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The financial statements were approved by the Board of Directors on 19 June 2024 and were signed on its behalf by:
Snehal Shah
Chief Financial Officer
19 June 2024
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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 (IFRS) requires management to exercise its judgement in the process of applying the Group\u2019s accounting
policies. There are no critical accounting estimates within these financial statements. 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 significant 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.
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.
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.
Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation. 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 the remaining life of the lease
\u2022 Fixtures and fittings 3 to 10 years
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.
Management has prepared cash flow forecasts up to 31 October 2025, which the Directors have approved.
These include 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. 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.
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 expected in the cash flow forecast.
The Group does not have any non-financial covenants.
Management has also performed some scenario modelling to further assess the liquidity of the Group. Firstly,
management has modelled a scenario at which the banking covenants could potentially be breached, which is
the point where going concern could be threatened. In this worst case 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 if this worst case scenario was to happen. Another scenario modelled was a reasonable
downside scenario, where no growth is experienced in revenues not related to compliance. The result of this
reasonable downside scenario was that even with no actions to reduce costs in line with the revenue decrease, the
Group remained profitable and complied comfortably with its banking covenants. This reasonable downside scenario
is considered to be very unlikely, as historically the Group has always performed discretionary work for its customers.
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 1% of the forecast figure, and adjusted EBITDA was within 4% 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 increase in the rate of inflation has fallen significantly
since the prior year although management is monitoring the situation with Russia and Ukraine as well as Israel,
Palestine and Iran as any further escalations could trigger further price increases with potential for related interest rate
increases. The Group does have protection for any increases in the inflation rate built into customer contracts, which
stipulate that the price charged can be increased by an inflationary amount. Pricing on indexation-linked contracts
continues to be reviewed and was uplifted accordingly as the contracts were renewed throughout the current year
and into the following year. The Group demonstrated its ability to perform strongly in a high-inflation environment
in both the prior and current years. 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, especially since the Group has paid down
a significant portion of its debt in the year.
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.
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 10 years, straight-line method
\u2022 Software 5 to 10 years, straight-line method
1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition and customer relationships
recognised in 2013, and the Penfida customer relationships recognised on acquisition in 2023, all of which have an estimated useful life of
20 years, on a straight-line basis.
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
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 had 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. This balance was disposed of in the year as part of the NPT sale, and so the Group does not
hold any restricted cash balances at 31 March 2024.
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
The Group does not currently have any liabilities which fall into this category.
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
The Group has provisions for the following items:
\u2022 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;
\u2022 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; and
\u2022 social security costs provisions represent estimates of the Group\u2019s National Insurance contributions liability on the
cost of the Group\u2019s Performance Share Plans and Senior Equity Plans.
Employee Benefit Trust (EBT)
As the Group is deemed to have control of its EBT, it has been aggregated within the accounts of XPS Pensions Group
plc, and therefore 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). As the shares are typically used to
satisfy vested share options, the difference between the option cost and the weighted average cost of the shares is
charged to retained earnings.
The equity-settled share-based payment expense represents the amount of share awards made by the EBT on behalf
of the sponsoring entity (XPS Pensions Group plc).
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.
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 consolidated statement of financial position as
contract assets. This is work where there is no unconditional right to receive the cash, but work has been performed
in line with performance obligations. Amounts billed in advance of work performed are recognised as deferred income
and presented 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. Where work
performed in a period has not yet been billed, the value of this will be included in contract assets - accrued income at
the period end. 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 and Pensions investment consulting.
For Pensions Administration services, invoices are typically raised monthly based on services provided. Work relating
to the McCloud judgement in Pensions Administration services has been billed in advance. Payment is typically due
30 days from date of invoice. Additionally, the Group has a SSAS and SIPP business which provides services to small
self-administered pension schemes and self-invested pensions plans. The Group also 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 provided a defined contribution master pension trust for employers offering \u201cfull freedom and
choice\u201d, called the National Pension Trust (NPT). Income from this NPT business is linked to the value of assets under
management. The NPT business was disposed of in the year (see note 7).
The Group has a number of customers who are on a fixed price contract. This contract 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.
Performance obligations and timing of revenue recognition continued 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. 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. 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. 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 time span 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. Judgement is required for these contracts in determining the value attributable to the triennial valuation work, 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 to measure work performed over the three year contract window. For the McCloud work being performed by the Administration business, judgement is required to assess the cost to complete and therefore the revenue to be recognised at a point in time. 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. There are no significant judgements relating to revenue recognition for the SIP business. Alternative performance measures (APMs) The Group presents APMs within its annual report and accounts, these APMs are not defined under the requirements of IFRS. These include those that are visible from the consolidated statement of comprehensive income and the following key APMs: adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, and cash conversion. Management believes that the presentation of these APMs provides stakeholders with additional information on the underlying performance of the business, as well as aiding comparability between reporting periods by adjusting for factors which affect IFRS performance measures. These APMs are not a substitute for or superior to IFRS measures. The Group\u2019s APMs are defined, explained and reconciled to the nearest statutory measure within the Chief Financial Officer\u2019s review. 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, which are considered to be non-trading in nature as these do not reflect the underlying performance of the Group. These transactions tend to be material in value, and the timing can be uncertain. The impact on the financial statements can be significant and can distort certain key performance indicators, such as basic EPS; \u2022 corporate transaction and restructuring costs are considered to be exceptional in nature as these can be material and are not a reflection of the underlying performance of the Group. The timing of these costs can vary and amounts can differ significantly year on year, which can have a distortive impact on the statutory measures of performance; \u2022 amortisation of acquired intangibles is considered to be non-trading as this is a material number and does not reflect the underlying performance of the Group, and users of the accounts expect to be able to assess the profitability and growth of the Group excluding this figure. Additionally this is a significant non-cash cost
\u2022 changes in the fair value of contingent consideration \u2013 these movements do not reflect underlying trade and the
timing of these items can be significantly different from the date of the original transaction to which they relate.
They do not reflect the underlying performance of the Group as a whole;
\u2022 expenses relating to deferred consideration deemed as post-acquisition remuneration under IFRS 3 are considered
to be exceptional in nature. Without the link to continuing employment, these costs would have been treated as
consideration and are material;
\u2022 share-based payments, which are considered a non-trading cost as they are a significant non-cash cost which are
excluded from the results for the purposes of measuring performance for PSP awards and also dividend amounts.
Additionally, the large non-cash-related credits go directly to equity and so have a limited impact on the reserves
of the Group; 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 27).
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.
Share-based payment costs \u2013 Performance Share Plan and Senior Equity Plan
Share-based payment costs as referred to throughout these financial statements are a long-term employee benefit.
The Group operates equity-settled, share-based compensation plans, under which the entity receives services from
the Executive Directors and certain senior employees 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).
The Senior Equity Plans (SEPs) do not have any market performance conditions or non-market performance vesting
conditions, they only have service vesting conditions. The fair value for SEPs 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 EBT 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 2023
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 IFRS 17 Insurance Contracts;
\u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors);
\u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12 Income
Taxes); and
\u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income taxes) (effective immediately upon
the issue of the amendments and retrospectively).
The Group has reflected changes within its accounting policies as a result of implementing \u201cDisclosure of Accounting
Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality
Judgements)\u201d. No material changes resulted from this.
New standards and interpretations not yet adopted
A number of new standards, amendments to standards and interpretations are not effective for 2024, 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 2024:
\u2022 Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases);
\u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements);
\u2022 Non-Current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
Instruments: Disclosures).
The following amendments are effective for the period beginning 1 April 2025:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).
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.
Critical accounting estimates and judgements
The Group makes certain estimates and assumptions within the course of business. 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. In the future, actual experience may differ from these estimates and assumptions. Significant
judgements are separately identified where applicable. The Directors have reviewed the accounting estimates and
judgements made, and have determined that there are two critical judgements. The first relates to the valuation of
contract assets \u2013 accrued income within the unbilled element of pensions, investment and administration services.
The second critical judgement relates to the disposal of the NPT business. There are no critical estimates.
Management will make a judgement as to whether a project is in an accrued or deferred position at the end of each
month/reporting period. This judgement is based on the time recorded against each client project versus the amount
billed, as well as other factors including expected recoverability levels based on past experience, the nature of the
work undertaken, and to what extent the performance obligations have been met, all in line with IFRS 15.
The NPT business disposal was a significant transaction for the Group and resulted in a material gain. However, it has
not been presented as a disposal of a discontinued operation. A discontinued operation must be a component of an
entity that has been disposed of. A component is defined within IFRS 5 as a cash-generating unit (CGU), and cannot
be smaller than a CGU. The NPT business did not form a single CGU; it was incorporated within CGU 1. Therefore, the
Group cannot present the sale of the NPT business as a disposal of a discontinued operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-383": { "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). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-380": { "value": "XPS Pensions Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-2": { "value": "XPS Pensions Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-4": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-5": { "value": "employee benefit consultancy and related business services", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-6": { "value": "Phoenix House, 1 Station Hill, Reading RG1 1NB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-385": { "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 (IFRS) requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. There are no critical accounting estimates within these financial statements. 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 significant 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-430": { "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-384": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-387": { "value": "Measurement convention The financial information is prepared on the historical cost basis. ", "dimensions": { "concept": "ifrs-full:ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-386": { "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. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-471": { "value": "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. 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. 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 relationships1 10 years, straight-line method \u2022 Brands 10 years, straight-line method \u2022 Software 5 to 10 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition and customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-432": { "value": "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:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-431": { "value": "Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation. 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 the remaining life of the lease \u2022 Fixtures and fittings 3 to 10 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-388": { "value": "Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation. 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 the remaining life of the lease \u2022 Fixtures and fittings 3 to 10 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-389": { "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. Management has prepared cash flow forecasts up to 31 October 2025, which the Directors have approved. These include 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. 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. 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 expected in the cash flow forecast. The Group does not have any non-financial covenants. Management has also performed some scenario modelling to further assess the liquidity of the Group. Firstly, management has modelled a scenario at which the banking covenants could potentially be breached, which is the point where going concern could be threatened. In this worst case 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 if this worst case scenario was to happen. Another scenario modelled was a reasonable downside scenario, where no growth is experienced in revenues not related to compliance. The result of this reasonable downside scenario was that even with no actions to reduce costs in line with the revenue decrease, the Group remained profitable and complied comfortably with its banking covenants. This reasonable downside scenario is considered to be very unlikely, as historically the Group has always performed discretionary work for its customers. 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 1% of the forecast figure, and adjusted EBITDA was within 4% 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 increase in the rate of inflation has fallen significantly since the prior year although management is monitoring the situation with Russia and Ukraine as well as Israel, Palestine and Iran as any further escalations could trigger further price increases with potential for related interest rate increases. The Group does have protection for any increases in the inflation rate built into customer contracts, which stipulate that the price charged can be increased by an inflationary amount. Pricing on indexation-linked contracts continues to be reviewed and was uplifted accordingly as the contracts were renewed throughout the current year and into the following year. The Group demonstrated its ability to perform strongly in a high-inflation environment in both the prior and current years. 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, especially since the Group has paid down a significant portion of its debt in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-489": { "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. 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 relationships1 10 years, straight-line method \u2022 Brands 10 years, straight-line method \u2022 Software 5 to 10 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition and customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-433": { "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. 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 relationships1 10 years, straight-line method \u2022 Brands 10 years, straight-line method \u2022 Software 5 to 10 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition and customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-390": { "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. 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 relationships1 10 years, straight-line method \u2022 Brands 10 years, straight-line method \u2022 Software 5 to 10 years, straight-line method 1 Except for pensions and investment customer relationships acquired as part of the Punter Southall acquisition and customer relationships recognised in 2013, and the Penfida customer relationships recognised on acquisition in 2023, all of which have an estimated useful life of 20 years, on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-435": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-391": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-472": { "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 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 had 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. This balance was disposed of in the year as part of the NPT sale, and so the Group does not hold any restricted cash balances at 31 March 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-392": { "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 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 had 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. This balance was disposed of in the year as part of the NPT sale, and so the Group does not hold any restricted cash balances at 31 March 2024. 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 The Group does not currently have any liabilities which fall into this category. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-490": { "value": "Cash and cash equivalents comprise cash balances 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 had 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. This balance was disposed of in the year as part of the NPT sale, and so the Group does not hold any restricted cash balances at 31 March 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-436": { "value": "Cash and cash equivalents comprise cash balances 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 had 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. This balance was disposed of in the year as part of the NPT sale, and so the Group does not hold any restricted cash balances at 31 March 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-473": { "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 The Group does not currently have any liabilities which fall into this category. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-437": { "value": "Fair value through profit or loss The Group does not currently have any liabilities which fall into this category. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-434": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-438": { "value": "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:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-393": { "value": "Provisions The Group has provisions for the following items: \u2022 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; \u2022 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; and \u2022 social security costs provisions represent estimates of the Group\u2019s National Insurance contributions liability on the cost of the Group\u2019s Performance Share Plans and Senior Equity Plans. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-440": { "value": "Employee Benefit Trust (EBT) As the Group is deemed to have control of its EBT, it has been aggregated within the accounts of XPS Pensions Group plc, and therefore 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). As the shares are typically used to satisfy vested share options, the difference between the option cost and the weighted average cost of the shares is charged to retained earnings. The equity-settled share-based payment expense represents the amount of share awards made by the EBT on behalf of the sponsoring entity (XPS Pensions Group plc). 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:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-394": { "value": "Employee Benefit Trust (EBT) As the Group is deemed to have control of its EBT, it has been aggregated within the accounts of XPS Pensions Group plc, and therefore 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). As the shares are typically used to satisfy vested share options, the difference between the option cost and the weighted average cost of the shares is charged to retained earnings. The equity-settled share-based payment expense represents the amount of share awards made by the EBT on behalf of the sponsoring entity (XPS Pensions Group plc). 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-395": { "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 consolidated statement of financial position as contract assets. This is work where there is no unconditional right to receive the cash, but work has been performed in line with performance obligations. Amounts billed in advance of work performed are recognised as deferred income and presented 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. Where work performed in a period has not yet been billed, the value of this will be included in contract assets - accrued income at the period end. 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 and Pensions investment consulting. For Pensions Administration services, invoices are typically raised monthly based on services provided. Work relating to the McCloud judgement in Pensions Administration services has been billed in advance. Payment is typically due 30 days from date of invoice. Additionally, the Group has a SSAS and SIPP business which provides services to small self-administered pension schemes and self-invested pensions plans. The Group also 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 provided a defined contribution master pension trust for employers offering \u201cfull freedom and choice\u201d, called the National Pension Trust (NPT). Income from this NPT business is linked to the value of assets under management. The NPT business was disposed of in the year (see note 7). The Group has a number of customers who are on a fixed price contract. This contract 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.
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. 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. 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 time span 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.
Judgement is required for these contracts in determining the value attributable to the triennial valuation work, 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 to measure work performed over the three year contract window.
For the McCloud work being performed by the Administration business, judgement is required to assess the cost
to complete and therefore the revenue to be recognised at a point in time.
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.
There are no significant judgements relating to revenue recognition for the SIP business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-439": { "value": "Performance obligations and timing of revenue recognition Performance obligations in contracts with customers are typically satisfied as services are rendered. Where work performed in a period has not yet been billed, the value of this will be included in contract assets - accrued income at the period end. 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 and Pensions investment consulting. For Pensions Administration services, invoices are typically raised monthly based on services provided. Work relating to the McCloud judgement in Pensions Administration services has been billed in advance. Payment is typically due 30 days from date of invoice. Additionally, the Group has a SSAS and SIPP business which provides services to small self-administered pension schemes and self-invested pensions plans. The Group also 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 provided a defined contribution master pension trust for employers offering \u201cfull freedom and choice\u201d, called the National Pension Trust (NPT). Income from this NPT business is linked to the value of assets under management. The NPT business was disposed of in the year (see note 7). The Group has a number of customers who are on a fixed price contract. This contract 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. Performance obligations and timing of revenue recognition continued 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. 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. 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. 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 time span 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. Judgement is required for these contracts in determining the value attributable to the triennial valuation work, 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 to measure work performed over the three year contract window. For the McCloud work being performed by the Administration business, judgement is required to assess the cost to complete and therefore the revenue to be recognised at a point in time. 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. There are no significant judgements relating to revenue recognition for the SIP business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-441": { "value": "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, which are considered to be non-trading in nature as these do not reflect the underlying performance of the Group. These transactions tend to be material in value, and the timing can be uncertain. The impact on the financial statements can be significant and can distort certain key performance indicators, such as basic EPS; \u2022 corporate transaction and restructuring costs are considered to be exceptional in nature as these can be material and are not a reflection of the underlying performance of the Group. The timing of these costs can vary and amounts can differ significantly year on year, which can have a distortive impact on the statutory measures of performance; \u2022 amortisation of acquired intangibles is considered to be non-trading as this is a material number and does not reflect the underlying performance of the Group, and users of the accounts expect to be able to assess the profitability and growth of the Group excluding this figure. Additionally this is a significant non-cash cost ; \u2022 changes in the fair value of contingent consideration \u2013 these movements do not reflect underlying trade and the timing of these items can be significantly different from the date of the original transaction to which they relate. They do not reflect the underlying performance of the Group as a whole; \u2022 expenses relating to deferred consideration deemed as post-acquisition remuneration under IFRS 3 are considered to be exceptional in nature. Without the link to continuing employment, these costs would have been treated as consideration and are material; \u2022 share-based payments, which are considered a non-trading cost as they are a significant non-cash cost which are excluded from the results for the purposes of measuring performance for PSP awards and also dividend amounts. Additionally, the large non-cash-related credits go directly to equity and so have a limited impact on the reserves of the Group; 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-397": { "value": "\u2022 changes in the fair value of contingent consideration \u2013 these movements do not reflect underlying trade and the timing of these items can be significantly different from the date of the original transaction to which they relate. They do not reflect the underlying performance of the Group as a whole; \u2022 expenses relating to deferred consideration deemed as post-acquisition remuneration under IFRS 3 are considered to be exceptional in nature. Without the link to continuing employment, these costs would have been treated as consideration and are material; \u2022 share-based payments, which are considered a non-trading cost as they are a significant non-cash cost which are excluded from the results for the purposes of measuring performance for PSP awards and also dividend amounts. Additionally, the large non-cash-related credits go directly to equity and so have a limited impact on the reserves of the Group; 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-396": { "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 27). 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-398": { "value": "Share-based payment costs \u2013 Performance Share Plan and Senior Equity Plan Share-based payment costs as referred to throughout these financial statements are a long-term employee benefit. The Group operates equity-settled, share-based compensation plans, under which the entity receives services from the Executive Directors and certain senior employees 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). The Senior Equity Plans (SEPs) do not have any market performance conditions or non-market performance vesting conditions, they only have service vesting conditions. The fair value for SEPs 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 EBT element of share-based payment costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-444": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-399": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-442": { "value": "Changes in accounting policies \u2013 new standards, interpretations, and amendments effective from 1 April 2023 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 IFRS 17 Insurance Contracts; \u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors); \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12 Income Taxes); and \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income taxes) (effective immediately upon the issue of the amendments and retrospectively). The Group has reflected changes within its accounting policies as a result of implementing \u201cDisclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements)\u201d. No material changes resulted from this. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-400": { "value": "Changes in accounting policies \u2013 new standards, interpretations, and amendments effective from 1 April 2023 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 IFRS 17 Insurance Contracts; \u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors); \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12 Income Taxes); and \u2022 International Tax Reform \u2013 Pillar Two Model Rules (Amendment to IAS 12 Income taxes) (effective immediately upon the issue of the amendments and retrospectively). The Group has reflected changes within its accounting policies as a result of implementing \u201cDisclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements)\u201d. No material changes resulted from this. New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not effective for 2024, 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 2024: \u2022 Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases); \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-Current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures). The following amendments are effective for the period beginning 1 April 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-443": { "value": "New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are not effective for 2024, 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 2024: \u2022 Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases); \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-Current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures). The following amendments are effective for the period beginning 1 April 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-402": { "value": "Critical accounting estimates and judgements The Group makes certain estimates and assumptions within the course of business. 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. In the future, actual experience may differ from these estimates and assumptions. Significant judgements are separately identified where applicable. The Directors have reviewed the accounting estimates and judgements made, and have determined that there are two critical judgements. The first relates to the valuation of contract assets \u2013 accrued income within the unbilled element of pensions, investment and administration services. The second critical judgement relates to the disposal of the NPT business. There are no critical estimates. Management will make a judgement as to whether a project is in an accrued or deferred position at the end of each month/reporting period. This judgement is based on the time recorded against each client project versus the amount billed, as well as other factors including expected recoverability levels based on past experience, the nature of the work undertaken, and to what extent the performance obligations have been met, all in line with IFRS 15. The NPT business disposal was a significant transaction for the Group and resulted in a material gain. However, it has not been presented as a disposal of a discontinued operation. A discontinued operation must be a component of an entity that has been disposed of. A component is defined within IFRS 5 as a cash-generating unit (CGU), and cannot be smaller than a CGU. The NPT business did not form a single CGU; it was incorporated within CGU 1. Therefore, the Group cannot present the sale of the NPT business as a disposal of a discontinued operation.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-401": { "value": "2 Financial risk management 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 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 & Risk 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 31. 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, within the going concern period, under both the normal and worst case scenario modelled. Cash flow forecasts are updated daily and reviewed regularly by management. Trade debtor balances are managed to ensure debtors are kept to terms as much as is possible, and management ensure sufficient cash is available to meet expected cash outflows. The Group has significant headroom within its current revolving credit facility . 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. Loans and borrowings are based on a rate linked to SONIA. The Group earns income in relation to client deposits 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. Pricing risks are considered to be low \u2013 an element of resetting fees regularly includes an inflation measure, but as this is contractual it does not present a significant risk to the Group. 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 in note 31. Cash flow interest rate risk 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 the revolving credit facility 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 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:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-445": { "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 Carrying
amount amount
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
27,650
21,642
Provision for impairment of trade receivables
(602)
(363)
Net trade receivables due
27,048
21,279
Contract assets \u2013 accrued income
16,706
16,407
Contract assets \u2013 amounts recognised for triennial reviews
1,355
1,475
Cash and cash equivalents
10,005
13,285
Non-current financial asset
\u2014
1,847
Total
55,114
54,293
Credit risk mitigation The ageing of trade receivables at the reporting date was:
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Not past due
20,046
16,402
Past due 0\u201330 days
4,788
3,395
Past due 31\u201390 days
1,867
1,177
Past due more than 90 days
949
668
Total
27,650
21,642
Movement in impairment allowance for trade receivables
Balance at start of the year
363
330
Increase during the year
510
359
Receivable written off during the year as uncollectable
(107)
(105)
Reversal of allowances
(164)
(221)
Balance at end of the year
602
363
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 \u00a3602,000 (2023: \u00a3363,000) 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 concluded that there are none. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-447": { "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, within the going concern period, under both the normal and worst case scenario modelled. Cash flow forecasts are updated daily and reviewed regularly by management. Trade debtor balances are managed to ensure debtors are kept to terms as much as is possible, and management ensure sufficient cash is available to meet expected cash outflows. The Group has significant headroom within its current revolving credit facility 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:
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
23,172
\u2014
\u2014
\u2014
\u2014
23,172
Leases
555
1,604
1,888
4,321
1,952
10,320
Loans and borrowings
\u2014
\u2014
\u2014
24,000
\u2014
24,000
Bank interest
396
1,127
1,522
973
\u2014
4,018
24,123
2,731
3,410
29,294
1,952
61,510
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-446": { "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. Loans and borrowings are
based on a rate linked to SONIA. The Group earns income in relation to client deposits 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.
Pricing risks are considered to be low \u2013 an element of resetting fees regularly includes an inflation measure, but as this
is contractual it does not present a significant risk to the Group.
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 in note 31.
Cash flow interest rate risk
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 the revolving credit facility at a margin over SONIA.
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. Secondly, interest expense arising on the Group\u2019s revolving credit facility at a margin over SONIA. Interest rate risk The interest rate on the Group\u2019s revolving credit facility 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-474": { "value": "Cash flow interest rate risk 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 the revolving credit facility at a margin over SONIA. ", "dimensions": { "concept": "xpspensionsgroupplc:DisclosureOfCashFlowInterestRateRisk", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-450": { "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 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-449": { "value": "
4 Other operating income
Other operating income arose from the revaluation of the contingent consideration in the year for the MJF acquisition
in February 2022. The balance of the contingent consideration was paid by the Group in August 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 Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Contingent consideration fair value adjustment (note 28)
92
197
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-403": { "value": "4 Other operating income Other operating income arose from the revaluation of the contingent consideration in the year for the MJF acquisition in February 2022. The balance of the contingent consideration was paid by the Group in August 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 Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Contingent consideration fair value adjustment (note 28)
92
197
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-448": { "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 Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Audit services
Fees payable in respect of the Parent Company and consolidated accounts
394
328
Fees payable in respect of the subsidiary accounts
166
252
560
580
Audit-related services
42
36
Other assurance services
12
12
Other non-audit services
10
30
Total
624
658
Included in the operating profit for the year are the following:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Expenses by nature
Staff costs (note 10)
120,357
101,436
Depreciation and amortisation
12,840
12,386
Short-term and low-value lease costs
308
222
Premises costs (excluding rent accounted for under IFRS 16 Leases)
3,233
2,870
Professional fees
7,652
6,993
IT costs
13,167
10,731
Exceptional items
29
2,026
Other general business costs
7,502
7,401
Total
165,088
144,065
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-404": { "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 Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Audit services
Fees payable in respect of the Parent Company and consolidated accounts
394
328
Fees payable in respect of the subsidiary accounts
166
252
560
580
Audit-related services
42
36
Other assurance services
12
12
Other non-audit services
10
30
Total
624
658
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-405": { "value": "
6 Non-trading and exceptional items
Year ended 31 March 2024
Year ended 31 March 2023
Total Tax on Adjusting Total Tax on Adjusting
before adjusting items after before adjusting items after
tax
items
6
taxation tax
items\ue01a
6
taxation
Note \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Corporate transaction costs
1
(1,718)
(212)
(1,930)
(2,871)
216
(2,655)
Exceptional items
(1,718)
(212)
(1,930)
(2,871)
216
(2,655)
Contingent consideration write back
2
4
92
\u2014
92
197
\u2014
197
Share-based payment costs
3
13
(6,376)
1,623
(4,753)
(4,6 60)
1,370
(3,290)
Amortisation of acquired intangibles
4
18
(7,034)
1,758
(5,276)
(6,882)
1,324
(5,558)
Gain on disposal
5
7
32,538
\u2014
32,538
\u2014
\u2014
\u2014
Non-trading items
19,220
3,381
22,601
(11,345)
2,694
(8,651)
Total
17,502
3,169
20,671
(14,216)
2,910
(11,306)
1 The Group incurred total corporate transaction costs of \u00a31,718,000 (2023: \u00a32,871,000) in the year, of which \u00a31,689,000 (2023: \u00a3845,000)
related to amounts owed to the vendor as earn out in respect of the acquisition of Penfida Limited. The maximum payout 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 condition of the share purchase agreement, then according
to IFRS 3, the entire additional amount must be treated as a post-transaction employment cost accruing over the deferment period of two
years to September 2024. This additional amount 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 amount is not payable at the end of the two year period, any resulting
credit will also flow through the exceptional category. Additionally, the Group incurred \u00a329,000 (2023: \u00a32,026,000) of costs relating to
other potential M&A activities explored by the Group during the year. The prior year included costs relating to the acquisition of Penfida
Limited and other potential M&A opportunities explored by the Group in the year. The overall transaction costs are material and do not
reflect the underlying performance of the Group. Users of the accounts expect these costs to be disclosed separately, to aid visibility of
underlying performance. The timing of these costs can also vary and is normally not aligned with the related benefits of the transaction.
2 The contingent consideration write back relates to the revaluation of the contingent consideration for the Michael J Field (MJF) acquisition
(note 4). This income is deemed to be exceptional in nature as it is linked to a payment set out in the business transfer agreement for the
MJF acquisition in February 2022. This income is not related to underlying business performance and so is disclosed as non-trading income.
Management does not include this figure in income when reviewing overall business performance. There are no further payments to be
made in respect of this acquisition.
3 Share-based payment expenses and related National Insurance are included in non-trading and exceptional costs as they are significant
non-cash costs which are excluded from the results for the purposes of measuring performance for PSP/SEP 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.
4 During the year the Group incurred \u00a37,034,000 of amortisation charges in relation to acquired intangible assets (customer relationships and
brand) (2023: \u00a36,882,000). As this figure is material, and is linked to non-trading activity, management excludes this cost when reviewing
and reporting on the underlying performance of the Group. Similarly, users of the accounts expect to be able to assess the profitability and
growth of the Group excluding this figure.
5 The gain on disposal relates to the NPT business disposal disclosed in note 7. This is a material figure which does not reflect the underlying
performance of the Group and is non-recurring. This gain has a significant impact on basic EPS (26.2p including this gain, 10.5p excluding it).
6 The tax credit on exceptional and non-trading items of \u00a33,169,000 (2023: \u00a32,910,000) represents 18% (2023: 20%) of the exceptional and
non-trading items incurred of \u00a317,502,000 (2023: \u00a314,216,000). This is different to the expected tax charge of 25% (2023: credit of 19%),
as various adjustments are made to tax including for deferred tax and the exclusion of amounts not allowable for tax \u2013 in particular the gain
relating to the sale of the NPT business in the year.
", "dimensions": { "concept": "xpspensionsgroupplc:DisclosureOfNonTradingAndExceptionalItems", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-406": { "value": "7 Gain on disposal On 20 November 2023, the Group sold the NPT business to SEI. The sale is intended to create a market-leading defined contribution proposition for employers and pension scheme members. The sale creates a strategic partnership between XPS Pensions Group and SEI, under which the Group will provide wide ranging services to continue to support NPT and SEI. The total cash consideration payable to the Group is up to \u00a342.5 million, comprising \u00a335.0 million initial consideration and contingent consideration of up to \u00a37.5 million based on business performance over two years. This \u00a37.5 million has not been recognised as the threshold for recognition has not been met at 31 March 2024. The transaction positions the SEI Master Trust to continue delivering best-of-breed service at increased scale in partnership with NPT. The Group will continue to provide high-quality pensions administration and consultancy services to NPT and SEI which will ensure continuity of service to the members and clients. SEI will benefit from enhanced opportunities in the growing master trust space and XPS will benefit as a strategic partner of SEI
The post-tax gain on disposal was determined as follows:
Year ended
31 March
2024
\u00a3\u2019000
Cash consideration received
37,035
Total consideration received and net cash inflow on disposal
37,035
Net assets disposed
Intangible assets
(353)
Other financial assets \u2013 restricted cash
(1,847)
Trade and other receivables
(305)
Trade and other payables
109
(2,396)
Corporate costs in relation to disposal
(2,101)
Pre-tax gain on disposal
32,538
Related tax expense
\u2014
Gain on disposal
32,538
The amount reflected as the gain in the consolidated statement of cash flows is the \u00a337,035,000 proceeds, less the
\u00a32,396,000
Note 1 references the critical judgement applied to this transaction. Had this been treated as a discontinued operation,
then the disposal of this business would have been presented as a profit on discontinued operation within the
statement of comprehensive income, along with the trading results for the NPT business. The results of the NPT
business are shown below.
Year ended 31 March 2024 Year ended 31 March 2023
Trading
items
\u00a3\u2019000
Non-trading
and
exceptional
items
\u00a3\u2019000
Total
\u00a3\u2019000
Trading
items
\u00a3\u2019000
Non-trading
and
exceptional
items
\u00a3\u2019000
Total
\u00a3\u2019000
Revenue 2,759 \u2014 2,759 4,332 \u2014 4,332
Operating expenses (2,374) \u2014 (2,374) (3,451) \u2014 (3,451)
Gain on disposal \u2014 32,538 32,538 \u2014 \u2014 \u2014
Profit from operating activities 385 32,538 32,923 881 \u2014 881
Finance costs (9) \u2014 (9) \u2014 \u2014 \u2014
Profit before tax 376 32,538 32,914 881 \u2014 881
Income tax expense (94) \u2014 (94) (175) \u2014 (175)
Profit after tax 282 32,538 32,820 706 \u2014 706
Memo
EBITDA 454 32,538 32,992 1,013 \u2014 1,013
Depreciation and amortisation (69) \u2014 (69) (132) \u2014 (132)
Profit from operating activities 385 32,538 32,923 881 \u2014 881
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-408": { "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: pension 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 Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Pensions Actuarial & Consulting
93,411
77,38
8
Pensions Administration
71,929
57,444
Pensions Investment Consulting
20,316
18,009
SIP
1
11,017
9,423
NPT
2
2,759
4,332
Total
199,432
166,596
1 Self Invested Pensions (SIP) business, incorporating both SIPP and SSAS products. 2 The NPT business was sold on 20 November 2023 (note 7) and so revenue in the year is up to that date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-451": { "value": "The table below shows the disaggregation of the Group\u2019s revenue, by product line.
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Pensions Actuarial & Consulting
93,411
77,38
8
Pensions Administration
71,929
57,444
Pensions Investment Consulting
20,316
18,009
SIP
1
11,017
9,423
NPT
2
2,759
4,332
Total
199,432
166,596
1 Self Invested Pensions (SIP) business, incorporating both SIPP and SSAS products. 2 The NPT business was sold on 20 November 2023 (note 7) and so revenue in the year is up to that date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-407": { "value": "
Included in the operating profit for the year are the following:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Expenses by nature
Staff costs (note 10)
120,357
101,436
Depreciation and amortisation
12,840
12,386
Short-term and low-value lease costs
308
222
Premises costs (excluding rent accounted for under IFRS 16 Leases)
3,233
2,870
Professional fees
7,652
6,993
IT costs
13,167
10,731
Exceptional items
29
2,026
Other general business costs
7,502
7,401
Total
165,088
144,065
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-475": { "value": "Included in the operating profit for the year are the following:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Expenses by nature
Staff costs (note 10)
120,357
101,436
Depreciation and amortisation
12,840
12,386
Short-term and low-value lease costs
308
222
Premises costs (excluding rent accounted for under IFRS 16 Leases)
3,233
2,870
Professional fees
7,652
6,993
IT costs
13,167
10,731
Exceptional items
29
2,026
Other general business costs
7,502
7,401
Total
165,088
144,065
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-409": { "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 Year ended
31 March 31 March
2024 2023
Number of Number of
employees employees
Operational
1,557
1,435
Administration
137
125
Sales and marketing
27
24
Total
1,721
1,584
The aggregate payroll costs of these persons were as follows:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
95,425
81,142
Social security contributions
10,175
8,913
Defined contribution pension cost
4,650
4,009
Other long-term employee benefits
2,042
1,867
Post-acquisition remuneration (note 6)
1,689
845
Share-based payment costs (note 13)
6,376
4,660
Total
120,357
101,436
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-452": { "value": "
11 Employee benefits
Defined contribution plan
The Company operates a defined contribution pension plan. Outstanding contributions at the year end were \u00a3nil
(2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-410": { "value": "11 Employee benefits Defined contribution plan The Company operates a defined contribution pension plan. Outstanding contributions at the year end were \u00a3nil (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-412": { "value": "
12 Directors\u2019 emoluments
The Directors were remunerated for their services by the Group and their emoluments are disclosed below.
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Aggregate emoluments excluding gain on exercise of share options
2,854
2,626
Gain on exercise of share options
2,024
987
Company contributions to defined contribution pension scheme
30
30
Total
4,908
3,643
Share-based payment expense for Directors was \u00a31,233,000 (2023: \u00a3894,000).
Year ended Year ended
31 March 31 March
2024 2023
Number of Number of
Directors Directors
At 31 March 2024, retirement benefits are accruing to the following number of Directors under:
Defined contribution pension schemes
3
3
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
The emoluments of the highest paid Director, including benefits and share-based payment charge
1,379
1,194
", "dimensions": { "concept": "xpspensionsgroupplc:DisclosureOfDirectorsEmoluments", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-411": { "value": "
13 Share-based payment costs
The Group operates a number of equity-settled share-based remuneration schemes for employees: Performance Share
Plans (PSP) for Executive Directors and other key senior personnel, and Deferred Share Plans (DSP) for key senior
personnel from July 2020. In July 2023, the name of the DSP was changed to Senior Equity Plan (SEP). All references to
SEP throughout these notes relate to both DSP and SEP awards as they are identical in all but name. 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. PSP schemes are no longer issued to employees other than
Executive Directors; any staff PSP figures in this note relate to outstanding vested options not yet exercised.
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 criterion for the SEP is a service criterion. The fair value of awards under this scheme was determined
using the share price on the date of grant.
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
PSP awards, SEP awards and SAYE scheme
4,910
3,892
Social security cost on PSP awards and SEP awards (note 27)
1,466
768
Total share-based payments
6,376
4,660
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 and ESG elements, the Stochastic method for the TSR element, and
the Chaffe method for the holding period. There is no change in the valuation methodology since the prior year. In the
year there was also an additional award which is solely based on an EPS target. The fair value for this additional award
was calculated using the Black-Scholes method. The inputs to the model were as follows:
Year ended 31 March 2024
Year ended 31 March 2023
20% Additional 25%
10% relative award: relative
70% environmental, total 100% 75% total
earnings social and shareholder Two -year earnings earnings shareholder Two-year
per share governance return holding per share per share return holding
(EPS) (ESG) (TSR) period (EPS) (EPS) (TSR) period
Weighted average exercise price
of options issued during the
period (pence)
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
Expected volatility (%)
n/a
n/a
36.44%
37.02%
n/a
n/a
38.80%
37.03%
Expected life beyond vesting
date (years)
3
3
3
2
3
3
3
2
Risk-free rate (%)
n/a
n/a
4.88%
4.64%
n/a
n/a
1.81%
1.77%
Dividend yield (%)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
For the TSR element, the volatility is calculated over the period of time commensurate with the remainder of the
performance period immediately prior to the date of grant. For the holding period, this is calculated over the period
commensurate with the holding period immediately prior to the date of grant.
The risk-free rate is calculated using the rate of interest obtainable from government securities (i.e. gilts in the UK)
over a period commensurate with the expected term. For the holding period the risk-free rate is the rate obtained
over a term equal to the vesting period plus the holding period.
No SAYE options were granted during the period. The fair value of SAYE options granted during the prior year
was calculated using the Black-Scholes valuation method. The inputs to the model were as follows:
Year ended
31 March
2023
Weighted average exercise price of options issued during the period (pence)
104.0
Expected volatility (%)
47.95%
Expected life beyond vesting date (years)
3.34
Risk-free rate (%)
1.61%
Dividend yield (%)
4.90%
The volatility assumption has been calculated over the period of time commensurate with the expected award term
immediately prior to the date of grant.
As at 31 March 2024, in respect of the Group\u2019s ordinary shares of 0.05p each, 2,886,258 Executive PSP options had been granted and remained outstanding, at an exercise price of 0.05p per share, 178,655 staff PSP options had been granted and remained outstanding, at an exercise price of 0.05p per share, 6,565,064 staff SEP options had been granted and remained outstanding, at an exercise price of 0.05p per share, 786,870 SAYE options had been granted and remained outstanding, at an exercise price of 111p per share, and 2,263,496 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 SEP option figures where applicable.
2024 2023
Weighted Weighted
average average
exercise exercise
price 2024 price 2023
(pence) Number (pence) Number
Executive PSP
Outstanding at 1 April
0.05
3,037,475
0.05
3,098,236
Granted during the year
0.05
948,483
0.05
1,084,873
Forfeited during the year
0.05
(327,860)
0.05
(572,818)
Exercised during the year
0.05
(620,424)
0.05
(553,445)
Cancelled during the year
0.05
(21,715)
0.05
(19,371)
Outstanding at 31 March
0.05
3,015,959
0.05
3,037,475
Staff PSP
Outstanding at 1 April
0.05
329,242
0.05
3,335,675
Forfeited during the year
0.05
(3,869)
0.05
(752,892)
Exercised during the year
0.05
(135,716)
0.05
(2,177,334)
Cancelled during the year
0.05
(4,750)
0.05
(76,207)
Outstanding at 31 March
0.05
184,907
0.05
329,242
Staff SEP
Outstanding at 1 April
0.05
6,306,014
0.05
3,976,462
Granted during the year
0.05
2,590,302
0.05
2,392,868
Forfeited during the year
0.05
(84,425)
0.05
(63,316)
Exercised during the year
0.05
(1,887,415)
\u2014
\u2014
Cancelled during the year
0.05
(66,059)
\u2014
\u2014
Outstanding at 31 March
0.05
6,858,417
0.05
6,306,014
SAYE
Outstanding at 1 April
110.79
3,173,969
88.61
4,430,966
Granted during the year
\u2014
\u2014
104.00
2,381,306
Forfeited during the year
105.61
(50,382)
94.91
(70,384)
Exercised during the year
87.47
(29,081)
78.01
(3,405,601)
Lapsed during the year
\u2014
\u2014
82.51
(39,784)
Cancelled during the year
106.01
(44,140)
106.14
(122,534)
Outstanding at 31 March
111.17
3,050,366
110.79
3,173,969
The exercise price of options outstanding at 31 March 2024 ranged between \u00a30.0005 (i.e. the nominal value of an ordinary share) in the case of the PSP and SEP and \u00a31.110 in the case of the SAYE scheme (2023: \u00a30.0005 to \u00a31.110). Their weighted average contractual life was three years (2023: three years), and their weighted average exercise price was \u00a30.25 (2023: \u00a30.32). Across all schemes, of the total number of options outstanding at 31 March 2024, 403,985 (2023: 356,263) had vested and were exercisable. The weighted average fair value of each option granted during the year was \u00a31.74 (2023: \u00a31.24). The weighted average exercise price for exercisable options was 0.05p per share (2023: 0.26p per share). The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.88 (2023: \u00a31.33).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-453": { "value": "The table below includes dividend equivalent shares on the PSP and SEP option figures where applicable.
2024 2023
Weighted Weighted
average average
exercise exercise
price 2024 price 2023
(pence) Number (pence) Number
Executive PSP
Outstanding at 1 April
0.05
3,037,475
0.05
3,098,236
Granted during the year
0.05
948,483
0.05
1,084,873
Forfeited during the year
0.05
(327,860)
0.05
(572,818)
Exercised during the year
0.05
(620,424)
0.05
(553,445)
Cancelled during the year
0.05
(21,715)
0.05
(19,371)
Outstanding at 31 March
0.05
3,015,959
0.05
3,037,475
Staff PSP
Outstanding at 1 April
0.05
329,242
0.05
3,335,675
Forfeited during the year
0.05
(3,869)
0.05
(752,892)
Exercised during the year
0.05
(135,716)
0.05
(2,177,334)
Cancelled during the year
0.05
(4,750)
0.05
(76,207)
Outstanding at 31 March
0.05
184,907
0.05
329,242
Staff SEP
Outstanding at 1 April
0.05
6,306,014
0.05
3,976,462
Granted during the year
0.05
2,590,302
0.05
2,392,868
Forfeited during the year
0.05
(84,425)
0.05
(63,316)
Exercised during the year
0.05
(1,887,415)
\u2014
\u2014
Cancelled during the year
0.05
(66,059)
\u2014
\u2014
Outstanding at 31 March
0.05
6,858,417
0.05
6,306,014
SAYE
Outstanding at 1 April
110.79
3,173,969
88.61
4,430,966
Granted during the year
\u2014
\u2014
104.00
2,381,306
Forfeited during the year
105.61
(50,382)
94.91
(70,384)
Exercised during the year
87.47
(29,081)
78.01
(3,405,601)
Lapsed during the year
\u2014
\u2014
82.51
(39,784)
Cancelled during the year
106.01
(44,140)
106.14
(122,534)
Outstanding at 31 March
111.17
3,050,366
110.79
3,173,969
The exercise price of options outstanding at 31 March 2024 ranged between \u00a30.0005 (i.e. the nominal value of an ordinary share) in the case of the PSP and SEP and \u00a31.110 in the case of the SAYE scheme (2023: \u00a30.0005 to \u00a31.110). Their weighted average contractual life was three years (2023: three years), and their weighted average exercise price was \u00a30.25 (2023: \u00a30.32). Across all schemes, of the total number of options outstanding at 31 March 2024, 403,985 (2023: 356,263) had vested and were exercisable. The weighted average fair value of each option granted during the year was \u00a31.74 (2023: \u00a31.24). The weighted average exercise price for exercisable options was 0.05p per share (2023: 0.26p per share). The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.88 (2023: \u00a31.33).", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-414": { "value": "
14 Finance income and expense
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest income on bank deposits
50
10
Finance income
50
10
Interest expense on bank loans
3,629
2,758
Other costs of borrowing
542
498
Interest on leases
323
290
Other finance expense
49
50
Finance expense
4,543
3,596
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-500": { "value": "14 Finance income and expense
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest income on bank deposits
50
10
Finance income
50
10
Interest expense on bank loans
3,629
2,758
Other costs of borrowing
542
498
Interest on leases
323
290
Other finance expense
49
50
Finance expense
4,543
3,596
Other costs of borrowing largely represent the amortisation expense of capitalised loan arrangement fees on the Group\u2019s bank debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-497": { "value": "14 Finance income and expense
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest income on bank deposits
50
10
Finance income
50
10
Interest expense on bank loans
3,629
2,758
Other costs of borrowing
542
498
Interest on leases
323
290
Other finance expense
49
50
Finance expense
4,543
3,596
Other costs of borrowing largely represent the amortisation expense of capitalised loan arrangement fees on the Group\u2019s bank debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-491": { "value": "14 Finance income and expense
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest income on bank deposits
50
10
Finance income
50
10
Interest expense on bank loans
3,629
2,758
Other costs of borrowing
542
498
Interest on leases
323
290
Other finance expense
49
50
Finance expense
4,543
3,596
Other costs of borrowing largely represent the amortisation expense of capitalised loan arrangement fees on the Group\u2019s bank debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-476": { "value": "14 Finance income and expense
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest income on bank deposits
50
10
Finance income
50
10
Interest expense on bank loans
3,629
2,758
Other costs of borrowing
542
498
Interest on leases
323
290
Other finance expense
49
50
Finance expense
4,543
3,596
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-454": { "value": "14 Finance income and expense
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest income on bank deposits
50
10
Finance income
50
10
Interest expense on bank loans
3,629
2,758
Other costs of borrowing
542
498
Interest on leases
323
290
Other finance expense
49
50
Finance expense
4,543
3,596
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-413": { "value": "
15 Income tax expense
Recognised in the statement of comprehensive income
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current tax expense
Current year
10,133
5,153
Adjustment in respect of prior year
(131)
(223)
Total current tax expense
10,002
4,930
Deferred tax credit
Origination and reversal of temporary differences
(2,231)
(1,403)
Adjustment in respect of prior year
543
\u2014
Effect of tax rate changes
\u2014
(222)
Total income tax expense
8,314
3,305
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Profit for the year
54,167
15,837
Total tax expense
8,314
3,305
Profit before income tax
62,481
19,142
Tax using the UK corporation tax rate of 25% (2023: 19%)
15,620
3,637
Non-deductible expenses
510
74
Other operating income not taxable
(23)
\u2014
Gain on disposal not taxable
(8,135)
\u2014
Fixed asset differences
(70)
39
Adjustment in respect of prior periods
412
(223)
Effect of tax rate change
\u2014
(222)
Total tax expense
8,314
3,305
The standard rate of corporation tax in the UK was 25% (2023: 19%). The average effective tax rate was 13% (2023: 17%).
The average effective rate in the year is impacted by the non-taxable gain on sale of the NPT business. Excluding
this, the effective tax rate was 28%. This is higher than the standard rate due to the impact of costs not allowable for
tax. 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 2024, which is 25% (2023: 25%). Deferred tax not recognised relates to \u00a36.7 million
(2023: \u00a36.7 million) of finance expense losses in a prior year and their future recoverability is uncertain. At 31 March 2024
the total unrecognised deferred tax asset in respect of these losses was approximately \u00a31.7 million (2023: \u00a31.7 million).
\u00a3521,000 (2023: \u00a3285,000) of current year tax, and \u00a31,167,000 (2023: \u00a3258,000) of deferred tax was recognised
directly in equity; this relates to employee share options accounted for under IFRS 2.
19 Deferred income tax
Analysis of the breakdown and movement of deferred tax during the year is as follows:
Balance at Recognised Recognised
31 March
1 April 2023 in income
in equity
2024
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Property, plant and equipment
226
93
\u2014
319
Capital gains
943
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,806)
(526)
(1,167)
(3,499)
Other temporary and deductible differences \u2013 other
(10)
506
\u2014
496
Customer relationships
19,092
(1,758)
\u2014
17,334
18,445
(1,685)
(1,167)
15,593
Balance at Recognised Recognised Acquired 31 March
1 April 2022 in income in equity in period 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
90
136
\u2014
\u2014
226
Capital gains
943
\u2014
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,087)
(461)
(258)
\u2014
(1,806)
Other temporary and deductible differences \u2013 other
(12)
2
\u2014
\u2014
(10)
Customer relationships
19,032
(1,304)
\u2014
1,364
19,092
18,966
(1,627)
(258)
1,364
18,445
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 2024, which is not lower than 25% (2023: 25%).
26 Current income tax liabilities
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Tax payable
427
2,280
427
2,280
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-415": { "value": "
16 Property, plant and equipment
Leasehold Office Fixtures
improvements equipment and fittings Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Balance at 1 April 2023
3,502
1,595
901
5,998
Additions
992
733
64
1,789
Disposals
(38)
(248)
(59)
(345)
Balance at 31 March 2024
4,456
2,080
906
7,442
Accumulated depreciation
Balance at 1 April 2023
1,755
739
425
2,919
Depreciation charge for the year
424
355
113
892
Disposals
(38)
(248)
(59)
(345)
Balance at 31 March 2024
2,141
846
479
3,466
Net book value
Balance at 1 April 2023
1,747
856
476
3,079
Balance at 31 March 2024
2,315
1,234
427
3,976
Leasehold Office Fixtures
improvements equipment and fittings Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
(4 47)
\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
(4 47)
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-416": { "value": "
17 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.
Lease Fixed Variable
contracts payments payments Sensitivity
31 March 2024 Number % % \u00a3\u2019000
Property leases with periodic uplifts to market rentals
8
\u2014
85
\u00b1 337
Property leases with fixed payments
7
11
\u2014
\u2014
Leases of plant and equipment
19
4
\u2014
\u2014
34
15
85
\u00b1 337
Lease Fixed Variable
contracts payments payments Sensitivity
31 March 2023 Number % % \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
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 2024 and 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 \u00a36,747,875
(2023: \u00a36,170,938) are potentially avoidable were the Group to exercise break clauses at the earliest opportunity.
Land and Office
buildings Cars equipment Total
Right-of-use assets \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2023
9,640
\u2014
44
9,684
Additions
2,576
476
\u2014
3,052
Depreciation
(2,740)
(103)
(4 4)
(2,887)
Effect of modification to lease terms
(311)
\u2014
\u2014
(311)
Disposal of lease
(627)
(19)
\u2014
(646)
At 31 March 2024
8,538
354
\u2014
8,892
Land and Office
buildings equipment Total
Right-of-use assets \u00a3\u2019000 \u00a3\u2019000 \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
Land and Office
buildings Cars equipment Total
Lease liabilities \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April 2023
9,880
\u2014
55
9,935
Additions
2,359
476
\u2014
2,835
Interest expense
304
18
1
323
Effect of modification to lease term
(311)
\u2014
\u2014
(311)
Disposal
(511)
(19)
\u2014
(530)
Lease payments
(2,915)
(114)
(56)
(3,085)
At 31 March 2024
8,806
361
\u2014
9,167
Land and Office
buildings equipment Total
Lease liabilities \u00a3\u2019000 \u00a3\u2019000 \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
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term lease expense
285
211
Low-value lease expense
23
11
Aggregate expense for short-term leases
308
222
The maturity of the lease liabilities is as follows:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Up to 3 months
471
817
Between 3 and 12 months
1,401
1,884
Between 1 and 2 years
1,640
1,742
Between 2 and 5 years
3,869
4,135
More than 5 years
1,786
1,357
9,167
9,935
The cash flows above are discounted and reconcile back to the lease liability. For the undiscounted cash flows, please
see note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-417": { "value": "
18 Intangible assets
Customer
Goodwill relationships Brands Software Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Balance at 1 April 2023
125,367
130,484
295
14,589
270,735
Adjustment to prior year business combination
(71)
\u2014
\u2014
\u2014
(71)
Additions
\u2014
\u2014
\u2014
5,450
5,450
Disposals
\u2014
\u2014
\u2014
(1,420)
(1,420)
Balance at 31 March 2024
125,296
130,484
295
18,619
274,694
Accumulated amortisation
Balance at 1 April 2023
\u2014
55,254
99
3,279
58,632
Amortisation for the year
\u2014
6,838
196
2,027
9,061
Disposals
\u2014
\u2014
\u2014
(1,069)
(1,069)
Balance at 31 March 2024
\u2014
62,092
295
4,237
66,624
Net book value
Balance at 1 April 2023
125,367
75,230
196
11,310
212,103
Balance at 31 March 2024
125,296
68,392
\u2014
14,382
208,070
Customer
Goodwill relationships Brands Software Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
Material customer relationship assets are broken down as follows:
31 March 2024
31 March 2023
Remaining Net book Remaining Net book
UEL value UEL value
years \u00a3\u2019000 years \u00a3\u2019000
Acquisitions prior to January 2018 (CGU 1)
9
16,028
10
17,820
Punter Southall actuarial (CGU 2)
14
38,104
15
40,869
Punter Southall administrative (CGU 3)
4
3,699
5
4,677
Kier (CGU 3)
5
1,423
6
1,734
XPS Pensions RL Limited (CGU 1)
6
1,574
7
1,879
XPS Pensions Trigon Limited (CGU 1)
6
1,202
7
1,417
Michael J Field (CGU 1)
8
1,538
9
1,743
Penfida Limited (CGU 4)
19
4,824
20
5,085
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 disposed of
as part of the NPT disposal (see note 7), and 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 four cash-generating units that were identified in
prior years.
The four CGUs to which goodwill has been allocated are:
CGU 1 \u2013 former Xafinity businesses, and Royal London, Trigon and Michael J Field acquisitions;
CGU 2 \u2013 PS Actuarial;
CGU 3 \u2013 PS Admin; and
CGU 4 \u2013 Penfida.
The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions,
which reflect past experience of the Group:
2024
2023
CGU 1
CGU 2
CGU 3
CGU 4
CGU 1
CGU 2
CGU 3
CGU 4
Discount rate pre-tax
12.6%
12.6%
12.6%
12.6%
13.1%
13.1%
13.1%
13.1%
Terminal rate after period 8
2.0%
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
3 years
Growth rate during detailed forecast
period (average)
10.4%
8.5%
30.2%
20.8%
7.7%
8.8%
31.2%
9.4%
Growth rate applied beyond
approved forecast period to year 8
5%
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 2024 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 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 for 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.
The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, particularly in
CGUs 1, 2 and 3, and so the Directors are satisfied that no impairment has arisen during the financial period.
2024 2023
Goodwill allocated to cash-generating units: \u00a3\u2019000 \u00a3\u2019000
Goodwill \u2013 XPS Pensions Consulting Limited, Xafinity 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)
3,478
3,549
Total
125,296
125,367
Sensitivity analysis of assumptions
The Group performed further sensitivity analysis by recalculating the fair value of the net assets of the Group on a
worst case 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.
The Group has also assessed the sensitivity of the discount rate and growth rates used in the impairment testing and
determined that these were not sensitive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-477": { "value": "18 Intangible assets
Customer
Goodwill relationships Brands Software Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Balance at 1 April 2023
125,367
130,484
295
14,589
270,735
Adjustment to prior year business combination
(71)
\u2014
\u2014
\u2014
(71)
Additions
\u2014
\u2014
\u2014
5,450
5,450
Disposals
\u2014
\u2014
\u2014
(1,420)
(1,420)
Balance at 31 March 2024
125,296
130,484
295
18,619
274,694
Accumulated amortisation
Balance at 1 April 2023
\u2014
55,254
99
3,279
58,632
Amortisation for the year
\u2014
6,838
196
2,027
9,061
Disposals
\u2014
\u2014
\u2014
(1,069)
(1,069)
Balance at 31 March 2024
\u2014
62,092
295
4,237
66,624
Net book value
Balance at 1 April 2023
125,367
75,230
196
11,310
212,103
Balance at 31 March 2024
125,296
68,392
\u2014
14,382
208,070
Customer
Goodwill relationships Brands Software Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
Material customer relationship assets are broken down as follows:
31 March 2024
31 March 2023
Remaining Net book Remaining Net book
UEL value UEL value
years \u00a3\u2019000 years \u00a3\u2019000
Acquisitions prior to January 2018 (CGU 1)
9
16,028
10
17,820
Punter Southall actuarial (CGU 2)
14
38,104
15
40,869
Punter Southall administrative (CGU 3)
4
3,699
5
4,677
Kier (CGU 3)
5
1,423
6
1,734
XPS Pensions RL Limited (CGU 1)
6
1,574
7
1,879
XPS Pensions Trigon Limited (CGU 1)
6
1,202
7
1,417
Michael J Field (CGU 1)
8
1,538
9
1,743
Penfida Limited (CGU 4)
19
4,824
20
5,085
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 disposed of as part of the NPT disposal (see note 7), and 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 four cash-generating units that were identified in prior years. The four CGUs to which goodwill has been allocated are: CGU 1 \u2013 former Xafinity businesses, and Royal London, Trigon and Michael J Field acquisitions; CGU 2 \u2013 PS Actuarial; CGU 3 \u2013 PS Admin; and CGU 4 \u2013 Penfida. The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions, which reflect past experience of the Group:
2024
2023
CGU 1
CGU 2
CGU 3
CGU 4
CGU 1
CGU 2
CGU 3
CGU 4
Discount rate pre-tax
12.6%
12.6%
12.6%
12.6%
13.1%
13.1%
13.1%
13.1%
Terminal rate after period 8
2.0%
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
3 years
Growth rate during detailed forecast
period (average)
10.4%
8.5%
30.2%
20.8%
7.7%
8.8%
31.2%
9.4%
Growth rate applied beyond
approved forecast period to year 8
5%
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 2024 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 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 for 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. The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, particularly in CGUs 1, 2 and 3, and so the Directors are satisfied that no impairment has arisen during the financial period.
2024 2023
Goodwill allocated to cash-generating units: \u00a3\u2019000 \u00a3\u2019000
Goodwill \u2013 XPS Pensions Consulting Limited, Xafinity 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)
3,478
3,549
Total
125,296
125,367
Sensitivity analysis of assumptions The Group performed further sensitivity analysis by recalculating the fair value of the net assets of the Group on a worst case 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. The Group has also assessed the sensitivity of the discount rate and growth rates used in the impairment testing and determined that these were not sensitive.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-455": { "value": "18 Intangible assets
Customer
Goodwill relationships Brands Software Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
Balance at 1 April 2023
125,367
130,484
295
14,589
270,735
Adjustment to prior year business combination
(71)
\u2014
\u2014
\u2014
(71)
Additions
\u2014
\u2014
\u2014
5,450
5,450
Disposals
\u2014
\u2014
\u2014
(1,420)
(1,420)
Balance at 31 March 2024
125,296
130,484
295
18,619
274,694
Accumulated amortisation
Balance at 1 April 2023
\u2014
55,254
99
3,279
58,632
Amortisation for the year
\u2014
6,838
196
2,027
9,061
Disposals
\u2014
\u2014
\u2014
(1,069)
(1,069)
Balance at 31 March 2024
\u2014
62,092
295
4,237
66,624
Net book value
Balance at 1 April 2023
125,367
75,230
196
11,310
212,103
Balance at 31 March 2024
125,296
68,392
\u2014
14,382
208,070
Customer
Goodwill relationships Brands Software Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
Material customer relationship assets are broken down as follows:
31 March 2024
31 March 2023
Remaining Net book Remaining Net book
UEL value UEL value
years \u00a3\u2019000 years \u00a3\u2019000
Acquisitions prior to January 2018 (CGU 1)
9
16,028
10
17,820
Punter Southall actuarial (CGU 2)
14
38,104
15
40,869
Punter Southall administrative (CGU 3)
4
3,699
5
4,677
Kier (CGU 3)
5
1,423
6
1,734
XPS Pensions RL Limited (CGU 1)
6
1,574
7
1,879
XPS Pensions Trigon Limited (CGU 1)
6
1,202
7
1,417
Michael J Field (CGU 1)
8
1,538
9
1,743
Penfida Limited (CGU 4)
19
4,824
20
5,085
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 disposed of as part of the NPT disposal (see note 7), and 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 four cash-generating units that were identified in prior years. The four CGUs to which goodwill has been allocated are: CGU 1 \u2013 former Xafinity businesses, and Royal London, Trigon and Michael J Field acquisitions; CGU 2 \u2013 PS Actuarial; CGU 3 \u2013 PS Admin; and CGU 4 \u2013 Penfida. The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions, which reflect past experience of the Group:
2024
2023
CGU 1
CGU 2
CGU 3
CGU 4
CGU 1
CGU 2
CGU 3
CGU 4
Discount rate pre-tax
12.6%
12.6%
12.6%
12.6%
13.1%
13.1%
13.1%
13.1%
Terminal rate after period 8
2.0%
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
3 years
Growth rate during detailed forecast
period (average)
10.4%
8.5%
30.2%
20.8%
7.7%
8.8%
31.2%
9.4%
Growth rate applied beyond
approved forecast period to year 8
5%
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 2024 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 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 for 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. The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, particularly in CGUs 1, 2 and 3, and so the Directors are satisfied that no impairment has arisen during the financial period.
2024 2023
Goodwill allocated to cash-generating units: \u00a3\u2019000 \u00a3\u2019000
Goodwill \u2013 XPS Pensions Consulting Limited, Xafinity 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)
3,478
3,549
Total
125,296
125,367
Sensitivity analysis of assumptions The Group performed further sensitivity analysis by recalculating the fair value of the net assets of the Group on a worst case 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. The Group has also assessed the sensitivity of the discount rate and growth rates used in the impairment testing and determined that these were not sensitive.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-492": { "value": "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 four cash-generating units that were identified in prior years. The four CGUs to which goodwill has been allocated are: CGU 1 \u2013 former Xafinity businesses, and Royal London, Trigon and Michael J Field acquisitions; CGU 2 \u2013 PS Actuarial; CGU 3 \u2013 PS Admin; and CGU 4 \u2013 Penfida. The cash-generating unit at each year end was assessed on the basis of value in use using the following assumptions, which reflect past experience of the Group:
2024
2023
CGU 1
CGU 2
CGU 3
CGU 4
CGU 1
CGU 2
CGU 3
CGU 4
Discount rate pre-tax
12.6%
12.6%
12.6%
12.6%
13.1%
13.1%
13.1%
13.1%
Terminal rate after period 8
2.0%
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
3 years
Growth rate during detailed forecast
period (average)
10.4%
8.5%
30.2%
20.8%
7.7%
8.8%
31.2%
9.4%
Growth rate applied beyond
approved forecast period to year 8
5%
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 2024 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 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 for 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. The impairment exercise demonstrated that there was significant headroom in all CGUs on this basis, particularly in CGUs 1, 2 and 3, and so the Directors are satisfied that no impairment has arisen during the financial period.
2024 2023
Goodwill allocated to cash-generating units: \u00a3\u2019000 \u00a3\u2019000
Goodwill \u2013 XPS Pensions Consulting Limited, Xafinity 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)
3,478
3,549
Total
125,296
125,367
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-501": { "value": "19 Deferred income tax Analysis of the breakdown and movement of deferred tax during the year is as follows:
Balance at Recognised Recognised
31 March
1 April 2023 in income
in equity
2024
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Property, plant and equipment
226
93
\u2014
319
Capital gains
943
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,806)
(526)
(1,167)
(3,499)
Other temporary and deductible differences \u2013 other
(10)
506
\u2014
496
Customer relationships
19,092
(1,758)
\u2014
17,334
18,445
(1,685)
(1,167)
15,593
Balance at Recognised Recognised Acquired 31 March
1 April 2022 in income in equity in period 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
90
136
\u2014
\u2014
226
Capital gains
943
\u2014
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,087)
(461)
(258)
\u2014
(1,806)
Other temporary and deductible differences \u2013 other
(12)
2
\u2014
\u2014
(10)
Customer relationships
19,032
(1,304)
\u2014
1,364
19,092
18,966
(1,627)
(258)
1,364
18,445
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 2024, which is not lower than 25% (2023: 25%). 25 Trade and other payables
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
2,839
4,752
Accrued expenses
17, 215
14,561
Accrued earn out consideration relating to Penfida
2,534
845
Interest payable
89
49
Other payables
495
471
Total financial liabilities excluding leases, loans and borrowings
classified as financial liabilities at amortised cost
23,172
20,678
Other payables \u2013 tax and social security payments
2,411
2,178
Other payables \u2013 VAT
7,358
5,892
Contract liabilities
10,781
3,315
Total trade and other payables
43,722
32,063
Due within one year or less
43,722
31,218
Due between one and three years
\u2014
845
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates to fair value. In the prior year, the Penfida accrued earn out consideration was disclosed as a non-current liability; however, in the current year this is a current liability as payment is due within 12 months of the year end. The March 2024 contract liability balance is expected to be recognised in the year ended 31 March 2025 (\u00a310,435,000), 31 March 2026 (\u00a3250,000) and 31 March 2027 (\u00a396,000). Of the March 2023 contract liability balance of \u00a33,315,000, \u00a33,011,000 was recognised in revenue in the year to 31 March 2024, \u00a3251,000 will be recognised in the year to 31 March 2025, and \u00a353,000 will be recognised in the year to 31 March 2026. 26 Current income tax liabilities
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Tax payable
427
2,280
427
2,280
27 Provisions for other liabilities and charges
Social
security
costs on Professional
PSP/SEP Dilapidations indemnity Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at 1 April 2023
1,155
1,911
812
3,878
Provisions made during the year
1,466
317
923
2,706
Provisions used during the year
(764)
(675)
(986)
(2,425)
Provisions released unused during the year
\u2014
(200)
(243)
(443)
Balance at 31 March 2024
1,857
1,353
506
3,716
Due within one year or less
954
454
506
1,914
Due after more than one year:
Between one and three years
903
73
\u2014
976
Over three years
\u2014
826
\u2014
826
1,857
1,353
506
3,716
Social
security
costs on Professional
PSP/SEP Dilapidations indemnity Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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)
(4 4)
(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
Social security costs (National Insurance) are payable on gains made by employees on 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-478": { "value": "19 Deferred income tax Analysis of the breakdown and movement of deferred tax during the year is as follows:
Balance at Recognised Recognised
31 March
1 April 2023 in income
in equity
2024
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Property, plant and equipment
226
93
\u2014
319
Capital gains
943
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,806)
(526)
(1,167)
(3,499)
Other temporary and deductible differences \u2013 other
(10)
506
\u2014
496
Customer relationships
19,092
(1,758)
\u2014
17,334
18,445
(1,685)
(1,167)
15,593
Balance at Recognised Recognised Acquired 31 March
1 April 2022 in income in equity in period 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
90
136
\u2014
\u2014
226
Capital gains
943
\u2014
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,087)
(461)
(258)
\u2014
(1,806)
Other temporary and deductible differences \u2013 other
(12)
2
\u2014
\u2014
(10)
Customer relationships
19,032
(1,304)
\u2014
1,364
19,092
18,966
(1,627)
(258)
1,364
18,445
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 2024, which is not lower than 25% (2023: 25%). 26 Current income tax liabilities
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Tax payable
427
2,280
427
2,280
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-456": { "value": "19 Deferred income tax Analysis of the breakdown and movement of deferred tax during the year is as follows:
Balance at Recognised Recognised
31 March
1 April 2023 in income
in equity
2024
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Property, plant and equipment
226
93
\u2014
319
Capital gains
943
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,806)
(526)
(1,167)
(3,499)
Other temporary and deductible differences \u2013 other
(10)
506
\u2014
496
Customer relationships
19,092
(1,758)
\u2014
17,334
18,445
(1,685)
(1,167)
15,593
Balance at Recognised Recognised Acquired 31 March
1 April 2022 in income in equity in period 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
90
136
\u2014
\u2014
226
Capital gains
943
\u2014
\u2014
\u2014
943
Other temporary and deductible differences \u2013 share-based payments
(1,087)
(461)
(258)
\u2014
(1,806)
Other temporary and deductible differences \u2013 other
(12)
2
\u2014
\u2014
(10)
Customer relationships
19,032
(1,304)
\u2014
1,364
19,092
18,966
(1,627)
(258)
1,364
18,445
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 2024, which is not lower than 25% (2023: 25%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-418": { "value": "
20 Other financial assets
Following the sale of the NPT business, the restricted cash held of \u00a31,847,000 was transferred to the new owners of
the NPT. In the prior year, this restricted cash was presented as a non-current financial asset. This restricted cash was
held by the Group as security for the NPT. For the NPT to gain approval to operate by the Pensions Regulator, the
Group was required to demonstrate it could support the NPT in any eventuality. The Group therefore placed cash into
a restricted bank account, which the trustees of the NPT are able to access in certain circumstances. There were no
lifetime expected credit losses associated with this cash balance.
23 Loans and borrowings
Due
Due within between Sub-total
1 year 1 and 2 Due after (non-
(current) years 2 years current) Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Drawn revolving credit facility
\u2014
\u2014
24,000
24,000
24,000
Capitalised debt arrangement fees
\u2014
\u2014
(614)
(614)
(614)
Total
\u2014
\u2014
23,386
23,386
23,386
Due Due
within between Sub-total
1 year 1 and 2 Due after (non-
(current) years 2 years current) Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
67,3 10
The book value and fair value of loans and borrowings are not materially different.
Terms and debt repayment schedule
Amount Year of
31 March 2024
\u00a3\u2019000
Currency
Nominal interest rate
maturity
Revolving credit facility
24,000
GBP
1.25% above SONIA
2026
Amount Nominal interest Year of
31 March 2023
\u00a3\u2019000
Currency
rate maturity
Revolving credit facility
68,000
GBP
1.85% above SONIA
2025
At 31 March 2024 the Group had drawn down \u00a324,000,000 (2023: \u00a368,000,000) 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 had 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
Pensions Group plc, XPS Consulting (Reading) Limited, XPS Financing Limited, XPS Reading Limited, XPS Pensions
Consulting Limited, XPS SIPP Services Limited, XPS Holdings Limited, XPS Pensions Limited, XPS Investment Limited,
XPS Administration Holdings Limited and XPS Administration Limited. The security is over all the assets of the
companies which are obligors to the loans.
31 Financial instruments
The fair values and the carrying values of financial assets and liabilities are the same.
Credit risk
The maximum exposure to credit risk at the reporting date was:
Carrying Carrying
amount amount
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
27,650
21,642
Provision for impairment of trade receivables
(602)
(363)
Net trade receivables due
27,048
21,279
Contract assets \u2013 accrued income
16,706
16,407
Contract assets \u2013 amounts recognised for triennial reviews
1,355
1,475
Cash and cash equivalents
10,005
13,285
Non-current financial asset
\u2014
1,847
Total
55,114
54,293
Credit risk mitigation
The ageing of trade receivables at the reporting date was:
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Not past due
20,046
16,402
Past due 0\u201330 days
4,788
3,395
Past due 31\u201390 days
1,867
1,177
Past due more than 90 days
949
668
Total
27,650
21,642
Movement in impairment allowance for trade receivables
Balance at start of the year
363
330
Increase during the year
510
359
Receivable written off during the year as uncollectable
(107)
(105)
Reversal of allowances
(164)
(221)
Balance at end of the year
602
363
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 \u00a3602,000 (2023: \u00a3363,000) 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
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. Secondly, interest expense arising on the Group\u2019s
revolving credit facility at a margin over SONIA.
Interest rate risk
The interest rate on the Group\u2019s revolving credit facility 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:
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
23,172
\u2014
\u2014
\u2014
\u2014
23,172
Leases
555
1,604
1,888
4,321
1,952
10,320
Loans and borrowings
\u2014
\u2014
\u2014
24,000
\u2014
24,000
Bank interest
396
1,127
1,522
973
\u2014
4,018
24,123
2,731
3,410
29,294
1,952
61,510
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
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 objective when managing capital is 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 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total equity
185,854
149,284
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-498": { "value": "20 Other financial assets Following the sale of the NPT business, the restricted cash held of \u00a31,847,000 was transferred to the new owners of the NPT. In the prior year, this restricted cash was presented as a non-current financial asset. This restricted cash was held by the Group as security for the NPT. For the NPT to gain approval to operate by the Pensions Regulator, the Group was required to demonstrate it could support the NPT in any eventuality. The Group therefore placed cash into a restricted bank account, which the trustees of the NPT are able to access in certain circumstances. There were no lifetime expected credit losses associated with this cash balance. 21 Trade and other receivables
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
27,650
21,642
Less: provision for impairment of trade receivables
(602)
(363)
Net trade receivables
27,048
21,279
Contract assets \u2013 accrued income
16,706
16,407
Contract assets \u2013 amounts recognised for triennial reviews
1,355
1,475
Total contract assets
18,061
17,882
Total financial assets other than cash and cash equivalents carried at amortised cost
45,109
39,161
Prepayments
5,530
4,498
Other receivables
283
106
Total trade and other receivables
50,922
43,765
The carrying value of trade and other receivables carried at amortised cost approximates to fair value.
Past due
Past due Past due more than
Current 0\u201330 days 31\u201390 days 90 day Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0%
1%
7%
41%
Gross carrying amount
20,046
4,788
1,867
949
27,650
Loss provision
72
50
129
389
640
Amendment for specific bad debt provision
(72)
(50)
(129)
213
(38)
Total
\u2014
\u2014
\u2014
602
602
Past due
Past due Past due more than
Current 0\u201330 days 31\u201390 days 90 days Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
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 2023 contract asset balance relating to triennial reviews of \u00a31,475,000, \u00a31,246,000 was billed in the year, reducing the brought forward amount. A further \u00a31,126,000 of revenue was recognised in the year. There are no other significant movements in the contract assets balance in the year. The March 2024 contract asset balance is expected to be billed in the year ending 31 March 2025 (\u00a31,119,000), the year ending 31 March 2026 (\u00a3223,000) and the year ending 31 March 2027 (\u00a313,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-493": { "value": "20 Other financial assets Following the sale of the NPT business, the restricted cash held of \u00a31,847,000 was transferred to the new owners of the NPT. In the prior year, this restricted cash was presented as a non-current financial asset. This restricted cash was held by the Group as security for the NPT. For the NPT to gain approval to operate by the Pensions Regulator, the Group was required to demonstrate it could support the NPT in any eventuality. The Group therefore placed cash into a restricted bank account, which the trustees of the NPT are able to access in certain circumstances. There were no lifetime expected credit losses associated with this cash balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-479": { "value": "20 Other financial assets Following the sale of the NPT business, the restricted cash held of \u00a31,847,000 was transferred to the new owners of the NPT. In the prior year, this restricted cash was presented as a non-current financial asset. This restricted cash was held by the Group as security for the NPT. For the NPT to gain approval to operate by the Pensions Regulator, the Group was required to demonstrate it could support the NPT in any eventuality. The Group therefore placed cash into a restricted bank account, which the trustees of the NPT are able to access in certain circumstances. There were no lifetime expected credit losses associated with this cash balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-459": { "value": "20 Other financial assets Following the sale of the NPT business, the restricted cash held of \u00a31,847,000 was transferred to the new owners of the NPT. In the prior year, this restricted cash was presented as a non-current financial asset. This restricted cash was held by the Group as security for the NPT. For the NPT to gain approval to operate by the Pensions Regulator, the Group was required to demonstrate it could support the NPT in any eventuality. The Group therefore placed cash into a restricted bank account, which the trustees of the NPT are able to access in certain circumstances. There were no lifetime expected credit losses associated with this cash balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-419": { "value": "
21 Trade and other receivables
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
27,650
21,642
Less: provision for impairment of trade receivables
(602)
(363)
Net trade receivables
27,048
21,279
Contract assets \u2013 accrued income
16,706
16,407
Contract assets \u2013 amounts recognised for triennial reviews
1,355
1,475
Total contract assets
18,061
17,882
Total financial assets other than cash and cash equivalents carried at amortised cost
45,109
39,161
Prepayments
5,530
4,498
Other receivables
283
106
Total trade and other receivables
50,922
43,765
The carrying value of trade and other receivables carried at amortised cost approximates to fair value.
Past due
Past due Past due more than
Current 0\u201330 days 31\u201390 days 90 day Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0%
1%
7%
41%
Gross carrying amount
20,046
4,788
1,867
949
27,650
Loss provision
72
50
129
389
640
Amendment for specific bad debt provision
(72)
(50)
(129)
213
(38)
Total
\u2014
\u2014
\u2014
602
602
Past due
Past due Past due more than
Current 0\u201330 days 31\u201390 days 90 days Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
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 2023 contract asset balance relating to triennial reviews of \u00a31,475,000, \u00a31,246,000 was billed in the year,
reducing the brought forward amount. A further \u00a31,126,000 of revenue was recognised in the year. There are no other
significant movements in the contract assets balance in the year. The March 2024 contract asset balance is expected
to be billed in the year ending 31 March 2025 (\u00a31,119,000), the year ending 31 March 2026 (\u00a3223,000) and the year
ending 31 March 2027 (\u00a313,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-457": { "value": "21 Trade and other receivables
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
27,650
21,642
Less: provision for impairment of trade receivables
(602)
(363)
Net trade receivables
27,048
21,279
Contract assets \u2013 accrued income
16,706
16,407
Contract assets \u2013 amounts recognised for triennial reviews
1,355
1,475
Total contract assets
18,061
17,882
Total financial assets other than cash and cash equivalents carried at amortised cost
45,109
39,161
Prepayments
5,530
4,498
Other receivables
283
106
Total trade and other receivables
50,922
43,765
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-458": { "value": "The carrying value of trade and other receivables carried at amortised cost approximates to fair value.
Past due
Past due Past due more than
Current 0\u201330 days 31\u201390 days 90 day Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Expected loss rate
0%
1%
7%
41%
Gross carrying amount
20,046
4,788
1,867
949
27,650
Loss provision
72
50
129
389
640
Amendment for specific bad debt provision
(72)
(50)
(129)
213
(38)
Total
\u2014
\u2014
\u2014
602
602
Past due
Past due Past due more than
Current 0\u201330 days 31\u201390 days 90 days Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
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 2023 contract asset balance relating to triennial reviews of \u00a31,475,000, \u00a31,246,000 was billed in the year, reducing the brought forward amount. A further \u00a31,126,000 of revenue was recognised in the year. There are no other significant movements in the contract assets balance in the year. The March 2024 contract asset balance is expected to be billed in the year ending 31 March 2025 (\u00a31,119,000), the year ending 31 March 2026 (\u00a3223,000) and the year ending 31 March 2027 (\u00a313,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-420": { "value": "
22 Cash and cash equivalents
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents per statement of financial position
10,005
13,285
Cash and cash equivalents per statement of cash flows
10,005
13,285
The balance is comprised solely of cash at bank and on hand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-480": { "value": "23 Loans and borrowings
Due
Due within between Sub-total
1 year 1 and 2 Due after (non-
(current) years 2 years current) Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Drawn revolving credit facility
\u2014
\u2014
24,000
24,000
24,000
Capitalised debt arrangement fees
\u2014
\u2014
(614)
(614)
(614)
Total
\u2014
\u2014
23,386
23,386
23,386
Due Due
within between Sub-total
1 year 1 and 2 Due after (non-
(current) years 2 years current) Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
67,3 10
The book value and fair value of loans and borrowings are not materially different. Terms and debt repayment schedule
Amount Year of
31 March 2024
\u00a3\u2019000
Currency
Nominal interest rate
maturity
Revolving credit facility
24,000
GBP
1.25% above SONIA
2026
Amount Nominal interest Year of
31 March 2023
\u00a3\u2019000
Currency
rate maturity
Revolving credit facility
68,000
GBP
1.85% above SONIA
2025
At 31 March 2024 the Group had drawn down \u00a324,000,000 (2023: \u00a368,000,000) 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 had 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 Pensions Group plc, XPS Consulting (Reading) Limited, XPS Financing Limited, XPS Reading Limited, XPS Pensions Consulting Limited, XPS SIPP Services Limited, XPS Holdings Limited, XPS Pensions Limited, XPS Investment Limited, XPS Administration Holdings Limited and XPS Administration Limited. The security is over all the assets of the companies which are obligors to the loans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-460": { "value": "23 Loans and borrowings
Due
Due within between Sub-total
1 year 1 and 2 Due after (non-
(current) years 2 years current) Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Drawn revolving credit facility
\u2014
\u2014
24,000
24,000
24,000
Capitalised debt arrangement fees
\u2014
\u2014
(614)
(614)
(614)
Total
\u2014
\u2014
23,386
23,386
23,386
Due Due
within between Sub-total
1 year 1 and 2 Due after (non-
(current) years 2 years current) Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
67,3 10
The book value and fair value of loans and borrowings are not materially different. Terms and debt repayment schedule
Amount Year of
31 March 2024
\u00a3\u2019000
Currency
Nominal interest rate
maturity
Revolving credit facility
24,000
GBP
1.25% above SONIA
2026
Amount Nominal interest Year of
31 March 2023
\u00a3\u2019000
Currency
rate maturity
Revolving credit facility
68,000
GBP
1.85% above SONIA
2025
At 31 March 2024 the Group had drawn down \u00a324,000,000 (2023: \u00a368,000,000) 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 had 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 Pensions Group plc, XPS Consulting (Reading) Limited, XPS Financing Limited, XPS Reading Limited, XPS Pensions Consulting Limited, XPS SIPP Services Limited, XPS Holdings Limited, XPS Pensions Limited, XPS Investment Limited, XPS Administration Holdings Limited and XPS Administration Limited. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-494": { "value": "Total \u2014 \u2014 67,310 67,310 67,3 10 The book value and fair value of loans and borrowings are not materially different. Terms and debt repayment schedule
Amount Year of
31 March 2024
\u00a3\u2019000
Currency
Nominal interest rate
maturity
Revolving credit facility
24,000
GBP
1.25% above SONIA
2026
Amount Nominal interest Year of
31 March 2023
\u00a3\u2019000
Currency
rate maturity
Revolving credit facility
68,000
GBP
1.85% above SONIA
2025
At 31 March 2024 the Group had drawn down \u00a324,000,000 (2023: \u00a368,000,000) 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 had 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 Pensions Group plc, XPS Consulting (Reading) Limited, XPS Financing Limited, XPS Reading Limited, XPS Pensions Consulting Limited, XPS SIPP Services Limited, XPS Holdings Limited, XPS Pensions Limited, XPS Investment Limited, XPS Administration Holdings Limited and XPS Administration Limited. The security is over all the assets of the companies which are obligors to the loans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-421": { "value": "
24 Reconciliation of liabilities arising from financing activities
Non-cash
change:
Other new leases/
31 March Cash non-cash interest
31 March
2023 flows changes
this year
2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Drawn revolving credit facility
68,000
(44,000)
\u2014
\u2014
24,000
Capitalised debt arrangement fees
(690)
(200)
276
\u2014
(614)
Interest payable on long-term borrowings
49
(3,905)
\u2014
3,901
45
Lease liabilities
9,935
(3,085)
\u2014
2,317
9,167
Total liabilities from financing activities
77,294
(51,190)
276
6,218
32,598
Non-cash
change:
Other new leases/
31 March Cash non-cash interest
31 March
2022 flows changes
this year
2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Drawn revolving credit facility
64,000
4,000
\u2014
\u2014
68,000
Capitalised debt arrangement fees
(967)
\u2014
277
\u2014
(690)
Interest payable on revolving credit facility
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
Net debt for bank reporting purposes:
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Drawn revolving credit facility
24,000
68,000
Contingent consideration
\u2014
568
Less: cash
(10,005)
(13,285)
Net debt
13,995
55,283
For banking covenant purposes, net debt includes any amounts owed as contingent consideration but excludes lease liabilities . 32 Notes supporting statement of cash flows Cash and cash equivalents for the purposes of the statement of cash flows comprise:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank available on demand
10,005
13,285
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-461": { "value": "24 Reconciliation of liabilities arising from financing activities
Non-cash
change:
Other new leases/
31 March Cash non-cash interest
31 March
2023 flows changes
this year
2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Drawn revolving credit facility
68,000
(44,000)
\u2014
\u2014
24,000
Capitalised debt arrangement fees
(690)
(200)
276
\u2014
(614)
Interest payable on long-term borrowings
49
(3,905)
\u2014
3,901
45
Lease liabilities
9,935
(3,085)
\u2014
2,317
9,167
Total liabilities from financing activities
77,294
(51,190)
276
6,218
32,598
Non-cash
change:
Other new leases/
31 March Cash non-cash interest
31 March
2022 flows changes
this year
2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Drawn revolving credit facility
64,000
4,000
\u2014
\u2014
68,000
Capitalised debt arrangement fees
(967)
\u2014
277
\u2014
(690)
Interest payable on revolving credit facility
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
Net debt for bank reporting purposes:
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Drawn revolving credit facility
24,000
68,000
Contingent consideration
\u2014
568
Less: cash
(10,005)
(13,285)
Net debt
13,995
55,283
For banking covenant purposes, net debt includes any amounts owed as contingent consideration but excludes lease liabilities ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-422": { "value": "
25 Trade and other payables
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
2,839
4,752
Accrued expenses
17, 215
14,561
Accrued earn out consideration relating to Penfida
2,534
845
Interest payable
89
49
Other payables
495
471
Total financial liabilities excluding leases, loans and borrowings
classified as financial liabilities at amortised cost
23,172
20,678
Other payables \u2013 tax and social security payments
2,411
2,178
Other payables \u2013 VAT
7,358
5,892
Contract liabilities
10,781
3,315
Total trade and other payables
43,722
32,063
Due within one year or less
43,722
31,218
Due between one and three years
\u2014
845
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost
approximates to fair value.
In the prior year, the Penfida accrued earn out consideration was disclosed as a non-current liability; however, in the
current year this is a current liability as payment is due within 12 months of the year end.
The March 2024 contract liability balance is expected to be recognised in the year ended 31 March 2025
(\u00a310,435,000), 31 March 2026 (\u00a3250,000) and 31 March 2027 (\u00a396,000). Of the March 2023 contract liability balance
of \u00a33,315,000, \u00a33,011,000 was recognised in revenue in the year to 31 March 2024, \u00a3251,000 will be recognised in the
year to 31 March 2025, and \u00a353,000 will be recognised in the year to 31 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-495": { "value": "25 Trade and other payables
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
2,839
4,752
Accrued expenses
17, 215
14,561
Accrued earn out consideration relating to Penfida
2,534
845
Interest payable
89
49
Other payables
495
471
Total financial liabilities excluding leases, loans and borrowings
classified as financial liabilities at amortised cost
23,172
20,678
Other payables \u2013 tax and social security payments
2,411
2,178
Other payables \u2013 VAT
7,358
5,892
Contract liabilities
10,781
3,315
Total trade and other payables
43,722
32,063
Due within one year or less
43,722
31,218
Due between one and three years
\u2014
845
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates to fair value. In the prior year, the Penfida accrued earn out consideration was disclosed as a non-current liability; however, in the current year this is a current liability as payment is due within 12 months of the year end. The March 2024 contract liability balance is expected to be recognised in the year ended 31 March 2025 (\u00a310,435,000), 31 March 2026 (\u00a3250,000) and 31 March 2027 (\u00a396,000). Of the March 2023 contract liability balance of \u00a33,315,000, \u00a33,011,000 was recognised in revenue in the year to 31 March 2024, \u00a3251,000 will be recognised in the year to 31 March 2025, and \u00a353,000 will be recognised in the year to 31 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-481": { "value": "25 Trade and other payables
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
2,839
4,752
Accrued expenses
17, 215
14,561
Accrued earn out consideration relating to Penfida
2,534
845
Interest payable
89
49
Other payables
495
471
Total financial liabilities excluding leases, loans and borrowings
classified as financial liabilities at amortised cost
23,172
20,678
Other payables \u2013 tax and social security payments
2,411
2,178
Other payables \u2013 VAT
7,358
5,892
Contract liabilities
10,781
3,315
Total trade and other payables
43,722
32,063
Due within one year or less
43,722
31,218
Due between one and three years
\u2014
845
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates to fair value. In the prior year, the Penfida accrued earn out consideration was disclosed as a non-current liability; however, in the current year this is a current liability as payment is due within 12 months of the year end. The March 2024 contract liability balance is expected to be recognised in the year ended 31 March 2025 (\u00a310,435,000), 31 March 2026 (\u00a3250,000) and 31 March 2027 (\u00a396,000). Of the March 2023 contract liability balance of \u00a33,315,000, \u00a33,011,000 was recognised in revenue in the year to 31 March 2024, \u00a3251,000 will be recognised in the year to 31 March 2025, and \u00a353,000 will be recognised in the year to 31 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-462": { "value": "
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade payables
2,839
4,752
Accrued expenses
17, 215
14,561
Accrued earn out consideration relating to Penfida
2,534
845
Interest payable
89
49
Other payables
495
471
Total financial liabilities excluding leases, loans and borrowings
classified as financial liabilities at amortised cost
23,172
20,678
Other payables \u2013 tax and social security payments
2,411
2,178
Other payables \u2013 VAT
7,358
5,892
Contract liabilities
10,781
3,315
Total trade and other payables
43,722
32,063
Due within one year or less
43,722
31,218
Due between one and three years
\u2014
845
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-423": { "value": "
27 Provisions for other liabilities and charges
Social
security
costs on Professional
PSP/SEP Dilapidations indemnity Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at 1 April 2023
1,155
1,911
812
3,878
Provisions made during the year
1,466
317
923
2,706
Provisions used during the year
(764)
(675)
(986)
(2,425)
Provisions released unused during the year
\u2014
(200)
(243)
(443)
Balance at 31 March 2024
1,857
1,353
506
3,716
Due within one year or less
954
454
506
1,914
Due after more than one year:
Between one and three years
903
73
\u2014
976
Over three years
\u2014
826
\u2014
826
1,857
1,353
506
3,716
Social
security
costs on Professional
PSP/SEP Dilapidations indemnity Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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)
(4 4)
(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
Social security costs (National Insurance) are payable on gains made by employees on 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-463": { "value": "27 Provisions for other liabilities and charges
Social
security
costs on Professional
PSP/SEP Dilapidations indemnity Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Balance at 1 April 2023
1,155
1,911
812
3,878
Provisions made during the year
1,466
317
923
2,706
Provisions used during the year
(764)
(675)
(986)
(2,425)
Provisions released unused during the year
\u2014
(200)
(243)
(443)
Balance at 31 March 2024
1,857
1,353
506
3,716
Due within one year or less
954
454
506
1,914
Due after more than one year:
Between one and three years
903
73
\u2014
976
Over three years
\u2014
826
\u2014
826
1,857
1,353
506
3,716
Social
security
costs on Professional
PSP/SEP Dilapidations indemnity Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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)
(4 4)
(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
Social security costs (National Insurance) are payable on gains made by employees on 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. 28 Contingent consideration
Balance at
1 April Fair value Settled in
31 March
2023 adjustment
year
2024
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Contingent cash consideration
568
(92)
(476)
\u2014
568
(92)
(476)
\u2014
Balance at
1 April Fair value Settled in
31 March
2022 adjustment
year
2023
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Contingent cash consideration
765
(197)
\u2014
568
765
(197)
\u2014
568
The contingent cash consideration liability recognised at 31 March 2023 relates to the Michael J Field acquisition in February 2022. The liabilities were calculated based on terms agreed in the business purchase agreement for Michael J Field, which were dependent on certain revenue and cost targets being met in the 12 months following the acquisition date. A final settlement of \u00a3476,461 was paid in the year, with the remaining balance being recognised as other operating income in the statement of comprehensive income. The amount disclosed in the cash flow is the \u00a3476,461 noted above, net of \u00a371,000 received from the sellers of Penfida Limited, due to a purchase price adjustment received in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-425": { "value": "
28 Contingent consideration
Balance at
1 April Fair value Settled in
31 March
2023 adjustment
year
2024
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Contingent cash consideration
568
(92)
(476)
\u2014
568
(92)
(476)
\u2014
Balance at
1 April Fair value Settled in
31 March
2022 adjustment
year
2023
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Contingent cash consideration
765
(197)
\u2014
568
765
(197)
\u2014
568
The contingent cash consideration liability recognised at 31 March 2023 relates to the Michael J Field acquisition
in February 2022. The liabilities were calculated based on terms agreed in the business purchase agreement for
Michael J Field, which were dependent on certain revenue and cost targets being met in the 12 months following the
acquisition date. A final settlement of \u00a3476,461 was paid in the year, with the remaining balance being recognised as
other operating income in the statement of comprehensive income.
The amount disclosed in the cash flow is the \u00a3476,461 noted above, net of \u00a371,000 received from the sellers of Penfida
Limited, due to a purchase price adjustment received in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-482": { "value": "28 Contingent consideration
Balance at
1 April Fair value Settled in
31 March
2023 adjustment
year
2024
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Contingent cash consideration
568
(92)
(476)
\u2014
568
(92)
(476)
\u2014
Balance at
1 April Fair value Settled in
31 March
2022 adjustment
year
2023
\u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Contingent cash consideration
765
(197)
\u2014
568
765
(197)
\u2014
568
The contingent cash consideration liability recognised at 31 March 2023 relates to the Michael J Field acquisition in February 2022. The liabilities were calculated based on terms agreed in the business purchase agreement for Michael J Field, which were dependent on certain revenue and cost targets being met in the 12 months following the acquisition date. A final settlement of \u00a3476,461 was paid in the year, with the remaining balance being recognised as other operating income in the statement of comprehensive income. The amount disclosed in the cash flow is the \u00a3476,461 noted above, net of \u00a371,000 received from the sellers of Penfida Limited, due to a purchase price adjustment received in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-424": { "value": "
29 Share capital
31 March 2024
31 March 2023
Ordinary Ordinary Ordinary Ordinary
shares shares shares shares
\u2019000 \u00a3\u2019000 \u2019000 \u00a3\u2019000
In issue at the beginning of the year
207,443
104
205,151
103
Issued during the year
102
\u2014
2,292
1
In issue at the end of the year
207, 545
104
207,443
104
31 March 2024
31 March 2023
\u2019000
\u00a3\u2019000
\u2019000
\u00a3\u2019000
Allotted, called up and fully paid
Ordinary shares of 0.05p (2023: 0.05p) each
Shares held by the Group\u2019s Employee Benefit Trust
206,032
103
206,427
103
Ordinary shares of 0.05p (2023: 0.05p) each
1,513
1
1,016
1
Shares classified in shareholders\u2019 funds
207,545
104
207,443
104
The number of shares allotted in the year is 101,835 (2023: 2,291,669).
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.
30 Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve
Description and purpose
Retained earnings/ All net gains and losses recognised through the consolidated statement of comprehensive
accumulated deficit: income.
Share premium:
Amounts subscribed for share capital in excess of nominal value.
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.
36 Dividends Amounts recognised as distributions to equity holders of the Parent in the year
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Final dividend for the year ended 31 March 2023: 5 .7p per share (2022: 4 . 8p per share)
11,825
9,763
Interim dividend for the year ended 31 March 2024: 3.0p (2023: 2.7p) per ordinary share was paid
during the year
6,200
5,568
18,025
15,331
The recommended final dividend payable in respect of the year ended 31 March 2024 is \u00a314.6 million or 7 .0p per share (2023: \u00a311.8 million or 5.7p per share). The proposed dividend has not been accrued as a liability as at 31 March 2024 as it is subject to approval at the Annual General Meeting.
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Proposed final dividend for year ended 31 March 2024
14,630
11,825
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 \u00a3166,081,000. Therefore there are sufficient distributable reserves in XPS Pensions Group plc in order to pay the proposed final dividend.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-464": { "value": "29 Share capital
31 March 2024
31 March 2023
Ordinary Ordinary Ordinary Ordinary
shares shares shares shares
\u2019000 \u00a3\u2019000 \u2019000 \u00a3\u2019000
In issue at the beginning of the year
207,443
104
205,151
103
Issued during the year
102
\u2014
2,292
1
In issue at the end of the year
207, 545
104
207,443
104
31 March 2024
31 March 2023
\u2019000
\u00a3\u2019000
\u2019000
\u00a3\u2019000
Allotted, called up and fully paid
Ordinary shares of 0.05p (2023: 0.05p) each
Shares held by the Group\u2019s Employee Benefit Trust
206,032
103
206,427
103
Ordinary shares of 0.05p (2023: 0.05p) each
1,513
1
1,016
1
Shares classified in shareholders\u2019 funds
207,545
104
207,443
104
The number of shares allotted in the year is 101,835 (2023: 2,291,669). 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-465": { "value": "30 Reserves The following describes the nature and purpose of each reserve within equity:
Reserve
Description and purpose
Retained earnings/ All net gains and losses recognised through the consolidated statement of comprehensive
accumulated deficit: income.
Share premium:
Amounts subscribed for share capital in excess of nominal value.
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-496": { "value": "31 Financial instruments The fair values and the carrying values of financial assets and liabilities are the same. Credit risk The maximum exposure to credit risk at the reporting date was:
Carrying Carrying
amount amount
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
27,650
21,642
Provision for impairment of trade receivables
(602)
(363)
Net trade receivables due
27,048
21,279
Contract assets \u2013 accrued income
16,706
16,407
Contract assets \u2013 amounts recognised for triennial reviews
1,355
1,475
Cash and cash equivalents
10,005
13,285
Non-current financial asset
\u2014
1,847
Total
55,114
54,293
Credit risk mitigation The ageing of trade receivables at the reporting date was:
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Not past due
20,046
16,402
Past due 0\u201330 days
4,788
3,395
Past due 31\u201390 days
1,867
1,177
Past due more than 90 days
949
668
Total
27,650
21,642
Movement in impairment allowance for trade receivables
Balance at start of the year
363
330
Increase during the year
510
359
Receivable written off during the year as uncollectable
(107)
(105)
Reversal of allowances
(164)
(221)
Balance at end of the year
602
363
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 \u00a3602,000 (2023: \u00a3363,000) 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 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. Secondly, interest expense arising on the Group\u2019s revolving credit facility at a margin over SONIA. Interest rate risk The interest rate on the Group\u2019s revolving credit facility 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:
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
23,172
\u2014
\u2014
\u2014
\u2014
23,172
Leases
555
1,604
1,888
4,321
1,952
10,320
Loans and borrowings
\u2014
\u2014
\u2014
24,000
\u2014
24,000
Bank interest
396
1,127
1,522
973
\u2014
4,018
24,123
2,731
3,410
29,294
1,952
61,510
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
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 objective when managing capital is 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 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total equity
185,854
149,284
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-483": { "value": "31 Financial instruments The fair values and the carrying values of financial assets and liabilities are the same. Credit risk The maximum exposure to credit risk at the reporting date was:
Carrying Carrying
amount amount
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
27,650
21,642
Provision for impairment of trade receivables
(602)
(363)
Net trade receivables due
27,048
21,279
Contract assets \u2013 accrued income
16,706
16,407
Contract assets \u2013 amounts recognised for triennial reviews
1,355
1,475
Cash and cash equivalents
10,005
13,285
Non-current financial asset
\u2014
1,847
Total
55,114
54,293
Credit risk mitigation The ageing of trade receivables at the reporting date was:
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Not past due
20,046
16,402
Past due 0\u201330 days
4,788
3,395
Past due 31\u201390 days
1,867
1,177
Past due more than 90 days
949
668
Total
27,650
21,642
Movement in impairment allowance for trade receivables
Balance at start of the year
363
330
Increase during the year
510
359
Receivable written off during the year as uncollectable
(107)
(105)
Reversal of allowances
(164)
(221)
Balance at end of the year
602
363
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 \u00a3602,000 (2023: \u00a3363,000) 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 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. Secondly, interest expense arising on the Group\u2019s revolving credit facility at a margin over SONIA. Interest rate risk The interest rate on the Group\u2019s revolving credit facility 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:
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
23,172
\u2014
\u2014
\u2014
\u2014
23,172
Leases
555
1,604
1,888
4,321
1,952
10,320
Loans and borrowings
\u2014
\u2014
\u2014
24,000
\u2014
24,000
Bank interest
396
1,127
1,522
973
\u2014
4,018
24,123
2,731
3,410
29,294
1,952
61,510
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
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 objective when managing capital is 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 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total equity
185,854
149,284
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-499": { "value": "The following table sets out the contractual maturities (representing undiscounted cash flows) of financial liabilities:
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade and other payables
23,172
\u2014
\u2014
\u2014
\u2014
23,172
Leases
555
1,604
1,888
4,321
1,952
10,320
Loans and borrowings
\u2014
\u2014
\u2014
24,000
\u2014
24,000
Bank interest
396
1,127
1,522
973
\u2014
4,018
24,123
2,731
3,410
29,294
1,952
61,510
Between Between Between
Up to 3 3 and 12 1 and 2 2 and 5 Over 31 March
months months years years 5 years 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \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
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-467": { "value": "Capital risk The Group\u2019s objective when managing capital is 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 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total equity
185,854
149,284
", "dimensions": { "concept": "xpspensionsgroupplc:DisclosureOfCapitalRisk", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-466": { "value": "
32 Notes supporting statement of cash flows
Cash and cash equivalents for the purposes of the statement of cash flows comprise:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank available on demand
10,005
13,285
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-426": { "value": "
33 Related party transactions
Key management emoluments during the year
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the Group, being the Board of Directors.
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Emoluments
4,509
3,310
Share-based payment
1,233
894
Company contributions to defined contribution pension plans
30
30
Social security costs
530
376
6,302
4,610
Non-executive emoluments during the year
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Emoluments
368
303
Social security costs
45
39
413
342
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-484": { "value": "33 Related party transactions Key management emoluments during the year Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, being the Board of Directors.
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Emoluments
4,509
3,310
Share-based payment
1,233
894
Company contributions to defined contribution pension plans
30
30
Social security costs
530
376
6,302
4,610
Non-executive emoluments during the year
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Emoluments
368
303
Social security costs
45
39
413
342
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-468": { "value": "Key management emoluments during the year Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, being the Board of Directors.
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Emoluments
4,509
3,310
Share-based payment
1,233
894
Company contributions to defined contribution pension plans
30
30
Social security costs
530
376
6,302
4,610
Non-executive emoluments during the year
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Emoluments
368
303
Social security costs
45
39
413
342
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-427": { "value": "
34 Earnings per share
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Profit for the year
54,167
15,837
31 March 31 March
2024 2023
\u2019000 \u2019000
Weighted average number of ordinary shares in issue
206,760
205,448
Diluted weighted average number of ordinary shares
219,621
216,071
Basic earnings per share (pence)
26.2
7.7
Diluted earnings per share (pence)
24.7
7.3
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 Year
ended ended
31 March 31 March
2024 2023
\u2019000 \u2019000
Weighted average number of ordinary shares in issue
206,760
205,448
Dilutive impact of share options vested up to exercise date
940
802
Dilutive impact of PSP and SEP options not yet vested
9,226
7,920
Dilutive impact of dividend yield shares for PSP and SEP options
1,246
1,069
Dilutive impact of SAYE options not yet vested
1,449
832
Diluted weighted average number of ordinary shares
219,621
216,071
Share awards were made to the Executive Board members and key management personnel in each year since the
year ending 31 March 2017; these are subject to certain conditions and each tranche of awards vest 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 ending 31 March 2022 and 2023, these will
vest in the years ending 31 March 2025 and 2026 respectively. These shares are reflected in the diluted number of
shares and diluted earnings per share calculations.
Adjusted earnings per share
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Adjusted profit after tax
33,496
27,143
Adjusted earnings per share (pence)
16.2
13.2
Diluted adjusted earnings per share (pence)
15.3
12.6
The adjusted profit after tax is taken from the trading column of the income statement, and excludes the impact of the
exceptional and non-trading items disclosed in note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-428": { "value": "
35 Subsidiaries
The following are the wholly owned companies consolidated within the financial statements of XPS Pensions
Group plc:
Company
Company name
number
Principal activity
Registered address
XPS Financing Limited
08279274
Holding company
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
The subsidiaries below are indirectly owned by other Group companies:
Company
Company name
number
Principal activity
Registered address
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
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS SIPP Services Limited
SC069096
Employee benefit
Scotia House, Castle Business Park, Stirling, Stirlingshire
consultancy 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 Pensions Trustees Limited
01450089
Dormant
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
Hazell Carr (AT) Services Limited
SC420031
Employee benefit
Scotia House, Castle Business Park, Stirling, Stirlingshire
consultancy 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
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Investment Limited
06242672
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions Limited
03842603
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions (RL) Limited
05817049
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions (Trigon) Limited
12085392
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
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 Limited 11482474
Software
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
development
Penfida Limited
08020393
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
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 as the financial year ended 31 March 2024 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-485": { "value": "35 Subsidiaries The following are the wholly owned companies consolidated within the financial statements of XPS Pensions Group plc:
Company
Company name
number
Principal activity
Registered address
XPS Financing Limited
08279274
Holding company
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
The subsidiaries below are indirectly owned by other Group companies:
Company
Company name
number
Principal activity
Registered address
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
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS SIPP Services Limited
SC069096
Employee benefit
Scotia House, Castle Business Park, Stirling, Stirlingshire
consultancy 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 Pensions Trustees Limited
01450089
Dormant
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
Hazell Carr (AT) Services Limited
SC420031
Employee benefit
Scotia House, Castle Business Park, Stirling, Stirlingshire
consultancy 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
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Investment Limited
06242672
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions Limited
03842603
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions (RL) Limited
05817049
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions (Trigon) Limited
12085392
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
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 Limited 11482474
Software
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
development
Penfida Limited
08020393
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
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 as the financial year ended 31 March 2024 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", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-469": { "value": "35 Subsidiaries The following are the wholly owned companies consolidated within the financial statements of XPS Pensions Group plc:
Company
Company name
number
Principal activity
Registered address
XPS Financing Limited
08279274
Holding company
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
The subsidiaries below are indirectly owned by other Group companies:
Company
Company name
number
Principal activity
Registered address
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
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS SIPP Services Limited
SC069096
Employee benefit
Scotia House, Castle Business Park, Stirling, Stirlingshire
consultancy 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 Pensions Trustees Limited
01450089
Dormant
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
Hazell Carr (AT) Services Limited
SC420031
Employee benefit
Scotia House, Castle Business Park, Stirling, Stirlingshire
consultancy 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
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Investment Limited
06242672
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions Limited
03842603
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions (RL) Limited
05817049
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
XPS Pensions (Trigon) Limited
12085392
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
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 Limited 11482474
Software
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
development
Penfida Limited
08020393
Employee benefit
Phoenix House, 1 Station Hill, Reading, Berkshire RG1 1NB
consultancy
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 as the financial year ended 31 March 2024 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-470": { "value": "
36 Dividends
Amounts recognised as distributions to equity holders of the Parent in the year
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Final dividend for the year ended 31 March 2023: 5 .7p per share (2022: 4 . 8p per share)
11,825
9,763
Interim dividend for the year ended 31 March 2024: 3.0p (2023: 2.7p) per ordinary share was paid
during the year
6,200
5,568
18,025
15,331
The recommended final dividend payable in respect of the year ended 31 March 2024 is \u00a314.6 million or 7 .0p per share
(2023: \u00a311.8 million or 5.7p per share).
The proposed dividend has not been accrued as a liability as at 31 March 2024 as it is subject to approval at the Annual
General Meeting.
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Proposed final dividend for year ended 31 March 2024
14,630
11,825
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 \u00a3166,081,000.
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-488": { "value": "0.057", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-486": { "value": "0.048", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2021-04-01T00:00:00/2022-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-487": { "value": "0.07", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-429": { "value": "
37 Ultimate controlling party
The Directors do not consider that there is an ultimate controlling party.
", "dimensions": { "concept": "xpspensionsgroupplc:DisclosureOfUltimateControllingParty", "language": "en", "entity": "scheme:2138004Y8OBPJEAACJ11", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }