance procedures. Assessments Revenue is primarily generated from multi-year contractual arrangements related to large-scale assessment delivery, such as contracts to process qualifying tests for individual professions and government departments, and is recognised as performance occurs. Under these arrangements, while the agreement spans multiple years, the contract duration has been determined to be each testing cycle based on contract structure, including clauses regarding termination. While in some cases the customer may have the ability to terminate during the term for convenience, significant financial or qualitative barriers exist limiting the potential for such terminations in the middle of a testing cycle. Within each testing cycle, a variety of service activities are performed such as test administration, delivery, scoring, reporting, item development, operational services and programme management. These services are not treated as distinct in the context of the customer contract as Pearson provides an integrated managed service offering and these activities are accounted for together as one comprehensive performance obligation. Within each testing cycle, the transaction price may contain both fixed and variable amounts. Variable consideration within these transactions primarily relates to expected testing volumes to be delivered in the cycle. The assumptions, risks and uncertainties inherent to long-term contract accounting can affect the amounts and timing of revenue and related expenses reported. Variable consideration is measured using the expected value method, except where amounts are contingent upon a future event\u2019s occurrence, such as performance bonuses. Such event-driven contingency payments are measured using the most likely amount approach. In estimating and constraining variable consideration, historical experience, current trends and local market conditions are considered. To the extent that a higher degree of uncertainty exists regarding variable consideration, these amounts are excluded from the transaction price and recognised when the uncertainty is reasonably removed. Customer payments are generally defined in the contract through a payment schedule, which may require customer acceptance for services rendered. Pearson has a history of providing satisfactory services which are accepted by the customer. While a delay between rendering of services and payment may exist, payment terms are within 12 months and the Group has elected to use the practical expedient available in IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and not identify a significant financing component on these transactions. Revenue is recognised for Assessment contracts over time as the customer is benefiting as performance takes place through a continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contracts which may allow the customer to terminate for convenience, compensate us for work performed to date, and take possession of work in process. As control transfers over time, revenue is recognised based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgement and is based on the nature of the services provided. Revenue is recognised on a percentage of costs basis, calculated using the proportion of the total estimated costs incurred to date. Percentage of completion is used to recognise the transfer of control of services provided as these services are not provided evenly throughout the testing cycle and involve varying degrees of effort during the contract term. Losses on contracts are recognised in the period in which the loss first becomes foreseeable. Contract losses are determined to be the amount by which estimated total costs of the contract exceed the estimated total revenue that will be generated. In Assessments contracts driven primarily by transactions directly to end users, Pearson\u2019s main obligation to the customer involves test delivery and scoring. Test delivery and scoring are defined as a single performance obligation delivered over time whether the test is subsequently manually scored or digitally scored on the day of the assessment. Customers may also purchase print and digital supplemental materials. Print products in this revenue stream are recognised at a point in time when control passes to the customer upon shipment. Recognition of digital revenue will occur based on the extent of Pearson\u2019s ongoing hosting obligation. Services Revenue is primarily generated from multi-year contractual arrangements related to large-scale educational service delivery to academic institutions, such as schools and higher education universities. Under these arrangements, while an agreement may span multiple years, the contract duration has been determined to be each academic period based on the structure of contracts, including clauses regarding termination. While in some cases the customer may have the ability to terminate during the term for convenience, significant financial or qualitative barriers exist limiting the potential for such terminations in the middle of an academic period. The academic period for this customer base is normally an academic year for schools and a semester for higher education universities. Within each academic period, a variety of services are provided such as programme development, student acquisition, education technology and student support services. These services are not distinct in the context of the customer contract as Pearson provides an integrated managed service offering and these activities are accounted for together as a comprehensive performance obligation. Where Services are provided to university customers, volume and transaction price are fixed at the start of the semester. Where Services are provided to school customers, the transaction price may contain both fixed and variable amounts which require estimation during the academic period. Estimation is required where consideration is based upon average enrolments or other metrics which are not known at the start of the academic year. Variable consideration is measured using the expected value method. Historical experience, current trends, local circumstances and customer- specific funding formulas are considered in estimating and constraining variable consideration. To the extent that a higher degree of uncertainty exists regarding variable consideration, these amounts are excluded from the transaction price and recognised when the uncertainty is reasonably removed. Customer payments are generally defined in the contract as occurring shortly after invoicing. Where there is a longer payment term offered to a customer through a payment schedule, payment terms are within 12 months and the Group has elected to use the practical expedient available in IFRS 15 and not identify a significant financing component on these transactions. Revenue is recognised for Service contracts over time as the customer is benefiting as performance takes place through a continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contracts which may allow the customer to terminate for convenience, compensate for work performed to date, and take possession of work in process. As control transfers over time, revenue is recognised based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgement and is based on the nature of the products or services provided. Within the comprehensive service obligation, the timing of services occurs relatively evenly over each academic period and, as such, time elapsed is used to recognise the transfer of control to the customer on a straight-line basis. Losses on contracts are recognised in the period in which the loss first becomes foreseeable. Contract losses are determined to be the amount by which estimated total costs of the contract exceed the estimated total revenue that will be generated. In cases of optional or add-on purchases, institutions may purchase physical goods priced at their standalone value, which are accounted for separately and recognised at the point in time when control passes to the customer upon shipment. b. Disaggregation of revenue The tables in notes 2 and 3 show revenue from contracts with customers disaggregated by operating segment, geography and revenue stream. These disaggregation categories are appropriate as they represent the key groupings used in managing and evaluating underlying performance of each of the businesses. The categories also reflect groups of similar types of transactional characteristics, among similar customers, with similar accounting conclusions. c. Contract balances Transactions within the Courseware revenue stream generally entail customer billings at or near the contract\u2019s inception and accordingly Courseware deferred income balances are primarily related to subscription performance obligations to be delivered over time. Transactions within the Assessments and Services revenue streams generally entail customer billings over time based on periodic intervals, progress towards milestones or enrolment census dates. As the performance obligations within these arrangements are delivered over time, the extent of accrued income or deferred income will ultimately depend upon the difference between revenue recognised and billings to date. Refer to note 22 for opening and closing balances of accrued income. Refer to note 24 for opening and closing balances of deferred income. Revenue recognised during the period from changes in deferred income was driven primarily by the release of revenue over time from digital subscriptions. d. Contract costs The Group capitalises incremental costs to obtain contracts with customers where it is expected these costs will be recoverable. Incremental costs to obtain contracts with customers are considered those which would not have been incurred if the contract had not been obtained. For the Group, these costs relate primarily to sales commissions and royalty payments. The Group has elected to use the practical expedient as allowable by IFRS 15 whereby such costs will be expensed as incurred where the expected amortisation period is one year or less. Where the amortisation period is greater than one year, these costs are amortised over the contract term on a systematic basis consistent with the transfer of the underlying goods and services within the contract to which these costs relate, which will generally be on a rateable basis. The Group does not recognise any material costs to fulfil contracts with customers as these types of activities are governed by other accounting standards. e. Remaining transaction price The below table depicts the remaining transaction price on unsatisfied or partially unsatisfied performance obligations from contracts with customers.
2024
Total
remaining
Deferred Committed transaction 2027
All figures in \u00a3 millions Sales income sales
price
2025
2026
and later
Courseware
Products transferred at a point in time
429
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time
626
94
\u2013
94
50
17
27
Assessments
Products transferred at a point in time
200
1
\u2013
1
1
\u2013
\u2013
Products and services transferred over time
1,711
273
253
526
469
56
1
Services
Products transferred at a point in time
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time \u2013 subscriptions
533
7
\u2013
7
7
\u2013
\u2013
Products and services transferred over time \u2013 other
18
16
232
248
248
\u2013
\u2013
Total
3,552
391
485
876
775
73
28
2023
Total
remaining
Deferred Committed transaction 2026
All figures in \u00a3 millions Sales income sales
price
2024
2025
and later
Courseware
Products transferred at a point in time
457
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time
630
78
\u2013
78
38
15
25
Assessments
Products transferred at a point in time
208
1
\u2013
1
1
\u2013
\u2013
Products and services transferred over time
1,658
261
332
593
496
94
3
Services
Products transferred at a point in time
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time \u2013 subscriptions
660
12
\u2013
12
11
1
\u2013
Products and services transferred over time \u2013 other
26
16
234
250
250
\u2013
\u2013
Total
3,674
368
566
934
796
110
28
All figures in \u00a3 millions
2022
Total
remaining
Deferred Committed transaction 2025
Sales income sales
price
2023
2024
and later
Courseware
Products transferred at a point in time
626
1
\u2013
1
1
\u2013
\u2013
Products and services transferred over time
640
95
\u2013
95
56
14
25
Assessments
Products transferred at a point in time
188
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time
1,470
262
472
734
524
206
4
Services
Products transferred at a point in time
29
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Products and services transferred over time \u2013 subscriptions
351
20
7
27
27
\u2013
\u2013
Products and services transferred over time \u2013 other
537
22
225
247
247
\u2013
\u2013
Total
3,841
400
704
1,104
855
220
29
Committed sales amounts are equal to the transaction price from contracts with customers, excluding those amounts previously recognised as revenue and amounts currently recognised in deferred income. The total of committed sales and deferred income is equal to the remaining transaction price. Time bands stated above represent the expected timing of when the remaining transaction price will be recognised as revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-708": { "value": "
4. Operating expenses
All figures in \u00a3 millions
2024
2023
2022
By function:
Cost of goods sold
1,741
1,839
2,046
Operating expenses
Distribution costs
43
47
61
Selling, marketing and product development costs
510
549
564
Administrative and other expenses
754
767
823
Reorganisation costs
(2)
\u2013
150
Other income
(40)
(41)
(49)
Total net operating expenses
1,265
1,322
1,549
Other net gains and losses
7
16
(24)
Total
3,013
3,177
3,571
Other income includes freight income and sublet income. Included in administrative and other
expenses are research and efficacy costs of \u00a36m (2023: \u00a38m; 2022: \u00a310m). Costs capitalised relate
primarily to employee costs.
Other net gains and losses in 2024 relate to costs related to prior year acquisitions and disposals,
partially offset by a gain on the partial disposal of our investment in an associate. In 2023, other net
gains and losses relate to the gain on the disposal of the Pearson Online Learning Services business
and gains related to the release of accruals and a provision related to historical acquisitions, offset
by losses on the disposal of Pearson College and costs related to current and prior year disposals
and acquisitions. Other net gains in 2022, largely relate to the gain on the sales of certain businesses
and a gain arising on a decrease in the deferred consideration payable on prior year acquisitions,
offset by costs related to disposals and acquisitions.
In 2024, the costs of major reorganisation relate to a release of \u00a32m for amounts previously
accrued that are no longer required. In 2023, there are no costs of major reorganisation. In 2022,
the reorganisation costs of \u00a3150m mainly related to staff redundancies and impairment of right-of-
use property assets. The 2022 charge includes the impact of updated assumptions related to the
recoverability of right-of-use assets made in 2021. In 2023, charges of \u00a311m relating to impairments
of property assets arising from the impact of updates to assumptions made during the 2022 and
2021 reorganisation programmes are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2024
2023
2022
By nature:
Royalties expensed
162
164
194
Other product costs
371
393
412
Employee benefit expense
5
1,411
1,467
1,605
Contract labour
56
70
73
Employee-related expense
53
60
52
Promotional costs
113
146
268
Depreciation and impairment of property, plant
and equipment and investment property and
assets held for sale
10
77
90
136
Amortisation and impairment of intangible
assets \u2013 product development
20
291
284
303
Amortisation and impairment of intangible
assets \u2013 software
11
117
123
125
Amortisation and impairment of intangible
assets \u2013 other
11
41
46
54
Property and facilities
70
82
102
Technology and communications
215
215
221
Professional and outsourced services
395
443
501
Other general and administrative costs
72
43
76
Costs capitalised
(398)
(424)
(478)
Other net gains and losses
7
16
(24)
Other income
(40)
(41)
(49)
Total
3,013
3,177
3,571
During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2024
2023
2022
The audit of parent company and consolidated financial
statements
7
8
6
The audit of the company\u2019s subsidiaries
2
2
1
Total audit fees*
9
10
7
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
9
10
7
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2024
2023
2022
Group audit fees including fees for attestation under section
404 of the Sarbanes-Oxley Act
9
10
7
Non-audit fees
\u2013
\u2013
\u2013
Total
9
10
7
* Includes fees in connection with the interim review, preliminary announcement and elements of the controls audit required under
Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented.
In 2024, 2023 and 2022, the external auditor performed several permitted non-audit services. In all
years the fees rounded to \u00a3nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-803": { "value": "4. Operating expenses
All figures in \u00a3 millions
2024
2023
2022
By function:
Cost of goods sold
1,741
1,839
2,046
Operating expenses
Distribution costs
43
47
61
Selling, marketing and product development costs
510
549
564
Administrative and other expenses
754
767
823
Reorganisation costs
(2)
\u2013
150
Other income
(40)
(41)
(49)
Total net operating expenses
1,265
1,322
1,549
Other net gains and losses
7
16
(24)
Total
3,013
3,177
3,571
Other income includes freight income and sublet income. Included in administrative and other expenses are research and efficacy costs of \u00a36m (2023: \u00a38m; 2022: \u00a310m). Costs capitalised relate primarily to employee costs. Other net gains and losses in 2024 relate to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate. In 2023, other net gains and losses relate to the gain on the disposal of the Pearson Online Learning Services business and gains related to the release of accruals and a provision related to historical acquisitions, offset by losses on the disposal of Pearson College and costs related to current and prior year disposals and acquisitions. Other net gains in 2022, largely relate to the gain on the sales of certain businesses and a gain arising on a decrease in the deferred consideration payable on prior year acquisitions, offset by costs related to disposals and acquisitions. In 2024, the costs of major reorganisation relate to a release of \u00a32m for amounts previously accrued that are no longer required. In 2023, there are no costs of major reorganisation. In 2022, the reorganisation costs of \u00a3150m mainly related to staff redundancies and impairment of right-of- use property assets. The 2022 charge includes the impact of updated assumptions related to the recoverability of right-of-use assets made in 2021. In 2023, charges of \u00a311m relating to impairments of property assets arising from the impact of updates to assumptions made during the 2022 and 2021 reorganisation programmes are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2024
2023
2022
By nature:
Royalties expensed
162
164
194
Other product costs
371
393
412
Employee benefit expense
5
1,411
1,467
1,605
Contract labour
56
70
73
Employee-related expense
53
60
52
Promotional costs
113
146
268
Depreciation and impairment of property, plant
and equipment and investment property and
assets held for sale
10
77
90
136
Amortisation and impairment of intangible
assets \u2013 product development
20
291
284
303
Amortisation and impairment of intangible
assets \u2013 software
11
117
123
125
Amortisation and impairment of intangible
assets \u2013 other
11
41
46
54
Property and facilities
70
82
102
Technology and communications
215
215
221
Professional and outsourced services
395
443
501
Other general and administrative costs
72
43
76
Costs capitalised
(398)
(424)
(478)
Other net gains and losses
7
16
(24)
Other income
(40)
(41)
(49)
Total
3,013
3,177
3,571
During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2024
2023
2022
The audit of parent company and consolidated financial
statements
7
8
6
The audit of the company\u2019s subsidiaries
2
2
1
Total audit fees*
9
10
7
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
9
10
7
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2024
2023
2022
Group audit fees including fees for attestation under section
404 of the Sarbanes-Oxley Act
9
10
7
Non-audit fees
\u2013
\u2013
\u2013
Total
9
10
7
* Includes fees in connection with the interim review, preliminary announcement and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2024, 2023 and 2022, the external auditor performed several permitted non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-788": { "value": "4. Operating expenses
All figures in \u00a3 millions
2024
2023
2022
By function:
Cost of goods sold
1,741
1,839
2,046
Operating expenses
Distribution costs
43
47
61
Selling, marketing and product development costs
510
549
564
Administrative and other expenses
754
767
823
Reorganisation costs
(2)
\u2013
150
Other income
(40)
(41)
(49)
Total net operating expenses
1,265
1,322
1,549
Other net gains and losses
7
16
(24)
Total
3,013
3,177
3,571
Other income includes freight income and sublet income. Included in administrative and other expenses are research and efficacy costs of \u00a36m (2023: \u00a38m; 2022: \u00a310m). Costs capitalised relate primarily to employee costs. Other net gains and losses in 2024 relate to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate. In 2023, other net gains and losses relate to the gain on the disposal of the Pearson Online Learning Services business and gains related to the release of accruals and a provision related to historical acquisitions, offset by losses on the disposal of Pearson College and costs related to current and prior year disposals and acquisitions. Other net gains in 2022, largely relate to the gain on the sales of certain businesses and a gain arising on a decrease in the deferred consideration payable on prior year acquisitions, offset by costs related to disposals and acquisitions. In 2024, the costs of major reorganisation relate to a release of \u00a32m for amounts previously accrued that are no longer required. In 2023, there are no costs of major reorganisation. In 2022, the reorganisation costs of \u00a3150m mainly related to staff redundancies and impairment of right-of- use property assets. The 2022 charge includes the impact of updated assumptions related to the recoverability of right-of-use assets made in 2021. In 2023, charges of \u00a311m relating to impairments of property assets arising from the impact of updates to assumptions made during the 2022 and 2021 reorganisation programmes are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2024
2023
2022
By nature:
Royalties expensed
162
164
194
Other product costs
371
393
412
Employee benefit expense
5
1,411
1,467
1,605
Contract labour
56
70
73
Employee-related expense
53
60
52
Promotional costs
113
146
268
Depreciation and impairment of property, plant
and equipment and investment property and
assets held for sale
10
77
90
136
Amortisation and impairment of intangible
assets \u2013 product development
20
291
284
303
Amortisation and impairment of intangible
assets \u2013 software
11
117
123
125
Amortisation and impairment of intangible
assets \u2013 other
11
41
46
54
Property and facilities
70
82
102
Technology and communications
215
215
221
Professional and outsourced services
395
443
501
Other general and administrative costs
72
43
76
Costs capitalised
(398)
(424)
(478)
Other net gains and losses
7
16
(24)
Other income
(40)
(41)
(49)
Total
3,013
3,177
3,571
During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2024
2023
2022
The audit of parent company and consolidated financial
statements
7
8
6
The audit of the company\u2019s subsidiaries
2
2
1
Total audit fees*
9
10
7
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
9
10
7
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2024
2023
2022
Group audit fees including fees for attestation under section
404 of the Sarbanes-Oxley Act
9
10
7
Non-audit fees
\u2013
\u2013
\u2013
Total
9
10
7
* Includes fees in connection with the interim review, preliminary announcement and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2024, 2023 and 2022, the external auditor performed several permitted non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-754": { "value": "4. Operating expenses
All figures in \u00a3 millions
2024
2023
2022
By function:
Cost of goods sold
1,741
1,839
2,046
Operating expenses
Distribution costs
43
47
61
Selling, marketing and product development costs
510
549
564
Administrative and other expenses
754
767
823
Reorganisation costs
(2)
\u2013
150
Other income
(40)
(41)
(49)
Total net operating expenses
1,265
1,322
1,549
Other net gains and losses
7
16
(24)
Total
3,013
3,177
3,571
Other income includes freight income and sublet income. Included in administrative and other expenses are research and efficacy costs of \u00a36m (2023: \u00a38m; 2022: \u00a310m). Costs capitalised relate primarily to employee costs. Other net gains and losses in 2024 relate to costs related to prior year acquisitions and disposals, partially offset by a gain on the partial disposal of our investment in an associate. In 2023, other net gains and losses relate to the gain on the disposal of the Pearson Online Learning Services business and gains related to the release of accruals and a provision related to historical acquisitions, offset by losses on the disposal of Pearson College and costs related to current and prior year disposals and acquisitions. Other net gains in 2022, largely relate to the gain on the sales of certain businesses and a gain arising on a decrease in the deferred consideration payable on prior year acquisitions, offset by costs related to disposals and acquisitions. In 2024, the costs of major reorganisation relate to a release of \u00a32m for amounts previously accrued that are no longer required. In 2023, there are no costs of major reorganisation. In 2022, the reorganisation costs of \u00a3150m mainly related to staff redundancies and impairment of right-of- use property assets. The 2022 charge includes the impact of updated assumptions related to the recoverability of right-of-use assets made in 2021. In 2023, charges of \u00a311m relating to impairments of property assets arising from the impact of updates to assumptions made during the 2022 and 2021 reorganisation programmes are included within administrative and other expenses.
All figures in \u00a3 millions
Notes
2024
2023
2022
By nature:
Royalties expensed
162
164
194
Other product costs
371
393
412
Employee benefit expense
5
1,411
1,467
1,605
Contract labour
56
70
73
Employee-related expense
53
60
52
Promotional costs
113
146
268
Depreciation and impairment of property, plant
and equipment and investment property and
assets held for sale
10
77
90
136
Amortisation and impairment of intangible
assets \u2013 product development
20
291
284
303
Amortisation and impairment of intangible
assets \u2013 software
11
117
123
125
Amortisation and impairment of intangible
assets \u2013 other
11
41
46
54
Property and facilities
70
82
102
Technology and communications
215
215
221
Professional and outsourced services
395
443
501
Other general and administrative costs
72
43
76
Costs capitalised
(398)
(424)
(478)
Other net gains and losses
7
16
(24)
Other income
(40)
(41)
(49)
Total
3,013
3,177
3,571
During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2024
2023
2022
The audit of parent company and consolidated financial
statements
7
8
6
The audit of the company\u2019s subsidiaries
2
2
1
Total audit fees*
9
10
7
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
9
10
7
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2024
2023
2022
Group audit fees including fees for attestation under section
404 of the Sarbanes-Oxley Act
9
10
7
Non-audit fees
\u2013
\u2013
\u2013
Total
9
10
7
* Includes fees in connection with the interim review, preliminary announcement and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2024, 2023 and 2022, the external auditor performed several permitted non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-805": { "value": "
All figures in \u00a3 millions
2024
2023
2022
By function:
Cost of goods sold
1,741
1,839
2,046
Operating expenses
Distribution costs
43
47
61
Selling, marketing and product development costs
510
549
564
Administrative and other expenses
754
767
823
Reorganisation costs
(2)
\u2013
150
Other income
(40)
(41)
(49)
Total net operating expenses
1,265
1,322
1,549
Other net gains and losses
7
16
(24)
Total
3,013
3,177
3,571
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-806": { "value": "
All figures in \u00a3 millions
Notes
2024
2023
2022
By nature:
Royalties expensed
162
164
194
Other product costs
371
393
412
Employee benefit expense
5
1,411
1,467
1,605
Contract labour
56
70
73
Employee-related expense
53
60
52
Promotional costs
113
146
268
Depreciation and impairment of property, plant
and equipment and investment property and
assets held for sale
10
77
90
136
Amortisation and impairment of intangible
assets \u2013 product development
20
291
284
303
Amortisation and impairment of intangible
assets \u2013 software
11
117
123
125
Amortisation and impairment of intangible
assets \u2013 other
11
41
46
54
Property and facilities
70
82
102
Technology and communications
215
215
221
Professional and outsourced services
395
443
501
Other general and administrative costs
72
43
76
Costs capitalised
(398)
(424)
(478)
Other net gains and losses
7
16
(24)
Other income
(40)
(41)
(49)
Total
3,013
3,177
3,571
10. Property, plant and equipment and investment property
Owned assets
Assets in
Investment Right-of-use Land and Plant and the course of
All figures in \u00a3 millions property assets buildings equipment construction Total
Cost
At 1 January 2023
190
359
178
257
22
1,006
Exchange differences
\u2013
(14)
(9)
(11)
(1)
(35)
Additions
24
27
\u2013
6
24
81
Disposals of businesses
(see note 31)
\u2013
\u2013
(4)
(3)
(2)
(9)
Disposals and retirements
\u2013
(30)
(10)
(36)
\u2013
(76)
Reclassifications
and transfers
\u2013
\u2013
10
24
(34)
\u2013
At 31 December 2023
214
342
165
237
9
967
Exchange differences
\u2013
2
1
1
1
5
Additions
7
39
\u2013
4
27
77
Disposals of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
(33)
(22)
(84)
\u2013
(139)
Reclassifications and
transfers
\u2013
\u2013
7
21
(28)
\u2013
At 31 December 2024
221
350
151
179
9
910
Owned assets
Investment Right-of-use Assets in
All figures in \u00a3 millions property assets Land and Plant and the course of Total
buildings equipment construction
Depreciation and
impairment
At 1 January 2023
(130)
(234)
(133)
(199)
\u2013
(696)
Exchange differences
\u2013
12
6
10
\u2013
28
Charge for the year
(5)
(39)
(10)
(25)
\u2013
(79)
Disposals of businesses
(note 31)
\u2013
\u2013
2
2
\u2013
4
Disposals and retirements
\u2013
29
10
35
\u2013
74
Reclassifications
and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
\u2013
(2)
\u2013
\u2013
\u2013
(2)
At 31 December 2023
(135)
(234)
(125)
(177)
\u2013
(671)
Exchange differences
\u2013
(2)
(2)
(2)
\u2013
(6)
Charge for the year
(8)
(35)
(8)
(25)
\u2013
(76)
Disposals of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
32
22
83
\u2013
137
Reclassifications
and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2024
(144)
(239)
(113)
(121)
\u2013
(617)
Carrying amounts
At 1 January 2023
60
125
45
58
22
310
At 31 December 2023
79
108
40
60
9
296
At 31 December 2024
77
111
38
58
9
293
Depreciation expense of \u00a342m (2023: \u00a340m; 2022: \u00a345m) has been included in the income statement in cost of goods sold and \u00a334m (2023: \u00a339m; 2022: \u00a345m) in operating expenses. The impairment charge of \u00a31m (2023: \u00a32m; 2022: \u00a346m) has been included within operating expenses within the income statement. Property, plant and equipment (including investment property) assets are assessed for impairment triggers annually or when triggering events occur. In 2024, there were impairment charges of \u00a31m (2023: \u00a311m) in respect of property assets including \u00a3nil (2023: \u00a39m) in relation to property assets which are classified as assets held for sale. The recoverability of certain of the Group\u2019s right- of-use assets is now based on the Group\u2019s ability to sublease vacant space. This involves the use of assumptions related to future subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges. In 2024, total additions to right-of-use-assets are \u00a346m (2023: \u00a342m) including \u00a37m (2023: \u00a315m) in respect of investment property. Investment property Buildings, or portions of buildings, that are no longer occupied by the Group and are held for operating lease rental are classified as investment property. Investment property includes both right-of-use assets and owned assets. The Group recognised rental income of \u00a39m (2023: \u00a36m; 2022 \u00a33m) in relation to properties classified as investment property. Investment property is measured using the cost model. As a result of recent impairments, the fair value of investment property is equal to the carrying value. The fair value of investment property has been determined using a discounted cash flow model. The valuation model is internally generated but uses inputs from external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The valuations require the application of judgement and involve the use of known inputs for existing contracted subleases as well as assumptions related to future potential subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. The fair value measurement of investment properties has been classified as level 3 within the fair value hierarchy based on the inputs and valuation technique used. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-807": { "value": "During the year the Group obtained the following services from the Group\u2019s auditors:
All figures in \u00a3 millions
2024
2023
2022
The audit of parent company and consolidated financial
statements
7
8
6
The audit of the company\u2019s subsidiaries
2
2
1
Total audit fees*
9
10
7
Audit-related and other assurance services
\u2013
\u2013
\u2013
Other non-audit services
\u2013
\u2013
\u2013
Total other services
\u2013
\u2013
\u2013
Total non-audit services
\u2013
\u2013
\u2013
Total
9
10
7
Reconciliation between audit and non-audit service fees is shown below:
All figures in \u00a3 millions
2024
2023
2022
Group audit fees including fees for attestation under section
404 of the Sarbanes-Oxley Act
9
10
7
Non-audit fees
\u2013
\u2013
\u2013
Total
9
10
7
* Includes fees in connection with the interim review, preliminary announcement and elements of the controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u00a31m in each of the years presented. In 2024, 2023 and 2022, the external auditor performed several permitted non-audit services. In all years the fees rounded to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-709": { "value": "
5. Employee information
All figures in \u00a3 millions
Notes
2024
2023
2022
Employee benefit expense
Wages and salaries (including termination costs)
1,188
1,252
1,382
Social security costs
100
107
113
Share-based payment costs
26
42
37
35
Retirement benefits \u2013 defined contribution plans
25
41
45
46
Retirement benefits \u2013 defined benefit plans
25
40
26
29
Total
1,411
1,467
1,605
An additional \u00a32m of share-based payment costs (2023: \u00a33m; 2022: \u00a33m) in respect of remuneration
for post-acquisition services for recent acquisitions is included in other net gains and losses in the
income statement.
The details of the emoluments of the Directors of Pearson plc are shown in the report on Directors\u2019
remuneration.
Average number employed
2024
2023
2022
Employee numbers
UK
2,798
3,045
3,244
Other European countries
681
633
809
US
9,258
10,125
11,357
Canada
315
398
522
Asia Pacific
3,111
3,257
3,369
Other countries
861
902
1,137
Total
17,024
18,360
20,438
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-710": { "value": "
6. Net finance costs
All figures in \u00a3 millions
Notes
2024
2023
2022
Interest payable on financial liabilities at
amortised cost and associated derivatives
(48)
(34)
(32)
Interest on lease liabilities
35
(22)
(23)
(25)
Interest on deferred and contingent
consideration
(2)
(4)
(5)
Fair value movements on investments held at
fair value
15
(11)
\u2013
\u2013
Net foreign exchange losses
(3)
\u2013
\u2013
Interest on provisions for uncertain tax positions
(7)
\u2013
(7)
Fair value movement on derivatives
(19)
(20)
(2)
Finance costs
(112)
(81)
(71)
Interest receivable on financial assets at
amortised cost
25
16
18
Interest on lease receivables
35
4
4
5
Net finance income in respect of retirement
benefits
25
21
26
9
Fair value movements on investments held at
fair value
15
\u2013
13
28
Net foreign exchange gains
\u2013
3
1
Interest on provisions for uncertain tax positions
5
4
35
Fair value movement on derivatives
26
10
27
Finance income
81
76
123
Net finance (costs)/income
(31)
(5)
52
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge
relationship include fair value movements in the interest rate and cross-currency interest rate swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-809": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2024
2023
2022
Interest payable on financial liabilities at
amortised cost and associated derivatives
(48)
(34)
(32)
Interest on lease liabilities
35
(22)
(23)
(25)
Interest on deferred and contingent
consideration
(2)
(4)
(5)
Fair value movements on investments held at
fair value
15
(11)
\u2013
\u2013
Net foreign exchange losses
(3)
\u2013
\u2013
Interest on provisions for uncertain tax positions
(7)
\u2013
(7)
Fair value movement on derivatives
(19)
(20)
(2)
Finance costs
(112)
(81)
(71)
Interest receivable on financial assets at
amortised cost
25
16
18
Interest on lease receivables
35
4
4
5
Net finance income in respect of retirement
benefits
25
21
26
9
Fair value movements on investments held at
fair value
15
\u2013
13
28
Net foreign exchange gains
\u2013
3
1
Interest on provisions for uncertain tax positions
5
4
35
Fair value movement on derivatives
26
10
27
Finance income
81
76
123
Net finance (costs)/income
(31)
(5)
52
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-808": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2024
2023
2022
Interest payable on financial liabilities at
amortised cost and associated derivatives
(48)
(34)
(32)
Interest on lease liabilities
35
(22)
(23)
(25)
Interest on deferred and contingent
consideration
(2)
(4)
(5)
Fair value movements on investments held at
fair value
15
(11)
\u2013
\u2013
Net foreign exchange losses
(3)
\u2013
\u2013
Interest on provisions for uncertain tax positions
(7)
\u2013
(7)
Fair value movement on derivatives
(19)
(20)
(2)
Finance costs
(112)
(81)
(71)
Interest receivable on financial assets at
amortised cost
25
16
18
Interest on lease receivables
35
4
4
5
Net finance income in respect of retirement
benefits
25
21
26
9
Fair value movements on investments held at
fair value
15
\u2013
13
28
Net foreign exchange gains
\u2013
3
1
Interest on provisions for uncertain tax positions
5
4
35
Fair value movement on derivatives
26
10
27
Finance income
81
76
123
Net finance (costs)/income
(31)
(5)
52
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-804": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2024
2023
2022
Interest payable on financial liabilities at
amortised cost and associated derivatives
(48)
(34)
(32)
Interest on lease liabilities
35
(22)
(23)
(25)
Interest on deferred and contingent
consideration
(2)
(4)
(5)
Fair value movements on investments held at
fair value
15
(11)
\u2013
\u2013
Net foreign exchange losses
(3)
\u2013
\u2013
Interest on provisions for uncertain tax positions
(7)
\u2013
(7)
Fair value movement on derivatives
(19)
(20)
(2)
Finance costs
(112)
(81)
(71)
Interest receivable on financial assets at
amortised cost
25
16
18
Interest on lease receivables
35
4
4
5
Net finance income in respect of retirement
benefits
25
21
26
9
Fair value movements on investments held at
fair value
15
\u2013
13
28
Net foreign exchange gains
\u2013
3
1
Interest on provisions for uncertain tax positions
5
4
35
Fair value movement on derivatives
26
10
27
Finance income
81
76
123
Net finance (costs)/income
(31)
(5)
52
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-789": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2024
2023
2022
Interest payable on financial liabilities at
amortised cost and associated derivatives
(48)
(34)
(32)
Interest on lease liabilities
35
(22)
(23)
(25)
Interest on deferred and contingent
consideration
(2)
(4)
(5)
Fair value movements on investments held at
fair value
15
(11)
\u2013
\u2013
Net foreign exchange losses
(3)
\u2013
\u2013
Interest on provisions for uncertain tax positions
(7)
\u2013
(7)
Fair value movement on derivatives
(19)
(20)
(2)
Finance costs
(112)
(81)
(71)
Interest receivable on financial assets at
amortised cost
25
16
18
Interest on lease receivables
35
4
4
5
Net finance income in respect of retirement
benefits
25
21
26
9
Fair value movements on investments held at
fair value
15
\u2013
13
28
Net foreign exchange gains
\u2013
3
1
Interest on provisions for uncertain tax positions
5
4
35
Fair value movement on derivatives
26
10
27
Finance income
81
76
123
Net finance (costs)/income
(31)
(5)
52
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-755": { "value": "6. Net finance costs
All figures in \u00a3 millions
Notes
2024
2023
2022
Interest payable on financial liabilities at
amortised cost and associated derivatives
(48)
(34)
(32)
Interest on lease liabilities
35
(22)
(23)
(25)
Interest on deferred and contingent
consideration
(2)
(4)
(5)
Fair value movements on investments held at
fair value
15
(11)
\u2013
\u2013
Net foreign exchange losses
(3)
\u2013
\u2013
Interest on provisions for uncertain tax positions
(7)
\u2013
(7)
Fair value movement on derivatives
(19)
(20)
(2)
Finance costs
(112)
(81)
(71)
Interest receivable on financial assets at
amortised cost
25
16
18
Interest on lease receivables
35
4
4
5
Net finance income in respect of retirement
benefits
25
21
26
9
Fair value movements on investments held at
fair value
15
\u2013
13
28
Net foreign exchange gains
\u2013
3
1
Interest on provisions for uncertain tax positions
5
4
35
Fair value movement on derivatives
26
10
27
Finance income
81
76
123
Net finance (costs)/income
(31)
(5)
52
Net movement in the fair value of hedges is further explained in note 16. Derivatives not in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-711": { "value": "
7. Income tax
All figures in \u00a3 millions
Notes
2024
2023
2022
Current tax
Charge in respect of current year
(132)
(105)
(127)
Adjustments in respect of prior years
60
20
18
Total current tax charge
(72)
(85)
(109)
Deferred tax
In respect of temporary differences
8
(11)
29
Other adjustments in respect of prior years
(11)
(17)
1
Total deferred tax credit/(charge)
13
(3)
(28)
30
Total tax charge
(75)
(113)
(79)
The adjustments in respect of prior years in 2024 is primarily driven by the State Aid provision
release (see page 176 for further details), with 2024 and 2023 also being impacted by revising the
previous year\u2019s reported tax provision to reflect the tax returns subsequently filed. In 2022, the
difference is primarily due to movements in provisions for tax uncertainties. This results in a change
between deferred and current tax as well as an absolute benefit to the total tax charge.
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using
the UK tax rate as follows:
All figures in \u00a3 millions
2024
2023
2022
Profit before tax
510
493
323
Tax calculated at UK rate (2024: 25%; 2023: 23.5%;
2022: 19%)
(127)
(116)
(62)
Effect of overseas tax rates
(1)
(1)
(12)
Effect of UK rate change
\u2013
(1)
3
Net expense not subject to tax
3
(3)
(9)
Gains and losses on sale of businesses not subject to tax
\u2013
5
2
Unrecognised tax losses
2
1
3
State Aid provision release
63
\u2013
\u2013
Movement in provisions for tax uncertainties \u2013 current year
(1)
(2)
(23)
Adjustments in respect of prior years \u2013 movement in
provisions for tax uncertainties
(12)
1
13
Adjustments in respect of prior years \u2013 other
(2)
3
6
Total tax charge
(75)
(113)
(79)
UK
21
(54)
(41)
Overseas
(96)
(59)
(38)
Total tax charge
(75)
(113)
(79)
Tax rate reflected in earnings
14.7%
23.0%
24.5%
KJ Key judgements \u2014 The application of tax legislation in relation to provisions for uncertain tax positions. KE Key areas of estimation \u2014 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations.
Included in net income not subject to tax is the benefit of available tax credits less the impact
of foreign taxes not creditable, the tax impact of share-based payments and other expenses
not deductible.
Factors which may affect future tax charges include changes in tax legislation, transfer
pricing regulations, the level and mix of profitability in different countries, and settlements
with tax authorities.
The State Aid provision release of \u00a363m is a result of the Court of Justice of the European Union
(\u2018CJEU\u2019) handing down its decision on 19 September 2024 determining that the United Kingdom
controlled foreign company group financing partial exemption (\u2018FCPE\u2019) did not constitute State Aid.
Previously, on 25 April 2019, the European Commission published its final decision that the UK FCPE
partially constituted State Aid. This decision was appealed by the UK Government, and other parties.
Notwithstanding these appeals, the UK was obliged to recover the deemed unlawful State Aid with
Charging Notices issued in 2021. On 8 June 2022, the EU General Court found in the Commission\u2019s
favour resulting in a further appeal to the CJEU by the UK Government and other parties. As a
consequence of the CJEU\u2019s decision on 19 September 2024, the Commission\u2019s decision was annulled
in full and the judgment of the EU General Court set aside. In light of this, the Group has now fully
released the \u00a363m provision for tax and \u00a35m provision for interest on tax held in relation to this
matter, leaving on the balance sheet a receivable for the \u00a397m tax and \u00a38m interest on tax paid
under the Charging Notices issued by HMRC in 2021. These receivables have been disclosed as
current assets. In addition HMRC Guidance issued to facilitate these pending repayments confirms
that interest will be paid on the tax element of the amounts previously collected and a \u00a39m interest
accrual has also therefore been recorded.
The movement in provisions for tax uncertainties primarily reflects reassessment of existing
exposures based on currently available information and tax authority correspondence, releases
due to the expiry of relevant statutes of limitation and settlement of certain audits. The current
tax liability of \u00a332m (2023: \u00a332m) includes \u00a335m (2023: \u00a327m) of provisions for tax uncertainties,
whilst the net deferred income tax liability of \u00a311m (2023: \u00a311m) includes \u00a325m (2023: \u00a323m) of
provisions for tax uncertainties, both principally in respect of several matters in the US and the UK.
This includes matters under enquiry from the UK tax authorities with the relevant years being 2019
to 2021, as previously disclosed in note 34 of the 2023 Annual Report.
The Group is currently under audit in several countries, and the timing of any resolution of these
audits is uncertain. In most countries, tax years up to and including 2018 are now statute barred
from examination by tax authorities, however, a balance of \u00a316m relates to certain remaining
open issues. Of the remaining \u00a344m balance, \u00a321m relates to 2019, \u00a39m to 2020, \u00a36m to 2021,
\u00a33m to 2022, \u00a33m to 2023 and \u00a32m to 2024. The tax authorities may take a different view from
management and the final liability may be greater or lower than provided.
Refer to note 34 for details of other uncertain tax positions.
UK legislation in relation to Pillar Two was substantively enacted on 20 June 2023 and is effective
from 1 January 2024. The Group is in scope of this legislation and has performed an assessment
of the Group\u2019s potential exposure to Pillar Two income taxes based on the most recent financial
information available for the constituent entities in the Group. Based on this assessment, the Pillar
Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%.
However, there are a limited number of jurisdictions where the transitional safe harbour relief does
not apply, and the Pillar Two effective tax rate is close to 15%. The Group has concluded that it does
not have a material exposure to Pillar Two income taxes in those jurisdictions. In addition, we note
US President Trump\u2019s Executive Order of 20 January 2025 withdrawing the US from the Pillar Two
agreement; this development does not impact our assessment of Pillar Two for 2024.
The tax benefit/(charge) recognised in other comprehensive income is as follows:
All figures in \u00a3 millions
2024
2023
2022
Net exchange differences on translation of
foreign operations
2
\u2013
4
Fair value gains on other financial assets
\u2013
\u2013
1
Remeasurement of retirement benefit obligations
(2)
20
(12)
\u2013
20
(7)
13. Deferred income tax
All figures in \u00a3 millions
2024
2023
Deferred income tax assets
52
35
Deferred income tax liabilities
(63)
(46)
Net deferred income tax liability
(11)
(11)
Substantially all of the deferred income tax assets are expected to be recovered after more than
one year. See note 7 for details of provisions for tax uncertainties held within deferred tax.
Deferred income tax assets and liabilities shall be offset when there is a legally enforceable right to
offset current income tax assets with current income tax liabilities and where the deferred income
taxes relate to the same fiscal authority.
At 31 December 2024, the Group has gross tax losses for which no deferred tax asset is recognised
of \u00a3965m (2023: \u00a31,029m). The expiry date and key geographic split of these losses is set out in the
following table.
Gross
Tax effected
Year ended
31 December 2024
UK
US
Other
Total
UK
US
Other
Total
Tax losses expiring:
Within 10 years
\u2013
443
21
464
\u2013
92
5
97
Within 10-20 years
\u2013
135
\u2013
135
\u2013
7
\u2013
7
Available indefinitely
167
38
161
366
42
2
52
96
Total
167\ue062
616\ue062
182
965\ue062
42\ue062
101\ue062
57\ue062
200\ue062
Gross
Tax effected
Year ended
31 December 2023
UK
US
Other
Total
UK
US
Other
Total
Tax losses expiring:
Within 10 years
\u2013
437
34
471
\u2013
91
9
100
Within 10-20 years
\u2013
143
\u2013
143
\u2013
7
\u2013
7
Available indefinitely
168
48
199
415
42
2
65
109
Total
168
628
233
1,029
42
100
74
216
The decrease in unrecognised tax losses in Other is principally due to the increased recognition of
tax losses in Brazil during the period, as well as the expiry of tax losses in Japan and the impact of
foreign exchange movements. Other unrecognised tax losses includes \u00a3116m gross (2023: \u00a3155m)
and \u00a339m tax effected (2023: \u00a353m) relating to Brazil.
Other gross deductible temporary differences for which no deferred tax asset is recognised total
\u00a3194m (2023: \u00a3201m). This includes \u00a3188m (2023: \u00a3196m) in respect of interest limitations. The
amount of temporary differences associated with subsidiaries for which no deferred tax has been
provided totals \u00a3290m (2023: \u00a3268m).
Deferred income tax assets of \u00a39m (2023: \u00a318m) have been recognised in countries that reported
a tax loss in either the current or preceding year. This primarily arises in respect of tax losses in
Australia and Argentina. It is considered more likely than not that there will be sufficient future
taxable profits to realise these assets.
The recognition of the deferred income tax assets is supported by management\u2019s forecasts of the
future profitability of the relevant countries. In some cases deferred income tax assets are forecast
to be recovered through taxable profits over a period that exceeds five years. Management consider
these forecasts are sufficiently reliable to support the recovery of the assets. Where there are
insufficient forecasts of future profits, deferred income tax assets have not been recognised.
The movement in deferred income tax assets and liabilities during the year is as follows:
Accruals Retirement Goodwill
Trading and other benefit Deferred and Interest
All figures in \u00a3 millions losses provisions obligations revenue intangibles
limitations
Other
Total
Deferred income tax
assets/(liabilities)
At 1 January 2023
130
67
(127)
63
(206)
55
38
20
Exchange differences
(1)
(3)
(1)
(3)
9
(2)
1
\u2013
Acquisitions
and disposals of
subsidiaries
(3)
6
\u2013
\u2013
(26)
\u2013
\u2013
(23)
Income statement
benefit/(charge)
(25)
(11)
(6)
(17)
71
(19)
(21)
(28)
Tax charge in
OCI/equity
\u2013
\u2013
20
\u2013
\u2013
\u2013
\u2013
20
At 31 December 2023
101
59
(114)
43
(152)
34
18
(11)
Exchange differences
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(3)
Acquisitions
and disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income statement
benefit/(charge)
(23)
(2)
3
2
29
(16)
4
(3)
Tax charge in
OCI/equity
\u2013
7
(2)
\u2013
\u2013
\u2013
1
6
At 31 December 2024
76
64
(113)
45
(123)
18
22
(11)
Included within accruals and other provisions is an amount of \u00a323m in respect of share based
payments. Other deferred income tax items include temporary differences in respect of right-of-use
assets (deferred tax asset of \u00a347m, with an offsetting deferred tax liability of \u00a337m), and accelerated
capital allowances of \u00a311m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-713": { "value": "
8. Earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to equity
shareholders of the company (earnings) by the weighted average number of ordinary shares in issue
during the year, excluding ordinary shares purchased by the company and held as treasury shares.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary
shares to take account of all dilutive potential ordinary shares and adjusting the profit attributable, if
applicable, to account for any tax consequences that might arise from conversion of those shares.
Certain contingently issuable shares vested on 31 December 2023 and 31 December 2022 but had
not yet been issued. These shares were considered dilutive but did not materially impact basic EPS.
All figures in \u00a3 millions
2024
2023
2022
Earnings for the year
435
380
244
Non-controlling interest
(1)
(2)
(2)
Earnings attributable to equity shareholders
434
378
242
Weighted average number of shares (millions)
673.0
711.5
738.1
Effect of dilutive share options (millions)
11.0
5.8
3.9
Weighted average number of shares (millions) for diluted
earnings
684.0
717.3
742.0
Earnings per share (in pence per share)
Basic
64.5p
53.1p
32.8p
Diluted
63.5p
52.7p
32.6p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-712": { "value": "
9. Dividends
All figures in \u00a3 millions
2024
2023
2022
Final paid in respect of prior year 15.7p (2023: 14.9p;
2022: 14.2p)
107
106
107
Interim paid in respect of current year 7.4p (2023: 7.0p;
2022: 6.6p)
49
49
49
156
155
156
The Directors are proposing a final dividend in respect of the financial year ended 31 December
2024 of 16.6p per equity share which will absorb an estimated \u00a3111m of shareholders\u2019 funds. It will
be paid on 9 May 2025 to shareholders who are on the register of members on 21 March 2025.
These financial statements do not reflect this dividend as a liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-757": { "value": "0.0", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-714": { "value": "
10. Property, plant and equipment and investment property
Owned assets
Assets in
Investment Right-of-use Land and Plant and the course of
All figures in \u00a3 millions property assets buildings equipment construction Total
Cost
At 1 January 2023
190
359
178
257
22
1,006
Exchange differences
\u2013
(14)
(9)
(11)
(1)
(35)
Additions
24
27
\u2013
6
24
81
Disposals of businesses
(see note 31)
\u2013
\u2013
(4)
(3)
(2)
(9)
Disposals and retirements
\u2013
(30)
(10)
(36)
\u2013
(76)
Reclassifications
and transfers
\u2013
\u2013
10
24
(34)
\u2013
At 31 December 2023
214
342
165
237
9
967
Exchange differences
\u2013
2
1
1
1
5
Additions
7
39
\u2013
4
27
77
Disposals of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
(33)
(22)
(84)
\u2013
(139)
Reclassifications and
transfers
\u2013
\u2013
7
21
(28)
\u2013
At 31 December 2024
221
350
151
179
9
910
Owned assets
Investment Right-of-use Assets in
All figures in \u00a3 millions property assets Land and Plant and the course of Total
buildings equipment construction
Depreciation and
impairment
At 1 January 2023
(130)
(234)
(133)
(199)
\u2013
(696)
Exchange differences
\u2013
12
6
10
\u2013
28
Charge for the year
(5)
(39)
(10)
(25)
\u2013
(79)
Disposals of businesses
(note 31)
\u2013
\u2013
2
2
\u2013
4
Disposals and retirements
\u2013
29
10
35
\u2013
74
Reclassifications
and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
\u2013
(2)
\u2013
\u2013
\u2013
(2)
At 31 December 2023
(135)
(234)
(125)
(177)
\u2013
(671)
Exchange differences
\u2013
(2)
(2)
(2)
\u2013
(6)
Charge for the year
(8)
(35)
(8)
(25)
\u2013
(76)
Disposals of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
32
22
83
\u2013
137
Reclassifications
and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2024
(144)
(239)
(113)
(121)
\u2013
(617)
Carrying amounts
At 1 January 2023
60
125
45
58
22
310
At 31 December 2023
79
108
40
60
9
296
At 31 December 2024
77
111
38
58
9
293
Depreciation expense of \u00a342m (2023: \u00a340m; 2022: \u00a345m) has been included in the income
statement in cost of goods sold and \u00a334m (2023: \u00a339m; 2022: \u00a345m) in operating expenses. The
impairment charge of \u00a31m (2023: \u00a32m; 2022: \u00a346m) has been included within operating expenses
within the income statement.
Property, plant and equipment (including investment property) assets are assessed for impairment
triggers annually or when triggering events occur. In 2024, there were impairment charges of
\u00a31m (2023: \u00a311m) in respect of property assets including \u00a3nil (2023: \u00a39m) in relation to property
assets which are classified as assets held for sale. The recoverability of certain of the Group\u2019s right-
of-use assets is now based on the Group\u2019s ability to sublease vacant space. This involves the use
of assumptions related to future subleases including the achievable rent, lease start dates, lease
incentives such as rent free periods and the discount rate applied. Should the future sublease
outcomes be more or less favourable than the assumptions used by management, this could result in
additional impairment charges or reversals of impairment charges.
In 2024, total additions to right-of-use-assets are \u00a346m (2023: \u00a342m) including \u00a37m (2023: \u00a315m) in
respect of investment property.
Investment property
Buildings, or portions of buildings, that are no longer occupied by the Group and are held for
operating lease rental are classified as investment property. Investment property includes both
right-of-use assets and owned assets. The Group recognised rental income of \u00a39m (2023: \u00a36m; 2022
\u00a33m) in relation to properties classified as investment property. Investment property is measured
using the cost model. As a result of recent impairments, the fair value of investment property is
equal to the carrying value. The fair value of investment property has been determined using a
discounted cash flow model. The valuation model is internally generated but uses inputs from
external, independent property valuers, having appropriate recognised professional qualifications
and recent experience in the location and category of the property being valued. The valuations
require the application of judgement and involve the use of known inputs for existing contracted
subleases as well as assumptions related to future potential subleases including the achievable
rent, lease start dates, lease incentives such as rent free periods and the discount rate applied.
The fair value measurement of investment properties has been classified as level 3 within the fair
value hierarchy based on the inputs and valuation technique used. Should the future sublease
outcomes be more or less favourable than the assumptions used by management, this could result
in additional impairment charges or reversals of impairment charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-756": { "value": "10. Property, plant and equipment and investment property
Owned assets
Assets in
Investment Right-of-use Land and Plant and the course of
All figures in \u00a3 millions property assets buildings equipment construction Total
Cost
At 1 January 2023
190
359
178
257
22
1,006
Exchange differences
\u2013
(14)
(9)
(11)
(1)
(35)
Additions
24
27
\u2013
6
24
81
Disposals of businesses
(see note 31)
\u2013
\u2013
(4)
(3)
(2)
(9)
Disposals and retirements
\u2013
(30)
(10)
(36)
\u2013
(76)
Reclassifications
and transfers
\u2013
\u2013
10
24
(34)
\u2013
At 31 December 2023
214
342
165
237
9
967
Exchange differences
\u2013
2
1
1
1
5
Additions
7
39
\u2013
4
27
77
Disposals of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
(33)
(22)
(84)
\u2013
(139)
Reclassifications and
transfers
\u2013
\u2013
7
21
(28)
\u2013
At 31 December 2024
221
350
151
179
9
910
Owned assets
Investment Right-of-use Assets in
All figures in \u00a3 millions property assets Land and Plant and the course of Total
buildings equipment construction
Depreciation and
impairment
At 1 January 2023
(130)
(234)
(133)
(199)
\u2013
(696)
Exchange differences
\u2013
12
6
10
\u2013
28
Charge for the year
(5)
(39)
(10)
(25)
\u2013
(79)
Disposals of businesses
(note 31)
\u2013
\u2013
2
2
\u2013
4
Disposals and retirements
\u2013
29
10
35
\u2013
74
Reclassifications
and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
\u2013
(2)
\u2013
\u2013
\u2013
(2)
At 31 December 2023
(135)
(234)
(125)
(177)
\u2013
(671)
Exchange differences
\u2013
(2)
(2)
(2)
\u2013
(6)
Charge for the year
(8)
(35)
(8)
(25)
\u2013
(76)
Disposals of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and retirements
\u2013
32
22
83
\u2013
137
Reclassifications
and transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Impairment
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2024
(144)
(239)
(113)
(121)
\u2013
(617)
Carrying amounts
At 1 January 2023
60
125
45
58
22
310
At 31 December 2023
79
108
40
60
9
296
At 31 December 2024
77
111
38
58
9
293
Depreciation expense of \u00a342m (2023: \u00a340m; 2022: \u00a345m) has been included in the income statement in cost of goods sold and \u00a334m (2023: \u00a339m; 2022: \u00a345m) in operating expenses. The impairment charge of \u00a31m (2023: \u00a32m; 2022: \u00a346m) has been included within operating expenses within the income statement. Property, plant and equipment (including investment property) assets are assessed for impairment triggers annually or when triggering events occur. In 2024, there were impairment charges of \u00a31m (2023: \u00a311m) in respect of property assets including \u00a3nil (2023: \u00a39m) in relation to property assets which are classified as assets held for sale. The recoverability of certain of the Group\u2019s right- of-use assets is now based on the Group\u2019s ability to sublease vacant space. This involves the use of assumptions related to future subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges. In 2024, total additions to right-of-use-assets are \u00a346m (2023: \u00a342m) including \u00a37m (2023: \u00a315m) in respect of investment property. Investment property Buildings, or portions of buildings, that are no longer occupied by the Group and are held for operating lease rental are classified as investment property. Investment property includes both right-of-use assets and owned assets. The Group recognised rental income of \u00a39m (2023: \u00a36m; 2022 \u00a33m) in relation to properties classified as investment property. Investment property is measured using the cost model. As a result of recent impairments, the fair value of investment property is equal to the carrying value. The fair value of investment property has been determined using a discounted cash flow model. The valuation model is internally generated but uses inputs from external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The valuations require the application of judgement and involve the use of known inputs for existing contracted subleases as well as assumptions related to future potential subleases including the achievable rent, lease start dates, lease incentives such as rent free periods and the discount rate applied. The fair value measurement of investment properties has been classified as level 3 within the fair value hierarchy based on the inputs and valuation technique used. Should the future sublease outcomes be more or less favourable than the assumptions used by management, this could result in additional impairment charges or reversals of impairment charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-715": { "value": "
11. Intangible assets
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions
Goodwill
Software
relationships and brands rights
acquired
Total
Cost
At 1 January 2023
2,480
1,115
838
186
103
430
5,152
Exchange differences
(107)
(40)
(42)
(5)
(3)
(12)
(209)
Additions \u2013 internal
development
\u2013
96
\u2013
\u2013
\u2013
\u2013
96
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and
retirements
\u2013
(18)
\u2013
(1)
\u2013
(3)
(22)
Acquisition of business
(note 30)
61
\u2013
82
6
\u2013
29
178
Disposal of businesses
(note 31)
\u2013
(15)
(298)
(2)
\u2013
\u2013
(315)
Transfers
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2023
2,434
1,137
580
184
100
444
4,879
Exchange differences
2
12
6
(7)
\u2013
(20)
(7)
Additions \u2013 internal
development
\u2013
91
\u2013
\u2013
\u2013
\u2013
91
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and \u2013
retirements
\u2013
(89)
\u2013
(1)
\u2013
(5)
(95)
Acquisition of business
(note 30)
1
\u2013
\u2013
\u2013
\u2013
1
2
Disposal of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Transfers
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31 December 2024
2,437
1,146
586
176
100
420
4,865
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions
Goodwill
Software
relationships and brands rights
acquired
Total
Amortisation and
impairment
At 1 January 2023
\u2013
(693)
(698)
(155)
(101)
(328)
(1,975)
Exchange differences
\u2013
24
31
4
3
9
71
Charge for the year
\u2013
(123)
(19)
(7)
(1)
(19)
(169)
Disposals and
retirements
\u2013
18
\u2013
1
\u2013
3
22
Disposal of businesses
(note 31)
\u2013
8
252
2
\u2013
\u2013
262
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2023
\u2013
(765)
(434)
(155)
(99)
(335)
(1,788)
Exchange differences
\u2013
(8)
(6)
7
\u2013
18
11
Charge for the year
\u2013
(117)
(17)
(6)
\u2013
(18)
(158)
Disposals and
retirements
\u2013
89
\u2013
1
\u2013
5
95
Disposal of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2024
\u2013
(800)
(457)
(153)
(99)
(330)
(1,839)
Carrying amounts
At 1 January 2023
2,480
422
140
31
2
102
3,177
At 31 December 2023
2,434
372
146
29
1
109
3,091
At 31 December 2024
2,437
346
129
23
1
90
3,026
Software and acquired intangible assets
Acquired intangible assets are valued separately for each acquisition. For material business
combinations, the valuation is determined with the support of a third-party specialist. The primary
method of valuation used is the discounted cash flow method. Acquired intangibles are amortised
either on a straight line basis or using an amortisation profile based on the projected cash flows
underlying the acquisition date valuation of the intangible asset, which generally results in a larger
proportion of amortisation being recognised in the early years of the asset\u2019s life, depending
on the individual asset. The Group keeps the expected pattern of consumption under review. Other
intangibles acquired includes technology.
Amortisation of \u00a340m (2023: \u00a337m; 2022: \u00a332m) is included in the income statement in cost of
goods sold and \u00a3118m (2023: \u00a3132m; 2022: \u00a3147m) in operating expenses. Impairment charges of
\u00a3nil (2023: \u00a3nil; 2022: \u00a3nil) are included in operating expenses within the income statement.
The range of useful economic lives for each major class of intangible asset (excluding goodwill and
software) is shown below:
At 31 December 2024
Useful economic life
Class of intangible asset
Acquired customer lists, contracts and relationships
3-20 years
Acquired trademarks and brands
2-20 years
Acquired publishing rights
5-20 years
Other intangibles acquired
2-20 years
The expected amortisation profile of acquired intangible assets is shown below:
At 31 December 2024
One to Six to Eleven to Sixteen to
All figures in \u00a3 millions five years ten years fifteen years
twenty years
Total
Class of intangible asset
Acquired customer lists, contracts
and relationships
63
38
24
4
129
Acquired trademarks and brands
18
5
\u2013
\u2013
23
Acquired publishing rights
1
\u2013
\u2013
\u2013
1
Other intangibles acquired
73
11
6
\u2013
90
Impairment tests for cash-generating units (CGUs) containing goodwill
Impairment tests have been carried out as described below. Goodwill was allocated to CGUs, or an
aggregation of CGUs, where goodwill could not be reasonably allocated to individual business units.
Impairment reviews were conducted on these aggregated CGUs as follows:
2024 2023
All figures in \u00a3 millions Goodwill Goodwill
Assessment & Qualifications
1,369
1,355
Virtual Learning
426
419
English Language Learning
246
255
Workforce Skills
330
337
Higher Education
66
68
Total
2,437
2,434
Goodwill is tested at least annually for impairment. The recoverable amount of each aggregated
CGU is based on the higher of value in use and fair value less costs of disposal. The impairment
assessment is based on value in use. Other than goodwill there are no intangible assets with
indefinite lives. No impairments of goodwill were recorded in 2024 or 2023.
Determination of CGUs and reallocation of goodwill
Pearson identifies its CGUs based on its operating model and how data is collected and
reviewed for management reporting and strategic planning purposes in accordance with IAS
36 \u2018Impairment of Assets\u2019. The CGUs and CGU aggregations reflect the level at which goodwill is
monitored by management.
In 2023, business disposals resulted in the disposal of \u00a353m of intangible assets (see note 31 for
further details). A relative value method was used to allocate goodwill to the disposed business in
the Virtual Learning CGU aggregation. The result of this was that no goodwill was allocated to the
disposed business.
Key assumptions
For the purpose of estimating the value in use of the CGUs, management has used an income
approach based on present value techniques. The calculations for all CGUs use cash flow projections
based on financial budgets approved by the Board covering a five-year period.
The key assumptions used by management in the value in use calculations were:
Discount rates \u2013 The discount rates are based on the Group\u2019s weighted average cost of capital,
where the cost of equity is calculated based on the risk-free rate of government bonds, adjusted
for a risk premium to reflect the increased risk in investing in equities. Where CGUs cover multiple
territories, a blended risk-free rate is used. Base discount rates were assessed as reflecting
underlying economic conditions, and so no further risk premiums were considered necessary. The
average pre-tax discount rates range from 10.8% to 13.2% (2023: pre-tax 10.4% to 13.0%).
Perpetuity growth rates \u2013 The perpetuity growth rates are based on inflation trends. A perpetuity
growth rate of 2% (2023: 2%) was used for cash flows subsequent to the approved budget period for
CGUs operating primarily in mature markets. This perpetuity growth rate is a conservative rate and
is considered to be lower than the long-term historical growth rates of the underlying territories in
which the CGU operates and the long-term growth rate prospects of the sectors in which the CGU
operates. A blended growth rate of 3.5% (2023: 3.5%) was used for cash flows subsequent to the
approved budget period for English Language Learning which has a higher exposure to emerging
markets with higher inflation. This geographically blended growth rate is generally in line with the
long-term historical growth rates in those markets.
The key assumptions used by management in setting the financial budgets were as follows:
Forecast sales growth rates \u2013 Forecast sales growth rates are based on past experience adjusted
for the strategic direction and near-term investment priorities within each CGU. Key assumptions
include growth in English Language Learning and Workforce Skills \u2013 due to product-led share gains
and contribution from recent acquisitions, continued growth in Higher Education, growth in Virtual
Learning \u2013 albeit impacted by school churn in Virtual Schools in the short term, and steady growth
in Assessments and Qualifications. The sales forecasts use average nominal growth rates of low-mid
single digits for mature businesses in mature markets and double digit growth where there has been
significant organic and/or inorganic investment.
Operating profits \u2013 Operating profits are forecast based on historical experience of operating
margins, adjusted for the impact of changes to product costs, strategic developments and new
business cases to the extent they have been formally approved prior to the balance sheet date.
Management applies judgement in allocating corporate costs on a reasonable and consistent basis
in order to determine operating profit at a CGU level.
Management have considered the impact of climate change risks (including physical and transition
risks and the costs associated with achieving the Group\u2019s net zero commitment) and are satisfied
that any related costs will not materially impact the Group\u2019s cash flow projections or impairment
judgements at 31 December 2024.
The table below shows the key assumptions used by management in the value in use calculations.
2024
2023
Perpetuity Perpetuity
Discount rate
growth rate
Discount rate
growth rate
Assessment & Qualifications
11.0%
2.0%
10.8%
2.0%
Virtual Learning
10.9%
2.0%
11.0%
2.0%
English Language Learning
13.2%
3.5%
13.0%
3.5%
Workforce Skills
10.8%
2.0%
10.4%
2.0%
Higher Education
10.8%
2.0%
10.7%
2.0%
Sensitivities
Impairment testing for the year ended 31 December 2024 did not find any of the CGUs to be
sensitive to reasonably possible changes in key assumptions.
20. Intangible assets \u2013 product development
All figures in \u00a3 millions
2024
2023
Cost
At 1 January
2,517
2,918
Exchange differences
17
(121)
Additions
284
300
Disposals and retirements
(309)
(550)
Disposal of businesses (note 31)
\u2013
(29)
Transfers
5
(1)
At 31 December
2,514
2,517
Amortisation
At 1 January
(1,570)
(1,943)
Exchange differences
(14)
92
Charge for the year
(287)
(280)
Impairment
(4)
(4)
Disposals and retirements
309
550
Disposal of businesses (note 31)
\u2013
14
Transfers
(1)
1
At 31 December
(1,567)
(1,570)
Carrying amounts at 31 December
947
947
Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. In 2024, of the \u00a34m (2023: \u00a34m; 2022: \u00a315m) impairment charges, \u00a3nil (2023: \u00a3nil; 2022: \u00a313m) have been recognised as a result of asset write-offs related to the major reorganisation programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-790": { "value": "11. Intangible assets
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions
Goodwill
Software
relationships and brands rights
acquired
Total
Cost
At 1 January 2023
2,480
1,115
838
186
103
430
5,152
Exchange differences
(107)
(40)
(42)
(5)
(3)
(12)
(209)
Additions \u2013 internal
development
\u2013
96
\u2013
\u2013
\u2013
\u2013
96
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and
retirements
\u2013
(18)
\u2013
(1)
\u2013
(3)
(22)
Acquisition of business
(note 30)
61
\u2013
82
6
\u2013
29
178
Disposal of businesses
(note 31)
\u2013
(15)
(298)
(2)
\u2013
\u2013
(315)
Transfers
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2023
2,434
1,137
580
184
100
444
4,879
Exchange differences
2
12
6
(7)
\u2013
(20)
(7)
Additions \u2013 internal
development
\u2013
91
\u2013
\u2013
\u2013
\u2013
91
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and \u2013
retirements
\u2013
(89)
\u2013
(1)
\u2013
(5)
(95)
Acquisition of business
(note 30)
1
\u2013
\u2013
\u2013
\u2013
1
2
Disposal of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Transfers
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31 December 2024
2,437
1,146
586
176
100
420
4,865
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions
Goodwill
Software
relationships and brands rights
acquired
Total
Amortisation and
impairment
At 1 January 2023
\u2013
(693)
(698)
(155)
(101)
(328)
(1,975)
Exchange differences
\u2013
24
31
4
3
9
71
Charge for the year
\u2013
(123)
(19)
(7)
(1)
(19)
(169)
Disposals and
retirements
\u2013
18
\u2013
1
\u2013
3
22
Disposal of businesses
(note 31)
\u2013
8
252
2
\u2013
\u2013
262
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2023
\u2013
(765)
(434)
(155)
(99)
(335)
(1,788)
Exchange differences
\u2013
(8)
(6)
7
\u2013
18
11
Charge for the year
\u2013
(117)
(17)
(6)
\u2013
(18)
(158)
Disposals and
retirements
\u2013
89
\u2013
1
\u2013
5
95
Disposal of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2024
\u2013
(800)
(457)
(153)
(99)
(330)
(1,839)
Carrying amounts
At 1 January 2023
2,480
422
140
31
2
102
3,177
At 31 December 2023
2,434
372
146
29
1
109
3,091
At 31 December 2024
2,437
346
129
23
1
90
3,026
Software and acquired intangible assets Acquired intangible assets are valued separately for each acquisition. For material business combinations, the valuation is determined with the support of a third-party specialist. The primary method of valuation used is the discounted cash flow method. Acquired intangibles are amortised either on a straight line basis or using an amortisation profile based on the projected cash flows underlying the acquisition date valuation of the intangible asset, which generally results in a larger proportion of amortisation being recognised in the early years of the asset\u2019s life, depending on the individual asset. The Group keeps the expected pattern of consumption under review. Other intangibles acquired includes technology. Amortisation of \u00a340m (2023: \u00a337m; 2022: \u00a332m) is included in the income statement in cost of goods sold and \u00a3118m (2023: \u00a3132m; 2022: \u00a3147m) in operating expenses. Impairment charges of \u00a3nil (2023: \u00a3nil; 2022: \u00a3nil) are included in operating expenses within the income statement. The range of useful economic lives for each major class of intangible asset (excluding goodwill and software) is shown below:
At 31 December 2024
Useful economic life
Class of intangible asset
Acquired customer lists, contracts and relationships
3-20 years
Acquired trademarks and brands
2-20 years
Acquired publishing rights
5-20 years
Other intangibles acquired
2-20 years
The expected amortisation profile of acquired intangible assets is shown below:
At 31 December 2024
One to Six to Eleven to Sixteen to
All figures in \u00a3 millions five years ten years fifteen years
twenty years
Total
Class of intangible asset
Acquired customer lists, contracts
and relationships
63
38
24
4
129
Acquired trademarks and brands
18
5
\u2013
\u2013
23
Acquired publishing rights
1
\u2013
\u2013
\u2013
1
Other intangibles acquired
73
11
6
\u2013
90
Impairment tests for cash-generating units (CGUs) containing goodwill Impairment tests have been carried out as described below. Goodwill was allocated to CGUs, or an aggregation of CGUs, where goodwill could not be reasonably allocated to individual business units. Impairment reviews were conducted on these aggregated CGUs as follows:
2024 2023
All figures in \u00a3 millions Goodwill Goodwill
Assessment & Qualifications
1,369
1,355
Virtual Learning
426
419
English Language Learning
246
255
Workforce Skills
330
337
Higher Education
66
68
Total
2,437
2,434
Goodwill is tested at least annually for impairment. The recoverable amount of each aggregated CGU is based on the higher of value in use and fair value less costs of disposal. The impairment assessment is based on value in use. Other than goodwill there are no intangible assets with indefinite lives. No impairments of goodwill were recorded in 2024 or 2023. Determination of CGUs and reallocation of goodwill Pearson identifies its CGUs based on its operating model and how data is collected and reviewed for management reporting and strategic planning purposes in accordance with IAS 36 \u2018Impairment of Assets\u2019. The CGUs and CGU aggregations reflect the level at which goodwill is monitored by management. In 2023, business disposals resulted in the disposal of \u00a353m of intangible assets (see note 31 for further details). A relative value method was used to allocate goodwill to the disposed business in the Virtual Learning CGU aggregation. The result of this was that no goodwill was allocated to the disposed business. Key assumptions For the purpose of estimating the value in use of the CGUs, management has used an income approach based on present value techniques. The calculations for all CGUs use cash flow projections based on financial budgets approved by the Board covering a five-year period. The key assumptions used by management in the value in use calculations were: Discount rates \u2013 The discount rates are based on the Group\u2019s weighted average cost of capital, where the cost of equity is calculated based on the risk-free rate of government bonds, adjusted for a risk premium to reflect the increased risk in investing in equities. Where CGUs cover multiple territories, a blended risk-free rate is used. Base discount rates were assessed as reflecting underlying economic conditions, and so no further risk premiums were considered necessary. The average pre-tax discount rates range from 10.8% to 13.2% (2023: pre-tax 10.4% to 13.0%). Perpetuity growth rates \u2013 The perpetuity growth rates are based on inflation trends. A perpetuity growth rate of 2% (2023: 2%) was used for cash flows subsequent to the approved budget period for CGUs operating primarily in mature markets. This perpetuity growth rate is a conservative rate and is considered to be lower than the long-term historical growth rates of the underlying territories in which the CGU operates and the long-term growth rate prospects of the sectors in which the CGU operates. A blended growth rate of 3.5% (2023: 3.5%) was used for cash flows subsequent to the approved budget period for English Language Learning which has a higher exposure to emerging markets with higher inflation. This geographically blended growth rate is generally in line with the long-term historical growth rates in those markets. The key assumptions used by management in setting the financial budgets were as follows: Forecast sales growth rates \u2013 Forecast sales growth rates are based on past experience adjusted for the strategic direction and near-term investment priorities within each CGU. Key assumptions include growth in English Language Learning and Workforce Skills \u2013 due to product-led share gains and contribution from recent acquisitions, continued growth in Higher Education, growth in Virtual Learning \u2013 albeit impacted by school churn in Virtual Schools in the short term, and steady growth in Assessments and Qualifications. The sales forecasts use average nominal growth rates of low-mid single digits for mature businesses in mature markets and double digit growth where there has been significant organic and/or inorganic investment. Operating profits \u2013 Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of changes to product costs, strategic developments and new business cases to the extent they have been formally approved prior to the balance sheet date. Management applies judgement in allocating corporate costs on a reasonable and consistent basis in order to determine operating profit at a CGU level. Management have considered the impact of climate change risks (including physical and transition risks and the costs associated with achieving the Group\u2019s net zero commitment) and are satisfied that any related costs will not materially impact the Group\u2019s cash flow projections or impairment judgements at 31 December 2024. The table below shows the key assumptions used by management in the value in use calculations.
2024
2023
Perpetuity Perpetuity
Discount rate
growth rate
Discount rate
growth rate
Assessment & Qualifications
11.0%
2.0%
10.8%
2.0%
Virtual Learning
10.9%
2.0%
11.0%
2.0%
English Language Learning
13.2%
3.5%
13.0%
3.5%
Workforce Skills
10.8%
2.0%
10.4%
2.0%
Higher Education
10.8%
2.0%
10.7%
2.0%
Sensitivities Impairment testing for the year ended 31 December 2024 did not find any of the CGUs to be sensitive to reasonably possible changes in key assumptions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-758": { "value": "11. Intangible assets
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions
Goodwill
Software
relationships and brands rights
acquired
Total
Cost
At 1 January 2023
2,480
1,115
838
186
103
430
5,152
Exchange differences
(107)
(40)
(42)
(5)
(3)
(12)
(209)
Additions \u2013 internal
development
\u2013
96
\u2013
\u2013
\u2013
\u2013
96
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and
retirements
\u2013
(18)
\u2013
(1)
\u2013
(3)
(22)
Acquisition of business
(note 30)
61
\u2013
82
6
\u2013
29
178
Disposal of businesses
(note 31)
\u2013
(15)
(298)
(2)
\u2013
\u2013
(315)
Transfers
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
At 31 December 2023
2,434
1,137
580
184
100
444
4,879
Exchange differences
2
12
6
(7)
\u2013
(20)
(7)
Additions \u2013 internal
development
\u2013
91
\u2013
\u2013
\u2013
\u2013
91
Additions \u2013 purchased
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals and \u2013
retirements
\u2013
(89)
\u2013
(1)
\u2013
(5)
(95)
Acquisition of business
(note 30)
1
\u2013
\u2013
\u2013
\u2013
1
2
Disposal of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Transfers
\u2013
(5)
\u2013
\u2013
\u2013
\u2013
(5)
At 31 December 2024
2,437
1,146
586
176
100
420
4,865
Acquired
customer lists, Acquired Acquired Other
contracts and trademarks publishing intangibles
All figures in \u00a3 millions
Goodwill
Software
relationships and brands rights
acquired
Total
Amortisation and
impairment
At 1 January 2023
\u2013
(693)
(698)
(155)
(101)
(328)
(1,975)
Exchange differences
\u2013
24
31
4
3
9
71
Charge for the year
\u2013
(123)
(19)
(7)
(1)
(19)
(169)
Disposals and
retirements
\u2013
18
\u2013
1
\u2013
3
22
Disposal of businesses
(note 31)
\u2013
8
252
2
\u2013
\u2013
262
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2023
\u2013
(765)
(434)
(155)
(99)
(335)
(1,788)
Exchange differences
\u2013
(8)
(6)
7
\u2013
18
11
Charge for the year
\u2013
(117)
(17)
(6)
\u2013
(18)
(158)
Disposals and
retirements
\u2013
89
\u2013
1
\u2013
5
95
Disposal of businesses
(note 31)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Transfers
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
At 31 December 2024
\u2013
(800)
(457)
(153)
(99)
(330)
(1,839)
Carrying amounts
At 1 January 2023
2,480
422
140
31
2
102
3,177
At 31 December 2023
2,434
372
146
29
1
109
3,091
At 31 December 2024
2,437
346
129
23
1
90
3,026
Software and acquired intangible assets Acquired intangible assets are valued separately for each acquisition. For material business combinations, the valuation is determined with the support of a third-party specialist. The primary method of valuation used is the discounted cash flow method. Acquired intangibles are amortised either on a straight line basis or using an amortisation profile based on the projected cash flows underlying the acquisition date valuation of the intangible asset, which generally results in a larger proportion of amortisation being recognised in the early years of the asset\u2019s life, depending on the individual asset. The Group keeps the expected pattern of consumption under review. Other intangibles acquired includes technology. Amortisation of \u00a340m (2023: \u00a337m; 2022: \u00a332m) is included in the income statement in cost of goods sold and \u00a3118m (2023: \u00a3132m; 2022: \u00a3147m) in operating expenses. Impairment charges of \u00a3nil (2023: \u00a3nil; 2022: \u00a3nil) are included in operating expenses within the income statement. The range of useful economic lives for each major class of intangible asset (excluding goodwill and software) is shown below:
At 31 December 2024
Useful economic life
Class of intangible asset
Acquired customer lists, contracts and relationships
3-20 years
Acquired trademarks and brands
2-20 years
Acquired publishing rights
5-20 years
Other intangibles acquired
2-20 years
The expected amortisation profile of acquired intangible assets is shown below:
At 31 December 2024
One to Six to Eleven to Sixteen to
All figures in \u00a3 millions five years ten years fifteen years
twenty years
Total
Class of intangible asset
Acquired customer lists, contracts
and relationships
63
38
24
4
129
Acquired trademarks and brands
18
5
\u2013
\u2013
23
Acquired publishing rights
1
\u2013
\u2013
\u2013
1
Other intangibles acquired
73
11
6
\u2013
90
Impairment tests for cash-generating units (CGUs) containing goodwill Impairment tests have been carried out as described below. Goodwill was allocated to CGUs, or an aggregation of CGUs, where goodwill could not be reasonably allocated to individual business units. Impairment reviews were conducted on these aggregated CGUs as follows:
2024 2023
All figures in \u00a3 millions Goodwill Goodwill
Assessment & Qualifications
1,369
1,355
Virtual Learning
426
419
English Language Learning
246
255
Workforce Skills
330
337
Higher Education
66
68
Total
2,437
2,434
Goodwill is tested at least annually for impairment. The recoverable amount of each aggregated CGU is based on the higher of value in use and fair value less costs of disposal. The impairment assessment is based on value in use. Other than goodwill there are no intangible assets with indefinite lives. No impairments of goodwill were recorded in 2024 or 2023. Determination of CGUs and reallocation of goodwill Pearson identifies its CGUs based on its operating model and how data is collected and reviewed for management reporting and strategic planning purposes in accordance with IAS 36 \u2018Impairment of Assets\u2019. The CGUs and CGU aggregations reflect the level at which goodwill is monitored by management. In 2023, business disposals resulted in the disposal of \u00a353m of intangible assets (see note 31 for further details). A relative value method was used to allocate goodwill to the disposed business in the Virtual Learning CGU aggregation. The result of this was that no goodwill was allocated to the disposed business. Key assumptions For the purpose of estimating the value in use of the CGUs, management has used an income approach based on present value techniques. The calculations for all CGUs use cash flow projections based on financial budgets approved by the Board covering a five-year period. The key assumptions used by management in the value in use calculations were: Discount rates \u2013 The discount rates are based on the Group\u2019s weighted average cost of capital, where the cost of equity is calculated based on the risk-free rate of government bonds, adjusted for a risk premium to reflect the increased risk in investing in equities. Where CGUs cover multiple territories, a blended risk-free rate is used. Base discount rates were assessed as reflecting underlying economic conditions, and so no further risk premiums were considered necessary. The average pre-tax discount rates range from 10.8% to 13.2% (2023: pre-tax 10.4% to 13.0%). Perpetuity growth rates \u2013 The perpetuity growth rates are based on inflation trends. A perpetuity growth rate of 2% (2023: 2%) was used for cash flows subsequent to the approved budget period for CGUs operating primarily in mature markets. This perpetuity growth rate is a conservative rate and is considered to be lower than the long-term historical growth rates of the underlying territories in which the CGU operates and the long-term growth rate prospects of the sectors in which the CGU operates. A blended growth rate of 3.5% (2023: 3.5%) was used for cash flows subsequent to the approved budget period for English Language Learning which has a higher exposure to emerging markets with higher inflation. This geographically blended growth rate is generally in line with the long-term historical growth rates in those markets. The key assumptions used by management in setting the financial budgets were as follows: Forecast sales growth rates \u2013 Forecast sales growth rates are based on past experience adjusted for the strategic direction and near-term investment priorities within each CGU. Key assumptions include growth in English Language Learning and Workforce Skills \u2013 due to product-led share gains and contribution from recent acquisitions, continued growth in Higher Education, growth in Virtual Learning \u2013 albeit impacted by school churn in Virtual Schools in the short term, and steady growth in Assessments and Qualifications. The sales forecasts use average nominal growth rates of low-mid single digits for mature businesses in mature markets and double digit growth where there has been significant organic and/or inorganic investment. Operating profits \u2013 Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of changes to product costs, strategic developments and new business cases to the extent they have been formally approved prior to the balance sheet date. Management applies judgement in allocating corporate costs on a reasonable and consistent basis in order to determine operating profit at a CGU level. Management have considered the impact of climate change risks (including physical and transition risks and the costs associated with achieving the Group\u2019s net zero commitment) and are satisfied that any related costs will not materially impact the Group\u2019s cash flow projections or impairment judgements at 31 December 2024. The table below shows the key assumptions used by management in the value in use calculations.
2024
2023
Perpetuity Perpetuity
Discount rate
growth rate
Discount rate
growth rate
Assessment & Qualifications
11.0%
2.0%
10.8%
2.0%
Virtual Learning
10.9%
2.0%
11.0%
2.0%
English Language Learning
13.2%
3.5%
13.0%
3.5%
Workforce Skills
10.8%
2.0%
10.4%
2.0%
Higher Education
10.8%
2.0%
10.7%
2.0%
Sensitivities Impairment testing for the year ended 31 December 2024 did not find any of the CGUs to be sensitive to reasonably possible changes in key assumptions.
20. Intangible assets \u2013 product development
All figures in \u00a3 millions
2024
2023
Cost
At 1 January
2,517
2,918
Exchange differences
17
(121)
Additions
284
300
Disposals and retirements
(309)
(550)
Disposal of businesses (note 31)
\u2013
(29)
Transfers
5
(1)
At 31 December
2,514
2,517
Amortisation
At 1 January
(1,570)
(1,943)
Exchange differences
(14)
92
Charge for the year
(287)
(280)
Impairment
(4)
(4)
Disposals and retirements
309
550
Disposal of businesses (note 31)
\u2013
14
Transfers
(1)
1
At 31 December
(1,567)
(1,570)
Carrying amounts at 31 December
947
947
Product development assets are assessed for impairment triggers on an annual basis or when
triggering events occur. In 2024, of the \u00a34m (2023: \u00a34m; 2022: \u00a315m) impairment charges, \u00a3nil
(2023: \u00a3nil; 2022: \u00a313m) have been recognised as a result of asset write-offs related to the major
reorganisation programme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-716": { "value": "
12. Investments in joint ventures and associates
The amounts recognised in the balance sheet are as follows:
All figures in \u00a3 millions
2024
2023
Associates
12
22
Total
12
22
The amounts recognised in the income statement for the year ended 31 December 2024 were \u00a32m
(2023: \u00a31m; 2022: \u00a31m).
The Group has no material associates or joint ventures. The largest associate is a 49% interest in The
Egyptian International Publishing Company-Longman, which had a carrying value of \u00a39m as at 31
December 2024 (2023: \u00a313m).
During 2024, the Group sold part of its investment in its associate, Academy of Pop, for \u00a34m,
resulting in a gain of \u00a32m. The remaining stake is now classified as a financial investment.
Other than the \u00a35m payment in respect of Academy of Pop in 2023 disclosed in note 36, there were
no material transactions with associates or joint ventures during 2024 or 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-792": { "value": "12. Investments in joint ventures and associates The amounts recognised in the balance sheet are as follows:
All figures in \u00a3 millions
2024
2023
Associates
12
22
Total
12
22
The amounts recognised in the income statement for the year ended 31 December 2024 were \u00a32m
(2023: \u00a31m; 2022: \u00a31m).
The Group has no material associates or joint ventures. The largest associate is a 49% interest in The Egyptian International Publishing Company-Longman, which had a carrying value of \u00a39m as at 31 December 2024 (2023: \u00a313m). During 2024, the Group sold part of its investment in its associate, Academy of Pop, for \u00a34m, resulting in a gain of \u00a32m. The remaining stake is now classified as a financial investment. Other than the \u00a35m payment in respect of Academy of Pop in 2023 disclosed in note 36, there were no material transactions with associates or joint ventures during 2024 or 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-759": { "value": "12. Investments in joint ventures and associates The amounts recognised in the balance sheet are as follows:
All figures in \u00a3 millions
2024
2023
Associates
12
22
Total
12
22
The amounts recognised in the income statement for the year ended 31 December 2024 were \u00a32m
(2023: \u00a31m; 2022: \u00a31m).
The Group has no material associates or joint ventures. The largest associate is a 49% interest in The Egyptian International Publishing Company-Longman, which had a carrying value of \u00a39m as at 31 December 2024 (2023: \u00a313m). During 2024, the Group sold part of its investment in its associate, Academy of Pop, for \u00a34m, resulting in a gain of \u00a32m. The remaining stake is now classified as a financial investment. Other than the \u00a35m payment in respect of Academy of Pop in 2023 disclosed in note 36, there were no material transactions with associates or joint ventures during 2024 or 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-791": { "value": "13. Deferred income tax
All figures in \u00a3 millions
2024
2023
Deferred income tax assets
52
35
Deferred income tax liabilities
(63)
(46)
Net deferred income tax liability
(11)
(11)
Substantially all of the deferred income tax assets are expected to be recovered after more than one year. See note 7 for details of provisions for tax uncertainties held within deferred tax. Deferred income tax assets and liabilities shall be offset when there is a legally enforceable right to offset current income tax assets with current income tax liabilities and where the deferred income taxes relate to the same fiscal authority. At 31 December 2024, the Group has gross tax losses for which no deferred tax asset is recognised of \u00a3965m (2023: \u00a31,029m). The expiry date and key geographic split of these losses is set out in the following table.
Gross
Tax effected
Year ended
31 December 2024
UK
US
Other
Total
UK
US
Other
Total
Tax losses expiring:
Within 10 years
\u2013
443
21
464
\u2013
92
5
97
Within 10-20 years
\u2013
135
\u2013
135
\u2013
7
\u2013
7
Available indefinitely
167
38
161
366
42
2
52
96
Total
167\ue062
616\ue062
182
965\ue062
42\ue062
101\ue062
57\ue062
200\ue062
Gross
Tax effected
Year ended
31 December 2023
UK
US
Other
Total
UK
US
Other
Total
Tax losses expiring:
Within 10 years
\u2013
437
34
471
\u2013
91
9
100
Within 10-20 years
\u2013
143
\u2013
143
\u2013
7
\u2013
7
Available indefinitely
168
48
199
415
42
2
65
109
Total
168
628
233
1,029
42
100
74
216
The decrease in unrecognised tax losses in Other is principally due to the increased recognition of tax losses in Brazil during the period, as well as the expiry of tax losses in Japan and the impact of foreign exchange movements. Other unrecognised tax losses includes \u00a3116m gross (2023: \u00a3155m) and \u00a339m tax effected (2023: \u00a353m) relating to Brazil. Other gross deductible temporary differences for which no deferred tax asset is recognised total \u00a3194m (2023: \u00a3201m). This includes \u00a3188m (2023: \u00a3196m) in respect of interest limitations. The amount of temporary differences associated with subsidiaries for which no deferred tax has been provided totals \u00a3290m (2023: \u00a3268m). Deferred income tax assets of \u00a39m (2023: \u00a318m) have been recognised in countries that reported a tax loss in either the current or preceding year. This primarily arises in respect of tax losses in Australia and Argentina. It is considered more likely than not that there will be sufficient future taxable profits to realise these assets. The recognition of the deferred income tax assets is supported by management\u2019s forecasts of the future profitability of the relevant countries. In some cases deferred income tax assets are forecast to be recovered through taxable profits over a period that exceeds five years. Management consider these forecasts are sufficiently reliable to support the recovery of the assets. Where there are insufficient forecasts of future profits, deferred income tax assets have not been recognised. The movement in deferred income tax assets and liabilities during the year is as follows:
Accruals Retirement Goodwill
Trading and other benefit Deferred and Interest
All figures in \u00a3 millions losses provisions obligations revenue intangibles
limitations
Other
Total
Deferred income tax
assets/(liabilities)
At 1 January 2023
130
67
(127)
63
(206)
55
38
20
Exchange differences
(1)
(3)
(1)
(3)
9
(2)
1
\u2013
Acquisitions
and disposals of
subsidiaries
(3)
6
\u2013
\u2013
(26)
\u2013
\u2013
(23)
Income statement
benefit/(charge)
(25)
(11)
(6)
(17)
71
(19)
(21)
(28)
Tax charge in
OCI/equity
\u2013
\u2013
20
\u2013
\u2013
\u2013
\u2013
20
At 31 December 2023
101
59
(114)
43
(152)
34
18
(11)
Exchange differences
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(3)
Acquisitions
and disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income statement
benefit/(charge)
(23)
(2)
3
2
29
(16)
4
(3)
Tax charge in
OCI/equity
\u2013
7
(2)
\u2013
\u2013
\u2013
1
6
At 31 December 2024
76
64
(113)
45
(123)
18
22
(11)
Included within accruals and other provisions is an amount of \u00a323m in respect of share based payments. Other deferred income tax items include temporary differences in respect of right-of-use assets (deferred tax asset of \u00a347m, with an offsetting deferred tax liability of \u00a337m), and accelerated capital allowances of \u00a311m.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-760": { "value": "13. Deferred income tax
All figures in \u00a3 millions
2024
2023
Deferred income tax assets
52
35
Deferred income tax liabilities
(63)
(46)
Net deferred income tax liability
(11)
(11)
Substantially all of the deferred income tax assets are expected to be recovered after more than one year. See note 7 for details of provisions for tax uncertainties held within deferred tax. Deferred income tax assets and liabilities shall be offset when there is a legally enforceable right to offset current income tax assets with current income tax liabilities and where the deferred income taxes relate to the same fiscal authority. At 31 December 2024, the Group has gross tax losses for which no deferred tax asset is recognised of \u00a3965m (2023: \u00a31,029m). The expiry date and key geographic split of these losses is set out in the following table.
Gross
Tax effected
Year ended
31 December 2024
UK
US
Other
Total
UK
US
Other
Total
Tax losses expiring:
Within 10 years
\u2013
443
21
464
\u2013
92
5
97
Within 10-20 years
\u2013
135
\u2013
135
\u2013
7
\u2013
7
Available indefinitely
167
38
161
366
42
2
52
96
Total
167\ue062
616\ue062
182
965\ue062
42\ue062
101\ue062
57\ue062
200\ue062
Gross
Tax effected
Year ended
31 December 2023
UK
US
Other
Total
UK
US
Other
Total
Tax losses expiring:
Within 10 years
\u2013
437
34
471
\u2013
91
9
100
Within 10-20 years
\u2013
143
\u2013
143
\u2013
7
\u2013
7
Available indefinitely
168
48
199
415
42
2
65
109
Total
168
628
233
1,029
42
100
74
216
The decrease in unrecognised tax losses in Other is principally due to the increased recognition of tax losses in Brazil during the period, as well as the expiry of tax losses in Japan and the impact of foreign exchange movements. Other unrecognised tax losses includes \u00a3116m gross (2023: \u00a3155m) and \u00a339m tax effected (2023: \u00a353m) relating to Brazil. Other gross deductible temporary differences for which no deferred tax asset is recognised total \u00a3194m (2023: \u00a3201m). This includes \u00a3188m (2023: \u00a3196m) in respect of interest limitations. The amount of temporary differences associated with subsidiaries for which no deferred tax has been provided totals \u00a3290m (2023: \u00a3268m). Deferred income tax assets of \u00a39m (2023: \u00a318m) have been recognised in countries that reported a tax loss in either the current or preceding year. This primarily arises in respect of tax losses in Australia and Argentina. It is considered more likely than not that there will be sufficient future taxable profits to realise these assets. The recognition of the deferred income tax assets is supported by management\u2019s forecasts of the future profitability of the relevant countries. In some cases deferred income tax assets are forecast to be recovered through taxable profits over a period that exceeds five years. Management consider these forecasts are sufficiently reliable to support the recovery of the assets. Where there are insufficient forecasts of future profits, deferred income tax assets have not been recognised. The movement in deferred income tax assets and liabilities during the year is as follows:
Accruals Retirement Goodwill
Trading and other benefit Deferred and Interest
All figures in \u00a3 millions losses provisions obligations revenue intangibles
limitations
Other
Total
Deferred income tax
assets/(liabilities)
At 1 January 2023
130
67
(127)
63
(206)
55
38
20
Exchange differences
(1)
(3)
(1)
(3)
9
(2)
1
\u2013
Acquisitions
and disposals of
subsidiaries
(3)
6
\u2013
\u2013
(26)
\u2013
\u2013
(23)
Income statement
benefit/(charge)
(25)
(11)
(6)
(17)
71
(19)
(21)
(28)
Tax charge in
OCI/equity
\u2013
\u2013
20
\u2013
\u2013
\u2013
\u2013
20
At 31 December 2023
101
59
(114)
43
(152)
34
18
(11)
Exchange differences
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
(3)
Acquisitions
and disposals of
subsidiaries
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Income statement
benefit/(charge)
(23)
(2)
3
2
29
(16)
4
(3)
Tax charge in
OCI/equity
\u2013
7
(2)
\u2013
\u2013
\u2013
1
6
At 31 December 2024
76
64
(113)
45
(123)
18
22
(11)
Included within accruals and other provisions is an amount of \u00a323m in respect of share based payments. Other deferred income tax items include temporary differences in respect of right-of-use assets (deferred tax asset of \u00a347m, with an offsetting deferred tax liability of \u00a337m), and accelerated capital allowances of \u00a311m.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-717": { "value": "
14. Classification of financial instruments
The accounting classification of each class of the Group\u2019s financial assets, and their carrying values, is as follows:
2024
2023
Fair value
Amortised cost
Fair value
Amortised cost
Fair value Fair value
through other Fair value Fair value Total through other Fair value Fair value Total
comprehensive through profit \u2013 hedging Financial carrying comprehensive through profit \u2013 hedging carrying
All figures in \u00a3 millions
Notes
income and loss instrument assets value income and loss
instrument
Financial assets
value
Investments in listed and unlisted securities
15
28
113
\u2013
\u2013
141
23
120
\u2013
\u2013
143
Cash and cash equivalents
17
\u2013
62
\u2013
481
543
\u2013
31
\u2013
281
312
Derivative financial instruments
16
\u2013
30
21
\u2013
51
\u2013
1
47
\u2013
48
Trade receivables
22
\u2013
\u2013
\u2013
614
614
\u2013
\u2013
\u2013
695
695
Contract assets - unbilled
22
\u2013
\u2013
\u2013
71
71
\u2013
\u2013
\u2013
\u2013
\u2013
Investment in finance lease receivable
22
\u2013
\u2013
\u2013
83
83
\u2013
\u2013
\u2013
100
100
Other receivable
\u2013
12
\u2013
\u2013
12
\u2013
\u2013
\u2013
12
12
Total financial assets
28
217
21
1,249
1,515
23
152
47
1,088
1,310
The carrying value of the Group\u2019s financial assets is equal to, or approximately equal to, the market value. The other receivable relates to the contingent consideration receivable on the disposal of POLS.
The accounting classification of each class of the Group\u2019s financial liabilities, together with their carrying values and market values, is as follows:
2024
2023
Amortised
Fair value cost
Fair value
Amortised cost
Fair value Fair value Other Total Fair value Fair value Other Total Total
through profit \u2013 hedging financial Total market through profit \u2013 hedging financial carrying market
All figures in \u00a3 millions
Notes
and loss instrument liabilities carrying value value and loss instrument liabilities value value
Derivative financial instruments
16
(10)
(48)
\u2013
(58)
(58)
(7)
(36)
\u2013
(43)
(43)
Trade payables
24
\u2013
\u2013
(273)
(273)
(273)
\u2013
\u2013
(317)
(317)
(317)
Deferred and contingent consideration
24
(1)
\u2013
(21)
(22)
(22)
(57)
\u2013
\u2013
(57)
(57)
Borrowings due within one year
18
\u2013
\u2013
(315)
(315)
(312)
\u2013
\u2013
(67)
(67)
(67)
Borrowings due after more than one year
18
\u2013
\u2013
(1,157)
(1,157)
(1,123)
\u2013
\u2013
(1,094)
(1,094)
(1,062)
Total financial liabilities
(11)
(48)
(1,766)
(1,825)
(1,788)
(64)
(36)
(1,478)
(1,578)
(1,546)
Fair value measurement Financial instruments that are measured subsequently to initial recognition at fair value are grouped into levels 1 to 3, based on the degree to which the fair value is observable, as follows: Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. The Group\u2019s bonds valued at \u00a3918m (2023: \u00a3611m) and money market funds of \u00a362m (2023: \u00a331m) included within cash and cash equivalents, and listed securities of \u00a36m (2023: \u00a3nil) are classified as level 1. Level 2 fair value measurements are those derived from inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). The Group\u2019s derivative assets valued at \u00a351m (2023: \u00a348m) and derivative liabilities valued at \u00a358m (2023: \u00a343m) are classified as level 2. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s investments in unlisted securities are valued at \u00a3135m (2023: \u00a3143m), contingent consideration of \u00a31m (2023: \u00a357m) and the other receivable of \u00a312m (2023: \u00a312m) are classified as level 3. The movements in fair values of level 3 financial assets measured at fair value are shown in the table below:
2024
2023
Investments
Other in unlisted
All figures in \u00a3 millions receivable
securities
Total
Total
At 1 January
12
143
155
136
Exchange differences
\u2013
2
2
(5)
Acquisition of investments and other receivable
\u2013
9
9
20
Repayments
\u2013
\u2013
\u2013
(3)
Disposal of investments
\u2013
\u2013
\u2013
(7)
Reclassification out of level 3
\u2013
(6)
(6)
\u2013
Fair value movements \u2013 OCI
\u2013
(2)
(2)
1
Fair value movements \u2013 income statement
\u2013
(11)
(11)
13
At 31 December
12
135
147
155
The fair value of the investments in unlisted securities is determined by reference to the financial performance of the underlying asset, recent funding rounds and amounts realised on the sale of similar assets. During the year, one of the investments held was listed, and therefore the investment of \u00a36m was reclassified out of level 3 and into level 1. The other receivable relates to \u00a312m (2023: \u00a312m) in respect of the contingent consideration receivable for the sale of the POLS business, which comprises a 27.5% share of positive adjusted EBITDA in each calendar year for six years from the date of disposal, and 27.5% of the proceeds received by the purchaser in relation to any future monetisation event. The valuation of the contingent consideration receivable has been determined on the basis of a discounted cash flow model, and valued by a third-party specialist. The key inputs into the discounted cash flow model are the estimates of adjusted EBITDA for the 6 years from the date of disposal and the estimate of the valuation of the business thereafter. Reasonably possible changes in assumptions for the inputs into the model would not have a material impact on the carrying value of the contingent consideration, and therefore sensitivities have not been disclosed. The deferred and contingent consideration payable in respect of prior year acquisitions is measured as the net present value of the expected cash flows. The movement in the fair value of the deferred and contingent consideration payable is shown in the table below:
All figures in \u00a3 millions
2024
2023
At 1 January
(57)
(79)
Exchange differences
\u2013
3
Acquisitions
(1)
\u2013
Fair value movements \u2013 income statement
(2)
(4)
Repayments
38
23
At 31 December
(22)
(57)
15. Other financial assets
All figures in \u00a3 millions
2024
2023
At 1 January
143
133
Exchange differences
2
(5)
Acquisition of investments
9
8
Disposal of investments
\u2013
(7)
Fair value movements \u2013 OCI
(2)
1
Fair value movements \u2013 income statement
(11)
13
At 31 December
141
143
Other financial assets are listed and unlisted securities of \u00a3141m (2023: \u00a3143m), of which \u00a328m (2023: \u00a323m) are classified at fair value through other comprehensive income (FVOCI), with the remaining \u00a3113m (2023: \u00a3120m) mainly relating to investments in funds, being required to be held at fair value through profit and loss (FVTPL). The assets, which are not held for trading, relate to the Group\u2019s interests in new and innovative educational ventures across the world. These are strategic investments and where permitted, the Group made the election to classify such investments as FVOCI on initial recognition of the assets. None of the investments are individually significant to the financial statements and therefore sensitivities have not been provided. During the year, the Group did not dispose of any investments that were classified as FVOCI (2023: \u00a33m). In 2023, the cumulative loss on disposal was \u00a32m. The Group uses a combination of interest rate and cross-currency swaps to convert its \u20ac300m 1.375% Euro notes 2025.
Receive Notional
Receive coupon
FX rate
Notional
Pay coupon
\u20ac100m
1.375%
GBPEUR: 1.1295
\u00a387m
3.51%
\u20ac181m
1.375%
GBPUSD: 1.206
$193m
3.402%
\u20ac19m
1.375%
GBPUSD: 1.206
$27m
SOFR +1.36%
To create the synthetic debt positions outlined above, the Group converts \u20ac100m to \u00a387m at a rate of 3.51%. This is not in a hedge relationship. The remaining \u20ac200m of its EUR fixed debt is swapped to EUR floating debt via interest rate swap contracts that are in a designated fair value hedge. The EUR floating debt is then converted to GBP floating debt via cross-currency swap contracts that are in a designated fair value hedge. The GBP floating debt is then converted to USD floating debt through cross-currency swap contracts that are in a designated net investment hedging relationship. Additionally, the Group uses FX derivatives including forwards, collars, cross-currency swaps and swaptions to create synthetic USD debt as a hedge of its USD assets and to achieve reasonable certainty of USD currency conversion rates, in line with the Group\u2019s FX hedging policy. As at 31 December 2024, the Group held FX forwards and swaps with a notional of \u00a3690m, with an additional \u00a3180m of collars. The Group\u2019s portfolio of derivatives is diversified by maturity, counterparty and type. Natural offsets between transactions within the portfolio and the designation of certain derivatives as hedges significantly reduce the risk of income statement volatility. The sensitivity of the portfolio to changes in market rates is set out in note 19. Fair value hedges The Group uses interest rate swaps and cross-currency swaps as fair value hedges of the Group\u2019s euro issued debt. Interest rate exposure arises from movements in the fair value of the Group\u2019s euro debt attributable to movements in euro interest rates. The hedged risk is the change in the euro bonds fair value attributable to interest rate movements. The hedged items are the Group\u2019s euro bonds which are issued at a fixed rate. The hedging instruments are fixed to floating euro interest rate swaps where the Group receives fixed interest payments and pays three-month Euribor. As the critical terms of the interest rate swaps match the bonds, there is an expectation that the value of the hedging instrument and the value of the hedged item will move equally in the opposite direction as a result of movements in the zero coupon Euribor curve. Potential sources of hedge ineffectiveness would be material changes in the credit risk of swap counterparties or a reduction or modification in the hedge item. A foreign currency exposure arises from foreign exchange fluctuations on translation of the Group\u2019s euro debt into GBP. The hedged risk is the risk of changes in the GBP:EUR spot rate that will result in changes in the value of the euro debt when translated into GBP. The hedged items are a portion of the Group\u2019s euro bonds. The hedging instruments are floating to floating cross-currency swaps which mitigates an exposure to the effect of euro strengthening against GBP within the hedge item. 16. Derivative financial instruments and hedge accounting The Group\u2019s approach to the management of financial risks is set out in note 19. The Group\u2019s outstanding derivative financial instruments are as follows:
2024
2023
Gross Gross
notional notional
All figures in \u00a3 millions
amounts
Assets
Liabilities
amounts
Assets
Liabilities
Interest rate derivatives \u2013 in a
fair value hedge relationship
166
\u2013
(1)
174
\u2013
(5)
Interest rate derivatives \u2013 not in
a hedge relationship
779
22
(6)
356
14
(1)
Cross-currency rate derivatives
\u2013 in a hedge relationship
342
21
(32)
352
26
(31)
Cross-currency rate derivatives
\u2013 not in a hedge relationship
83
\u2013
(4)
87
\u2013
(1)
FX derivatives \u2013 in a hedge
relationship
1,049
\u2013
(15)
420
7
\u2013
FX derivatives \u2013 not in a hedge
relationship
711
8
\u2013
526
1
(5)
Total
3,130
51
(58)
1,915
48
(43)
Analysed as expiring:
In less than one year
2,505
31
(54)
1,047
16
(5)
Later than one year and not
later than five years
325
3
(1)
868
32
(38)
In greater than five years
300
17
(3)
\u2013
\u2013
\u2013
Total
3,130
51
(58)
1,915
48
(43)
The Group\u2019s treasury policies only allow derivatives to be entered into where the objective is risk mitigation. These are then designated for hedge accounting using the following criteria: \u2014 Where interest rate and cross-currency interest rate swaps are used to convert fixed rate debt to floating and we expect to receive inflows equal to the fixed rate debt interest, these are classified as fair value hedges; \u2014 Where derivatives are used to create a future foreign currency exposure to provide protection against currency movements affecting the foreign currency movements of an overseas investment, these are designated as a net investment hedge; \u2014 All other derivatives are not designated in a hedge relationship. The Group\u2019s fixed rate GBP debt is held as fixed rate instruments at amortised cost.
As the critical terms of the cross-currency swap match the bonds, there is an expectation that
the value of the hedging instrument and the value of the hedged item move in the opposite
direction as a result of movements in the EUR:GBP exchange rate. Potential sources of hedge
ineffectiveness are a reduction or modification in the hedged item or a material change in the credit
risk of swap counterparties.
The Group held the following instruments to hedge exposures to changes in interest rates and
foreign currency risk associated with borrowings:
2024
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts
hedging determine hedge of hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(1)
5
166
Derivative financial instruments for currency risk
21
(8)
166
2023
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts
hedging determine hedge of hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(6)
5
174
Derivative financial instruments for currency risk
26
(7)
174
The amounts at the reporting date relating to items designated as hedge items were as follows:
2024
Accumulated
amount of fair Change in
value hedge fair value
adjustments of hedged Line item
on the hedged item used to in profit or
Carrying item included determine loss that
amount of in the carrying hedge Hedge includes hedge
All figures in \u00a3 millions hedged items amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk Finance
Financial liabilities \u2013 borrowings
(166)
1
(5)
\u2013
costs
Currency risk Finance
Financial liabilities \u2013 borrowings
(166)
n/a
8
\u2013
costs
2023
Accumulated
amount of fair
value hedge Change in
adjustments fair value
on of hedged Line item
the hedged item used to in profit or
Carrying item included determine loss that
amount of in the carrying hedge Hedge includes hedge
All figures in \u00a3 millions hedged items amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk Finance
Financial liabilities \u2013 borrowings
(169)
6
5
1
costs
Currency risk
Financial liabilities \u2013 borrowings
(169)
n/a
5
\u2013
n/a
Hedge of net investment in a foreign operation
A foreign currency exposure arises from the translation of the Group\u2019s net investments in its
subsidiaries. The hedged risk is the risk of changes in the currency spot rate (eg GBP:USD) that
will result in changes in the value of the Group's net investment in its overseas subsidiaries when
translated into GBP. The hedged items are a portion of the Group's assets which are denominated
in USD. The hedging instruments are debt and derivative financial instruments, including cross-
currency swaps, FX forwards and FX collars, which mitigates an exposure to the effect of a weakening
USD on the hedged item against GBP. It is expected that the change in value of each of these items
will mirror each other as there is a clear and direct economic relationship between the hedging
instrument and the hedged item in the hedge relationship.
Hedge ineffectiveness would arise if the value of the hedged items fell below the value of the hedging
instruments; however, this is unlikely as the value of the Group\u2019s assets denominated in USD is
significantly greater than the proposed net investment programme.
The amounts related to items designated as hedging instruments were as follows:
2024
Change in
Carrying value of hedging Nominal Hedging Hedge
amount of instrument used to amounts gains/(losses) ineffectiveness
hedging determine hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(47)
(29)
1,225
(29)
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
2023
Change in
Carrying value of hedging Nominal Hedging Hedge
amount of instrument used to amounts gains/(losses) ineffectiveness
hedging determine hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(24)
26
599
26
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
Included in the translation reserve is a cost of hedging reserve relating to the time value of FX
collars which is not separately disclosed due to materiality. The value of that reserve will decrease
over the life of the hedge transaction. The balance as at 31 December 2024 was \u00a33m (2023: \u00a3nil).
During the year \u00a3nil (2023: \u00a3nil) of hedging gains were recycled to the profit and loss.
Offsetting arrangements with derivative counterparties
All of the Group\u2019s derivative financial instruments are subject to enforceable netting arrangements
with individual counterparties, allowing net settlement in the event of default of either party.
Derivative financial assets and liabilities subject to offsetting arrangements are as follows:
2024
2023
Net Net
Gross Gross derivative Gross Gross derivative
derivative derivative assets/ derivative derivative assets/
All figures in \u00a3 millions assets liabilities liabilities assets liabilities liabilities
Counterparties in an
asset position
24
(7)
17
26
(14)
12
Counterparties in a
liability position
27
(51)
(24)
22
(29)
(7)
Total as presented in
the balance sheet
51
(58)
(7)
48
(43)
5
Offset arrangements in respect of cash balances are described in note 17.
Counterparty exposure from all derivatives is managed, together with that from deposits and bank
account balances, within credit limits that reflect published credit ratings and by reference to other
market measures (e.g. market prices for credit default swaps) to ensure that there is no significant
exposure to any one counterparty\u2019s credit risk.
The Group has no material embedded derivatives that are required to be separately accounted for
in accordance with IFRS 9 \u2018Financial Instruments\u2019.
18. Financial liabilities \u2013 borrowings
The Group\u2019s current and non-current borrowings are as follows:
All figures in \u00a3 millions
2024
2023
Non-current
1.375% Euro notes 2025 (nominal amount \u20ac300m)
\u2013
257
3.75% GBP notes 2030 (nominal amount \u00a3350m)
355
354
5.375% GBP notes 2034 (nominal amount \u00a3350m)
350
\u2013
Lease liabilities (see note 35)
452
483
1,157
1,094
Current (due within one year or on demand)
1.375% Euro notes 2025 (nominal amount \u20ac300m)
250
\u2013
Lease liabilities (see note 35)
65
64
Overdrafts
\u2013
3
315
67
Total borrowings
1,472
1,161
Included in the non-current borrowings above is \u00a313m of accrued interest (2023: \u00a310m). \u00a32m of
accrued interest is included in the current borrowings above (2023: \u00a3nil). The maturities of the
Group\u2019s non-current borrowings are as follows:
All figures in \u00a3 millions
2024
2023
Between one and two years
71
70
Between two and five years
149
419
Over five years
937
605
1,157
1,094
In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond. The bond was
admitted to trading on the London Stock Exchange. The proceeds from the bond will be used to
finance or refinance projects or expenditure that meets the Eligible categories set out in the Group\u2019s
Social Bond Framework.
The carrying amounts and market values of borrowings are as follows:
2024
2023
Effective Carrying Market Effective Carrying Market
All figures in \u00a3 millions interest rate value value interest rate value value
1.375% Euro
notes 2025
1.44%
250
247
1.44%
257
252
3.75% GBP
notes 2030
3.93%
355
328
3.93%
354
327
5.375% GBP notes
2034
5.6%
350
343
\u2013
\u2013
\u2013
Overdrafts
n/a
\u2013
\u2013
n/a
3
3
955
918
614
582
The market values stated above are based on clean market prices at the year end or, where these
are not available, on the quoted market prices of comparable debt issued by other companies. The
effective interest rates above relate to the underlying debt instruments.
The carrying amounts of the Group\u2019s borrowings before the effect of derivatives (see notes 16 and
19 for further information on the impact of derivatives) are denominated in the following currencies:
All figures in \u00a3 millions
2024
2023
US dollar
187
217
Sterling
1,013
667
Euro
253
261
Other
19
16
1,472
1,161
The Group had $1bn (\u00a30.8bn) of undrawn capacity on its committed borrowing facilities as at
31 December 2024 (2023: $1bn (\u00a30.8bn) undrawn). For this facility, the two main covenants require
net debt to EBITDA to be a maximum of four times and interest cover to be at least three times.
The Group reports against these criteria twice a year and has had significant headroom against
both criteria throughout the reporting period. Based on current projections, the covenants will not
be breached when they are next tested at the 2025 interim reporting date. There are no additional
significant covenants attached to any of the GBP or Euro denominated notes.
In addition, there are a number of short-term facilities that are utilised in the normal course of
business. All of the Group\u2019s borrowings are unsecured. In respect of lease obligations, the rights to
the leased asset revert to the lessor in the event of default.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-793": { "value": "14. Classification of financial instruments The accounting classification of each class of the Group\u2019s financial assets, and their carrying values, is as follows:
2024
2023
Fair value
Amortised cost
Fair value
Amortised cost
Fair value Fair value
through other Fair value Fair value Total through other Fair value Fair value Total
comprehensive through profit \u2013 hedging Financial carrying comprehensive through profit \u2013 hedging carrying
All figures in \u00a3 millions
Notes
income and loss instrument assets value income and loss
instrument
Financial assets
value
Investments in listed and unlisted securities
15
28
113
\u2013
\u2013
141
23
120
\u2013
\u2013
143
Cash and cash equivalents
17
\u2013
62
\u2013
481
543
\u2013
31
\u2013
281
312
Derivative financial instruments
16
\u2013
30
21
\u2013
51
\u2013
1
47
\u2013
48
Trade receivables
22
\u2013
\u2013
\u2013
614
614
\u2013
\u2013
\u2013
695
695
Contract assets - unbilled
22
\u2013
\u2013
\u2013
71
71
\u2013
\u2013
\u2013
\u2013
\u2013
Investment in finance lease receivable
22
\u2013
\u2013
\u2013
83
83
\u2013
\u2013
\u2013
100
100
Other receivable
\u2013
12
\u2013
\u2013
12
\u2013
\u2013
\u2013
12
12
Total financial assets
28
217
21
1,249
1,515
23
152
47
1,088
1,310
The carrying value of the Group\u2019s financial assets is equal to, or approximately equal to, the market value. The other receivable relates to the contingent consideration receivable on the disposal of POLS. The accounting classification of each class of the Group\u2019s financial liabilities, together with their carrying values and market values, is as follows:
2024
2023
Amortised
Fair value cost
Fair value
Amortised cost
Fair value Fair value Other Total Fair value Fair value Other Total Total
through profit \u2013 hedging financial Total market through profit \u2013 hedging financial carrying market
All figures in \u00a3 millions
Notes
and loss instrument liabilities carrying value value and loss instrument liabilities value value
Derivative financial instruments
16
(10)
(48)
\u2013
(58)
(58)
(7)
(36)
\u2013
(43)
(43)
Trade payables
24
\u2013
\u2013
(273)
(273)
(273)
\u2013
\u2013
(317)
(317)
(317)
Deferred and contingent consideration
24
(1)
\u2013
(21)
(22)
(22)
(57)
\u2013
\u2013
(57)
(57)
Borrowings due within one year
18
\u2013
\u2013
(315)
(315)
(312)
\u2013
\u2013
(67)
(67)
(67)
Borrowings due after more than one year
18
\u2013
\u2013
(1,157)
(1,157)
(1,123)
\u2013
\u2013
(1,094)
(1,094)
(1,062)
Total financial liabilities
(11)
(48)
(1,766)
(1,825)
(1,788)
(64)
(36)
(1,478)
(1,578)
(1,546)
Fair value measurement Financial instruments that are measured subsequently to initial recognition at fair value are grouped into levels 1 to 3, based on the degree to which the fair value is observable, as follows: Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. The Group\u2019s bonds valued at \u00a3918m (2023: \u00a3611m) and money market funds of \u00a362m (2023: \u00a331m) included within cash and cash equivalents, and listed securities of \u00a36m (2023: \u00a3nil) are classified as level 1. Level 2 fair value measurements are those derived from inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). The Group\u2019s derivative assets valued at \u00a351m (2023: \u00a348m) and derivative liabilities valued at \u00a358m (2023: \u00a343m) are classified as level 2. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s investments in unlisted securities are valued at \u00a3135m (2023: \u00a3143m), contingent consideration of \u00a31m (2023: \u00a357m) and the other receivable of \u00a312m (2023: \u00a312m) are classified as level 3. The movements in fair values of level 3 financial assets measured at fair value are shown in the table below:
2024
2023
Investments
Other in unlisted
All figures in \u00a3 millions receivable
securities
Total
Total
At 1 January
12
143
155
136
Exchange differences
\u2013
2
2
(5)
Acquisition of investments and other receivable
\u2013
9
9
20
Repayments
\u2013
\u2013
\u2013
(3)
Disposal of investments
\u2013
\u2013
\u2013
(7)
Reclassification out of level 3
\u2013
(6)
(6)
\u2013
Fair value movements \u2013 OCI
\u2013
(2)
(2)
1
Fair value movements \u2013 income statement
\u2013
(11)
(11)
13
At 31 December
12
135
147
155
The fair value of the investments in unlisted securities is determined by reference to the financial performance of the underlying asset, recent funding rounds and amounts realised on the sale of similar assets. During the year, one of the investments held was listed, and therefore the investment of \u00a36m was reclassified out of level 3 and into level 1. The other receivable relates to \u00a312m (2023: \u00a312m) in respect of the contingent consideration receivable for the sale of the POLS business, which comprises a 27.5% share of positive adjusted EBITDA in each calendar year for six years from the date of disposal, and 27.5% of the proceeds received by the purchaser in relation to any future monetisation event. The valuation of the contingent consideration receivable has been determined on the basis of a discounted cash flow model, and valued by a third-party specialist. The key inputs into the discounted cash flow model are the estimates of adjusted EBITDA for the 6 years from the date of disposal and the estimate of the valuation of the business thereafter. Reasonably possible changes in assumptions for the inputs into the model would not have a material impact on the carrying value of the contingent consideration, and therefore sensitivities have not been disclosed. The deferred and contingent consideration payable in respect of prior year acquisitions is measured as the net present value of the expected cash flows. The movement in the fair value of the deferred and contingent consideration payable is shown in the table below: All figures in \u00a3 millions 2024 2023 At 1 January (57) (79) Exchange differences \u2013 3 Acquisitions (1) \u2013 Fair value movements \u2013 income statement (2) (4) Repayments 38 23 At 31 December (22) (57", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-761": { "value": "14. Classification of financial instruments The accounting classification of each class of the Group\u2019s financial assets, and their carrying values, is as follows:
2024
2023
Fair value
Amortised cost
Fair value
Amortised cost
Fair value Fair value
through other Fair value Fair value Total through other Fair value Fair value Total
comprehensive through profit \u2013 hedging Financial carrying comprehensive through profit \u2013 hedging carrying
All figures in \u00a3 millions
Notes
income and loss instrument assets value income and loss
instrument
Financial assets
value
Investments in listed and unlisted securities
15
28
113
\u2013
\u2013
141
23
120
\u2013
\u2013
143
Cash and cash equivalents
17
\u2013
62
\u2013
481
543
\u2013
31
\u2013
281
312
Derivative financial instruments
16
\u2013
30
21
\u2013
51
\u2013
1
47
\u2013
48
Trade receivables
22
\u2013
\u2013
\u2013
614
614
\u2013
\u2013
\u2013
695
695
Contract assets - unbilled
22
\u2013
\u2013
\u2013
71
71
\u2013
\u2013
\u2013
\u2013
\u2013
Investment in finance lease receivable
22
\u2013
\u2013
\u2013
83
83
\u2013
\u2013
\u2013
100
100
Other receivable
\u2013
12
\u2013
\u2013
12
\u2013
\u2013
\u2013
12
12
Total financial assets
28
217
21
1,249
1,515
23
152
47
1,088
1,310
The carrying value of the Group\u2019s financial assets is equal to, or approximately equal to, the market value. The other receivable relates to the contingent consideration receivable on the disposal of POLS. The accounting classification of each class of the Group\u2019s financial liabilities, together with their carrying values and market values, is as follows:
2024
2023
Amortised
Fair value cost
Fair value
Amortised cost
Fair value Fair value Other Total Fair value Fair value Other Total Total
through profit \u2013 hedging financial Total market through profit \u2013 hedging financial carrying market
All figures in \u00a3 millions
Notes
and loss instrument liabilities carrying value value and loss instrument liabilities value value
Derivative financial instruments
16
(10)
(48)
\u2013
(58)
(58)
(7)
(36)
\u2013
(43)
(43)
Trade payables
24
\u2013
\u2013
(273)
(273)
(273)
\u2013
\u2013
(317)
(317)
(317)
Deferred and contingent consideration
24
(1)
\u2013
(21)
(22)
(22)
(57)
\u2013
\u2013
(57)
(57)
Borrowings due within one year
18
\u2013
\u2013
(315)
(315)
(312)
\u2013
\u2013
(67)
(67)
(67)
Borrowings due after more than one year
18
\u2013
\u2013
(1,157)
(1,157)
(1,123)
\u2013
\u2013
(1,094)
(1,094)
(1,062)
Total financial liabilities
(11)
(48)
(1,766)
(1,825)
(1,788)
(64)
(36)
(1,478)
(1,578)
(1,546)
Fair value measurement Financial instruments that are measured subsequently to initial recognition at fair value are grouped into levels 1 to 3, based on the degree to which the fair value is observable, as follows: Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. The Group\u2019s bonds valued at \u00a3918m (2023: \u00a3611m) and money market funds of \u00a362m (2023: \u00a331m) included within cash and cash equivalents, and listed securities of \u00a36m (2023: \u00a3nil) are classified as level 1. Level 2 fair value measurements are those derived from inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). The Group\u2019s derivative assets valued at \u00a351m (2023: \u00a348m) and derivative liabilities valued at \u00a358m (2023: \u00a343m) are classified as level 2. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group\u2019s investments in unlisted securities are valued at \u00a3135m (2023: \u00a3143m), contingent consideration of \u00a31m (2023: \u00a357m) and the other receivable of \u00a312m (2023: \u00a312m) are classified as level 3. The movements in fair values of level 3 financial assets measured at fair value are shown in the table below:
2024
2023
Investments
Other in unlisted
All figures in \u00a3 millions receivable
securities
Total
Total
At 1 January
12
143
155
136
Exchange differences
\u2013
2
2
(5)
Acquisition of investments and other receivable
\u2013
9
9
20
Repayments
\u2013
\u2013
\u2013
(3)
Disposal of investments
\u2013
\u2013
\u2013
(7)
Reclassification out of level 3
\u2013
(6)
(6)
\u2013
Fair value movements \u2013 OCI
\u2013
(2)
(2)
1
Fair value movements \u2013 income statement
\u2013
(11)
(11)
13
At 31 December
12
135
147
155
The fair value of the investments in unlisted securities is determined by reference to the financial performance of the underlying asset, recent funding rounds and amounts realised on the sale of similar assets. During the year, one of the investments held was listed, and therefore the investment of \u00a36m was reclassified out of level 3 and into level 1. The other receivable relates to \u00a312m (2023: \u00a312m) in respect of the contingent consideration receivable for the sale of the POLS business, which comprises a 27.5% share of positive adjusted EBITDA in each calendar year for six years from the date of disposal, and 27.5% of the proceeds received by the purchaser in relation to any future monetisation event. The valuation of the contingent consideration receivable has been determined on the basis of a discounted cash flow model, and valued by a third-party specialist. The key inputs into the discounted cash flow model are the estimates of adjusted EBITDA for the 6 years from the date of disposal and the estimate of the valuation of the business thereafter. Reasonably possible changes in assumptions for the inputs into the model would not have a material impact on the carrying value of the contingent consideration, and therefore sensitivities have not been disclosed. The deferred and contingent consideration payable in respect of prior year acquisitions is measured as the net present value of the expected cash flows. The movement in the fair value of the deferred and contingent consideration payable is shown in the table below:
All figures in \u00a3 millions
2024
2023
At 1 January
(57)
(79)
Exchange differences
\u2013
3
Acquisitions
(1)
\u2013
Fair value movements \u2013 income statement
(2)
(4)
Repayments
38
23
At 31 December
(22)
(57)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-762": { "value": "
15. Other financial assets
All figures in \u00a3 millions
2024
2023
At 1 January
143
133
Exchange differences
2
(5)
Acquisition of investments
9
8
Disposal of investments
\u2013
(7)
Fair value movements \u2013 OCI
(2)
1
Fair value movements \u2013 income statement
(11)
13
At 31 December
141
143
Other financial assets are listed and unlisted securities of \u00a3141m (2023: \u00a3143m), of which \u00a328m
(2023: \u00a323m) are classified at fair value through other comprehensive income (FVOCI), with the
remaining \u00a3113m (2023: \u00a3120m) mainly relating to investments in funds, being required to be held
at fair value through profit and loss (FVTPL). The assets, which are not held for trading, relate to the
Group\u2019s interests in new and innovative educational ventures across the world. These are strategic
investments and where permitted, the Group made the election to classify such investments as
FVOCI on initial recognition of the assets. None of the investments are individually significant to the
financial statements and therefore sensitivities have not been provided.
During the year, the Group did not dispose of any investments that were classified as FVOCI (2023:
\u00a33m). In 2023, the cumulative loss on disposal was \u00a32m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-763": { "value": "
16. Derivative financial instruments and hedge accounting
The Group\u2019s approach to the management of financial risks is set out in note 19. The Group\u2019s
outstanding derivative financial instruments are as follows:
2024
2023
Gross Gross
notional notional
All figures in \u00a3 millions
amounts
Assets
Liabilities
amounts
Assets
Liabilities
Interest rate derivatives \u2013 in a
fair value hedge relationship
166
\u2013
(1)
174
\u2013
(5)
Interest rate derivatives \u2013 not in
a hedge relationship
779
22
(6)
356
14
(1)
Cross-currency rate derivatives
\u2013 in a hedge relationship
342
21
(32)
352
26
(31)
Cross-currency rate derivatives
\u2013 not in a hedge relationship
83
\u2013
(4)
87
\u2013
(1)
FX derivatives \u2013 in a hedge
relationship
1,049
\u2013
(15)
420
7
\u2013
FX derivatives \u2013 not in a hedge
relationship
711
8
\u2013
526
1
(5)
Total
3,130
51
(58)
1,915
48
(43)
Analysed as expiring:
In less than one year
2,505
31
(54)
1,047
16
(5)
Later than one year and not
later than five years
325
3
(1)
868
32
(38)
In greater than five years
300
17
(3)
\u2013
\u2013
\u2013
Total
3,130
51
(58)
1,915
48
(43)
The Group\u2019s treasury policies only allow derivatives to be entered into where the objective is risk
mitigation. These are then designated for hedge accounting using the following criteria:
\u2014 Where interest rate and cross-currency interest rate swaps are used to convert fixed rate debt to
floating and we expect to receive inflows equal to the fixed rate debt interest, these are classified
as fair value hedges;
\u2014 Where derivatives are used to create a future foreign currency exposure to provide protection
against currency movements affecting the foreign currency movements of an overseas
investment, these are designated as a net investment hedge;
\u2014 All other derivatives are not designated in a hedge relationship.
The Group\u2019s fixed rate GBP debt is held as fixed rate instruments at amortised cost.
The Group uses a combination of interest rate and cross-currency swaps to convert its \u20ac300m
1.375% Euro notes 2025.
Receive Notional
Receive coupon
FX rate
Notional
Pay coupon
\u20ac100m
1.375%
GBPEUR: 1.1295
\u00a387m
3.51%
\u20ac181m
1.375%
GBPUSD: 1.206
$193m
3.402%
\u20ac19m
1.375%
GBPUSD: 1.206
$27m
SOFR +1.36%
To create the synthetic debt positions outlined above, the Group converts \u20ac100m to \u00a387m at a rate
of 3.51%. This is not in a hedge relationship. The remaining \u20ac200m of its EUR fixed debt is swapped
to EUR floating debt via interest rate swap contracts that are in a designated fair value hedge. The
EUR floating debt is then converted to GBP floating debt via cross-currency swap contracts that
are in a designated fair value hedge. The GBP floating debt is then converted to USD floating debt
through cross-currency swap contracts that are in a designated net investment hedging relationship.
Additionally, the Group uses FX derivatives including forwards, collars, cross-currency swaps and
swaptions to create synthetic USD debt as a hedge of its USD assets and to achieve reasonable
certainty of USD currency conversion rates, in line with the Group\u2019s FX hedging policy. As at
31 December 2024, the Group held FX forwards and swaps with a notional of \u00a3690m, with an
additional \u00a3180m of collars.
The Group\u2019s portfolio of derivatives is diversified by maturity, counterparty and type. Natural offsets
between transactions within the portfolio and the designation of certain derivatives as hedges
significantly reduce the risk of income statement volatility. The sensitivity of the portfolio to changes
in market rates is set out in note 19.
Fair value hedges
The Group uses interest rate swaps and cross-currency swaps as fair value hedges of the Group\u2019s
euro issued debt.
Interest rate exposure arises from movements in the fair value of the Group\u2019s euro debt attributable
to movements in euro interest rates. The hedged risk is the change in the euro bonds fair value
attributable to interest rate movements. The hedged items are the Group\u2019s euro bonds which are
issued at a fixed rate. The hedging instruments are fixed to floating euro interest rate swaps where
the Group receives fixed interest payments and pays three-month Euribor.
As the critical terms of the interest rate swaps match the bonds, there is an expectation that the
value of the hedging instrument and the value of the hedged item will move equally in the opposite
direction as a result of movements in the zero coupon Euribor curve. Potential sources of hedge
ineffectiveness would be material changes in the credit risk of swap counterparties or a reduction or
modification in the hedge item.
A foreign currency exposure arises from foreign exchange fluctuations on translation of the Group\u2019s
euro debt into GBP. The hedged risk is the risk of changes in the GBP:EUR spot rate that will result
in changes in the value of the euro debt when translated into GBP. The hedged items are a portion
of the Group\u2019s euro bonds. The hedging instruments are floating to floating cross-currency swaps
which mitigates an exposure to the effect of euro strengthening against GBP within the hedge item.
As the critical terms of the cross-currency swap match the bonds, there is an expectation that the value of the hedging instrument and the value of the hedged item move in the opposite direction as a result of movements in the EUR:GBP exchange rate. Potential sources of hedge ineffectiveness are a reduction or modification in the hedged item or a material change in the credit risk of swap counterparties. The Group held the following instruments to hedge exposures to changes in interest rates and foreign currency risk associated with borrowings:
2024
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts
hedging determine hedge of hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(1)
5
166
Derivative financial instruments for currency risk
21
(8)
166
2023
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts
hedging determine hedge of hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(6)
5
174
Derivative financial instruments for currency risk
26
(7)
174
The amounts at the reporting date relating to items designated as hedge items were as follows:
2024
Accumulated
amount of fair Change in
value hedge fair value
adjustments of hedged Line item
on the hedged item used to in profit or
Carrying item included determine loss that
amount of in the carrying hedge Hedge includes hedge
All figures in \u00a3 millions hedged items amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk Finance
Financial liabilities \u2013 borrowings
(166)
1
(5)
\u2013
costs
Currency risk Finance
Financial liabilities \u2013 borrowings
(166)
n/a
8
\u2013
costs
2023
Accumulated
amount of fair
value hedge Change in
adjustments fair value
on of hedged Line item
the hedged item used to in profit or
Carrying item included determine loss that
amount of in the carrying hedge Hedge includes hedge
All figures in \u00a3 millions hedged items amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk Finance
Financial liabilities \u2013 borrowings
(169)
6
5
1
costs
Currency risk
Financial liabilities \u2013 borrowings
(169)
n/a
5
\u2013
n/a
Hedge of net investment in a foreign operation A foreign currency exposure arises from the translation of the Group\u2019s net investments in its subsidiaries. The hedged risk is the risk of changes in the currency spot rate (eg GBP:USD) that will result in changes in the value of the Group's net investment in its overseas subsidiaries when translated into GBP. The hedged items are a portion of the Group's assets which are denominated in USD. The hedging instruments are debt and derivative financial instruments, including cross- currency swaps, FX forwards and FX collars, which mitigates an exposure to the effect of a weakening USD on the hedged item against GBP. It is expected that the change in value of each of these items will mirror each other as there is a clear and direct economic relationship between the hedging instrument and the hedged item in the hedge relationship. Hedge ineffectiveness would arise if the value of the hedged items fell below the value of the hedging instruments; however, this is unlikely as the value of the Group\u2019s assets denominated in USD is significantly greater than the proposed net investment programme. The amounts related to items designated as hedging instruments were as follows:
2024
Change in
Carrying value of hedging Nominal Hedging Hedge
amount of instrument used to amounts gains/(losses) ineffectiveness
hedging determine hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(47)
(29)
1,225
(29)
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
2023
Change in
Carrying value of hedging Nominal Hedging Hedge
amount of instrument used to amounts gains/(losses) ineffectiveness
hedging determine hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(24)
26
599
26
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
Included in the translation reserve is a cost of hedging reserve relating to the time value of FX collars which is not separately disclosed due to materiality. The value of that reserve will decrease over the life of the hedge transaction. The balance as at 31 December 2024 was \u00a33m (2023: \u00a3nil). During the year \u00a3nil (2023: \u00a3nil) of hedging gains were recycled to the profit and loss. Offsetting arrangements with derivative counterparties All of the Group\u2019s derivative financial instruments are subject to enforceable netting arrangements with individual counterparties, allowing net settlement in the event of default of either party. Derivative financial assets and liabilities subject to offsetting arrangements are as follows:
2024
2023
Net Net
Gross Gross derivative Gross Gross derivative
derivative derivative assets/ derivative derivative assets/
All figures in \u00a3 millions assets liabilities liabilities assets liabilities liabilities
Counterparties in an
asset position
24
(7)
17
26
(14)
12
Counterparties in a
liability position
27
(51)
(24)
22
(29)
(7)
Total as presented in
the balance sheet
51
(58)
(7)
48
(43)
5
Offset arrangements in respect of cash balances are described in note 17. Counterparty exposure from all derivatives is managed, together with that from deposits and bank account balances, within credit limits that reflect published credit ratings and by reference to other market measures (e.g. market prices for credit default swaps) to ensure that there is no significant exposure to any one counterparty\u2019s credit risk. The Group has no material embedded derivatives that are required to be separately accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-794": { "value": "16. Derivative financial instruments and hedge accounting The Group\u2019s approach to the management of financial risks is set out in note 19. The Group\u2019s outstanding derivative financial instruments are as follows:
2024
2023
Gross Gross
notional notional
All figures in \u00a3 millions
amounts
Assets
Liabilities
amounts
Assets
Liabilities
Interest rate derivatives \u2013 in a
fair value hedge relationship
166
\u2013
(1)
174
\u2013
(5)
Interest rate derivatives \u2013 not in
a hedge relationship
779
22
(6)
356
14
(1)
Cross-currency rate derivatives
\u2013 in a hedge relationship
342
21
(32)
352
26
(31)
Cross-currency rate derivatives
\u2013 not in a hedge relationship
83
\u2013
(4)
87
\u2013
(1)
FX derivatives \u2013 in a hedge
relationship
1,049
\u2013
(15)
420
7
\u2013
FX derivatives \u2013 not in a hedge
relationship
711
8
\u2013
526
1
(5)
Total
3,130
51
(58)
1,915
48
(43)
Analysed as expiring:
In less than one year
2,505
31
(54)
1,047
16
(5)
Later than one year and not
later than five years
325
3
(1)
868
32
(38)
In greater than five years
300
17
(3)
\u2013
\u2013
\u2013
Total
3,130
51
(58)
1,915
48
(43)
The Group\u2019s treasury policies only allow derivatives to be entered into where the objective is risk mitigation. These are then designated for hedge accounting using the following criteria: \u2014 Where interest rate and cross-currency interest rate swaps are used to convert fixed rate debt to floating and we expect to receive inflows equal to the fixed rate debt interest, these are classified as fair value hedges; \u2014 Where derivatives are used to create a future foreign currency exposure to provide protection against currency movements affecting the foreign currency movements of an overseas investment, these are designated as a net investment hedge; \u2014 All other derivatives are not designated in a hedge relationship. The Group\u2019s fixed rate GBP debt is held as fixed rate instruments at amortised cost. The Group uses a combination of interest rate and cross-currency swaps to convert its \u20ac300m 1.375% Euro notes 2025.
Receive Notional
Receive coupon
FX rate
Notional
Pay coupon
\u20ac100m
1.375%
GBPEUR: 1.1295
\u00a387m
3.51%
\u20ac181m
1.375%
GBPUSD: 1.206
$193m
3.402%
\u20ac19m
1.375%
GBPUSD: 1.206
$27m
SOFR +1.36%
To create the synthetic debt positions outlined above, the Group converts \u20ac100m to \u00a387m at a rate of 3.51%. This is not in a hedge relationship. The remaining \u20ac200m of its EUR fixed debt is swapped to EUR floating debt via interest rate swap contracts that are in a designated fair value hedge. The EUR floating debt is then converted to GBP floating debt via cross-currency swap contracts that are in a designated fair value hedge. The GBP floating debt is then converted to USD floating debt through cross-currency swap contracts that are in a designated net investment hedging relationship. Additionally, the Group uses FX derivatives including forwards, collars, cross-currency swaps and swaptions to create synthetic USD debt as a hedge of its USD assets and to achieve reasonable certainty of USD currency conversion rates, in line with the Group\u2019s FX hedging policy. As at 31 December 2024, the Group held FX forwards and swaps with a notional of \u00a3690m, with an additional \u00a3180m of collars. The Group\u2019s portfolio of derivatives is diversified by maturity, counterparty and type. Natural offsets between transactions within the portfolio and the designation of certain derivatives as hedges significantly reduce the risk of income statement volatility. The sensitivity of the portfolio to changes in market rates is set out in note 19. Fair value hedges The Group uses interest rate swaps and cross-currency swaps as fair value hedges of the Group\u2019s euro issued debt. Interest rate exposure arises from movements in the fair value of the Group\u2019s euro debt attributable to movements in euro interest rates. The hedged risk is the change in the euro bonds fair value attributable to interest rate movements. The hedged items are the Group\u2019s euro bonds which are issued at a fixed rate. The hedging instruments are fixed to floating euro interest rate swaps where the Group receives fixed interest payments and pays three-month Euribor. As the critical terms of the interest rate swaps match the bonds, there is an expectation that the value of the hedging instrument and the value of the hedged item will move equally in the opposite direction as a result of movements in the zero coupon Euribor curve. Potential sources of hedge ineffectiveness would be material changes in the credit risk of swap counterparties or a reduction or modification in the hedge item. A foreign currency exposure arises from foreign exchange fluctuations on translation of the Group\u2019s euro debt into GBP. The hedged risk is the risk of changes in the GBP:EUR spot rate that will result in changes in the value of the euro debt when translated into GBP. The hedged items are a portion of the Group\u2019s euro bonds. The hedging instruments are floating to floating cross-currency swaps which mitigates an exposure to the effect of euro strengthening against GBP within the hedge item. As the critical terms of the cross-currency swap match the bonds, there is an expectation that the value of the hedging instrument and the value of the hedged item move in the opposite direction as a result of movements in the EUR:GBP exchange rate. Potential sources of hedge ineffectiveness are a reduction or modification in the hedged item or a material change in the credit risk of swap counterparties. The Group held the following instruments to hedge exposures to changes in interest rates and foreign currency risk associated with borrowings:
2024
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts
hedging determine hedge of hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(1)
5
166
Derivative financial instruments for currency risk
21
(8)
166
2023
Change in fair
Carrying value of hedging Nominal
amount of instrument used to amounts
hedging determine hedge of hedging
All figures in \u00a3 millions instruments ineffectiveness instruments
Derivative financial instruments for interest rate risk
(6)
5
174
Derivative financial instruments for currency risk
26
(7)
174
The amounts at the reporting date relating to items designated as hedge items were as follows:
2024
Accumulated
amount of fair Change in
value hedge fair value
adjustments of hedged Line item
on the hedged item used to in profit or
Carrying item included determine loss that
amount of in the carrying hedge Hedge includes hedge
All figures in \u00a3 millions hedged items amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk Finance
Financial liabilities \u2013 borrowings
(166)
1
(5)
\u2013
costs
Currency risk Finance
Financial liabilities \u2013 borrowings
(166)
n/a
8
\u2013
costs
2023
Accumulated
amount of fair
value hedge Change in
adjustments fair value
on of hedged Line item
the hedged item used to in profit or
Carrying item included determine loss that
amount of in the carrying hedge Hedge includes hedge
All figures in \u00a3 millions hedged items amount ineffectiveness ineffectiveness ineffectiveness
Interest rate risk Finance
Financial liabilities \u2013 borrowings
(169)
6
5
1
costs
Currency risk
Financial liabilities \u2013 borrowings
(169)
n/a
5
\u2013
n/a
Hedge of net investment in a foreign operation A foreign currency exposure arises from the translation of the Group\u2019s net investments in its subsidiaries. The hedged risk is the risk of changes in the currency spot rate (eg GBP:USD) that will result in changes in the value of the Group's net investment in its overseas subsidiaries when translated into GBP. The hedged items are a portion of the Group's assets which are denominated in USD. The hedging instruments are debt and derivative financial instruments, including cross- currency swaps, FX forwards and FX collars, which mitigates an exposure to the effect of a weakening USD on the hedged item against GBP. It is expected that the change in value of each of these items will mirror each other as there is a clear and direct economic relationship between the hedging instrument and the hedged item in the hedge relationship. Hedge ineffectiveness would arise if the value of the hedged items fell below the value of the hedging instruments; however, this is unlikely as the value of the Group\u2019s assets denominated in USD is significantly greater than the proposed net investment programme. The amounts related to items designated as hedging instruments were as follows:
2024
Change in
Carrying value of hedging Nominal Hedging Hedge
amount of instrument used to amounts gains/(losses) ineffectiveness
hedging determine hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(47)
(29)
1,225
(29)
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
2023
Change in
Carrying value of hedging Nominal Hedging Hedge
amount of instrument used to amounts gains/(losses) ineffectiveness
hedging determine hedge of hedging recognised recognised in
All figures in \u00a3 millions instruments ineffectiveness instruments in OCI profit or loss
Derivative financial
instruments
(24)
26
599
26
\u2013
Financial liabilities \u2013
borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
Included in the translation reserve is a cost of hedging reserve relating to the time value of FX collars which is not separately disclosed due to materiality. The value of that reserve will decrease over the life of the hedge transaction. The balance as at 31 December 2024 was \u00a33m (2023: \u00a3nil). During the year \u00a3nil (2023: \u00a3nil) of hedging gains were recycled to the profit and loss. Offsetting arrangements with derivative counterparties All of the Group\u2019s derivative financial instruments are subject to enforceable netting arrangements with individual counterparties, allowing net settlement in the event of default of either party. Derivative financial assets and liabilities subject to offsetting arrangements are as follows:
2024
2023
Net Net
Gross Gross derivative Gross Gross derivative
derivative derivative assets/ derivative derivative assets/
All figures in \u00a3 millions assets liabilities liabilities assets liabilities liabilities
Counterparties in an
asset position
24
(7)
17
26
(14)
12
Counterparties in a
liability position
27
(51)
(24)
22
(29)
(7)
Total as presented in
the balance sheet
51
(58)
(7)
48
(43)
5
Offset arrangements in respect of cash balances are described in note 17. Counterparty exposure from all derivatives is managed, together with that from deposits and bank account balances, within credit limits that reflect published credit ratings and by reference to other market measures (e.g. market prices for credit default swaps) to ensure that there is no significant exposure to any one counterparty\u2019s credit risk. The Group has no material embedded derivatives that are required to be separately accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-718": { "value": "
17. Cash and cash equivalents (excluding overdrafts)
All figures in \u00a3 millions
2024
2023
Cash at bank and in hand
444
312
Short-term bank deposits
99
\u2013
Cash and cash equivalents
543
312
All figures in \u00a3 millions
2024
2023
Cash and cash equivalents
543
312
Bank overdrafts
\u2013
(3)
Cash and cash equivalents in the cash flow statement
543
309
Included within cash at bank and in hand is \u00a362m (2023: \u00a331m) of money market funds. Short-term
bank deposits are invested with banks and earn interest at the prevailing short-term deposit rates.
At the end of 2024, the currency split of cash and cash equivalents was US dollar 33% (2023: 16%),
sterling 27% (2023: 11%), and other 40% (2023: 73%).
Cash and cash equivalents have fair values that approximate to their carrying value due to their
short-term nature.
The Group has certain cash pooling arrangements in US dollars, sterling and Canadian dollars where
both the company and the bank have a legal right of offset. The company presents these amounts
net in the balance sheet where legal right of offset exists and the company has the intention to settle
net if required. As at 31 December 2024, \u00a32m of financial liabilities (2023: \u00a323m) were presented net
within financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-764": { "value": "18. Financial liabilities \u2013 borrowings The Group\u2019s current and non-current borrowings are as follows:
All figures in \u00a3 millions
2024
2023
Non-current
1.375% Euro notes 2025 (nominal amount \u20ac300m)
\u2013
257
3.75% GBP notes 2030 (nominal amount \u00a3350m)
355
354
5.375% GBP notes 2034 (nominal amount \u00a3350m)
350
\u2013
Lease liabilities (see note 35)
452
483
1,157
1,094
Current (due within one year or on demand)
1.375% Euro notes 2025 (nominal amount \u20ac300m)
250
\u2013
Lease liabilities (see note 35)
65
64
Overdrafts
\u2013
3
315
67
Total borrowings
1,472
1,161
Included in the non-current borrowings above is \u00a313m of accrued interest (2023: \u00a310m). \u00a32m of accrued interest is included in the current borrowings above (2023: \u00a3nil). The maturities of the Group\u2019s non-current borrowings are as follows:
All figures in \u00a3 millions
2024
2023
Between one and two years
71
70
Between two and five years
149
419
Over five years
937
605
1,157
1,094
In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond. The bond was admitted to trading on the London Stock Exchange. The proceeds from the bond will be used to finance or refinance projects or expenditure that meets the Eligible categories set out in the Group\u2019s Social Bond Framework. The carrying amounts and market values of borrowings are as follows:
2024
2023
Effective Carrying Market Effective Carrying Market
All figures in \u00a3 millions interest rate value value interest rate value value
1.375% Euro
notes 2025
1.44%
250
247
1.44%
257
252
3.75% GBP
notes 2030
3.93%
355
328
3.93%
354
327
5.375% GBP notes
2034
5.6%
350
343
\u2013
\u2013
\u2013
Overdrafts
n/a
\u2013
\u2013
n/a
3
3
955
918
614
582
The market values stated above are based on clean market prices at the year end or, where these are not available, on the quoted market prices of comparable debt issued by other companies. The effective interest rates above relate to the underlying debt instruments. The carrying amounts of the Group\u2019s borrowings before the effect of derivatives (see notes 16 and 19 for further information on the impact of derivatives) are denominated in the following currencies:
All figures in \u00a3 millions
2024
2023
US dollar
187
217
Sterling
1,013
667
Euro
253
261
Other
19
16
1,472
1,161
The Group had $1bn (\u00a30.8bn) of undrawn capacity on its committed borrowing facilities as at 31 December 2024 (2023: $1bn (\u00a30.8bn) undrawn). For this facility, the two main covenants require net debt to EBITDA to be a maximum of four times and interest cover to be at least three times. The Group reports against these criteria twice a year and has had significant headroom against both criteria throughout the reporting period. Based on current projections, the covenants will not be breached when they are next tested at the 2025 interim reporting date. There are no additional significant covenants attached to any of the GBP or Euro denominated notes. In addition, there are a number of short-term facilities that are utilised in the normal course of business. All of the Group\u2019s borrowings are unsecured. In respect of lease obligations, the rights to the leased asset revert to the lessor in the event of default. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-719": { "value": "19. Financial risk management The Group\u2019s approach to the management of financial risks, together with sensitivity analyses of its financial instruments, is set out below. Treasury policy Pearson\u2019s treasury policies set out the Group\u2019s principles for addressing key financial risks including capital risk, liquidity risk, foreign exchange risk and interest rate risk, and sets out measurable targets for each. The Audit Committee receives quarterly reports incorporating compliance with measurable targets and reviews and approves any changes to treasury policies annually. The treasury function is permitted to use derivatives where their use reduces a risk or allows a transaction to be undertaken more cost effectively. Derivatives permitted include swaps, forwards and collars to manage foreign exchange and interest rate risk, with foreign exchange swap and forward contracts the most commonly executed. Speculative transactions are not permitted. Capital risk The Group\u2019s objectives when managing capital are: \u2014 To maintain a strong balance sheet and a solid investment grade rating; \u2014 To continue to invest in the business organically and through acquisitions; and \u2014 To have a sustainable and progressive dividend policy. At 31 December 2024, the Group and its bonds were rated BBB (stable outlook) with Fitch Ratings Limited and Baa2 (stable outlook) with Moody\u2019s Investor Services. Net debt The Group\u2019s net debt position is set out below:
All figures in \u00a3 millions
2024
2023
Cash and cash equivalents
543
312
Overdrafts
\u2013
(3)
Derivative financial instruments
(7)
5
Bonds
(955)
(611)
Investment in finance lease receivable
83
100
Lease liabilities
(517)
(547)
Net debt
(853)
(744)
Interest and foreign exchange rate management
The Group\u2019s principal currency exposure is to the US dollar which represents 69% of the
Group\u2019s sales.
The Group\u2019s long-term debt is primarily held in US dollars to provide a natural hedge of this
exposure, which is achieved through issued US dollar debt or converting euro debt to US dollars
using cross-currency swaps, forwards and collars. As at 31 December 2024 and 2023, the Group\u2019s
debt of \u00a31,472m (2023: \u00a31,161m) is all issued at fixed rates.
See note 16 for details of the Group\u2019s hedging programme which addresses interest rate risk and
foreign currency risk.
Overseas profits are converted to sterling to satisfy sterling cash outflows such as dividends at the
prevailing spot rate at the time of the transaction. To the extent the Group has sufficient sterling,
US dollars may be held as dollar cash to provide a natural offset to the Group\u2019s debt or to satisfy
future US dollar cash outflows.
The Group does not have significant cross-border foreign exchange transactional exposures.
As at 31 December 2024, the sensitivity of the carrying value of the Group\u2019s financial instruments to
fluctuations in interest rates and exchange rates is as follows:
2024
Impact of Impact of Impact
1% increase 1% decrease Impact of 10% of 10%
Carrying in interest in interest strengthening weakening in
All figures in \u00a3 millions value rates rates in sterling sterling
Investments in listed and unlisted
securities
141
\u2013
\u2013
(10)
12
Other receivable
12
\u2013
\u2013
(1)
1
Cash and cash equivalents
543
\u2013
\u2013
(32)
40
Derivative financial instruments
(7)
4
(4)
22
(24)
Bonds
(955)
\u2013
\u2013
23
(28)
Other borrowings
(517)
\u2013
\u2013
19
(23)
Investment in finance lease
receivable
83
\u2013
\u2013
(8)
9
Deferred and contingent
consideration
(22)
\u2013
\u2013
2
(2)
Other net financial assets
412
\u2013
\u2013
(32)
40
Total
(310)
4
(4)
(17)
25
2023
Impact of 1% Impact of 1% Impact of 10% Impact of 10%
Carrying increase in decrease in strengthening weakening in
All figures in \u00a3 millions value interest rates interest rates in sterling sterling
Investments in unlisted securities
143
\u2013
\u2013
(10)
12
Other receivable
12
\u2013
\u2013
(1)
1
Cash and cash equivalents
312
\u2013
\u2013
(24)
30
Derivative financial instruments
5
15
(15)
(5)
19
Bonds
(611)
2
(2)
24
(29)
Other borrowings
(550)
\u2013
\u2013
21
(26)
Investment in finance lease
receivable
100
\u2013
\u2013
(9)
11
Deferred and contingent
consideration
(57)
\u2013
\u2013
3
(4)
Other net financial assets
378
\u2013
\u2013
(31)
38
Total
(268)
17
(17)
(32)
52
The table above shows the sensitivities of the values of each class of financial instrument to an
isolated change in either interest rates or foreign exchange rates. Other net financial assets
comprise trade receivables less trade payables. When calculating the impact of the sensitivity of each
class of financial instrument to foreign exchange rates, with the exception of net debt (including
cash balances), the Group is mainly exposed to translational risk rather than transactional risk
as transactions are mainly carried out in the currency that they are recorded in. The calculation
excludes the impact of unhedged intercompany positions. As a result, a significant proportion of the
movements shown above would impact equity rather than the income statement due to the location
and functional currency of the entities in which they arise and the availability of net investment
hedging.
Liquidity and refinancing risk management
The Group regularly reviews the level of cash and debt facilities required to fund its activities. This
involves preparing a prudent cash flow forecast for the next three to five years, determining the level
of debt facilities required to fund the business, planning for shareholder returns and repayments
of maturing debt, and identifying an appropriate amount of headroom to provide a reserve against
unexpected outflows.
At 31 December 2024, the Group had cash of \u00a30.5bn (2023: \u00a30.3bn), and no outstanding drawings
(2023: \u00a3nil) on the US dollar denominated revolving credit facility due 2028 of $1bn (2023: $1bn).
The $1bn facility contains interest cover and leverage covenants which the Group has complied with
for the year ended 31 December 2024. The maturity of the carrying values of the Group\u2019s borrowings
and trade payables are set out in notes 18 and 24 respectively.
In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond.
At the end of 2024, the currency split of the Group\u2019s trade payables was US dollar \u00a3191m (2023:
\u00a3228m), sterling \u00a351m (2023: \u00a364m) and other currencies \u00a331m (2023: \u00a325m). Trade payables are all
due within one year (2023: all due within one year).
The table below analyses the Group\u2019s bonds and derivative assets and liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. Short dated derivative instruments have not been included in this table. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest) and as such may differ from the amounts disclosed on the balance sheet. Any cash flows based on a floating rate are calculated using interest rates as set at the date of the last rate reset. Where this is not possible, floating rates are based on interest rates prevailing at 31 December in the relevant year.
Analysed by maturity Analysed by currency
Greater than one Later than one
month and less year but less Five years
All figures in \u00a3 millions than one year than five years
or more
Total
USD
GBP
Other
Total
At 31 December 2024
Bonds
250
\u2013
705
955
\u2013
705
250
955
Rate derivatives \u2013 inflows
(394)
(3)
(17)
(414)
(2)
(163)
(249)
(414)
Rate derivatives \u2013 outflows
408
1
3
412
176
235
1
412
FX forwards \u2013 inflows
(1,034)
\u2013
\u2013
(1,034)
\u2013
(1,034)
\u2013
(1,034)
FX forwards \u2013 outflows
1,049
\u2013
\u2013
1,049
1,049
\u2013
\u2013
1,049
Total
279
(2)
691
968
1,223
(257)
2
968
At 31 December 2023
Bonds
\u2013
257
354
611
\u2013
354
257
611
Rate derivatives \u2013 inflows
(13)
(262)
\u2013
(275)
(6)
(9)
(260)
(275)
Rate derivatives \u2013 outflows
5
268
\u2013
273
178
89
6
273
FX forwards \u2013 inflows
(428)
\u2013
\u2013
(428)
\u2013
(428)
\u2013
(428)
FX forwards \u2013 outflows
421
\u2013
\u2013
421
421
\u2013
\u2013
421
Total
(15)
263
354
602
593
6
3
602
Financial counterparty and credit risk management Financial counterparty and credit risk arises from cash and cash equivalents, favourable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables. Counterparty credit limits, which take published credit rating and other factors into account, are set to cover the Group\u2019s total aggregate exposure to a single financial institution. The limits applicable to published credit rating bands are approved by the Chief Financial Officer within guidelines approved by the Board. Exposures and limits applicable to each financial institution are reviewed on a regular basis. Cash deposits and derivative transactions are made with approved counterparties up to pre-agreed limits. To manage counterparty risk associated with cash and cash equivalents, the Group uses a mixture of money market funds as well as bank deposits. As at 31 December 2024, 86% (2023: 75%) of cash and cash equivalents was held with investment grade bank counterparties, 12% (2023: 10%) with AAA money market funds and 2% (2023: 15%) with non-investment grade bank counterparties
For trade receivables and contract assets, the Group\u2019s exposure to credit risk is influenced mainly
by the individual characteristics of each customer. However, risk associated with the industry
and country in which customers operate may also influence the credit risk. The credit quality of
customers is assessed by taking into account financial position, past experience and other relevant
factors. Individual credit limits are set for each customer based on internal ratings. The compliance
with credit limits is regularly monitored by the Group. A default on a trade receivable is when the
counterparty fails to make contractual payments within the stated payment terms. Trade receivables
and contract assets are written off when there is no reasonable expectation of recovery.
The carrying amounts of financial assets, trade receivables and contract assets represent the
maximum credit exposure.
Trade receivables and contract assets are subject to impairment using the expected credit loss
model. The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected credit loss allowance for all trade receivables and contract assets. To
measure the expected credit losses, trade receivables and contract assets have been grouped based
on shared credit risk characteristics and the days past due. See note 22 for further details about
trade receivables and contract assets including movements in provisions for bad and doubtful debts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-765": { "value": "
Treasury policy
Pearson\u2019s treasury policies set out the Group\u2019s principles for addressing key financial risks including
capital risk, liquidity risk, foreign exchange risk and interest rate risk, and sets out measurable targets
for each. The Audit Committee receives quarterly reports incorporating compliance with measurable
targets and reviews and approves any changes to treasury policies annually.
The treasury function is permitted to use derivatives where their use reduces a risk or allows a
transaction to be undertaken more cost effectively. Derivatives permitted include swaps, forwards
and collars to manage foreign exchange and interest rate risk, with foreign exchange swap and
forward contracts the most commonly executed. Speculative transactions are not permitted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-766": { "value": "
Capital risk
The Group\u2019s objectives when managing capital are:
\u2014 To maintain a strong balance sheet and a solid investment grade rating;
\u2014 To continue to invest in the business organically and through acquisitions; and
\u2014 To have a sustainable and progressive dividend policy.
At 31 December 2024, the Group and its bonds were rated BBB (stable outlook) with Fitch Ratings
Limited and Baa2 (stable outlook) with Moody\u2019s Investor Services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-767": { "value": "
Net debt
The Group\u2019s net debt position is set out below:
All figures in \u00a3 millions
2024
2023
Cash and cash equivalents
543
312
Overdrafts
\u2013
(3)
Derivative financial instruments
(7)
5
Bonds
(955)
(611)
Investment in finance lease receivable
83
100
Lease liabilities
(517)
(547)
Net debt
(853)
(744)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-768": { "value": "Interest and foreign exchange rate management The Group\u2019s principal currency exposure is to the US dollar which represents 69% of the Group\u2019s sales. The Group\u2019s long-term debt is primarily held in US dollars to provide a natural hedge of this exposure, which is achieved through issued US dollar debt or converting euro debt to US dollars using cross-currency swaps, forwards and collars. As at 31 December 2024 and 2023, the Group\u2019s debt of \u00a31,472m (2023: \u00a31,161m) is all issued at fixed rates. See note 16 for details of the Group\u2019s hedging programme which addresses interest rate risk and foreign currency risk. Overseas profits are converted to sterling to satisfy sterling cash outflows such as dividends at the prevailing spot rate at the time of the transaction. To the extent the Group has sufficient sterling, US dollars may be held as dollar cash to provide a natural offset to the Group\u2019s debt or to satisfy future US dollar cash outflows. The Group does not have significant cross-border foreign exchange transactional exposures. As at 31 December 2024, the sensitivity of the carrying value of the Group\u2019s financial instruments to fluctuations in interest rates and exchange rates is as follows:
2024
Impact of Impact of Impact
1% increase 1% decrease Impact of 10% of 10%
Carrying in interest in interest strengthening weakening in
All figures in \u00a3 millions value rates rates in sterling sterling
Investments in listed and unlisted
securities
141
\u2013
\u2013
(10)
12
Other receivable
12
\u2013
\u2013
(1)
1
Cash and cash equivalents
543
\u2013
\u2013
(32)
40
Derivative financial instruments
(7)
4
(4)
22
(24)
Bonds
(955)
\u2013
\u2013
23
(28)
Other borrowings
(517)
\u2013
\u2013
19
(23)
Investment in finance lease
receivable
83
\u2013
\u2013
(8)
9
Deferred and contingent
consideration
(22)
\u2013
\u2013
2
(2)
Other net financial assets
412
\u2013
\u2013
(32)
40
Total
(310)
4
(4)
(17)
25
2023
Impact of 1% Impact of 1% Impact of 10% Impact of 10%
Carrying increase in decrease in strengthening weakening in
All figures in \u00a3 millions value interest rates interest rates in sterling sterling
Investments in unlisted securities
143
\u2013
\u2013
(10)
12
Other receivable
12
\u2013
\u2013
(1)
1
Cash and cash equivalents
312
\u2013
\u2013
(24)
30
Derivative financial instruments
5
15
(15)
(5)
19
Bonds
(611)
2
(2)
24
(29)
Other borrowings
(550)
\u2013
\u2013
21
(26)
Investment in finance lease
receivable
100
\u2013
\u2013
(9)
11
Deferred and contingent
consideration
(57)
\u2013
\u2013
3
(4)
Other net financial assets
378
\u2013
\u2013
(31)
38
Total
(268)
17
(17)
(32)
52
The table above shows the sensitivities of the values of each class of financial instrument to an isolated change in either interest rates or foreign exchange rates. Other net financial assets comprise trade receivables less trade payables. When calculating the impact of the sensitivity of each class of financial instrument to foreign exchange rates, with the exception of net debt (including cash balances), the Group is mainly exposed to translational risk rather than transactional risk as transactions are mainly carried out in the currency that they are recorded in. The calculation excludes the impact of unhedged intercompany positions. As a result, a significant proportion of the movements shown above would impact equity rather than the income statement due to the location and functional currency of the entities in which they arise and the availability of net investment hedging. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-769": { "value": "Liquidity and refinancing risk management The Group regularly reviews the level of cash and debt facilities required to fund its activities. This involves preparing a prudent cash flow forecast for the next three to five years, determining the level of debt facilities required to fund the business, planning for shareholder returns and repayments of maturing debt, and identifying an appropriate amount of headroom to provide a reserve against unexpected outflows. At 31 December 2024, the Group had cash of \u00a30.5bn (2023: \u00a30.3bn), and no outstanding drawings (2023: \u00a3nil) on the US dollar denominated revolving credit facility due 2028 of $1bn (2023: $1bn). The $1bn facility contains interest cover and leverage covenants which the Group has complied with for the year ended 31 December 2024. The maturity of the carrying values of the Group\u2019s borrowings and trade payables are set out in notes 18 and 24 respectively. In 2024, the Group issued a new \u00a3350m 5.375% GBP denominated Education Bond. At the end of 2024, the currency split of the Group\u2019s trade payables was US dollar \u00a3191m (2023: \u00a3228m), sterling \u00a351m (2023: \u00a364m) and other currencies \u00a331m (2023: \u00a325m). Trade payables are all due within one year (2023: all due within one year).
The table below analyses the Group\u2019s bonds and derivative assets and liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date.
Short dated derivative instruments have not been included in this table. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest) and as such may differ from the
amounts disclosed on the balance sheet.
Any cash flows based on a floating rate are calculated using interest rates as set at the date of the last rate reset. Where this is not possible, floating rates are based on interest rates prevailing at 31 December
in the relevant year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-770": { "value": "
Analysed by maturity Analysed by currency
Greater than one Later than one
month and less year but less Five years
All figures in \u00a3 millions than one year than five years
or more
Total
USD
GBP
Other
Total
At 31 December 2024
Bonds
250
\u2013
705
955
\u2013
705
250
955
Rate derivatives \u2013 inflows
(394)
(3)
(17)
(414)
(2)
(163)
(249)
(414)
Rate derivatives \u2013 outflows
408
1
3
412
176
235
1
412
FX forwards \u2013 inflows
(1,034)
\u2013
\u2013
(1,034)
\u2013
(1,034)
\u2013
(1,034)
FX forwards \u2013 outflows
1,049
\u2013
\u2013
1,049
1,049
\u2013
\u2013
1,049
Total
279
(2)
691
968
1,223
(257)
2
968
At 31 December 2023
Bonds
\u2013
257
354
611
\u2013
354
257
611
Rate derivatives \u2013 inflows
(13)
(262)
\u2013
(275)
(6)
(9)
(260)
(275)
Rate derivatives \u2013 outflows
5
268
\u2013
273
178
89
6
273
FX forwards \u2013 inflows
(428)
\u2013
\u2013
(428)
\u2013
(428)
\u2013
(428)
FX forwards \u2013 outflows
421
\u2013
\u2013
421
421
\u2013
\u2013
421
Total
(15)
263
354
602
593
6
3
602
Financial counterparty and credit risk management
Financial counterparty and credit risk arises from cash and cash equivalents, favourable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to
customers, including outstanding receivables. Counterparty credit limits, which take published credit rating and other factors into account, are set to cover the Group\u2019s total aggregate exposure to a single
financial institution. The limits applicable to published credit rating bands are approved by the Chief Financial Officer within guidelines approved by the Board. Exposures and limits applicable to each financial
institution are reviewed on a regular basis.
Cash deposits and derivative transactions are made with approved counterparties up to pre-agreed limits. To manage counterparty risk associated with cash and cash equivalents, the Group uses a mixture of
money market funds as well as bank deposits. As at 31 December 2024, 86% (2023: 75%) of cash and cash equivalents was held with investment grade bank counterparties, 12% (2023: 10%) with AAA money
market funds and 2% (2023: 15%) with non-investment grade bank counterparties.
For trade receivables and contract assets, the Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, risk associated with the industry and country in which customers operate may also influence the credit risk. The credit quality of customers is assessed by taking into account financial position, past experience and other relevant factors. Individual credit limits are set for each customer based on internal ratings. The compliance with credit limits is regularly monitored by the Group. A default on a trade receivable is when the counterparty fails to make contractual payments within the stated payment terms. Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. The carrying amounts of financial assets, trade receivables and contract assets represent the maximum credit exposure. Trade receivables and contract assets are subject to impairment using the expected credit loss model. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. See note 22 for further details about trade receivables and contract assets including movements in provisions for bad and doubtful debts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-795": { "value": "20. Intangible assets \u2013 product development
All figures in \u00a3 millions
2024
2023
Cost
At 1 January
2,517
2,918
Exchange differences
17
(121)
Additions
284
300
Disposals and retirements
(309)
(550)
Disposal of businesses (note 31)
\u2013
(29)
Transfers
5
(1)
At 31 December
2,514
2,517
Amortisation
At 1 January
(1,570)
(1,943)
Exchange differences
(14)
92
Charge for the year
(287)
(280)
Impairment
(4)
(4)
Disposals and retirements
309
550
Disposal of businesses (note 31)
\u2013
14
Transfers
(1)
1
At 31 December
(1,567)
(1,570)
Carrying amounts at 31 December
947
947
Product development assets are assessed for impairment triggers on an annual basis or when triggering events occur. In 2024, of the \u00a34m (2023: \u00a34m; 2022: \u00a315m) impairment charges, \u00a3nil (2023: \u00a3nil; 2022: \u00a313m) have been recognised as a result of asset write-offs related to the major reorganisation programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-720": { "value": "
21. Inventories
All figures in \u00a3 millions
2024
2023
Raw materials
5
4
Work in progress
2
1
Finished goods
63
81
Returns asset
4
5
74
91
The cost of inventories recognised as an expense and included in the income statement in cost of
goods sold amounted to \u00a3129m (2023: \u00a3155m; 2022: \u00a3166m) including \u00a37m (2023: \u00a319m; 2022:
\u00a316m) of inventory provisions. None of the inventory is pledged as security. Included within the
inventory balance is the estimation of the right to receive goods from contracts with customers via
returns. The value of the returns asset is measured at the carrying amount of the assets at the time
of sale aligned to the Group\u2019s normal inventory valuation methodology less any expected costs to
recover the asset and any expected reduction in value. Impairment charges against the inventory
returns asset are \u00a3nil in 2024 (2023: \u00a3nil; 2022: \u00a3nil). The returns asset all relates to finished
goods. The year-on-year reduction in inventories is due to the Group\u2019s digital-first strategy and the
increasing shift towards print on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-721": { "value": "
22. Trade and other receivables
All figures in \u00a3 millions
2024
2023
Current
Trade receivables
605
694
Contract assets - unbilled
1
71
\u2013
Investment in finance lease receivable
19
18
Prepayments and other receivables
335
338
1,030
1,050
Non-current
Trade receivables
9
1
Contract assets - unbilled
1
\u2013
\u2013
Investment in finance lease receivable
64
82
Prepayments and other receivables
52
52
125
135
1. In 2024, contract assets - unbilled have been shown separately from trade receivables. The 2023 comparative
has not been restated on the grounds of materiality.
Contract assets - unbilled represents contract assets which are unbilled amounts generally resulting
from US assessments where the performance obligations are yet to be fully delivered and therefore
the revenue to be recognised over time has been recognised in excess of customer billings to date.
Impairment charges on these contract assets are \u00a3nil (2023: \u00a3nil). Where performance obligations
have been fully delivered but the amounts have not yet been billed, these are included within trade
receivables. Contract assets arising from costs incurred to obtain a contract are included in other
receivables. The carrying value of the Group\u2019s trade and other receivables approximates its fair value.
Trade receivables are stated net of provisions for bad and doubtful debts.
The movements in the provision for bad and doubtful debts are as follows:
All figures in \u00a3 millions
2024
2023
At 1 January
(51)
(69)
Exchange differences
2
2
Income statement movements
(4)
3
Utilised
13
9
Disposal of businesses
\u2013
4
At 31 December
(40)
(51)
Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s large
number of customers, who are internationally dispersed.
The ageing of the Group\u2019s gross trade receivables is as follows:
All figures in \u00a3 millions
2024
2023
Contract assets - unbilled
1
71
\u2013
Within due date and one month past due date
488
564
One to three months past due date
53
83
Three to six months past due date
22
25
Six to nine months past due date
24
12
Nine to 12 months past due date
13
8
More than 12 months past due date
54
54
Gross trade receivables
725
746
1. In 2024, contract assets - unbilled have been shown separately from trade receivables. The 2023 comparative
has not been restated on the grounds of materiality.
The Group reviews its bad debt provision at least twice a year following a detailed review of
receivable balances, historical payment profiles, and assessment of relevant forward-looking risk
factors including macroeconomic trends. Management believes all the remaining receivable balances
are fully recoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-771": { "value": "
All figures in \u00a3 millions
2024
2023
Current
Trade receivables
605
694
Contract assets - unbilled
1
71
\u2013
Investment in finance lease receivable
19
18
Prepayments and other receivables
335
338
1,030
1,050
Non-current
Trade receivables
9
1
Contract assets - unbilled
1
\u2013
\u2013
Investment in finance lease receivable
64
82
Prepayments and other receivables
52
52
125
135
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-722": { "value": "
23. Provisions for other liabilities and charges
Legal
All figures in \u00a3 millions
Property
and other
Total
At 1 January 2024
24
16
40
Provisions made during the year
1
23
24
Provisions reversed during the year
(9)
(2)
(11)
Provisions used during the year
(1)
(16)
(17)
At 31 December 2024
15
21
36
Analysis of provisions:
2024
Legal
All figures in \u00a3 millions Property
and other
Total
Current
3
20
23
Non-current
12
1
13
15
21
36
2023
Current
11
14
25
Non-current
13
2
15
24
16
40
Legal and other includes legal claims, contract disputes and potential contract losses with the
provisions utilised as the cases are settled. Also included in legal and other are other restructuring
provisions that are generally utilised within one year.
The year on year decrease in provisions is mainly due to the utilisation and release of reorganisation
and property provisions in the year, partially offset by an increase in provisions for ongoing legal
matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-772": { "value": "23. Provisions for other liabilities and charges
Legal
All figures in \u00a3 millions
Property
and other
Total
At 1 January 2024
24
16
40
Provisions made during the year
1
23
24
Provisions reversed during the year
(9)
(2)
(11)
Provisions used during the year
(1)
(16)
(17)
At 31 December 2024
15
21
36
Analysis of provisions:
2024
Legal
All figures in \u00a3 millions Property
and other
Total
Current
3
20
23
Non-current
12
1
13
15
21
36
2023
Current
11
14
25
Non-current
13
2
15
24
16
40
Legal and other includes legal claims, contract disputes and potential contract losses with the provisions utilised as the cases are settled. Also included in legal and other are other restructuring provisions that are generally utilised within one year. The year on year decrease in provisions is mainly due to the utilisation and release of reorganisation and property provisions in the year, partially offset by an increase in provisions for ongoing legal matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-723": { "value": "
24. Trade and other liabilities
All figures in \u00a3 millions
2024
2023
Current
Trade payables
273
317
Sales return liability
27
31
Deferred income
329
295
Interest payable
12
4
Accruals and other liabilities
413
628
1,054
1,275
Non-current
Deferred income
62
73
Accruals and other liabilities
21
25
83
98
The carrying value of the Group\u2019s trade and other liabilities approximates its fair value. The deferred
income balance comprises contract liabilities in respect of advance payments in assessment, testing
and training businesses; subscription income in school and college businesses; and obligations to
deliver digital content in future periods. The decrease in trade and other liabilities held by the Group
is driven primarily by the reduction in the accrual for share buyback programmes, the payment of
deferred consideration in relation to previous acquisitions as well as the timing of certain working
capital payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-773": { "value": "24. Trade and other liabilities
All figures in \u00a3 millions
2024
2023
Current
Trade payables
273
317
Sales return liability
27
31
Deferred income
329
295
Interest payable
12
4
Accruals and other liabilities
413
628
1,054
1,275
Non-current
Deferred income
62
73
Accruals and other liabilities
21
25
83
98
The carrying value of the Group\u2019s trade and other liabilities approximates its fair value. The deferred income balance comprises contract liabilities in respect of advance payments in assessment, testing and training businesses; subscription income in school and college businesses; and obligations to deliver digital content in future periods. The decrease in trade and other liabilities held by the Group is driven primarily by the reduction in the accrual for share buyback programmes, the payment of deferred consideration in relation to previous acquisitions as well as the timing of certain working capital payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-796": { "value": "
All figures in \u00a3 millions
2024
2023
Current
Trade payables
273
317
Sales return liability
27
31
Deferred income
329
295
Interest payable
12
4
Accruals and other liabilities
413
628
1,054
1,275
Non-current
Deferred income
62
73
Accruals and other liabilities
21
25
83
98
The carrying value of the Group\u2019s trade and other liabilities approximates its fair value. The deferred income balance comprises contract liabilities in respect of advance payments in assessment, testing and training businesses; subscription income in school and college businesses; and obligations to deliver digital content in future periods. The decrease in trade and other liabilities held by the Group is driven primarily by the reduction in the accrual for share buyback programmes, the payment of deferred consideration in relation to previous acquisitions as well as the timing of certain working capital payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-774": { "value": "25. Retirement benefit and other post-retirement obligations Background The Group operates a number of defined benefit and defined contribution retirement plans throughout the world. The largest plan is the Pearson Pension Plan (UK Group plan) in the UK, which is sectionalised to provide both defined benefit and defined contribution pension benefits. The defined benefit section was largely closed to new members from 1 November 2006. The defined contribution section, opened in 2003, is open to new and existing employees. Finally, there is a separate section within the UK Group plan set up for auto-enrolment. The defined benefit section of the UK Group plan is a final salary pension plan which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits depends on the length of service and final pensionable pay. KJ Key judgements \u2014 Whether the Group will be eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. KE Key areas of estimation \u2014 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity. The defined contribution section of the UK Group plan operates a Reference Scheme Test (RST) pension underpin for its members. Where a member\u2019s fund value is insufficient to purchase the RST pension upon retirement, the UK Group plan is liable for the shortfall to cover the member\u2019s RST pension. In addition, in recent years, the scheme rules were amended to enable members who have sufficient funds to purchase an RST pension the ability to convert their fund value into a pension in the UK Group plan as an alternative to purchasing an annuity with an insurer. The Group recognises any assets and liabilities relating to these features of the defined contribution section as part of the overall UK Group plan obligation. The Group also recognises the assets and liabilities for all members of the defined contribution section of the UK Group plan, accounting for the whole defined contribution section as a defined benefit scheme under IAS 19 \u2018Employee Benefits\u2019 as there is a risk the underpin will require the Group to pay further contributions to the scheme. The UK Group plan is funded with benefit payments from trustee-administered funds. The UK Group plan is administered in accordance with the Trust Deed and Rules in the interests of its beneficiaries by Pearson Pension Trustee Limited. At 31 December 2024, the UK Group plan had approximately 25,900 members, analysed in the following table:
All figures in %
Active
Deferred
Pensioners
Total
Defined benefit
\u2013
13
34
47
Defined contribution
11
42
\u2013
53
Total
11
55
34
100
The other major defined benefit plans are based in the US. These are also final salary pension plans which provide benefits to members in the form of a guaranteed pension payable for life, with the level of benefits dependent on length of service and final pensionable pay. The majority of the US plans are fully funded. The Group also has several post-retirement medical benefit plans (PRMBs), principally in the US. PRMBs are unfunded but are accounted for and valued similarly to defined benefit pension plans. The defined benefit schemes expose the Group to actuarial risks, such as life expectancy, inflation risks and investment risk including asset volatility and changes in bond yields. The Group is not exposed to any unusual, entity-specific or plan-specific risks. Assumptions The principal assumptions used for the UK Group plan and the US PRMB are shown below. Weighted average assumptions have been shown for the other plans, which primarily relate to US pension plans.
2024
2023
2022
UK
Group Other UK Group Other UK Group Other
All figures in % plan
plans
PRMB
plan
plans
PRMB
plan
plans
PRMB
Inflation
3.1
2.0
\u2013
3.0
2.0
\u2013
3.4
2.0
\u2013
Rate used to
discount plan
liabilities
5.5
5.1
5.4
4.6
4.9
5.0
4.9
5.3
5.3
Expected rate
of increase in
salaries
3.6
2.5
\u2013
3.5
2.5
\u2013
3.9
2.9
\u2013
Expected rate
of increase
for pensions
in payment
and deferred 1.85 to 1.75 to 1.95 to
pensions
5.15
\u2013
\u2013
5.10
\u2013
\u2013
5.20
\u2013
\u2013
Initial rate of
increase in
healthcare rate
\u2013
\u2013
7.0
\u2013
\u2013
6.5
\u2013
\u2013
6.5
Ultimate rate
of increase in
healthcare rate
\u2013
\u2013
5.0
\u2013
\u2013
5.0
\u2013
\u2013
5.0
The UK discount rate is based on corporate bond yields adjusted to reflect the duration of liabilities. The inflation rate for the UK Group plan of 3.1% (2023: 3.0%) reflects the RPI rate. In line with changes to legislation in 2010, certain benefits have been calculated with reference to CPI as the inflationary measure and in these instances a rate of 2.5% (2023: 2.3%) has been used. The CPI rate is determined as a weighted average deduction from the RPI rate, and allows for the expected change to the formula for calculating RPI to be in line with CPIH from 2030 onwards. For the UK Group plan, the mortality base table assumptions are derived from the SAPS S4 for males and females, adjusted to reflect the observed experience of the plan, with CMI model improvement factors. A 1.5% long-term rate improvement on the CMI 2023 model is applied for both males and females, with a weighting to 2022 and 2023 mortality experience in the CMI model of 20% to reflect current trends in life expectancy. Life expectancy remains uncertain in the current environment and is an area of judgement. For the US plans, a mortality table (Pri \u2013 2012) and 2021 improvement scale (MP \u2013 2021) with generational projection for male and female annuitants has been adopted. Using the above tables, the remaining average life expectancy in years of a pensioner retiring at age 65 on the balance sheet date for the UK Group plan and US plans is as follows:
UK
US
All figures in years
2024
2023
2022
2024
2023
2022
Male
21.3
21.8
22.5
20.7
20.7
20.6
Female
24.5
24.1
24.7
22.7
22.6
22.6
The remaining average life expectancy in years of a pensioner retiring at age 65, 20 years after the balance sheet date, for the UK and US Group plans is as follows:
UK
US
All figures in years
2024
2023
2022
2024
2023
2022
Male
22.9
23.4
24.1
22.2
22.2
22.1
Female
26.2
25.8
26.4
24.1
24.1
24.0
Although the Group anticipates that plan surpluses will be utilised during the life of the plan to address member benefits, the Group recognises its pension surplus in full in respect of the UK Group plan on the basis that it is management\u2019s judgement that there are no substantive restrictions on the return of residual plan assets in the event of a winding up of the plan after all member obligations have been met. Financial statement information The amounts recognised in the income statement are as follows:
2024
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan
other
Sub-total
contribution
PRMB
Total
Current service cost
17
2
19
41
\u2013
60
Past service cost
13
\u2013
13
\u2013
\u2013
13
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
38
2
40
41
\u2013
81
Interest on plan assets
(138)
(5)
(143)
\u2013
\u2013
(143)
Interest on plan liabilities
116
5
121
\u2013
1
122
Net finance
(income)/expense
(22)
\u2013
(22)
\u2013
1
(21)
Net income
statement charge
16
2
18
41
1
60
2023
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan
other
Sub-total
contribution
PRMB
Total
Current service cost
16
2
18
45
\u2013
63
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
24
2
26
45
\u2013
71
Interest on plan assets
(148)
(5)
(153)
\u2013
\u2013
(153)
Interest on plan liabilities
121
6
127
\u2013
\u2013
127
Net finance
(income)/expense
(27)
1
(26)
\u2013
\u2013
(26)
Net income
statement charge
(3)
3
\u2013
45
\u2013
45
2022
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan
other
Sub-total
contribution
PRMB
Total
Current service cost
17
2
19
46
\u2013
65
Past service cost
3
\u2013
3
\u2013
\u2013
3
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
7
\u2013
7
\u2013
\u2013
7
Total operating
expense
27
2
29
46
\u2013
75
Interest on plan assets
(77)
(3)
(80)
\u2013
\u2013
(80)
Interest on plan liabilities
67
3
70
\u2013
1
71
Net finance
(income)/expense
(10)
\u2013
(10)
\u2013
1
(9)
Net income
statement charge
17
2
19
46
1
66
The amounts recognised in the balance sheet are as follows:
2024
2023
Other Other Other Other
UK Group funded unfunded UK Group funded unfunded
All figures in \u00a3 millions plan plans
plans
Total
plan plans
plans
Total
Fair value of plan assets
2,927
84
\u2013
3,011
3,060
107
\u2013
3,167
Present value of defined
benefit obligation
(2,443)
(77)
(14)
(2,534)
(2,569)
(99)
(15)
(2,683)
Net pension asset/
(liability)
484
7
(14)
477
491
8
(15)
484
Other post-retirement
medical benefit obligation
(19)
(21)
Other pension accruals
(8)
(8)
Net retirement
benefit asset
450
455
Analysed as:
Retirement benefit assets
491
499
Retirement benefit
obligations
(41)
(44)
The following gains/(losses) have been recognised in other comprehensive income:
All figures in \u00a3 millions
2024
2023
2022
Amounts recognised for defined benefit plans
4
(86)
44
Amounts recognised for post-retirement medical benefit
plans
1
1
10
Total recognised in year
5
(85)
54
The fair value of plan assets comprises the following:
2024
2023
UK Group Other UK Group Other
All figures in % plan
funded plans
Total
plan
funded plans
Total
Insurance
31
\u2013
31
33
\u2013
33
Equities
17
1
18
15
1
16
Fixed interest
securities
7
2
9
6
2
8
Property
5
\u2013
5
5
\u2013
5
Pooled asset
investment funds
(including LDI)
22
\u2013
22
24
\u2013
24
Infrastructure
11
\u2013
11
11
\u2013
11
Cash and cash
equivalents
2
\u2013
2
1
\u2013
1
Other
2
\u2013
2
2
\u2013
2
The plan assets do not include any of the Group\u2019s own financial instruments, or any property occupied by the Group. The table below further disaggregates the plan assets into those assets which have a quoted market price in an active market and those that do not:
2024
2023
Quoted No quoted Quoted No quoted
All figures in % market price market price market price market price
Insurance
\u2013
31
\u2013
33
Equities
18
\u2013
16
\u2013
Fixed-interest securities
9
\u2013
8
\u2013
Property
\u2013
5
\u2013
5
Pooled asset investment funds (including LDI)
22
\u2013
24
\u2013
Infrastructure
\u2013
11
\u2013
11
Cash and cash equivalents
\u2013
2
\u2013
1
Other
\u2013
2
\u2013
2
Total
49
51
48
52
The liquidity profile of the UK Group plan assets is as follows:
All figures in %
2024
2023
Liquid \u2013 call <1 month
50
48
Less liquid \u2013 call 1\u20133 months
2
2
Illiquid \u2013 call >3 months
48
50
Changes in the values of plan assets and liabilities of the retirement benefit plans are as follows:
2024
2023
UK Group Other UK Group Other
All figures in \u00a3 millions plan
plans
Total
plan
plans
Total
Fair value of plan assets
Opening fair value of plan assets
3,060
107
3,167
3,088
104
3,192
Exchange differences
\u2013
(2)
(2)
\u2013
(6)
(6)
Interest on plan assets
138
5
143
148
5
153
Return on plan assets excluding interest
(144)
1
(143)
(48)
5
(43)
Contributions by employer
8
1
9
\u2013
15
15
Contributions by employees
7
\u2013
7
7
\u2013
7
Benefits paid
(142)
(12)
(154)
(135)
(14)
(149)
Settlements
\u2013
(16)
(16)
\u2013
(2)
(2)
Closing fair value of plan assets
2,927
84
3,011
3,060
107
3,167
Present value of defined
benefit obligation
Opening defined benefit obligation
(2,569)
(114)
(2,683)
(2,514)
(123)
(2,637)
Exchange differences
\u2013
\u2013
\u2013
\u2013
6
6
Current service cost
(17)
(2)
(19)
(16)
(2)
(18)
Past service cost
(13)
\u2013
(13)
\u2013
\u2013
\u2013
Administration expenses
(8)
\u2013
(8)
(8)
\u2013
(8)
Interest on plan liabilities
(116)
(5)
(121)
(121)
(6)
(127)
Actuarial losses \u2013 experience
(53)
\u2013
(53)
(61)
(2)
(63)
Actuarial gains \u2013 demographic
38
\u2013
38
52
\u2013
52
Actuarial gains/(losses) \u2013 financial
160
2
162
(29)
(3)
(32)
Contributions by employees
(7)
\u2013
(7)
(7)
\u2013
(7)
Benefits paid
142
12
154
135
14
149
Settlements
\u2013
16
16
\u2013
2
2
Closing defined benefit obligation
(2,443)
(91)
(2,534)
(2,569)
(114)
(2,683)
The weighted average duration of the defined benefit obligation is 11 years for the UK and six years for the US. Changes in the value of the US PRMB are as follows:
All figures in \u00a3 millions
2024
2023
Opening defined benefit obligation
(21)
(25)
Exchange differences
\u2013
1
Interest on plan liabilities
(1)
\u2013
Actuarial gains \u2013 experience
1
2
Actuarial losses \u2013 financial
\u2013
(1)
Benefits paid
2
2
Closing defined benefit obligation
(19)
(21)
Funding The UK Group plan is self-administered with the plan\u2019s assets being held independently of the Group in trust. The trustee of the UK Group plan is required to act in the best interest of the plan\u2019s beneficiaries. The most recent triennial actuarial valuation for funding purposes is being completed as at 1 January 2024. It has not yet been finalised but it is expected to be completed in the first half of 2025. We do not expect the finalisation of the triennial actuarial valuation to have any impact on the IAS 19 actuarial valuation. The UK Group plan expects to be able to provide benefits (in accordance with the plan rules) with a very low level of reliance on future funding from the Group. Assets of the final salary section of the UK Group plan are divided into two main elements: liability matching assets and return seeking assets. The UK Group plan\u2019s investment strategy for the final salary section allocates approximately 95% to matching assets and 5% to return-seeking assets. Liability matching assets are assets that produce cash flows that can be expected to match the cash flows for a proportion of the membership, and include a liability-driven investment mandate (LDI) for which a Qualifying Investor Alternative Investment Fund (QIAIF) was established, managed by a subsidiary of Legal & General Investment Management. The QIAIF invests in UK bonds, interest rate/inflation swaps and other derivative instruments in order to reduce interest rate and inflation risks using accurate cash flow matching and risk control. Other liability matching assets include pensioner buy-in insurance policies, bonds and inflation-linked property and infrastructure. Following the purchase of buy-in policies with Legal & General and Aviva in 2017 and 2019, 95% of the UK Group plan\u2019s pensioner liabilities were matched with buy-in policies. These transfer significant longevity risk to Aviva and Legal & General, reducing the pension risks being underwritten by the Group and providing additional security for members. Due to deferred members retiring since 2019 and becoming pensioner members the buy-in policies now cover approximately 75% of the UK Group Plan's pensioner liabilities. Return-seeking assets are assets invested with a longer-term horizon to generate the returns needed to provide the remaining expected cash flows for the beneficiaries, and include diversified growth funds, property and alternative asset classes. Continued economic and geopolitical uncertainty has led to continued uncertainty and volatility in the valuation of certain assets, in particular the LDI and insurance contracts. Movements in the LDI and insurance contracts tend to be offset by equivalent movements in the defined benefit obligation. The UK Group plan divides its assets between a number of investment managers and across different types of assets, as such there is no significant concentration of risk. Regular employer contributions to the UK Group plan in respect of the defined benefit sections are estimated to be \u00a31m for 2025. Sensitivities The effect of a one percentage point increase and decrease in the discount rate on the defined benefit obligation and the total pension expense is as follows:
2024
All figures in \u00a3 millions
1% increase
1% decrease
Effect:
(Decrease)/increase in defined benefit obligation \u2013 UK Group plan
(158)
190
(Decrease)/increase in defined benefit obligation \u2013 US plan
(4)
4
The effect of members living one year more or one year less on the defined benefit obligation is as follows:
2024
One year One year
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
44
(43)
Increase/(decrease) in defined benefit obligation \u2013 US plan
2
(2)
The effect of a half percentage point increase and decrease in the inflation rate is as follows:
2024
All figures in \u00a3 millions
0.5% increase
0.5% decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
36
(36)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in some assumptions may be correlated. When calculating these sensitivities, the same method has been applied to calculate the defined benefit obligation as has been applied when calculating the liability recognised in the balance sheet. This methodology is the same as prior periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-724": { "value": "25. Retirement benefit and other post-retirement obligations Background The Group operates a number of defined benefit and defined contribution retirement plans throughout the world. The largest plan is the Pearson Pension Plan (UK Group plan) in the UK, which is sectionalised to provide both defined benefit and defined contribution pension benefits. The defined benefit section was largely closed to new members from 1 November 2006. The defined contribution section, opened in 2003, is open to new and existing employees. Finally, there is a separate section within the UK Group plan set up for auto-enrolment. The defined benefit section of the UK Group plan is a final salary pension plan which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits depends on the length of service and final pensionable pay. KJ Key judgements \u2014 Whether the Group will be eligible to receive the surplus associated with the UK Group Pension Plan in recognising a pension asset. KE Key areas of estimation \u2014 The determination of the pension cost and defined benefit obligation of the Group\u2019s defined benefit pension schemes depends on the selection of certain assumptions, which include the discount rate, inflation rate, salary growth and longevity. The defined contribution section of the UK Group plan operates a Reference Scheme Test (RST) pension underpin for its members. Where a member\u2019s fund value is insufficient to purchase the RST pension upon retirement, the UK Group plan is liable for the shortfall to cover the member\u2019s RST pension. In addition, in recent years, the scheme rules were amended to enable members who have sufficient funds to purchase an RST pension the ability to convert their fund value into a pension in the UK Group plan as an alternative to purchasing an annuity with an insurer. The Group recognises any assets and liabilities relating to these features of the defined contribution section as part of the overall UK Group plan obligation. The Group also recognises the assets and liabilities for all members of the defined contribution section of the UK Group plan, accounting for the whole defined contribution section as a defined benefit scheme under IAS 19 \u2018Employee Benefits\u2019 as there is a risk the underpin will require the Group to pay further contributions to the scheme. The UK Group plan is funded with benefit payments from trustee-administered funds. The UK Group plan is administered in accordance with the Trust Deed and Rules in the interests of its beneficiaries by Pearson Pension Trustee Limited. At 31 December 2024, the UK Group plan had approximately 25,900 members, analysed in the following table:
All figures in %
Active
Deferred
Pensioners
Total
Defined benefit
\u2013
13
34
47
Defined contribution
11
42
\u2013
53
Total
11
55
34
100
The other major defined benefit plans are based in the US. These are also final salary pension plans which provide benefits to members in the form of a guaranteed pension payable for life, with the level of benefits dependent on length of service and final pensionable pay. The majority of the US plans are fully funded. The Group also has several post-retirement medical benefit plans (PRMBs), principally in the US. PRMBs are unfunded but are accounted for and valued similarly to defined benefit pension plans. The defined benefit schemes expose the Group to actuarial risks, such as life expectancy, inflation risks and investment risk including asset volatility and changes in bond yields. The Group is not exposed to any unusual, entity-specific or plan-specific risks.
Assumptions
The principal assumptions used for the UK Group plan and the US PRMB are shown below.
Weighted average assumptions have been shown for the other plans, which primarily relate to
US pension plans.
2024
2023
2022
UK
Group Other UK Group Other UK Group Other
All figures in % plan
plans
PRMB
plan
plans
PRMB
plan
plans
PRMB
Inflation
3.1
2.0
\u2013
3.0
2.0
\u2013
3.4
2.0
\u2013
Rate used to
discount plan
liabilities
5.5
5.1
5.4
4.6
4.9
5.0
4.9
5.3
5.3
Expected rate
of increase in
salaries
3.6
2.5
\u2013
3.5
2.5
\u2013
3.9
2.9
\u2013
Expected rate
of increase
for pensions
in payment
and deferred 1.85 to 1.75 to 1.95 to
pensions
5.15
\u2013
\u2013
5.10
\u2013
\u2013
5.20
\u2013
\u2013
Initial rate of
increase in
healthcare rate
\u2013
\u2013
7.0
\u2013
\u2013
6.5
\u2013
\u2013
6.5
Ultimate rate
of increase in
healthcare rate
\u2013
\u2013
5.0
\u2013
\u2013
5.0
\u2013
\u2013
5.0
The UK discount rate is based on corporate bond yields adjusted to reflect the duration of liabilities.
The inflation rate for the UK Group plan of 3.1% (2023: 3.0%) reflects the RPI rate. In line with
changes to legislation in 2010, certain benefits have been calculated with reference to CPI as the
inflationary measure and in these instances a rate of 2.5% (2023: 2.3%) has been used. The CPI
rate is determined as a weighted average deduction from the RPI rate, and allows for the expected
change to the formula for calculating RPI to be in line with CPIH from 2030 onwards.
For the UK Group plan, the mortality base table assumptions are derived from the SAPS S4 for males
and females, adjusted to reflect the observed experience of the plan, with CMI model improvement
factors. A 1.5% long-term rate improvement on the CMI 2023 model is applied for both males and
females, with a weighting to 2022 and 2023 mortality experience in the CMI model of 20% to reflect
current trends in life expectancy. Life expectancy remains uncertain in the current environment and
is an area of judgement.
For the US plans, a mortality table (Pri \u2013 2012) and 2021 improvement scale (MP \u2013 2021) with
generational projection for male and female annuitants has been adopted.
Using the above tables, the remaining average life expectancy in years of a pensioner retiring at age
65 on the balance sheet date for the UK Group plan and US plans is as follows:
UK
US
All figures in years
2024
2023
2022
2024
2023
2022
Male
21.3
21.8
22.5
20.7
20.7
20.6
Female
24.5
24.1
24.7
22.7
22.6
22.6
The remaining average life expectancy in years of a pensioner retiring at age 65, 20 years after the
balance sheet date, for the UK and US Group plans is as follows:
UK
US
All figures in years
2024
2023
2022
2024
2023
2022
Male
22.9
23.4
24.1
22.2
22.2
22.1
Female
26.2
25.8
26.4
24.1
24.1
24.0
Although the Group anticipates that plan surpluses will be utilised during the life of the plan to
address member benefits, the Group recognises its pension surplus in full in respect of the UK
Group plan on the basis that it is management\u2019s judgement that there are no substantive restrictions
on the return of residual plan assets in the event of a winding up of the plan after all member
obligations have been met.
Financial statement information
The amounts recognised in the income statement are as follows:
2024
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan
other
Sub-total
contribution
PRMB
Total
Current service cost
17
2
19
41
\u2013
60
Past service cost
13
\u2013
13
\u2013
\u2013
13
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
38
2
40
41
\u2013
81
Interest on plan assets
(138)
(5)
(143)
\u2013
\u2013
(143)
Interest on plan liabilities
116
5
121
\u2013
1
122
Net finance
(income)/expense
(22)
\u2013
(22)
\u2013
1
(21)
Net income
statement charge
16
2
18
41
1
60
2023
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan
other
Sub-total
contribution
PRMB
Total
Current service cost
16
2
18
45
\u2013
63
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
8
\u2013
8
\u2013
\u2013
8
Total operating expense
24
2
26
45
\u2013
71
Interest on plan assets
(148)
(5)
(153)
\u2013
\u2013
(153)
Interest on plan liabilities
121
6
127
\u2013
\u2013
127
Net finance
(income)/expense
(27)
1
(26)
\u2013
\u2013
(26)
Net income
statement charge
(3)
3
\u2013
45
\u2013
45
2022
Defined
UK Group benefit Defined
All figures in \u00a3 millions plan
other
Sub-total
contribution
PRMB
Total
Current service cost
17
2
19
46
\u2013
65
Past service cost
3
\u2013
3
\u2013
\u2013
3
Settlements
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Administration expenses
7
\u2013
7
\u2013
\u2013
7
Total operating
expense
27
2
29
46
\u2013
75
Interest on plan assets
(77)
(3)
(80)
\u2013
\u2013
(80)
Interest on plan liabilities
67
3
70
\u2013
1
71
Net finance
(income)/expense
(10)
\u2013
(10)
\u2013
1
(9)
Net income
statement charge
17
2
19
46
1
66
The amounts recognised in the balance sheet are as follows:
2024
2023
Other Other Other Other
UK Group funded unfunded UK Group funded unfunded
All figures in \u00a3 millions plan plans
plans
Total
plan plans
plans
Total
Fair value of plan assets
2,927
84
\u2013
3,011
3,060
107
\u2013
3,167
Present value of defined
benefit obligation
(2,443)
(77)
(14)
(2,534)
(2,569)
(99)
(15)
(2,683)
Net pension asset/
(liability)
484
7
(14)
477
491
8
(15)
484
Other post-retirement
medical benefit obligation
(19)
(21)
Other pension accruals
(8)
(8)
Net retirement
benefit asset
450
455
Analysed as:
Retirement benefit assets
491
499
Retirement benefit
obligations
(41)
(44)
The following gains/(losses) have been recognised in other comprehensive income:
All figures in \u00a3 millions
2024
2023
2022
Amounts recognised for defined benefit plans
4
(86)
44
Amounts recognised for post-retirement medical benefit
plans
1
1
10
Total recognised in year
5
(85)
54
The fair value of plan assets comprises the following:
2024
2023
UK Group Other UK Group Other
All figures in % plan
funded plans
Total
plan
funded plans
Total
Insurance
31
\u2013
31
33
\u2013
33
Equities
17
1
18
15
1
16
Fixed interest
securities
7
2
9
6
2
8
Property
5
\u2013
5
5
\u2013
5
Pooled asset
investment funds
(including LDI)
22
\u2013
22
24
\u2013
24
Infrastructure
11
\u2013
11
11
\u2013
11
Cash and cash
equivalents
2
\u2013
2
1
\u2013
1
Other
2
\u2013
2
2
\u2013
2
The plan assets do not include any of the Group\u2019s own financial instruments, or any property
occupied by the Group. The table below further disaggregates the plan assets into those assets
which have a quoted market price in an active market and those that do not:
2024
2023
Quoted No quoted Quoted No quoted
All figures in % market price market price market price market price
Insurance
\u2013
31
\u2013
33
Equities
18
\u2013
16
\u2013
Fixed-interest securities
9
\u2013
8
\u2013
Property
\u2013
5
\u2013
5
Pooled asset investment funds (including LDI)
22
\u2013
24
\u2013
Infrastructure
\u2013
11
\u2013
11
Cash and cash equivalents
\u2013
2
\u2013
1
Other
\u2013
2
\u2013
2
Total
49
51
48
52
The liquidity profile of the UK Group plan assets is as follows:
All figures in %
2024
2023
Liquid \u2013 call <1 month
50
48
Less liquid \u2013 call 1\u20133 months
2
2
Illiquid \u2013 call >3 months
48
50
Changes in the values of plan assets and liabilities of the retirement benefit plans are as follows:
2024
2023
UK Group Other UK Group Other
All figures in \u00a3 millions plan
plans
Total
plan
plans
Total
Fair value of plan assets
Opening fair value of plan assets
3,060
107
3,167
3,088
104
3,192
Exchange differences
\u2013
(2)
(2)
\u2013
(6)
(6)
Interest on plan assets
138
5
143
148
5
153
Return on plan assets excluding interest
(144)
1
(143)
(48)
5
(43)
Contributions by employer
8
1
9
\u2013
15
15
Contributions by employees
7
\u2013
7
7
\u2013
7
Benefits paid
(142)
(12)
(154)
(135)
(14)
(149)
Settlements
\u2013
(16)
(16)
\u2013
(2)
(2)
Closing fair value of plan assets
2,927
84
3,011
3,060
107
3,167
Present value of defined
benefit obligation
Opening defined benefit obligation
(2,569)
(114)
(2,683)
(2,514)
(123)
(2,637)
Exchange differences
\u2013
\u2013
\u2013
\u2013
6
6
Current service cost
(17)
(2)
(19)
(16)
(2)
(18)
Past service cost
(13)
\u2013
(13)
\u2013
\u2013
\u2013
Administration expenses
(8)
\u2013
(8)
(8)
\u2013
(8)
Interest on plan liabilities
(116)
(5)
(121)
(121)
(6)
(127)
Actuarial losses \u2013 experience
(53)
\u2013
(53)
(61)
(2)
(63)
Actuarial gains \u2013 demographic
38
\u2013
38
52
\u2013
52
Actuarial gains/(losses) \u2013 financial
160
2
162
(29)
(3)
(32)
Contributions by employees
(7)
\u2013
(7)
(7)
\u2013
(7)
Benefits paid
142
12
154
135
14
149
Settlements
\u2013
16
16
\u2013
2
2
Closing defined benefit obligation
(2,443)
(91)
(2,534)
(2,569)
(114)
(2,683)
The weighted average duration of the defined benefit obligation is 11 years for the UK and six years
for the US.
Changes in the value of the US PRMB are as follows:
All figures in \u00a3 millions
2024
2023
Opening defined benefit obligation
(21)
(25)
Exchange differences
\u2013
1
Interest on plan liabilities
(1)
\u2013
Actuarial gains \u2013 experience
1
2
Actuarial losses \u2013 financial
\u2013
(1)
Benefits paid
2
2
Closing defined benefit obligation
(19)
(21)
Funding
The UK Group plan is self-administered with the plan\u2019s assets being held independently of the
Group in trust. The trustee of the UK Group plan is required to act in the best interest of the plan\u2019s
beneficiaries. The most recent triennial actuarial valuation for funding purposes is being completed
as at 1 January 2024. It has not yet been finalised but it is expected to be completed in the first half
of 2025. We do not expect the finalisation of the triennial actuarial valuation to have any impact
on the IAS 19 actuarial valuation. The UK Group plan expects to be able to provide benefits (in
accordance with the plan rules) with a very low level of reliance on future funding from the Group.
Assets of the final salary section of the UK Group plan are divided into two main elements: liability
matching assets and return seeking assets. The UK Group plan\u2019s investment strategy for the final
salary section allocates approximately 95% to matching assets and 5% to return-seeking assets.
Liability matching assets are assets that produce cash flows that can be expected to match the cash
flows for a proportion of the membership, and include a liability-driven investment mandate (LDI)
for which a Qualifying Investor Alternative Investment Fund (QIAIF) was established, managed by
a subsidiary of Legal & General Investment Management. The QIAIF invests in UK bonds, interest
rate/inflation swaps and other derivative instruments in order to reduce interest rate and inflation
risks using accurate cash flow matching and risk control. Other liability matching assets include
pensioner buy-in insurance policies, bonds and inflation-linked property and infrastructure.
Following the purchase of buy-in policies with Legal & General and Aviva in 2017 and 2019, 95% of
the UK Group plan\u2019s pensioner liabilities were matched with buy-in policies. These transfer significant
longevity risk to Aviva and Legal & General, reducing the pension risks being underwritten by the
Group and providing additional security for members. Due to deferred members retiring since 2019
and becoming pensioner members the buy-in policies now cover approximately 75% of the UK
Group Plan's pensioner liabilities.
Return-seeking assets are assets invested with a longer-term horizon to generate the returns
needed to provide the remaining expected cash flows for the beneficiaries, and include diversified
growth funds, property and alternative asset classes. Continued economic and geopolitical
uncertainty has led to continued uncertainty and volatility in the valuation of certain assets, in
particular the LDI and insurance contracts.
Movements in the LDI and insurance contracts tend to be offset by equivalent movements in the defined benefit obligation. The UK Group plan divides its assets between a number of investment managers and across different types of assets, as such there is no significant concentration of risk. Regular employer contributions to the UK Group plan in respect of the defined benefit sections are estimated to be \u00a31m for 2025. Sensitivities The effect of a one percentage point increase and decrease in the discount rate on the defined benefit obligation and the total pension expense is as follows:
2024
All figures in \u00a3 millions
1% increase
1% decrease
Effect:
(Decrease)/increase in defined benefit obligation \u2013 UK Group plan
(158)
190
(Decrease)/increase in defined benefit obligation \u2013 US plan
(4)
4
The effect of members living one year more or one year less on the defined benefit obligation is as follows:
2024
One year One year
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
44
(43)
Increase/(decrease) in defined benefit obligation \u2013 US plan
2
(2)
The effect of a half percentage point increase and decrease in the inflation rate is as follows:
2024
All figures in \u00a3 millions
0.5% increase
0.5% decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
36
(36)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in some assumptions may be correlated. When calculating these sensitivities, the same method has been applied to calculate the defined benefit obligation as has been applied when calculating the liability recognised in the balance sheet. This methodology is the same as prior periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-797": { "value": "The amounts recognised in the balance sheet are as follows:
2024
2023
Other Other Other Other
UK Group funded unfunded UK Group funded unfunded
All figures in \u00a3 millions plan plans
plans
Total
plan plans
plans
Total
Fair value of plan assets
2,927
84
\u2013
3,011
3,060
107
\u2013
3,167
Present value of defined
benefit obligation
(2,443)
(77)
(14)
(2,534)
(2,569)
(99)
(15)
(2,683)
Net pension asset/
(liability)
484
7
(14)
477
491
8
(15)
484
Other post-retirement
medical benefit obligation
(19)
(21)
Other pension accruals
(8)
(8)
Net retirement
benefit asset
450
455
Analysed as:
Retirement benefit assets
491
499
Retirement benefit
obligations
(41)
(44)
The following gains/(losses) have been recognised in other comprehensive income:
All figures in \u00a3 millions
2024
2023
2022
Amounts recognised for defined benefit plans
4
(86)
44
Amounts recognised for post-retirement medical benefit
plans
1
1
10
Total recognised in year
5
(85)
54
The fair value of plan assets comprises the following:
2024
2023
UK Group Other UK Group Other
All figures in % plan
funded plans
Total
plan
funded plans
Total
Insurance
31
\u2013
31
33
\u2013
33
Equities
17
1
18
15
1
16
Fixed interest
securities
7
2
9
6
2
8
Property
5
\u2013
5
5
\u2013
5
Pooled asset
investment funds
(including LDI)
22
\u2013
22
24
\u2013
24
Infrastructure
11
\u2013
11
11
\u2013
11
Cash and cash
equivalents
2
\u2013
2
1
\u2013
1
Other
2
\u2013
2
2
\u2013
2
The plan assets do not include any of the Group\u2019s own financial instruments, or any property occupied by the Group. The table below further disaggregates the plan assets into those assets which have a quoted market price in an active market and those that do not:
2024
2023
Quoted No quoted Quoted No quoted
All figures in % market price market price market price market price
Insurance
\u2013
31
\u2013
33
Equities
18
\u2013
16
\u2013
Fixed-interest securities
9
\u2013
8
\u2013
Property
\u2013
5
\u2013
5
Pooled asset investment funds (including LDI)
22
\u2013
24
\u2013
Infrastructure
\u2013
11
\u2013
11
Cash and cash equivalents
\u2013
2
\u2013
1
Other
\u2013
2
\u2013
2
Total
49
51
48
52
Changes in the values of plan assets and liabilities of the retirement benefit plans are as follows:
2024
2023
UK Group Other UK Group Other
All figures in \u00a3 millions plan
plans
Total
plan
plans
Total
Fair value of plan assets
Opening fair value of plan assets
3,060
107
3,167
3,088
104
3,192
Exchange differences
\u2013
(2)
(2)
\u2013
(6)
(6)
Interest on plan assets
138
5
143
148
5
153
Return on plan assets excluding interest
(144)
1
(143)
(48)
5
(43)
Contributions by employer
8
1
9
\u2013
15
15
Contributions by employees
7
\u2013
7
7
\u2013
7
Benefits paid
(142)
(12)
(154)
(135)
(14)
(149)
Settlements
\u2013
(16)
(16)
\u2013
(2)
(2)
Closing fair value of plan assets
2,927
84
3,011
3,060
107
3,167
Present value of defined
benefit obligation
Opening defined benefit obligation
(2,569)
(114)
(2,683)
(2,514)
(123)
(2,637)
Exchange differences
\u2013
\u2013
\u2013
\u2013
6
6
Current service cost
(17)
(2)
(19)
(16)
(2)
(18)
Past service cost
(13)
\u2013
(13)
\u2013
\u2013
\u2013
Administration expenses
(8)
\u2013
(8)
(8)
\u2013
(8)
Interest on plan liabilities
(116)
(5)
(121)
(121)
(6)
(127)
Actuarial losses \u2013 experience
(53)
\u2013
(53)
(61)
(2)
(63)
Actuarial gains \u2013 demographic
38
\u2013
38
52
\u2013
52
Actuarial gains/(losses) \u2013 financial
160
2
162
(29)
(3)
(32)
Contributions by employees
(7)
\u2013
(7)
(7)
\u2013
(7)
Benefits paid
142
12
154
135
14
149
Settlements
\u2013
16
16
\u2013
2
2
Closing defined benefit obligation
(2,443)
(91)
(2,534)
(2,569)
(114)
(2,683)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-725": { "value": "
26. Share-based payments
The Group recognised the following charges in the income statement in respect of its equity-settled
share-based payment plans:
All figures in \u00a3 millions
2024
2023
2022
Pearson plans
44
40
38
The Group operates the following equity-settled employee option and share plans:
Worldwide Save for Shares Plan \u2013 The Group has a Worldwide Save for Shares Plan. Under this plan,
employees can save a portion of their monthly salary over a period of three years. At the end of this
period, the employee has the option to purchase ordinary shares with the accumulated funds at a
purchase price equal to 80% of the market price prevailing at the time of the commencement of the
employee\u2019s participation in the plan. Options that are not exercised within six months of the end of
the savings period lapse unconditionally.
Employee Stock Purchase Plan \u2013 In 2000, the Group established an Employee Stock Purchase
Plan which allows all employees in the US to save a portion of their monthly salary over six-month
periods. At the end of the period, the employee has the option to purchase American Depositary
Receipts (ADRs) with their accumulated funds at a purchase price equal to 85% of the lower of the
market prices prevailing at the beginning or end of the period.
Long-Term Incentive Plan \u2013 The plan was first introduced in 2001 and from time to time the plan
rules are renewed. The plan consists of restricted shares. The vesting of restricted shares is normally
dependent on continuing service over a three to five-year period, and in the case of Executive
Directors and senior management, upon the satisfaction of corporate performance targets over a
three-year period. These targets may be based on market and/or non-market performance criteria.
Restricted shares awarded to Executive Directors in May 2022 vest dependent on relative total
shareholder return (FTSE 100), net return on invested capital and adjusted earnings per share, and
the May 2024 and May 2023 awards vest based on relative total shareholder return (FTSE 100 and
S&P 500, excluding certain sectors), return on capital, adjusted earnings per share and strategic
measures. These awards are in addition to the share buy-out for Omar Abbosh for his forfeited
Microsoft shares which vests annually in three equal tranches. Other restricted shares awarded
in 2024, 2023, and 2022 generally vest depending on continuing service over periods of up to five
years. Included within the total share-based payments charge in 2024 was \u00a32m (2023: \u00a33m; 2022:
\u00a33m) in respect of remuneration for post-acquisition services for recent acquisitions, which was
included within other net gains and losses in the income statement.
The following shares were granted under restricted share arrangements:
2024
2023
Number of Weighted average Number of Weighted average
shares fair value shares fair value
000s \u00a3 000s \u00a3
Long-Term
Incentive Plan
6,262
8.96
5,572
6.99
In 2024, \u00a336m (2023: \u00a323m) of shares vested across the Worldwide Save for Shares Plan and the
Long-Term Incentive Plan.
The fair value of shares granted under the Long-Term Incentive Plan that vest unconditionally is
determined using the share price at the date of grant. Participants under the plans are entitled to
dividends during the vesting period and therefore the share price is not discounted.
Restricted shares with a market performance condition were valued by an independent actuary
using a Monte Carlo model. Restricted shares with a non-market performance condition were fair
valued based on the share price at the date of grant. Non-market performance conditions are taken
into consideration by adjusting the number of shares expected to vest based on the most likely
outcome of the relevant performance criteria.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-798": { "value": "
Sensitivities
The effect of a one percentage point increase and decrease in the discount rate on the defined
benefit obligation and the total pension expense is as follows:
2024
All figures in \u00a3 millions
1% increase
1% decrease
Effect:
(Decrease)/increase in defined benefit obligation \u2013 UK Group plan
(158)
190
(Decrease)/increase in defined benefit obligation \u2013 US plan
(4)
4
The effect of members living one year more or one year less on the defined benefit obligation is as
follows:
2024
One year One year
All figures in \u00a3 millions increase decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
44
(43)
Increase/(decrease) in defined benefit obligation \u2013 US plan
2
(2)
The effect of a half percentage point increase and decrease in the inflation rate is as follows:
2024
All figures in \u00a3 millions
0.5% increase
0.5% decrease
Effect:
Increase/(decrease) in defined benefit obligation \u2013 UK Group plan
36
(36)
Increase/(decrease) in defined benefit obligation \u2013 US plan
\u2013
\u2013
The above sensitivity analyses are based on a change in an assumption while holding all other
assumptions constant, although in practice this is unlikely to occur and changes in some
assumptions may be correlated. When calculating these sensitivities, the same method has been
applied to calculate the defined benefit obligation as has been applied when calculating the liability
recognised in the balance sheet. This methodology is the same as prior periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-726": { "value": "
27. Share capital and share premium
Number of Share Share
shares capital premium
000s \u00a3m \u00a3m
At 31 December 2022
715,733
179
2,633
Issue of ordinary shares \u2013 share option schemes
1,809
\u2013
9
Buyback of equity
(20,243)
(5)
\u2013
At 31 December 2023
697,299
174
2,642
Issue of ordinary shares \u2013 share option schemes
955
\u2013
7
Buyback of equity
(31,989)
(8)
\u2013
At 31 December 2024
666,265
166
2,649
The ordinary shares have a par value of 25p per share (2023: 25p per share). All issued shares are
fully paid. All shareholders are entitled to receive dividends and vote at general meetings of the
company. All shares have the same rights.
On 20 September 2023, the Board approved a \u00a3300m share buyback programme in order to return
capital to shareholders, with a \u00a3200m extension being announced by the Group on 1 March 2024.
This programme and the extension completed in 2024. During 2024, approximately 32m (2023:
20m) shares were bought back and cancelled at a cost of \u00a3318m (2023: \u00a3186m). The nominal value
of these shares, \u00a38m (2023: \u00a35m), was transferred to the capital redemption reserve, and the
remainder of the purchase price was recorded within retained earnings. At 31 December 2024, no
further liability remains (2023: \u00a3118m) for any shares contracted to be repurchased but where the
repurchases are still outstanding.
The Group manages its capital to ensure that entities in the Group will be able to continue as a going
concern while maximising the return to shareholders through the optimisation of the debt and
equity balance.
The capital structure of the Group consists of debt (see note 18), cash and cash equivalents (see
note 17) and equity attributable to equity holders of the parent, comprising issued capital, reserves
and retained earnings.
The Group reviews its capital structure on a regular basis and will balance its overall capital structure
through payments of dividends and new share issues as well as the issue of new debt or the
redemption of existing debt in line with the financial risk policies outlined in note 19.
28. Treasury shares
Number of
shares
000s
\u00a3m
At 1 January 2022
1,864
15
Purchase of treasury shares
3,991
35
Release of treasury shares
(3,695)
(31)
At 31 December 2023
2,160
19
Purchase of treasury shares
3,273
33
Release of treasury shares
(4,754)
(45)
At 31 December 2024
679
7
The Group holds Pearson plc shares in trust to satisfy its obligations under its restricted share plans (see note 26). These shares, representing 0.1% (2023: 0.3%) of called-up share capital, are treated as treasury shares for accounting purposes and have a par value of 25p per share. The nominal value of Pearson plc treasury shares amounts to \u00a30.2m (2023: \u00a30.5m). Dividends on treasury shares are waived. At 31 December 2024, the market value of Pearson plc treasury shares was \u00a39m (2023: \u00a321m). The gross book value of the shares at 31 December 2024 amounts to \u00a37m (2023: \u00a319m). 29. Other comprehensive income
2024
Attributable to equity holders of the company
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve
earnings
Total
interest
Total
Items that may be reclassified to the income statement
Net exchange differences on translation of foreign operations
\u2013
(35)
\u2013
(35)
\u2013
(35)
Currency translation adjustment disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Attributable tax
\u2013
\u2013
2
2
\u2013
2
Items that are not reclassified to the income statement
Fair value losses on other financial assets
(2)
\u2013
\u2013
(2)
\u2013
(2)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement benefit obligations
\u2013
\u2013
5
5
\u2013
5
Attributable tax
\u2013
\u2013
(2)
(2)
\u2013
(2)
Other comprehensive income/(expense) for the year
(2)
(35)
5
(32)
\u2013
(32)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-775": { "value": "27. Share capital and share premium
Number of Share Share
shares capital premium
000s \u00a3m \u00a3m
At 31 December 2022
715,733
179
2,633
Issue of ordinary shares \u2013 share option schemes
1,809
\u2013
9
Buyback of equity
(20,243)
(5)
\u2013
At 31 December 2023
697,299
174
2,642
Issue of ordinary shares \u2013 share option schemes
955
\u2013
7
Buyback of equity
(31,989)
(8)
\u2013
At 31 December 2024
666,265
166
2,649
The ordinary shares have a par value of 25p per share (2023: 25p per share). All issued shares are fully paid. All shareholders are entitled to receive dividends and vote at general meetings of the company. All shares have the same rights. On 20 September 2023, the Board approved a \u00a3300m share buyback programme in order to return capital to shareholders, with a \u00a3200m extension being announced by the Group on 1 March 2024. This programme and the extension completed in 2024. During 2024, approximately 32m (2023: 20m) shares were bought back and cancelled at a cost of \u00a3318m (2023: \u00a3186m). The nominal value of these shares, \u00a38m (2023: \u00a35m), was transferred to the capital redemption reserve, and the remainder of the purchase price was recorded within retained earnings. At 31 December 2024, no further liability remains (2023: \u00a3118m) for any shares contracted to be repurchased but where the repurchases are still outstanding. The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt (see note 18), cash and cash equivalents (see note 17) and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group reviews its capital structure on a regular basis and will balance its overall capital structure through payments of dividends and new share issues as well as the issue of new debt or the redemption of existing debt in line with the financial risk policies outlined in note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-776": { "value": "
28. Treasury shares
Number of
shares
000s
\u00a3m
At 1 January 2022
1,864
15
Purchase of treasury shares
3,991
35
Release of treasury shares
(3,695)
(31)
At 31 December 2023
2,160
19
Purchase of treasury shares
3,273
33
Release of treasury shares
(4,754)
(45)
At 31 December 2024
679
7
The Group holds Pearson plc shares in trust to satisfy its obligations under its restricted share plans (see note 26). These shares, representing 0.1% (2023: 0.3%) of called-up share capital, are treated as
treasury shares for accounting purposes and have a par value of 25p per share.
The nominal value of Pearson plc treasury shares amounts to \u00a30.2m (2023: \u00a30.5m). Dividends on treasury shares are waived.
At 31 December 2024, the market value of Pearson plc treasury shares was \u00a39m (2023: \u00a321m). The gross book value of the shares at 31 December 2024 amounts to \u00a37m (2023: \u00a319m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-777": { "value": "
29. Other comprehensive income
2024
Attributable to equity holders of the company
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve
earnings
Total
interest
Total
Items that may be reclassified to the income statement
Net exchange differences on translation of foreign operations
\u2013
(35)
\u2013
(35)
\u2013
(35)
Currency translation adjustment disposed
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Attributable tax
\u2013
\u2013
2
2
\u2013
2
Items that are not reclassified to the income statement
Fair value losses on other financial assets
(2)
\u2013
\u2013
(2)
\u2013
(2)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement benefit obligations
\u2013
\u2013
5
5
\u2013
5
Attributable tax
\u2013
\u2013
(2)
(2)
\u2013
(2)
Other comprehensive income/(expense) for the year
(2)
(35)
5
(32)
\u2013
(32)
2023
Attributable to equity holders of the company
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve
earnings
Total
interest
Total
Items that may be reclassified to the income statement
Net exchange differences on translation of foreign operations
\u2013
(176)
\u2013
(176)
(1)
(177)
Currency translation adjustment disposed
\u2013
(122)
\u2013
(122)
\u2013
(122)
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Items that are not reclassified to the income statement
Fair value gain on other financial assets
1
\u2013
\u2013
1
\u2013
1
Attributable tax
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Remeasurement of retirement benefit obligations
\u2013
\u2013
(85)
(85)
\u2013
(85)
Attributable tax
\u2013
\u2013
20
20
\u2013
20
Other comprehensive income/(expense) for the year
1
(298)
(65)
(362)
(1)
(363)
2022
Attributable to equity holders of the company
Non-
Fair value Translation Retained controlling
All figures in \u00a3 millions reserve reserve
earnings
Total
interest
Total
Items that may be reclassified to the income statement
Net exchange differences on translation of foreign operations
\u2013
328
\u2013
328
2
330
Currency translation adjustment disposed
\u2013
(5)
\u2013
(5)
\u2013
(5)
Attributable tax
\u2013
\u2013
4
4
\u2013
4
Items that are not reclassified to the income statement
Fair value gain on other financial assets
18
\u2013
\u2013
18
\u2013
18
Attributable tax
\u2013
\u2013
1
1
\u2013
1
Remeasurement of retirement benefit obligations
\u2013
\u2013
54
54
\u2013
54
Attributable tax
\u2013
\u2013
(12)
(12)
\u2013
(12)
Other comprehensive income/(expense) for the year
18
323
47
388
2
390
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-727": { "value": "
30. Business combinations
On 21 October 2024, NCS Pearson, Inc. acquired the trade and assets of Revibe Technologies, Inc.
for total consideration of \u00a32m, which comprises \u00a31m cash and contingent consideration of \u00a31m. The
contingent consideration is determined based on gross profit from sales of certain product over the
next 8 years from the acquisition date. The acquired assets comprise mainly technology assets and
goodwill. The acquired business will form part of the Assessments & Qualifications business unit,
and is a provider of digital wearable software therapy for children and adults with attention-deficit/
hyperactivity disorder.
On 22 March 2023, the Group acquired 100% of the share capital of Personnel Decisions Research
Institutes, LLC (PDRI) for cash consideration of \u00a3152m ($187m). PDRI is a provider of workforce
assessment services and has significant expertise in providing recruitment assessment solutions to
the US federal government. It forms part of the Assessment & Qualifications business unit. There
was no contingent or deferred consideration. Net assets acquired of \u00a391m were recognised on the
Group\u2019s balance sheet including \u00a3117m of acquired intangible assets. This transaction resulted in the
recognition of \u00a361m of goodwill.
On 28 January 2022, the Group acquired 100% of the share capital in Credly Inc (Credly), having
previously held a 19.9% interest in the company. Credly is a digital credential service provider
whose platform enables customers to design, create, issue and manage digital credentials. It forms
part of the Workforce Skills business unit. Total consideration was \u00a3149m comprising upfront
cash consideration of \u00a3107m, Pearson\u2019s existing interest valued at \u00a331m and \u00a311m of deferred
consideration. The deferred consideration was payable two years from the acquisition date, and has
since been settled.
On 28 April 2022, the Group acquired 100% of the share capital of ATI STUDIOS A.P.P.S S.R.L
(Mondly), a global online learning platform offering customers learning in English and 40 other
languages via its app, website, virtual reality and augmented reality products. It forms part of the
English Language Learning business unit. Total consideration was \u00a3135m comprising upfront cash
consideration of \u00a3105m, and deferred consideration of \u00a330m. The deferred consideration was
payable over two years from the acquisition date, with no performance conditions attached, and
has since been settled. In addition, a further \u00a313m of cash and \u00a37m in shares was incurred but was
dependent on continuing employment and therefore these amounts were expensed and not treated
as consideration. These will be paid out in the first half of 2025.
In 2022, these transactions resulted in the recognition of \u00a3202m of goodwill and \u00a399m of intangibles.
In 2022, the Group also made three smaller acquisitions in the period for total consideration
of \u00a311m.
The Group\u2019s transactions regarding investments in associates are detailed in note 12, and are not
included below.
Details of the fair values of the assets and liabilities recognised at the acquisition date and the
related consideration is shown in the following table:
2024 2023 2022
All figures in \u00a3 millions Total Total Total
Intangible assets
1
117
110
Deferred tax asset
\u2013
\u2013
8
Trade and other receivables
\u2013
8
8
Cash and cash equivalents
\u2013
4
13
Trade and other liabilities
\u2013
(7)
(26)
Deferred tax liabilities
\u2013
(31)
(22)
Net assets acquired
1
91
91
Goodwill
1
61
204
Total
2
152
295
Satisfied by:
Cash consideration
1
152
223
Contingent or deferred consideration
1
\u2013
41
Fair value of existing investment
\u2013
\u2013
31
Total consideration
2
152
295
If the acquisition of Revibe Technologies, Inc. had occurred on 1 January 2024, the Group\u2019s revenue
and profit after tax would not have been significantly higher.
Total acquisition related costs of \u00a35m (2023: \u00a312m; 2022: \u00a320m) were recognised within other net
gains and losses.
In 2023 and 2022, there were gains of \u00a35m and \u00a38m respectively, arising on decreases in the
deferred consideration payable on prior year acquisitions. No such items arose in 2024.
The net cash outflows related to the acquisitions are set out in the table below. In addition to
the current year acquisitions, the other net cash outflows on acquisition of subsidiaries relate to
deferred payments for prior year acquisitions.
2024 2023 2022
All figures in \u00a3 millions Total Total Total
Cash flow on acquisitions
Cash \u2013 current year acquisitions
(1)
(152)
(223)
Cash and cash equivalents acquired
\u2013
4
13
Deferred payments for prior year acquisitions and other
items
(38)
(23)
(18)
Net cash outflow
(39)
(171)
(228)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-728": { "value": "
31. Disposals and business closures
There were no disposals in 2024.
On 30 June 2023, the Group disposed of its interests in its POLS businesses in the US, UK, Australia
and India. The businesses disposed excluded Pearson\u2019s contract with ASU. The consideration to be
received was deferred and comprised a 27.5% share of positive adjusted EBITDA in each calendar
year for six years from the date of acquisition and 27.5% of the proceeds received by the purchaser
in relation to any future monetisation event. In 2023, the consideration was valued at \u00a312m and a
pre-tax gain on disposal of \u00a313m was recognised. In addition, in 2023, a gain of \u00a39m was recognised
arising from the release of a provision related to a historical disposal, \u00a319m of losses arose from the
disposals of Pearson College and the international courseware local publishing business in India and
\u00a312m of costs related to previous disposals were recognised.
In 2022, the Group disposed of its interests in the Canadian educational publisher (ERPI), Pearson
Italia S.p.A, Stark Verlag GmbH, Austin Education (Hong Kong) Limited, Pearson South Africa (Pty) Ltd
and various other South African companies. Total cash consideration received was \u00a3287m resulting
in a pre-tax gain on disposal of \u00a342m. All entities disposed of were previously in the Strategic Review
segment. \u00a35m of losses arose from other immaterial disposals and costs related to the wind-down
of certain businesses.
Deferred proceeds relating to the K12 sale were received in 2022.
None of the 2023 or 2022 disposals met the criteria to be considered a discontinued operation on
the basis that they did not represent major lines of business or geographical areas of operations.
The table below shows a summary of the assets and liabilities disposed of:
All figures in \u00a3 millions
2024
2023
2022
Disposal of subsidiaries and associates
Intangible assets, including goodwill
\u2013
(53)
(77)
Property, plant and equipment
\u2013
(5)
(11)
Intangible assets \u2013 product development
\u2013
(15)
(39)
Inventories
\u2013
(1)
(33)
Trade and other receivables
\u2013
(65)
(106)
Deferred tax
\u2013
8
(12)
Current tax receivable
\u2013
(2)
\u2013
Cash and cash equivalents (excluding overdrafts)
\u2013
(12)
(21)
Provisions for other liabilities and charges
\u2013
\u2013
1
Retirement benefit obligations
\u2013
\u2013
2
Trade and other liabilities
\u2013
31
52
Financial liabilities \u2013 borrowings
\u2013
\u2013
8
Net assets disposed
\u2013
(114)
(236)
Cumulative currency translation adjustment
\u2013
122
5
Cash proceeds
\u2013
1
291
Deferred proceeds
\u2013
12
2
Costs of disposal
(5)
(30)
(25)
(Loss)/gain on disposal
(5)
(9)
37
All figures in \u00a3 millions
2024
2023
2022
Cash flow from disposals
Proceeds \u2013 current year disposals
\u2013
1
291
Proceeds \u2013 prior year disposals
\u2013
\u2013
86
Cash and cash equivalents disposed
\u2013
(12)
(21)
Costs and other disposal liabilities paid
(7)
(27)
(23)
Net cash (outflow)/inflow
(7)
(38)
333
", "dimensions": { "concept": "pearsonplc:DisclosureOfDisposalsAndBusinessClosures", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-730": { "value": "
32. Held for sale
At 31 December 2024, the Group has classified a property (2023: two), with a total carrying value of
\u00a3nil (2023: \u00a32m), as held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-778": { "value": "32. Held for sale At 31 December 2024, the Group has classified a property (2023: two), with a total carrying value of \u00a3nil (2023: \u00a32m), as held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-729": { "value": "
33. Additional cash flow information
In the cash flow statement, proceeds from sale of property, plant and equipment, including assets
classified as held for sale, comprise:
All figures in \u00a3 millions
2024
2023
Net book amount
4
6
Profit/(loss) on sale of property, plant and equipment
2
(1)
Proceeds from sale of property, plant and equipment
6
5
The movements in the Group\u2019s current and non-current borrowings are as follows:
Transfer
Fair value Foreign from non- New leases/
and other exchange Financing current to disposal of
All figures in \u00a3 millions
2023
movements movements cash flows current
leases
2024
Financial liabilities
Non-current
borrowings
1,100
(8)
3
344
(344)
46
1,141
Current borrowings
53
8
11
(78)
344
\u2013
338
Total
1,153
\u2013
14
266
\u2013
46
1,479
Transfer
Fair value Foreign from non- New leases/
and other exchange Financing current to disposal of
All figures in \u00a3 millions
2022
movements movements cash flows current
leases
2023
Financial liabilities
Non-current
borrowings
1,155
(2)
(15)
\u2013
(80)
42
1,100
Current borrowings
66
10
(18)
(84)
80
(1)
53
Total
1,221
8
(33)
(84)
\u2013
41
1,153
Non-current borrowings include bonds, derivative financial instruments and leases. Current
borrowings include loans repayable within one year, derivative financial instruments and leases, but
exclude overdrafts classified within cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-799": { "value": "34. Contingencies, tax uncertainties and commitments KJ Key judgements \u2014 The application of tax legislation in relation to provisions for uncertain tax positions. Key areas of estimation \u2014 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations. There are Group contingent liabilities that arise in the normal course of business in respect of indemnities, warranties and guarantees in relation to former subsidiaries and in respect of guarantees in relation to subsidiaries, joint ventures and associates. In addition, there are contingent liabilities of the Group in respect of unsettled or disputed tax liabilities, legal claims, contract disputes, royalties, copyright fees, permissions and other rights. None of these claims is expected to result in a material gain or loss to the Group. The Group is under assessment from the tax authorities in Brazil challenging the deduction for tax purposes of goodwill amortisation for the years 2012 to 2020. Similar assessments may be raised for other years. Potential total exposure (including possible interest and penalties) could be up to BRL 1,314m (\u00a3169m) up to 31 December 2024, with additional potential exposure of BRL 46m (\u00a36m) in relation to deductions expected to be taken in future periods. Such assessments are common in Brazil. The Group believes that the likelihood that the tax authorities will ultimately prevail is low and that the Group\u2019s position is strong. At present, the Group believes no provision is required. At the balance sheet date there were no commitments for capital expenditure contracted for but not yet incurred. Commitments in respect of leases are shown in note 35.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-779": { "value": "34. Contingencies, tax uncertainties and commitments KJ Key judgements \u2014 The application of tax legislation in relation to provisions for uncertain tax positions. Key areas of estimation \u2014 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations. There are Group contingent liabilities that arise in the normal course of business in respect of indemnities, warranties and guarantees in relation to former subsidiaries and in respect of guarantees in relation to subsidiaries, joint ventures and associates. In addition, there are contingent liabilities of the Group in respect of unsettled or disputed tax liabilities, legal claims, contract disputes, royalties, copyright fees, permissions and other rights. None of these claims is expected to result in a material gain or loss to the Group. The Group is under assessment from the tax authorities in Brazil challenging the deduction for tax purposes of goodwill amortisation for the years 2012 to 2020. Similar assessments may be raised for other years. Potential total exposure (including possible interest and penalties) could be up to BRL 1,314m (\u00a3169m) up to 31 December 2024, with additional potential exposure of BRL 46m (\u00a36m) in relation to deductions expected to be taken in future periods. Such assessments are common in Brazil. The Group believes that the likelihood that the tax authorities will ultimately prevail is low and that the Group\u2019s position is strong. At present, the Group believes no provision is required. At the balance sheet date there were no commitments for capital expenditure contracted for but not yet incurred. Commitments in respect of leases are shown in note 35.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-731": { "value": "34. Contingencies, tax uncertainties and commitments KJ Key judgements \u2014 The application of tax legislation in relation to provisions for uncertain tax positions. Key areas of estimation \u2014 The level of provisions required in relation to uncertain tax positions is complex and each matter is separately assessed. The estimation of future settlement amounts is based on a number of factors including the status of the unresolved matter, clarity of legislation, range of possible outcomes and the statute of limitations. There are Group contingent liabilities that arise in the normal course of business in respect of indemnities, warranties and guarantees in relation to former subsidiaries and in respect of guarantees in relation to subsidiaries, joint ventures and associates. In addition, there are contingent liabilities of the Group in respect of unsettled or disputed tax liabilities, legal claims, contract disputes, royalties, copyright fees, permissions and other rights. None of these claims is expected to result in a material gain or loss to the Group. The Group is under assessment from the tax authorities in Brazil challenging the deduction for tax purposes of goodwill amortisation for the years 2012 to 2020. Similar assessments may be raised for other years. Potential total exposure (including possible interest and penalties) could be up to BRL 1,314m (\u00a3169m) up to 31 December 2024, with additional potential exposure of BRL 46m (\u00a36m) in relation to deductions expected to be taken in future periods. Such assessments are common in Brazil. The Group believes that the likelihood that the tax authorities will ultimately prevail is low and that the Group\u2019s position is strong. At present, the Group believes no provision is required. At the balance sheet date there were no commitments for capital expenditure contracted for but not yet incurred. Commitments in respect of leases are shown in note 35.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-732": { "value": "
The Group\u2019s lease portfolio consists of approximately 700 property leases, mainly offices and test
centres, together with a number of vehicle and equipment leases. The Group has elected not to
recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12
months or less and leases of low-value assets. The Group recognises the lease payments associated
with these leases as an expense on a straight-line basis over the lease term.
As a lessee:
The amounts recognised in the income statement are as follows:
All figures in \u00a3 millions
Note
2024
2023
2022
Interest on lease liabilities
(22)
(23)
(25)
Expenses relating to short-term leases
\u2013
\u2013
\u2013
Depreciation of right-of-use assets
10
(35)
(39)
(45)
Impairment of right-of-use assets
10
\u2013
(2)
(34)
Lease liabilities are included within financial liabilities \u2013 borrowings in the balance sheet, see note 18.
The maturities of the Group\u2019s lease liabilities are as follows:
All figures in \u00a3 millions
2024
2023
Less than one year
85
84
One to five years
270
286
More than five years
276
301
Total undiscounted lease liabilities
631
671
Lease liabilities included in the balance sheet
517
547
Analysed as:
Current
65
64
Non-current
452
483
The amounts recognised in the cash flow statement are as follows:
All figures in \u00a3 millions
2024
2023
2022
Total cash outflow for leases as a lessee
100
107
118
At 31 December 2024, commitments for capital leases contracted for but not yet incurred were
\u00a314m (2023: \u00a38m). Extension and termination options and variable lease payments are not
significant within the lease portfolio. Short-term leases to which the Group is committed at the
balance sheet date are similar to the portfolio of short-term leases to which the short-term lease
expense is disclosed above.
As a lessor:
In the event that the Group has excess capacity in its leased offices and warehouses, the Group
subleases some of its properties under operating and finance leases.
The amounts recognised in the income statement are as follows:
All figures in \u00a3 millions
2024
2023
2022
Interest on lease receivables
4
4
5
Income from subleasing right-of-use assets
(within other income)
9
6
4
The amounts recognised in the cash flow statement are as follows:
All figures in \u00a3 millions
2024
2023
2022
Total cash inflow for leases as a lessor
22
19
23
The following table sets out the maturity analysis of lease payments receivable for subleases
classified as operating leases, showing the undiscounted lease payments to be received after the
reporting date, and subleases classified as finance leases showing the undiscounted lease payments
to be received after the reporting date and the net investment in the finance lease receivable. During
the year, the investment in finance lease receivable decreased by \u00a317m (2023: decreased \u00a321m),
primarily due to payments received.
Operating Finance 2024 2023 2022
All figures in \u00a3 millions leases leases Total Total Total
Less than one year
9
22
31
31
24
One to two years
10
23
33
33
28
Two to three years
10
23
33
34
28
Three to four years
10
16
26
34
28
Four to five years
10
4
14
27
29
More than five years
34
2
36
54
44
Total undiscounted lease
payments receivable
83
90
173
213
181
Unearned finance income
(7)
Net investment in finance
lease receivable
83
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-780": { "value": "36. Related party transactions Joint ventures and associates There are no material related transactions with joint ventures or associates in 2024. At 31 December 2022, the Group had a current liability payable to Academy of Pop of \u00a35m, which related to the Group\u2019s initial capital contribution that had not yet been paid. This balance was paid in early 2023. Key management personnel Key management personnel are deemed to be the members of the Pearson Executive Management team (see pages 74-76). It is this Committee which had responsibility for planning, directing and controlling the activities of the Group in 2024. Key management personnel compensation is disclosed below:
All figures in \u00a3 millions
2024
2023
2022
Short-term employee benefits
10
9
7
Retirement benefits
1
1
1
Share-based payment costs
19
11
9
Total
30
21
17
Short-term employee benefits and retirement benefits exclude Executive Directors which are shown on page 127 of the Directors Remuneration Report. There were no other material related party transactions. No guarantees have been provided to related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-734": { "value": "36. Related party transactions Joint ventures and associates There are no material related transactions with joint ventures or associates in 2024. At 31 December 2022, the Group had a current liability payable to Academy of Pop of \u00a35m, which related to the Group\u2019s initial capital contribution that had not yet been paid. This balance was paid in early 2023. Key management personnel Key management personnel are deemed to be the members of the Pearson Executive Management team (see pages 74-76). It is this Committee which had responsibility for planning, directing and controlling the activities of the Group in 2024. Key management personnel compensation is disclosed below:
All figures in \u00a3 millions
2024
2023
2022
Short-term employee benefits
10
9
7
Retirement benefits
1
1
1
Share-based payment costs
19
11
9
Total
30
21
17
Short-term employee benefits and retirement benefits exclude Executive Directors which are shown on page 127 of the Directors Remuneration Report. There were no other material related party transactions. No guarantees have been provided to related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-800": { "value": "
Key management personnel
Key management personnel are deemed to be the members of the Pearson Executive Management
team (see pages 74-76). It is this Committee which had responsibility for planning, directing and
controlling the activities of the Group in 2024. Key management personnel compensation is
disclosed below:
All figures in \u00a3 millions
2024
2023
2022
Short-term employee benefits
10
9
7
Retirement benefits
1
1
1
Share-based payment costs
19
11
9
Total
30
21
17
Short-term employee benefits and retirement benefits exclude Executive Directors which are shown
on page 127 of the Directors Remuneration Report.
There were no other material related party transactions. No guarantees have been provided to
related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-733": { "value": "
37. Events after the balance sheet date
On 27 February 2025, the Board approved a \u00a3350m share buyback programme in order to return
capital to shareholders. The programme will commence as soon as is practicable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138004JBXWWJKIURC57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }