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"value": "Notes to the consolidated \ufb01nancial statements for the year ended 31 March 2023 1 Accounting policies XPS Pensions Group plc (the \u201cCompany\u201d) is a public limited company incorporated in the UK. The principal activity of the Group is employee benefit consultancy and related business services. The registered office is Phoenix House, 1 Station Hill, Reading RG1 1NB. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). Basis of preparation These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The consolidated financial statements have been prepared under the going concern basis . The preparation of financial statements in accordance with the requirements of International Financial Reporting Standards (\u201cIFRS\u201d) requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed at the end of this section. The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the periods presented, unless otherwise stated. Functional and presentation currency The financial statements are presented in British pounds which is the Company\u2019s functional currency. Figures are rounded to the nearest thousand. Measurement convention The financial information is prepared on the historical cost basis except for the measurement of contingent consideration. Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee; exposure to variable returns from the investee; and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any elements of control. Defacto control exists in situations where the Company has the practical ability to direct the relevant activities of the investee without holding the majority of the voting rights. In determining whether defacto control exists the Company considers all relevant facts and circumstances, including: \u2022 the size of the Company\u2019s voting rights relative to both the size and dispersion of other parties who hold voting rights; \u2022 substantive potential voting rights held by the Company and by other parties; \u2022 other contractual arrangements; and \u2022 historical patterns in voting attendance. The consolidated financial information presents the results of the Company and its subsidiaries (the \u201cGroup\u201d) as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial information incorporates the results of business combinations using the acquisition method. In the statement of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date, with the exception of right-of-use assets and lease liabilities, which are measured at the present value of the lease liability discounted at acquisition date incremental borrowing rate (a rate that represents the amount that would be charged to acquire an asset of similar value for a similar period), with an adjustment to right-of-use assets to reflect favourable/non-favourable lease terms. The results of the acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. 1 Accounting policies continued
Going concern
IFRS accounting standards require the Directors to consider the appropriateness of the going concern basis when
preparing the financial statements. The Directors have taken notice of the Financial Reporting Council guidance,
\u201cGuidance on the going concern basis of accounting and reporting on solvency and liquidity risks\u201d, which requires the
reasons for this decision to be explained.
The Directors have prepared cash flow forecasts up to 31 October 2024, which includes the 12-month period from the
date of approval of these financial statements. These forecasts show that during that period the Group is expected
to generate sufficient cash from its operations to settle its liabilities as they fall due without the requirement for
additional borrowings. Additionally, the Directors have modelled a scenario at which the banking covenants could
potentially be breached, which is the point where going concern could be threatened. This period has been chosen as
October is the lowest point in the Group\u2019s working capital and cash cycle. Inflationary increases have been modelled
using the OBR inflation forecasts for that period, and interest rate increase has been included in the forecasts based
on latest market projections. In this scenario, revenue is modelled to decrease significantly, partially offset with
a reduction in staff bonuses. The headroom between this scenario and current performance, and the budget, is
significant and a decrease of this magnitude is considered to be extremely unlikely. In addition, the Group has several
additional cost reduction and cash preservation levers it could utilise, which include managing staff costs through a
hiring freeze or reduction in workforce, a reduction in capital expenditure, and a reduction of dividends.
The Group\u2019s banking facility is in place until October 2026 and gives the Group access to a Revolving Credit Facility of
\u00a3100 million with an accordion of \u00a350 million. The facility is subject to two covenants \u2013 net leverage and interest cover.
These covenants were not breached during the financial year, nor are any breaches forecast. The Group does not have
any non-financial covenants.
The Directors have reviewed the historical accuracy of the Group\u2019s budgets. The Group\u2019s performance was compared
to the budget, and actual revenue was within 3% of the forecast figure, and adjusted profit after tax was within
8% of the forecast figure. Actual results were ahead of forecast in both cases. This demonstrates that the Group\u2019s
forecasting process is at a sufficient standard to be able to place reliance on it when making a going concern
assessment. Post-year-end trading is in line with forecasts. The Directors, after reviewing the Group\u2019s budget and
longer-term forecast models, including the worst case scenario referred to above, conclude that the Group has
adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the
going concern basis of accounting in preparing these annual financial statements.
In terms of the wider macroeconomic and financial situation, the Group does not have any clients in Russia, and so has
not had any direct impact from the sanctions or restrictions imposed on Russian owned firms. The main impact on the
Group of the current global situation therefore is the high level of inflation currently being experienced in the UK, and
also the related increases in interest rates. The Group is largely protected from a high inflation environment because
of its contractual ability to increase revenue from the majority of customers by an amount linked to inflation. Whilst
higher interest rates have led to higher finance expenses, this has been modelled in the Group\u2019s forecasts and is not
considered a significant risk.
Intangible assets and goodwill
Goodwill represents amounts arising on acquisition, being the difference between the cost of the acquisition and the
net fair value of the identifiable assets and liabilities acquired on a business combination. Identifiable intangibles are
those which can be sold separately or which arise from legal rights regardless of whether those rights are separable.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units for
the purposes of impairment testing and is not amortised. It is tested annually for impairment.
Externally acquired intangible assets are stated at cost less accumulated amortisation and impairment losses.
Acquired software is valued based on replacement cost valuations where identifiable or at cost less accumulated
amortisation and impairment. Internally produced software is valued at cost less accumulated amortisation
and impairment.
Customer relationships are valued based on the net present value of the excess earnings generated by the revenue
streams over their estimated useful lives.
Brand valuation is based on the net present value of estimated royalty returns.
1 Accounting policies continued Intangible assets and goodwill continued Amortisation is included in operating expenses in the statement of comprehensive income over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life, such as goodwill, are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. Estimated useful lives are as follows: \u2022 Goodwill Indefinite life \u2022 Customer relationships 1 10 years, straight-line method \u2022 Brands 2 10 years, straight-line method \u2022 Software 3 to 5 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition, customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in FY 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. 2 Except for the Penfida brand acquired in September 2022, which has an estimated useful life of 2 years, on a straight-line basis . Contingent consideration Contingent consideration is included in cost at its acquisition date fair value and is classified as a financial liability, remeasured at fair value subsequently through profit or loss. Contingent consideration classified as equity is not remeasured. Contingent consideration is assessed against the criteria detailed in IFRS 3 Business Combinations, and subject to the outcome of this the consideration may be classed as post-acquisition remuneration, in which case it will be expensed through the income statement over the appropriate timeframe . Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill or intangible assets not ready for use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. Financial assets The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Amortised cost Amortised cost includes non-derivative financial assets where they are held within a business model whose objective is to hold the financial asset in order to collect contractual cash flows and those contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are included in non-current assets if their maturity is greater than 12 months. Trade receivables are stated initially at fair value then measured at amortised cost less provisions for impairment. The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to year end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s customers. Any impairment required is recorded in the statement of comprehensive income. Cash and cash equivalents comprise cash balances and call deposits Restricted cash is cash which the Group is not entitled to receive, withdraw, transfer or otherwise deal with the deposit, save as expressly permitted by the blocked account agreement during the security period. The blocked account agreement is required due to regulatory rules on Master Trusts. The security period is the period beginning on the date of the deed and ending on the date on which the beneficiary is satisfied that the secured liabilities have been irrevocably and unconditionally paid and discharged in full and all agreements which might give rise to secured liabilities have terminated. The restricted cash has been included in non-current assets as it is expected that the cash will remain in the blocked account for more than 12 months after the end of the reporting period. As such, it is not included in cash and cash equivalents in the consolidated statement of financial position and the consolidated statement of cash flows 119XPS Pensions Group Annual Report 2023
Financial statements
1 Accounting policies continued
Financial liabilities
The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability
was acquired. The Group\u2019s accounting policy for each category is as follows:
Fair value through profit or loss
This category comprises contingent consideration. The contingent consideration is carried in the consolidated
statement of financial position at fair value with changes in fair value recognised in the consolidated statement
of comprehensive income.
Other financial liabilities
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to
initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and
redemption value being recognised in the statement of comprehensive income over the period of the borrowings
on an effective interest basis. When borrowings are extinguished, any difference between the cash paid and the
carrying value is recognised in the statement of comprehensive income.
Trade payables and other short-term monetary liabilities represent liabilities for goods and services received by the Group
prior to the end of the financial year which are unpaid. The amounts within trade payables are unsecured. They are
initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.
Provisions
A provision is recognised in the statement of financial position when the Group has a present legal or constructive
obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle
the obligation. If the effect is material, provisions are determined by discounting the expected, risk adjusted, future
cash flows at a pre-tax risk-free rate.
Dilapidations provisions relate to the estimated cost to put leased premises back to the required condition expected
under the terms of the lease. These include provisions for required dilapidations along with provisions where leasehold
improvements have been made that would require reinstatement back to the original status on exit. These are
uncertain in timing as leases may be terminated early or extended. To the extent that exits of premises are expected
within 12 months of the end of the year they are shown as current.
Professional indemnity provisions relate to complaints against the Group. The amount provided is based on
management\u2019s best estimate of the likely liability. These are recognised as a gross amount, with any amounts covered
by insurance recognised as an asset within current assets, in line with IAS 37.
Social security cost provisions represent estimates of the Group\u2019s National Insurance contributions liability on the cost
of the Group\u2019s Performance and Deferred Share Plans.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax, from the proceeds.
Retirement benefits: defined contribution schemes
Contributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive
income in the year to which they relate.
Employee Benefit Trust (\u2018EBT\u2019)
As the Group is deemed to have control of its EBT, it is treated as a subsidiary and consolidated for the purposes
of the consolidated financial statements. The EBT\u2019s investment in the Group\u2019s shares is deducted from equity in the
consolidated statement of financial position as if it were treasury shares. Consideration paid (or received) for the
purchase (or sale) of these shares is recognised directly in equity. The cost of shares held is presented as a separate
reserve (the \u201cinvestment in own shares\u201d). Any excess of the consideration received on the sale of these shares over the
weighted average cost of the shares sold is credited to retained earnings.
The equity-settled share-based payment expense represents the amount of share awards made by the EBT on behalf
of the Company as instructed by the Company.
EBT equity-settled awards, which vest immediately on issue, are measured at the fair value of the shares issued on
the date of the award, representing the bid price of the shares. The share-based payment expense is charged to the
consolidated statement of comprehensive income.
1 Accounting policies continued Revenue Revenue, which excludes value added tax, represents the value of employee benefit consultancy and related business services supplied. Revenue is derived mainly from sales made in the United Kingdom. Revenue derived from outside the United Kingdom is immaterial. Amounts recognised as revenue but not yet billed are reflected in the statement of financial position as accrued income (contract assets for adjustments relating to fixed fees as described below). All performance obligations have been satisfied. Amounts billed in advance of work performed are deferred in the statement of financial position as contract liabilities. Performance obligations and timing of revenue recognition Performance obligations in contracts with customers are typically satisfied as services are rendered. In most cases, revenue is recognised on an over time basis. This is because effort has been expended by the business on fulfilling the performance obligations in the contract and the contracts would require payment for time and effort spent by the Group on progressing the contracts in the event of the customer cancelling the contract for any reason other than the Group\u2019s failure to perform its obligations under the contract. Invoices are in most cases raised monthly, based on timesheet data for pensions actuarial and consulting work and pensions investment consulting. For pensions administration services, invoices are typically raised monthly based on services provided. Payment is typically due 30 days from date of invoice. The services by the Group range from actuarial and investment consultancy to administration of pension schemes. Additionally, the Group has a SSAS and SIPP business which provides services to small self administered pension schemes and self invested pension plans. The Group receives income on corporate and customer bank deposits within the SSAS and SIPP business based on a rate linked to the Bank of England base rate. The Group also provides a defined contribution master pension trust for employers offering \u201cfull freedom and choice\u201d, called the National Pension Trust. Income from this is linked to the value of assets under management. The Group has a number of customers who are on a fixed price contract. These contracts covers a number of services (pensions actuarial, administration and investment), most of which are ongoing and therefore require no revenue recognition adjustment to the regular invoice issued to the customer. These are recognised monthly at the time of billing, as the benefit the customer receives as the work is done is largely in line with the amount billed each month. For some fixed price customers, an element of the fixed fee includes the triennial valuation of their defined benefit pension schemes, which is a distinct performance obligation. Under IFRS 15, the Group has assessed these contracts and has determined that an adjustment is needed to recognise the revenue for the performance obligation relating to the triennial valuations in the specific periods that the work is undertaken. Additionally, some of the fixed fee contracts include an element for investment strategic reviews. This is a distinct performance obligation, which has been assessed under IFRS 15 and it was determined that an adjustment is required to recognise the revenue for this performance obligation in the specific periods that the work is undertaken. For the fixed fee customers where an adjustment is required, payment is made monthly over a three-year period. The revenue recognition for triennial valuations takes place over the 15-month period after the valuation date, so there can be up to 35 months\u2019 variance between the date of billing and revenue recognition. For strategic reviews, the variance can also be up to 35 months, depending on the timing of the review within the three-year contract window. Any variance between the timing of payment and the timing of revenue recognition will be recognised as either a contract asset (where the performance obligations met to date exceed the value billed from the contract to date), or as a contract liability (where the value billed to date from the contract exceeds the performance obligations met to date). Determining the transaction price and allocating amounts to performance obligations For the contracts where an adjustment is required, the Group has identified the element of the fixed fee that is attributable to the triennial valuation and/or the strategic review. This has been calculated based on the expected time required to perform these obligations for each specific customer. To ensure that the revenue is allocated to the relevant period, the Group has determined the timespan for the triennial valuation work, and the separate stages of this work. A percentage has been applied to each stage, based on the proportion of total effort. For strategic reviews, which are a smaller piece of work, the Group makes an assessment at the end of each relevant period of the percentage complete for each review. Judgement is required for these contracts in determining the value attributable to the triennial valuation work and the strategic reviews, and also to the stage of completion at each reporting period. The judgements made are based on experience, and have been validated by comparison to timesheet data. The remainder of revenue from fixed fee contracts is recognised on a monthly basis, as the services provided tend to be evenly spread over the life of the contract. Services provided under contracts which do not include a fixed fee are recognised at a price quoted within the contract which typically varies depending on the level of seniority of the employee providing the service. Commission income is recognised on renewal of scheme membership, as the performance obligations are met at the time the contract is won or renewed with the insurer . 1 Accounting policies continued Expenses Exceptional and non-trading items To assist in understanding its underlying performance, the Group has defined the following items of pre-tax income and expense as exceptional or non-trading as they either reflect items which are exceptional in nature or size or are associated with the amortisation of acquired intangibles. Items treated as non-trading or exceptional include: \u2022 profits or losses on disposal of assets or businesses; \u2022 corporate transaction and restructuring costs; \u2022 amortisation of acquired intangibles; \u2022 changes in the fair value of contingent consideration; \u2022 expenses relating to deferred consideration deemed as post-acquisition remuneration under IFRS 3; \u2022 share-based payments; and \u2022 the related tax effect of these items. Any other non-recurring items are considered individually for classification as non-trading or exceptional by virtue of their nature or size. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group. The non-trading items have been included within the appropriate classifications in the consolidated income statement. Further details are given in note 6. Leases and payments Identifying leases The Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: (a) there is an identified asset; (b) the Group obtains substantially all the economic benefits from use of the asset; and (c) the Group has the right to direct use of the asset. The Group considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether the Group obtains substantially all the economic benefits from use of the asset, the Group considers only the economic benefits that arise from use of the asset, not those incidental to legal ownership or other potential benefits. In determining whether the Group has the right to direct use of the asset, the Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are predetermined due to the nature of the asset, the Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 leases of low value assets; and \u2022 leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the lessee company\u2019s incremental borrowing rate on commencement of the lease is used. Other variable lease payments are expensed in the period to which they relate. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset (typically leasehold dilapidations \u2013 see note 26) . 1 Accounting policies continued
Leases and payments continued
Identifying leases continued
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the
balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line
basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to
be shorter than the lease term. When the Group revises its estimate of the term of any lease (because, for example, it
reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount
of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount
rate that applied on lease commencement. The carrying value of lease liabilities is also revised when the variable
element of future lease payments dependent on a rate or index is revised; however this will use the original discount
rate. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised
carrying amount being amortised over the remaining (revised) lease term.
When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature
of the modification:
\u2022 if the renegotiation results in one or more additional assets being leased for an amount commensurate with the
standalone price for the additional rights of use obtained, the modification is accounted for as a separate lease in
accordance with the above policy;
\u2022 in all other cases where the renegotiated lease increases the scope of the lease (whether that is an extension to the
lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate
applicable on the modification date, with the right-of-use asset being adjusted by the same amount; and
\u2022 if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability
and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with
any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount
reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments
discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount.
For contracts that both convey a right to the Group to use an identified asset and require services to be provided to
the Group by the lessor, the Group has elected to account for the entire contract as a lease, i.e. it does not allocate any
amount of the contractual payments to and account separately for any services provided by the supplier as part of
the contract.
When the Group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a
lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect
the payments to make over the revised term, which are discounted at the same discount rate that applied on lease
commencement.
Where the lease liability changes due to change in lease term (for example, due to utilisation of an extension option) a
new discount rate is used. This rate is determined as the interest rate implicit in the lease for the remainder of the lease
term, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate at the date of reassessment if
the interest rate implicit in the lease cannot be readily determined. The same rate is used for changes in index rates.
Foreign exchange policy
Transactions entered into by Group entities in a currency other than the functional currency (GBP) are recorded at the
rates ruling when the transactions occur.
Any exchange rate differences are recognised immediately through the statement of comprehensive income.
Finance income and expense
Finance costs comprise interest payable, foreign exchange losses and costs directly related to the raising of loans.
Finance income comprises interest receivable on own funds, and foreign exchange gains.
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective
interest method.
Share-based payment costs \u2013 Performance Share Plan and Deferred Share Plan
The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from
the Executive Directors and key management personnel in consideration for equity instruments of the Group. The fair
value of the services received in exchange for the grant of the awards is recognised as an expense. The total amount
to be expensed is determined by reference to the fair value of the awards granted:
\u2022 including any market performance conditions (for example, an entity\u2019s share price); and
\u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability
and remaining a Director for a specified period of time).
1 Accounting policies continued
Share-based payment costs \u2013 Performance Share Plan and Deferred Share Plan continued
The Deferred Share Plans (DSPs) do not have any market performance conditions or non-market performance vesting
conditions; they only have service vesting conditions. The fair value for DSPs is the share price on the date of grant.
The total amount expensed to the Group is recognised over the vesting period of the award. Where a share award is
cancelled, the share-based payment charge is accelerated at that point in time and all remaining unvested charge is
immediately expensed to the Group.
Where a share award includes dividend equivalents, these are included within the IFRS 2 charge described above. The
Group may settle these via cash or shares.
See the Employee Benefit Trust (EBT) policy above for information on the Employee Benefit Trust element of share-
based payment costs.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit and loss in the
statement of comprehensive income except to the extent that it relates to items recognised in equity, in which case it
is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither
accounting nor taxable profit other than in a business combination and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax
provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,
using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
against which the asset can be utilised.
Changes in accounting policies \u2013 new standards, interpretations and amendments effective from 1 April 2022
New and amended standards and interpretations issued by the IASB that apply for the first time in these annual
financial statements do not impact the Group as they are either not relevant to the Group\u2019s activities or require
accounting which is consistent with the Group\u2019s current accounting policies. These include:
\u2022 onerous contracts \u2013 cost of fulfilling a contract (amendments to IAS 37);
\u2022 property, plant and equipment: proceeds before intended use (amendments to IAS 16);
\u2022 annual improvements to IFRS standards 2018\u20132020 (amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41); and
\u2022 references to conceptual framework (amendments to IFRS 3).
New standards and interpretations not yet adopted
A number of new standards, amendments to standards, and interpretations are not effective for 2023, and therefore
have not been applied in preparing XPS Pensions Group\u2019s financial statements. They are not expected to have a
material impact on the Group\u2019s consolidated financial statements. These include the following amendments effective
for the year beginning 1 April 2023:
\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
\u2022 Definition of Accounting Estimates (Amendments to IAS 8); and
\u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12).
The following amendments are effective for the year beginning 1 April 2024:
\u2022 IFRS 16 Leases (amendment \u2013 liability in a sale and leaseback);
\u2022 IAS 1 Presentation of financial statements (amendment \u2013 classification of liabilities as current or non current); and
\u2022 IAS 1 Presentation of financial statements (amendment \u2013 non-current liabilities with covenants).
The Group is currently assessing the impact of these new accounting standards and amendments, but currently does
not anticipate that these will drive any material changes to the Group\u2019s consolidated financial statements.
The other standards, interpretations and amendments issued by the IASB (of which some are still subject to
endorsement by the UK) but not yet effective are not expected to have a material impact on the Group\u2019s consolidated
financial statements .
1 Accounting policies continued
Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually
evaluated based on historical experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing
basis, with revisions to accounting estimates applied prospectively. In the future, actual experience may differ from
these estimates and assumptions. Significant judgements are separately identified where applicable. The estimates
and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
Fair values of intangible assets (note 17)
Goodwill is tested for impairment on an annual basis at the year end and between annual tests if an event occurs or
circumstances change that would more likely than not reduce the fair value of the cash-generating unit below its
carrying value. These events or circumstances could include a significant change in the business climate, legal factors,
operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit.
Application of the goodwill impairment test requires judgement, including the identification of cash-generating units,
assignment of assets and liabilities to such units, assignment of goodwill to such units and determination of the fair
value of a unit. The fair value of each cash-generating unit or asset is estimated using the income approach, on a
discounted cash flow methodology. This analysis requires significant estimates, including estimation of future cash
flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the business, estimation
of the useful life over which cash flows will occur and determination of our weighted average cost of capital. See note
17 for more detail.
Intangible assets are tested for impairment if an indicator of impairment exists. Similar to goodwill, the indicator could
be a significant change to the business climate, legal factors, operating performance indicators, competition, changes
to the technological environment, or another external or internal factor observed by management. As with goodwill,
application of an impairment test here will require judgement and the use of estimates.
Revenue recognition
Revenue is recognised once the performance obligations of the contract with the customer have been met, in
line with IFRS 15. This may be at a point in time or over time according to when control passes to the customer.
Dependent upon the income stream and nature of the engagement, revenue is recognised on either a time cost
incurred, fixed fee or rateably over the period of providing the service basis. Revenue is billed on a monthly, quarterly
or, in the case of certain SSAS and SIPP services, on an annual basis. Services may be billed in arrears, as in the
case of pensions advisory work, or in advance, as is the case with SSAS and SIPP revenues. As a result of such
arrangements, judgements are made in determining the timing of revenue recognition. The significant judgements
relate to identifying individual performance obligations and then allocating an appropriate amount of revenue to those
obligations which largely depends on the time incurred in providing the services. Management applies judgement
in assessing timesheet data to ensure that revenue is allocated proportionally to effort. There are also judgements
involved in determining the level of performance obligations met as part of the triennial valuation work. These have
been recognised on the basis of work completed through the 15-month valuation process.
Deferred tax (note 18)
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management estimates are required to determine the
amount of deferred tax assets that can be recognised based upon the likely timing and the level of future taxable
profits together with future tax planning strategies. Throughout the current and prior periods the Directors consider
that the IAS 12 recognition criteria have been satisfied. The recognised deferred tax assets for the Group relate to
share-based payments, whereby a corporation tax asset will arise in the future on the exercise of share options issued
to Executive Directors and senior staff under performance share plans and deferred share plans. See note 18 for
details of the carrying amount of the deferred tax assets.
Provisions (note 26)
Dilapidations provisions have been made for properties which the Group currently leases based upon the cost to
make good the property in accordance with lease terms where applicable. Provisions are made for claims in respect
of complaints against the Group. The amount provided is based on management\u2019s best estimate of the likely liability.
The cost to the business is capped to the excess on the Group\u2019s professional indemnity insurance in respect of each
individual claim.
1 Accounting policies continued Critical accounting estimates and judgements continued Useful lives of intangible assets (note 17) Intangible assets are amortised over their estimated useful lives with the charge recorded in administrative expenses. Useful lives are based on management\u2019s estimates of the period that the assets will generate revenue, which are periodically reviewed for continued appropriateness. Changes to estimates can result in significant variations in the carrying value and amounts charged to the consolidated income statement in specific periods. Exceptional costs (note 6) Exceptional costs are recognised to the extent that they meet the definition outlined in the accounting policy above. The judgement of whether an expense is exceptional or not requires consistent application by management. Contingent consideration (note 27) Contingent consideration is recognised in cost at its acquisition date fair value, and is classified as a financial liability. At each reporting period the liability is remeasured at fair value through profit or loss. This remeasurement is based on management\u2019s expectation of future performance. Therefore, judgement is necessary in assessing the amount of consideration that will be payable in the future. Because of the inherent uncertainty in this evaluation process, actual gains or losses may be different from the originally estimated consideration. When a business is acquired, contingent consideration clauses in the share purchase agreement are assessed against the criteria in IFRS 3 Business Combinations. Judgement is necessary to determine whether to account for contingent consideration as deferred consideration, forming a part of the goodwill calculation, or whether under IFRS 3 the consideration should be treated as post-acquisition remuneration. Business combinations (note 7) The Directors determine and allocate the purchase price of an acquired business to the assets acquired and liabilities assumed as of the business combination date. The purchase price allocation process requires the use of significant estimates and assumptions, including the estimated fair value of the acquired intangible assets. While the Directors use their best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the date of acquisition, the estimates and assumptions are inherently uncertain and subject to refinement. Examples of critical estimates in valuing certain of the intangible assets acquired or which may potentially be acquired in the future include but are not limited to: \u2022 future expected cash flows from customer relationships and brands; and \u2022 discount rates. The accounting for the business combination discussed in note 7 was preliminary in the interim accounts to 30 September 2022, and adjustments have been made to this following the conclusion of the full purchase price allocation process. IFRS 3 allows for any factors present at the date of the business combination but not previously included in the calculation of the value of intangible assets to be adjusted for within twelve months of the acquisition date. It is therefore possible that the intangible assets acquired could be adjusted by a material amount, with the offsetting impact in goodwill . 2 Financial risk management The XPS Pensions Group\u2019s operations expose it to a variety of financial risks including credit risk, liquidity risk, market risk and the effects of changes in interest rates on debt. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group\u2019s principal financial instruments comprise sterling cash, lease liabilities, bank deposits and bank loans together with trade receivables and trade payables that arise directly from its operations. Risk management policies are established for the XPS Pensions Group of companies and the Group Audit Committee oversees how management monitors compliance with these policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Further details relating to the current year position are provided in note 30. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty, including brokers, to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. Due to the nature of the business, the majority of the trade receivables are with trustees of pension schemes and large institutions and losses have occurred infrequently over previous years 2 Financial risk management continued
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s
approach to managing liquidity is to ensure, as far as possible, that the Group will have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions .
Market risk
Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its financial
instruments. Market risk comprises three elements \u2013 interest rate risks, foreign exchange risks, and pricing risks.
Interest rate risks are discussed in the cash flow interest rate risk below. The Group is exposed to movements in
interest rate in its net finance costs and also in a small element of its operating revenue. Senior loans are linked to
SONIA. The Group earns income in relation to client as well as interest income on its own deposits.
The Group\u2019s financial instruments are currently in sterling; hence foreign exchange movements do not have a material
effect on the Group\u2019s performance.
The Group does not hold its own position in trading securities, being involved only in arranging transactions on behalf
of its clients.
The Group does not engage in holding speculative financial instruments or derivatives. Further quantitative disclosures
are included throughout these consolidated financial statements.
Cash flow interest rate risk
The XPS Pensions Group is exposed to cash flow interest rate risk in two main respects: firstly, corporate and client
bank deposits, which earn interest at a variable rate, although not at a material level; and secondly, interest expense
arising on bank facilities at a margin over SONIA.
3 Capital risk management
The Group is focused on delivering value for its shareholders whilst ensuring the Group is able to continue effectively
as a going concern. Value adding opportunities to grow the business are continually assessed, although strict and
careful criteria are applied.
The policy for managing capital is to increase shareholder value by maximising profits and cash. The policy is to set
budgets and forecasts in the short and medium term that the Group feels are achievable. The processes for managing
capital are regular reviews of financial data to ensure that the Group is tracking the targets set and to reforecast as
necessary based on the most up-to-date information. This then contributes to the XPS Pensions Group\u2019s forecast
which ensures future covenant test points are met. The Group continues to meet these test points and they have been
achieved over the last year.
Due to the nature of some of the services provided, two subsidiaries within the Group were regulated by the Financial
Conduct Authority (FCA) during the year. They are required to hold a minimum level of capital and this is monitored
on a monthly basis. Formal compliance returns are submitted to the FCA in line with their reporting requirements.
The Group was compliant with its capital requirements throughout the year.
4 Other operating income
Other operating income arose from the revaluation of the contingent consideration for the MJF acquisition in
February 2022. The balance of the contingent consideration is expected to be paid by the Group in July 2023. Since
this is not considered to be part of the main revenue generating activities of the Group, the Group presents this
income separately from revenue.
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Contingent consideration write back (note 27) 197 \u2014
5 Auditor\u2019s remuneration
During the period the following services were obtained from the Group\u2019s auditor at a cost detailed below:
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Audit services
Fees payable in respect of the Parent Company and consolidated accounts 328 197
Fees payable in respect of the subsidiary accounts 252 151
580 348
Audit-related services 78 45
Total 658 393
6 Non-trading and exceptional items
Note
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Corporate transaction costs
1
(2,871) (320)
Other exceptional costs
2
\u2014 966
Exceptional items (2,871) 646
Contingent consideration write back
3
27 197 \u2014
Share-based payment costs
4
13 (4,660) (3,875)
Amortisation of acquired intangibles
5
17 (6,882) (6,579)
Non-trading items (11,345) (10,454)
Total before tax (14,216) (9,808)
Tax on adjusting items
6
2,910 (2,530)
Adjusting items after taxation (11,306) (12,338)
1 The Group incurred corporate transaction costs of \u00a32,871,000 in the year (2022: \u00a3320,000, relating to acquisitions by the Group). Included
within that is \u00a3845,000 of contingent consideration in respect of the acquisition of Penfida Limited. The maximum contingent consideration
of \u00a33,379,000 would be payable on the second anniversary of the acquisition subject to business performance which includes retention
of clients as well as continued employment of key employees. As continued employment is one part of the contingent consideration
test, according to IFRS 3, the entire contingent consideration must be treated as a post transaction employment cost accruing over the
deferment period of two years. The contingent consideration is material in size and it is one-off in nature. As such, in line with the Group\u2019s
accounting policies, it has been classified as an exceptional item. If the entire contingent consideration is not payable at the end of the two
year period, any resulting credit will also flow through the exceptional category. The remaining \u00a32,026,000 of corporate transaction costs
relate to the acquisition of Penfida Limited and other potential M&A opportunities explored by the Group in the year.
2 The prior year credit of \u00a3966,000 relates to the reversal of the exceptional holiday pay accrual in the previous year. The one-off non-cash
holiday pay accrual in the year ended 31 March 2021 arose as the holiday cycle was disrupted by the pandemic and a higher than normal
level of holiday was carried forward at the end of the holiday year in December 2020. Prior to the pandemic the holiday pay accrual had
been stable. In the year ended 31 March 2022 the Group changed its holiday year to align with its accounting year, and as a result there was
no cash outflow as a result of the charge in the year ended 31 March 2021. Due to its one-off nature and the size of the holiday pay accrual
in the prior year, as well as the corresponding reversal in the year ending 31 March 2022, it was deemed appropriate to disclose the amount
separately from the underlying business performance.
3 The contingent consideration write back relates to the revaluation of the contingent consideration for the MJF acquisition (note 27).
4 Share-based payment expenses are included in non-trading and exceptional costs as they are a significant non-cash cost which are
excluded from the results for the purposes of measuring performance for PSP awards and dividend amounts. Additionally, the largely
non-cash-related credits go directly to equity and so have a limited impact on the reserves of the Group. They are therefore shown as a
non-trading item to give clarity to users of the accounts on the profit figures that dividends and PSP performance are based on.
5 During the year the Group incurred \u00a36,882,000 of amortisation charges in relation to acquired intangible assets (customer relationships
and brand) (2022: \u00a36,579,000).
6 The tax credit on non-trading items of \u00a32,910,000 (2022: charge of \u00a32,530,000) represents 20% (2022: 26%) of the non-trading items
incurred of \u00a314,216,000 (2022: \u00a39,808,000). This is different to the expected tax credit of 19% (2022: 19%), as various adjustments are
made to tax including for deferred tax, and the exclusion of amounts not allowable for tax. The tax on non-trading and exceptional items
was a large tax charge in the year ended 31 March 2022 instead of a tax credit, because of the tax rate increase from 19% to 25% from
1 April 2023, which was enacted in the year to 31 March 2022. As a result the Group incurred a large deferred tax charge in the prior year
(\u00a34.4 million).
7 Business combinations during the period On 21 September 2022, the Group acquired 100% of the share capital of Penfida Limited from the shareholders of Penfida Limited for \u00a38.64 million in cash upon completion, and a further payment of \u00a33.38 million in September 2024, subject to the achievement of a client retention target, and the sellers still being in employment with the Group. Because this element is only payable to the sellers who remain in employment at the end of the two-year period, under IFRS 3 the \u00a33.38 million is treated as post-acquisition remuneration and will be an expense to the business over the two-year period to September 2024. This expense will be treated as an exceptional cost, as it meets the Group\u2019s definition of an exceptional item (see note 6). Penfida Limited provides employer covenant advisory services. The transaction will strengthen the covenant advice offering of XPS and gives the Group the resource to expand this offering to both existing clients and new prospects. Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are as follows: Book value \u00a3\u2019000 Adjustment \u00a3\u2019000 Fair value \u00a3\u2019000 Right-of-use asset \u2014 686 686 Non-current asset 55 \u2014 55 Trade and other receivables 1,899 (67) 1,832 Cash 373 \u2014 373 Lease liability \u2014 (534) (534) Provisions (162) (31) (193) Trade and other payables (1,031) 50 (981) Corporation tax payable (272) (20) (292) Customer relationships \u2014 5,215 5,215 Brand \u2014 295 295 Deferred tax \u2014 (1,364) (1,364) Total net assets 862 4,230 5,092 The fair value and the gross value of acquired receivables are the same. The receivables have been reviewed and it is expected that all contractual cash flows will be collected. Fair value of consideration paid \u00a3\u2019000 Cash 8,641 Total consideration 8,641 Goodwill (note 17) 3,549 The main factors leading to the recognition of goodwill are the presence of certain intangible assets, such as the assembled workforce of the acquired entities, synergies and potential future cost savings, and the expected growth in the business generated by new customers, which do not qualify for separate recognition. The goodwill arising from the above acquisition is not deductible for tax purposes. Since the acquisition date, Penfida Limited has contributed \u00a32.3 million to Group revenues and \u00a30.4 million to Group profit before tax, before taking into account the post-acquisition remuneration referred to above. Including this figure, Penfida has contributed a loss of \u00a30.3 million since the acquisition date. If the acquisition had occurred on 1 April 2022, Group revenue would have been \u00a3168.8 million and Group profit before tax would have been \u00a320.7 million, excluding the impact of the post-acquisition remuneration disclosed above. Including this, and assuming the transaction had taken place on 1 April, Group profit before tax would have been \u00a319.0 million. Acquisition expenses Costs relating to the above acquisition (excluding the post-acquisition remuneration) totalled \u00a3474,000 and are included within exceptional costs as corporate transaction costs 8 Operating segments
In accordance with IFRS 8 Operating Segments, an operating segment is defined as a business activity whose
operating results are reviewed by the chief operating decision maker (CODM) and for which discrete information
is available. The Group\u2019s CODM is the Board of Directors.
The Group has one operating segment and one reporting segment due to the nature of services provided across
the whole business being the same: pensions and employee benefit solutions. The Group\u2019s revenues, costs, assets,
liabilities and cash flows are therefore totally attributable to this reporting segment. The table below shows the
disaggregation of the Group\u2019s revenue, by product line.
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Pensions Actuarial & Consulting 77, 388 62,171
Pensions Administration 57,444 52,339
Pensions Investment Consulting 18,009 13,678
National Pension Trust (NPT) 4,332 4,353
SIP
1
9,423 6,081
Total 166,596 138,622
1 Self Invested Pensions (SIP) business, incorporating both SIPP and SSAS products.
In the year, there was a change in the way that divisional revenues are reported to the CODM which is more reflective
of the responsibilities and operations of the business. As a result related revenue of \u00a31.5 million has been reallocated
from the Pensions Actuarial & Consulting division to the Pensions Administration division.
The prior year comparative have been restated to enable fair comparability against the current year results
amounting to a reallocation of \u00a31.5 million revenue from the Pensions Actuarial & Consulting division to the Pensions
Administration division.
9 Administrative expenses
Included in the operating profit for the year are the following:
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Expenses by nature
Staff costs (note 10) 101,436 83,060
Depreciation and amortisation 12,386 11,922
Short-term and low value lease costs 224 31
Premises costs (excluding rent accounted for under IFRS 16 Leases) 2,868 2,651
Exceptional items (note 6) 2,871 (646)
Other general business costs 24,280 22,616
Total 144,065 119,634
10 Staff numbers and costs
The average number of people employed by the Group (including Directors) during the year, analysed by category,
was as follows:
Year ended
31 March
2023
Number of
employees
Year ended
31 March
2022
Number of
employees
Operational 1,435 1,309
Administration 125 106
Sales and marketing 24 20
1,584 1,435
10 Staff numbers and costs continued
The aggregate payroll costs of these persons were as follows:
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Wages and salaries 81,142 66,719
Social security contributions and similar taxes 8,913 7,454
Defined contribution pension cost 4,009 3,509
Other long-term employee benefits 1,867 1,503
Post-acquisition remuneration (note 7) 845 \u2014
Share-based payment costs (note 13) 4,660 3,875
101,436 83,060
11 Employee benefits
Defined contribution plan
The Company operates a defined contribution pension plan. Outstanding contributions at the year end were \u00a3nil
(2022: \u00a3nil).
12 Directors\u2019 emoluments
The Directors were remunerated for their services by the Group and their emoluments are disclosed below.
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Aggregate emoluments excluding gain on exercise of share options 2,626 2,256
Gain on exercise of share options 987 451
Company contributions to money purchase pension plans 30 30
3,643 2,737
The share-based payment expense for Directors was \u00a3894,000 (2022: \u00a3433,000).
Year ended
31 March
2023
Number of
Directors
Year ended
31 March
2022
Number of
Directors
At 31 March 2023, retirement benefits are accruing to the following number of Directors under:
Money purchase schemes 3 3
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
The emoluments of the highest paid Director, including benefits and share-based payments 1,194 870
13 Share-based payment costs
The Group operates a number of equity-settled share-based remuneration schemes for employees: Performance Share
Plans (PSPs) for Executive Directors and other key senior personnel, and Deferred Share Plans (DSPs) for key senior
personnel from July 2020. All employees are also eligible to participate in the Save as You Earn (SAYE) scheme, the only
vesting condition being that the individual remains an employee of the Group over the savings period.
The Executive PSP award expense relates to annual awards over shares that vest subject to certain stretching
performance conditions, measured over a three-year period. Maximum \u201cnormal\u201d grant level is 150% of salary, capped at a
maximum of 200% in exceptional circumstances. Malus and clawback provisions apply. The fair value of awards granted
during the year was determined using certain assumptions around vesting. More information about the Executive PSP
can be found in the Remuneration Report section of this Annual Report.
The only vesting criteria for the DSP is a service criteria. The fair value of awards under this scheme was determined
using the share price on the date of grant.
13 Share-based payment costs continued
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Performance Share Plan awards, Deferred Share Plan awards and SAYE scheme 3,892 3,343
Social security cost on Performance Share Plan awards and Deferred Share Plan awards 768 532
Total share-based payments 4,660 3,875
The fair value of Executive PSP options granted during the period was calculated using different methods for different
elements \u2013 the Black-Scholes method for the EPS element, the Stochastic method for the TSR element, and the Chaffe
method for the holding period (2022: Black-Scholes method for the EPS element, the Stochastic method for the TSR
element, and the Finnerty method for the holding period). The inputs to the model were as follows:
Year ended 31 March 2023 Year ended 31 March 2022
75%
earnings
per share
(EPS)
25%
relative
total
shareholder
return
(TSR)
Two -year
holding
period
75%
earnings
per share
(EPS)
25%
relative
total
shareholder
return
(TSR)
Two-year
holding
period
Weighted average exercise price of options issued
during the period (pence) 0.05 0.05 0.05 0.05 0.05 0.05
Expected volatility (%) n/a 38.80% 37.03% n/a 49.00% 40.70%
Expected life beyond vesting date (years) 3.00 3.00 2.00 3.01 3.01 2.00
Risk-free rate (%) n/a 1.81% 1.77% n/a 0.16% 0.34%
Dividend yield (%) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014
The Staff DSP options granted during the year had no performance criteria, other than a service condition. Therefore,
the fair value of this award was the market value of shares on the date of the award.
The fair value of SAYE options granted during the period, and the prior period, was calculated using the Black-Scholes
valuation method. The inputs to the model were as follows:
Year ended
31 March
2023
Year ended
31 March
2022
Weighted average exercise price of options issued during the period (pence) 104.0 111.0
Expected volatility (%) 47.95% 47.63%
Expected life beyond vesting date (years) 3.34 3.35
Risk-free rate (%) 1.61% 0.28%
Dividend yield (%) 4.90% 5.00%
The volatility assumption has been calculated over the period of time commensurate with the expected award term
immediately prior to the date of grant. Due to the very high level of volatility in 2020 due to the Covid-19 pandemic,
which we do not believe is reflective of the long-term average future volatility, we have excluded the period from
1 March to 31 March 2020, being the most volatile.
As at 31 March 2023, in respect of the Group\u2019s ordinary shares of 0.05p each, 2,915,816 Executive PSP options had
been granted and remained outstanding, at an exercise price of 0.05p per share, 318,109 Staff PSP options had
been granted and remained outstanding, at an exercise price of 0.05p per share, 6,054,667 Staff DSP options had
been granted and remained outstanding, at an exercise price of 0.05p per share, 20,306 SAYE options had been
granted and remained outstanding, at an exercise price of 78p per share, 817,870 SAYE options had been granted
and remained outstanding, at an exercise price of 111p per share, and 2,335,793 SAYE options had been granted and
remained outstanding, at an exercise price of 104p per share. The table below includes dividend equivalent shares
on the PSP and DSP option figures where applicable.
XPS Pensions Group Annual Report 2023132 Notes to the consolidated \ufb01nancial statements continued for the year ended 31 March 2023 13 Share-based payment costs continued 2023 Weighted average exercise price pence 2023 Number 2022 Weighted average exercise price pence 2022 Number Executive PSP Outstanding at 1 April 0.05 3,098,236 0.05 2,918,849 Granted during the year 0.05 1,084,873 0.05 964,133 Forfeited during the year 0.05 (572,818) 0.05 (235,198) Exercised during the year 0.05 (553,445) 0.05 (146,101) Cancelled during the year 0.05 (19,371) 0.05 (403 ,447) Outstanding at 31 March 0.05 3,037,475 0.05 3,098,236 Staff PSP Outstanding at 1 April 0.05 3,335,675 0.05 5,045,911 Forfeited during the year 0.05 (752,892) 0.05 (474,375) Exercised during the year 0.05 (2,177,334) 0.05 (1,194,069) Cancelled during the year 0.05 (76,207) 0.05 (41,792) Outstanding at 31 March 0.05 329,242 0.05 3,335,675 Staff DSP Outstanding at 1 April 0.05 3,976,462 0.05 2,331,278 Granted during the year 0.05 2,392,868 0.05 1,795,090 Forfeited during the year 0.05 (63,316) 0.05 (149,906) Outstanding at 31 March 0.05 6,306,014 0.05 3,976,462 SAYE Outstanding at 1 April 88.61 4,430,966 80.22 3,883,505 Granted during the year 104.00 2,381,306 111.00 975,889 Forfeited during the year 94.91 (70,384) 82.74 (171,814) Exercised during the year 78.01 (3,405,601) 87.64 (37,421) Lapsed during the year 82.51 (39,784) 144.75 (113,015) Cancelled during the year 106.14 (122,534) 91.74 (106,178) Outstanding at 31 March 110.79 3,173,969 88.61 4,430,966 The exercise price of options outstanding at 31 March 2023 ranged between \u00a30.0005 (i.e. the nominal value of an ordinary share) in the case of the PSPs and \u00a31.11 in the case of the SAYE scheme (2022: \u00a30.0005 to \u00a31.472). Their weighted average contractual life was three years (2022: three years), and their weighted average exercise price was \u00a30.04 (2022: \u00a30.01). Of the total number of options outstanding at 31 March 2023, 356,263 (2022: 447,454) had vested and were exercisable. The weighted average fair value of each option granted during the year was \u00a31.24 (2022: \u00a31.31). The weighted average exercise price for exercisable options was 0.26p per share (2022: 5.14p per share). 133XPS Pensions Group Annual Report 2023 Financial statements 14 Finance income and expense Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Interest income on bank deposits 10 \u2014 Finance income 10 \u2014 Interest expense on bank loans 2,758 1,108 Other costs of borrowing 498 602 Interest on leases 290 291 Other finance expense 50 46 Finance expenses 3,596 2,047 Other costs of borrowing largely represent the amortisation expense of capitalised loan arrangement fees on the Group\u2019s bank debt. 15 Income tax expense Recognised in the statement of comprehensive income Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Current tax expense Current year 5,153 4,864 Adjustment in respect of prior year (223) (205) Total current tax expense 4,930 4,659 Deferred tax (credit)/expense Origination and reversal of temporary differences (1,403) (1,399) Effect of tax rate changes (222) 4,258 Total income tax expense 3,305 7,518 Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Profit for the year 15,837 9,423 Total tax expense 3,305 7,518 Profit before income tax 19,142 16,941 Tax using the UK corporation tax rate of 19% (2022: 19%) 3,637 3,219 Non-deductible expenses 74 648 Fixed asset differences 39 (55) Adjustment in respect of prior periods (223) (205) Amounts charged/(credited) directly to equity or otherwise transferred \u2014 (7) Excess relief on exercise of share options \u2014 (340) Effect of tax rate change (222) 4,258 Total tax expense 3,305 7,518 16 Property, plant and equipment
Leasehold
improvements
\u00a3\u2019000
Office
equipment
\u00a3\u2019000
Fixtures
and fittings
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
Balance at 1 April 2022 3,217 1,472 891 5,580
Acquired through business combinations \u2014 59 17 76
Additions 285 511 (7) 789
Disposals \u2014 (447 ) \u2014 (4 47)
Balance at 31 March 2023 3,502 1,595 901 5,998
Accumulated depreciation
Balance at 1 April 2022 1,440 639 314 2,393
Acquired through business combinations \u2014 59 17 76
Depreciation charge for the year 315 488 94 897
Disposals \u2014 (447 ) \u2014 (4 47)
Balance at 31 March 2023 1,755 739 425 2,919
Net book value
Balance at 1 April 2022 1,777 833 577 3,187
Balance at 31 March 2023 1,747 856 476 3,079
Leasehold
improvements
\u00a3\u2019000
Office
equipment
\u00a3\u2019000
Fixtures
and fittings
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
Balance at 1 April 2021 3,128 1,723 832 5,683
Acquired through business combinations \u2014 2 \u2014 2
Additions 174 591 66 831
Disposals (85) (844) (7) (936)
Balance at 31 March 2022 3,217 1,472 891 5,580
Accumulated depreciation
Balance at 1 April 2021 1,254 1,000 232 2,486
Acquired through business combinations \u2014 1 \u2014 1
Depreciation charge for the year 271 482 89 842
Disposals (85) (844) (7) (936)
Balance at 31 March 2022 1,440 639 314 2,393
Net book value
Balance at 1 April 2021 1,874 723 600 3,197
Balance at 31 March 2022 1,777 833 577 3,187
17 Intangible assets
Group
Goodwill
\u00a3\u2019000
Customer
relationships
\u00a3\u2019000
Brands
\u00a3\u2019000
Software
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
Balance at 1 April 2022 121,818 125,269 6,036 10,807 263,930
Acquired through business combinations 3,549 5,215 295 \u2014 9,059
Additions \u2014 \u2014 \u2014 4,879 4,879
Disposals \u2014 \u2014 (6,036) (1,097) (7,133)
Balance at 31 March 2023 125,367 130,484 295 14,589 270,735
Accumulated amortisation
Balance at 1 April 2022 \u2014 48,527 5,980 2,623 57,130
Amortisation for the year \u2014 6,727 155 1,753 8,635
Disposals \u2014 \u2014 (6,036) (1,097) (7,133)
Balance at 31 March 2023 \u2014 55,254 99 3,279 58,632
Net book value
Balance at 1 April 2022 121,818 76,742 56 8,184 206,800
Balance at 31 March 2023 125,367 75,230 196 11,310 212,103
Goodwill
\u00a3\u2019000
Customer
relationships
\u00a3\u2019000
Brands
\u00a3\u2019000
Software
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
Balance at 1 April 2021 120,343 123,305 6,036 5,076 254,760
Acquired through business combinations 1,475 1,964 \u2014 \u2014 3,439
Additions \u2014 \u2014 \u2014 6,611 6,611
Disposals \u2014 \u2014 \u2014 (880) (880)
Balance at 31 March 2022 121,818 125,269 6,036 10,807 263,930
Accumulated amortisation
Balance at 1 April 2021 \u2014 42,011 5,917 2,048 49,976
Amortisation for the year \u2014 6,516 63 1,455 8,034
Disposals \u2014 \u2014 \u2014 (880) (880)
Balance at 31 March 2022 \u2014 48,527 5,980 2,623 57,130
Net book value
Balance at 1 April 2021 120,343 81,294 119 3,028 204,784
Balance at 31 March 2022 121,818 76,742 56 8,184 206,800
Material customer relationship assets are broken down as follows:
Remaining
UEL
years
31 March
2023
Net book
value
\u00a3\u2019000
31 March
2023
Remaining
UEL
years
31 March
2022
Net book
value
\u00a3\u2019000
31 March
2022
Acquisitions prior to January 2018 (CGU 1) 10 17,820 11 19,623
Punter Southall actuarial (CGU 2) 15 40,869 16 43,634
Punter Southall administrative (CGU 3) 5 4,677 6 5,655
Kier (CGU 3) 6 1,734 7 2,044
XPS Pensions (RL) Limited (CGU 1) 7 1,879 8 2,184
XPS Pensions (Trigon) Limited (CGU 1) 7 1,417 8 1,632
Michael J Field (CGU 1) 9 1,743 10 1,931
Penfida Limited (CGU 4) 20 5,085 \u2014 \u2014
17 Intangible assets continued The brands disposed of in the year included the rights to use the Punter Southall brands for two years as part of the Punter Southall acquisition in 2018 \u2013 these were fully amortised in the year ended 31 March 2019, following the successful integration of the businesses. As the period the rights were held for has since expired, the brand was disposed of in the year to 31 March 2023. The brand had a cost of \u00a35,408,000 and a NBV of \u00a3nil at 31 March 2023 and 1 April 2022. The remaining \u00a3628,000 relates to brands acquired on 21 February 2013 by the Group. These brands had a useful life of ten years, and are no longer in use by the Group. They had a NBV of \u00a3nil at 31 March 2023 and a NBV of \u00a357,000 at 1 April 2022. Software assets held by the Group comprise internally generated or enhanced software for use in providing services to customers. The largest group of software assets relates to the administration business, specifically the development of an in-house administration system. Software disposals in the year related to software which has reached the end of its useful economic life and is no longer in use. Impairment test Goodwill represents the excess of the consideration over the fair value of the net assets acquired on the purchase of the subsidiary companies listed in note 35, as well as goodwill which has arisen on the purchase of trade and assets by the Group. In accordance with IFRS, this balance is not amortised and is subject to annual impairment reviews. The carrying value of goodwill was assessed based on the three cash-generating units that were identified in prior years, and a new cash-generating unit comprising the Penfida acquisition in the year. The four CGUs to which goodwill has been allocated are: CGU 1 \u2013 former Xafinity businesses, Royal London, Trigon, and Michael J Field acquisitions; CGU 2 \u2013 PS Actuarial; CGU 3 \u2013 PS Admin; and CGU 4 \u2013 Penfida Ltd. The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions, which reflect the past experience of the Group: 2023 2022 CGU 1 CGU 2 CGU 3 CGU 4 CGU 1 CGU 2 CGU 3 Discount rate pre-tax 13.1% 13.1% 13.1% 13.1% 9.3% 9.3% 9.3% Terminal rate after period 8 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Period on which detailed forecasts are based 3 years 3 years 3 years 3 years 3 years 3 years 3 years Growth rate during detailed forecast period (average) 7.7% 8.8% 31.2% 9.4% 10.4% 7.4% 27.3% Growth rate applied beyond approved forecast period to year 8 5% 5% 5% 5% 5% 5% 5% The discount rate comprises two elements, the cost of debt and the cost of equity, to derive a blended cost of capital demanded by all providers of capital. The cost of equity is based on the following components: \u2022 beta: calculated to estimate how volatile the Group\u2019s equity is compared to the FTSE SmallCap index; \u2022 risk-free rate: using a ten-year UK government bond yield as a proxy for the risk-free rate; \u2022 equity risk premium: the implied rate as at 31 March 2023 is used to assess the price of risk in equity markets; and \u2022 small company premium: an additional size premium is applied to the Group\u2019s cost of equity in to account for extra risk. The cost of debt represents the cost of capital for the Group\u2019s drawn Revolving Credit Facility and is based on average borrowings during the year. The cash flows used for the value in use calculations incorporate the impact of inflation, and future assumptions regarding inflation which are based on the latest outlook from the UK government. The growth rate beyond the forecast period is based on a blend of average growth rates experienced by the Group and management\u2019s assessment of industry and macroeconomic outlooks. Such forecast rates have been accurate in the past, so the Directors believe they will be sufficiently representative of actual results. The growth rate is applied up to eight years; this is due to the longevity of the customer relationships held by the Group. The growth rate of 5% is higher than the terminal rate due to expectations of market conditions and higher inflation in the medium term . 17 Intangible assets continued Impairment test continued The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, so the Directors are satisfied that no impairment has arisen during the financial period. 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goodwill allocated to cash-generating units: Goodwill \u2013 XPS Pensions Consulting Limited, XPS SIPP Services Limited, Xafinity Pensions Consulting Limited and subsidiaries, XPS Pensions (RL) Limited, XPS Pensions (Trigon) Limited (CGU 1) 30,007 30,007 Goodwill \u2013 XPS Investment Limited, XPS Pensions Limited (CGU 2) 79,314 79,314 Goodwill \u2013 XPS Holdings Limited, XPS Administration Holdings Limited, XPS Administration Limited (CGU 3) 12,497 12,497 Goodwill \u2013 Penfida Limited (CGU 4) 3,549 \u2014 125,367 121,818 Sensitivity analysis of assumptions The Group performed further sensitivity analysis by recalculating the fair value of the net assets of the Group on a \u201cworst-case\u201d basis. For the Group, the worst case would be breaching the banking covenants on leverage, as that could lead to the Group\u2019s Revolving Credit Facility being withdrawn. The size of the impact on revenue to reach this point was considered, alongside mitigating factors that the Group would take if necessary. This analysis showed that this potential worst case scenario is considered unlikely to materialise, and so there was no requirement for impairment. 18 Deferred income tax Analysis of the breakdown and movement of deferred tax during the year is as follows: Balance at 1 April 2022 \u00a3\u2019000 Recognised in income \u00a3\u2019000 Recognised in equity \u00a3\u2019000 Acquired in period \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Property, plant and equipment 90 136 \u2014 \u2014 226 Capital gains 943 \u2014 \u2014 \u2014 943 Short-term temporary differences (1,099) (459) (258) \u2014 (1,816) Business combinations 19,032 (1,304) \u2014 1,364 19,092 18,966 (1,627) (258) 1,364 18,445 Balance at 1 April 2021 \u00a3\u2019000 Recognised in income \u00a3\u2019000 Recognised in equity \u00a3\u2019000 Acquired in period \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Property, plant and equipment 51 39 \u2014 \u2014 90 Capital gains 717 226 \u2014 \u2014 943 Short-term temporary differences (767) (339) 7 \u2014 (1,099) Business combinations 15,622 2,933 \u2014 477 19,032 15,623 2,859 7 477 18,966 Deferred income tax assets are recognised to the extent that the realisation of the related tax benefit through future taxable profits is probable. Deferred tax assets and liabilities have been measured at the rate they are expected to unwind at, using a rate substantively enacted at 31 March 2023, which is not lower than 25% (2022: 19%). In prior years, deferred tax assets and liabilities were disaggregated and presented gross in the statement of financial position; per IAS 12 these are now netted off and presented as a deferred tax liability. The prior year has been restated. There is no impact on the income statement as a result of this; it purely impacts the presentation on the statement of financial position of deferred tax, decreasing deferred tax assets and deferred tax liabilities by \u00a31,099,000 (\u00a3767,000 as at 1 April 2021). 19 Other financial assets The non-current financial asset relates to restricted cash held by the Group as security for the National Pension Trust (NPT). For the NPT to gain approval to operate by the Pensions Regulator, the Group is required to demonstrate it can support the NPT in any eventuality. The Group has therefore placed \u00a31,847,000 (2022: \u00a31,814,000) into a restricted bank account, which the trustees of the NPT are able to access in certain circumstances. There are no lifetime expected credit losses associated with this cash balance. XPS Pensions Group Annual Report 2023138 Notes to the consolidated \ufb01nancial statements continued for the year ended 31 March 2023 20 Trade and other receivables 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Trade receivables 21,642 17,925 Less: provision for impairment of trade receivables (363) (330) Net trade receivables 21,279 17,595 Accrued income 16,407 13,240 Contract assets 1,475 1,322 Total financial assets other than cash and cash equivalents carried at amortised cost 39,161 32,157 Prepayments 4,498 6,292 Other receivables 106 327 Total trade and other receivables 43,765 38,776 The carrying value of trade and other receivables carried at amortised cost approximates to fair value. 31 March 2023 Current Past due 0\u201330 days Past due 31\u201390 days Past due more than 90 days Total \u00a3\u2019000 Expected loss rate 0% 1% 4% 18% Gross carrying amount 16,402 3,395 1,177 668 21,642 Loss provision 32 21 51 123 227 Amendment for specific bad debt provision (32) (21) (51) 240 136 Total \u2014 \u2014 \u2014 363 363 31 March 2022 Current Past due 0\u201330 days Past due 31\u201390 days Past due more than 90 days Total \u00a3\u2019000 Expected loss rate 0% 0% 2% 24% Gross carrying amount 13,018 3,089 876 942 17,925 Loss provision 13 9 15 226 263 Amendment for specific bad debt provision (13) (9) (15) 104 67 Total \u2014 \u2014 \u2014 330 330 The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information affecting the Group\u2019s customers. Once the IFRS 9 approach has been calculated, the Group then calculates a specific debt provision based on age of debt and specific client knowledge. The provision is then adjusted to take this detail into account. Of the March 2022 contract asset balance of \u00a31,322,000, \u00a31,014,000 was billed in the year, reducing the brought forward amount. A further \u00a31,167,000 of revenue was recognised in the year. There are no other significant movements in the contract assets balance in the year. The March 2023 contract asset balance is expected to be billed in the year ending 31 March 2024 (\u00a31,230,000), the year ending 31 March 2025 (\u00a3242,000), and the year ending 31 March 2026 (\u00a33,000). 21 Cash and cash equivalents 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Cash and cash equivalents per statement of financial position 13,285 10,150 Cash and cash equivalents per statement of cash flows 13,285 10,150 The balance is comprised solely of cash at bank and on hand. 139XPS Pensions Group Annual Report 2023 Financial statements 22 Loans and borrowings 31 March 2023 Due within 1 year (current) \u00a3\u2019000 Due between 1 and 2 years \u00a3\u2019000 Due after 2 years \u00a3\u2019000 Sub-total (non- current) \u00a3\u2019000 Total \u00a3\u2019000 Drawn Revolving Credit Facility \u2014 \u2014 68,000 68,000 68,000 Capitalised debt arrangement fees \u2014 \u2014 (690) (690) (690) Total \u2014 \u2014 67,310 67, 310 67,310 31 March 2022 Due within 1 year (current) \u00a3\u2019000 Due between 1 and 2 years \u00a3\u2019000 Due after 2 years \u00a3\u2019000 Sub-total (non- current) \u00a3\u2019000 Total \u00a3\u2019000 Drawn Revolving Credit Facility \u2014 \u2014 64,000 64,000 64,000 Capitalised debt arrangement fees \u2014 (276) (415) (691) (691) Sub-total \u2014 (276) 63,585 63,309 63,309 Capitalised debt arrangement fees shown as current assets on balance sheet (276) \u2014 \u2014 \u2014 (276) Total (276) (276) 63,585 63,309 63,033 The book value and fair value of loans and borrowings are not materially different. Terms and debt repayment schedule 31 March 2023 Amount \u00a3\u2019000 Currency Nominal interest rate Year of maturity Revolving Credit Facility 68,000 GBP 1.85% above SONIA 2025 31 March 2022 Amount \u00a3\u2019000 Currency Nominal interest rate Year of maturity Revolving Credit Facility 64,000 GBP 1.65% above SONIA 2025 At 31 March 2023 the Group had drawn down \u00a368,000,000 (2022: \u00a364,000,000) of its \u00a3100,000,000 Revolving Credit Facility. The Group\u2019s Revolving Facility Agreement is for \u00a3100 million with an accordion of \u00a350 million. This facility has a four-year term which started in October 2021. In April 2023, a one-year extension to the term was agreed, extending it to October 2026. Interest is calculated at a margin above SONIA, subject to a net leverage test. The related fees for access to the facility are included in the consolidated statement of comprehensive income. Capitalised loan-related costs are amortised over the life of the loan to which they relate. Bank debt is secured by way of debentures in the Group companies which are obligors to the loans. These are XPS Reading Limited, XPS Consulting (Reading) Limited, XPS Pensions Consulting Limited (and its subsidiaries), Xafinity Pensions Consulting Limited (and its subsidiaries), XPS SIPP Services Limited, and XPS Holdings Limited (and its subsidiaries). The security is over all the assets of the companies which are obligors to the loans. 23 Reconciliation of liabilities arising from financing activities
31 March
2022
\u00a3\u2019000
Cash
flows
\u00a3\u2019000
Non-cash
change:
amortisation
\u00a3\u2019000
Non-cash
change:
new leases/
interest
this year
\u00a3\u2019000
31 March
2023
\u00a3\u2019000
Long-term borrowings 64,000 4,000 \u2014 \u2014 68,000
Capitalised debt arrangement fees (967) \u2014 277 \u2014 (690)
Interest payable on long-term borrowings 57 (2,985) \u2014 2,977 49
Lease liabilities 11,680 (3,267) \u2014 1,522 9,935
Total liabilities from financing activities 74,770 (2,252) 277 4,499 77, 294
31 March
2021
\u00a3\u2019000
Cash
flows
\u00a3\u2019000
Non-cash
change:
liability
to asset
\u00a3\u2019000
Non-cash
change:
new leases/
interest
this year
\u00a3\u2019000
31 March
2022
\u00a3\u2019000
Long-term borrowings 59,000 5,000 \u2014 \u2014 64,000
Capitalised debt arrangement fees (310) (1,105) 276 172 (967)
Interest payable on long-term borrowings 10 (1,222) \u2014 1,269 57
Lease liabilities 12,706 (3,042) \u2014 2,016 11,680
Total liabilities from financing activities 71,406 (369) 276 3,457 74,770
24 Trade and other payables
31 March
2023
\u00a3\u2019000
31 March
2022
\u00a3\u2019000
Trade payables 4,752 8,635
Accrued expenses 15,406 8,867
Interest payable 49 57
Other payables 471 390
Total financial liabilities excluding leases, loans and borrowings, classified as financial liabilities
at amortised cost 20,678 17, 949
Other payables \u2013 tax and social security payments 2,178 1,846
Other payables \u2013 VAT 5,892 4,233
Contract liabilities 3,315 3,247
Total trade and other payables 32,063 27,275
Due within one year or less 31,218 27,275
Due between one and three years 845 \u2014
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost
approximates to fair value.
The March 2023 contract liability balance is expected to be recognised in the year ended 31 March 2024 (\u00a33,011,000),
31 March 2025 (\u00a3251,000), and 31 March 2026 (\u00a353,000). Of the March 2022 contract liability balance of \u00a33,247,000,
\u00a33,041,000 was recognised in revenue in the year to 31 March 2023, \u00a3150,000 will be recognised in the year to
31 March 2024, and \u00a356,000 in the year to 31 March 2025.
The non-current trade and other payables relate to post-acquisition remuneration for the Penfida acquisition,
which is payable in September 2024.
25 Current income tax liabilities
31 March
2023
\u00a3\u2019000
31 March
2022
\u00a3\u2019000
Tax payable 2,280 2,207
141XPS Pensions Group Annual Report 2023 Financial statements 26 Provisions for other liabilities and charges 31 March 2023 Social security costs on Performance Share Plan \u00a3\u2019000 Dilapidations \u00a3\u2019000 Professional indemnity \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 April 2022 995 1,631 391 3,017 Provisions made during the year 765 247 558 1,570 Provisions used during the year (605) (44) (93) (742) Provisions released unused during the year \u2014 (116) (44) (160) On acquisition \u2014 193 \u2014 193 Balance at 31 March 2023 1,155 1,911 812 3,878 Due within one year or less 658 539 812 2,009 Due after more than one year: Between one and three years 497 288 \u2014 785 Over three years \u2014 1,084 \u2014 1,084 1,155 1,911 812 3,878 31 March 2022 Social security costs on Performance Share Plan \u00a3\u2019000 Dilapidations \u00a3\u2019000 Professional indemnity \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 April 2021 746 1,712 604 3,062 Provisions made during the year 532 20 332 884 Provisions used during the year (283) \u2014 (350) (633) Provisions released unused during the year \u2014 (101) (195) (296) Balance at 31 March 2022 995 1,631 391 3,017 Due within one year or less 594 251 391 1,236 Due after more than one year: Between one and three years 401 442 \u2014 843 Over three years \u2014 938 \u2014 938 995 1,631 391 3,017 Social security costs (National Insurance) are payable on gains made by employees on the exercise of share options granted to them. The eventual liability to National Insurance is dependent on: \u2022 the market price of the Group\u2019s shares at the date of exercise; \u2022 the number of options that will be exercised; and \u2022 the prevailing rate of National Insurance at the date of exercise. Dilapidations relate to the estimated cost of returning a leasehold property to its original state at the end of the lease in accordance with the lease terms. The cost is recognised within the depreciation of the right-of-use asset over the remaining term of the lease. The main uncertainty relates to estimating the cost that will be incurred at the end of the lease. The dilapidations provision will be utilised after the end of the lease of the asset to which it relates. The Group is involved in a small number of potential professional indemnity claims. The amount provided represents the Directors\u2019 best estimate of the Group\u2019s liability, after having taken legal advice. Uncertainties relate to whether claims will be settled out of court or if not whether the Group is successful in defending any action. Because of the nature of the disputes, the Directors have not disclosed future information on the basis that they believe that this would be seriously prejudicial to the Group\u2019s position in defending the cases brought against it. The provision relating to potential professional indemnity claims is updated depending on the status of each individual claim. XPS Pensions Group Annual Report 2023142 Notes to the consolidated \ufb01nancial statements continued for the year ended 31 March 2023 27 Deferred consideration Balance at 1 April 2022 \u00a3\u2019000 Fair value adjustment \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Contingent cash consideration 765 (197) 568 Balance at 1 April 2021 \u00a3\u2019000 Acquisition \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Contingent cash consideration \u2014 765 765 The contingent cash consideration liability recognised at 31 March 2023 relates to the Michael J Field acquisition in February 2022. The liabilities have been calculated based on terms agreed in the business purchase agreement for Michael J Field, which are dependent on certain revenue and cost targets being met in the 12 months following the acquisition date. The fair value adjustment in the year related to the assessment of performance of the acquisition in comparison to targets set out in the business purchase agreement. The contingent cash consideration is expected to be paid in July 2023. 28 Share capital Ordinary shares \u2019000 31 March 2023 Ordinary shares \u00a3\u2019000 31 March 2023 Ordinary shares \u2019000 31 March 2022 Ordinary shares \u00a3\u2019000 31 March 2022 In issue at the beginning of the year 205,151 103 205,117 103 Issued during the year 2,292 1 34 \u2014 In issue at the end of the year 207,443 104 205,151 103 31 March 2023 \u2019000 31 March 2023 \u00a3\u2019000 31 March 2022 \u2019000 31 March 2022 \u00a3\u2019000 Allotted, called up and fully paid Ordinary shares of 0.05p (2022: 0.05p) each 206,427 103 201,982 101 Shares held by the Group\u2019s Employee Benefit Trust Ordinary shares of 0.05p (2022: 0.05p) each 1,016 1 3,169 2 Shares classified in shareholders\u2019 funds 207,443 104 205,151 103 The Group has invested in the shares for its Employee Benefit Trust (EBT). These shares are held on behalf of employees and legal ownership will transfer to those employees on the exercise of an award. This investment in own shares held in trust is deducted from equity in the consolidated statement of changes in equity. 29 Reserves The following describes the nature and purpose of each reserve within equity: Reserve Description and purpose Retained earnings/ accumulated deficit: All net gains and losses recognised through the consolidated statement of comprehensive income. In the year a share premium reduction exercise was undertaken, and as a result \u00a3116,804,000 was moved from share premium to retained earnings. Share premium: Amounts subscribed for share capital in excess of nominal value. In the year a share premium reduction exercise was undertaken, and as a result \u00a3116,804,000 was moved from share premium to retained earnings. Merger relief reserve: The merger relief reserve represents the difference between the fair value and nominal value of shares issued on the acquisition of subsidiary companies. Investment in own shares: Cost of own shares held by the EBT 30 Financial instruments
The fair values and the carrying values of financial assets and liabilities are the same.
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into
three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the
measurement, as follows:
\u2022 level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly or indirectly; and
\u2022 level 3: unobservable inputs for the asset or liability.
The Group\u2019s finance team performs valuations of financial items for financial reporting purposes, including level 3 fair
values, in consultation with third-party valuation specialists for complex valuations. Valuation techniques are selected
based on the characteristics of each instrument, with the overall objective of maximising the use of market-based
information. The finance team reports directly to the Chief Financial Officer.
The Group currently holds level 3 financial assets and liabilities.
Contingent consideration is a level 3 financial liability and is measured based on performance compared to targets
agreed in the relevant business transfer agreement. The amount is not discounted as this would be immaterial.
The contingent consideration balance is made up of \u00a3568,000 relating to the Michael J Field acquisition in
February 2022, which is payable in July 2023. This amount has been calculated based on achievement of both
a revenue and cost target.
Credit risk
The maximum exposure to credit risk at the reporting date was:
Carrying
amount
31 March
2023
\u00a3\u2019000
Carrying
amount
31 March
2022
\u00a3\u2019000
Trade receivables 21,642 17,925
Provision for impairment of trade receivables (363) (330)
Net trade receivables due 21,279 17,595
Accrued income 16,407 13,240
Contract assets 1,475 1,322
Cash and cash equivalents 13,285 10,150
Non-current financial asset 1,847 1,814
54,293 44,121
Credit risk mitigation
The ageing of trade receivables at the reporting date was:
31 March
2023
\u00a3\u2019000
31 March
2022
\u00a3\u2019000
Not past due 16,402 13,018
Past due 0\u201330 days 3,395 3,089
Past due 31\u201390 days 1,177 876
Past due more than 90 days 668 942
21,642 17,925
Movement in impairment allowance for trade receivables:
Balance at start of the year 330 350
Increase during the year 359 121
Receivable written off during the year as uncollectable (105) (57)
Reversal of allowances (221) (84)
Balance at end of the year 363 330
XPS Pensions Group Annual Report 2023144 Notes to the consolidated \ufb01nancial statements continued for the year ended 31 March 2023 30 Financial instruments continued Credit risk mitigation continued The Group prepared a forward-looking impairment model using a provision matrix based on historical data. Using this, the Group believes that an impairment allowance of \u00a3363,000 (2022: \u00a3330,000) is adequate in respect of trade receivables. Those debts which have not been provided against are considered recoverable by the Group. In accordance with IFRS 9, the expected credit loss (ECL) model was used to calculate the impairment loss. The Group has considered whether any provision needs to be made for credit losses on contract assets and accrued income, and concluded that there are none. Cash flow risk The Group is exposed to cash flow interest rate risk in two main respects: firstly, corporate and client bank deposits, which earn interest at a variable rate, although not at a material level; and secondly, interest expense arising on bank facilities at a margin over SONIA. Interest rate risk The interest rate on long-term borrowings is a margin over SONIA and as such the Company is at risk from SONIA increases. The sensitivity of the interest rate risk has been assessed and it is not material . Liquidity risk Liquidity risk arises from the Group\u2019s working capital and the finance charges and principal repayments on its debt instruments. It is the risk the Group will encounter difficulty in meeting its financial obligations as they fall due. The following table sets out the contractual maturities (representing undiscounted cash flows) of financial liabilities: Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Trade and other payables 20,678 \u2014 \u2014 \u2014 \u2014 20,678 Leases 1,009 2,067 1,926 4,337 1,500 10,839 Loans and borrowings \u2014 \u2014 \u2014 68,000 \u2014 68,000 Bank interest 1,000 3,425 3,936 2,364 \u2014 10,725 Deferred consideration 568 \u2014 \u2014 \u2014 \u2014 568 23,255 5,492 5,862 74,701 1,500 110,810 Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Trade and other payables 17,949 \u2014 \u2014 \u2014 \u2014 17,949 Leases 1,115 1,911 2,537 4,479 2,606 12,648 Loans and borrowings \u2014 \u2014 \u2014 64,000 \u2014 64,000 Bank interest 375 1,061 1,236 2,367 \u2014 5,039 Deferred consideration \u2014 765 \u2014 \u2014 \u2014 765 19,439 3,737 3,773 70,846 2,606 100,401 The Group does not have any concerns over meeting its liabilities as they fall due, as the forecasts prepared indicate sufficient cash receipts in each period to cover liabilities . Capital risk The Group\u2019s objectives when managing capital are to maximise shareholder value whilst safeguarding the Group\u2019s ability to continue as a going concern. Total capital is calculated as total equity in the statement of financial position. 31 Leases Nature of leasing activities (in the capacity as lessee) The Group leases a number of properties in the UK. In some instances the rent is reviewed and may be reset periodically to market rental rates. In other cases the periodic rent is fixed over the lease term. The Group also leases certain items of equipment (photocopiers). Leases of photocopiers comprise only fixed payments over the lease terms. The percentages in the table below reflect the current proportions of lease payments that are either fixed or variable. The sensitivity reflects the impact on the carrying amount of lease liabilities and right-of-use assets if there was an uplift of 5% on the balance sheet date to lease payments that are variable. 31 March 2023 Lease contracts Number Fixed payments % Variable payments % Sensitivity \u00a3\u2019000 Property leases with periodic uplifts to market rentals 7 \u2014 83 \u00b1 309 Property leases with fixed payments 11 16 \u2014 \u2014 Leases of plant and equipment 1 1 \u2014 \u2014 19 17 83 \u00b1 309 31 March 2022 Lease contracts Number Fixed payments % Variable payments % Sensitivity \u00a3\u2019000 Property leases with periodic uplifts to market rentals 9 \u2014 82 \u00b1 334 Property leases with fixed payments 8 17 \u2014 \u2014 Leases of plant and equipment 2 1 \u2014 \u2014 19 18 82 \u00b1 334 The Group sometimes negotiates break clauses in its property leases. On a case-by-case basis, the Group will consider whether the absence of a break clause would expose the Group to excessive risk. Typically, factors considered in deciding to negotiate a break clause include: \u2022 the length of the lease term; and \u2022 whether the location represents a new area of operations for the Group. At 31 March 2023, the carrying amounts of lease liabilities are not reduced by the amount of payments that would be avoided from exercising break clauses because on both dates it was considered reasonably certain that the Group would not exercise its right to break the lease. Total undiscounted lease payments of \u00a36,170,938 (2022: \u00a36,689,469) are potentially avoidable were the Group to exercise break clauses at the earliest opportunity. Right-of-use assets Land and buildings \u00a3\u2019000 Office equipment \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2022 10,824 103 10,927 Additions 616 \u2014 616 Depreciation (2,795) (59) (2,854) Effect of modification to lease terms 309 \u2014 309 On acquisition 686 \u2014 686 At 31 March 2023 9,640 44 9,684 Right-of-use assets Land and buildings \u00a3\u2019000 Office equipment \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 12,063 165 12,228 Additions 1,745 \u2014 1,745 Depreciation (2,984) (62) (3,046) At 31 March 2022 10,824 103 10,927 31 Leases continued
Nature of leasing activities (in the capacity as lessee) continued
Lease liabilities
Land and
buildings
\u00a3\u2019000
Office
equipment
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2022 11,565 115 11,680
Additions 616 \u2014 616
Interest expense 287 3 290
Effect of modification to lease term 82 \u2014 82
On acquisition 534 \u2014 534
Lease payments (3,204) (63) (3,267)
At 31 March 2023 9,880 55 9,935
Lease liabilities
Land and
buildings
\u00a3\u2019000
Office
equipment
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2021 12,528 178 12,706
Additions 1,725 \u2014 1,725
Interest expense 286 5 291
Lease payments (2,974) (68) (3,042)
At 31 March 2022 11,565 115 11,680
31 March
2023
\u00a3\u2019000
31 March
2022
\u00a3\u2019000
Short-term lease expense 211 30
Low value lease expense 11 8
Aggregate expense for short-term and low value leases 222 38
The maturity of the lease liabilities are as follows:
Year ended
31 March
2023
\u00a3\u2019000
Year ended
31 March
2022
\u00a3\u2019000
Up to 3 months 817 1,039
Between 3 and 12 months 1,884 1,706
Between 1 and 2 years 1,742 2,321
Between 2 and 5 years 4,135 4,192
More than 5 years 1,357 2,422
9,935 11,680
32 Notes supporting statement of cash flows
Cash and cash equivalents for the purposes of the statement of cash flows comprise:
Year
ended
31 March
2023
\u00a3\u2019000
Year
ended
31 March
2022
\u00a3\u2019000
Cash at bank available on demand 13,285 10,150
147XPS Pensions Group Annual Report 2023 Financial statements 33 Related party transactions Key management emoluments during the year Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Emoluments 3,310 2,377 Share-based payment 894 433 Company contributions to money purchase pension plans 30 30 Social security costs 376 255 4,610 3,095 Non-executive emoluments during the year Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Emoluments 303 330 Social security costs 39 41 342 371 34 Earnings per share 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Profit for the year 15,837 9,423 \u2019000 \u2019000 Weighted average number of ordinary shares in issue 205,448 203,742 Diluted weighted average number of ordinary shares 216,071 212,519 Basic earnings per share (pence) 7.7 4.6 Diluted earnings per share (pence) 7.3 4.4 The calculation of basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Reconciliation of weighted average ordinary shares in issue to diluted weighted average ordinary shares: Year ended 31 March 2023 \u2019000 Year ended 31 March 2022 \u2019000 Weighted average number of ordinary shares in issue 205,448 203,742 Dilutive impact of share options vested up to exercise date 802 329 Dilutive impact of PSP and DSP options not yet vested 7,920 5,954 Dilutive impact of dividend yield shares for PSP and DSP options 1,069 803 Dilutive impact of SAYE options not yet vested 832 1,691 Diluted weighted average number of ordinary shares 216,071 212,519 Share awards were made to the Executive Board members and key management personnel in each year since the year ended 31 March 2017; these are subject to certain conditions, and each tranche of awards vests three years after the award date. Dividend yield shares relating to these awards will also be awarded upon vesting of the main awards. Further shares have been issued under SAYE share schemes in the years ended 31 March 2020, 2022 and 2023; these will vest in the years ending 31 March 2023, 2025 and 2026 respectively. These shares are reflected in the diluted number of shares and diluted earnings per share calculations. XPS Pensions Group Annual Report 2023148 Notes to the consolidated \ufb01nancial statements continued for the year ended 31 March 2023 34 Earnings per share continued Adjusted earnings per share Total 31 March 2023 \u00a3\u2019000 Total 31 March 2022 \u00a3\u2019000 Adjusted profit after tax 27,143 21,761 Adjusted earnings per share (pence) 13.2 10.7 Diluted adjusted earnings per share (pence) 12.6 10.2 35 Subsidiaries The following is the list of wholly owned companies consolidated within the financial statements of XPS Pensions Group plc. Company name Company number Principal activity Registered address XPS Pensions Group plc 08279139 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Financing Limited 08279274 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Reading Limited 08279362 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Consulting (Reading) Limited 08287502 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Pensions Consulting Limited 02459442 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS SIPP Services Limited SC069096 Employee benefit consultancy Scotia House, Castle Business Park, Stirling, Stirlingshire FK9 4TZ Xafinity Pensions Consulting Limited 04436642 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Xafinity PT Limited 00232565 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Entegria Limited 05777554 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Xafinity Pension Trustees Limited 01450089 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (AT) Services Limited SC420031 Employee benefit consultancy Scotia House, Castle Business Park, Stirling, Stirlingshire FK9 4TZ Hazell Carr (SG) Services Limited 01867603 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (ES) Services Limited 02372343 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (PN) Services Limited 00236752 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (SA) Services Limited SC086807 Dormant Scotia House, Castle Business Park, Stirling, Stirlingshire FK9 4TZ Xafinity Trustees Limited 04305500 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Xafinity Employee Benefit Trust 2013 N/A Trust JTC Trustees Limited, Elizabeth House, 9 Castle Street, St Helier, Jersey JE4 2QP XPS Holdings Limited 04807951 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Administration Holdings Limited 09655671 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Administration Limited 09428346 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Investment Limited 06242672 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1N 35 Subsidiaries continued Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the \u201cAct\u201d) relating to the audit of individual accounts by virtue of Section 479A of the Act. Company name Company number XPS Financing Limited 08279274 XPS Reading Limited 08279362 Hazell Carr (AT) Services Limited SC420031 XPS Holdings Limited 04807951 XPS Administration Holdings Limited 09655671 XPS Pensions (RL) Limited 05817049 XPS Pensions (Trigon) Limited 12085392 Pensions Software Solutions Limited 11482474 Penfida Limited 08020393 The Company will guarantee all outstanding liabilities that these subsidiaries are subject to at the financial year ended 31 March 2023 in accordance with Section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, the Company will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. 36 Dividends Amounts recognised as distributions to equity holders of the Parent in the year 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Final dividend for the year ended 31 March 2022: 4.8p per share (2021: 4.4p per share) 9,763 8,948 Interim dividend for the year ended 31 March 2023: 2.7p (2022: 2.4p) per ordinary share was paid during the year 5,568 4,883 15,331 13,831 The recommended final dividend payable in respect of the year ended 31 March 2023 is \u00a311.8 million or 5.7p per share (2022: \u00a39,696,000). The proposed dividend has not been accrued as a liability as at 31 March 2023 as it is subject to approval at the Annual General Meeting. 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Proposed final dividend for year ended 31 March 2023 11,766 9,696 The Trustee of the Xafinity Employee Benefit Trust has waived its entitlement to dividends. The Company statement of changes in equity shows that the Company has positive reserves of \u00a3161,040,000. Therefore there are sufficient distributable reserves in XPS Pensions Group plc in order to pay the proposed final dividend. 37 Ultimate controlling party The Directors do not consider that there is an ultimate controlling party.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-367": {
"value": "1 Accounting policies XPS Pensions Group plc (the \u201cCompany\u201d) is a public limited company incorporated in the UK. The principal activity of the Group is employee benefit consultancy and related business services. The registered office is Phoenix House, 1 Station Hill, Reading RG1 1NB. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). Basis of preparation These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The consolidated financial statements have been prepared under the going concern basis . The preparation of financial statements in accordance with the requirements of International Financial Reporting Standards (\u201cIFRS\u201d) requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed at the end of this section. The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the periods presented, unless otherwise stated. Functional and presentation currency The financial statements are presented in British pounds which is the Company\u2019s functional currency. Figures are rounded to the nearest thousand. Measurement convention The financial information is prepared on the historical cost basis except for the measurement of contingent consideration. Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee; exposure to variable returns from the investee; and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any elements of control. Defacto control exists in situations where the Company has the practical ability to direct the relevant activities of the investee without holding the majority of the voting rights. In determining whether defacto control exists the Company considers all relevant facts and circumstances, including: \u2022 the size of the Company\u2019s voting rights relative to both the size and dispersion of other parties who hold voting rights; \u2022 substantive potential voting rights held by the Company and by other parties; \u2022 other contractual arrangements; and \u2022 historical patterns in voting attendance. The consolidated financial information presents the results of the Company and its subsidiaries (the \u201cGroup\u201d) as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial information incorporates the results of business combinations using the acquisition method. In the statement of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date, with the exception of right-of-use assets and lease liabilities, which are measured at the present value of the lease liability discounted at acquisition date incremental borrowing rate (a rate that represents the amount that would be charged to acquire an asset of similar value for a similar period), with an adjustment to right-of-use assets to reflect favourable/non-favourable lease terms. The results of the acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. Going concern IFRS accounting standards require the Directors to consider the appropriateness of the going concern basis when preparing the financial statements. The Directors have taken notice of the Financial Reporting Council guidance, \u201cGuidance on the going concern basis of accounting and reporting on solvency and liquidity risks\u201d, which requires the reasons for this decision to be explained. The Directors have prepared cash flow forecasts up to 31 October 2024, which includes the 12-month period from the date of approval of these financial statements. These forecasts show that during that period the Group is expected to generate sufficient cash from its operations to settle its liabilities as they fall due without the requirement for additional borrowings. Additionally, the Directors have modelled a scenario at which the banking covenants could potentially be breached, which is the point where going concern could be threatened. This period has been chosen as October is the lowest point in the Group\u2019s working capital and cash cycle. Inflationary increases have been modelled using the OBR inflation forecasts for that period, and interest rate increase has been included in the forecasts based on latest market projections. In this scenario, revenue is modelled to decrease significantly, partially offset with a reduction in staff bonuses. The headroom between this scenario and current performance, and the budget, is significant and a decrease of this magnitude is considered to be extremely unlikely. In addition, the Group has several additional cost reduction and cash preservation levers it could utilise, which include managing staff costs through a hiring freeze or reduction in workforce, a reduction in capital expenditure, and a reduction of dividends. The Group\u2019s banking facility is in place until October 2026 and gives the Group access to a Revolving Credit Facility of \u00a3100 million with an accordion of \u00a350 million. The facility is subject to two covenants \u2013 net leverage and interest cover. These covenants were not breached during the financial year, nor are any breaches forecast. The Group does not have any non-financial covenants. The Directors have reviewed the historical accuracy of the Group\u2019s budgets. The Group\u2019s performance was compared to the budget, and actual revenue was within 3% of the forecast figure, and adjusted profit after tax was within 8% of the forecast figure. Actual results were ahead of forecast in both cases. This demonstrates that the Group\u2019s forecasting process is at a sufficient standard to be able to place reliance on it when making a going concern assessment. Post-year-end trading is in line with forecasts. The Directors, after reviewing the Group\u2019s budget and longer-term forecast models, including the worst case scenario referred to above, conclude that the Group has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing these annual financial statements. In terms of the wider macroeconomic and financial situation, the Group does not have any clients in Russia, and so has not had any direct impact from the sanctions or restrictions imposed on Russian owned firms. The main impact on the Group of the current global situation therefore is the high level of inflation currently being experienced in the UK, and also the related increases in interest rates. The Group is largely protected from a high inflation environment because of its contractual ability to increase revenue from the majority of customers by an amount linked to inflation. Whilst higher interest rates have led to higher finance expenses, this has been modelled in the Group\u2019s forecasts and is not considered a significant risk. Intangible assets and goodwill Goodwill represents amounts arising on acquisition, being the difference between the cost of the acquisition and the net fair value of the identifiable assets and liabilities acquired on a business combination. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units for the purposes of impairment testing and is not amortised. It is tested annually for impairment. Externally acquired intangible assets are stated at cost less accumulated amortisation and impairment losses. Acquired software is valued based on replacement cost valuations where identifiable or at cost less accumulated amortisation and impairment. Internally produced software is valued at cost less accumulated amortisation and impairment. Customer relationships are valued based on the net present value of the excess earnings generated by the revenue streams over their estimated useful lives. Brand valuation is based on the net present value of estimated royalty returns. 1 Accounting policies continued Intangible assets and goodwill continued Amortisation is included in operating expenses in the statement of comprehensive income over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life, such as goodwill, are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. Estimated useful lives are as follows: \u2022 Goodwill Indefinite life \u2022 Customer relationships 1 10 years, straight-line method \u2022 Brands 2 10 years, straight-line method \u2022 Software 3 to 5 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition, customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in FY 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. 2 Except for the Penfida brand acquired in September 2022, which has an estimated useful life of 2 years, on a straight-line basis . Contingent consideration Contingent consideration is included in cost at its acquisition date fair value and is classified as a financial liability, remeasured at fair value subsequently through profit or loss. Contingent consideration classified as equity is not remeasured. Contingent consideration is assessed against the criteria detailed in IFRS 3 Business Combinations, and subject to the outcome of this the consideration may be classed as post-acquisition remuneration, in which case it will be expensed through the income statement over the appropriate timeframe . Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill or intangible assets not ready for use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. Financial assets The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Amortised cost Amortised cost includes non-derivative financial assets where they are held within a business model whose objective is to hold the financial asset in order to collect contractual cash flows and those contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are included in non-current assets if their maturity is greater than 12 months. Trade receivables are stated initially at fair value then measured at amortised cost less provisions for impairment. The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to year end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s customers. Any impairment required is recorded in the statement of comprehensive income. Cash and cash equivalents comprise cash balances and call deposits Restricted cash is cash which the Group is not entitled to receive, withdraw, transfer or otherwise deal with the deposit, save as expressly permitted by the blocked account agreement during the security period. The blocked account agreement is required due to regulatory rules on Master Trusts. The security period is the period beginning on the date of the deed and ending on the date on which the beneficiary is satisfied that the secured liabilities have been irrevocably and unconditionally paid and discharged in full and all agreements which might give rise to secured liabilities have terminated. The restricted cash has been included in non-current assets as it is expected that the cash will remain in the blocked account for more than 12 months after the end of the reporting period. As such, it is not included in cash and cash equivalents in the consolidated statement of financial position and the consolidated statement of cash flows . 1 Accounting policies continued Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises contingent consideration. The contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other financial liabilities Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the statement of comprehensive income over the period of the borrowings on an effective interest basis. When borrowings are extinguished, any difference between the cash paid and the carrying value is recognised in the statement of comprehensive income. Trade payables and other short-term monetary liabilities represent liabilities for goods and services received by the Group prior to the end of the financial year which are unpaid. The amounts within trade payables are unsecured. They are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected, risk adjusted, future cash flows at a pre-tax risk-free rate. Dilapidations provisions relate to the estimated cost to put leased premises back to the required condition expected under the terms of the lease. These include provisions for required dilapidations along with provisions where leasehold improvements have been made that would require reinstatement back to the original status on exit. These are uncertain in timing as leases may be terminated early or extended. To the extent that exits of premises are expected within 12 months of the end of the year they are shown as current. Professional indemnity provisions relate to complaints against the Group. The amount provided is based on management\u2019s best estimate of the likely liability. These are recognised as a gross amount, with any amounts covered by insurance recognised as an asset within current assets, in line with IAS 37. Social security cost provisions represent estimates of the Group\u2019s National Insurance contributions liability on the cost of the Group\u2019s Performance and Deferred Share Plans. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Retirement benefits: defined contribution schemes Contributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year to which they relate. Employee Benefit Trust (\u2018EBT\u2019) As the Group is deemed to have control of its EBT, it is treated as a subsidiary and consolidated for the purposes of the consolidated financial statements. The EBT\u2019s investment in the Group\u2019s shares is deducted from equity in the consolidated statement of financial position as if it were treasury shares. Consideration paid (or received) for the purchase (or sale) of these shares is recognised directly in equity. The cost of shares held is presented as a separate reserve (the \u201cinvestment in own shares\u201d). Any excess of the consideration received on the sale of these shares over the weighted average cost of the shares sold is credited to retained earnings. The equity-settled share-based payment expense represents the amount of share awards made by the EBT on behalf of the Company as instructed by the Company. EBT equity-settled awards, which vest immediately on issue, are measured at the fair value of the shares issued on the date of the award, representing the bid price of the shares. The share-based payment expense is charged to the consolidated statement of comprehensive income. 1 Accounting policies continued Revenue Revenue, which excludes value added tax, represents the value of employee benefit consultancy and related business services supplied. Revenue is derived mainly from sales made in the United Kingdom. Revenue derived from outside the United Kingdom is immaterial. Amounts recognised as revenue but not yet billed are reflected in the statement of financial position as accrued income (contract assets for adjustments relating to fixed fees as described below). All performance obligations have been satisfied. Amounts billed in advance of work performed are deferred in the statement of financial position as contract liabilities. Performance obligations and timing of revenue recognition Performance obligations in contracts with customers are typically satisfied as services are rendered. In most cases, revenue is recognised on an over time basis. This is because effort has been expended by the business on fulfilling the performance obligations in the contract and the contracts would require payment for time and effort spent by the Group on progressing the contracts in the event of the customer cancelling the contract for any reason other than the Group\u2019s failure to perform its obligations under the contract. Invoices are in most cases raised monthly, based on timesheet data for pensions actuarial and consulting work and pensions investment consulting. For pensions administration services, invoices are typically raised monthly based on services provided. Payment is typically due 30 days from date of invoice. The services by the Group range from actuarial and investment consultancy to administration of pension schemes. Additionally, the Group has a SSAS and SIPP business which provides services to small self administered pension schemes and self invested pension plans. The Group receives income on corporate and customer bank deposits within the SSAS and SIPP business based on a rate linked to the Bank of England base rate. The Group also provides a defined contribution master pension trust for employers offering \u201cfull freedom and choice\u201d, called the National Pension Trust. Income from this is linked to the value of assets under management. The Group has a number of customers who are on a fixed price contract. These contracts covers a number of services (pensions actuarial, administration and investment), most of which are ongoing and therefore require no revenue recognition adjustment to the regular invoice issued to the customer. These are recognised monthly at the time of billing, as the benefit the customer receives as the work is done is largely in line with the amount billed each month. For some fixed price customers, an element of the fixed fee includes the triennial valuation of their defined benefit pension schemes, which is a distinct performance obligation. Under IFRS 15, the Group has assessed these contracts and has determined that an adjustment is needed to recognise the revenue for the performance obligation relating to the triennial valuations in the specific periods that the work is undertaken. Additionally, some of the fixed fee contracts include an element for investment strategic reviews. This is a distinct performance obligation, which has been assessed under IFRS 15 and it was determined that an adjustment is required to recognise the revenue for this performance obligation in the specific periods that the work is undertaken. For the fixed fee customers where an adjustment is required, payment is made monthly over a three-year period. The revenue recognition for triennial valuations takes place over the 15-month period after the valuation date, so there can be up to 35 months\u2019 variance between the date of billing and revenue recognition. For strategic reviews, the variance can also be up to 35 months, depending on the timing of the review within the three-year contract window. Any variance between the timing of payment and the timing of revenue recognition will be recognised as either a contract asset (where the performance obligations met to date exceed the value billed from the contract to date), or as a contract liability (where the value billed to date from the contract exceeds the performance obligations met to date). Determining the transaction price and allocating amounts to performance obligations For the contracts where an adjustment is required, the Group has identified the element of the fixed fee that is attributable to the triennial valuation and/or the strategic review. This has been calculated based on the expected time required to perform these obligations for each specific customer. To ensure that the revenue is allocated to the relevant period, the Group has determined the timespan for the triennial valuation work, and the separate stages of this work. A percentage has been applied to each stage, based on the proportion of total effort. For strategic reviews, which are a smaller piece of work, the Group makes an assessment at the end of each relevant period of the percentage complete for each review. Judgement is required for these contracts in determining the value attributable to the triennial valuation work and the strategic reviews, and also to the stage of completion at each reporting period. The judgements made are based on experience, and have been validated by comparison to timesheet data. The remainder of revenue from fixed fee contracts is recognised on a monthly basis, as the services provided tend to be evenly spread over the life of the contract. Services provided under contracts which do not include a fixed fee are recognised at a price quoted within the contract which typically varies depending on the level of seniority of the employee providing the service. Commission income is recognised on renewal of scheme membership, as the performance obligations are met at the time the contract is won or renewed with the insurer Expenses Exceptional and non-trading items To assist in understanding its underlying performance, the Group has defined the following items of pre-tax income and expense as exceptional or non-trading as they either reflect items which are exceptional in nature or size or are associated with the amortisation of acquired intangibles. Items treated as non-trading or exceptional include: \u2022 profits or losses on disposal of assets or businesses; \u2022 corporate transaction and restructuring costs; \u2022 amortisation of acquired intangibles; \u2022 changes in the fair value of contingent consideration; \u2022 expenses relating to deferred consideration deemed as post-acquisition remuneration under IFRS 3; \u2022 share-based payments; and \u2022 the related tax effect of these items. Any other non-recurring items are considered individually for classification as non-trading or exceptional by virtue of their nature or size. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group. The non-trading items have been included within the appropriate classifications in the consolidated income statement. Further details are given in note 6. Leases and payments Identifying leases The Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: (a) there is an identified asset; (b) the Group obtains substantially all the economic benefits from use of the asset; and (c) the Group has the right to direct use of the asset. The Group considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether the Group obtains substantially all the economic benefits from use of the asset, the Group considers only the economic benefits that arise from use of the asset, not those incidental to legal ownership or other potential benefits. In determining whether the Group has the right to direct use of the asset, the Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are predetermined due to the nature of the asset, the Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 leases of low value assets; and \u2022 leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the lessee company\u2019s incremental borrowing rate on commencement of the lease is used. Other variable lease payments are expensed in the period to which they relate. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset (typically leasehold dilapidations \u2013 see note 26) Leases and payments continued Identifying leases continued Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. When the Group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is also revised when the variable element of future lease payments dependent on a rate or index is revised; however this will use the original discount rate. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: \u2022 if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights of use obtained, the modification is accounted for as a separate lease in accordance with the above policy; \u2022 in all other cases where the renegotiated lease increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount; and \u2022 if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount. For contracts that both convey a right to the Group to use an identified asset and require services to be provided to the Group by the lessor, the Group has elected to account for the entire contract as a lease, i.e. it does not allocate any amount of the contractual payments to and account separately for any services provided by the supplier as part of the contract. When the Group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. Where the lease liability changes due to change in lease term (for example, due to utilisation of an extension option) a new discount rate is used. This rate is determined as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate at the date of reassessment if the interest rate implicit in the lease cannot be readily determined. The same rate is used for changes in index rates. Foreign exchange policy Transactions entered into by Group entities in a currency other than the functional currency (GBP) are recorded at the rates ruling when the transactions occur. Any exchange rate differences are recognised immediately through the statement of comprehensive income. Finance income and expense Finance costs comprise interest payable, foreign exchange losses and costs directly related to the raising of loans. Finance income comprises interest receivable on own funds, and foreign exchange gains. Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Share-based payment costs \u2013 Performance Share Plan and Deferred Share Plan The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from the Executive Directors and key management personnel in consideration for equity instruments of the Group. The fair value of the services received in exchange for the grant of the awards is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the awards granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); and \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability and remaining a Director for a specified period of time). 1 Accounting policies continued Share-based payment costs \u2013 Performance Share Plan and Deferred Share Plan continued The Deferred Share Plans (DSPs) do not have any market performance conditions or non-market performance vesting conditions; they only have service vesting conditions. The fair value for DSPs is the share price on the date of grant. The total amount expensed to the Group is recognised over the vesting period of the award. Where a share award is cancelled, the share-based payment charge is accelerated at that point in time and all remaining unvested charge is immediately expensed to the Group. Where a share award includes dividend equivalents, these are included within the IFRS 2 charge described above. The Group may settle these via cash or shares. See the Employee Benefit Trust (EBT) policy above for information on the Employee Benefit Trust element of share- based payment costs. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit and loss in the statement of comprehensive income except to the extent that it relates to items recognised in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Changes in accounting policies \u2013 new standards, interpretations and amendments effective from 1 April 2022 New and amended standards and interpretations issued by the IASB that apply for the first time in these annual financial statements do not impact the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies. These include: \u2022 onerous contracts \u2013 cost of fulfilling a contract (amendments to IAS 37); \u2022 property, plant and equipment: proceeds before intended use (amendments to IAS 16); \u2022 annual improvements to IFRS standards 2018\u20132020 (amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41); and \u2022 references to conceptual framework (amendments to IFRS 3). New standards and interpretations not yet adopted A number of new standards, amendments to standards, and interpretations are not effective for 2023, and therefore have not been applied in preparing XPS Pensions Group\u2019s financial statements. They are not expected to have a material impact on the Group\u2019s consolidated financial statements. These include the following amendments effective for the year beginning 1 April 2023: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2022 Definition of Accounting Estimates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The following amendments are effective for the year beginning 1 April 2024: \u2022 IFRS 16 Leases (amendment \u2013 liability in a sale and leaseback); \u2022 IAS 1 Presentation of financial statements (amendment \u2013 classification of liabilities as current or non current); and \u2022 IAS 1 Presentation of financial statements (amendment \u2013 non-current liabilities with covenants). The Group is currently assessing the impact of these new accounting standards and amendments, but currently does not anticipate that these will drive any material changes to the Group\u2019s consolidated financial statements. The other standards, interpretations and amendments issued by the IASB (of which some are still subject to endorsement by the UK) but not yet effective are not expected to have a material impact on the Group\u2019s consolidated financial statements . 1 Accounting policies continued Critical accounting estimates and judgements The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates applied prospectively. In the future, actual experience may differ from these estimates and assumptions. Significant judgements are separately identified where applicable. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Fair values of intangible assets (note 17) Goodwill is tested for impairment on an annual basis at the year end and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the cash-generating unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Application of the goodwill impairment test requires judgement, including the identification of cash-generating units, assignment of assets and liabilities to such units, assignment of goodwill to such units and determination of the fair value of a unit. The fair value of each cash-generating unit or asset is estimated using the income approach, on a discounted cash flow methodology. This analysis requires significant estimates, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the business, estimation of the useful life over which cash flows will occur and determination of our weighted average cost of capital. See note 17 for more detail. Intangible assets are tested for impairment if an indicator of impairment exists. Similar to goodwill, the indicator could be a significant change to the business climate, legal factors, operating performance indicators, competition, changes to the technological environment, or another external or internal factor observed by management. As with goodwill, application of an impairment test here will require judgement and the use of estimates. Revenue recognition Revenue is recognised once the performance obligations of the contract with the customer have been met, in line with IFRS 15. This may be at a point in time or over time according to when control passes to the customer. Dependent upon the income stream and nature of the engagement, revenue is recognised on either a time cost incurred, fixed fee or rateably over the period of providing the service basis. Revenue is billed on a monthly, quarterly or, in the case of certain SSAS and SIPP services, on an annual basis. Services may be billed in arrears, as in the case of pensions advisory work, or in advance, as is the case with SSAS and SIPP revenues. As a result of such arrangements, judgements are made in determining the timing of revenue recognition. The significant judgements relate to identifying individual performance obligations and then allocating an appropriate amount of revenue to those obligations which largely depends on the time incurred in providing the services. Management applies judgement in assessing timesheet data to ensure that revenue is allocated proportionally to effort. There are also judgements involved in determining the level of performance obligations met as part of the triennial valuation work. These have been recognised on the basis of work completed through the 15-month valuation process. Deferred tax (note 18) Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimates are required to determine the amount of deferred tax assets that can be recognised based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Throughout the current and prior periods the Directors consider that the IAS 12 recognition criteria have been satisfied. The recognised deferred tax assets for the Group relate to share-based payments, whereby a corporation tax asset will arise in the future on the exercise of share options issued to Executive Directors and senior staff under performance share plans and deferred share plans. See note 18 for details of the carrying amount of the deferred tax assets. Provisions (note 26) Dilapidations provisions have been made for properties which the Group currently leases based upon the cost to make good the property in accordance with lease terms where applicable. Provisions are made for claims in respect of complaints against the Group. The amount provided is based on management\u2019s best estimate of the likely liability. The cost to the business is capped to the excess on the Group\u2019s professional indemnity insurance in respect of each individual claim. Critical accounting estimates and judgements continued Useful lives of intangible assets (note 17) Intangible assets are amortised over their estimated useful lives with the charge recorded in administrative expenses. Useful lives are based on management\u2019s estimates of the period that the assets will generate revenue, which are periodically reviewed for continued appropriateness. Changes to estimates can result in significant variations in the carrying value and amounts charged to the consolidated income statement in specific periods. Exceptional costs (note 6) Exceptional costs are recognised to the extent that they meet the definition outlined in the accounting policy above. The judgement of whether an expense is exceptional or not requires consistent application by management. Contingent consideration (note 27) Contingent consideration is recognised in cost at its acquisition date fair value, and is classified as a financial liability. At each reporting period the liability is remeasured at fair value through profit or loss. This remeasurement is based on management\u2019s expectation of future performance. Therefore, judgement is necessary in assessing the amount of consideration that will be payable in the future. Because of the inherent uncertainty in this evaluation process, actual gains or losses may be different from the originally estimated consideration. When a business is acquired, contingent consideration clauses in the share purchase agreement are assessed against the criteria in IFRS 3 Business Combinations. Judgement is necessary to determine whether to account for contingent consideration as deferred consideration, forming a part of the goodwill calculation, or whether under IFRS 3 the consideration should be treated as post-acquisition remuneration. Business combinations (note 7) The Directors determine and allocate the purchase price of an acquired business to the assets acquired and liabilities assumed as of the business combination date. The purchase price allocation process requires the use of significant estimates and assumptions, including the estimated fair value of the acquired intangible assets. While the Directors use their best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the date of acquisition, the estimates and assumptions are inherently uncertain and subject to refinement. Examples of critical estimates in valuing certain of the intangible assets acquired or which may potentially be acquired in the future include but are not limited to: \u2022 future expected cash flows from customer relationships and brands; and \u2022 discount rates. The accounting for the business combination discussed in note 7 was preliminary in the interim accounts to 30 September 2022, and adjustments have been made to this following the conclusion of the full purchase price allocation process. IFRS 3 allows for any factors present at the date of the business combination but not previously included in the calculation of the value of intangible assets to be adjusted for within twelve months of the acquisition date. It is therefore possible that the intangible assets acquired could be adjusted by a material amount, with the offsetting impact in goodwill . ",
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"value": "XPS Pensions Group plc (the \u201cCompany\u201d) is a public limited company incorporated in the UK. The principal activity of the Group is employee benefit consultancy and related business services. The registered office is Phoenix House, 1 Station Hill, Reading RG1 1NB. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). ",
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"value": "Phoenix House, 1 Station Hill, Reading RG1 1NB",
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"value": "Basis of preparation These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The consolidated financial statements have been prepared under the going concern basis . The preparation of financial statements in accordance with the requirements of International Financial Reporting Standards (\u201cIFRS\u201d) requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed at the end of this section. The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the periods presented, unless otherwise stated. ",
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"fact-428": {
"value": "These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The consolidated financial statements have been prepared under the going concern basis ",
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"fact-370": {
"value": "Functional and presentation currency The financial statements are presented in British pounds which is the Company\u2019s functional currency. Figures are rounded to the nearest thousand. ",
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"language": "en",
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"fact-373": {
"value": "Measurement convention The financial information is prepared on the historical cost basis except for the measurement of contingent consideration. ",
"dimensions": {
"concept": "xpspensionsgroupplc:DescriptionOfAccountingPolicyForMeasurementConvention",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-371": {
"value": "Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee; exposure to variable returns from the investee; and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any elements of control. Defacto control exists in situations where the Company has the practical ability to direct the relevant activities of the investee without holding the majority of the voting rights. In determining whether defacto control exists the Company considers all relevant facts and circumstances, including: \u2022 the size of the Company\u2019s voting rights relative to both the size and dispersion of other parties who hold voting rights; \u2022 substantive potential voting rights held by the Company and by other parties; \u2022 other contractual arrangements; and \u2022 historical patterns in voting attendance. The consolidated financial information presents the results of the Company and its subsidiaries (the \u201cGroup\u201d) as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial information incorporates the results of business combinations using the acquisition method. In the statement of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date, with the exception of right-of-use assets and lease liabilities, which are measured at the present value of the lease liability discounted at acquisition date incremental borrowing rate (a rate that represents the amount that would be charged to acquire an asset of similar value for a similar period), with an adjustment to right-of-use assets to reflect favourable/non-favourable lease terms. The results of the acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "Property, plant and equipment Property, plant and equipment are stated at historic ation. For items acquired as part of a business combination, cost comprises the deemed fair value of those items at the date of acquisition. Depreciation on those items is charged over their estimated remaining useful lives from that date. Depreciation is charged to profit and loss in the statement of comprehensive income on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Estimated useful lives are as follows: Office equipment 3 to 10 years Leasehold improvements Over remaining life of the lease Fixtures and fittings 3 to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-372": {
"value": "Property, plant and equipment Property, plant and equipment are stated at historic al cost less accumulated depreci ation. For items acquired as part of a business combination, cost comprises the deemed fair value of those items at the date of acquisition. Depreciation on those items is charged over their estimated remaining useful lives from that date. Depreciation is charged to profit and loss in the statement of comprehensive income on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Estimated useful lives are as follows: \u2022 Office equipment 3 to 10 years \u2022 Leasehold improvements Over remaining life of the lease \u2022 Fixtures and fittings 3 to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-374": {
"value": "Going concern IFRS accounting standards require the Directors to consider the appropriateness of the going concern basis when preparing the financial statements. The Directors have taken notice of the Financial Reporting Council guidance, \u201cGuidance on the going concern basis of accounting and reporting on solvency and liquidity risks\u201d, which requires the reasons for this decision to be explained. The Directors have prepared cash flow forecasts up to 31 October 2024, which includes the 12-month period from the date of approval of these financial statements. These forecasts show that during that period the Group is expected to generate sufficient cash from its operations to settle its liabilities as they fall due without the requirement for additional borrowings. Additionally, the Directors have modelled a scenario at which the banking covenants could potentially be breached, which is the point where going concern could be threatened. This period has been chosen as October is the lowest point in the Group\u2019s working capital and cash cycle. Inflationary increases have been modelled using the OBR inflation forecasts for that period, and interest rate increase has been included in the forecasts based on latest market projections. In this scenario, revenue is modelled to decrease significantly, partially offset with a reduction in staff bonuses. The headroom between this scenario and current performance, and the budget, is significant and a decrease of this magnitude is considered to be extremely unlikely. In addition, the Group has several additional cost reduction and cash preservation levers it could utilise, which include managing staff costs through a hiring freeze or reduction in workforce, a reduction in capital expenditure, and a reduction of dividends. The Group\u2019s banking facility is in place until October 2026 and gives the Group access to a Revolving Credit Facility of \u00a3100 million with an accordion of \u00a350 million. The facility is subject to two covenants \u2013 net leverage and interest cover. These covenants were not breached during the financial year, nor are any breaches forecast. The Group does not have any non-financial covenants. The Directors have reviewed the historical accuracy of the Group\u2019s budgets. The Group\u2019s performance was compared to the budget, and actual revenue was within 3% of the forecast figure, and adjusted profit after tax was within 8% of the forecast figure. Actual results were ahead of forecast in both cases. This demonstrates that the Group\u2019s forecasting process is at a sufficient standard to be able to place reliance on it when making a going concern assessment. Post-year-end trading is in line with forecasts. The Directors, after reviewing the Group\u2019s budget and longer-term forecast models, including the worst case scenario referred to above, conclude that the Group has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing these annual financial statements. In terms of the wider macroeconomic and financial situation, the Group does not have any clients in Russia, and so has not had any direct impact from the sanctions or restrictions imposed on Russian owned firms. The main impact on the Group of the current global situation therefore is the high level of inflation currently being experienced in the UK, and also the related increases in interest rates. The Group is largely protected from a high inflation environment because of its contractual ability to increase revenue from the majority of customers by an amount linked to inflation. Whilst higher interest rates have led to higher finance expenses, this has been modelled in the Group\u2019s forecasts and is not considered a significant risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-448": {
"value": "Intangible assets and goodwill Goodwill represents amounts arising on acquisition, being the difference between the cost of the acquisition and the net fair value of the identifiable assets and liabilities acquired on a business combination. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units for the purposes of impairment testing and is not amortised. It is tested annually for impairment. Externally acquired intangible assets are stated at cost less accumulated amortisation and impairment losses. Acquired software is valued based on replacement cost valuations where identifiable or at cost less accumulated amortisation and impairment. Internally produced software is valued at cost less accumulated amortisation and impairment. Customer relationships are valued based on the net present value of the excess earnings generated by the revenue streams over their estimated useful lives. Brand valuation is based on the net present value of estimated royalty returns. Intangible assets and goodwill continued Amortisation is included in operating expenses in the statement of comprehensive income over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life, such as goodwill, are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. Estimated useful lives are as follows: \u2022 Goodwill Indefinite life \u2022 Customer relationships 1 10 years, straight-line method \u2022 Brands 2 10 years, straight-line method \u2022 Software 3 to 5 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition, customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in FY 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. 2 Except for the Penfida brand acquired in September 2022, which has an estimated useful life of 2 years, on a straight-line basis ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-429": {
"value": "Intangible assets and goodwill Goodwill represents amounts arising on acquisition, being the difference between the cost of the acquisition and the net fair value of the identifiable assets and liabilities acquired on a business combination. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units for the purposes of impairment testing and is not amortised. It is tested annually for impairment. Externally acquired intangible assets are stated at cost less accumulated amortisation and impairment losses. Acquired software is valued based on replacement cost valuations where identifiable or at cost less accumulated amortisation and impairment. Internally produced software is valued at cost less accumulated amortisation and impairment. Customer relationships are valued based on the net present value of the excess earnings generated by the revenue streams over their estimated useful lives. Brand valuation is based on the net present value of estimated royalty returns. Intangible assets and goodwill continued Amortisation is included in operating expenses in the statement of comprehensive income over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life, such as goodwill, are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. Estimated useful lives are as follows: \u2022 Goodwill Indefinite life \u2022 Customer relationships 1 10 years, straight-line method \u2022 Brands 2 10 years, straight-line method \u2022 Software 3 to 5 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition, customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in FY 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. 2 Except for the Penfida brand acquired in September 2022, which has an estimated useful life of 2 years, on a straight-line basis ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-375": {
"value": "Intangible assets and goodwill Goodwill represents amounts arising on acquisition, being the difference between the cost of the acquisition and the net fair value of the identifiable assets and liabilities acquired on a business combination. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units for the purposes of impairment testing and is not amortised. It is tested annually for impairment. Externally acquired intangible assets are stated at cost less accumulated amortisation and impairment losses. Acquired software is valued based on replacement cost valuations where identifiable or at cost less accumulated amortisation and impairment. Internally produced software is valued at cost less accumulated amortisation and impairment. Customer relationships are valued based on the net present value of the excess earnings generated by the revenue streams over their estimated useful lives. Brand valuation is based on the net present value of estimated royalty returns. Intangible assets and goodwill continued Amortisation is included in operating expenses in the statement of comprehensive income over the estimated useful lives of intangible assets unless such lives are indefinite. Intangible assets with an indefinite useful life, such as goodwill, are systematically tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are available for use. Estimated useful lives are as follows: \u2022 Goodwill Indefinite life \u2022 Customer relationships 1 10 years, straight-line method \u2022 Brands 2 10 years, straight-line method \u2022 Software 3 to 5 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition, customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in FY 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. 2 Except for the Penfida brand acquired in September 2022, which has an estimated useful life of 2 years, on a straight-line basis . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-378": {
"value": "Contingent consideration Contingent consideration is included in cost at its acquisition date fair value and is classified as a financial liability, remeasured at fair value subsequently through profit or loss. Contingent consideration classified as equity is not remeasured. Contingent consideration is assessed against the criteria detailed in IFRS 3 Business Combinations, and subject to the outcome of this the consideration may be classed as post-acquisition remuneration, in which case it will be expensed through the income statement over the appropriate timeframe ",
"dimensions": {
"concept": "xpspensionsgroupplc:DescriptionOfAccountingPolicyForContingentConsideration",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-376": {
"value": "Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill or intangible assets not ready for use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-377": {
"value": "Financial assets The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Amortised cost Amortised cost includes non-derivative financial assets where they are held within a business model whose objective is to hold the financial asset in order to collect contractual cash flows and those contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. These assets are included in non-current assets if their maturity is greater than 12 months. Trade receivables are stated initially at fair value then measured at amortised cost less provisions for impairment. The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to year end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the Group\u2019s customers. Any impairment required is recorded in the statement of comprehensive income. Cash and cash equivalents comprise cash balances and call deposits Restricted cash is cash which the Group is not entitled to receive, withdraw, transfer or otherwise deal with the deposit, save as expressly permitted by the blocked account agreement during the security period. The blocked account agreement is required due to regulatory rules on Master Trusts. The security period is the period beginning on the date of the deed and ending on the date on which the beneficiary is satisfied that the secured liabilities have been irrevocably and unconditionally paid and discharged in full and all agreements which might give rise to secured liabilities have terminated. The restricted cash has been included in non-current assets as it is expected that the cash will remain in the blocked account for more than 12 months after the end of the reporting period. As such, it is not included in cash and cash equivalents in the consolidated statement of financial position and the consolidated statement of cash flows . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-430": {
"value": "Cash and cash equivalents comprise cash balances and call deposits Restricted cash is cash which the Group is not entitled to receive, withdraw, transfer or otherwise deal with the deposit, save as expressly permitted by the blocked account agreement during the security period. The blocked account agreement is required due to regulatory rules on Master Trusts. The security period is the period beginning on the date of the deed and ending on the date on which the beneficiary is satisfied that the secured liabilities have been irrevocably and unconditionally paid and discharged in full and all agreements which might give rise to secured liabilities have terminated. The restricted cash has been included in non-current assets as it is expected that the cash will remain in the blocked account for more than 12 months after the end of the reporting period. As such, it is not included in cash and cash equivalents in the consolidated statement of financial position and the consolidated statement of cash flows . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-379": {
"value": "Financial liabilities The Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Group\u2019s accounting policy for each category is as follows: Fair value through profit or loss This category comprises contingent consideration. The contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other financial liabilities Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the statement of comprehensive income over the period of the borrowings on an effective interest basis. When borrowings are extinguished, any difference between the cash paid and the carrying value is recognised in the statement of comprehensive income. Trade payables and other short-term monetary liabilities represent liabilities for goods and services received by the Group prior to the end of the financial year which are unpaid. The amounts within trade payables are unsecured. They are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-431": {
"value": "Fair value through profit or loss This category comprises contingent consideration. The contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-380": {
"value": "Provisions A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected, risk adjusted, future cash flows at a pre-tax risk-free rate. Dilapidations provisions relate to the estimated cost to put leased premises back to the required condition expected under the terms of the lease. These include provisions for required dilapidations along with provisions where leasehold improvements have been made that would require reinstatement back to the original status on exit. These are uncertain in timing as leases may be terminated early or extended. To the extent that exits of premises are expected within 12 months of the end of the year they are shown as current. Professional indemnity provisions relate to complaints against the Group. The amount provided is based on management\u2019s best estimate of the likely liability. These are recognised as a gross amount, with any amounts covered by insurance recognised as an asset within current assets, in line with IAS 37. Social security cost provisions represent estimates of the Group\u2019s National Insurance contributions liability on the cost of the Group\u2019s Performance and Deferred Share Plans. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-381": {
"value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-382": {
"value": "Retirement benefits: defined contribution schemes Contributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year to which they relate. Employee Benefit Trust (\u2018EBT\u2019) As the Group is deemed to have control of its EBT, it is treated as a subsidiary and consolidated for the purposes of the consolidated financial statements. The EBT\u2019s investment in the Group\u2019s shares is deducted from equity in the consolidated statement of financial position as if it were treasury shares. Consideration paid (or received) for the purchase (or sale) of these shares is recognised directly in equity. The cost of shares held is presented as a separate reserve (the \u201cinvestment in own shares\u201d). Any excess of the consideration received on the sale of these shares over the weighted average cost of the shares sold is credited to retained earnings. The equity-settled share-based payment expense represents the amount of share awards made by the EBT on behalf of the Company as instructed by the Company. EBT equity-settled awards, which vest immediately on issue, are measured at the fair value of the shares issued on the date of the award, representing the bid price of the shares. The share-based payment expense is charged to the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-383": {
"value": "Dividends Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when paid, and, in the case of final dividends, this is when approved by the shareholders at the Annual General Meeting",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-384": {
"value": "Revenue Revenue, which excludes value added tax, represents the value of employee benefit consultancy and related business services supplied. Revenue is derived mainly from sales made in the United Kingdom. Revenue derived from outside the United Kingdom is immaterial. Amounts recognised as revenue but not yet billed are reflected in the statement of financial position as accrued income (contract assets for adjustments relating to fixed fees as described below). All performance obligations have been satisfied. Amounts billed in advance of work performed are deferred in the statement of financial position as contract liabilities. Performance obligations and timing of revenue recognition Performance obligations in contracts with customers are typically satisfied as services are rendered. In most cases, revenue is recognised on an over time basis. This is because effort has been expended by the business on fulfilling the performance obligations in the contract and the contracts would require payment for time and effort spent by the Group on progressing the contracts in the event of the customer cancelling the contract for any reason other than the Group\u2019s failure to perform its obligations under the contract. Invoices are in most cases raised monthly, based on timesheet data for pensions actuarial and consulting work and pensions investment consulting. For pensions administration services, invoices are typically raised monthly based on services provided. Payment is typically due 30 days from date of invoice. The services by the Group range from actuarial and investment consultancy to administration of pension schemes. Additionally, the Group has a SSAS and SIPP business which provides services to small self administered pension schemes and self invested pension plans. The Group receives income on corporate and customer bank deposits within the SSAS and SIPP business based on a rate linked to the Bank of England base rate. The Group also provides a defined contribution master pension trust for employers offering \u201cfull freedom and choice\u201d, called the National Pension Trust. Income from this is linked to the value of assets under management. The Group has a number of customers who are on a fixed price contract. These contracts covers a number of services (pensions actuarial, administration and investment), most of which are ongoing and therefore require no revenue recognition adjustment to the regular invoice issued to the customer. These are recognised monthly at the time of billing, as the benefit the customer receives as the work is done is largely in line with the amount billed each month. For some fixed price customers, an element of the fixed fee includes the triennial valuation of their defined benefit pension schemes, which is a distinct performance obligation. Under IFRS 15, the Group has assessed these contracts and has determined that an adjustment is needed to recognise the revenue for the performance obligation relating to the triennial valuations in the specific periods that the work is undertaken. Additionally, some of the fixed fee contracts include an element for investment strategic reviews. This is a distinct performance obligation, which has been assessed under IFRS 15 and it was determined that an adjustment is required to recognise the revenue for this performance obligation in the specific periods that the work is undertaken. For the fixed fee customers where an adjustment is required, payment is made monthly over a three-year period. The revenue recognition for triennial valuations takes place over the 15-month period after the valuation date, so there can be up to 35 months\u2019 variance between the date of billing and revenue recognition. For strategic reviews, the variance can also be up to 35 months, depending on the timing of the review within the three-year contract window. Any variance between the timing of payment and the timing of revenue recognition will be recognised as either a contract asset (where the performance obligations met to date exceed the value billed from the contract to date), or as a contract liability (where the value billed to date from the contract exceeds the performance obligations met to date). Determining the transaction price and allocating amounts to performance obligations For the contracts where an adjustment is required, the Group has identified the element of the fixed fee that is attributable to the triennial valuation and/or the strategic review. This has been calculated based on the expected time required to perform these obligations for each specific customer. To ensure that the revenue is allocated to the relevant period, the Group has determined the timespan for the triennial valuation work, and the separate stages of this work. A percentage has been applied to each stage, based on the proportion of total effort. For strategic reviews, which are a smaller piece of work, the Group makes an assessment at the end of each relevant period of the percentage complete for each review. Judgement is required for these contracts in determining the value attributable to the triennial valuation work and the strategic reviews, and also to the stage of completion at each reporting period. The judgements made are based on experience, and have been validated by comparison to timesheet data. The remainder of revenue from fixed fee contracts is recognised on a monthly basis, as the services provided tend to be evenly spread over the life of the contract. Services provided under contracts which do not include a fixed fee are recognised at a price quoted within the contract which typically varies depending on the level of seniority of the employee providing the service. Commission income is recognised on renewal of scheme membership, as the performance obligations are met at the time the contract is won or renewed with the insurer . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-385": {
"value": "Expenses Exceptional and non-trading items To assist in understanding its underlying performance, the Group has defined the following items of pre-tax income and expense as exceptional or non-trading as they either reflect items which are exceptional in nature or size or are associated with the amortisation of acquired intangibles. Items treated as non-trading or exceptional include: \u2022 profits or losses on disposal of assets or businesses; \u2022 corporate transaction and restructuring costs; \u2022 amortisation of acquired intangibles; \u2022 changes in the fair value of contingent consideration; \u2022 expenses relating to deferred consideration deemed as post-acquisition remuneration under IFRS 3; \u2022 share-based payments; and \u2022 the related tax effect of these items. Any other non-recurring items are considered individually for classification as non-trading or exceptional by virtue of their nature or size. The separate disclosure of these items allows a clearer understanding of the trading performance on a consistent and comparable basis, together with an understanding of the effect of non-recurring or large individual transactions upon the overall profitability of the Group. The non-trading items have been included within the appropriate classifications in the consolidated income statement. Further details are given in note 6. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-386": {
"value": "Leases and payments Identifying leases The Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: (a) there is an identified asset; (b) the Group obtains substantially all the economic benefits from use of the asset; and (c) the Group has the right to direct use of the asset. The Group considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether the Group obtains substantially all the economic benefits from use of the asset, the Group considers only the economic benefits that arise from use of the asset, not those incidental to legal ownership or other potential benefits. In determining whether the Group has the right to direct use of the asset, the Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are predetermined due to the nature of the asset, the Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 leases of low value assets; and \u2022 leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the lessee company\u2019s incremental borrowing rate on commencement of the lease is used. Other variable lease payments are expensed in the period to which they relate. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset (typically leasehold dilapidations \u2013 see note 26) . Identifying leases continued Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. When the Group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is also revised when the variable element of future lease payments dependent on a rate or index is revised; however this will use the original discount rate. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: \u2022 if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights of use obtained, the modification is accounted for as a separate lease in accordance with the above policy; \u2022 in all other cases where the renegotiated lease increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount; and \u2022 if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount. For contracts that both convey a right to the Group to use an identified asset and require services to be provided to the Group by the lessor, the Group has elected to account for the entire contract as a lease, i.e. it does not allocate any amount of the contractual payments to and account separately for any services provided by the supplier as part of the contract. When the Group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. Where the lease liability changes due to change in lease term (for example, due to utilisation of an extension option) a new discount rate is used. This rate is determined as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate at the date of reassessment if the interest rate implicit in the lease cannot be readily determined. The same rate is used for changes in index rates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-387": {
"value": "Foreign exchange policy Transactions entered into by Group entities in a currency other than the functional currency (GBP) are recorded at the rates ruling when the transactions occur. Any exchange rate differences are recognised immediately through the statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-432": {
"value": "Finance income and expense Finance costs comprise interest payable, foreign exchange losses and costs directly related to the raising of loans. Finance income comprises interest receivable on own funds, and foreign exchange gains. Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-388": {
"value": "Finance income and expense Finance costs comprise interest payable, foreign exchange losses and costs directly related to the raising of loans. Finance income comprises interest receivable on own funds, and foreign exchange gains. Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-389": {
"value": "Share-based payment costs \u2013 Performance Share Plan and Deferred Share Plan The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from the Executive Directors and key management personnel in consideration for equity instruments of the Group. The fair value of the services received in exchange for the grant of the awards is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the awards granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); and \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability and remaining a Director for a specified period of time). Share-based payment costs \u2013 Performance Share Plan and Deferred Share Plan continued The Deferred Share Plans (DSPs) do not have any market performance conditions or non-market performance vesting conditions; they only have service vesting conditions. The fair value for DSPs is the share price on the date of grant. The total amount expensed to the Group is recognised over the vesting period of the award. Where a share award is cancelled, the share-based payment charge is accelerated at that point in time and all remaining unvested charge is immediately expensed to the Group. Where a share award includes dividend equivalents, these are included within the IFRS 2 charge described above. The Group may settle these via cash or shares. See the Employee Benefit Trust (EBT) policy above for information on the Employee Benefit Trust element of share- based payment costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-433": {
"value": "Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit and loss in the statement of comprehensive income except to the extent that it relates to items recognised in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-390": {
"value": "Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit and loss in the statement of comprehensive income except to the extent that it relates to items recognised in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-391": {
"value": "Changes in accounting policies \u2013 new standards, interpretations and amendments effective from 1 April 2022 New and amended standards and interpretations issued by the IASB that apply for the first time in these annual financial statements do not impact the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies. These include: \u2022 onerous contracts \u2013 cost of fulfilling a contract (amendments to IAS 37); \u2022 property, plant and equipment: proceeds before intended use (amendments to IAS 16); \u2022 annual improvements to IFRS standards 2018\u20132020 (amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41); and \u2022 references to conceptual framework (amendments to IFRS 3). New standards and interpretations not yet adopted A number of new standards, amendments to standards, and interpretations are not effective for 2023, and therefore have not been applied in preparing XPS Pensions Group\u2019s financial statements. They are not expected to have a material impact on the Group\u2019s consolidated financial statements. These include the following amendments effective for the year beginning 1 April 2023: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2022 Definition of Accounting Estimates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The following amendments are effective for the year beginning 1 April 2024: \u2022 IFRS 16 Leases (amendment \u2013 liability in a sale and leaseback); \u2022 IAS 1 Presentation of financial statements (amendment \u2013 classification of liabilities as current or non current); and \u2022 IAS 1 Presentation of financial statements (amendment \u2013 non-current liabilities with covenants). The Group is currently assessing the impact of these new accounting standards and amendments, but currently does not anticipate that these will drive any material changes to the Group\u2019s consolidated financial statements. The other standards, interpretations and amendments issued by the IASB (of which some are still subject to endorsement by the UK) but not yet effective are not expected to have a material impact on the Group\u2019s consolidated financial statements . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-434": {
"value": "Changes in accounting policies \u2013 new standards, interpretations and amendments effective from 1 April 2022 New and amended standards and interpretations issued by the IASB that apply for the first time in these annual financial statements do not impact the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s current accounting policies. These include: \u2022 onerous contracts \u2013 cost of fulfilling a contract (amendments to IAS 37); \u2022 property, plant and equipment: proceeds before intended use (amendments to IAS 16); \u2022 annual improvements to IFRS standards 2018\u20132020 (amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41); and \u2022 references to conceptual framework (amendments to IFRS 3). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-435": {
"value": "New standards and interpretations not yet adopted A number of new standards, amendments to standards, and interpretations are not effective for 2023, and therefore have not been applied in preparing XPS Pensions Group\u2019s financial statements. They are not expected to have a material impact on the Group\u2019s consolidated financial statements. These include the following amendments effective for the year beginning 1 April 2023: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2022 Definition of Accounting Estimates (Amendments to IAS 8); and \u2022 Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The following amendments are effective for the year beginning 1 April 2024: \u2022 IFRS 16 Leases (amendment \u2013 liability in a sale and leaseback); \u2022 IAS 1 Presentation of financial statements (amendment \u2013 classification of liabilities as current or non current); and \u2022 IAS 1 Presentation of financial statements (amendment \u2013 non-current liabilities with covenants). The Group is currently assessing the impact of these new accounting standards and amendments, but currently does not anticipate that these will drive any material changes to the Group\u2019s consolidated financial statements. The other standards, interpretations and amendments issued by the IASB (of which some are still subject to endorsement by the UK) but not yet effective are not expected to have a material impact on the Group\u2019s consolidated financial statements ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-392": {
"value": "Critical accounting estimates and judgements The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates applied prospectively. In the future, actual experience may differ from these estimates and assumptions. Significant judgements are separately identified where applicable. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Fair values of intangible assets (note 17) Goodwill is tested for impairment on an annual basis at the year end and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the cash-generating unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Application of the goodwill impairment test requires judgement, including the identification of cash-generating units, assignment of assets and liabilities to such units, assignment of goodwill to such units and determination of the fair value of a unit. The fair value of each cash-generating unit or asset is estimated using the income approach, on a discounted cash flow methodology. This analysis requires significant estimates, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the business, estimation of the useful life over which cash flows will occur and determination of our weighted average cost of capital. See note 17 for more detail. Intangible assets are tested for impairment if an indicator of impairment exists. Similar to goodwill, the indicator could be a significant change to the business climate, legal factors, operating performance indicators, competition, changes to the technological environment, or another external or internal factor observed by management. As with goodwill, application of an impairment test here will require judgement and the use of estimates. Revenue recognition Revenue is recognised once the performance obligations of the contract with the customer have been met, in line with IFRS 15. This may be at a point in time or over time according to when control passes to the customer. Dependent upon the income stream and nature of the engagement, revenue is recognised on either a time cost incurred, fixed fee or rateably over the period of providing the service basis. Revenue is billed on a monthly, quarterly or, in the case of certain SSAS and SIPP services, on an annual basis. Services may be billed in arrears, as in the case of pensions advisory work, or in advance, as is the case with SSAS and SIPP revenues. As a result of such arrangements, judgements are made in determining the timing of revenue recognition. The significant judgements relate to identifying individual performance obligations and then allocating an appropriate amount of revenue to those obligations which largely depends on the time incurred in providing the services. Management applies judgement in assessing timesheet data to ensure that revenue is allocated proportionally to effort. There are also judgements involved in determining the level of performance obligations met as part of the triennial valuation work. These have been recognised on the basis of work completed through the 15-month valuation process. Deferred tax (note 18) Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management estimates are required to determine the amount of deferred tax assets that can be recognised based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Throughout the current and prior periods the Directors consider that the IAS 12 recognition criteria have been satisfied. The recognised deferred tax assets for the Group relate to share-based payments, whereby a corporation tax asset will arise in the future on the exercise of share options issued to Executive Directors and senior staff under performance share plans and deferred share plans. See note 18 for details of the carrying amount of the deferred tax assets. Provisions (note 26) Dilapidations provisions have been made for properties which the Group currently leases based upon the cost to make good the property in accordance with lease terms where applicable. Provisions are made for claims in respect of complaints against the Group. The amount provided is based on management\u2019s best estimate of the likely liability. The cost to the business is capped to the excess on the Group\u2019s professional indemnity insurance in respect of each individual claim. Critical accounting estimates and judgements continued Useful lives of intangible assets (note 17) Intangible assets are amortised over their estimated useful lives with the charge recorded in administrative expenses. Useful lives are based on management\u2019s estimates of the period that the assets will generate revenue, which are periodically reviewed for continued appropriateness. Changes to estimates can result in significant variations in the carrying value and amounts charged to the consolidated income statement in specific periods. Exceptional costs (note 6) Exceptional costs are recognised to the extent that they meet the definition outlined in the accounting policy above. The judgement of whether an expense is exceptional or not requires consistent application by management. Contingent consideration (note 27) Contingent consideration is recognised in cost at its acquisition date fair value, and is classified as a financial liability. At each reporting period the liability is remeasured at fair value through profit or loss. This remeasurement is based on management\u2019s expectation of future performance. Therefore, judgement is necessary in assessing the amount of consideration that will be payable in the future. Because of the inherent uncertainty in this evaluation process, actual gains or losses may be different from the originally estimated consideration. When a business is acquired, contingent consideration clauses in the share purchase agreement are assessed against the criteria in IFRS 3 Business Combinations. Judgement is necessary to determine whether to account for contingent consideration as deferred consideration, forming a part of the goodwill calculation, or whether under IFRS 3 the consideration should be treated as post-acquisition remuneration. Business combinations (note 7) The Directors determine and allocate the purchase price of an acquired business to the assets acquired and liabilities assumed as of the business combination date. The purchase price allocation process requires the use of significant estimates and assumptions, including the estimated fair value of the acquired intangible assets. While the Directors use their best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the date of acquisition, the estimates and assumptions are inherently uncertain and subject to refinement. Examples of critical estimates in valuing certain of the intangible assets acquired or which may potentially be acquired in the future include but are not limited to: \u2022 future expected cash flows from customer relationships and brands; and \u2022 discount rates. The accounting for the business combination discussed in note 7 was preliminary in the interim accounts to 30 September 2022, and adjustments have been made to this following the conclusion of the full purchase price allocation process. IFRS 3 allows for any factors present at the date of the business combination but not previously included in the calculation of the value of intangible assets to be adjusted for within twelve months of the acquisition date. It is therefore possible that the intangible assets acquired could be adjusted by a material amount, with the offsetting impact in goodwill ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-393": {
"value": "2 Financial risk management The XPS Pensions Group\u2019s operations expose it to a variety of financial risks including credit risk, liquidity risk, market risk and the effects of changes in interest rates on debt. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group\u2019s principal financial instruments comprise sterling cash, lease liabilities, bank deposits and bank loans together with trade receivables and trade payables that arise directly from its operations. Risk management policies are established for the XPS Pensions Group of companies and the Group Audit Committee oversees how management monitors compliance with these policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Further details relating to the current year position are provided in note 30. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty, including brokers, to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. Due to the nature of the business, the majority of the trade receivables are with trustees of pension schemes and large institutions and losses have occurred infrequently over previous years . Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that the Group will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions . Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its financial instruments. Market risk comprises three elements \u2013 interest rate risks, foreign exchange risks, and pricing risks. Interest rate risks are discussed in the cash flow interest rate risk below. The Group is exposed to movements in interest rate in its net finance costs and also in a small element of its operating revenue. Senior loans are linked to SONIA. The Group earns income in relation to client as well as interest income on its own deposits. The Group\u2019s financial instruments are currently in sterling; hence foreign exchange movements do not have a material effect on the Group\u2019s performance. The Group does not hold its own position in trading securities, being involved only in arranging transactions on behalf of its clients. The Group does not engage in holding speculative financial instruments or derivatives. Further quantitative disclosures are included throughout these consolidated financial statements. Cash flow interest rate risk The XPS Pensions Group is exposed to cash flow interest rate risk in two main respects: firstly, corporate and client bank deposits, which earn interest at a variable rate, although not at a material level; and secondly, interest expense arising on bank facilities at a margin over SONIA. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-436": {
"value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty, including brokers, to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers. Due to the nature of the business, the majority of the trade receivables are with trustees of pension schemes and large institutions and losses have occurred infrequently over previous years . Credit risk The maximum exposure to credit risk at the reporting date was: Carrying amount 31 March 2023 \u00a3\u2019000 Carrying amount 31 March 2022 \u00a3\u2019000 Trade receivables 21,642 17,925 Provision for impairment of trade receivables (363) (330) Net trade receivables due 21,279 17,595 Accrued income 16,407 13,240 Contract assets 1,475 1,322 Cash and cash equivalents 13,285 10,150 Non-current financial asset 1,847 1,814 54,293 44,121 Credit risk mitigation The ageing of trade receivables at the reporting date was: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Not past due 16,402 13,018 Past due 0\u201330 days 3,395 3,089 Past due 31\u201390 days 1,177 876 Past due more than 90 days 668 942 21,642 17,925 Movement in impairment allowance for trade receivables: Balance at start of the year 330 350 Increase during the year 359 121 Receivable written off during the year as uncollectable (105) (57) Reversal of allowances (221) (84) Balance at end of the year 363 330 Credit risk mitigation continued The Group prepared a forward-looking impairment model using a provision matrix based on historical data. Using this, the Group believes that an impairment allowance of \u00a3363,000 (2022: \u00a3330,000) is adequate in respect of trade receivables. Those debts which have not been provided against are considered recoverable by the Group. In accordance with IFRS 9, the expected credit loss (ECL) model was used to calculate the impairment loss. The Group has considered whether any provision needs to be made for credit losses on contract assets and accrued income, and concluded that there are none. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-439": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that the Group will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions Liquidity risk Liquidity risk arises from the Group\u2019s working capital and the finance charges and principal repayments on its debt instruments. It is the risk the Group will encounter difficulty in meeting its financial obligations as they fall due. The following table sets out the contractual maturities (representing undiscounted cash flows) of financial liabilities: Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Trade and other payables 20,678 \u2014 \u2014 \u2014 \u2014 20,678 Leases 1,009 2,067 1,926 4,337 1,500 10,839 Loans and borrowings \u2014 \u2014 \u2014 68,000 \u2014 68,000 Bank interest 1,000 3,425 3,936 2,364 \u2014 10,725 Deferred consideration 568 \u2014 \u2014 \u2014 \u2014 568 23,255 5,492 5,862 74,701 1,500 110,810 Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Trade and other payables 17,949 \u2014 \u2014 \u2014 \u2014 17,949 Leases 1,115 1,911 2,537 4,479 2,606 12,648 Loans and borrowings \u2014 \u2014 \u2014 64,000 \u2014 64,000 Bank interest 375 1,061 1,236 2,367 \u2014 5,039 Deferred consideration \u2014 765 \u2014 \u2014 \u2014 765 19,439 3,737 3,773 70,846 2,606 100,401 The Group does not have any concerns over meeting its liabilities as they fall due, as the forecasts prepared indicate sufficient cash receipts in each period to cover liabilities ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-437": {
"value": "Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its financial instruments. Market risk comprises three elements \u2013 interest rate risks, foreign exchange risks, and pricing risks. Interest rate risks are discussed in the cash flow interest rate risk below. The Group is exposed to movements in interest rate in its net finance costs and also in a small element of its operating revenue. Senior loans are linked to SONIA. The Group earns income in relation to client as well as interest income on its own deposits. The Group\u2019s financial instruments are currently in sterling; hence foreign exchange movements do not have a material effect on the Group\u2019s performance. The Group does not hold its own position in trading securities, being involved only in arranging transactions on behalf of its clients. The Group does not engage in holding speculative financial instruments or derivatives. Further quantitative disclosures are included throughout these consolidated financial statements. Cash flow risk The Group is exposed to cash flow interest rate risk in two main respects: firstly, corporate and client bank deposits, which earn interest at a variable rate, although not at a material level; and secondly, interest expense arising on bank facilities at a margin over SONIA. Interest rate risk The interest rate on long-term borrowings is a margin over SONIA and as such the Company is at risk from SONIA increases. The sensitivity of the interest rate risk has been assessed and it is not material ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-438": {
"value": "Cash flow interest rate risk The XPS Pensions Group is exposed to cash flow interest rate risk in two main respects: firstly, corporate and client bank deposits, which earn interest at a variable rate, although not at a material level; and secondly, interest expense arising on bank facilities at a margin over SONIA. ",
"dimensions": {
"concept": "xpspensionsgroupplc:DisclosureOfCashFlowInterestRateRisk",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-394": {
"value": "3 Capital risk management The Group is focused on delivering value for its shareholders whilst ensuring the Group is able to continue effectively as a going concern. Value adding opportunities to grow the business are continually assessed, although strict and careful criteria are applied. The policy for managing capital is to increase shareholder value by maximising profits and cash. The policy is to set budgets and forecasts in the short and medium term that the Group feels are achievable. The processes for managing capital are regular reviews of financial data to ensure that the Group is tracking the targets set and to reforecast as necessary based on the most up-to-date information. This then contributes to the XPS Pensions Group\u2019s forecast which ensures future covenant test points are met. The Group continues to meet these test points and they have been achieved over the last year. Due to the nature of some of the services provided, two subsidiaries within the Group were regulated by the Financial Conduct Authority (FCA) during the year. They are required to hold a minimum level of capital and this is monitored on a monthly basis. Formal compliance returns are submitted to the FCA in line with their reporting requirements. The Group was compliant with its capital requirements throughout the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-395": {
"value": "4 Other operating income Other operating income arose from the revaluation of the contingent consideration for the MJF acquisition in February 2022. The balance of the contingent consideration is expected to be paid by the Group in July 2023. Since this is not considered to be part of the main revenue generating activities of the Group, the Group presents this income separately from revenue. Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Contingent consideration write back (note 27) 197 \u2014 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-397": {
"value": "5 Auditor\u2019s remuneration During the period the following services were obtained from the Group\u2019s auditor at a cost detailed below: Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Audit services Fees payable in respect of the Parent Company and consolidated accounts 328 197 Fees payable in respect of the subsidiary accounts 252 151 580 348 Audit-related services 78 45 Total 658 393 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-396": {
"value": "6 Non-trading and exceptional items Note Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Corporate transaction costs 1 (2,871) (320) Other exceptional costs 2 \u2014 966 Exceptional items (2,871) 646 Contingent consideration write back 3 27 197 \u2014 Share-based payment costs 4 13 (4,660) (3,875) Amortisation of acquired intangibles 5 17 (6,882) (6,579) Non-trading items (11,345) (10,454) Total before tax (14,216) (9,808) Tax on adjusting items 6 2,910 (2,530) Adjusting items after taxation (11,306) (12,338) 1 The Group incurred corporate transaction costs of \u00a32,871,000 in the year (2022: \u00a3320,000, relating to acquisitions by the Group). Included within that is \u00a3845,000 of contingent consideration in respect of the acquisition of Penfida Limited. The maximum contingent consideration of \u00a33,379,000 would be payable on the second anniversary of the acquisition subject to business performance which includes retention of clients as well as continued employment of key employees. As continued employment is one part of the contingent consideration test, according to IFRS 3, the entire contingent consideration must be treated as a post transaction employment cost accruing over the deferment period of two years. The contingent consideration is material in size and it is one-off in nature. As such, in line with the Group\u2019s accounting policies, it has been classified as an exceptional item. If the entire contingent consideration is not payable at the end of the two year period, any resulting credit will also flow through the exceptional category. The remaining \u00a32,026,000 of corporate transaction costs relate to the acquisition of Penfida Limited and other potential M&A opportunities explored by the Group in the year. 2 The prior year credit of \u00a3966,000 relates to the reversal of the exceptional holiday pay accrual in the previous year. The one-off non-cash holiday pay accrual in the year ended 31 March 2021 arose as the holiday cycle was disrupted by the pandemic and a higher than normal level of holiday was carried forward at the end of the holiday year in December 2020. Prior to the pandemic the holiday pay accrual had been stable. In the year ended 31 March 2022 the Group changed its holiday year to align with its accounting year, and as a result there was no cash outflow as a result of the charge in the year ended 31 March 2021. Due to its one-off nature and the size of the holiday pay accrual in the prior year, as well as the corresponding reversal in the year ending 31 March 2022, it was deemed appropriate to disclose the amount separately from the underlying business performance. 3 The contingent consideration write back relates to the revaluation of the contingent consideration for the MJF acquisition (note 27). 4 Share-based payment expenses are included in non-trading and exceptional costs as they are a significant non-cash cost which are excluded from the results for the purposes of measuring performance for PSP awards and dividend amounts. Additionally, the largely non-cash-related credits go directly to equity and so have a limited impact on the reserves of the Group. They are therefore shown as a non-trading item to give clarity to users of the accounts on the profit figures that dividends and PSP performance are based on. 5 During the year the Group incurred \u00a36,882,000 of amortisation charges in relation to acquired intangible assets (customer relationships and brand) (2022: \u00a36,579,000). 6 The tax credit on non-trading items of \u00a32,910,000 (2022: charge of \u00a32,530,000) represents 20% (2022: 26%) of the non-trading items incurred of \u00a314,216,000 (2022: \u00a39,808,000). This is different to the expected tax credit of 19% (2022: 19%), as various adjustments are made to tax including for deferred tax, and the exclusion of amounts not allowable for tax. The tax on non-trading and exceptional items was a large tax charge in the year ended 31 March 2022 instead of a tax credit, because of the tax rate increase from 19% to 25% from 1 April 2023, which was enacted in the year to 31 March 2022. As a result the Group incurred a large deferred tax charge in the prior year (\u00a34.4 million). ",
"dimensions": {
"concept": "xpspensionsgroupplc:DisclosureOfNonTradingAndExceptionalItems",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-398": {
"value": "7 Business combinations during the period On 21 September 2022, the Group acquired 100% of the share capital of Penfida Limited from the shareholders of Penfida Limited for \u00a38.64 million in cash upon completion, and a further payment of \u00a33.38 million in September 2024, subject to the achievement of a client retention target, and the sellers still being in employment with the Group. Because this element is only payable to the sellers who remain in employment at the end of the two-year period, under IFRS 3 the \u00a33.38 million is treated as post-acquisition remuneration and will be an expense to the business over the two-year period to September 2024. This expense will be treated as an exceptional cost, as it meets the Group\u2019s definition of an exceptional item (see note 6). Penfida Limited provides employer covenant advisory services. The transaction will strengthen the covenant advice offering of XPS and gives the Group the resource to expand this offering to both existing clients and new prospects. Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are as follows: Book value \u00a3\u2019000 Adjustment \u00a3\u2019000 Fair value \u00a3\u2019000 Right-of-use asset \u2014 686 686 Non-current asset 55 \u2014 55 Trade and other receivables 1,899 (67) 1,832 Cash 373 \u2014 373 Lease liability \u2014 (534) (534) Provisions (162) (31) (193) Trade and other payables (1,031) 50 (981) Corporation tax payable (272) (20) (292) Customer relationships \u2014 5,215 5,215 Brand \u2014 295 295 Deferred tax \u2014 (1,364) (1,364) Total net assets 862 4,230 5,092 The fair value and the gross value of acquired receivables are the same. The receivables have been reviewed and it is expected that all contractual cash flows will be collected. Fair value of consideration paid \u00a3\u2019000 Cash 8,641 Total consideration 8,641 Goodwill (note 17) 3,549 The main factors leading to the recognition of goodwill are the presence of certain intangible assets, such as the assembled workforce of the acquired entities, synergies and potential future cost savings, and the expected growth in the business generated by new customers, which do not qualify for separate recognition. The goodwill arising from the above acquisition is not deductible for tax purposes. Since the acquisition date, Penfida Limited has contributed \u00a32.3 million to Group revenues and \u00a30.4 million to Group profit before tax, before taking into account the post-acquisition remuneration referred to above. Including this figure, Penfida has contributed a loss of \u00a30.3 million since the acquisition date. If the acquisition had occurred on 1 April 2022, Group revenue would have been \u00a3168.8 million and Group profit before tax would have been \u00a320.7 million, excluding the impact of the post-acquisition remuneration disclosed above. Including this, and assuming the transaction had taken place on 1 April, Group profit before tax would have been \u00a319.0 million. Acquisition expenses Costs relating to the above acquisition (excluding the post-acquisition remuneration) totalled \u00a3474,000 and are included within exceptional costs as corporate transaction costs .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-399": {
"value": "8 Operating segments In accordance with IFRS 8 Operating Segments, an operating segment is defined as a business activity whose operating results are reviewed by the chief operating decision maker (CODM) and for which discrete information is available. The Group\u2019s CODM is the Board of Directors. The Group has one operating segment and one reporting segment due to the nature of services provided across the whole business being the same: pensions and employee benefit solutions. The Group\u2019s revenues, costs, assets, liabilities and cash flows are therefore totally attributable to this reporting segment. The table below shows the disaggregation of the Group\u2019s revenue, by product line. Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Pensions Actuarial & Consulting 77, 388 62,171 Pensions Administration 57,444 52,339 Pensions Investment Consulting 18,009 13,678 National Pension Trust (NPT) 4,332 4,353 SIP 1 9,423 6,081 Total 166,596 138,622 1 Self Invested Pensions (SIP) business, incorporating both SIPP and SSAS products. In the year, there was a change in the way that divisional revenues are reported to the CODM which is more reflective of the responsibilities and operations of the business. As a result related revenue of \u00a31.5 million has been reallocated from the Pensions Actuarial & Consulting division to the Pensions Administration division. The prior year comparative have been restated to enable fair comparability against the current year results amounting to a reallocation of \u00a31.5 million revenue from the Pensions Actuarial & Consulting division to the Pensions Administration division. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-400": {
"value": "9 Administrative expenses Included in the operating profit for the year are the following: Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Expenses by nature Staff costs (note 10) 101,436 83,060 Depreciation and amortisation 12,386 11,922 Short-term and low value lease costs 224 31 Premises costs (excluding rent accounted for under IFRS 16 Leases) 2,868 2,651 Exceptional items (note 6) 2,871 (646) Other general business costs 24,280 22,616 Total 144,065 119,634 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-401": {
"value": "10 Staff numbers and costs The average number of people employed by the Group (including Directors) during the year, analysed by category, was as follows: Year ended 31 March 2023 Number of employees Year ended 31 March 2022 Number of employees Operational 1,435 1,309 Administration 125 106 Sales and marketing 24 20 1,584 1,435 10 Staff numbers and costs continued The aggregate payroll costs of these persons were as follows: Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Wages and salaries 81,142 66,719 Social security contributions and similar taxes 8,913 7,454 Defined contribution pension cost 4,009 3,509 Other long-term employee benefits 1,867 1,503 Post-acquisition remuneration (note 7) 845 \u2014 Share-based payment costs (note 13) 4,660 3,875 101,436 83,060 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-402": {
"value": "11 Employee benefits Defined contribution plan The Company operates a defined contribution pension plan. Outstanding contributions at the year end were \u00a3nil (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-440": {
"value": "Defined contribution plan The Company operates a defined contribution pension plan. Outstanding contributions at the year end were \u00a3nil (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-403": {
"value": "12 Directors\u2019 emoluments The Directors were remunerated for their services by the Group and their emoluments are disclosed below. Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Aggregate emoluments excluding gain on exercise of share options 2,626 2,256 Gain on exercise of share options 987 451 Company contributions to money purchase pension plans 30 30 3,643 2,737 The share-based payment expense for Directors was \u00a3894,000 (2022: \u00a3433,000). Year ended 31 March 2023 Number of Directors Year ended 31 March 2022 Number of Directors At 31 March 2023, retirement benefits are accruing to the following number of Directors under: Money purchase schemes 3 3 Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 The emoluments of the highest paid Director, including benefits and share-based payments 1,194 870 ",
"dimensions": {
"concept": "xpspensionsgroupplc:DisclosureOfDirectorsEmoluments",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-404": {
"value": "13 Share-based payment costs The Group operates a number of equity-settled share-based remuneration schemes for employees: Performance Share Plans (PSPs) for Executive Directors and other key senior personnel, and Deferred Share Plans (DSPs) for key senior personnel from July 2020. All employees are also eligible to participate in the Save as You Earn (SAYE) scheme, the only vesting condition being that the individual remains an employee of the Group over the savings period. The Executive PSP award expense relates to annual awards over shares that vest subject to certain stretching performance conditions, measured over a three-year period. Maximum \u201cnormal\u201d grant level is 150% of salary, capped at a maximum of 200% in exceptional circumstances. Malus and clawback provisions apply. The fair value of awards granted during the year was determined using certain assumptions around vesting. More information about the Executive PSP can be found in the Remuneration Report section of this Annual Report. The only vesting criteria for the DSP is a service criteria. The fair value of awards under this scheme was determined using the share price on the date of grant. 13 Share-based payment costs continued Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Performance Share Plan awards, Deferred Share Plan awards and SAYE scheme 3,892 3,343 Social security cost on Performance Share Plan awards and Deferred Share Plan awards 768 532 Total share-based payments 4,660 3,875 The fair value of Executive PSP options granted during the period was calculated using different methods for different elements \u2013 the Black-Scholes method for the EPS element, the Stochastic method for the TSR element, and the Chaffe method for the holding period (2022: Black-Scholes method for the EPS element, the Stochastic method for the TSR element, and the Finnerty method for the holding period). The inputs to the model were as follows: Year ended 31 March 2023 Year ended 31 March 2022 75% earnings per share (EPS) 25% relative total shareholder return (TSR) Two -year holding period 75% earnings per share (EPS) 25% relative total shareholder return (TSR) Two-year holding period Weighted average exercise price of options issued during the period (pence) 0.05 0.05 0.05 0.05 0.05 0.05 Expected volatility (%) n/a 38.80% 37.03% n/a 49.00% 40.70% Expected life beyond vesting date (years) 3.00 3.00 2.00 3.01 3.01 2.00 Risk-free rate (%) n/a 1.81% 1.77% n/a 0.16% 0.34% Dividend yield (%) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 The Staff DSP options granted during the year had no performance criteria, other than a service condition. Therefore, the fair value of this award was the market value of shares on the date of the award. The fair value of SAYE options granted during the period, and the prior period, was calculated using the Black-Scholes valuation method. The inputs to the model were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Weighted average exercise price of options issued during the period (pence) 104.0 111.0 Expected volatility (%) 47.95% 47.63% Expected life beyond vesting date (years) 3.34 3.35 Risk-free rate (%) 1.61% 0.28% Dividend yield (%) 4.90% 5.00% The volatility assumption has been calculated over the period of time commensurate with the expected award term immediately prior to the date of grant. Due to the very high level of volatility in 2020 due to the Covid-19 pandemic, which we do not believe is reflective of the long-term average future volatility, we have excluded the period from 1 March to 31 March 2020, being the most volatile. As at 31 March 2023, in respect of the Group\u2019s ordinary shares of 0.05p each, 2,915,816 Executive PSP options had been granted and remained outstanding, at an exercise price of 0.05p per share, 318,109 Staff PSP options had been granted and remained outstanding, at an exercise price of 0.05p per share, 6,054,667 Staff DSP options had been granted and remained outstanding, at an exercise price of 0.05p per share, 20,306 SAYE options had been granted and remained outstanding, at an exercise price of 78p per share, 817,870 SAYE options had been granted and remained outstanding, at an exercise price of 111p per share, and 2,335,793 SAYE options had been granted and remained outstanding, at an exercise price of 104p per share. The table below includes dividend equivalent shares on the PSP and DSP option figures where applicable. 13 Share-based payment costs continued 2023 Weighted average exercise price pence 2023 Number 2022 Weighted average exercise price pence 2022 Number Executive PSP Outstanding at 1 April 0.05 3,098,236 0.05 2,918,849 Granted during the year 0.05 1,084,873 0.05 964,133 Forfeited during the year 0.05 (572,818) 0.05 (235,198) Exercised during the year 0.05 (553,445) 0.05 (146,101) Cancelled during the year 0.05 (19,371) 0.05 (403 ,447) Outstanding at 31 March 0.05 3,037,475 0.05 3,098,236 Staff PSP Outstanding at 1 April 0.05 3,335,675 0.05 5,045,911 Forfeited during the year 0.05 (752,892) 0.05 (474,375) Exercised during the year 0.05 (2,177,334) 0.05 (1,194,069) Cancelled during the year 0.05 (76,207) 0.05 (41,792) Outstanding at 31 March 0.05 329,242 0.05 3,335,675 Staff DSP Outstanding at 1 April 0.05 3,976,462 0.05 2,331,278 Granted during the year 0.05 2,392,868 0.05 1,795,090 Forfeited during the year 0.05 (63,316) 0.05 (149,906) Outstanding at 31 March 0.05 6,306,014 0.05 3,976,462 SAYE Outstanding at 1 April 88.61 4,430,966 80.22 3,883,505 Granted during the year 104.00 2,381,306 111.00 975,889 Forfeited during the year 94.91 (70,384) 82.74 (171,814) Exercised during the year 78.01 (3,405,601) 87.64 (37,421) Lapsed during the year 82.51 (39,784) 144.75 (113,015) Cancelled during the year 106.14 (122,534) 91.74 (106,178) Outstanding at 31 March 110.79 3,173,969 88.61 4,430,966 The exercise price of options outstanding at 31 March 2023 ranged between \u00a30.0005 (i.e. the nominal value of an ordinary share) in the case of the PSPs and \u00a31.11 in the case of the SAYE scheme (2022: \u00a30.0005 to \u00a31.472). Their weighted average contractual life was three years (2022: three years), and their weighted average exercise price was \u00a30.04 (2022: \u00a30.01). Of the total number of options outstanding at 31 March 2023, 356,263 (2022: 447,454) had vested and were exercisable. The weighted average fair value of each option granted during the year was \u00a31.24 (2022: \u00a31.31). The weighted average exercise price for exercisable options was 0.26p per share (2022: 5.14p per share). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-405": {
"value": "14 Finance income and expense Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Interest income on bank deposits 10 \u2014 Finance income 10 \u2014 Interest expense on bank loans 2,758 1,108 Other costs of borrowing 498 602 Interest on leases 290 291 Other finance expense 50 46 Finance expenses 3,596 2,047 Other costs of borrowing largely represent the amortisation expense of capitalised loan arrangement fees on the Group\u2019s bank debt. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-449": {
"value": "14 Finance income and expense Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Interest income on bank deposits 10 \u2014 Finance income 10 \u2014 Interest expense on bank loans 2,758 1,108 Other costs of borrowing 498 602 Interest on leases 290 291 Other finance expense 50 46 Finance expenses 3,596 2,047 Other costs of borrowing largely represent the amortisation expense of capitalised loan arrangement fees on the Group\u2019s bank debt. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-441": {
"value": "14 Finance income and expense Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Interest income on bank deposits 10 \u2014 Finance income 10 \u2014 Interest expense on bank loans 2,758 1,108 Other costs of borrowing 498 602 Interest on leases 290 291 Other finance expense 50 46 Finance expenses 3,596 2,047 Other costs of borrowing largely represent the amortisation expense of capitalised loan arrangement fees on the Group\u2019s bank debt. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-406": {
"value": "15 Income tax expense Recognised in the statement of comprehensive income Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Current tax expense Current year 5,153 4,864 Adjustment in respect of prior year (223) (205) Total current tax expense 4,930 4,659 Deferred tax (credit)/expense Origination and reversal of temporary differences (1,403) (1,399) Effect of tax rate changes (222) 4,258 Total income tax expense 3,305 7,518 Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Profit for the year 15,837 9,423 Total tax expense 3,305 7,518 Profit before income tax 19,142 16,941 Tax using the UK corporation tax rate of 19% (2022: 19%) 3,637 3,219 Non-deductible expenses 74 648 Fixed asset differences 39 (55) Adjustment in respect of prior periods (223) (205) Amounts charged/(credited) directly to equity or otherwise transferred \u2014 (7) Excess relief on exercise of share options \u2014 (340) Effect of tax rate change (222) 4,258 Total tax expense 3,305 7,518 The standard rate of corporation tax in the UK was 19% (2022: 19%). Deferred tax assets and liabilities have been measured at the rate they are expected to unwind at, using a rate substantively enacted at 31 March 2023, which is not lower than 25% (2022: 19%). Deferred tax not recognised relates to \u00a36.7 million of finance expense losses in a prior year and their future recoverability is uncertain. At 31 March 2023 the total unrecognised deferred tax asset in respect of these losses was approximately \u00a31.7 million (2022: \u00a31.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-407": {
"value": "16 Property, plant and equipment Leasehold improvements \u00a3\u2019000 Office equipment \u00a3\u2019000 Fixtures and fittings \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2022 3,217 1,472 891 5,580 Acquired through business combinations \u2014 59 17 76 Additions 285 511 (7) 789 Disposals \u2014 (447 ) \u2014 (4 47) Balance at 31 March 2023 3,502 1,595 901 5,998 Accumulated depreciation Balance at 1 April 2022 1,440 639 314 2,393 Acquired through business combinations \u2014 59 17 76 Depreciation charge for the year 315 488 94 897 Disposals \u2014 (447 ) \u2014 (4 47) Balance at 31 March 2023 1,755 739 425 2,919 Net book value Balance at 1 April 2022 1,777 833 577 3,187 Balance at 31 March 2023 1,747 856 476 3,079 Leasehold improvements \u00a3\u2019000 Office equipment \u00a3\u2019000 Fixtures and fittings \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2021 3,128 1,723 832 5,683 Acquired through business combinations \u2014 2 \u2014 2 Additions 174 591 66 831 Disposals (85) (844) (7) (936) Balance at 31 March 2022 3,217 1,472 891 5,580 Accumulated depreciation Balance at 1 April 2021 1,254 1,000 232 2,486 Acquired through business combinations \u2014 1 \u2014 1 Depreciation charge for the year 271 482 89 842 Disposals (85) (844) (7) (936) Balance at 31 March 2022 1,440 639 314 2,393 Net book value Balance at 1 April 2021 1,874 723 600 3,197 Balance at 31 March 2022 1,777 833 577 3,187 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-442": {
"value": "17 Intangible assets Group Goodwill \u00a3\u2019000 Customer relationships \u00a3\u2019000 Brands \u00a3\u2019000 Software \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2022 121,818 125,269 6,036 10,807 263,930 Acquired through business combinations 3,549 5,215 295 \u2014 9,059 Additions \u2014 \u2014 \u2014 4,879 4,879 Disposals \u2014 \u2014 (6,036) (1,097) (7,133) Balance at 31 March 2023 125,367 130,484 295 14,589 270,735 Accumulated amortisation Balance at 1 April 2022 \u2014 48,527 5,980 2,623 57,130 Amortisation for the year \u2014 6,727 155 1,753 8,635 Disposals \u2014 \u2014 (6,036) (1,097) (7,133) Balance at 31 March 2023 \u2014 55,254 99 3,279 58,632 Net book value Balance at 1 April 2022 121,818 76,742 56 8,184 206,800 Balance at 31 March 2023 125,367 75,230 196 11,310 212,103 Goodwill \u00a3\u2019000 Customer relationships \u00a3\u2019000 Brands \u00a3\u2019000 Software \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2021 120,343 123,305 6,036 5,076 254,760 Acquired through business combinations 1,475 1,964 \u2014 \u2014 3,439 Additions \u2014 \u2014 \u2014 6,611 6,611 Disposals \u2014 \u2014 \u2014 (880) (880) Balance at 31 March 2022 121,818 125,269 6,036 10,807 263,930 Accumulated amortisation Balance at 1 April 2021 \u2014 42,011 5,917 2,048 49,976 Amortisation for the year \u2014 6,516 63 1,455 8,034 Disposals \u2014 \u2014 \u2014 (880) (880) Balance at 31 March 2022 \u2014 48,527 5,980 2,623 57,130 Net book value Balance at 1 April 2021 120,343 81,294 119 3,028 204,784 Balance at 31 March 2022 121,818 76,742 56 8,184 206,800 Material customer relationship assets are broken down as follows: Remaining UEL years 31 March 2023 Net book value \u00a3\u2019000 31 March 2023 Remaining UEL years 31 March 2022 Net book value \u00a3\u2019000 31 March 2022 Acquisitions prior to January 2018 (CGU 1) 10 17,820 11 19,623 Punter Southall actuarial (CGU 2) 15 40,869 16 43,634 Punter Southall administrative (CGU 3) 5 4,677 6 5,655 Kier (CGU 3) 6 1,734 7 2,044 XPS Pensions (RL) Limited (CGU 1) 7 1,879 8 2,184 XPS Pensions (Trigon) Limited (CGU 1) 7 1,417 8 1,632 Michael J Field (CGU 1) 9 1,743 10 1,931 Penfida Limited (CGU 4) 20 5,085 \u2014 \u2014 17 Intangible assets continued The brands disposed of in the year included the rights to use the Punter Southall brands for two years as part of the Punter Southall acquisition in 2018 \u2013 these were fully amortised in the year ended 31 March 2019, following the successful integration of the businesses. As the period the rights were held for has since expired, the brand was disposed of in the year to 31 March 2023. The brand had a cost of \u00a35,408,000 and a NBV of \u00a3nil at 31 March 2023 and 1 April 2022. The remaining \u00a3628,000 relates to brands acquired on 21 February 2013 by the Group. These brands had a useful life of ten years, and are no longer in use by the Group. They had a NBV of \u00a3nil at 31 March 2023 and a NBV of \u00a357,000 at 1 April 2022. Software assets held by the Group comprise internally generated or enhanced software for use in providing services to customers. The largest group of software assets relates to the administration business, specifically the development of an in-house administration system. Software disposals in the year related to software which has reached the end of its useful economic life and is no longer in use. Impairment test Goodwill represents the excess of the consideration over the fair value of the net assets acquired on the purchase of the subsidiary companies listed in note 35, as well as goodwill which has arisen on the purchase of trade and assets by the Group. In accordance with IFRS, this balance is not amortised and is subject to annual impairment reviews. The carrying value of goodwill was assessed based on the three cash-generating units that were identified in prior years, and a new cash-generating unit comprising the Penfida acquisition in the year. The four CGUs to which goodwill has been allocated are: CGU 1 \u2013 former Xafinity businesses, Royal London, Trigon, and Michael J Field acquisitions; CGU 2 \u2013 PS Actuarial; CGU 3 \u2013 PS Admin; and CGU 4 \u2013 Penfida Ltd. The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions, which reflect the past experience of the Group: 2023 2022 CGU 1 CGU 2 CGU 3 CGU 4 CGU 1 CGU 2 CGU 3 Discount rate pre-tax 13.1% 13.1% 13.1% 13.1% 9.3% 9.3% 9.3% Terminal rate after period 8 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Period on which detailed forecasts are based 3 years 3 years 3 years 3 years 3 years 3 years 3 years Growth rate during detailed forecast period (average) 7.7% 8.8% 31.2% 9.4% 10.4% 7.4% 27.3% Growth rate applied beyond approved forecast period to year 8 5% 5% 5% 5% 5% 5% 5% The discount rate comprises two elements, the cost of debt and the cost of equity, to derive a blended cost of capital demanded by all providers of capital. The cost of equity is based on the following components: \u2022 beta: calculated to estimate how volatile the Group\u2019s equity is compared to the FTSE SmallCap index; \u2022 risk-free rate: using a ten-year UK government bond yield as a proxy for the risk-free rate; \u2022 equity risk premium: the implied rate as at 31 March 2023 is used to assess the price of risk in equity markets; and \u2022 small company premium: an additional size premium is applied to the Group\u2019s cost of equity in to account for extra risk. The cost of debt represents the cost of capital for the Group\u2019s drawn Revolving Credit Facility and is based on average borrowings during the year. The cash flows used for the value in use calculations incorporate the impact of inflation, and future assumptions regarding inflation which are based on the latest outlook from the UK government. The growth rate beyond the forecast period is based on a blend of average growth rates experienced by the Group and management\u2019s assessment of industry and macroeconomic outlooks. Such forecast rates have been accurate in the past, so the Directors believe they will be sufficiently representative of actual results. The growth rate is applied up to eight years; this is due to the longevity of the customer relationships held by the Group. The growth rate of 5% is higher than the terminal rate due to expectations of market conditions and higher inflation in the medium term . 17 Intangible assets continued Impairment test continued The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, so the Directors are satisfied that no impairment has arisen during the financial period. 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goodwill allocated to cash-generating units: Goodwill \u2013 XPS Pensions Consulting Limited, XPS SIPP Services Limited, Xafinity Pensions Consulting Limited and subsidiaries, XPS Pensions (RL) Limited, XPS Pensions (Trigon) Limited (CGU 1) 30,007 30,007 Goodwill \u2013 XPS Investment Limited, XPS Pensions Limited (CGU 2) 79,314 79,314 Goodwill \u2013 XPS Holdings Limited, XPS Administration Holdings Limited, XPS Administration Limited (CGU 3) 12,497 12,497 Goodwill \u2013 Penfida Limited (CGU 4) 3,549 \u2014 125,367 121,818 Sensitivity analysis of assumptions The Group performed further sensitivity analysis by recalculating the fair value of the net assets of the Group on a \u201cworst-case\u201d basis. For the Group, the worst case would be breaching the banking covenants on leverage, as that could lead to the Group\u2019s Revolving Credit Facility being withdrawn. The size of the impact on revenue to reach this point was considered, alongside mitigating factors that the Group would take if necessary. This analysis showed that this potential worst case scenario is considered unlikely to materialise, and so there was no requirement for impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-450": {
"value": "17 Intangible assets Group Goodwill \u00a3\u2019000 Customer relationships \u00a3\u2019000 Brands \u00a3\u2019000 Software \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2022 121,818 125,269 6,036 10,807 263,930 Acquired through business combinations 3,549 5,215 295 \u2014 9,059 Additions \u2014 \u2014 \u2014 4,879 4,879 Disposals \u2014 \u2014 (6,036) (1,097) (7,133) Balance at 31 March 2023 125,367 130,484 295 14,589 270,735 Accumulated amortisation Balance at 1 April 2022 \u2014 48,527 5,980 2,623 57,130 Amortisation for the year \u2014 6,727 155 1,753 8,635 Disposals \u2014 \u2014 (6,036) (1,097) (7,133) Balance at 31 March 2023 \u2014 55,254 99 3,279 58,632 Net book value Balance at 1 April 2022 121,818 76,742 56 8,184 206,800 Balance at 31 March 2023 125,367 75,230 196 11,310 212,103 Goodwill \u00a3\u2019000 Customer relationships \u00a3\u2019000 Brands \u00a3\u2019000 Software \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2021 120,343 123,305 6,036 5,076 254,760 Acquired through business combinations 1,475 1,964 \u2014 \u2014 3,439 Additions \u2014 \u2014 \u2014 6,611 6,611 Disposals \u2014 \u2014 \u2014 (880) (880) Balance at 31 March 2022 121,818 125,269 6,036 10,807 263,930 Accumulated amortisation Balance at 1 April 2021 \u2014 42,011 5,917 2,048 49,976 Amortisation for the year \u2014 6,516 63 1,455 8,034 Disposals \u2014 \u2014 \u2014 (880) (880) Balance at 31 March 2022 \u2014 48,527 5,980 2,623 57,130 Net book value Balance at 1 April 2021 120,343 81,294 119 3,028 204,784 Balance at 31 March 2022 121,818 76,742 56 8,184 206,800 Material customer relationship assets are broken down as follows: Remaining UEL years 31 March 2023 Net book value \u00a3\u2019000 31 March 2023 Remaining UEL years 31 March 2022 Net book value \u00a3\u2019000 31 March 2022 Acquisitions prior to January 2018 (CGU 1) 10 17,820 11 19,623 Punter Southall actuarial (CGU 2) 15 40,869 16 43,634 Punter Southall administrative (CGU 3) 5 4,677 6 5,655 Kier (CGU 3) 6 1,734 7 2,044 XPS Pensions (RL) Limited (CGU 1) 7 1,879 8 2,184 XPS Pensions (Trigon) Limited (CGU 1) 7 1,417 8 1,632 Michael J Field (CGU 1) 9 1,743 10 1,931 Penfida Limited (CGU 4) 20 5,085 \u2014 \u2014 17 Intangible assets continued The brands disposed of in the year included the rights to use the Punter Southall brands for two years as part of the Punter Southall acquisition in 2018 \u2013 these were fully amortised in the year ended 31 March 2019, following the successful integration of the businesses. As the period the rights were held for has since expired, the brand was disposed of in the year to 31 March 2023. The brand had a cost of \u00a35,408,000 and a NBV of \u00a3nil at 31 March 2023 and 1 April 2022. The remaining \u00a3628,000 relates to brands acquired on 21 February 2013 by the Group. These brands had a useful life of ten years, and are no longer in use by the Group. They had a NBV of \u00a3nil at 31 March 2023 and a NBV of \u00a357,000 at 1 April 2022. Software assets held by the Group comprise internally generated or enhanced software for use in providing services to customers. The largest group of software assets relates to the administration business, specifically the development of an in-house administration system. Software disposals in the year related to software which has reached the end of its useful economic life and is no longer in use. Impairment test Goodwill represents the excess of the consideration over the fair value of the net assets acquired on the purchase of the subsidiary companies listed in note 35, as well as goodwill which has arisen on the purchase of trade and assets by the Group. In accordance with IFRS, this balance is not amortised and is subject to annual impairment reviews. The carrying value of goodwill was assessed based on the three cash-generating units that were identified in prior years, and a new cash-generating unit comprising the Penfida acquisition in the year. The four CGUs to which goodwill has been allocated are: CGU 1 \u2013 former Xafinity businesses, Royal London, Trigon, and Michael J Field acquisitions; CGU 2 \u2013 PS Actuarial; CGU 3 \u2013 PS Admin; and CGU 4 \u2013 Penfida Ltd. The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions, which reflect the past experience of the Group: 2023 2022 CGU 1 CGU 2 CGU 3 CGU 4 CGU 1 CGU 2 CGU 3 Discount rate pre-tax 13.1% 13.1% 13.1% 13.1% 9.3% 9.3% 9.3% Terminal rate after period 8 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Period on which detailed forecasts are based 3 years 3 years 3 years 3 years 3 years 3 years 3 years Growth rate during detailed forecast period (average) 7.7% 8.8% 31.2% 9.4% 10.4% 7.4% 27.3% Growth rate applied beyond approved forecast period to year 8 5% 5% 5% 5% 5% 5% 5% The discount rate comprises two elements, the cost of debt and the cost of equity, to derive a blended cost of capital demanded by all providers of capital. The cost of equity is based on the following components: \u2022 beta: calculated to estimate how volatile the Group\u2019s equity is compared to the FTSE SmallCap index; \u2022 risk-free rate: using a ten-year UK government bond yield as a proxy for the risk-free rate; \u2022 equity risk premium: the implied rate as at 31 March 2023 is used to assess the price of risk in equity markets; and \u2022 small company premium: an additional size premium is applied to the Group\u2019s cost of equity in to account for extra risk. The cost of debt represents the cost of capital for the Group\u2019s drawn Revolving Credit Facility and is based on average borrowings during the year. The cash flows used for the value in use calculations incorporate the impact of inflation, and future assumptions regarding inflation which are based on the latest outlook from the UK government. The growth rate beyond the forecast period is based on a blend of average growth rates experienced by the Group and management\u2019s assessment of industry and macroeconomic outlooks. Such forecast rates have been accurate in the past, so the Directors believe they will be sufficiently representative of actual results. The growth rate is applied up to eight years; this is due to the longevity of the customer relationships held by the Group. The growth rate of 5% is higher than the terminal rate due to expectations of market conditions and higher inflation in the medium term . 17 Intangible assets continued Impairment test continued The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, so the Directors are satisfied that no impairment has arisen during the financial period. 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goodwill allocated to cash-generating units: Goodwill \u2013 XPS Pensions Consulting Limited, XPS SIPP Services Limited, Xafinity Pensions Consulting Limited and subsidiaries, XPS Pensions (RL) Limited, XPS Pensions (Trigon) Limited (CGU 1) 30,007 30,007 Goodwill \u2013 XPS Investment Limited, XPS Pensions Limited (CGU 2) 79,314 79,314 Goodwill \u2013 XPS Holdings Limited, XPS Administration Holdings Limited, XPS Administration Limited (CGU 3) 12,497 12,497 Goodwill \u2013 Penfida Limited (CGU 4) 3,549 \u2014 125,367 121,818 Sensitivity analysis of assumptions The Group performed further sensitivity analysis by recalculating the fair value of the net assets of the Group on a \u201cworst-case\u201d basis. For the Group, the worst case would be breaching the banking covenants on leverage, as that could lead to the Group\u2019s Revolving Credit Facility being withdrawn. The size of the impact on revenue to reach this point was considered, alongside mitigating factors that the Group would take if necessary. This analysis showed that this potential worst case scenario is considered unlikely to materialise, and so there was no requirement for impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-408": {
"value": "17 Intangible assets Group Goodwill \u00a3\u2019000 Customer relationships \u00a3\u2019000 Brands \u00a3\u2019000 Software \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2022 121,818 125,269 6,036 10,807 263,930 Acquired through business combinations 3,549 5,215 295 \u2014 9,059 Additions \u2014 \u2014 \u2014 4,879 4,879 Disposals \u2014 \u2014 (6,036) (1,097) (7,133) Balance at 31 March 2023 125,367 130,484 295 14,589 270,735 Accumulated amortisation Balance at 1 April 2022 \u2014 48,527 5,980 2,623 57,130 Amortisation for the year \u2014 6,727 155 1,753 8,635 Disposals \u2014 \u2014 (6,036) (1,097) (7,133) Balance at 31 March 2023 \u2014 55,254 99 3,279 58,632 Net book value Balance at 1 April 2022 121,818 76,742 56 8,184 206,800 Balance at 31 March 2023 125,367 75,230 196 11,310 212,103 Goodwill \u00a3\u2019000 Customer relationships \u00a3\u2019000 Brands \u00a3\u2019000 Software \u00a3\u2019000 Total \u00a3\u2019000 Cost Balance at 1 April 2021 120,343 123,305 6,036 5,076 254,760 Acquired through business combinations 1,475 1,964 \u2014 \u2014 3,439 Additions \u2014 \u2014 \u2014 6,611 6,611 Disposals \u2014 \u2014 \u2014 (880) (880) Balance at 31 March 2022 121,818 125,269 6,036 10,807 263,930 Accumulated amortisation Balance at 1 April 2021 \u2014 42,011 5,917 2,048 49,976 Amortisation for the year \u2014 6,516 63 1,455 8,034 Disposals \u2014 \u2014 \u2014 (880) (880) Balance at 31 March 2022 \u2014 48,527 5,980 2,623 57,130 Net book value Balance at 1 April 2021 120,343 81,294 119 3,028 204,784 Balance at 31 March 2022 121,818 76,742 56 8,184 206,800 Material customer relationship assets are broken down as follows: Remaining UEL years 31 March 2023 Net book value \u00a3\u2019000 31 March 2023 Remaining UEL years 31 March 2022 Net book value \u00a3\u2019000 31 March 2022 Acquisitions prior to January 2018 (CGU 1) 10 17,820 11 19,623 Punter Southall actuarial (CGU 2) 15 40,869 16 43,634 Punter Southall administrative (CGU 3) 5 4,677 6 5,655 Kier (CGU 3) 6 1,734 7 2,044 XPS Pensions (RL) Limited (CGU 1) 7 1,879 8 2,184 XPS Pensions (Trigon) Limited (CGU 1) 7 1,417 8 1,632 Michael J Field (CGU 1) 9 1,743 10 1,931 Penfida Limited (CGU 4) 20 5,085 \u2014 \u2014 17 Intangible assets continued The brands disposed of in the year included the rights to use the Punter Southall brands for two years as part of the Punter Southall acquisition in 2018 \u2013 these were fully amortised in the year ended 31 March 2019, following the successful integration of the businesses. As the period the rights were held for has since expired, the brand was disposed of in the year to 31 March 2023. The brand had a cost of \u00a35,408,000 and a NBV of \u00a3nil at 31 March 2023 and 1 April 2022. The remaining \u00a3628,000 relates to brands acquired on 21 February 2013 by the Group. These brands had a useful life of ten years, and are no longer in use by the Group. They had a NBV of \u00a3nil at 31 March 2023 and a NBV of \u00a357,000 at 1 April 2022. Software assets held by the Group comprise internally generated or enhanced software for use in providing services to customers. The largest group of software assets relates to the administration business, specifically the development of an in-house administration system. Software disposals in the year related to software which has reached the end of its useful economic life and is no longer in use. Impairment test Goodwill represents the excess of the consideration over the fair value of the net assets acquired on the purchase of the subsidiary companies listed in note 35, as well as goodwill which has arisen on the purchase of trade and assets by the Group. In accordance with IFRS, this balance is not amortised and is subject to annual impairment reviews. The carrying value of goodwill was assessed based on the three cash-generating units that were identified in prior years, and a new cash-generating unit comprising the Penfida acquisition in the year. The four CGUs to which goodwill has been allocated are: CGU 1 \u2013 former Xafinity businesses, Royal London, Trigon, and Michael J Field acquisitions; CGU 2 \u2013 PS Actuarial; CGU 3 \u2013 PS Admin; and CGU 4 \u2013 Penfida Ltd. The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions, which reflect the past experience of the Group: 2023 2022 CGU 1 CGU 2 CGU 3 CGU 4 CGU 1 CGU 2 CGU 3 Discount rate pre-tax 13.1% 13.1% 13.1% 13.1% 9.3% 9.3% 9.3% Terminal rate after period 8 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Period on which detailed forecasts are based 3 years 3 years 3 years 3 years 3 years 3 years 3 years Growth rate during detailed forecast period (average) 7.7% 8.8% 31.2% 9.4% 10.4% 7.4% 27.3% Growth rate applied beyond approved forecast period to year 8 5% 5% 5% 5% 5% 5% 5% The discount rate comprises two elements, the cost of debt and the cost of equity, to derive a blended cost of capital demanded by all providers of capital. The cost of equity is based on the following components: \u2022 beta: calculated to estimate how volatile the Group\u2019s equity is compared to the FTSE SmallCap index; \u2022 risk-free rate: using a ten-year UK government bond yield as a proxy for the risk-free rate; \u2022 equity risk premium: the implied rate as at 31 March 2023 is used to assess the price of risk in equity markets; and \u2022 small company premium: an additional size premium is applied to the Group\u2019s cost of equity in to account for extra risk. The cost of debt represents the cost of capital for the Group\u2019s drawn Revolving Credit Facility and is based on average borrowings during the year. The cash flows used for the value in use calculations incorporate the impact of inflation, and future assumptions regarding inflation which are based on the latest outlook from the UK government. The growth rate beyond the forecast period is based on a blend of average growth rates experienced by the Group and management\u2019s assessment of industry and macroeconomic outlooks. Such forecast rates have been accurate in the past, so the Directors believe they will be sufficiently representative of actual results. The growth rate is applied up to eight years; this is due to the longevity of the customer relationships held by the Group. The growth rate of 5% is higher than the terminal rate due to expectations of market conditions and higher inflation in the medium term 17 Intangible assets continued Impairment test continued The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, so the Directors are satisfied that no impairment has arisen during the financial period. 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goodwill allocated to cash-generating units: Goodwill \u2013 XPS Pensions Consulting Limited, XPS SIPP Services Limited, Xafinity Pensions Consulting Limited and subsidiaries, XPS Pensions (RL) Limited, XPS Pensions (Trigon) Limited (CGU 1) 30,007 30,007 Goodwill \u2013 XPS Investment Limited, XPS Pensions Limited (CGU 2) 79,314 79,314 Goodwill \u2013 XPS Holdings Limited, XPS Administration Holdings Limited, XPS Administration Limited (CGU 3) 12,497 12,497 Goodwill \u2013 Penfida Limited (CGU 4) 3,549 \u2014 125,367 121,818 Sensitivity analysis of assumptions The Group performed further sensitivity analysis by recalculating the fair value of the net assets of the Group on a \u201cworst-case\u201d basis. For the Group, the worst case would be breaching the banking covenants on leverage, as that could lead to the Group\u2019s Revolving Credit Facility being withdrawn. The size of the impact on revenue to reach this point was considered, alongside mitigating factors that the Group would take if necessary. This analysis showed that this potential worst case scenario is considered unlikely to materialise, and so there was no requirement for impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-409": {
"value": "18 Deferred income tax Analysis of the breakdown and movement of deferred tax during the year is as follows: Balance at 1 April 2022 \u00a3\u2019000 Recognised in income \u00a3\u2019000 Recognised in equity \u00a3\u2019000 Acquired in period \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Property, plant and equipment 90 136 \u2014 \u2014 226 Capital gains 943 \u2014 \u2014 \u2014 943 Short-term temporary differences (1,099) (459) (258) \u2014 (1,816) Business combinations 19,032 (1,304) \u2014 1,364 19,092 18,966 (1,627) (258) 1,364 18,445 Balance at 1 April 2021 \u00a3\u2019000 Recognised in income \u00a3\u2019000 Recognised in equity \u00a3\u2019000 Acquired in period \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Property, plant and equipment 51 39 \u2014 \u2014 90 Capital gains 717 226 \u2014 \u2014 943 Short-term temporary differences (767) (339) 7 \u2014 (1,099) Business combinations 15,622 2,933 \u2014 477 19,032 15,623 2,859 7 477 18,966 Deferred income tax assets are recognised to the extent that the realisation of the related tax benefit through future taxable profits is probable. Deferred tax assets and liabilities have been measured at the rate they are expected to unwind at, using a rate substantively enacted at 31 March 2023, which is not lower than 25% (2022: 19%). In prior years, deferred tax assets and liabilities were disaggregated and presented gross in the statement of financial position; per IAS 12 these are now netted off and presented as a deferred tax liability. The prior year has been restated. There is no impact on the income statement as a result of this; it purely impacts the presentation on the statement of financial position of deferred tax, decreasing deferred tax assets and deferred tax liabilities by \u00a31,099,000 (\u00a3767,000 as at 1 April 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-410": {
"value": "19 Other financial assets The non-current financial asset relates to restricted cash held by the Group as security for the National Pension Trust (NPT). For the NPT to gain approval to operate by the Pensions Regulator, the Group is required to demonstrate it can support the NPT in any eventuality. The Group has therefore placed \u00a31,847,000 (2022: \u00a31,814,000) into a restricted bank account, which the trustees of the NPT are able to access in certain circumstances. There are no lifetime expected credit losses associated with this cash balance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-411": {
"value": "20 Trade and other receivables 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Trade receivables 21,642 17,925 Less: provision for impairment of trade receivables (363) (330) Net trade receivables 21,279 17,595 Accrued income 16,407 13,240 Contract assets 1,475 1,322 Total financial assets other than cash and cash equivalents carried at amortised cost 39,161 32,157 Prepayments 4,498 6,292 Other receivables 106 327 Total trade and other receivables 43,765 38,776 The carrying value of trade and other receivables carried at amortised cost approximates to fair value. 31 March 2023 Current Past due 0\u201330 days Past due 31\u201390 days Past due more than 90 days Total \u00a3\u2019000 Expected loss rate 0% 1% 4% 18% Gross carrying amount 16,402 3,395 1,177 668 21,642 Loss provision 32 21 51 123 227 Amendment for specific bad debt provision (32) (21) (51) 240 136 Total \u2014 \u2014 \u2014 363 363 31 March 2022 Current Past due 0\u201330 days Past due 31\u201390 days Past due more than 90 days Total \u00a3\u2019000 Expected loss rate 0% 0% 2% 24% Gross carrying amount 13,018 3,089 876 942 17,925 Loss provision 13 9 15 226 263 Amendment for specific bad debt provision (13) (9) (15) 104 67 Total \u2014 \u2014 \u2014 330 330 The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. The expected loss rates are based on the Group\u2019s historical credit losses experienced over the three-year period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information affecting the Group\u2019s customers. Once the IFRS 9 approach has been calculated, the Group then calculates a specific debt provision based on age of debt and specific client knowledge. The provision is then adjusted to take this detail into account. Of the March 2022 contract asset balance of \u00a31,322,000, \u00a31,014,000 was billed in the year, reducing the brought forward amount. A further \u00a31,167,000 of revenue was recognised in the year. There are no other significant movements in the contract assets balance in the year. The March 2023 contract asset balance is expected to be billed in the year ending 31 March 2024 (\u00a31,230,000), the year ending 31 March 2025 (\u00a3242,000), and the year ending 31 March 2026 (\u00a33,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-412": {
"value": "21 Cash and cash equivalents 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Cash and cash equivalents per statement of financial position 13,285 10,150 Cash and cash equivalents per statement of cash flows 13,285 10,150 The balance is comprised solely of cash at bank and on hand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-413": {
"value": "22 Loans and borrowings 31 March 2023 Due within 1 year (current) \u00a3\u2019000 Due between 1 and 2 years \u00a3\u2019000 Due after 2 years \u00a3\u2019000 Sub-total (non- current) \u00a3\u2019000 Total \u00a3\u2019000 Drawn Revolving Credit Facility \u2014 \u2014 68,000 68,000 68,000 Capitalised debt arrangement fees \u2014 \u2014 (690) (690) (690) Total \u2014 \u2014 67,310 67, 310 67,310 31 March 2022 Due within 1 year (current) \u00a3\u2019000 Due between 1 and 2 years \u00a3\u2019000 Due after 2 years \u00a3\u2019000 Sub-total (non- current) \u00a3\u2019000 Total \u00a3\u2019000 Drawn Revolving Credit Facility \u2014 \u2014 64,000 64,000 64,000 Capitalised debt arrangement fees \u2014 (276) (415) (691) (691) Sub-total \u2014 (276) 63,585 63,309 63,309 Capitalised debt arrangement fees shown as current assets on balance sheet (276) \u2014 \u2014 \u2014 (276) Total (276) (276) 63,585 63,309 63,033 The book value and fair value of loans and borrowings are not materially different. Terms and debt repayment schedule 31 March 2023 Amount \u00a3\u2019000 Currency Nominal interest rate Year of maturity Revolving Credit Facility 68,000 GBP 1.85% above SONIA 2025 31 March 2022 Amount \u00a3\u2019000 Currency Nominal interest rate Year of maturity Revolving Credit Facility 64,000 GBP 1.65% above SONIA 2025 At 31 March 2023 the Group had drawn down \u00a368,000,000 (2022: \u00a364,000,000) of its \u00a3100,000,000 Revolving Credit Facility. The Group\u2019s Revolving Facility Agreement is for \u00a3100 million with an accordion of \u00a350 million. This facility has a four-year term which started in October 2021. In April 2023, a one-year extension to the term was agreed, extending it to October 2026. Interest is calculated at a margin above SONIA, subject to a net leverage test. The related fees for access to the facility are included in the consolidated statement of comprehensive income. Capitalised loan-related costs are amortised over the life of the loan to which they relate. Bank debt is secured by way of debentures in the Group companies which are obligors to the loans. These are XPS Reading Limited, XPS Consulting (Reading) Limited, XPS Pensions Consulting Limited (and its subsidiaries), Xafinity Pensions Consulting Limited (and its subsidiaries), XPS SIPP Services Limited, and XPS Holdings Limited (and its subsidiaries). The security is over all the assets of the companies which are obligors to the loans. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-414": {
"value": "23 Reconciliation of liabilities arising from financing activities 31 March 2022 \u00a3\u2019000 Cash flows \u00a3\u2019000 Non-cash change: amortisation \u00a3\u2019000 Non-cash change: new leases/ interest this year \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Long-term borrowings 64,000 4,000 \u2014 \u2014 68,000 Capitalised debt arrangement fees (967) \u2014 277 \u2014 (690) Interest payable on long-term borrowings 57 (2,985) \u2014 2,977 49 Lease liabilities 11,680 (3,267) \u2014 1,522 9,935 Total liabilities from financing activities 74,770 (2,252) 277 4,499 77, 294 31 March 2021 \u00a3\u2019000 Cash flows \u00a3\u2019000 Non-cash change: liability to asset \u00a3\u2019000 Non-cash change: new leases/ interest this year \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Long-term borrowings 59,000 5,000 \u2014 \u2014 64,000 Capitalised debt arrangement fees (310) (1,105) 276 172 (967) Interest payable on long-term borrowings 10 (1,222) \u2014 1,269 57 Lease liabilities 12,706 (3,042) \u2014 2,016 11,680 Total liabilities from financing activities 71,406 (369) 276 3,457 74,770 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-415": {
"value": "24 Trade and other payables 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Trade payables 4,752 8,635 Accrued expenses 15,406 8,867 Interest payable 49 57 Other payables 471 390 Total financial liabilities excluding leases, loans and borrowings, classified as financial liabilities at amortised cost 20,678 17, 949 Other payables \u2013 tax and social security payments 2,178 1,846 Other payables \u2013 VAT 5,892 4,233 Contract liabilities 3,315 3,247 Total trade and other payables 32,063 27,275 Due within one year or less 31,218 27,275 Due between one and three years 845 \u2014 The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates to fair value. The March 2023 contract liability balance is expected to be recognised in the year ended 31 March 2024 (\u00a33,011,000), 31 March 2025 (\u00a3251,000), and 31 March 2026 (\u00a353,000). Of the March 2022 contract liability balance of \u00a33,247,000, \u00a33,041,000 was recognised in revenue in the year to 31 March 2023, \u00a3150,000 will be recognised in the year to 31 March 2024, and \u00a356,000 in the year to 31 March 2025. The non-current trade and other payables relate to post-acquisition remuneration for the Penfida acquisition, which is payable in September 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-416": {
"value": "25 Current income tax liabilities 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Tax payable 2,280 2,207 ",
"dimensions": {
"concept": "xpspensionsgroupplc:DisclosureOfOtherCurrentIncomeTaxLiabilities",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-417": {
"value": "26 Provisions for other liabilities and charges 31 March 2023 Social security costs on Performance Share Plan \u00a3\u2019000 Dilapidations \u00a3\u2019000 Professional indemnity \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 April 2022 995 1,631 391 3,017 Provisions made during the year 765 247 558 1,570 Provisions used during the year (605) (44) (93) (742) Provisions released unused during the year \u2014 (116) (44) (160) On acquisition \u2014 193 \u2014 193 Balance at 31 March 2023 1,155 1,911 812 3,878 Due within one year or less 658 539 812 2,009 Due after more than one year: Between one and three years 497 288 \u2014 785 Over three years \u2014 1,084 \u2014 1,084 1,155 1,911 812 3,878 31 March 2022 Social security costs on Performance Share Plan \u00a3\u2019000 Dilapidations \u00a3\u2019000 Professional indemnity \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 April 2021 746 1,712 604 3,062 Provisions made during the year 532 20 332 884 Provisions used during the year (283) \u2014 (350) (633) Provisions released unused during the year \u2014 (101) (195) (296) Balance at 31 March 2022 995 1,631 391 3,017 Due within one year or less 594 251 391 1,236 Due after more than one year: Between one and three years 401 442 \u2014 843 Over three years \u2014 938 \u2014 938 995 1,631 391 3,017 Social security costs (National Insurance) are payable on gains made by employees on the exercise of share options granted to them. The eventual liability to National Insurance is dependent on: \u2022 the market price of the Group\u2019s shares at the date of exercise; \u2022 the number of options that will be exercised; and \u2022 the prevailing rate of National Insurance at the date of exercise. Dilapidations relate to the estimated cost of returning a leasehold property to its original state at the end of the lease in accordance with the lease terms. The cost is recognised within the depreciation of the right-of-use asset over the remaining term of the lease. The main uncertainty relates to estimating the cost that will be incurred at the end of the lease. The dilapidations provision will be utilised after the end of the lease of the asset to which it relates. The Group is involved in a small number of potential professional indemnity claims. The amount provided represents the Directors\u2019 best estimate of the Group\u2019s liability, after having taken legal advice. Uncertainties relate to whether claims will be settled out of court or if not whether the Group is successful in defending any action. Because of the nature of the disputes, the Directors have not disclosed future information on the basis that they believe that this would be seriously prejudicial to the Group\u2019s position in defending the cases brought against it. The provision relating to potential professional indemnity claims is updated depending on the status of each individual claim. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-443": {
"value": "26 Provisions for other liabilities and charges 31 March 2023 Social security costs on Performance Share Plan \u00a3\u2019000 Dilapidations \u00a3\u2019000 Professional indemnity \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 April 2022 995 1,631 391 3,017 Provisions made during the year 765 247 558 1,570 Provisions used during the year (605) (44) (93) (742) Provisions released unused during the year \u2014 (116) (44) (160) On acquisition \u2014 193 \u2014 193 Balance at 31 March 2023 1,155 1,911 812 3,878 Due within one year or less 658 539 812 2,009 Due after more than one year: Between one and three years 497 288 \u2014 785 Over three years \u2014 1,084 \u2014 1,084 1,155 1,911 812 3,878 31 March 2022 Social security costs on Performance Share Plan \u00a3\u2019000 Dilapidations \u00a3\u2019000 Professional indemnity \u00a3\u2019000 Total \u00a3\u2019000 Balance at 1 April 2021 746 1,712 604 3,062 Provisions made during the year 532 20 332 884 Provisions used during the year (283) \u2014 (350) (633) Provisions released unused during the year \u2014 (101) (195) (296) Balance at 31 March 2022 995 1,631 391 3,017 Due within one year or less 594 251 391 1,236 Due after more than one year: Between one and three years 401 442 \u2014 843 Over three years \u2014 938 \u2014 938 995 1,631 391 3,017 Social security costs (National Insurance) are payable on gains made by employees on the exercise of share options granted to them. The eventual liability to National Insurance is dependent on: \u2022 the market price of the Group\u2019s shares at the date of exercise; \u2022 the number of options that will be exercised; and \u2022 the prevailing rate of National Insurance at the date of exercise. Dilapidations relate to the estimated cost of returning a leasehold property to its original state at the end of the lease in accordance with the lease terms. The cost is recognised within the depreciation of the right-of-use asset over the remaining term of the lease. The main uncertainty relates to estimating the cost that will be incurred at the end of the lease. The dilapidations provision will be utilised after the end of the lease of the asset to which it relates. The Group is involved in a small number of potential professional indemnity claims. The amount provided represents the Directors\u2019 best estimate of the Group\u2019s liability, after having taken legal advice. Uncertainties relate to whether claims will be settled out of court or if not whether the Group is successful in defending any action. Because of the nature of the disputes, the Directors have not disclosed future information on the basis that they believe that this would be seriously prejudicial to the Group\u2019s position in defending the cases brought against it. The provision relating to potential professional indemnity claims is updated depending on the status of each individual claim. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-419": {
"value": "27 Deferred consideration Balance at 1 April 2022 \u00a3\u2019000 Fair value adjustment \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Contingent cash consideration 765 (197) 568 Balance at 1 April 2021 \u00a3\u2019000 Acquisition \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Contingent cash consideration \u2014 765 765 The contingent cash consideration liability recognised at 31 March 2023 relates to the Michael J Field acquisition in February 2022. The liabilities have been calculated based on terms agreed in the business purchase agreement for Michael J Field, which are dependent on certain revenue and cost targets being met in the 12 months following the acquisition date. The fair value adjustment in the year related to the assessment of performance of the acquisition in comparison to targets set out in the business purchase agreement. The contingent cash consideration is expected to be paid in July 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-418": {
"value": "28 Share capital Ordinary shares \u2019000 31 March 2023 Ordinary shares \u00a3\u2019000 31 March 2023 Ordinary shares \u2019000 31 March 2022 Ordinary shares \u00a3\u2019000 31 March 2022 In issue at the beginning of the year 205,151 103 205,117 103 Issued during the year 2,292 1 34 \u2014 In issue at the end of the year 207,443 104 205,151 103 31 March 2023 \u2019000 31 March 2023 \u00a3\u2019000 31 March 2022 \u2019000 31 March 2022 \u00a3\u2019000 Allotted, called up and fully paid Ordinary shares of 0.05p (2022: 0.05p) each 206,427 103 201,982 101 Shares held by the Group\u2019s Employee Benefit Trust Ordinary shares of 0.05p (2022: 0.05p) each 1,016 1 3,169 2 Shares classified in shareholders\u2019 funds 207,443 104 205,151 103 The Group has invested in the shares for its Employee Benefit Trust (EBT). These shares are held on behalf of employees and legal ownership will transfer to those employees on the exercise of an award. This investment in own shares held in trust is deducted from equity in the consolidated statement of changes in equity. 29 Reserves The following describes the nature and purpose of each reserve within equity: Reserve Description and purpose Retained earnings/ accumulated deficit: All net gains and losses recognised through the consolidated statement of comprehensive income. In the year a share premium reduction exercise was undertaken, and as a result \u00a3116,804,000 was moved from share premium to retained earnings. Share premium: Amounts subscribed for share capital in excess of nominal value. In the year a share premium reduction exercise was undertaken, and as a result \u00a3116,804,000 was moved from share premium to retained earnings. Merger relief reserve: The merger relief reserve represents the difference between the fair value and nominal value of shares issued on the acquisition of subsidiary companies. Investment in own shares: Cost of own shares held by the EBT .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-444": {
"value": "28 Share capital Ordinary shares \u2019000 31 March 2023 Ordinary shares \u00a3\u2019000 31 March 2023 Ordinary shares \u2019000 31 March 2022 Ordinary shares \u00a3\u2019000 31 March 2022 In issue at the beginning of the year 205,151 103 205,117 103 Issued during the year 2,292 1 34 \u2014 In issue at the end of the year 207,443 104 205,151 103 31 March 2023 \u2019000 31 March 2023 \u00a3\u2019000 31 March 2022 \u2019000 31 March 2022 \u00a3\u2019000 Allotted, called up and fully paid Ordinary shares of 0.05p (2022: 0.05p) each 206,427 103 201,982 101 Shares held by the Group\u2019s Employee Benefit Trust Ordinary shares of 0.05p (2022: 0.05p) each 1,016 1 3,169 2 Shares classified in shareholders\u2019 funds 207,443 104 205,151 103 The Group has invested in the shares for its Employee Benefit Trust (EBT). These shares are held on behalf of employees and legal ownership will transfer to those employees on the exercise of an award. This investment in own shares held in trust is deducted from equity in the consolidated statement of changes in equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-445": {
"value": "29 Reserves The following describes the nature and purpose of each reserve within equity: Reserve Description and purpose Retained earnings/ accumulated deficit: All net gains and losses recognised through the consolidated statement of comprehensive income. In the year a share premium reduction exercise was undertaken, and as a result \u00a3116,804,000 was moved from share premium to retained earnings. Share premium: Amounts subscribed for share capital in excess of nominal value. In the year a share premium reduction exercise was undertaken, and as a result \u00a3116,804,000 was moved from share premium to retained earnings. Merger relief reserve: The merger relief reserve represents the difference between the fair value and nominal value of shares issued on the acquisition of subsidiary companies. Investment in own shares: Cost of own shares held by the EBT ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-451": {
"value": "30 Financial instruments The fair values and the carrying values of financial assets and liabilities are the same. Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows: \u2022 level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 level 3: unobservable inputs for the asset or liability. The Group\u2019s finance team performs valuations of financial items for financial reporting purposes, including level 3 fair values, in consultation with third-party valuation specialists for complex valuations. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. The finance team reports directly to the Chief Financial Officer. The Group currently holds level 3 financial assets and liabilities. Contingent consideration is a level 3 financial liability and is measured based on performance compared to targets agreed in the relevant business transfer agreement. The amount is not discounted as this would be immaterial. The contingent consideration balance is made up of \u00a3568,000 relating to the Michael J Field acquisition in February 2022, which is payable in July 2023. This amount has been calculated based on achievement of both a revenue and cost target. Credit risk The maximum exposure to credit risk at the reporting date was: Carrying amount 31 March 2023 \u00a3\u2019000 Carrying amount 31 March 2022 \u00a3\u2019000 Trade receivables 21,642 17,925 Provision for impairment of trade receivables (363) (330) Net trade receivables due 21,279 17,595 Accrued income 16,407 13,240 Contract assets 1,475 1,322 Cash and cash equivalents 13,285 10,150 Non-current financial asset 1,847 1,814 54,293 44,121 Credit risk mitigation The ageing of trade receivables at the reporting date was: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Not past due 16,402 13,018 Past due 0\u201330 days 3,395 3,089 Past due 31\u201390 days 1,177 876 Past due more than 90 days 668 942 21,642 17,925 Movement in impairment allowance for trade receivables: Balance at start of the year 330 350 Increase during the year 359 121 Receivable written off during the year as uncollectable (105) (57) Reversal of allowances (221) (84) Balance at end of the year 363 330 Credit risk mitigation continued The Group prepared a forward-looking impairment model using a provision matrix based on historical data. Using this, the Group believes that an impairment allowance of \u00a3363,000 (2022: \u00a3330,000) is adequate in respect of trade receivables. Those debts which have not been provided against are considered recoverable by the Group. In accordance with IFRS 9, the expected credit loss (ECL) model was used to calculate the impairment loss. The Group has considered whether any provision needs to be made for credit losses on contract assets and accrued income, and concluded that there are none. Cash flow risk The Group is exposed to cash flow interest rate risk in two main respects: firstly, corporate and client bank deposits, which earn interest at a variable rate, although not at a material level; and secondly, interest expense arising on bank facilities at a margin over SONIA. Interest rate risk The interest rate on long-term borrowings is a margin over SONIA and as such the Company is at risk from SONIA increases. The sensitivity of the interest rate risk has been assessed and it is not material . Liquidity risk Liquidity risk arises from the Group\u2019s working capital and the finance charges and principal repayments on its debt instruments. It is the risk the Group will encounter difficulty in meeting its financial obligations as they fall due. The following table sets out the contractual maturities (representing undiscounted cash flows) of financial liabilities: Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Trade and other payables 20,678 \u2014 \u2014 \u2014 \u2014 20,678 Leases 1,009 2,067 1,926 4,337 1,500 10,839 Loans and borrowings \u2014 \u2014 \u2014 68,000 \u2014 68,000 Bank interest 1,000 3,425 3,936 2,364 \u2014 10,725 Deferred consideration 568 \u2014 \u2014 \u2014 \u2014 568 23,255 5,492 5,862 74,701 1,500 110,810 Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Trade and other payables 17,949 \u2014 \u2014 \u2014 \u2014 17,949 Leases 1,115 1,911 2,537 4,479 2,606 12,648 Loans and borrowings \u2014 \u2014 \u2014 64,000 \u2014 64,000 Bank interest 375 1,061 1,236 2,367 \u2014 5,039 Deferred consideration \u2014 765 \u2014 \u2014 \u2014 765 19,439 3,737 3,773 70,846 2,606 100,401 The Group does not have any concerns over meeting its liabilities as they fall due, as the forecasts prepared indicate sufficient cash receipts in each period to cover liabilities . Capital risk The Group\u2019s objectives when managing capital are to maximise shareholder value whilst safeguarding the Group\u2019s ability to continue as a going concern. Total capital is calculated as total equity in the statement of financial position. Management of capital 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Total equity 149,284 144,435",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-420": {
"value": "30 Financial instruments The fair values and the carrying values of financial assets and liabilities are the same. Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows: \u2022 level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and \u2022 level 3: unobservable inputs for the asset or liability. The Group\u2019s finance team performs valuations of financial items for financial reporting purposes, including level 3 fair values, in consultation with third-party valuation specialists for complex valuations. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. The finance team reports directly to the Chief Financial Officer. The Group currently holds level 3 financial assets and liabilities. Contingent consideration is a level 3 financial liability and is measured based on performance compared to targets agreed in the relevant business transfer agreement. The amount is not discounted as this would be immaterial. The contingent consideration balance is made up of \u00a3568,000 relating to the Michael J Field acquisition in February 2022, which is payable in July 2023. This amount has been calculated based on achievement of both a revenue and cost target. Credit risk The maximum exposure to credit risk at the reporting date was: Carrying amount 31 March 2023 \u00a3\u2019000 Carrying amount 31 March 2022 \u00a3\u2019000 Trade receivables 21,642 17,925 Provision for impairment of trade receivables (363) (330) Net trade receivables due 21,279 17,595 Accrued income 16,407 13,240 Contract assets 1,475 1,322 Cash and cash equivalents 13,285 10,150 Non-current financial asset 1,847 1,814 54,293 44,121 Credit risk mitigation The ageing of trade receivables at the reporting date was: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Not past due 16,402 13,018 Past due 0\u201330 days 3,395 3,089 Past due 31\u201390 days 1,177 876 Past due more than 90 days 668 942 21,642 17,925 Movement in impairment allowance for trade receivables: Balance at start of the year 330 350 Increase during the year 359 121 Receivable written off during the year as uncollectable (105) (57) Reversal of allowances (221) (84) Balance at end of the year 363 330 30 Financial instruments continued Credit risk mitigation continued The Group prepared a forward-looking impairment model using a provision matrix based on historical data. Using this, the Group believes that an impairment allowance of \u00a3363,000 (2022: \u00a3330,000) is adequate in respect of trade receivables. Those debts which have not been provided against are considered recoverable by the Group. In accordance with IFRS 9, the expected credit loss (ECL) model was used to calculate the impairment loss. The Group has considered whether any provision needs to be made for credit losses on contract assets and accrued income, and concluded that there are none. Cash flow risk The Group is exposed to cash flow interest rate risk in two main respects: firstly, corporate and client bank deposits, which earn interest at a variable rate, although not at a material level; and secondly, interest expense arising on bank facilities at a margin over SONIA. Interest rate risk The interest rate on long-term borrowings is a margin over SONIA and as such the Company is at risk from SONIA increases. The sensitivity of the interest rate risk has been assessed and it is not material . Liquidity risk Liquidity risk arises from the Group\u2019s working capital and the finance charges and principal repayments on its debt instruments. It is the risk the Group will encounter difficulty in meeting its financial obligations as they fall due. The following table sets out the contractual maturities (representing undiscounted cash flows) of financial liabilities: Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2023 \u00a3\u2019000 Trade and other payables 20,678 \u2014 \u2014 \u2014 \u2014 20,678 Leases 1,009 2,067 1,926 4,337 1,500 10,839 Loans and borrowings \u2014 \u2014 \u2014 68,000 \u2014 68,000 Bank interest 1,000 3,425 3,936 2,364 \u2014 10,725 Deferred consideration 568 \u2014 \u2014 \u2014 \u2014 568 23,255 5,492 5,862 74,701 1,500 110,810 Up to 3 months \u00a3\u2019000 Between 3 and 12 months \u00a3\u2019000 Between 1 and 2 years \u00a3\u2019000 Between 2 and 5 years \u00a3\u2019000 Over 5 years \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Trade and other payables 17,949 \u2014 \u2014 \u2014 \u2014 17,949 Leases 1,115 1,911 2,537 4,479 2,606 12,648 Loans and borrowings \u2014 \u2014 \u2014 64,000 \u2014 64,000 Bank interest 375 1,061 1,236 2,367 \u2014 5,039 Deferred consideration \u2014 765 \u2014 \u2014 \u2014 765 19,439 3,737 3,773 70,846 2,606 100,401 The Group does not have any concerns over meeting its liabilities as they fall due, as the forecasts prepared indicate sufficient cash receipts in each period to cover liabilities . Capital risk The Group\u2019s objectives when managing capital are to maximise shareholder value whilst safeguarding the Group\u2019s ability to continue as a going concern. Total capital is calculated as total equity in the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-446": {
"value": "Capital risk The Group\u2019s objectives when managing capital are to maximise shareholder value whilst safeguarding the Group\u2019s ability to continue as a going concern. Total capital is calculated as total equity in the statement of financial position. Management of capital 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Total equity 149,284 144,435",
"dimensions": {
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"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-421": {
"value": "145XPS Pensions Group Annual Report 2023 Financial statements 31 Leases Nature of leasing activities (in the capacity as lessee) The Group leases a number of properties in the UK. In some instances the rent is reviewed and may be reset periodically to market rental rates. In other cases the periodic rent is fixed over the lease term. The Group also leases certain items of equipment (photocopiers). Leases of photocopiers comprise only fixed payments over the lease terms. The percentages in the table below reflect the current proportions of lease payments that are either fixed or variable. The sensitivity reflects the impact on the carrying amount of lease liabilities and right-of-use assets if there was an uplift of 5% on the balance sheet date to lease payments that are variable. 31 March 2023 Lease contracts Number Fixed payments % Variable payments % Sensitivity \u00a3\u2019000 Property leases with periodic uplifts to market rentals 7 \u2014 83 \u00b1 309 Property leases with fixed payments 11 16 \u2014 \u2014 Leases of plant and equipment 1 1 \u2014 \u2014 19 17 83 \u00b1 309 31 March 2022 Lease contracts Number Fixed payments % Variable payments % Sensitivity \u00a3\u2019000 Property leases with periodic uplifts to market rentals 9 \u2014 82 \u00b1 334 Property leases with fixed payments 8 17 \u2014 \u2014 Leases of plant and equipment 2 1 \u2014 \u2014 19 18 82 \u00b1 334 The Group sometimes negotiates break clauses in its property leases. On a case-by-case basis, the Group will consider whether the absence of a break clause would expose the Group to excessive risk. Typically, factors considered in deciding to negotiate a break clause include: \u2022 the length of the lease term; and \u2022 whether the location represents a new area of operations for the Group. At 31 March 2023, the carrying amounts of lease liabilities are not reduced by the amount of payments that would be avoided from exercising break clauses because on both dates it was considered reasonably certain that the Group would not exercise its right to break the lease. Total undiscounted lease payments of \u00a36,170,938 (2022: \u00a36,689,469) are potentially avoidable were the Group to exercise break clauses at the earliest opportunity. Right-of-use assets Land and buildings \u00a3\u2019000 Office equipment \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2022 10,824 103 10,927 Additions 616 \u2014 616 Depreciation (2,795) (59) (2,854) Effect of modification to lease terms 309 \u2014 309 On acquisition 686 \u2014 686 At 31 March 2023 9,640 44 9,684 Right-of-use assets Land and buildings \u00a3\u2019000 Office equipment \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 12,063 165 12,228 Additions 1,745 \u2014 1,745 Depreciation (2,984) (62) (3,046) At 31 March 2022 10,824 103 10,927 31 Leases continued Nature of leasing activities (in the capacity as lessee) continued Lease liabilities Land and buildings \u00a3\u2019000 Office equipment \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2022 11,565 115 11,680 Additions 616 \u2014 616 Interest expense 287 3 290 Effect of modification to lease term 82 \u2014 82 On acquisition 534 \u2014 534 Lease payments (3,204) (63) (3,267) At 31 March 2023 9,880 55 9,935 Lease liabilities Land and buildings \u00a3\u2019000 Office equipment \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 12,528 178 12,706 Additions 1,725 \u2014 1,725 Interest expense 286 5 291 Lease payments (2,974) (68) (3,042) At 31 March 2022 11,565 115 11,680 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Short-term lease expense 211 30 Low value lease expense 11 8 Aggregate expense for short-term and low value leases 222 38 The maturity of the lease liabilities are as follows: Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Up to 3 months 817 1,039 Between 3 and 12 months 1,884 1,706 Between 1 and 2 years 1,742 2,321 Between 2 and 5 years 4,135 4,192 More than 5 years 1,357 2,422 9,935 11,680 32 Notes supporting statement of cash flows Cash and cash equivalents for the purposes of the statement of cash flows comprise: Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Cash at bank available on demand 13,285 10,150 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-422": {
"value": "33 Related party transactions Key management emoluments during the year Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Emoluments 3,310 2,377 Share-based payment 894 433 Company contributions to money purchase pension plans 30 30 Social security costs 376 255 4,610 3,095 Non-executive emoluments during the year Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Emoluments 303 330 Social security costs 39 41 342 371 ",
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"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-447": {
"value": "Key management emoluments during the year Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Emoluments 3,310 2,377 Share-based payment 894 433 Company contributions to money purchase pension plans 30 30 Social security costs 376 255 4,610 3,095 Non-executive emoluments during the year Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Emoluments 303 330 Social security costs 39 41 342 371 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-423": {
"value": "34 Earnings per share 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Profit for the year 15,837 9,423 \u2019000 \u2019000 Weighted average number of ordinary shares in issue 205,448 203,742 Diluted weighted average number of ordinary shares 216,071 212,519 Basic earnings per share (pence) 7.7 4.6 Diluted earnings per share (pence) 7.3 4.4 The calculation of basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Reconciliation of weighted average ordinary shares in issue to diluted weighted average ordinary shares: Year ended 31 March 2023 \u2019000 Year ended 31 March 2022 \u2019000 Weighted average number of ordinary shares in issue 205,448 203,742 Dilutive impact of share options vested up to exercise date 802 329 Dilutive impact of PSP and DSP options not yet vested 7,920 5,954 Dilutive impact of dividend yield shares for PSP and DSP options 1,069 803 Dilutive impact of SAYE options not yet vested 832 1,691 Diluted weighted average number of ordinary shares 216,071 212,519 Share awards were made to the Executive Board members and key management personnel in each year since the year ended 31 March 2017; these are subject to certain conditions, and each tranche of awards vests three years after the award date. Dividend yield shares relating to these awards will also be awarded upon vesting of the main awards. Further shares have been issued under SAYE share schemes in the years ended 31 March 2020, 2022 and 2023; these will vest in the years ending 31 March 2023, 2025 and 2026 respectively. These shares are reflected in the diluted number of shares and diluted earnings per share calculations. 34 Earnings per share continued Adjusted earnings per share Total 31 March 2023 \u00a3\u2019000 Total 31 March 2022 \u00a3\u2019000 Adjusted profit after tax 27,143 21,761 Adjusted earnings per share (pence) 13.2 10.7 Diluted adjusted earnings per share (pence) 12.6 10.2 ",
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"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-424": {
"value": "35 Subsidiaries The following is the list of wholly owned companies consolidated within the financial statements of XPS Pensions Group plc. Company name Company number Principal activity Registered address XPS Pensions Group plc 08279139 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Financing Limited 08279274 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Reading Limited 08279362 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Consulting (Reading) Limited 08287502 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Pensions Consulting Limited 02459442 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS SIPP Services Limited SC069096 Employee benefit consultancy Scotia House, Castle Business Park, Stirling, Stirlingshire FK9 4TZ Xafinity Pensions Consulting Limited 04436642 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Xafinity PT Limited 00232565 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Entegria Limited 05777554 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Xafinity Pension Trustees Limited 01450089 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (AT) Services Limited SC420031 Employee benefit consultancy Scotia House, Castle Business Park, Stirling, Stirlingshire FK9 4TZ Hazell Carr (SG) Services Limited 01867603 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (ES) Services Limited 02372343 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (PN) Services Limited 00236752 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Hazell Carr (SA) Services Limited SC086807 Dormant Scotia House, Castle Business Park, Stirling, Stirlingshire FK9 4TZ Xafinity Trustees Limited 04305500 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Xafinity Employee Benefit Trust 2013 N/A Trust JTC Trustees Limited, Elizabeth House, 9 Castle Street, St Helier, Jersey JE4 2QP XPS Holdings Limited 04807951 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Administration Holdings Limited 09655671 Holding company Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Administration Limited 09428346 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Investment Limited 06242672 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1N B XPS Pensions Limited 03842603 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Pensions (RL) Limited 05817049 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB XPS Pensions (Trigon) Limited 12085392 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB MJF Pension Trustees Limited 03394648 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB MJF SSAS Trustees Limited 04089958 Dormant Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Pensions Software Solutions Ltd 11482474 Software development Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Penfida Limited 08020393 Employee benefit consultancy Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the \u201cAct\u201d) relating to the audit of individual accounts by virtue of Section 479A of the Act. Company name Company number XPS Financing Limited 08279274 XPS Reading Limited 08279362 Hazell Carr (AT) Services Limited SC420031 XPS Holdings Limited 04807951 XPS Administration Holdings Limited 09655671 XPS Pensions (RL) Limited 05817049 XPS Pensions (Trigon) Limited 12085392 Pensions Software Solutions Limited 11482474 Penfida Limited 08020393 The Company will guarantee all outstanding liabilities that these subsidiaries are subject to at the financial year ended 31 March 2023 in accordance with Section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, the Company will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. ",
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"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-425": {
"value": "36 Dividends Amounts recognised as distributions to equity holders of the Parent in the year 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Final dividend for the year ended 31 March 2022: 4.8p per share (2021: 4.4p per share) 9,763 8,948 Interim dividend for the year ended 31 March 2023: 2.7p (2022: 2.4p) per ordinary share was paid during the year 5,568 4,883 15,331 13,831 The recommended final dividend payable in respect of the year ended 31 March 2023 is \u00a311.8 million or 5.7p per share (2022: \u00a39,696,000). The proposed dividend has not been accrued as a liability as at 31 March 2023 as it is subject to approval at the Annual General Meeting. 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Proposed final dividend for year ended 31 March 2023 11,766 9,696 The Trustee of the Xafinity Employee Benefit Trust has waived its entitlement to dividends. The Company statement of changes in equity shows that the Company has positive reserves of \u00a3161,040,000. Therefore there are sufficient distributable reserves in XPS Pensions Group plc in order to pay the proposed final dividend. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-426": {
"value": "37 Ultimate controlling party The Directors do not consider that there is an ultimate controlling party",
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"language": "en",
"entity": "scheme:2138004Y8OBPJEAACJ11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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}
}