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"fact-336": {
"value": "Basis of preparation The consolidated financial statements of The Sage Group plc. have been prepared in accordance with UK-IFRS in conformity with the requirements of the Companies Act 2006 and also prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). UK-IFRS can differ in certain respects from IFRS as issued by the IASB. The differences have no impact on the Group\u2019s consolidated financial statements for the years presented. The consolidated financial statements have been prepared under the historical cost convention, except where adopted IFRS require an alternative treatment. The principal variations from the historical cost convention relate to derivative financial instruments and equity investments which are measured at fair value. The financial statements of the Group comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) prepared at the end of the reporting period. The accounting policies have been consistently applied across the Group. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity, which is usually from date of acquisition. All figures presented are rounded to the nearest \u00a3m, unless otherwise stated. ",
"dimensions": {
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"language": "en",
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"fact-393": {
"value": "Basis of preparation The consolidated financial statements of The Sage Group plc. have been prepared in accordance with UK-IFRS in conformity with the requirements of the Companies Act 2006 and also prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). UK-IFRS can differ in certain respects from IFRS as issued by the IASB. The differences have no impact on the Group\u2019s consolidated financial statements for the years presented. The consolidated financial statements have been prepared under the historical cost convention, except where adopted IFRS require an alternative treatment. The principal variations from the historical cost convention relate to derivative financial instruments and equity investments which are measured at fair value. The financial statements of the Group comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) prepared at the end of the reporting period. The accounting policies have been consistently applied across the Group. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity, which is usually from date of acquisition. All figures presented are rounded to the nearest \u00a3m, unless otherwise stated. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-364": {
"value": "Basis of preparation The consolidated financial statements of The Sage Group plc. have been prepared in accordance with UK-IFRS in conformity with the requirements of the Companies Act 2006 and also prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). UK-IFRS can differ in certain respects from IFRS as issued by the IASB. The differences have no impact on the Group\u2019s consolidated financial statements for the years presented. The consolidated financial statements have been prepared under the historical cost convention, except where adopted IFRS require an alternative treatment. The principal variations from the historical cost convention relate to derivative financial instruments and equity investments which are measured at fair value. The financial statements of the Group comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) prepared at the end of the reporting period. The accounting policies have been consistently applied across the Group. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity, which is usually from date of acquisition. All figures presented are rounded to the nearest \u00a3m, unless otherwise stated.",
"dimensions": {
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"language": "en",
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}
},
"fact-337": {
"value": "New or amended accounting standards There are no accounting standards, amendments, or interpretations effective for the first time this financial year that have had a material impact on the Group. No standards have been early adopted during the year. In July 2023, the UK Endorsement Board adopted 'International Tax Reform\u2014Pillar Two Model Rules (Amendments to IAS 12) as issued by the IASB. The Amendments introduce a temporary mandatory exception from accounting for deferred taxes arising from the Pillar Two model rules, effective immediately and retrospectively, and the Group has applied this exception. The Directors also considered the impact on the Group of new and revised accounting standards, interpretations, or amendments which have been issued but were not effective for the Group for the year ended 30 September 2023. None are expected to have a material impact on the consolidated financial statements when first applied. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-338": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance, and position, are set out in the Strategic Report on pages 1 to 83. In preparing these financial statements, the Directors have reviewed and approved a going concern assessment which considers the liquidity forecast of the Group for the period through to 31 March 2025 (the going concern assessment period). The liquidity forecast reflects the expected impact of the economic environment, including the current inflationary environment. More specifically, full consideration has been given to the potential risks and uncertainties linked to the changing macro-economic environment, and the possible impact on the Group\u2019s customer base. In light of this, we note that the Group\u2019s operational and financially robust position is supported by: \u2022 High-quality recurring and subscription-based revenue; \u2022 Resilient cash generation and robust liquidity, supported by strong underlying cash conversion of 116%, reflecting the strength of the subscription business model; and \u2022 A well-diversified small and medium-sized customer base which is geographically diverse. In preparing the going concern assessment scenario-specific stress testing has been performed, with the level of churn assumptions increasing by 75%, and a significant reduction in the level of new customer acquisition and sales to existing customers. Under these scenarios, the Group continues to have sufficient resources to continue in operational existence without the need to drawdown on its revolving credit facility or seek additional financing. If more severe impacts occur there are further controllable mitigating actions which can be taken to protect liquidity, including the reduction of discretionary spend. Stress testing has also been performed as part of the severe but plausible scenarios (as described within the Viability Statement on pages 82 and 83). The Directors have also reviewed the results of reverse stress testing performed to provide an illustration of the level of churn and deterioration in new customer acquisition which would be required to exhaust cash down to minimum working capital requirements. The result of the reverse stress testing has highlighted that such a scenario would only arise following a highly significant deterioration in performance, well in excess of the assumptions considered in the stress testing scenarios above. The probability of these factors occurring is deemed to be remote given the resilient nature of the subscription business model, robust balance sheet, and continued strong cash conversion. After making enquiries, the Directors have a reasonable expectation that Sage has adequate resources to continue in operational existence throughout the going concern assessment period. Accordingly, the consolidated and parent Company financial information has been prepared on a going concern basis. Further details for adopting the going concern basis are set out in the Directors\u2019 Report on pages 164 to 165",
"dimensions": {
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"language": "en",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-339": {
"value": "Foreign currencies The consolidated financial statements are presented in sterling, which is the functional currency of the parent Company and the presentation currency for the consolidated financial statements. Foreign currency transactions are recorded at the rates of exchange prevailing on the dates of the transactions. Foreign currency monetary items are translated at the rates prevailing at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in profit or loss for the period, except for foreign currency movements on intercompany balances where settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. Foreign exchange movements on external borrowings and derivative financial instruments which are designated as a hedge of the net investment in its related subsidiaries are recognised in the translation reserve. The assets and liabilities of the Group\u2019s subsidiaries outside the UK are translated into sterling using period-end exchange rates. Income and expense items are translated at the average exchange rates for the period. Where differences arise between these rates, they are recognised in other comprehensive income and the translation reserve. Foreign exchange movements on derivative financial instruments which are designated in cash flow hedge relationships are included in the profit or loss for the period, to offset foreign currency movements in the hedged item. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in other comprehensive income are recycled in the income statement as part of the gain or loss on sale, with the exception of exchange differences recorded in equity prior to the transition to IFRS on 1 October 2004, in accordance with IFRS 1 \u201cFirst-time Adoption of International Financial Reporting Standards\u201d. ",
"dimensions": {
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"language": "en",
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}
},
"fact-365": {
"value": "The consolidated financial statements are presented in sterling, which is the functional currency of the parent Company and the presentation currency for the consolidated financial statements.",
"dimensions": {
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"language": "en",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-340": {
"value": "Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, specifically with reference to the disclosures provided in the Strategic Report (see pages 30 to 45). As a business, we are committed to reducing our carbon emissions and target achieving net zero by 2040. We support our customers, small and mid-sized businesses, in achieving net zero by sharing the knowledge, technology and skills to be a driving force for change. We also support more broadly by advocating for enabling policies and standards that support a transition to a low-carbon economy. We recognise the importance of identifying and effectively managing the physical and transitional risks that climate change poses to our operations and consider the impact of climate-related matters, including legislation, on our business. The climate change scenario analyses undertaken in line with Task Force on Climate-related Financial Disclosures (TCFD) recommendations did not identify any material impact on the Group\u2019s financial results, going concern or viability. More specifically: \u2022 In preparing the viability assessment, consideration has been given to the potential impact of climate change over the next three years, as set out in the Strategic Report. \u2022 Climate change related factors on matters including residual values, useful lives and depreciation and amortisation periods which relate to non-current assets have also been considered, with no impact identified at this stage. \u2022 In our future forecasts used for goodwill impairment and the going concern assessment, we have considered the extent to which costs associated with our climate related commitments have been considered, as well as broader societal commitments. These commitments do not have a material impact. \u2022 We have also considered the extent to which climate change could impact longer-term economic growth, which may impact long-term growth rates used in the goodwill impairment test. Sensitivity testing demonstrates that all cash-generating units (CGUs) retain sufficient headroom.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-341": {
"value": "Accounting estimates and judgements The preparation of financial statements requires the use of accounting estimates and judgements by management. It also requires management to exercise its judgement in the process of applying the accounting policies. We continually evaluate our estimates and judgements based on available information. Management has determined that there are no areas of estimation uncertainty that could be significant under IAS 1, \u2018Presentation of Financial Statements\u2019, being areas of estimation uncertainty with a significant risk of a material change to the carrying value of assets and liabilities within the next financial year. Other key estimates are made when preparing the financial statements, which, while not meeting the definition of a significant estimate under IAS 1, involve the measurement of certain material assets or a higher degree of complexity. Significant judgements are those made by management in applying our accounting policies that have a material impact on the amounts presented in the financial statements. Management\u2019s rationale in relation to these key accounting estimates and significant judgements are regularly assessed and, where material in value or in risk, are discussed with the Audit and Risk Committee. These areas are discussed in further detail below: Revenue recognition (judgement) Over a third of the Company\u2019s revenue is generated from sales to business partners rather than end users. The key judgement is determining whether the business partner is a customer of the Group. The key criterion in this determination is whether the business partner has taken control of the product. Considering the nature of Sage\u2019s subscription products and support services, this is usually assessed based on whether the business partner has responsibility for payment, has discretion to set prices, and takes on the risks and rewards of the product from Sage. Where the business partner is a customer of Sage, discounts are recognised as a deduction from revenue. Where the business partner is not a customer of Sage and their part in the sale has simply been in the form of a referral, they are remunerated in the form of a commission payment. These payments are treated as contract acquisition costs (see note 9.1). Goodwill impairment (estimate) The estimates applied in calculating the value in use of the CGUs being tested for impairment are a source of estimation uncertainty. The key estimates considered in the calculation relate to the future performance expectations of the business and include the average medium-term revenue growth rate, the long-term growth rate of net operating cash flows and the discount rate. Further information on these key estimates, as well as the level at which goodwill is monitored and the results of sensitivity analysis are disclosed in note 6.1. Business combinations (judgement and estimate) During the year, the Group finalised the purchase price accounting for Lockstep Network Holdings Inc (\u201cLockstep\u201d), for which the Group acquired 100% of the equity capital and voting rights in August 2022. At the end of the prior year, the amounts recognised relating to the acquisition were provisional. During the current year, the purchase price accounting has been finalised, therefore certain adjustments have been recognised in the year. These adjustments include the recognition of intangible assets and deferred tax liabilities, offset by a reduction in the amount of goodwill provisionally recognised in the prior year. Further explanation of the changes are set out in note 16. Key areas of judgement and estimation include the identification and subsequent measurement of acquired intangible assets, for which an external expert was engaged to support the exercise. The recognised intangible assets included technology and customer relationships. The fair value of the acquired technology was determined using the relief from royalty method and the customer relationship was determined using a discounted cashflow approach. These valuation techniques incorporate several key estimates including revenue forecasts and the application of an appropriate discount rate to state future cash flows at their present value. In addition, the relief from royalty method requires the use of an appropriate royalty rate, which was corroborated against the Group's own royalty rates used for internal transfer pricing purposes as well as external benchmark data. ",
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"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-342": {
"value": "2 Segment information
This note shows how Group revenue and Group operating profit are generated across the three reportable segments in
which we operate, being UK & Ireland, North America and Europe. The Group\u2019s operations in Africa and the Middle East, and
Asia (including Australia) do not meet the quantitative thresholds for disclosure as reportable segments under IFRS 8, and
so are presented together in the analyses and described as Africa & APAC. This is explained further below.
For each geographical region, revenue and operating profit are compared to prior year in order to understand the
movements in the year. This comparison is provided for statutory, underlying, and organic revenue and statutory,
underlying, and organic operating profit.
\u2022 Statutory results reflect the Group\u2019s results prepared in accordance with the requirements of IFRS.
\u2022 \u201cUnderlying\u201d and \u201cunderlying as reported\u201d are non-GAAP measures. Underlying measures are adjusted to exclude items
which in management\u2019s judgement need to be disclosed separately by virtue of their size, nature or frequency. These
measures are considered key measures within the business which aid understanding of the performance for the year
and comparability between periods. The items excluded include both: a) Recurring items which include purchase price
adjustments including amortisation of acquired intangible assets and adjustments made to reduce deferred income
arising on acquisitions, acquisition-related items and unhedged FX on intercompany balances; and b) Non-recurring
items that management judges to be one-off or non-operational such as gains and losses on the disposal of assets,
impairment charges and reversals, and restructuring related costs. Management applies judgement in determining
which items should be excluded from underlying performance. See note 3.6 for details of these adjustments.
In addition, underlying measures are presented on a constant currency basis with prior year amounts translated at
current year exchange rates. Prior year underlying amounts at prior year exchange rates are \u201cunderlying as reported\u201d;
prior year and current year amounts at current year exchange rates are \u201cunderlying\u201d.
\u2022 Organic is a non-GAAP measure. In addition to the adjustments made to the underlying measures, the contributions
from discontinued operations, disposals, and assets held for sale of standalone businesses in the current and prior
period are removed so that results can be compared to the prior year on a like-for-like basis. Results from acquired
businesses are excluded in the year of acquisition. Adjustments are made to the comparative period to present prior
period acquired businesses as if these had been part of the Group throughout the prior period. Acquisitions and
disposals which occurred close to the start of the opening comparative period where the contribution impact would be
immaterial are not adjusted.
In addition, the following reconciliations are made in this note:
\u2022 Statutory revenue per segment reconciled to the statutory profit for the year as per the income statement.
\u2022 Statutory operating profit reconciled to underlying operating profit per segment (detailing the adjustments made).
Non-GAAP measures should not be viewed in isolation, nor are considered as a substitute for measures reported
in accordance with IFRS.
Segment reporting The tables overleaf show a segmental analysis of the results for continuing operations. The revenue analysis in the table overleaf is based on the location of the customer, which is not materially different from the location where the order is received and where the assets are located. Revenue categories are defined in note 3.1. Accounting policy In accordance with IFRS 8 \u201cOperating Segments\u201d, information for the Group\u2019s operating segments has been derived using the information used by the chief operating decision maker. The Group\u2019s Executive Leadership Team (ELT) has been identified as the chief operating decision maker, in accordance with its designated responsibility for the allocation of resources to operating segments and assessing their performance, through the Management Performance Reviews. The ELT uses organic and underlying data to monitor business performance. Operating segments are reported in a manner which is consistent with the operating segments produced for internal management reporting. The Group is organised into seven key operating segments: North America, UK & Ireland, Central Europe (Germany and Austria), France, Iberia (Spain and Portugal), Africa and the Middle East, and Asia (including Australia). For reporting under IFRS 8, the Group is divided into three reportable segments. These segments are as follows: \u2022 North America \u2022 UK & Ireland \u2022 Europe (Central Europe, France, and Iberia) The remaining operating segments of Africa and the Middle East, and Asia (including Australia) do not meet the quantitative thresholds for presentation as separate reportable segments under IFRS 8, and so are presented together and described as Africa & APAC. They include the Group\u2019s operations in South Africa, the Middle East, Australia, Singapore and Malaysia. In previous years, the UK & Ireland reportable segment was presented as Northern Europe, the Europe reportable segment was presented as International\u2014Central and Southern Europe, and the Africa & APAC segment was presented as International\u2014Africa & APAC. The reportable segment Europe reflects the aggregation of the operating segments for Central Europe, France and Iberia. The aggregated operating segments are considered to share similar economic characteristics because they have similar long-term gross margins and operate in similar markets. Central Europe, France and Iberia operate principally within the EU and the majority of their customers are in countries within the EU.2.1 Revenue by segment
Year ended 30 September 2023 Change
Statutory
\u00a3m
Underlying
adjustments
\u00a3m
Underlying
\u00a3m
Organic
adjustments
\u00a3m
Organic
\u00a3m Statutory Underlying Organic
Recurring revenue b
segment
North America
944 \u2013 944 (1) 943 20% 16% 15%
UK & Ireland
466 \u2013 466 \u2013 466 9% 9% 8%
Europe
541 \u2013 541 \u2013 541 10% 7% 8%
Africa & APAC
145 \u2013 145 \u2013 145 4% 13% 13%
Recurring revenue
2,096 \u2013 2,096 (1) 2,095 14% 12% 11%
Other revenue b
segment
North America
29 \u2013 29 \u2013 29
(11%
(14%
(15%
UK & Ireland
5 \u2013 5
(1
4
(20%
(20%
(39%
Europe
43 \u2013 43 \u2013 43
(19%
(21%
(21%
Africa & APAC
11 \u2013 11 \u2013 11
(17%
(12%
2%
Other revenue
88 \u2013 88 (1) 87
(16%
(18%
(18%
Total revenue b
segment
North America
973 \u2013 973
(1)
972 19% 15% 14%
UK & Ireland
471 \u2013 471
(1)
470 9% 8% 7%
Europe
584 \u2013 584 \u2013 584 7% 5% 5%
Africa & APAC
156 \u2013 156 \u2013 156 2% 11% 12%
Total revenue
2,184 \u2013 2,184
(2)
2,182 12% 10% 10%
Year ended 30 September 2023 Change
Statutory
\u00a3m
Underlying
adjustments
\u00a3m
Underlying
\u00a3m
Organic
adjustments
\u00a3m
Organic
\u00a3m Statutory Underlying Organic
Total recurring revenue
by type
Software Subscription Revenue
1,732 \u2013 1,732 (1) 1,731 19% 17% 16%
Other Recurring Revenue
364 \u2013 364 \u2013 364
(4%
(7%
(7%
Recurring revenue
2,096 \u2013 2,096 (1) 2,095 14% 12% 11%
Other revenue
88 \u2013 88 (1) 87
(16%
(18%
(18%
Total revenue
2,184 \u2013 2,184 (2) 2,182 12% 10% 10%
Notes:
* Adjustments relate to the acquisitions of Spherics and Corecon (see note 16).
Year ended 30 September 2022 Statutory \u00a3m Underlying adjustments * \u00a3m Underlying as reported \u00a3m Impact of foreign exchange \u00a3m Underlying \u00a3m Organic Adjustments* * \u00a3m Organic \u00a3m Total recurring revenue b y t y pe Software Subscription Revenue 1,462 2 1,464 20 1,484 8 1,492 Other Recurring Revenue 381 \u2013 381 10 391 (1 ) 390 Recurring revenue 1,843 2 1,845 30 1,875 7 1,882 Other revenue 104 \u2013 104 3 107 (3 ) 104 Total revenue 1,947 2 1,949 33 1,982 4 1,986 Notes: * Adjustments between statutory and underlying numbers are detailed in note 3.6. ** Adjustments relate to the acquisition of Brightpearl, Lockstep and Futrli, and disposal of the Group\u2019s Swiss business and its payroll outsourcing business in South Africa in the prior year. Year ended 30 September 2022 Statutory \u00a3m Underlying adjustments * \u00a3m Underlying as reported \u00a3m Impact of foreign exchange \u00a3m Underlying \u00a3m Organic Adjustments* * \u00a3m Organic \u00a3m Recurring revenue b y segment North America 786 1 787 28 815 6 821 UK & Ireland 427 1 428 1 429 5 434 Europe 490 \u2013 490 13 503 (4 ) 499 Africa & APAC 140 \u2013 140 (12 ) 128 \u2013 128 Recurring revenue 1,843 2 1,845 30 1,875 7 1,882 Other revenue b y segment North America 32 \u2013 32 2 34 \u2013 34 UK & Ireland 6 \u2013 6 \u2013 6 \u2013 6 Europe 53 \u2013 53 2 55 (1 ) 54 Africa & APAC 13 \u2013 13 (1 ) 12 (2 ) 10 Other revenue 104 \u2013 104 3 107 (3 ) 104 Total revenue b y segment North America 818 1 819 30 849 6 855 UK & Ireland 433 1 434 1 435 5 440 Europe 543 \u2013 543 15 558 (5 ) 553 Africa & APAC 153 \u2013 153 (13 ) 140 (2 ) 138 Total revenue 1,947 2 1,949 33 1,982 4 1,9862.2 Operating profit by segment
Year ended 30 September 2023 Change
Statutory
\u00a3m
Underlying
adjustments
\u00a3m
Underlying
\u00a3m
Organic
adjustments
\u00a3m
Organic
\u00a3m Statutory Underlying Organic
Operating profit b
segment
North America
27 71
98 \u2013
98 9% 30% 36%
UK & Ireland
59 55
14
15 2% 6% 14%
Europe
08
0
18 \u2013
18 (29%
25% 26%
Africa & APAC
21 5 26 \u2013 26 (49%
(21%
(21%
Total operating profit 315
41 456
457 (14%
18% 22%
Year ended 30 September 2022
Statutory
\u00a3m
Underlying
adjustments
\u00a3m
Underlying as
reported
\u00a3m
Impact of
foreign
exchange
\u00a3m
Underlying
\u00a3m
Organic
adjustments
\u00a3m
Organic
\u00a3m
Operating profit b
segment
North America 116 30 146 6 152 (6
146
UK & Ireland 58 4
105 1 106 (5
101
Europe 152 (61) 91 4 95 \u2013 95
Africa & APAC 41 (6) 35 (2
33 (1
32
Total operating profit 367 10 377 9 386 (12
374
The results by segment from continuing operations were as follows:
Year ended 30 September 2023 Note
North
America
\u00a3m
UK & Ireland
\u00a3m
Europe
\u00a3m
Total
reportable
segments
\u00a3m
Africa &
APAC
\u00a3m
Group
\u00a3m
Revenue 973 471 584 2,028
56 2,184
Segment statutor
operating profit
27 59
08 294 21 3
5
Finance income 3.5
2
Finance costs 3.5
(45
Profit before income tax 282
Income tax expense 4
71
Profit for the
ear 2
1
Reconciliation of underlying operating profit to statutory operating profit:
Year ended 30 September 2023
North
America
\u00a3m
UK & Ireland
\u00a3m
Europe
\u00a3m
Total
reportable
segments
\u00a3m
Africa &
APAC
\u00a3m
Group
\u00a3m
Underlying operating profit
98
14
18 430 26 456
Amortisation of acquired intangible assets (note 3.6) (26
(23
(3
(52
(2
(54
Other acquisition-related items (note 3.6)
(19
(26
(1
(46
(3
(49
Non-recurring items (note 3.6)
(26
(6
(6
38
\u2013
38
Statutor
operating profit
27 59
08 294 21 315
The results by segment from continuing operations were as follows:
Year ended 30 September 2022 Note
North
America
\u00a3m
UK & Ireland
\u00a3m
Europe
\u00a3m
Total
reportable
segments
\u00a3m
Africa &
APAC
\u00a3m
Group
\u00a3m
Revenue 818 433 543 1,794 153 1,947
Segment statutor
operating profit 116 58 152 326 41 367
Finance income 3.5 1
Finance costs 3.5 (31)
Profit before income tax 337
Income tax expense 4 (77)
Profit for the
ear 260
Reconciliation of underlying operating profit to statutory operating profit:
Year ended 30 September 2022
North
America
\u00a3m
UK & Ireland
\u00a3m
Europe
\u00a3m
Total
reportable
segments
\u00a3m
Africa &
APAC
\u00a3m
Group
\u00a3m
Underlying operating profit 146 105 91 342 35 377
Amortisation of acquired intangible assets (note 3.6) (21) (18) (3) (42) \u2013 (42)
Adjustment to acquired deferred income (note 3.6) (1) (1) \u2013 (2) \u2013 (2)
Other acquisition-related items (note 3.6) (9) (29) (1) (39) \u2013 (39)
Non-recurring items (note 3.6) 1 1 65 67 6 73
Statutor
operating profit 116 58 152 326 41 367
Impairment losses of \u00a322m (2022: \u00a3nil) reported by the Group, and included as a non-recurring item, relate to the impairment of
assets arising from the property restructuring programme. See note 3.6.
2.3 Analysis by geographic location
Management considers countries which generate 10% or more of total Group revenue to be material. Additional disclosures have
been provided below to show the proportion of revenue from these countries.
Revenue by individually significant countries
2023
\u00a3m
2022
\u00a3m
USA 846 702
UK 443 409
France
295 273
Other individually immaterial countries
600 563
2,184 1,947
Management considers countries which contribute 10% or more to total Group non-current assets to be material. Additional
disclosures have been provided below to show the proportion of non-current assets from these countries.
Non-current assets presented below exclude deferred tax assets and financial instruments.
Non-current assets by geographical location
2023
\u00a3m
2022
Restated
\u00a3m
USA
,657 1,848
UK 566 588
France
264 265
Other individually immaterial countries
270 286
2,757 2,987
Notes:
* Restated for finalisation of the fair value assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-418": {
"value": "Accounting policy
In accordance with IFRS 8 \u201cOperating Segments\u201d, information for the Group\u2019s operating segments has been derived using
the information used by the chief operating decision maker. The Group\u2019s Executive Leadership Team (ELT) has been
identified as the chief operating decision maker, in accordance with its designated responsibility for the allocation of
resources to operating segments and assessing their performance, through the Management Performance Reviews. The
ELT uses organic and underlying data to monitor business performance. Operating segments are reported in a manner
which is consistent with the operating segments produced for internal management reporting.
The Group is organised into seven key operating segments: North America, UK & Ireland, Central Europe (Germany and
Austria), France, Iberia (Spain and Portugal), Africa and the Middle East, and Asia (including Australia). For reporting under
IFRS 8, the Group is divided into three reportable segments. These segments are as follows:
\u2022 North America
\u2022 UK & Ireland
\u2022 Europe (Central Europe, France, and Iberia)
The remaining operating segments of Africa and the Middle East, and Asia (including Australia) do not meet the
quantitative thresholds for presentation as separate reportable segments under IFRS 8, and so are presented together and
described as Africa & APAC. They include the Group\u2019s operations in South Africa, the Middle East, Australia, Singapore and
Malaysia.
In previous years, the UK & Ireland reportable segment was presented as Northern Europe, the Europe reportable segment
was presented as International\u2014Central and Southern Europe, and the Africa & APAC segment was presented as
International\u2014Africa & APAC.
The reportable segment Europe reflects the aggregation of the operating segments for Central Europe, France and Iberia.
The aggregated operating segments are considered to share similar economic characteristics because they have similar
long-term gross margins and operate in similar markets. Central Europe, France and Iberia operate principally within the
EU and the majority of their customers are in countries within the EU.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-335": {
"value": "Accounting policy In accordance with IFRS 8 \u201cOperating Segments\u201d, information for the Group\u2019s operating segments has been derived using the information used by the chief operating decision maker. The Group\u2019s Executive Leadership Team (ELT) has been identified as the chief operating decision maker, in accordance with its designated responsibility for the allocation of resources to operating segments and assessing their performance, through the Management Performance Reviews. The ELT uses organic and underlying data to monitor business performance. Operating segments are reported in a manner which is consistent with the operating segments produced for internal management reporting. The Group is organised into seven key operating segments: North America, UK & Ireland, Central Europe (Germany and Austria), France, Iberia (Spain and Portugal), Africa and the Middle East, and Asia (including Australia). For reporting under IFRS 8, the Group is divided into three reportable segments. These segments are as follows: \u2022 North America \u2022 UK & Ireland \u2022 Europe (Central Europe, France, and Iberia) The remaining operating segments of Africa and the Middle East, and Asia (including Australia) do not meet the quantitative thresholds for presentation as separate reportable segments under IFRS 8, and so are presented together and described as Africa & APAC. They include the Group\u2019s operations in South Africa, the Middle East, Australia, Singapore and Malaysia. In previous years, the UK & Ireland reportable segment was presented as Northern Europe, the Europe reportable segment was presented as International\u2014Central and Southern Europe, and the Africa & APAC segment was presented as International\u2014Africa & APAC. The reportable segment Europe reflects the aggregation of the operating segments for Central Europe, France and Iberia. The aggregated operating segments are considered to share similar economic characteristics because they have similar long-term gross margins and operate in similar markets. Central Europe, France and Iberia operate principally within the EU and the majority of their customers are in countries within the EU. Accounting policy The Group reports revenue under two revenue categories and the basis of recognition for each category is described below: Category and examples Accounting treatment Recurring revenue Subscription revenue Other recurring revenue Recurring revenue is revenue earned from customers for the provision of a good or service over a contractual term, with the customer being unable to continue to benefit from the full functionality of the good or service without ongoing payments. Subscription revenue is recurring revenue earned from customers for the provision of a good or service over a contractual term. In the event that the customer stops paying, they lose the legal right to use the software and the Group has the ability to restrict the use of the product or service. Included within subscription revenue are transaction and agent fees for transactions that customers of our software execute through our digital network, some of which is billed on a consumption basis. Other recurring revenue primarily comprises maintenance and support revenue provided over a contractual term. In the event that the customer stops paying, they l ose access to technical product support as well as any non-specified updates, upgrades and enhancements. Subscription revenue and other recurring revenue are usually recognised on a straight-line basis over the term of the contract as control is transferred to the customer (including non-specified upgrades, when included). An exception is revenue from term licences embedded within a subscription contract for software with significant standalone functionality which are expected to recur upon renewal of the subscription offering. Revenue for these term licences is recognised when control is transferred at inception of each subscription contract period. Digital network transaction and agent fees, to the extent billed on a consumption basis, are recognised as the services are utilised. Other revenue Software and software- related services \u2022 Perpetual software licences \u2022 Upgrades to perpetual licences \u2022 Professional services \u2022 Training Revenue relating to perpetual software licences with significant standalone functionality and upgrades to such licenses is recognised when the control relating to the licence has been transferred, which is typically when electronic delivery has taken place. Professional services and training revenue is usually recognised when delivered, or by reference to the stage of completion of the transaction at the end of the reporting period. This assessment is made by comparing the proportion of contract costs incurred to date to the total expected costs to completion. Identification of performance obligations When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (\u201cobligations\u201d) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. Typically, the products and services outlined in the categories of revenue section qualify as separate performance obligations and the portion of the contractual fee allocated (or allocated based on the standalone selling prices) to them is recognised separately. However, certain on-premise subscription contracts, which combine the delivery of on-premise software and maintenance and support services, require unbundling. Sage cloud native services do not require unbundling as the terms do not provide the customer with a right to terminate the hosting contract and take possession of the software. Determination of transaction price and standalone selling prices The Group determines the transaction price it is entitled to in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Contract terms generally are monthly or annual, and customers either pay up-front or over the term of the related service agreement. The transaction price is allocated between the identified obligations according to the relative standalone selling prices (SSPs) of the obligations. The SSP of each obligation deliverable in the contract is determined according to the prices that the Group would obtain by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis. The Group has established a hierarchy to identify the SSPs that are used to allocate the transaction price of a customer contract to the performance obligations in the contract. Where SSPs for on-premise offerings are observable and consistent across the customer base, SSP estimates are derived from pricing history. Where there are no directly observable estimates available, comparable products are utilised as a basis of assessment or the residual approach is used. Under the residual approach, the SSP for the offering is estimated to be the total transaction price less the sum of the observable SSPs of other goods or services in the contract. Timing of recognition Revenue is recognised when the respective obligations in the contract are delivered to the customer and payment remains probable. \u2022 Licences for standard on-premise software products are typically delivered by providing the customer with access to download the software. The licence period starts when such access is granted. Licence revenue is recognised at a point in time or over time depending on whether the Group delivers software with significant standalone functionality or software which is dependent on updates for ongoing functionality. The Group recognises revenue for these licences which have significant standalone functionality at the point in time when the customer has access to and control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue based on time elapsed and thus rateably over the term of the contract. Typically, this includes our payroll and tax compliance software. \u2022 Where the Group\u2019s performance obligation is the grant of a right to continuously access a cloud offering for a certain term, revenue is recognised based on time elapsed and thus rateably over the term. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Under the standardised maintenance and support services, the Group\u2019s performance obligation is to stand ready to provide technical product support and unspecified updates, upgrades, and enhancements on a when-and-if-available basis. The customers simultaneously receive and consume the benefits of these services. \u2022 Professional services and classroom training revenue are typically recognised as they are delivered. Where the Group stands ready to provide the service (such as access to learning content), revenue is recognised based on time elapsed and thus rateably over the service period. \u2022 Consumption-based services (including digital network transaction and agent fees) are recognised as the services are provided. Identification of contract with the customer When the Group sells goods or services through a business partner, a key consideration is determining whether the business partner or the end user is Sage\u2019s customer. The key criterion in this determination is whether the business partner has taken control of the product. Considering the nature of Sage\u2019s subscription products and support services, this is usually assessed based on whether the business partner has responsibility for payment, has discretion to set prices, and takes on the risks and rewards of the product from Sage. See \u201cCritical accounting estimates and judgements\u201d in note 1 for details. Principal versus agent considerations When the Group has control of third-party goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from customers and payments to suppliers are reported on a gross basis in revenue and cost of sales. If the Group does not have control of third-party goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and reported revenue represents the margin earned by the Group. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its supplier. This takes into account whether Sage bears the price, inventory, and performance risks associated with the transaction. Practical expedients As the majority of contracts have a term of one year or less, the Group has applied the following practical expedients: \u2022 The aggregate transaction price allocated to the unsatisfied or partially unsatisfied performance obligations at the end of the reporting period is not disclosed. \u2022 Any financing component is not considered when determining the transaction price. Accounting policy
Cost of sales includes items such as third-party royalties, hosting costs, transaction, and credit card fees related to the
provision of payment processing services and the cost of hardware and inventories. These also include the third-party
costs of providing training and professional services to customers. All other operating expenses incurred in the ordinary
course of business are recorded in selling and administrative expenses.
Accounting policy The Group as lessee The Group recognises lease assets and lease liabilities on the balance sheet for most of its leases to account for the right to use leased items and the obligation to make future lease payments. Lease liabilities are measured at the present value of future lease payments over the lease term. The lease term is determined as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if the option is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if the option is reasonably certain not to be exercised. Lease payments normally include fixed payments (including in-substance fixed payments), a deduction for any lease incentives receivable and variable lease payments that depend on an index or a rate. In the event that a lease includes an exercise price for a purchase option that is reasonably certain to be exercised, or a termination penalty that is reasonably certain to be incurred, these too are included in lease payments as are any amounts expected to be paid under any residual value guarantees. Variable lease payments that do not depend on an index or a rate are not included in the lease liability but are recognised as an expense when incurred. Lease payments are discounted using the incremental borrowing rate applicable to the lease at the lease commencement date, as the rate implicit in the lease cannot normally be readily determined. Lease assets are recognised at the amount of the lease liability, adjusted where applicable for any lease payments made or lease incentives received before commencement of the lease, direct costs incurred at the commencement of the lease and estimated restoration costs to be incurred at the end of the lease. Right-of-use assets are presented within property, plant and equipment, and depreciated on a straight-line basis over the shorter of their useful life and the lease term. Their carrying amounts are measured at cost less accumulated depreciation and impairment losses. Lease liabilities are presented within current and non-current borrowings. Over the lease term, the carrying amounts of lease liabilities are increased to reflect interest on the liability and reduced by the amount of lease payments made. A lease liability is remeasured if there is a modification, a change in the lease term or a change in lease payments. The costs of these leases are recognised in the income statement split between the depreciation of the lease asset and the interest charge on the lease liability. Depreciation is presented within selling and administrative expenses and interest charges within finance costs. This policy applies mainly to the Group\u2019s leases for properties and vehicles. For short-term leases with a lease term of 12 months or less and leases of low-value items, the Group has elected to apply the exemptions available under the standard. For these leases, rentals payable are charged to the income statement on a straight-line basis as an operating expense presented within selling and administrative expenses. Where rent payments are prepaid or accrued, their balances are reported under prepayments and accruals respectively. The low-value exemption has been applied to most of the Group\u2019s leases of IT and other office equipment. The Group leases various office and warehouse properties and vehicles, plant and equipment under non-cancellable lease agreements. Leases of properties have a range of lease terms, up to a maximum of 15 years. Other leases are generally for lease terms of 3 or 4 years. Property leases include various contractual terms, most commonly variable lease payments and termination and extension options. Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. Accounting policy The business is managed and measured on a day-to-day basis using underlying results. To arrive at underlying results, certain adjustments are made for items that are individually important (due to their size, nature, or frequency). Management applies judgement in determining which items should be excluded from underlying performance. Recurring items These are items which occur regularly, but the exclusion of which management considers necessary to aid understanding of the underlying results of the Group. These items mainly relate to merger and acquisition (M&A) related activity. By its nature, M&A activity is variable in its impact but is likely to include amortisation of acquired intangible assets, adjustments to acquired deferred income and acquisition and disposal-related costs, including integration costs relating to an acquired business and acquisition-related remuneration (which are typically incurred over a period of one year or more). Unhedged foreign currency movements on intercompany balances that are charged through the income statement are excluded from underlying results, so that exchange rate impacts do not affect comparisons. Recurring items are adjusted each year irrespective of materiality to ensure consistent treatment. Non-recurring items These are items which are non-recurring and are adjusted on the basis of either their size or their nature. These items can include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals, and restructuring-related costs. Whilst these items are described as non-recurring, similar costs, for example in relation to different restructuring programmes or impairments of other assets, may arise in future periods. As these items are one-off or non-operational in nature, management considers that their exclusion aids understanding of the Group\u2019s underlying business performance. Accounting policy The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognised in the income statement, in the statement of comprehensive income or in equity according to the accounting treatment of the related transaction. Current tax is based on the taxable income for the period and any adjustment in respect of prior periods. Current tax is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases (note 12). Accounting policy Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year, excluding those held as treasury shares and held by the Employee Benefit Trust, which are treated as cancelled, until reissued. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares, exercisable at the end of the year. The Group has one class of dilutive potential ordinary shares which are share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year, where the vesting criteria are achieved at year-end. Accounting policy Goodwill arising from the acquisition of a subsidiary represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. Goodwill is carried at cost less accumulated impairment losses. Goodwill previously written off directly to reserves under UK GAAP prior to 1 October 1998 has not been reinstated and is not recycled to the income statement on the disposal of the business to which it relates. Goodwill is tested for impairment annually and when circumstances indicate that it may be impaired. Goodwill is assessed for the purpose of impairment testing, at either the individual cash generating unit (\u201cCGU\u201d) level or group of CGUs, consistent with the level at which goodwill is monitored internally. Impairment is determined by assessing the recoverable amount of each CGU or group of CGUs to which the goodwill relates. When the recoverable amount of the CGU or group of CGUs is less than its carrying amount, an impairment loss is recognised. At recognition, goodwill is allocated to those CGUs expected to benefit from the synergies of the combination. Accounting policy Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation and impairment charges. The main intangible assets recognised are brands, technology, in-process R&D, computer software, and customer relationships. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Brand names 1 to 20 years Customer relationships 4 to 15 years Technology/In-process R&D (IPR&D) 3 to 8 years Computer software 2 to 7 years Other intangible assets that are acquired by the Group are stated at cost, which is the asset\u2019s purchase price and any directly attributable costs of preparing the asset for its intended use, less accumulated amortisation and impairment losses if applicable. The carrying value of intangibles is reviewed for impairment whenever events indicate that the carrying value may not be recoverable. Internally generated software development costs qualify for capitalisation when the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale; \u2022 Its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset; \u2022 How the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. Generally, commercial viability of new products is not proven until all high-risk development issues have been resolved through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the detailed design phase and formal approval, which occurs just before the products are ready to go to market. Accordingly, development costs have not been capitalised. However, the Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis. Costs which are incurred after the general release of internally generated software or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred and included within research and development expense in the financial statements. Accounting policy Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is provided on a straight-line basis to write down an asset to its residual value over its useful life as follows: Freehold buildings \u2022 Up to 50 years Long leasehold buildings and improvements \u2022 Shorter of lease term and useful life Plant and equipment \u2022 2 to 7 years Motor vehicles \u2022 4 years Office equipment \u2022 2 to 7 years Right-of-use lease assets \u2022 Shorter of lease term and useful life Freehold land is not depreciated. An item of property, plant and equipment is reviewed for impairment whenever events indicate that its carrying value may not be recoverable. Further information on the policy applied to right-of-use lease assets is included in note 3.4. Accounting policy The Group initially recognises its equity investments at cost on the balance sheet as a non-current asset. The Group has irrevocably elected to measure the equity investments currently held at fair value through other comprehensive income, as they are not held for trading. The investments will be measured at fair value at each reporting date (as required under IFRS 9), with changes in fair value of the investments recognised within other comprehensive income. Only dividend income will be recognised within the income statement. Accounting policy Trade receivables and contract assets Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses. The Group uses the term \u201cTrade receivables\u201d for contract receivables. These are recognised when the right to consideration is unconditional. Typically, the Group invoices fees for perpetual licences on contract closure and delivery. For performance obligations satisfied over time, judgement is required in determining whether a right to consideration is unconditional. In such situations, a receivable is recognised for the transaction price of the non-cancellable portion of the contract when the Group starts satisfying the performance obligation. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from the customer a contract asset is recognised. The carrying amounts of trade receivables and contract assets are reduced by allowances for expected credit losses using the simplified approach under IFRS 9. The Group uses a matrix approach to determine the allowance, with default rates assessed for each country in which the Group operates. The default rates applied are based on the ageing of the receivable, past experience of credit losses, and forward-looking information. An allowance for a receivable\u2019s estimated lifetime expected credit losses is first recorded when the receivable is initially recognised, and subsequently adjusted to reflect changes in credit risk until the balance is collected. In the event that management considers that a receivable cannot be collected, the balance is written off. Incremental costs of obtaining customer contracts The incremental costs of obtaining customer contracts are capitalised under IFRS 15. Contract acquisition costs primarily consist of sales commissions earned by the Group\u2019s sales force and business partners. Judgement is required in determining the amounts to be capitalised, particularly where the commissions are based on cumulative targets. The Group capitalises such cumulative target commissions for all customer contracts that count towards the cumulative target but only if nothing other than obtaining customer contracts can contribute to achieving the cumulative target. The capitalised assets are amortised over the period during which the related revenue is recognised, which may extend beyond the initial contract term where the Group expects to benefit from future renewals as a result of incurring the costs. Typically, either the Group does not pay sales commissions for customer contract renewals or such commissions are not commensurate with the commissions paid for new contracts. Consequently, the Group amortises sales commissions paid for new customer contracts on a straight-line basis over the expected contract life including probable contract renewals. Judgement is required in estimating these contract lives. In exercising this judgement, the Group considers respective renewal history adjusted for indications that the renewal history is not fully indicative of future renewals. The amortisation periods range from one year to eight years depending on the type of commission arrangement. Amortisation of the capitalised costs of obtaining customer contracts is reported within selling and administrative expenses. Accounting policy Trade payables and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Accounting policy If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability is recognised. The Group uses the term \u201cdeferred income\u201d for a contract liability. Contract liabilities primarily reflect invoices due or payments received in advance of revenue recognition. Deferred income is unwound as related performance obligations are satisfied. Accounting policy A provision is recognised only when all three of the following conditions are met: \u2022 The Group has a present obligation (legal or constructive) as a result of a past event; \u2022 It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and \u2022 A reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the present value of the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, i.e. the present value of the amount that the Group would rationally pay to settle the obligation at the balance sheet date or to transfer it to a third party. Accounting policy Obligations under defined contribution schemes are recognised as an operating cost in the income statement as incurred. The Group also operates a small post-employment benefit scheme in France. The assets of this scheme are held separately from the assets of the Group. Under French legislation, the Group is required to make one-off payments to employees in France who reach retirement age while still in employment. The costs of providing benefits under this scheme are determined using the projected unit credit actuarial valuation method. The current service cost and gains and losses on settlements and curtailments are included in selling and administrative expenses in the income statement. Past service costs should be recognised on the earlier of the date of the plan amendment and the date the Group recognises restructuring-related costs. Interest on the benefit plan assets and the imputed interest on benefit plan liabilities are included within selling and administrative expenses in the income statement. Changes in the post-employment benefit obligation due to experience and changes in actuarial assumptions are included in the statement of comprehensive income in full in the period in which they arise. The liability recognised on the balance sheet in respect of the defined benefit scheme is the present value of the defined benefit obligation and future administration costs at the end of the reporting period, less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximate to the terms of the related benefit obligation liability. The calculation of the defined benefit obligation of a defined benefit plan requires estimation of future events, for example salary and pension increases, inflation and mortality rates. In the event that future experience does not bear out the estimates made in previous years, an adjustment will be made to the plan\u2019s defined benefit obligation in future periods which could have a material effect on the Group. A sensitivity analysis has been performed on the significant assumptions. The significant assumptions are deemed to be the discount rate and salary increases, as these are most likely to have a material impact on the defined benefit obligations. The analysis has been performed by the independent actuaries. Accounting policy Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on tax rates that have been enacted or substantively enacted at the end of the reporting period. Tax assets and liabilities are offset when there is a legally enforceable right and there is an intention to settle the balances net. Accounting policy For the purpose of preparation of the consolidated statement of cash flows and the consolidated balance sheet, cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity period of three months or less. Bank overdrafts that are an integral part of a subsidiary\u2019s cash management are included in cash and cash equivalents where they have a legal right of set-off and there is an intention to settle net, against positive cash balances, otherwise bank overdrafts are classified as borrowings. Cash and cash equivalents are measured at amortised cost. Accounting policy Interest-bearing borrowings are recognised initially at fair value less attributable issue costs, which are amortised over the period of the borrowings. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of borrowing on an effective interest basis. Further information on the policy applied to lease liabilities is included in note 3.4. Accounting policy Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and either has also transferred substantially all the risks and rewards of the asset or has neither transferred nor retained substantially all the risks and rewards of the asset but no longer has control of the asset. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, or expires. The Group may use derivative financial instruments to manage its exposures to fluctuating foreign exchange rates and foreign currency cash flows in relation to external borrowings. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At the inception of designated hedge relationships, the Group documents its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items. Accounting policy On transition to IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39. The Group applies hedge accounting to external borrowings and cross-currency interest rate swap contracts that are designated as a hedge of a net investment in foreign operations. The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation which is determined to be an effective hedge is recognised in other comprehensive income and accumulated in the foreign currency translation reserve. The ineffective portion is recognised immediately in profit or loss. On disposal of the net investment, the foreign exchange gains and losses on the hedging instrument are recycled to the income statement from equity. Where borrowings denominated in a currency other than sterling, or cross-currency interest rate swap contracts, are used to hedge the Group\u2019s exposure to foreign currency exchange movements of its net investment in its subsidiaries, these relationships are designated as net investment hedges for accounting purposes. The hedges are documented and assessed for effectiveness on an ongoing basis. The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and Parent Company, regardless of whether the net investment is held directly or through an intermediate parent. The Group applies cash flow hedge accounting to cross-currency interest rate swap contracts that are designated as a hedge of cash flows arising from foreign currency denominated borrowings. The effective portion of changes in the fair value of such a derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in fair value of the derivative that is recognised in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve are immediately reclassified to profit or loss. The Group designates the change in fair value of the forward element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. Accounting policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company until the shares are cancelled or reissued. Accounting policy Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest allowing for the effect of non market-based vesting conditions. Fair value is measured using the Black-Scholes or the Monte Carlo pricing models, based on observable market prices. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non- transferability, exercise restrictions and behavioural considerations. All outstanding Sage Performance Share Plans (PSPs) are subject to some non-market performance conditions. The element of the income statement charge relating to market performance conditions is fixed at the grant date. At the end of the reporting period, the Group revises its estimates for the number of awards expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. Accounting policy Dividends are recognised through equity when approved by the Company\u2019s shareholders or on payment, whichever is earlier. Accounting policy Acquisitions: The acquisition of subsidiaries is accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair values at the acquisition date. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability are recognised in the income statement. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the difference is recognised directly in the consolidated income statement. Any subsequent adjustment to reflect changes in consideration arising from contingent consideration amendments is recognised in the consolidated income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Acquisition-related items such as legal or professional fees are expensed to the income statement as incurred. Acquisitions of certain legal entities can be accounted for as an asset acquisition, rather than a business combination, when they satisfy the \u2018concentration test\u2019 exemption under IFRS 3 \u201cBusiness Combinations\u201d. This is often the case where the value of the acquired legal entity largely comprises a single asset or technology. Where this is applied, no goodwill is recognised as part of the acquisition accounting. Businesses held for sale and discontinued operations: The Group classifies the assets and liabilities of a business as held for sale if their carrying amounts will be recovered principally through a sale of the business rather than through continuing use. These assets and liabilities are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for classification as held for sale are met only when the sale is highly probable and the business is available for immediate sale in its present condition. Actions required to complete the sale must indicate that it is unlikely that significant changes will be made to the plan or that the decision to sell will be withdrawn. Management must be committed to the sale and completion must be expected within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. A business qualifies as a discontinued operation if it is a component of the Group that either has been disposed of, or is classified as held for sale, and: \u2022 Represents a separate major line of business or geographical area of operations; and \u2022 Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations in both the current and prior years and are presented as a single amount in the consolidated income statement as profit or loss on discontinued operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-366": {
"value": "2.1 Revenue by segment Year ended 30 September 2023 Change Statutory \u00a3m Underlying adjustments \u00a3m Underlying \u00a3m Organic adjustments * \u00a3m Organic \u00a3m Statutory Underlying Organic Recurring revenue b y segment North America 944 \u2013 944 (1) 943 20% 16% 15% UK & Ireland 466 \u2013 466 \u2013 466 9% 9% 8% Europe 541 \u2013 541 \u2013 541 10% 7% 8% Africa & APAC 145 \u2013 145 \u2013 145 4% 13% 13% Recurring revenue 2,096 \u2013 2,096 (1) 2,095 14% 12% 11% Other revenue b y segment North America 29 \u2013 29 \u2013 29 (11% ) (14% ) (15% ) UK & Ireland 5 \u2013 5 (1 ) 4 (20% ) (20% ) (39% ) Europe 43 \u2013 43 \u2013 43 (19% ) (21% ) (21% ) Africa & APAC 11 \u2013 11 \u2013 11 (17% ) (12% ) 2% Other revenue 88 \u2013 88 (1) 87 (16% ) (18% ) (18% ) Total revenue b y segment North America 973 \u2013 973 (1) 972 19% 15% 14% UK & Ireland 471 \u2013 471 (1) 470 9% 8% 7% Europe 584 \u2013 584 \u2013 584 7% 5% 5% Africa & APAC 156 \u2013 156 \u2013 156 2% 11% 12% Total revenue 2,184 \u2013 2,184 (2) 2,182 12% 10% 10% Year ended 30 September 2023 Change Statutory \u00a3m Underlying adjustments \u00a3m Underlying \u00a3m Organic adjustments * \u00a3m Organic \u00a3m Statutory Underlying Organic Total recurring revenue by type Software Subscription Revenue 1,732 \u2013 1,732 (1) 1,731 19% 17% 16% Other Recurring Revenue 364 \u2013 364 \u2013 364 (4% ) (7% ) (7% ) Recurring revenue 2,096 \u2013 2,096 (1) 2,095 14% 12% 11% Other revenue 88 \u2013 88 (1) 87 (16% ) (18% ) (18% ) Total revenue 2,184 \u2013 2,184 (2) 2,182 12% 10% 10% Notes: * Adjustments relate to the acquisitions of Spherics and Corecon (see note 16). Year ended 30 September 2022
Statutory
\u00a3m
Underlying
adjustments
\u00a3m
Underlying
as reported
\u00a3m
Impact of
foreign
exchange
\u00a3m
Underlying
\u00a3m
Organic
Adjustments*
\u00a3m
Organic
\u00a3m
Total recurring revenue b
t
pe
Software Subscription Revenue 1,462 2 1,464 20 1,484 8 1,492
Other Recurring Revenue 381 \u2013 381 10 391 (1
390
Recurring revenue 1,843 2 1,845 30 1,875 7 1,882
Other revenue 104 \u2013 104 3 107 (3
104
Total revenue 1,947 2 1,949 33 1,982 4 1,986
Notes:
* Adjustments between statutory and underlying numbers are detailed in note 3.6.
** Adjustments relate to the acquisition of Brightpearl, Lockstep and Futrli, and disposal of the Group\u2019s Swiss business and its payroll outsourcing business in
South Africa in the prior year.
Year ended 30 September 2022
Statutory
\u00a3m
Underlying
adjustments
\u00a3m
Underlying
as reported
\u00a3m
Impact of
foreign
exchange
\u00a3m
Underlying
\u00a3m
Organic
Adjustments*
\u00a3m
Organic
\u00a3m
Recurring revenue b
segment
North America 786 1 787 28 815 6 821
UK & Ireland 427 1 428 1 429 5 434
Europe 490 \u2013 490 13 503 (4
499
Africa & APAC 140 \u2013 140 (12
128 \u2013 128
Recurring revenue 1,843 2 1,845 30 1,875 7 1,882
Other revenue b
segment
North America 32 \u2013 32 2 34 \u2013 34
UK & Ireland 6 \u2013 6 \u2013 6 \u2013 6
Europe 53 \u2013 53 2 55 (1
54
Africa & APAC 13 \u2013 13 (1
12 (2
10
Other revenue 104 \u2013 104 3 107 (3
104
Total revenue b
segment
North America 818 1 819 30 849 6 855
UK & Ireland 433 1 434 1 435 5 440
Europe 543 \u2013 543 15 558 (5
553
Africa & APAC 153 \u2013 153 (13
140 (2
138
Total revenue 1,947 2 1,949 33 1,982 4 1,986
3.1 Revenue Accounting policy The Group reports revenue under two revenue categories and the basis of recognition for each category is described below: Category and examples Accounting treatment Recurring revenue Subscription revenue Other recurring revenue Recurring revenue is revenue earned from customers for the provision of a good or service over a contractual term, with the customer being unable to continue to benefit from the full functionality of the good or service without ongoing payments. Subscription revenue is recurring revenue earned from customers for the provision of a good or service over a contractual term. In the event that the customer stops paying, they lose the legal right to use the software and the Group has the ability to restrict the use of the product or service. Included within subscription revenue are transaction and agent fees for transactions that customers of our software execute through our digital network, some of which is billed on a consumption basis. Other recurring revenue primarily comprises maintenance and support revenue provided over a contractual term. In the event that the customer stops paying, they l ose access to technical product support as well as any non-specified updates, upgrades and enhancements. Subscription revenue and other recurring revenue are usually recognised on a straight-line basis over the term of the contract as control is transferred to the customer (including non-specified upgrades, when included). An exception is revenue from term licences embedded within a subscription contract for software with significant standalone functionality which are expected to recur upon renewal of the subscription offering. Revenue for these term licences is recognised when control is transferred at inception of each subscription contract period. Digital network transaction and agent fees, to the extent billed on a consumption basis, are recognised as the services are utilised. Other revenue Software and software- related services \u2022 Perpetual software licences \u2022 Upgrades to perpetual licences \u2022 Professional services \u2022 Training Revenue relating to perpetual software licences with significant standalone functionality and upgrades to such licenses is recognised when the control relating to the licence has been transferred, which is typically when electronic delivery has taken place. Professional services and training revenue is usually recognised when delivered, or by reference to the stage of completion of the transaction at the end of the reporting period. This assessment is made by comparing the proportion of contract costs incurred to date to the total expected costs to completion. Identification of performance obligations When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (\u201cobligations\u201d) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. Typically, the products and services outlined in the categories of revenue section qualify as separate performance obligations and the portion of the contractual fee allocated (or allocated based on the standalone selling prices) to them is recognised separately. However, certain on-premise subscription contracts, which combine the delivery of on-premise software and maintenance and support services, require unbundling. Sage cloud native services do not require unbundling as the terms do not provide the customer with a right to terminate the hosting contract and take possession of the software. Determination of transaction price and standalone selling prices The Group determines the transaction price it is entitled to in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Contract terms generally are monthly or annual, and customers either pay up-front or over the term of the related service agreement. The transaction price is allocated between the identified obligations according to the relative standalone selling prices (SSPs) of the obligations. The SSP of each obligation deliverable in the contract is determined according to the prices that the Group would obtain by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis. The Group has established a hierarchy to identify the SSPs that are used to allocate the transaction price of a customer contract to the performance obligations in the contract. Where SSPs for on-premise offerings are observable and consistent across the customer base, SSP estimates are derived from pricing history. Where there are no directly observable estimates available, comparable products are utilised as a basis of assessment or the residual approach is used. Under the residual approach, the SSP for the offering is estimated to be the total transaction price less the sum of the observable SSPs of other goods or services in the contract. Timing of recognition Revenue is recognised when the respective obligations in the contract are delivered to the customer and payment remains probable. \u2022 Licences for standard on-premise software products are typically delivered by providing the customer with access to download the software. The licence period starts when such access is granted. Licence revenue is recognised at a point in time or over time depending on whether the Group delivers software with significant standalone functionality or software which is dependent on updates for ongoing functionality. The Group recognises revenue for these licences which have significant standalone functionality at the point in time when the customer has access to and control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue based on time elapsed and thus rateably over the term of the contract. Typically, this includes our payroll and tax compliance software. \u2022 Where the Group\u2019s performance obligation is the grant of a right to continuously access a cloud offering for a certain term, revenue is recognised based on time elapsed and thus rateably over the term. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Under the standardised maintenance and support services, the Group\u2019s performance obligation is to stand ready to provide technical product support and unspecified updates, upgrades, and enhancements on a when-and-if-available basis. The customers simultaneously receive and consume the benefits of these services. \u2022 Professional services and classroom training revenue are typically recognised as they are delivered. Where the Group stands ready to provide the service (such as access to learning content), revenue is recognised based on time elapsed and thus rateably over the service period. \u2022 Consumption-based services (including digital network transaction and agent fees) are recognised as the services are provided. Identification of contract with the customer When the Group sells goods or services through a business partner, a key consideration is determining whether the business partner or the end user is Sage\u2019s customer. The key criterion in this determination is whether the business partner has taken control of the product. Considering the nature of Sage\u2019s subscription products and support services, this is usually assessed based on whether the business partner has responsibility for payment, has discretion to set prices, and takes on the risks and rewards of the product from Sage. See \u201cCritical accounting estimates and judgements\u201d in note 1 for details. Principal versus agent considerations When the Group has control of third-party goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from customers and payments to suppliers are reported on a gross basis in revenue and cost of sales. If the Group does not have control of third-party goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and reported revenue represents the margin earned by the Group. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its supplier. This takes into account whether Sage bears the price, inventory, and performance risks associated with the transaction. Practical expedients As the majority of contracts have a term of one year or less, the Group has applied the following practical expedients: \u2022 The aggregate transaction price allocated to the unsatisfied or partially unsatisfied performance obligations at the end of the reporting period is not disclosed. \u2022 Any financing component is not considered when determining the transaction price. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-394": {
"value": "2.2 Operating profit by segment Year ended 30 September 2023 Change Statutory \u00a3m Underlying adjustments \u00a3m Underlying \u00a3m Organic adjustments \u00a3m Organic \u00a3m Statutory Underlying Organic Operating profit b y segment North America 1 27 71 1 98 \u2013 1 98 9% 30% 36% UK & Ireland 59 55 1 14 1 1 15 2% 6% 14% Europe 1 08 1 0 1 18 \u2013 1 18 (29% ) 25% 26% Africa & APAC 21 5 26 \u2013 26 (49% ) (21% ) (21% ) Total operating profit 315 1 41 456 1 457 (14% ) 18% 22% Year ended 30 September 2022 Statutory \u00a3m Underlying adjustments \u00a3m Underlying as reported \u00a3m Impact of foreign exchange \u00a3m Underlying \u00a3m Organic adjustments \u00a3m Organic \u00a3m Operating profit b y segment North America 116 30 146 6 152 (6 ) 146 UK & Ireland 58 4 7 105 1 106 (5 ) 101 Europe 152 (61) 91 4 95 \u2013 95 Africa & APAC 41 (6) 35 (2 ) 33 (1 ) 32 Total operating profit 367 10 377 9 386 (12 ) 374 The results by segment from continuing operations were as follows: Year ended 30 September 2023 Note North America \u00a3m UK & Ireland \u00a3m Europe \u00a3m Total reportable segments \u00a3m Africa & APAC \u00a3m Group \u00a3m Revenue 973 471 584 2,028 1 56 2,184 Segment statutor y operating profit 1 27 59 1 08 294 21 3 1 5 Finance income 3.5 1 2 Finance costs 3.5 (45 ) Profit before income tax 282 Income tax expense 4 ( 71 ) Profit for the y ear 2 1 1 Reconciliation of underlying operating profit to statutory operating profit: Year ended 30 September 2023 North America \u00a3m UK & Ireland \u00a3m Europe \u00a3m Total reportable segments \u00a3m Africa & APAC \u00a3m Group \u00a3m Underlying operating profit 1 98 1 14 1 18 430 26 456 Amortisation of acquired intangible assets (note 3.6) (26 ) (23 ) (3 ) (52 ) (2 ) (54 ) Other acquisition-related items (note 3.6) (19 ) (26 ) (1 ) (46 ) (3 ) (49 ) Non-recurring items (note 3.6) (26 ) (6 ) (6 ) ( 38 ) \u2013 ( 38 ) Statutor y operating profit 1 27 59 1 08 294 21 315 The results by segment from continuing operations were as follows: Year ended 30 September 2022 Note North America \u00a3m UK & Ireland \u00a3m Europe \u00a3m Total reportable segments \u00a3m Africa & APAC \u00a3m Group \u00a3m Revenue 818 433 543 1,794 153 1,947 Segment statutor y operating profit 116 58 152 326 41 367 Finance income 3.5 1 Finance costs 3.5 (31) Profit before income tax 337 Income tax expense 4 (77) Profit for the y ear 260 Reconciliation of underlying operating profit to statutory operating profit: Year ended 30 September 2022 North America \u00a3m UK & Ireland \u00a3m Europe \u00a3m Total reportable segments \u00a3m Africa & APAC \u00a3m Group \u00a3m Underlying operating profit 146 105 91 342 35 377 Amortisation of acquired intangible assets (note 3.6) (21) (18) (3) (42) \u2013 (42) Adjustment to acquired deferred income (note 3.6) (1) (1) \u2013 (2) \u2013 (2) Other acquisition-related items (note 3.6) (9) (29) (1) (39) \u2013 (39) Non-recurring items (note 3.6) 1 1 65 67 6 73 Statutor y operating profit 116 58 152 326 41 367 Impairment losses of \u00a322m (2022: \u00a3nil) reported by the Group, and included as a non-recurring item, relate to the impairment of assets arising from the property restructuring programme. See note 3.6.3 Profit before income tax
This note sets out the Group\u2019s profit before tax, by looking in more detail at the key operating costs, including
a breakdown of the costs incurred as an employer, research and development costs, the cost of the external audit of the
Group\u2019s financial statements, and finance costs. This note also sets out the Group\u2019s revenue recognition policy.
In addition, this note explains the accounting applied to leases entered into by the Group as a lessee and analyses the
amounts recognised for leases on the balance sheet and in the income statement.
This note also provides a breakdown of any material recurring and non-recurring items that have been reported separately
on the face of the income statement.
3.1 Revenue
Accounting policy
The Group reports revenue under two revenue categories and the basis of recognition for each category is described
below:
Category and examples Accounting treatment
Recurring revenue
Subscription revenue
Other recurring revenue
Recurring revenue is revenue earned from customers for the provision of a good or
service over a contractual term, with the customer being unable to continue to
benefit from the full functionality of the good or service without ongoing payments.
Subscription revenue is recurring revenue earned from customers for the provision
of a good or service over a contractual term. In the event that the customer stops
paying, they lose the legal right to use the software and the Group has the ability
to restrict the use of the product or service. Included within subscription revenue are
transaction and agent fees for transactions that customers of our software
execute through our digital network, some of which is billed on a consumption basis.
Other recurring revenue primarily comprises maintenance and support revenue
provided over a contractual term. In the event that the customer stops paying, they
ose access to technical product support as well as any non-specified updates,
upgrades and enhancements.
Subscription revenue and other recurring revenue are usually recognised on a
straight-line basis over the term of the contract as control is transferred to the
customer (including non-specified upgrades, when included). An exception is
revenue from term licences embedded within a subscription contract for software
with significant standalone functionality which are expected to recur upon renewal
of the subscription offering. Revenue for these term licences is recognised when
control is transferred at inception of each subscription contract period. Digital
network transaction and agent fees, to the extent billed on a consumption basis, are
recognised as the services are utilised.
Other revenue
Software and software-
related services
\u2022 Perpetual software licences
\u2022 Upgrades to perpetual licences
\u2022 Professional services
\u2022 Training
Revenue relating to perpetual software licences with significant standalone
functionality and upgrades to such licenses is recognised when the control relating
to the licence has been transferred, which is typically when electronic delivery has
taken place.
Professional services and training revenue is usually recognised when delivered, or
by reference to the stage of completion of the transaction at the end of the reporting
period. This assessment is made by comparing the proportion of contract costs
incurred to date to the total expected costs to completion.
Identification of performance obligations
When the Group enters into an agreement with a customer, goods and services deliverable under the contract are
identified as separate performance obligations (\u201cobligations\u201d) to the extent that the customer can benefit from the goods
or services on their own and that the separate goods and services are considered distinct from other goods and services in
the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they
are aggregated with other goods and/or services in the agreement until a separate obligation is identified.
Typically, the products and services outlined in the categories of revenue section qualify as separate performance
obligations and the portion of the contractual fee allocated (or allocated based on the standalone selling prices) to them
is recognised separately. However, certain on-premise subscription contracts, which combine the delivery of on-premise
software and maintenance and support services, require unbundling. Sage cloud native services do not require
unbundling as the terms do not provide the customer with a right to terminate the hosting contract and take possession of
the software.
Determination of transaction price and standalone selling prices
The Group determines the transaction price it is entitled to in return for providing the promised obligations to the
customer based on the committed contractual amounts, net of sales taxes and discounts. Contract terms generally are
monthly or annual, and customers either pay up-front or over the term of the related service agreement.
The transaction price is allocated between the identified obligations according to the relative standalone selling prices
(SSPs) of the obligations. The SSP of each obligation deliverable in the contract is determined according to the prices
that the Group would obtain by selling the same goods and/or services included in the obligation to a similar customer on
a standalone basis. The Group has established a hierarchy to identify the SSPs that are used to allocate the transaction
price of a customer contract to the performance obligations in the contract. Where SSPs for on-premise offerings are
observable and consistent across the customer base, SSP estimates are derived from pricing history. Where there are no
directly observable estimates available, comparable products are utilised as a basis of assessment or the residual
approach is used. Under the residual approach, the SSP for the offering is estimated to be the total transaction price less
the sum of the observable SSPs of other goods or services in the contract.
Timing of recognition
Revenue is recognised when the respective obligations in the contract are delivered to the customer and payment remains
probable.
\u2022 Licences for standard on-premise software products are typically delivered by providing the customer with access to
download the software. The licence period starts when such access is granted. Licence revenue is recognised at a point
in time or over time depending on whether the Group delivers software with significant standalone functionality or
software which is dependent on updates for ongoing functionality. The Group recognises revenue for these licences
which have significant standalone functionality at the point in time when the customer has access to and control over
the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue
based on time elapsed and thus rateably over the term of the contract. Typically, this includes our payroll and tax
compliance software.
\u2022 Where the Group\u2019s performance obligation is the grant of a right to continuously access a cloud offering for a certain
term, revenue is recognised based on time elapsed and thus rateably over the term.
\u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the
support arrangement. Under the standardised maintenance and support services, the Group\u2019s performance obligation
is to stand ready to provide technical product support and unspecified updates, upgrades, and enhancements on a
when-and-if-available basis. The customers simultaneously receive and consume the benefits of these services.
\u2022 Professional services and classroom training revenue are typically recognised as they are delivered. Where the Group
stands ready to provide the service (such as access to learning content), revenue is recognised based on time elapsed
and thus rateably over the service period.
\u2022 Consumption-based services (including digital network transaction and agent fees) are recognised as the services are
provided.
Identification of contract with the customer
When the Group sells goods or services through a business partner, a key consideration is determining whether the
business partner or the end user is Sage\u2019s customer. The key criterion in this determination is whether the business
partner has taken control of the product. Considering the nature of Sage\u2019s subscription products and support services, this
is usually assessed based on whether the business partner has responsibility for payment, has discretion to set prices, and
takes on the risks and rewards of the product from Sage. See \u201cCritical accounting estimates and judgements\u201d in note 1
for details.
3.2 Operating profit Accounting policy Cost of sales includes items such as third-party royalties, hosting costs, transaction, and credit card fees related to the provision of payment processing services and the cost of hardware and inventories. These also include the third-party costs of providing training and professional services to customers. All other operating expenses incurred in the ordinary course of business are recorded in selling and administrative expenses. The following items have been included in arriving at operating profit from continuing operations Note 2023 \u00a3m 2022 \u00a3m Staff costs 1 ,048 905 Depreciation of property, plant and equipment 7 39 41 Impairment of property, plant and equipment 3.6, 7 22 \u2013 Amortisation of intangible assets 6.2 69 56 Customer acquisition amortisation expense 9.1 1 47 123 Gain on disposal of subsidiaries 3.6 \u2013 (53) Other M&A activity-related items 3.6 49 39 The Group incurred \u00a3342m (2022: \u00a3302m) of research and development expenditure in the year, of which \u00a3295m (2022: \u00a3257m) relates to total Group staff costs included above. See note 6.2 for the research and development accounting policy. Services provided by the Group\u2019s auditor and network firms During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below: 2023 \u00a3m 2022 \u00a3m Fees payable to the Group\u2019s auditor for the audit of the Company and the consolidated accounts 3 2 Fees payable to the Group\u2019s auditor for the audit of the Company\u2019s subsidiaries 3 3 Total fees 6 5 Fees payable to the Group\u2019s auditor for audit-related assurance services (including costs relating to the half year review) and other non-audit services were \u00a3nil (2022: \u00a3nil). A summary of the Board\u2019s policy in respect of the procurement of non-audit services for the Group\u2019s auditor is set out on pages 126 and 127. Principal versus agent considerations When the Group has control of third-party goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from customers and payments to suppliers are reported on a gross basis in revenue and cost of sales. If the Group does not have control of third-party goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and reported revenue represents the margin earned by the Group. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its supplier. This takes into account whether Sage bears the price, inventory, and performance risks associated with the transaction. Practical expedients As the majority of contracts have a term of one year or less, the Group has applied the following practical expedients: \u2022 The aggregate transaction price allocated to the unsatisfied or partially unsatisfied performance obligations at the end of the reporting period is not disclosed. \u2022 Any financing component is not considered when determining the transaction price.3.3 Employees and Directors
Average monthly number of people employed (including Directors)
2023
number
2022
number
By segment:
North America 2,823 2,640
UK & Ireland
3,998 3,686
Europe
3,490 3,715
Africa & APAC
,254 1,187
1,565 11,228
Staff costs (including Directors on service contracts) Note
2023
\u00a3m
2022
\u00a3m
Wages and salaries 922 802
Social security costs
19 102
Post-employment benefits 11
30 24
Share-based payments 15.2
49 36
,120 964
Staff costs include a total of \u00a372m of capitalised commission costs which are amortised over the expected contract life
including probable contract renewals (2022: \u00a359m), see note 9.1.
Key management compensation
2023
\u00a3m
2022
\u00a3m
Salaries and short-term employee benefits
0 10
Share-based payments 7 5
7 15
Key management personnel are deemed to be members of the Group\u2019s Executive Leadership Team and the Non-executive
Directors as shown on pages 88 to 91.
3.4 Leases
Accounting policy
The Group as lessee
The Group recognises lease assets and lease liabilities on the balance sheet for most of its leases to account for the right
to use leased items and the obligation to make future lease payments. Lease liabilities are measured at the present value
of future lease payments over the lease term. The lease term is determined as the non-cancellable term of the lease,
together with any periods covered by an option to extend the lease if the option is reasonably certain to be exercised, or
any periods covered by an option to terminate the lease, if the option is reasonably certain not to be exercised. Lease
payments normally include fixed payments (including in-substance fixed payments), a deduction for any lease incentives
receivable and variable lease payments that depend on an index or a rate. In the event that a lease includes an exercise
price for a purchase option that is reasonably certain to be exercised, or a termination penalty that is reasonably certain
to be incurred, these too are included in lease payments as are any amounts expected to be paid under any residual value
guarantees. Variable lease payments that do not depend on an index or a rate are not included in the lease liability but are
recognised as an expense when incurred.
Lease payments are discounted using the incremental borrowing rate applicable to the lease at the lease commencement
date, as the rate implicit in the lease cannot normally be readily determined. Lease assets are recognised at the amount
of the lease liability, adjusted where applicable for any lease payments made or lease incentives received before
commencement of the lease, direct costs incurred at the commencement of the lease and estimated restoration costs to
be incurred at the end of the lease.
Right-of-use assets are presented within property, plant and equipment, and depreciated on a straight-line basis over the
shorter of their useful life and the lease term. Their carrying amounts are measured at cost less accumulated depreciation
and impairment losses. Lease liabilities are presented within current and non-current borrowings. Over the lease term, the
carrying amounts of lease liabilities are increased to reflect interest on the liability and reduced by the amount of lease
payments made. A lease liability is remeasured if there is a modification, a change in the lease term or a change in lease
payments. The costs of these leases are recognised in the income statement split between the depreciation of the lease
asset and the interest charge on the lease liability. Depreciation is presented within selling and administrative expenses
and interest charges within finance costs.
This policy applies mainly to the Group\u2019s leases for properties and vehicles. For short-term leases with a lease term of 12
months or less and leases of low-value items, the Group has elected to apply the exemptions available under the standard.
For these leases, rentals payable are charged to the income statement on a straight-line basis as an operating expense
presented within selling and administrative expenses. Where rent payments are prepaid or accrued, their balances are
reported under prepayments and accruals respectively. The low-value exemption has been applied to most of the Group\u2019s
leases of IT and other office equipment.
The Group leases various office and warehouse properties and vehicles, plant and equipment under non-cancellable lease
agreements. Leases of properties have a range of lease terms, up to a maximum of 15 years. Other leases are generally for
lease terms of 3 or 4 years. Property leases include various contractual terms, most commonly variable lease payments
and termination and extension options.
The carrying amounts of right-of-use assets and their movements during the year are presented in note 7.
The carrying amounts of lease liabilities and their movements during the year are below.
Note
2023
\u00a3m
2022
\u00a3m
At 1 October 95 100
\u2022 Additions
5 6
\u2022 Disposals
(1
\u2013
\u2022 Interest charge in the year
3 3
\u2022 Payment of lease liabilities
(21
(22)
\u2022 Exchange movement
(5
8
At 30 September 86 95
Presented as
Borrowings\u2014current 13.4
4 17
Borrowings\u2014non-current 13.4
72 78
The maturity analysis of lease liabilities is included in note 13.2.
Amounts recognised in profit and loss for leases are as follows:
Note
2023
\u00a3m
2022
\u00a3m
Depreciation of right-of-use assets
9 19
Impairment of right-of-use assets
9 \u2013
Interest expense charge on lease liabilities 3.5
3 3
Lease expense from short-term leases and leases of low-value assets
(included in selling and administrative expenses)
5 4
46 26
Total cash outflows for leases in the year, including interest payments and outflows related to short-term leases and leases of
low-value assets, was \u00a326m (2022: \u00a326m). Cashflows in relation to short-term leases and leases of low values assets are reported
as part of cash flows from operating activities.
Impairment of right-of-use assets of \u00a319m (2022: \u00a3nil) relates to the property restructuring costs incurred in the year, with an
additional \u00a33m (2022: \u00a3nil) of impairment costs incurred for other related fixed assets (see note 3.6).
The Group is exposed to potential future increases in variable lease payments that are based on an index or rate, which are
initially measured as at the commencement date, with any future changes in the index or rate excluded from the lease liability
until they take effect. If adjustments to lease payments based on an index or rate take effect, the lease liability will be
reassessed and adjusted against the right-of-use asset.
3.5 Finance income and costs
Accounting policy
Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income
statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative
financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are
designated as a hedging instrument.
Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the
hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve.
The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods
during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of
the derivative financial instrument is recognised immediately in finance income or costs.
Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or
losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is
ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency
translation reserve.
Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is
not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income.
2023
\u00a3m
2022
\u00a3m
Finance income:
Interest income on short-term deposits
2 1
Finance income
2 1
Finance costs:
Finance costs on bond notes
(31
(13
Finance costs on US senior loan notes
(6
(13)
Finance costs on bank borrowings
(4
(1)
Interest charge on lease liabilities
(3
(3)
Amortisation of issue costs
(1
(1)
Finance costs (45
(31)
Finance costs\u2014net (33
(30)
3.6 Adjustments between underlying and statutory results
Accounting policy
The business is managed and measured on a day-to-day basis using underlying results. To arrive at underlying results,
certain adjustments are made for items that are individually important (due to their size, nature, or frequency).
Management applies judgement in determining which items should be excluded from underlying performance.
Recurring items
These are items which occur regularly, but the exclusion of which management considers necessary to aid understanding
of the underlying results of the Group. These items mainly relate to merger and acquisition (M&A) related activity. By its
nature, M&A activity is variable in its impact but is likely to include amortisation of acquired intangible assets,
adjustments to acquired deferred income and acquisition and disposal-related costs, including integration costs relating
to an acquired business and acquisition-related remuneration (which are typically incurred over a period of one year or
more). Unhedged foreign currency movements on intercompany balances that are charged through the income statement
are excluded from underlying results, so that exchange rate impacts do not affect comparisons. Recurring items are
adjusted each year irrespective of materiality to ensure consistent treatment.
Non-recurring items
These are items which are non-recurring and are adjusted on the basis of either their size or their nature. These items can
include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals, and
restructuring-related costs. Whilst these items are described as non-recurring, similar costs, for example in relation to
different restructuring programmes or impairments of other assets, may arise in future periods. As these items are one-off
or non-operational in nature, management considers that their exclusion aids understanding of the Group\u2019s underlying
business performance.
Recurring
2023
\u00a3m
Non-
recurring
2023
\u00a3m
Total
2023
\u00a3m
Recurring
2022
\u00a3m
Non-
recurring
2022
\u00a3m
Total
2022
\u00a3m
M&A activit
-related items
Amortisation of acquired intangibles 54 \u2013 54 42 \u2013 42
Gain on disposal of subsidiaries
\u2013 \u2013 \u2013 \u2013 (53
(53
Adjustment to acquired deferred income
\u2013 \u2013 \u2013 2 \u2013 2
Other M&A activity-related items
49 \u2013 49 39 \u2013 39
Other items
Property restructuring costs
\u2013 32 32 \u2013 \u2013 \u2013
Employee-related costs
\u2013 9 9 \u2013 \u2013 \u2013
Reversal o
restructuring costs \u2013
3) (3
\u2013 (20
(20
Total adjustments made to operating profit
03 38
41 83 (73
10
Foreign currency movements on intercompany balances
\u2013
(1) \u2013 (1)
Total adjustments made to profit before income ta
04 38
42 82 (73
9
Recurring items Acquired intangibles are assets which have previously been recognised as part of business combinations or similar transactions. These assets are predominantly customer relationships and technology rights. Further details including specific accounting policies in relation to these assets can be found in note 6.2. The adjustment to acquired deferred income in the prior year represents the additional revenue that would have been recorded in the year had deferred income not been reduced as part of the purchase price allocation adjustment made for business combinations. Other M&A activity-related items relate to advisory, legal, accounting, valuation, and other professional or consulting services which are related to M&A activity as well as acquisition-related remuneration and directly attributable integration costs. \u00a318m (2022: \u00a314m) of these costs have been paid in the year, while the remainder is expected to be paid in subsequent financial years. Foreign currency movements on intercompany balances occur due to retranslation of unhedged intercompany balances other than those where settlement is not planned or likely in the foreseeable future and resulted in a loss of \u00a31m (2022: gain \u00a31m). Non-recurring items Net charges in respect of non-recurring items amounted to \u00a338m (2022: net credit \u00a373m). Property restructuring costs relate to the reorganisation of a number of leased properties following a strategic review of the Group\u2019s property portfolio, as a result of which certain of the Group\u2019s properties were either exited or downsized as part of a consolidated plan. Costs of \u00a332m consist of impairment of \u00a322m of right-of-use assets and other related fixed assets that are no longer in use and therefore fully impaired, as well as a provision of \u00a310m for directly attributable future running costs associated with the properties. The programme was fully completed in the current year, with no further costs expected to be incurred in the following year. Employee-related costs of \u00a39m (2022: \u00a3nil) relate to a charge for French payroll taxes relating to previous years. The gain on disposal of subsidiaries in the prior year of \u00a353m relates to the disposal of the Group\u2019s Swiss business (\u00a349m) and the Group\u2019s payroll outsourcing business in South Africa (\u00a34m). Reversal of restructuring costs of \u00a33m (2022: \u00a320m) largely relates to unutilised provisions recognised in the year ended 30 September 2021 following the implementation of a business transformation plan. In the prior year, this largely resulted from fewer colleagues leaving the business as they were redeployed into other roles. See note 4 for the tax impact of these adjustments.",
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"fact-367": {
"value": "2.3 Analysis by geographic location Management considers countries which generate 10% or more of total Group revenue to be material. Additional disclosures have been provided below to show the proportion of revenue from these countries. Revenue by individually significant countries 2023 \u00a3m 2022 \u00a3m USA 846 702 UK 443 409 France 295 273 Other individually immaterial countries 600 563 2,184 1,947 Management considers countries which contribute 10% or more to total Group non-current assets to be material. Additional disclosures have been provided below to show the proportion of non-current assets from these countries. Non-current assets presented below exclude deferred tax assets and financial instruments. Non-current assets by geographical location 2023 \u00a3m 2022 Restated * \u00a3m USA 1 ,657 1,848 UK 566 588 France 264 265 Other individually immaterial countries 270 286 2,757 2,987 Notes: * Restated for finalisation of the fair value assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1). ",
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"fact-343": {
"value": "3.1 Revenue Accounting policy The Group reports revenue under two revenue categories and the basis of recognition for each category is described below: Category and examples Accounting treatment Recurring revenue Subscription revenue Other recurring revenue Recurring revenue is revenue earned from customers for the provision of a good or service over a contractual term, with the customer being unable to continue to benefit from the full functionality of the good or service without ongoing payments. Subscription revenue is recurring revenue earned from customers for the provision of a good or service over a contractual term. In the event that the customer stops paying, they lose the legal right to use the software and the Group has the ability to restrict the use of the product or service. Included within subscription revenue are transaction and agent fees for transactions that customers of our software execute through our digital network, some of which is billed on a consumption basis. Other recurring revenue primarily comprises maintenance and support revenue provided over a contractual term. In the event that the customer stops paying, they l ose access to technical product support as well as any non-specified updates, upgrades and enhancements. Subscription revenue and other recurring revenue are usually recognised on a straight-line basis over the term of the contract as control is transferred to the customer (including non-specified upgrades, when included). An exception is revenue from term licences embedded within a subscription contract for software with significant standalone functionality which are expected to recur upon renewal of the subscription offering. Revenue for these term licences is recognised when control is transferred at inception of each subscription contract period. Digital network transaction and agent fees, to the extent billed on a consumption basis, are recognised as the services are utilised. Other revenue Software and software- related services \u2022 Perpetual software licences \u2022 Upgrades to perpetual licences \u2022 Professional services \u2022 Training Revenue relating to perpetual software licences with significant standalone functionality and upgrades to such licenses is recognised when the control relating to the licence has been transferred, which is typically when electronic delivery has taken place. Professional services and training revenue is usually recognised when delivered, or by reference to the stage of completion of the transaction at the end of the reporting period. This assessment is made by comparing the proportion of contract costs incurred to date to the total expected costs to completion. Identification of performance obligations When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (\u201cobligations\u201d) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. Typically, the products and services outlined in the categories of revenue section qualify as separate performance obligations and the portion of the contractual fee allocated (or allocated based on the standalone selling prices) to them is recognised separately. However, certain on-premise subscription contracts, which combine the delivery of on-premise software and maintenance and support services, require unbundling. Sage cloud native services do not require unbundling as the terms do not provide the customer with a right to terminate the hosting contract and take possession of the software. Determination of transaction price and standalone selling prices The Group determines the transaction price it is entitled to in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Contract terms generally are monthly or annual, and customers either pay up-front or over the term of the related service agreement. The transaction price is allocated between the identified obligations according to the relative standalone selling prices (SSPs) of the obligations. The SSP of each obligation deliverable in the contract is determined according to the prices that the Group would obtain by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis. The Group has established a hierarchy to identify the SSPs that are used to allocate the transaction price of a customer contract to the performance obligations in the contract. Where SSPs for on-premise offerings are observable and consistent across the customer base, SSP estimates are derived from pricing history. Where there are no directly observable estimates available, comparable products are utilised as a basis of assessment or the residual approach is used. Under the residual approach, the SSP for the offering is estimated to be the total transaction price less the sum of the observable SSPs of other goods or services in the contract. Timing of recognition Revenue is recognised when the respective obligations in the contract are delivered to the customer and payment remains probable. \u2022 Licences for standard on-premise software products are typically delivered by providing the customer with access to download the software. The licence period starts when such access is granted. Licence revenue is recognised at a point in time or over time depending on whether the Group delivers software with significant standalone functionality or software which is dependent on updates for ongoing functionality. The Group recognises revenue for these licences which have significant standalone functionality at the point in time when the customer has access to and control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue based on time elapsed and thus rateably over the term of the contract. Typically, this includes our payroll and tax compliance software. \u2022 Where the Group\u2019s performance obligation is the grant of a right to continuously access a cloud offering for a certain term, revenue is recognised based on time elapsed and thus rateably over the term. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Under the standardised maintenance and support services, the Group\u2019s performance obligation is to stand ready to provide technical product support and unspecified updates, upgrades, and enhancements on a when-and-if-available basis. The customers simultaneously receive and consume the benefits of these services. \u2022 Professional services and classroom training revenue are typically recognised as they are delivered. Where the Group stands ready to provide the service (such as access to learning content), revenue is recognised based on time elapsed and thus rateably over the service period. \u2022 Consumption-based services (including digital network transaction and agent fees) are recognised as the services are provided. Identification of contract with the customer When the Group sells goods or services through a business partner, a key consideration is determining whether the business partner or the end user is Sage\u2019s customer. The key criterion in this determination is whether the business partner has taken control of the product. Considering the nature of Sage\u2019s subscription products and support services, this is usually assessed based on whether the business partner has responsibility for payment, has discretion to set prices, and takes on the risks and rewards of the product from Sage. See \u201cCritical accounting estimates and judgements\u201d in note 1 for details. Principal versus agent considerations When the Group has control of third-party goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from customers and payments to suppliers are reported on a gross basis in revenue and cost of sales. If the Group does not have control of third-party goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and reported revenue represents the margin earned by the Group. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its supplier. This takes into account whether Sage bears the price, inventory, and performance risks associated with the transaction. Practical expedients As the majority of contracts have a term of one year or less, the Group has applied the following practical expedients: \u2022 The aggregate transaction price allocated to the unsatisfied or partially unsatisfied performance obligations at the end of the reporting period is not disclosed. \u2022 Any financing component is not considered when determining the transaction price.",
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"fact-419": {
"value": "Accounting policy The Group reports revenue under two revenue categories and the basis of recognition for each category is described below: Category and examples Accounting treatment Recurring revenue Subscription revenue Other recurring revenue Recurring revenue is revenue earned from customers for the provision of a good or service over a contractual term, with the customer being unable to continue to benefit from the full functionality of the good or service without ongoing payments. Subscription revenue is recurring revenue earned from customers for the provision of a good or service over a contractual term. In the event that the customer stops paying, they lose the legal right to use the software and the Group has the ability to restrict the use of the product or service. Included within subscription revenue are transaction and agent fees for transactions that customers of our software execute through our digital network, some of which is billed on a consumption basis. Other recurring revenue primarily comprises maintenance and support revenue provided over a contractual term. In the event that the customer stops paying, they l ose access to technical product support as well as any non-specified updates, upgrades and enhancements. Subscription revenue and other recurring revenue are usually recognised on a straight-line basis over the term of the contract as control is transferred to the customer (including non-specified upgrades, when included). An exception is revenue from term licences embedded within a subscription contract for software with significant standalone functionality which are expected to recur upon renewal of the subscription offering. Revenue for these term licences is recognised when control is transferred at inception of each subscription contract period. Digital network transaction and agent fees, to the extent billed on a consumption basis, are recognised as the services are utilised. Other revenue Software and software- related services \u2022 Perpetual software licences \u2022 Upgrades to perpetual licences \u2022 Professional services \u2022 Training Revenue relating to perpetual software licences with significant standalone functionality and upgrades to such licenses is recognised when the control relating to the licence has been transferred, which is typically when electronic delivery has taken place. Professional services and training revenue is usually recognised when delivered, or by reference to the stage of completion of the transaction at the end of the reporting period. This assessment is made by comparing the proportion of contract costs incurred to date to the total expected costs to completion. Identification of performance obligations When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (\u201cobligations\u201d) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. Typically, the products and services outlined in the categories of revenue section qualify as separate performance obligations and the portion of the contractual fee allocated (or allocated based on the standalone selling prices) to them is recognised separately. However, certain on-premise subscription contracts, which combine the delivery of on-premise software and maintenance and support services, require unbundling. Sage cloud native services do not require unbundling as the terms do not provide the customer with a right to terminate the hosting contract and take possession of the software. Determination of transaction price and standalone selling prices The Group determines the transaction price it is entitled to in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Contract terms generally are monthly or annual, and customers either pay up-front or over the term of the related service agreement. The transaction price is allocated between the identified obligations according to the relative standalone selling prices (SSPs) of the obligations. The SSP of each obligation deliverable in the contract is determined according to the prices that the Group would obtain by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis. The Group has established a hierarchy to identify the SSPs that are used to allocate the transaction price of a customer contract to the performance obligations in the contract. Where SSPs for on-premise offerings are observable and consistent across the customer base, SSP estimates are derived from pricing history. Where there are no directly observable estimates available, comparable products are utilised as a basis of assessment or the residual approach is used. Under the residual approach, the SSP for the offering is estimated to be the total transaction price less the sum of the observable SSPs of other goods or services in the contract. Timing of recognition Revenue is recognised when the respective obligations in the contract are delivered to the customer and payment remains probable. \u2022 Licences for standard on-premise software products are typically delivered by providing the customer with access to download the software. The licence period starts when such access is granted. Licence revenue is recognised at a point in time or over time depending on whether the Group delivers software with significant standalone functionality or software which is dependent on updates for ongoing functionality. The Group recognises revenue for these licences which have significant standalone functionality at the point in time when the customer has access to and control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue based on time elapsed and thus rateably over the term of the contract. Typically, this includes our payroll and tax compliance software. \u2022 Where the Group\u2019s performance obligation is the grant of a right to continuously access a cloud offering for a certain term, revenue is recognised based on time elapsed and thus rateably over the term. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Under the standardised maintenance and support services, the Group\u2019s performance obligation is to stand ready to provide technical product support and unspecified updates, upgrades, and enhancements on a when-and-if-available basis. The customers simultaneously receive and consume the benefits of these services. \u2022 Professional services and classroom training revenue are typically recognised as they are delivered. Where the Group stands ready to provide the service (such as access to learning content), revenue is recognised based on time elapsed and thus rateably over the service period. \u2022 Consumption-based services (including digital network transaction and agent fees) are recognised as the services are provided. Identification of contract with the customer When the Group sells goods or services through a business partner, a key consideration is determining whether the business partner or the end user is Sage\u2019s customer. The key criterion in this determination is whether the business partner has taken control of the product. Considering the nature of Sage\u2019s subscription products and support services, this is usually assessed based on whether the business partner has responsibility for payment, has discretion to set prices, and takes on the risks and rewards of the product from Sage. See \u201cCritical accounting estimates and judgements\u201d in note 1 for details. Principal versus agent considerations When the Group has control of third-party goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from customers and payments to suppliers are reported on a gross basis in revenue and cost of sales. If the Group does not have control of third-party goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and reported revenue represents the margin earned by the Group. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its supplier. This takes into account whether Sage bears the price, inventory, and performance risks associated with the transaction. Practical expedients As the majority of contracts have a term of one year or less, the Group has applied the following practical expedients: \u2022 The aggregate transaction price allocated to the unsatisfied or partially unsatisfied performance obligations at the end of the reporting period is not disclosed. \u2022 Any financing component is not considered when determining the transaction price. ",
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"fact-406": {
"value": "Accounting policy Cost of sales includes items such as third-party royalties, hosting costs, transaction, and credit card fees related to the provision of payment processing services and the cost of hardware and inventories. These also include the third-party costs of providing training and professional services to customers. All other operating expenses incurred in the ordinary course of business are recorded in selling and administrative expenses. ",
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"fact-420": {
"value": "Accounting policy Cost of sales includes items such as third-party royalties, hosting costs, transaction, and credit card fees related to the provision of payment processing services and the cost of hardware and inventories. These also include the third-party costs of providing training and professional services to customers. All other operating expenses incurred in the ordinary course of business are recorded in selling and administrative expenses. ",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-368": {
"value": "The Group incurred \u00a3342m (2022: \u00a3302m) of research and development expenditure in the year, of which \u00a3295m (2022: \u00a3257m) relates to total Group staff costs included above. See note 6.2 for the research and development accounting policy. ",
"dimensions": {
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"language": "en",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-344": {
"value": "Services provided by the Group\u2019s auditor and network firms During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below: 2023 \u00a3m 2022 \u00a3m Fees payable to the Group\u2019s auditor for the audit of the Company and the consolidated accounts 3 2 Fees payable to the Group\u2019s auditor for the audit of the Company\u2019s subsidiaries 3 3 Total fees 6 5 Fees payable to the Group\u2019s auditor for audit-related assurance services (including costs relating to the half year review) and other non-audit services were \u00a3nil (2022: \u00a3nil). A summary of the Board\u2019s policy in respect of the procurement of non-audit services for the Group\u2019s auditor is set out on pages 126 and 127. ",
"dimensions": {
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"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-369": {
"value": "3.3 Employees and Directors Average monthly number of people employed (including Directors) 2023 number 2022 number By segment: North America 2,823 2,640 UK & Ireland 3,998 3,686 Europe 3,490 3,715 Africa & APAC 1 ,254 1,187 1 1,565 11,228 Staff costs (including Directors on service contracts) Note 2023 \u00a3m 2022 \u00a3m Wages and salaries 922 802 Social security costs 1 19 102 Post-employment benefits 11 30 24 Share-based payments 15.2 49 36 1 ,120 964 Staff costs include a total of \u00a372m of capitalised commission costs which are amortised over the expected contract life including probable contract renewals (2022: \u00a359m), see note 9.1. Key management compensation 2023 \u00a3m 2022 \u00a3m Salaries and short-term employee benefits 1 0 10 Share-based payments 7 5 1 7 15 Key management personnel are deemed to be members of the Group\u2019s Executive Leadership Team and the Non-executive Directors as shown on pages 88 to 91.",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-407": {
"value": "Key management compensation 2023 \u00a3m 2022 \u00a3m Salaries and short-term employee benefits 1 0 10 Share-based payments 7 5 1 7 15 Key management personnel are deemed to be members of the Group\u2019s Executive Leadership Team and the Non-executive Directors as shown on pages 88 to 91.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-370": {
"value": "3.4 Leases Accounting policy The Group as lessee The Group recognises lease assets and lease liabilities on the balance sheet for most of its leases to account for the right to use leased items and the obligation to make future lease payments. Lease liabilities are measured at the present value of future lease payments over the lease term. The lease term is determined as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if the option is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if the option is reasonably certain not to be exercised. Lease payments normally include fixed payments (including in-substance fixed payments), a deduction for any lease incentives receivable and variable lease payments that depend on an index or a rate. In the event that a lease includes an exercise price for a purchase option that is reasonably certain to be exercised, or a termination penalty that is reasonably certain to be incurred, these too are included in lease payments as are any amounts expected to be paid under any residual value guarantees. Variable lease payments that do not depend on an index or a rate are not included in the lease liability but are recognised as an expense when incurred. Lease payments are discounted using the incremental borrowing rate applicable to the lease at the lease commencement date, as the rate implicit in the lease cannot normally be readily determined. Lease assets are recognised at the amount of the lease liability, adjusted where applicable for any lease payments made or lease incentives received before commencement of the lease, direct costs incurred at the commencement of the lease and estimated restoration costs to be incurred at the end of the lease. Right-of-use assets are presented within property, plant and equipment, and depreciated on a straight-line basis over the shorter of their useful life and the lease term. Their carrying amounts are measured at cost less accumulated depreciation and impairment losses. Lease liabilities are presented within current and non-current borrowings. Over the lease term, the carrying amounts of lease liabilities are increased to reflect interest on the liability and reduced by the amount of lease payments made. A lease liability is remeasured if there is a modification, a change in the lease term or a change in lease payments. The costs of these leases are recognised in the income statement split between the depreciation of the lease asset and the interest charge on the lease liability. Depreciation is presented within selling and administrative expenses and interest charges within finance costs. This policy applies mainly to the Group\u2019s leases for properties and vehicles. For short-term leases with a lease term of 12 months or less and leases of low-value items, the Group has elected to apply the exemptions available under the standard. For these leases, rentals payable are charged to the income statement on a straight-line basis as an operating expense presented within selling and administrative expenses. Where rent payments are prepaid or accrued, their balances are reported under prepayments and accruals respectively. The low-value exemption has been applied to most of the Group\u2019s leases of IT and other office equipment. The Group leases various office and warehouse properties and vehicles, plant and equipment under non-cancellable lease agreements. Leases of properties have a range of lease terms, up to a maximum of 15 years. Other leases are generally for lease terms of 3 or 4 years. Property leases include various contractual terms, most commonly variable lease payments and termination and extension options. The carrying amounts of right-of-use assets and their movements during the year are presented in note 7. The carrying amounts of lease liabilities and their movements during the year are below. Note 2023 \u00a3m 2022 \u00a3m At 1 October 95 100 \u2022 Additions 1 5 6 \u2022 Disposals (1 ) \u2013 \u2022 Interest charge in the year 3 3 \u2022 Payment of lease liabilities (21 ) (22) \u2022 Exchange movement (5 ) 8 At 30 September 86 95 Presented as Borrowings\u2014current 13.4 1 4 17 Borrowings\u2014non-current 13.4 72 78 The maturity analysis of lease liabilities is included in note 13.2. Amounts recognised in profit and loss for leases are as follows: Note 2023 \u00a3m 2022 \u00a3m Depreciation of right-of-use assets 1 9 19 Impairment of right-of-use assets 1 9 \u2013 Interest expense charge on lease liabilities 3.5 3 3 Lease expense from short-term leases and leases of low-value assets (included in selling and administrative expenses) 5 4 46 26 Total cash outflows for leases in the year, including interest payments and outflows related to short-term leases and leases of low-value assets, was \u00a326m (2022: \u00a326m). Cashflows in relation to short-term leases and leases of low values assets are reported as part of cash flows from operating activities. Impairment of right-of-use assets of \u00a319m (2022: \u00a3nil) relates to the property restructuring costs incurred in the year, with an additional \u00a33m (2022: \u00a3nil) of impairment costs incurred for other related fixed assets (see note 3.6). The Group is exposed to potential future increases in variable lease payments that are based on an index or rate, which are initially measured as at the commencement date, with any future changes in the index or rate excluded from the lease liability until they take effect. If adjustments to lease payments based on an index or rate take effect, the lease liability will be reassessed and adjusted against the right-of-use asset. ",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-421": {
"value": "Accounting policy The Group as lessee The Group recognises lease assets and lease liabilities on the balance sheet for most of its leases to account for the right to use leased items and the obligation to make future lease payments. Lease liabilities are measured at the present value of future lease payments over the lease term. The lease term is determined as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if the option is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if the option is reasonably certain not to be exercised. Lease payments normally include fixed payments (including in-substance fixed payments), a deduction for any lease incentives receivable and variable lease payments that depend on an index or a rate. In the event that a lease includes an exercise price for a purchase option that is reasonably certain to be exercised, or a termination penalty that is reasonably certain to be incurred, these too are included in lease payments as are any amounts expected to be paid under any residual value guarantees. Variable lease payments that do not depend on an index or a rate are not included in the lease liability but are recognised as an expense when incurred. Lease payments are discounted using the incremental borrowing rate applicable to the lease at the lease commencement date, as the rate implicit in the lease cannot normally be readily determined. Lease assets are recognised at the amount of the lease liability, adjusted where applicable for any lease payments made or lease incentives received before commencement of the lease, direct costs incurred at the commencement of the lease and estimated restoration costs to be incurred at the end of the lease. Right-of-use assets are presented within property, plant and equipment, and depreciated on a straight-line basis over the shorter of their useful life and the lease term. Their carrying amounts are measured at cost less accumulated depreciation and impairment losses. Lease liabilities are presented within current and non-current borrowings. Over the lease term, the carrying amounts of lease liabilities are increased to reflect interest on the liability and reduced by the amount of lease payments made. A lease liability is remeasured if there is a modification, a change in the lease term or a change in lease payments. The costs of these leases are recognised in the income statement split between the depreciation of the lease asset and the interest charge on the lease liability. Depreciation is presented within selling and administrative expenses and interest charges within finance costs. This policy applies mainly to the Group\u2019s leases for properties and vehicles. For short-term leases with a lease term of 12 months or less and leases of low-value items, the Group has elected to apply the exemptions available under the standard. For these leases, rentals payable are charged to the income statement on a straight-line basis as an operating expense presented within selling and administrative expenses. Where rent payments are prepaid or accrued, their balances are reported under prepayments and accruals respectively. The low-value exemption has been applied to most of the Group\u2019s leases of IT and other office equipment. The Group leases various office and warehouse properties and vehicles, plant and equipment under non-cancellable lease agreements. Leases of properties have a range of lease terms, up to a maximum of 15 years. Other leases are generally for lease terms of 3 or 4 years. Property leases include various contractual terms, most commonly variable lease payments and termination and extension options. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-417": {
"value": "3.5 Finance income and costs Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. 2023 \u00a3m 2022 \u00a3m Finance income: Interest income on short-term deposits 1 2 1 Finance income 1 2 1 Finance costs: Finance costs on bond notes (31 ) (13 ) Finance costs on US senior loan notes (6 ) (13) Finance costs on bank borrowings (4 ) (1) Interest charge on lease liabilities (3 ) (3) Amortisation of issue costs (1 ) (1) Finance costs (45 ) (31) Finance costs\u2014net (33 ) (30)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-416": {
"value": "3.5 Finance income and costs Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. 2023 \u00a3m 2022 \u00a3m Finance income: Interest income on short-term deposits 1 2 1 Finance income 1 2 1 Finance costs: Finance costs on bond notes (31 ) (13 ) Finance costs on US senior loan notes (6 ) (13) Finance costs on bank borrowings (4 ) (1) Interest charge on lease liabilities (3 ) (3) Amortisation of issue costs (1 ) (1) Finance costs (45 ) (31) Finance costs\u2014net (33 ) (30)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-415": {
"value": "3.5 Finance income and costs Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. 2023 \u00a3m 2022 \u00a3m Finance income: Interest income on short-term deposits 1 2 1 Finance income 1 2 1 Finance costs: Finance costs on bond notes (31 ) (13 ) Finance costs on US senior loan notes (6 ) (13) Finance costs on bank borrowings (4 ) (1) Interest charge on lease liabilities (3 ) (3) Amortisation of issue costs (1 ) (1) Finance costs (45 ) (31) Finance costs\u2014net (33 ) (30)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-408": {
"value": "3.5 Finance income and costs Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. 2023 \u00a3m 2022 \u00a3m Finance income: Interest income on short-term deposits 1 2 1 Finance income 1 2 1 Finance costs: Finance costs on bond notes (31 ) (13 ) Finance costs on US senior loan notes (6 ) (13) Finance costs on bank borrowings (4 ) (1) Interest charge on lease liabilities (3 ) (3) Amortisation of issue costs (1 ) (1) Finance costs (45 ) (31) Finance costs\u2014net (33 ) (30)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-345": {
"value": "3.5 Finance income and costs Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. 2023 \u00a3m 2022 \u00a3m Finance income: Interest income on short-term deposits 1 2 1 Finance income 1 2 1 Finance costs: Finance costs on bond notes (31 ) (13 ) Finance costs on US senior loan notes (6 ) (13) Finance costs on bank borrowings (4 ) (1) Interest charge on lease liabilities (3 ) (3) Amortisation of issue costs (1 ) (1) Finance costs (45 ) (31) Finance costs\u2014net (33 ) (30)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-371": {
"value": "3.5 Finance income and costs Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. 2023 \u00a3m 2022 \u00a3m Finance income: Interest income on short-term deposits 1 2 1 Finance income 1 2 1 Finance costs: Finance costs on bond notes (31 ) (13 ) Finance costs on US senior loan notes (6 ) (13) Finance costs on bank borrowings (4 ) (1) Interest charge on lease liabilities (3 ) (3) Amortisation of issue costs (1 ) (1) Finance costs (45 ) (31) Finance costs\u2014net (33 ) (30)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-453": {
"value": "Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-442": {
"value": "Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-422": {
"value": "Accounting policy Finance income and costs are recognised using the effective interest method. Finance costs are recognised in the income statement simultaneously with the recognition of an increase in a liability or the reduction in an asset. Derivative financial instruments are measured at fair value through profit or loss, within finance income and costs, unless they are designated as a hedging instrument. Where derivative financial instruments have been designated as hedging instruments in a cash flow hedge, and the hedging relationship is effective, gains and losses on those instruments are accumulated in the cash flow hedge reserve. The amount accumulated in the hedging reserve is reclassified to finance income or costs in the same period or periods during which the expected future cash flows affect the profit or loss. Any ineffective portion of changes in the fair value of the derivative financial instrument is recognised immediately in finance income or costs. Where derivative financial instruments have been designated as hedging instruments in a net investment hedge, gains or losses on those instruments are recognised in finance income and costs only to the extent the hedging relationship is ineffective. Where the hedging relationship is effective, gains or losses are accumulated in the foreign currency translation reserve. Foreign currency movements on intercompany balances are recognised in the profit and loss account unless settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-409": {
"value": "3.6 Adjustments between underlying and statutory results Accounting policy The business is managed and measured on a day-to-day basis using underlying results. To arrive at underlying results, certain adjustments are made for items that are individually important (due to their size, nature, or frequency). Management applies judgement in determining which items should be excluded from underlying performance. Recurring items These are items which occur regularly, but the exclusion of which management considers necessary to aid understanding of the underlying results of the Group. These items mainly relate to merger and acquisition (M&A) related activity. By its nature, M&A activity is variable in its impact but is likely to include amortisation of acquired intangible assets, adjustments to acquired deferred income and acquisition and disposal-related costs, including integration costs relating to an acquired business and acquisition-related remuneration (which are typically incurred over a period of one year or more). Unhedged foreign currency movements on intercompany balances that are charged through the income statement are excluded from underlying results, so that exchange rate impacts do not affect comparisons. Recurring items are adjusted each year irrespective of materiality to ensure consistent treatment. Non-recurring items These are items which are non-recurring and are adjusted on the basis of either their size or their nature. These items can include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals, and restructuring-related costs. Whilst these items are described as non-recurring, similar costs, for example in relation to different restructuring programmes or impairments of other assets, may arise in future periods. As these items are one-off or non-operational in nature, management considers that their exclusion aids understanding of the Group\u2019s underlying business performance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-372": {
"value": "3.6 Adjustments between underlying and statutory results Accounting policy The business is managed and measured on a day-to-day basis using underlying results. To arrive at underlying results, certain adjustments are made for items that are individually important (due to their size, nature, or frequency). Management applies judgement in determining which items should be excluded from underlying performance. Recurring items These are items which occur regularly, but the exclusion of which management considers necessary to aid understanding of the underlying results of the Group. These items mainly relate to merger and acquisition (M&A) related activity. By its nature, M&A activity is variable in its impact but is likely to include amortisation of acquired intangible assets, adjustments to acquired deferred income and acquisition and disposal-related costs, including integration costs relating to an acquired business and acquisition-related remuneration (which are typically incurred over a period of one year or more). Unhedged foreign currency movements on intercompany balances that are charged through the income statement are excluded from underlying results, so that exchange rate impacts do not affect comparisons. Recurring items are adjusted each year irrespective of materiality to ensure consistent treatment. Non-recurring items These are items which are non-recurring and are adjusted on the basis of either their size or their nature. These items can include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals, and restructuring-related costs. Whilst these items are described as non-recurring, similar costs, for example in relation to different restructuring programmes or impairments of other assets, may arise in future periods. As these items are one-off or non-operational in nature, management considers that their exclusion aids understanding of the Group\u2019s underlying business performance. Recurring 2023 \u00a3m Non- recurring 2023 \u00a3m Total 2023 \u00a3m Recurring 2022 \u00a3m Non- recurring 2022 \u00a3m Total 2022 \u00a3m M&A activit y -related items Amortisation of acquired intangibles 54 \u2013 54 42 \u2013 42 Gain on disposal of subsidiaries \u2013 \u2013 \u2013 \u2013 (53 ) (53 ) Adjustment to acquired deferred income \u2013 \u2013 \u2013 2 \u2013 2 Other M&A activity-related items 49 \u2013 49 39 \u2013 39 Other items Property restructuring costs \u2013 32 32 \u2013 \u2013 \u2013 Employee-related costs \u2013 9 9 \u2013 \u2013 \u2013 Reversal o f restructuring costs \u2013 ( 3) (3 ) \u2013 (20 ) (20 ) Total adjustments made to operating profit 1 03 38 1 41 83 (73 ) 10 Foreign currency movements on intercompany balances 1 \u2013 1 (1) \u2013 (1) Total adjustments made to profit before income ta x 1 04 38 1 42 82 (73 ) 9 Recurring items Acquired intangibles are assets which have previously been recognised as part of business combinations or similar transactions. These assets are predominantly customer relationships and technology rights. Further details including specific accounting policies in relation to these assets can be found in note 6.2. The adjustment to acquired deferred income in the prior year represents the additional revenue that would have been recorded in the year had deferred income not been reduced as part of the purchase price allocation adjustment made for business combinations. Other M&A activity-related items relate to advisory, legal, accounting, valuation, and other professional or consulting services which are related to M&A activity as well as acquisition-related remuneration and directly attributable integration costs. \u00a318m (2022: \u00a314m) of these costs have been paid in the year, while the remainder is expected to be paid in subsequent financial years. Foreign currency movements on intercompany balances occur due to retranslation of unhedged intercompany balances other than those where settlement is not planned or likely in the foreseeable future and resulted in a loss of \u00a31m (2022: gain \u00a31m). Non-recurring items Net charges in respect of non-recurring items amounted to \u00a338m (2022: net credit \u00a373m). Property restructuring costs relate to the reorganisation of a number of leased properties following a strategic review of the Group\u2019s property portfolio, as a result of which certain of the Group\u2019s properties were either exited or downsized as part of a consolidated plan. Costs of \u00a332m consist of impairment of \u00a322m of right-of-use assets and other related fixed assets that are no longer in use and therefore fully impaired, as well as a provision of \u00a310m for directly attributable future running costs associated with the properties. The programme was fully completed in the current year, with no further costs expected to be incurred in the following year. Employee-related costs of \u00a39m (2022: \u00a3nil) relate to a charge for French payroll taxes relating to previous years. The gain on disposal of subsidiaries in the prior year of \u00a353m relates to the disposal of the Group\u2019s Swiss business (\u00a349m) and the Group\u2019s payroll outsourcing business in South Africa (\u00a34m). Reversal of restructuring costs of \u00a33m (2022: \u00a320m) largely relates to unutilised provisions recognised in the year ended 30 September 2021 following the implementation of a business transformation plan. In the prior year, this largely resulted from fewer colleagues leaving the business as they were redeployed into other roles. See note 4 for the tax impact of these adjustments.",
"dimensions": {
"concept": "thesagegroupplc:DisclosureOfAdjustmentsBetweenUnderlyingAndStatutoryResults",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-423": {
"value": "Accounting policy The business is managed and measured on a day-to-day basis using underlying results. To arrive at underlying results, certain adjustments are made for items that are individually important (due to their size, nature, or frequency). Management applies judgement in determining which items should be excluded from underlying performance. Recurring items These are items which occur regularly, but the exclusion of which management considers necessary to aid understanding of the underlying results of the Group. These items mainly relate to merger and acquisition (M&A) related activity. By its nature, M&A activity is variable in its impact but is likely to include amortisation of acquired intangible assets, adjustments to acquired deferred income and acquisition and disposal-related costs, including integration costs relating to an acquired business and acquisition-related remuneration (which are typically incurred over a period of one year or more). Unhedged foreign currency movements on intercompany balances that are charged through the income statement are excluded from underlying results, so that exchange rate impacts do not affect comparisons. Recurring items are adjusted each year irrespective of materiality to ensure consistent treatment. Non-recurring items These are items which are non-recurring and are adjusted on the basis of either their size or their nature. These items can include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals, and restructuring-related costs. Whilst these items are described as non-recurring, similar costs, for example in relation to different restructuring programmes or impairments of other assets, may arise in future periods. As these items are one-off or non-operational in nature, management considers that their exclusion aids understanding of the Group\u2019s underlying business performance. ",
"dimensions": {
"concept": "thesagegroupplc:DescriptionOfAccountingPolicyForAdjustmentsBetweenUnderlyingAndStatutoryResults",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-410": {
"value": "Property restructuring costs relate to the reorganisation of a number of leased properties following a strategic review of the Group\u2019s property portfolio, as a result of which certain of the Group\u2019s properties were either exited or downsized as part of a consolidated plan. Costs of \u00a332m consist of impairment of \u00a322m of right-of-use assets and other related fixed assets that are no longer in use and therefore fully impaired, as well as a provision of \u00a310m for directly attributable future running costs associated with the properties. The programme was fully completed in the current year, with no further costs expected to be incurred in the following year. All impairment charges in the years presented have been charged through selling and administrative expenses, as well as being classified as a non-recurring adjustment within property restructuring costs; see note 3.6. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-346": {
"value": "4 Income tax expense This note analyses the tax expense for this financial year which includes both current and deferred tax. Current tax expense represents the amount payable on this year\u2019s taxable profits and any adjustments relating to prior years. Deferred tax is an accounting adjustment to recognise liabilities or benefits that are expected to arise in the future due to differences between the carrying values of assets and liabilities and their respective tax bases. This note outlines the tax accounting policies, analyses the current and deferred tax expenses in the year and presents a reconciliation between profit before tax in the income statement multiplied by the UK rate of corporation tax and the tax expense for the year. Accounting policy The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognised in the income statement, in the statement of comprehensive income or in equity according to the accounting treatment of the related transaction. Current tax is based on the taxable income for the period and any adjustment in respect of prior periods. Current tax is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases (note 12). Analysis of expense in the year Note 2023 \u00a3m 2022 \u00a3m Current income tax Current tax on profit for the year 1 06 76 Adjustment in respect of prior years (5 ) (7) Current income ta x 1 01 69 Deferred ta x Origination and reversal of temporary differences (33 ) 3 Adjustment in respect of prior years 3 5 Deferred ta x 12 ( 30 ) 8 The current year tax expense is split into the following: Underlying tax expense 95 83 Tax credit on adjustments between the underlying and statutory operating profit ( 24 ) (6) Income tax expense reported in income statement 71 77 A deferred tax benefit of \u00a36m relating to employee benefits has been recognised directly in other comprehensive income (2022: charge \u00a32m). A current tax benefit of \u00a36m relating to foreign currency derivatives and share options was recognised directly in other comprehensive income in 2022. The effective tax rate for the year is higher (2022: higher) than the rate of UK corporation tax applicable to the Group of 22% (2022: 19%). The differences are explained below: 2023 \u00a3m 2022 \u00a3m Profit before income ta x 282 337 Statutory profit before income tax multiplied by the rate of UK corporation tax o f 22% (2022: 19%) 62 64 Tax effects of: Adjustments in respect of prior years ( 2 ) (2) Foreign tax rates in excess of UK rate of tax 1 0 19 US tax reform (5 ) 1 Non-deductible expenses and permanent items 1 2 8 Other corporate taxes (withholding tax, business tax) 6 8 Tax incentive claims (16 ) (12) Corporate restructuring 4 \u2013 Non-taxable gain on disposal \u2013 (9) At the effective income tax rate of 25% (2022: 23%) 71 77 Income tax expense reported in the income statement 71 77 The underlying effective tax rate for the year is higher (2022: higher) than the rate of UK corporation tax applicable to the Group of 22% (2022: 19%). The differences are explained below: 2023 \u00a3m 2022 \u00a3m Underl y ing profit before income ta x 424 346 Underlying profit before income tax multiplied by the rate of UK corporation tax o f 22% (2022: 19%) 93 66 Tax effects of: Adjustments in respect of prior years ( 3 ) (2) Foreign tax rates in excess of UK rate of tax 1 3 19 US tax reform (5 ) 1 Non-deductible expenses and permanent items 7 3 Other corporate taxes (withholding tax, business tax) 6 8 Tax incentive claims (16 ) (12) At the effective income tax rate of 23% (2022: 24%) 95 83 Underl y ing tax expense 95 83 The effective tax rate on statutory profit before tax was 25% (2022: 23%), whilst the effective tax rate on underlying profit before tax on continuing operations was 23% (2022: 24%). The underlying effective tax rate is higher than the UK corporation tax rate applicable to the Group, primarily due to the geographic profile of the Group and the inclusion of local business taxes in the corporate tax expense. This net increase to the rate is offset by innovation tax credits for registered patents and software, and research and development activities which attract government tax incentives in a number of operating territories. The underlying effective tax rate was reduced in the year, principally due to the benefit of increased tax incentive claims in the US, UK, and France, which were partly offset by the impact of an increase in the UK corporate tax rate. The Group recognises certain provisions and accruals in respect of tax which involve a degree of estimation and uncertainty where the tax treatment cannot finally be determined until a resolution has been reached by the relevant tax authority. This approach resulted in a provision of \u00a331m at 30 September 2023 (2022: \u00a324m). The provision increased in the year principally due to developments in the Group\u2019s tax audits. The tax provision is sensitive to a number of issues which are not always within the control of the Group and are often dependent on the efficiency of the legal processes in the relevant taxing jurisdictions in which the Group operates. Issues can take many years to resolve and assumptions on the likely outcome have therefore been made by management. Management has applied the principles set out in IFRIC 23 in determining the measurement of uncertain tax positions. In making these estimates, management\u2019s judgement was based on various factors including: \u2022 The status of recent and current tax audits and enquiries; \u2022 The results of previous claims; and \u2022 Any changes to the relevant tax environment. When making this assessment, the Group utilise our specialist in-house tax knowledge and experience of similar situations. These judgements also, where appropriate, take into consideration specialist tax advice provided by third-party advisors. Management continually assesses the impact of legislative developments in the jurisdictions in which we operate. As the main UK corporation tax rate will increase from 22% to 25% for the year ended 30 September 2024, the Group expects its effective tax rate to increase by 1% in the medium term, depending on our future geographic profit mix. The OECD\u2019s two pillar global tax reform will apply to the Group from the financial year ended 30 September 2025. An initial assessment of this legislation has been completed and it is not expected to materially impact the Group\u2019s effective tax rate in future periods. EU State Aid The Group continues to monitor developments following the EU Commission\u2019s decision published on 25 April 2019 that the UK\u2019s Controlled Foreign Company regime does not comply with EU State Aid rules in certain circumstances. On 8 June 2022, the EU General Court dismissed the UK Government\u2019s appeal and ruled in favour of the EU. As a result of this decision, management assessed that it was more likely than not that the EU Commission\u2019s decision will be upheld. Therefore the \u00a310m advance payment that the Group had made to HMRC in 2021 was treated in the FY22 Annual Report and Accounts as an advance payment in respect of the Group\u2019s likely tax liability. The Group continues to consider its options in relation to this matter, including a position that management consider would eliminate the State Aid exposure whilst ensuring the Group\u2019s total exposure remains at \u00a310m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-443": {
"value": "Accounting policy The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognised in the income statement, in the statement of comprehensive income or in equity according to the accounting treatment of the related transaction. Current tax is based on the taxable income for the period and any adjustment in respect of prior periods. Current tax is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases (note 12). Accounting policy Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on tax rates that have been enacted or substantively enacted at the end of the reporting period. Tax assets and liabilities are offset when there is a legally enforceable right and there is an intention to settle the balances net. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-424": {
"value": "Accounting policy The taxation expense for the year represents the sum of current tax and deferred tax. The expense is recognised in the income statement, in the statement of comprehensive income or in equity according to the accounting treatment of the related transaction. Current tax is based on the taxable income for the period and any adjustment in respect of prior periods. Current tax is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period. Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases (note 12). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-347": {
"value": "5 Earnings per share
This note sets out how earnings per share (\u201cEPS\u201d) is calculated. EPS is the amount of post-tax profit attributable to each
ordinary share. Diluted EPS shows what the impact would be if all potentially dilutive ordinary shares in respect of
exercisable share options were exercised and treated as ordinary shares at the year end.
This note also provides a reconciliation between the statutory profit figure, which ties to the consolidated income
statement, and the Group\u2019s internal measure of performance, underlying profit. See note 3.6 for details of the adjustments
made between statutory and underlying profit, and note 4 for the tax impact on these adjustments.
Accounting policy
Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the parent by
the weighted average number of ordinary shares in issue during the year, excluding those held as treasury shares and held
by the Employee Benefit Trust, which are treated as cancelled, until reissued.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion
of all potentially dilutive ordinary shares, exercisable at the end of the year. The Group has one class of dilutive potential
ordinary shares which are share options granted to employees where the exercise price is less than the average market
price of the Company\u2019s ordinary shares during the year, where the vesting criteria are achieved at year-end.
Reconciliations of the earnings and weighted average number of
shares
Underlying
2023
Underlying as
reported
2022
Underlying
2022
Statutory
2023
Statutory
2022
Earnings attributable to owners of the parent** (\u00a3m)
Profit for the
ear 329 263 269 2
260
Number of shares (millions)
Weighted average number of shares
,020 1,020 1,020
,020 1,020
Dilutive effects of shares
6 12 12
6 12
,036 1,032 1,032
,036 1,032
Earnings per share attributable to owners of the parent** (pence)
Basic earnings per share 32.25 25.74 26.39 20.75 25.47
Diluted earnings per share 31.75 25.44 26.08 20.43 25.17
Note:
* Underlying as reported is at 2022 reported exchange rates.
** All operations in the years relate to continuing operations.
2023
\u00a3m
2022
\u00a3m
Statutory profit for the year attributable to owners of the parent 2
260
Adjustments:
\u2022 Amortisation of acquired intangible assets
54 42
\u2022 Other M&A activity-related items
49 39
\u2022 Adjustment to acquired deferred income
\u2013 2
\u2022 Property restructuring costs
32 \u2013
\u2022 Employee-related costs
9 \u2013
\u2022 Reversal of restructuring costs
(3
(20)
\u2022 Gain on disposal of subsidiaries
\u2013 (53)
\u2022 Foreign currency movements on intercompany balances
(1)
\u2022 Taxation on adjustments between underlying and statutory profit before tax
24
(6)
Net adjustments
8 3
Underlying profit for the year (before exchange movement) 329 263
Exchange movement \u2013 8
Taxation on exchange movement
\u2013 (2
Net exchange movement \u2013 6
Underlying profit for the year (after exchange movement) attributable to owners of the parent 329 269
Exchange movement relates to the retranslation of prior year results to current year exchange rates, as shown in the table on
page 67 within the Financial Review.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-425": {
"value": "Accounting policy Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year, excluding those held as treasury shares and held by the Employee Benefit Trust, which are treated as cancelled, until reissued. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares, exercisable at the end of the year. The Group has one class of dilutive potential ordinary shares which are share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year, where the vesting criteria are achieved at year-end. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-348": {
"value": "6 Intangible assets
This note provides details of the non-physical assets used by the Group to generate revenues and profits. These assets
include items such as goodwill, and other intangible assets such as brands, customer relationships, computer software,
in-process R&D and technology which have predominantly been acquired as part of business combinations. These assets
are initially measured at fair value, which is the price that would be received to sell an asset in an orderly transaction
between market participants at the measurement date.
Goodwill represents the excess of the amount paid to acquire a business over the fair value of the identifiable net assets
of that business at the acquisition date.
This section also explains the accounting policies applied and the specific judgements and estimates made by the
Directors in arriving at the carrying value of these assets.
6.1 Goodwill
Accounting policy
Goodwill arising from the acquisition of a subsidiary represents the excess of the consideration transferred, the amount of
any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the
acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. Goodwill is carried at cost less
accumulated impairment losses.
Goodwill previously written off directly to reserves under UK GAAP prior to 1 October 1998 has not been reinstated and is
not recycled to the income statement on the disposal of the business to which it relates.
Goodwill is tested for impairment annually and when circumstances indicate that it may be impaired. Goodwill is
assessed for the purpose of impairment testing, at either the individual cash generating unit (\u201cCGU\u201d) level or group of
CGUs, consistent with the level at which goodwill is monitored internally. Impairment is determined by assessing the
recoverable amount of each CGU or group of CGUs to which the goodwill relates. When the recoverable amount of the CGU
or group of CGUs is less than its carrying amount, an impairment loss is recognised.
At recognition, goodwill is allocated to those CGUs expected to benefit from the synergies of the combination.
Note
2023
\u00a3m
2022
Restated
\u00a3m
Cost and net book amount at 1 October 2,391 1,877
Acquisition of subsidiaries 16.1
1 230
Exchange movement
(157
284
Cost and net book amount at 30 September
2,245 2,391
Note:
* Restated for finalisation of the fair value assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1).
There were no accumulated impairment charges within goodwill for any of the years presented.
Cash-generating units
The following table shows the allocation of the carrying value of goodwill at the end of the reporting period by CGU or group of
CGUs:
2023
\u00a3m
2022
Restated
\u00a3m
North America
,462 1,600
UK & Ireland 354 352
France
219 222
Iberia
31 133
Central Europe
55 56
Africa and the Middle East
24 28
2,245 2,391
Note:
* Restated for finalisation of the fair value of assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1) and allocation of
previously unallocated goodwill to the North America CGU (\u00a325m), with the remainder allocated to other intangible assets and deferred tax liabilities (see note
16.1).
Annual goodwill impairment tests
The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its
value in use. In determining value in use, estimated future cash flows over a three-year period are discounted to their present
value, with a terminal value based on the cash flows in the third year and an assumed long-term growth rate. The Group
performed its annual test for impairment as at 30 June 2023. In all cases, the financial forecasts contained in the Group\u2019s three-
year financial plan form the basis for the cash flow projections for a CGU or a group of CGUs, which is aligned with the Group\u2019s
three-year strategic planning horizon.
Net operating cash flows over the three-year plan period reflect the Group\u2019s current assessment of climate change for each CGU
or group of CGUs. This includes the potential impact on both revenue and cost, including the cost of any associated
commitments made by the Group, which at this stage are not material. Consideration has also been given to the potential
longer-term impacts which are reflected in the long-term growth rates since they are based on independently sourced longer-
term growth rates of gross domestic product (GDP). Reasonably possible changes in the long-term growth rates, considering the
potential impact of climate change, do not materially impact the impairment test.
The key assumptions in the value in use calculations include the discount rate, average medium-term revenue growth rates and
the long-term growth rates of net operating cash flows:
\u2022 The average medium-term revenue growth rates represent the compound annual revenue growth for the first three years. The
average medium-term revenue growth rate applied to each CGU\u2019s cash flow projections for plan periods of three years are
calculated using the specific rates used in the preparation of the Group\u2019s three-year plan and reflects rates applicable to
each territory.
\u2022 Long-term growth rates of net operating cash flows are assumed to be equal to the long-term growth rate in the GDP of the
country in which the CGU\u2019s operations are primarily undertaken, reflecting the specific rates for each territory.
Average medium-term operating margins are equal to the expected operating margin across the three-year plan period. The
operating margins over the three-year plan period are based on historical margins specific to each CGUs with modest
improvements from expected efficiencies in scaling the business.
Range of rates used across the different CGUs 2023 2022
Average medium-term revenue growth rates* 9%\u2013
8% 8%\u201317%
Long-term growth rates to net operating cash flows
%\u20133% 1%\u20133%
Note:
* Current year average medium-term revenue growth is based on three (2022: three) year compound annual revenue growth and excludes intercompany revenue.
In accordance with IAS 36, key assumptions for the value in use calculations are disclosed for those CGUs and groups of CGUs where significant goodwill is held. These are deemed by management to be CGUs or groups of CGUs holding 10% or more of total goodwill. The discount rate, average medium-term revenue growth rate and long-term growth rate assumptions used for the value in use calculation for these are shown below: 2023 Local discount rate (post-tax) Approximate local discount rate (pre-tax) equivalent Long-term growth rate Average medium- term revenue g rowth rate* U K & Ireland 8.9% 1 1.9% 1 .2% 1 2.4% France 8.7% 1 1.6% 1 .2% 9.0% North America 9.4% 1 2.5% 1 .4% 1 8.1% 2022 Local discount rate (post-tax) Approximate local discount rate (pre-tax) equivalent Long-term growth rate Average medium-term revenue growth rate* U K & Ireland 7.8% 10.4% 1.2% 11.4% France 7.8% 10.4% 1.3% 7.8% North America 8. 7 % 11. 7 % 1.4% 16.5% Note: * Current year average medium-term revenue growth is based on three (2022: three) year compound annual revenue growth and excludes intercompany revenue. Discount rate The Group uses a discount rate based on a local Weighted Average Cost of Capital (WACC) for each CGU or group of CGUs, applying local government bond yields and specific tax rates to each CGU or group of CGUs. The discount rate applied to a CGU or group of CGUs represents a post-tax rate that reflects the market assessment of the time value of money as at 30 June 2023 and the risks specific to the CGU of group of CGUs, through the inclusion of a country risk premium. As the net operating cash flows for each CGU or group of CGUs include the expected impact of inflation, a nominal post-tax discount rate is used. Use of a post-tax discount rate is consistent with the use of post-tax cash flows in the calculations and produces a result that is not materially different from applying the equivalent pre-tax rate to pre-tax cash flows. For comparison, the equivalent pre-tax rate has been estimated by grossing up the post-tax rate and is considered to provide a reasonable approximation of the rate that would have been used if calculations were on a pre-tax basis considering there are no significant timing differences. The post-tax discount rates applied to CGUs or group of CGUs were in the range of 8.2% (2022: 7.0%) to 17.9% (2022: 16.5%), reflecting the specific rates for each territory. Sensitivity analysis A sensitivity analysis was performed for each of the significant CGUs or groups of CGUs and management concluded that no reasonably possible change in any of the key assumptions would result in the carrying value of the CGU or group of CGUs exceeding its recoverable amount. Sensitivity testing assumed a reasonably possible reduction in both average medium-term revenue growth rates and average medium-term operating margins, as well as an increase in the discount rate. Impairment charge No impairment charge was recognised in the year (2022: \u00a3nil). The Group performed its annual test for impairment for all CGUs as at 30 June 2023. The recoverable amount exceeded the carrying value for each CGU or group of CGUs; accordingly no impairment charge has been recognised in the year. 6.2 Other intangibles
Accounting policy
Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition.
Subsequently they are carried at cost less accumulated amortisation and impairment charges. The main intangible assets
recognised are brands, technology, in-process R&D, computer software, and customer relationships. Amortisation is
charged to the income statement on a straight-line basis over their estimated useful lives.
The estimated useful lives are as follows:
Brand names 1 to 20 years Customer relationships 4 to 15 years
Technology/In-process R&D (IPR&D) 3 to 8 years Computer software 2 to 7 years
Other intangible assets that are acquired by the Group are stated at cost, which is the asset\u2019s purchase price and any
directly attributable costs of preparing the asset for its intended use, less accumulated amortisation and impairment
losses if applicable.
The carrying value of intangibles is reviewed for impairment whenever events indicate that the carrying value may not
be recoverable.
Internally generated software development costs qualify for capitalisation when the Group can demonstrate all of
the following:
\u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2022 Its intention to complete the intangible asset and use or sell it;
\u2022 Its ability to use or sell the intangible asset;
\u2022 How the intangible asset will generate probable future economic benefits;
\u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset;
\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell
the intangible asset; and
\u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development.
Generally, commercial viability of new products is not proven until all high-risk development issues have been resolved
through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the
detailed design phase and formal approval, which occurs just before the products are ready to go to market. Accordingly,
development costs have not been capitalised. However, the Group continues to assess the eligibility of development costs
for capitalisation on a project-by-project basis.
Costs which are incurred after the general release of internally generated software or costs which are incurred in order to
enhance existing products are expensed in the period in which they are incurred and included within research and
development expense in the financial statements.
Brands \u00a3m Technology \u00a3m Internal IPR&D \u00a3m Computer software \u00a3m Customer relationships \u00a3m Total \u00a3m Cost at 1 October 2021 32 195 3 160 164 554 Additions \u2013 19 \u2013 10 \u2013 29 Acquisition of subsidiaries* \u2013 98 \u2013 \u2013 38 136 Disposals \u2013 \u2013 \u2013 (10) \u2013 (10) Exchange movement 3 16 \u2013 17 26 62 At 30 September 2022 restated* 35 328 3 177 228 7 71 Accumulated amortisation at 1 October 2021 30 127 3 109 95 364 Charge for the year 1 27 \u2013 14 14 56 Disposals \u2013 \u2013 \u2013 (10) \u2013 (10) Exchange movement 2 12 \u2013 15 12 41 At 30 September 2022 33 166 3 128 121 451 Net book amount at 30 September 2022 restated* 2 162 \u2013 49 107 320 Note: * Restated for the finalisation of the fair value of assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1). All amortisation charges in the year have been charged through selling and administrative expenses. Of these amortisation charges, those relating to acquired intangibles of \u00a354m (primarily Brands, Technology and Customer relationships) has been classified as a recurring adjustment (2022: \u00a342m); see note 3.6. Brands \u00a3m Technology \u00a3m Internal IPR&D \u00a3m Computer software \u00a3m Customer relationships \u00a3m Total \u00a3m Cost at 1 October 2022 restated* 35 328 3 1 77 228 771 Additions \u2013 \u2013 \u2013 1 7 \u2013 1 7 Acquisition of subsidiaries \u2013 1 4 \u2013 \u2013 1 1 5 Disposals \u2013 \u2013 \u2013 (2 ) \u2013 (2 ) Exchange movement (1 ) (9 ) \u2013 (8 ) (13 ) (31 ) At 30 September 2023 34 333 3 1 84 216 770 Accumulated amortisation at 1 October 2022 33 1 66 3 1 28 1 21 451 Charge for the year 1 37 \u2013 1 5 1 6 69 Disposals \u2013 \u2013 \u2013 (2 ) \u2013 (2 ) Exchange movement (1 ) (7 ) \u2013 (7 ) (7 ) (22 ) At 30 September 2023 33 1 96 3 1 34 1 30 496 Net book amount at 30 September 2023 1 1 37 \u2013 50 86 274",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-373": {
"value": "6.1 Goodwill Accounting policy Goodwill arising from the acquisition of a subsidiary represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. Goodwill is carried at cost less accumulated impairment losses. Goodwill previously written off directly to reserves under UK GAAP prior to 1 October 1998 has not been reinstated and is not recycled to the income statement on the disposal of the business to which it relates. Goodwill is tested for impairment annually and when circumstances indicate that it may be impaired. Goodwill is assessed for the purpose of impairment testing, at either the individual cash generating unit (\u201cCGU\u201d) level or group of CGUs, consistent with the level at which goodwill is monitored internally. Impairment is determined by assessing the recoverable amount of each CGU or group of CGUs to which the goodwill relates. When the recoverable amount of the CGU or group of CGUs is less than its carrying amount, an impairment loss is recognised. At recognition, goodwill is allocated to those CGUs expected to benefit from the synergies of the combination. Note 2023 \u00a3m 2022 Restated * \u00a3m Cost and net book amount at 1 October 2,391 1,877 Acquisition of subsidiaries 16.1 1 1 230 Exchange movement (157 ) 284 Cost and net book amount at 30 September 2,245 2,391 Note: * Restated for finalisation of the fair value assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1). There were no accumulated impairment charges within goodwill for any of the years presented. Cash-generating units The following table shows the allocation of the carrying value of goodwill at the end of the reporting period by CGU or group of CGUs: 2023 \u00a3m 2022 Restated * \u00a3m North America 1 ,462 1,600 UK & Ireland 354 352 France 219 222 Iberia 1 31 133 Central Europe 55 56 Africa and the Middle East 24 28 2,245 2,391 Note: * Restated for finalisation of the fair value of assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1) and allocation of previously unallocated goodwill to the North America CGU (\u00a325m), with the remainder allocated to other intangible assets and deferred tax liabilities (see note 16.1). Annual goodwill impairment tests The recoverable amount of a CGU or group of CGUs is determined as the higher of its fair value less costs of disposal and its value in use. In determining value in use, estimated future cash flows over a three-year period are discounted to their present value, with a terminal value based on the cash flows in the third year and an assumed long-term growth rate. The Group performed its annual test for impairment as at 30 June 2023. In all cases, the financial forecasts contained in the Group\u2019s three- year financial plan form the basis for the cash flow projections for a CGU or a group of CGUs, which is aligned with the Group\u2019s three-year strategic planning horizon. Net operating cash flows over the three-year plan period reflect the Group\u2019s current assessment of climate change for each CGU or group of CGUs. This includes the potential impact on both revenue and cost, including the cost of any associated commitments made by the Group, which at this stage are not material. Consideration has also been given to the potential longer-term impacts which are reflected in the long-term growth rates since they are based on independently sourced longer- term growth rates of gross domestic product (GDP). Reasonably possible changes in the long-term growth rates, considering the potential impact of climate change, do not materially impact the impairment test. The key assumptions in the value in use calculations include the discount rate, average medium-term revenue growth rates and the long-term growth rates of net operating cash flows: \u2022 The average medium-term revenue growth rates represent the compound annual revenue growth for the first three years. The average medium-term revenue growth rate applied to each CGU\u2019s cash flow projections for plan periods of three years are calculated using the specific rates used in the preparation of the Group\u2019s three-year plan and reflects rates applicable to each territory. \u2022 Long-term growth rates of net operating cash flows are assumed to be equal to the long-term growth rate in the GDP of the country in which the CGU\u2019s operations are primarily undertaken, reflecting the specific rates for each territory. Average medium-term operating margins are equal to the expected operating margin across the three-year plan period. The operating margins over the three-year plan period are based on historical margins specific to each CGUs with modest improvements from expected efficiencies in scaling the business. Range of rates used across the different CGUs 2023 2022 Average medium-term revenue growth rates* 9%\u2013 1 8% 8%\u201317% Long-term growth rates to net operating cash flows 1 %\u20133% 1%\u20133% Note: * Current year average medium-term revenue growth is based on three (2022: three) year compound annual revenue growth and excludes intercompany revenue. In accordance with IAS 36, key assumptions for the value in use calculations are disclosed for those CGUs and groups of CGUs
where significant goodwill is held. These are deemed by management to be CGUs or groups of CGUs holding 10% or more of total
goodwill. The discount rate, average medium-term revenue growth rate and long-term growth rate assumptions used for the
value in use calculation for these are shown below:
2023
Local
discount rate
(post-tax)
Approximate
local
discount
rate (pre-tax)
equivalent
Long-term
growth
rate
Average
medium-
term revenue
rowth rate*
U
& Ireland 8.9%
1.9%
.2%
2.4%
France 8.7%
1.6%
.2% 9.0%
North America
9.4%
2.5%
.4%
8.1%
2022
Local
discount rate
(post-tax)
Approximate
local discount
rate (pre-tax)
equivalent
Long-term
growth
rate
Average
medium-term
revenue
growth rate*
U
& Ireland 7.8% 10.4% 1.2% 11.4%
France 7.8% 10.4% 1.3% 7.8%
North America 8.
% 11.
% 1.4% 16.5%
Note:
* Current year average medium-term revenue growth is based on three (2022: three) year compound annual revenue growth and excludes intercompany revenue.
Discount rate
The Group uses a discount rate based on a local Weighted Average Cost of Capital (WACC) for each CGU or group of CGUs,
applying local government bond yields and specific tax rates to each CGU or group of CGUs. The discount rate applied to a CGU
or group of CGUs represents a post-tax rate that reflects the market assessment of the time value of money as at 30 June 2023
and the risks specific to the CGU of group of CGUs, through the inclusion of a country risk premium. As the net operating cash
flows for each CGU or group of CGUs include the expected impact of inflation, a nominal post-tax discount rate is used.
Use of a post-tax discount rate is consistent with the use of post-tax cash flows in the calculations and produces a result that is
not materially different from applying the equivalent pre-tax rate to pre-tax cash flows. For comparison, the equivalent pre-tax
rate has been estimated by grossing up the post-tax rate and is considered to provide a reasonable approximation of the rate
that would have been used if calculations were on a pre-tax basis considering there are no significant timing differences. The
post-tax discount rates applied to CGUs or group of CGUs were in the range of 8.2% (2022: 7.0%) to 17.9% (2022: 16.5%), reflecting
the specific rates for each territory.
Sensitivity analysis
A sensitivity analysis was performed for each of the significant CGUs or groups of CGUs and management concluded that no
reasonably possible change in any of the key assumptions would result in the carrying value of the CGU or group of CGUs
exceeding its recoverable amount. Sensitivity testing assumed a reasonably possible reduction in both average medium-term
revenue growth rates and average medium-term operating margins, as well as an increase in the discount rate.
Impairment charge
No impairment charge was recognised in the year (2022: \u00a3nil).
The Group performed its annual test for impairment for all CGUs as at 30 June 2023. The recoverable amount exceeded the
carrying value for each CGU or group of CGUs; accordingly no impairment charge has been recognised in the year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-444": {
"value": "Accounting policy Goodwill arising from the acquisition of a subsidiary represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. Goodwill is carried at cost less accumulated impairment losses. Goodwill previously written off directly to reserves under UK GAAP prior to 1 October 1998 has not been reinstated and is not recycled to the income statement on the disposal of the business to which it relates. Goodwill is tested for impairment annually and when circumstances indicate that it may be impaired. Goodwill is assessed for the purpose of impairment testing, at either the individual cash generating unit (\u201cCGU\u201d) level or group of CGUs, consistent with the level at which goodwill is monitored internally. Impairment is determined by assessing the recoverable amount of each CGU or group of CGUs to which the goodwill relates. When the recoverable amount of the CGU or group of CGUs is less than its carrying amount, an impairment loss is recognised. At recognition, goodwill is allocated to those CGUs expected to benefit from the synergies of the combination. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-426": {
"value": "Accounting policy Goodwill arising from the acquisition of a subsidiary represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. Goodwill is carried at cost less accumulated impairment losses. Goodwill previously written off directly to reserves under UK GAAP prior to 1 October 1998 has not been reinstated and is not recycled to the income statement on the disposal of the business to which it relates. Goodwill is tested for impairment annually and when circumstances indicate that it may be impaired. Goodwill is assessed for the purpose of impairment testing, at either the individual cash generating unit (\u201cCGU\u201d) level or group of CGUs, consistent with the level at which goodwill is monitored internally. Impairment is determined by assessing the recoverable amount of each CGU or group of CGUs to which the goodwill relates. When the recoverable amount of the CGU or group of CGUs is less than its carrying amount, an impairment loss is recognised. At recognition, goodwill is allocated to those CGUs expected to benefit from the synergies of the combination. Accounting policy Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation and impairment charges. The main intangible assets recognised are brands, technology, in-process R&D, computer software, and customer relationships. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Brand names 1 to 20 years Customer relationships 4 to 15 years Technology/In-process R&D (IPR&D) 3 to 8 years Computer software 2 to 7 years Other intangible assets that are acquired by the Group are stated at cost, which is the asset\u2019s purchase price and any directly attributable costs of preparing the asset for its intended use, less accumulated amortisation and impairment losses if applicable. The carrying value of intangibles is reviewed for impairment whenever events indicate that the carrying value may not be recoverable. Internally generated software development costs qualify for capitalisation when the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale; \u2022 Its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset; \u2022 How the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. Generally, commercial viability of new products is not proven until all high-risk development issues have been resolved through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the detailed design phase and formal approval, which occurs just before the products are ready to go to market. Accordingly, development costs have not been capitalised. However, the Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis. Costs which are incurred after the general release of internally generated software or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred and included within research and development expense in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-374": {
"value": "6.2 Other intangibles Accounting policy Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation and impairment charges. The main intangible assets recognised are brands, technology, in-process R&D, computer software, and customer relationships. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Brand names 1 to 20 years Customer relationships 4 to 15 years Technology/In-process R&D (IPR&D) 3 to 8 years Computer software 2 to 7 years Other intangible assets that are acquired by the Group are stated at cost, which is the asset\u2019s purchase price and any directly attributable costs of preparing the asset for its intended use, less accumulated amortisation and impairment losses if applicable. The carrying value of intangibles is reviewed for impairment whenever events indicate that the carrying value may not be recoverable. Internally generated software development costs qualify for capitalisation when the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale; \u2022 Its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset; \u2022 How the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. Generally, commercial viability of new products is not proven until all high-risk development issues have been resolved through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the detailed design phase and formal approval, which occurs just before the products are ready to go to market. Accordingly, development costs have not been capitalised. However, the Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis. Costs which are incurred after the general release of internally generated software or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred and included within research and development expense in the financial statements. Brands
\u00a3m
Technology
\u00a3m
Internal
IPR&D
\u00a3m
Computer
software
\u00a3m
Customer
relationships
\u00a3m
Total
\u00a3m
Cost at 1 October 2021 32 195 3 160 164 554
Additions \u2013 19 \u2013 10 \u2013 29
Acquisition of subsidiaries* \u2013 98 \u2013 \u2013 38 136
Disposals \u2013 \u2013 \u2013 (10) \u2013 (10)
Exchange movement 3 16 \u2013 17 26 62
At 30 September 2022 restated* 35 328 3 177 228
71
Accumulated amortisation at 1 October 2021 30 127 3 109 95 364
Charge for the year 1 27 \u2013 14 14 56
Disposals \u2013 \u2013 \u2013 (10) \u2013 (10)
Exchange movement 2 12 \u2013 15 12 41
At 30 September 2022 33 166 3 128 121 451
Net book amount at 30 September 2022 restated* 2 162 \u2013 49 107 320
Note:
* Restated for the finalisation of the fair value of assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1).
All amortisation charges in the year have been charged through selling and administrative expenses. Of these amortisation
charges, those relating to acquired intangibles of \u00a354m (primarily Brands, Technology and Customer relationships) has been
classified as a recurring adjustment (2022: \u00a342m); see note 3.6.
Brands
\u00a3m
Technology
\u00a3m
Internal
IPR&D
\u00a3m
Computer
software
\u00a3m
Customer
relationships
\u00a3m
Total
\u00a3m
Cost at 1 October 2022 restated* 35 328 3
77 228 771
Additions \u2013 \u2013 \u2013
7 \u2013
7
Acquisition of subsidiaries
\u2013
4 \u2013 \u2013
5
Disposals
\u2013 \u2013 \u2013 (2
\u2013 (2
Exchange movement
(1
(9
\u2013 (8
(13
(31
At 30 September 2023 34 333 3
84 216 770
Accumulated amortisation at 1 October 2022 33
66 3
28
21 451
Charge for the year
37 \u2013
5
6 69
Disposals
\u2013 \u2013 \u2013 (2
\u2013 (2
Exchange movement
(1
(7
\u2013 (7
(7
(22
At 30 September 2023 33
96 3
34
30 496
Net book amount at 30 September 2023
37 \u2013 50 86 274
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-445": {
"value": "Accounting policy Intangible assets arising on business combinations are recognised initially at fair value at the date of acquisition. Subsequently they are carried at cost less accumulated amortisation and impairment charges. The main intangible assets recognised are brands, technology, in-process R&D, computer software, and customer relationships. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Brand names 1 to 20 years Customer relationships 4 to 15 years Technology/In-process R&D (IPR&D) 3 to 8 years Computer software 2 to 7 years Other intangible assets that are acquired by the Group are stated at cost, which is the asset\u2019s purchase price and any directly attributable costs of preparing the asset for its intended use, less accumulated amortisation and impairment losses if applicable. The carrying value of intangibles is reviewed for impairment whenever events indicate that the carrying value may not be recoverable. Internally generated software development costs qualify for capitalisation when the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale; \u2022 Its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset; \u2022 How the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. Generally, commercial viability of new products is not proven until all high-risk development issues have been resolved through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the detailed design phase and formal approval, which occurs just before the products are ready to go to market. Accordingly, development costs have not been capitalised. However, the Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis. Costs which are incurred after the general release of internally generated software or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred and included within research and development expense in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-349": {
"value": "7 Property, plant and equipment This note details the physical assets used by the Group to operate the business and generate revenues and profits. Assets are shown at their purchase price less depreciation, which is an expense that is charged over the useful life of these assets to reflect annual usage and wear and tear, and impairment. Accounting policy Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is provided on a straight-line basis to write down an asset to its residual value over its useful life as follows: Freehold buildings \u2022 Up to 50 years Long leasehold buildings and improvements \u2022 Shorter of lease term and useful life Plant and equipment \u2022 2 to 7 years Motor vehicles \u2022 4 years Office equipment \u2022 2 to 7 years Right-of-use lease assets \u2022 Shorter of lease term and useful life Freehold land is not depreciated. An item of property, plant and equipment is reviewed for impairment whenever events indicate that its carrying value may not be recoverable. Further information on the policy applied to right-of-use lease assets is included in note 3.4. Land and buildings \u00a3m Plant and equipment \u00a3m Motor vehicles and office equipment \u00a3m Right-of-use assets: Property \u00a3m Right-of-use assets: Vehicles \u00a3m Right-of-use assets: Total \u00a3m Total \u00a3m Cost at 1 October 2021 11 141 46 116 5 121 319 Additions \u2013 11 1 5 1 6 18 Acquisition of subsidiaries \u2013 2 \u2013 \u2013 \u2013 \u2013 2 Disposals \u2013 (27) (18) (5) \u2013 (5) (50) Exchange movement 3 7 2 10 \u2013 10 22 At 30 September 2022 14 134 31 126 6 132 311 Accumulated depreciation at 1 October 2021 5 77 37 33 3 36 155 Charge for the year \u2013 19 3 17 2 19 41 Disposals \u2013 (27) (18) (5) \u2013 (5) (50) Exchange movement 1 7 2 3 \u2013 3 13 At 30 September 2022 6 76 24 48 5 53 159 Net book amount at 30 September 2022 8 58 7 78 1 79 152 All depreciation charges in the years presented have been charged through selling and administrative expenses. All impairment charges in the years presented have been charged through selling and administrative expenses, as well as being classified as a non-recurring adjustment within property restructuring costs; see note 3.6. Land and buildings \u00a3m Plant and equipment \u00a3m Motor vehicles and office equipment \u00a3m Right-of- use assets: Property \u00a3m Right-of- use assets: Vehicles \u00a3m Right-of- use assets: Total \u00a3m Total \u00a3m Cost at1 October 2022 14 1 34 31 1 26 6 1 32 311 Additions \u2013 5 \u2013 1 3 2 1 5 20 Disposals \u2013 (9) (3) \u2013 (1) (1) (13) Exchange movement (1) (6) (1 ) (5) \u2013 (5) (13) At 30 September 2023 13 1 24 27 1 34 7 1 41 305 Accumulated depreciation at 1 October 2022 6 76 24 48 5 53 159 Charge for the year \u2013 1 8 2 18 1 1 9 39 Impairment \u2013 2 1 19 \u2013 1 9 22 Disposals \u2013 (9) (3) \u2013 \u2013 \u2013 (12) Exchange movement \u2013 (4) (1 ) (2 ) \u2013 (2) (7) At 30 September 2023 6 83 23 83 6 89 201 Net book amount at 30 September 2023 7 41 4 51 1 52 104",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-427": {
"value": "Accounting policy Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is provided on a straight-line basis to write down an asset to its residual value over its useful life as follows: Freehold buildings \u2022 Up to 50 years Long leasehold buildings and improvements \u2022 Shorter of lease term and useful life Plant and equipment \u2022 2 to 7 years Motor vehicles \u2022 4 years Office equipment \u2022 2 to 7 years Right-of-use lease assets \u2022 Shorter of lease term and useful life Freehold land is not depreciated. An item of property, plant and equipment is reviewed for impairment whenever events indicate that its carrying value may not be recoverable. Further information on the policy applied to right-of-use lease assets is included in note 3.4. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-375": {
"value": "Accounting policy Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is provided on a straight-line basis to write down an asset to its residual value over its useful life as follows: Freehold buildings \u2022 Up to 50 years Long leasehold buildings and improvements \u2022 Shorter of lease term and useful life Plant and equipment \u2022 2 to 7 years Motor vehicles \u2022 4 years Office equipment \u2022 2 to 7 years Right-of-use lease assets \u2022 Shorter of lease term and useful life Freehold land is not depreciated. An item of property, plant and equipment is reviewed for impairment whenever events indicate that its carrying value may not be recoverable. Further information on the policy applied to right-of-use lease assets is included in note 3.4. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-350": {
"value": "8 Equity investments This note provides details of the equity investments held by the Group. These are investments the Group has made in unlisted entities that it does not control, jointly control, or have significant influence over, and are not held for trading. Further information is disclosed in note 14.1. Accounting policy The Group initially recognises its equity investments at cost on the balance sheet as a non-current asset. The Group has irrevocably elected to measure the equity investments currently held at fair value through other comprehensive income, as they are not held for trading. The investments will be measured at fair value at each reporting date (as required under IFRS 9), with changes in fair value of the investments recognised within other comprehensive income. Only dividend income will be recognised within the income statement. 2023 \u00a3m 2022 \u00a3m Fair value at 1 October 4 21 Fair value revaluation \u2013 30 Derecognition \u2013 (47) Fair value at 30 September 4 4 The Group has recognised \u00a3nil (2022: \u00a3nil) dividend income relating to equity investments held at the balance sheet dates. The fair value revaluation of \u00a330m in the prior year related to the Group\u2019s investment in Brightpearl, which arose on acquisition of the remaining share capital during 2022; the equity investment in Brightpearl of \u00a347m was subsequently derecognised. The gain on revaluation of \u00a330m was recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-428": {
"value": "Accounting policy The Group initially recognises its equity investments at cost on the balance sheet as a non-current asset. The Group has irrevocably elected to measure the equity investments currently held at fair value through other comprehensive income, as they are not held for trading. The investments will be measured at fair value at each reporting date (as required under IFRS 9), with changes in fair value of the investments recognised within other comprehensive income. Only dividend income will be recognised within the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-351": {
"value": "9 Working capital This note provides the amounts invested by the Group in working capital balances at the end of the financial year. Working capital is made up of trade and other receivables, trade and other payables, and deferred income. Trade and other receivables are made up of amounts owed to the Group by customers, amounts that we pay to our suppliers in advance, and incremental costs to acquire a contract. Trade receivables are shown net of an allowance for expected credit losses. Our trade and other payables are amounts we owe to our suppliers that have been invoiced to us or accrued by us. They also include amounts due in relation to taxes and social security from our role as an employer. This note also gives some additional detail on the age and recoverability of our trade receivables, which provides an understanding of the credit risk faced by the Group as a part of everyday trading. Credit risk is further disclosed in note 14.6. 9.1 Trade and other receivables Accounting policy Trade receivables and contract assets Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses. The Group uses the term \u201cTrade receivables\u201d for contract receivables. These are recognised when the right to consideration is unconditional. Typically, the Group invoices fees for perpetual licences on contract closure and delivery. For performance obligations satisfied over time, judgement is required in determining whether a right to consideration is unconditional. In such situations, a receivable is recognised for the transaction price of the non-cancellable portion of the contract when the Group starts satisfying the performance obligation. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from the customer a contract asset is recognised. The carrying amounts of trade receivables and contract assets are reduced by allowances for expected credit losses using the simplified approach under IFRS 9. The Group uses a matrix approach to determine the allowance, with default rates assessed for each country in which the Group operates. The default rates applied are based on the ageing of the receivable, past experience of credit losses, and forward-looking information. An allowance for a receivable\u2019s estimated lifetime expected credit losses is first recorded when the receivable is initially recognised, and subsequently adjusted to reflect changes in credit risk until the balance is collected. In the event that management considers that a receivable cannot be collected, the balance is written off. Incremental costs of obtaining customer contracts The incremental costs of obtaining customer contracts are capitalised under IFRS 15. Contract acquisition costs primarily consist of sales commissions earned by the Group\u2019s sales force and business partners. Judgement is required in determining the amounts to be capitalised, particularly where the commissions are based on cumulative targets. The Group capitalises such cumulative target commissions for all customer contracts that count towards the cumulative target but only if nothing other than obtaining customer contracts can contribute to achieving the cumulative target. The capitalised assets are amortised over the period during which the related revenue is recognised, which may extend beyond the initial contract term where the Group expects to benefit from future renewals as a result of incurring the costs. Typically, either the Group does not pay sales commissions for customer contract renewals or such commissions are not commensurate with the commissions paid for new contracts. Consequently, the Group amortises sales commissions paid for new customer contracts on a straight-line basis over the expected contract life including probable contract renewals. Judgement is required in estimating these contract lives. In exercising this judgement, the Group considers respective renewal history adjusted for indications that the renewal history is not fully indicative of future renewals. The amortisation periods range from one year to eight years depending on the type of commission arrangement. Amortisation of the capitalised costs of obtaining customer contracts is reported within selling and administrative expenses. Current: 2023 \u00a3m 2022 \u00a3m Trade receivables 259 241 Less: allowance for expected credit losses (1 0 ) (14) Trade receivables\u2014net 249 227 Other receivables 1 2 16 Prepayments 66 65 Customer acquisition costs 49 4 7 376 355 The Group has incurred \u00a3167m (2022: \u00a3144m) to obtain customer contracts and an amortisation expense of \u00a3147m (2022: \u00a3123m) was recognised in operating profit during the year. There were no material contract assets. Movements on the Group allowance for expected credit losses of trade receivables were as follows: 2023 \u00a3m 2022 \u00a3m At 1 October 1 4 22 Increase in allowance for expected credit losses 4 5 Receivables written off during the year as uncollectable (5) (4) Unused amounts reversed (2) (9) Exchange movement (1) \u2013 At 30 September 1 0 14 The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. The Group has no significant concentrations of credit risk since the risk is spread over a large number of unrelated counterparties. The Group\u2019s businesses implement policies, procedures, and controls to manage customer credit risk. Outstanding balances are regularly monitored and reviewed to identify any change in risk profile. The Group recognises a loss allowance against trade receivables using the simplified approach under IFRS 9. The amount of the allowance reflects the lifetime expected credit losses measured using historical payment default rates determined for each geographical market in which the Group operates. The historical default rates are adjusted where necessary if they do not reflect the level of future expected credit losses, for example because of changes in the local economy or other commercial considerations. The allowance for expected credit losses is calculated using a provision matrix. The amount of the allowance increases as outstanding balances age. A customer balance is written off when it is considered that there is no reasonable expectation that the amount will be collected and legal enforcement activities have ceased. Non-current: \u00a3m \u00a3m Customer acquisition costs 1 33 123 Other receivables 4 4 Prepayments 1 1 1 38 128 An analysis of the gross carrying amount of trade receivables showing credit risk exposure by age of the outstanding balance is as follows: Trade receivables at 30 September 2023 Not yet due \u00a3m 1\u201330 days overdue \u00a3m 31\u201360 days overdue \u00a3m 61\u201390 days overdue \u00a3m 91+ days overdue \u00a3m Total \u00a3m Expected credit loss rate 1 % 3% 7% 1 6% 61% \u2013 Estimated total gross carrying amount at default 224 1 4 6 3 1 2 259 Expected credit loss (2) \u2013 \u2013 (1) (7) (10) Trade receivables at 30 September 2022 Not yet due \u00a3m 1\u201330 days overdue \u00a3m 31\u201360 days overdue \u00a3m 61\u201390 days overdue \u00a3m 91+ days overdue \u00a3m Total \u00a3m Expected credit loss rate 1% 2% 7 % 15% 65% \u2013 Estimated total gross carrying amount at default 200 15 6 5 15 241 Expected credit loss (3 ) \u2013 \u2013 (1 ) (10 ) (14) Included in selling and administrative expenses in the income statement is a debit of \u00a34m (2022: credit of \u00a33m) in relation to receivables credit losses. The maximum exposure to credit risk at the end of the reporting period is the fair value of each class of receivables mentioned above. The Group held no collateral as security. The carrying value of trade receivables approximate their fair value. 9.2 Trade and other payables Accounting policy Trade payables and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Trade payables 35 32 Other tax and social security payable 42 44 Other payables 60 44 Accruals 241 248 378 368 Non-current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Other payables 1 3 6 1 3 6 9.3 Deferred income Accounting policy If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability is recognised. The Group uses the term \u201cdeferred income\u201d for a contract liability. Contract liabilities primarily reflect invoices due or payments received in advance of revenue recognition. Deferred income is unwound as related performance obligations are satisfied. In all material respects, current deferred income at 1 October 2022 was recognised as revenue during the year. Other than the recognition and unwind of deferred income from the sale of subscription and maintenance and support contracts, there were no significant changes in contract liability balances during the year. ",
"dimensions": {
"concept": "thesagegroupplc:DisclosureOfWorkingCapital",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-376": {
"value": "9.1 Trade and other receivables Accounting policy Trade receivables and contract assets Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses. The Group uses the term \u201cTrade receivables\u201d for contract receivables. These are recognised when the right to consideration is unconditional. Typically, the Group invoices fees for perpetual licences on contract closure and delivery. For performance obligations satisfied over time, judgement is required in determining whether a right to consideration is unconditional. In such situations, a receivable is recognised for the transaction price of the non-cancellable portion of the contract when the Group starts satisfying the performance obligation. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from the customer a contract asset is recognised. The carrying amounts of trade receivables and contract assets are reduced by allowances for expected credit losses using the simplified approach under IFRS 9. The Group uses a matrix approach to determine the allowance, with default rates assessed for each country in which the Group operates. The default rates applied are based on the ageing of the receivable, past experience of credit losses, and forward-looking information. An allowance for a receivable\u2019s estimated lifetime expected credit losses is first recorded when the receivable is initially recognised, and subsequently adjusted to reflect changes in credit risk until the balance is collected. In the event that management considers that a receivable cannot be collected, the balance is written off. Incremental costs of obtaining customer contracts The incremental costs of obtaining customer contracts are capitalised under IFRS 15. Contract acquisition costs primarily consist of sales commissions earned by the Group\u2019s sales force and business partners. Judgement is required in determining the amounts to be capitalised, particularly where the commissions are based on cumulative targets. The Group capitalises such cumulative target commissions for all customer contracts that count towards the cumulative target but only if nothing other than obtaining customer contracts can contribute to achieving the cumulative target. The capitalised assets are amortised over the period during which the related revenue is recognised, which may extend beyond the initial contract term where the Group expects to benefit from future renewals as a result of incurring the costs. Typically, either the Group does not pay sales commissions for customer contract renewals or such commissions are not commensurate with the commissions paid for new contracts. Consequently, the Group amortises sales commissions paid for new customer contracts on a straight-line basis over the expected contract life including probable contract renewals. Judgement is required in estimating these contract lives. In exercising this judgement, the Group considers respective renewal history adjusted for indications that the renewal history is not fully indicative of future renewals. The amortisation periods range from one year to eight years depending on the type of commission arrangement. Amortisation of the capitalised costs of obtaining customer contracts is reported within selling and administrative expenses. Current: 2023 \u00a3m 2022 \u00a3m Trade receivables 259 241 Less: allowance for expected credit losses (1 0 ) (14) Trade receivables\u2014net 249 227 Other receivables 1 2 16 Prepayments 66 65 Customer acquisition costs 49 4 7 376 355 The Group has incurred \u00a3167m (2022: \u00a3144m) to obtain customer contracts and an amortisation expense of \u00a3147m (2022: \u00a3123m) was recognised in operating profit during the year. There were no material contract assets. Movements on the Group allowance for expected credit losses of trade receivables were as follows: 2023 \u00a3m 2022 \u00a3m At 1 October 1 4 22 Increase in allowance for expected credit losses 4 5 Receivables written off during the year as uncollectable (5) (4) Unused amounts reversed (2) (9) Exchange movement (1) \u2013 At 30 September 1 0 14 The Group\u2019s credit risk on trade and other receivables is primarily attributable to trade receivables. The Group has no significant concentrations of credit risk since the risk is spread over a large number of unrelated counterparties. The Group\u2019s businesses implement policies, procedures, and controls to manage customer credit risk. Outstanding balances are regularly monitored and reviewed to identify any change in risk profile. The Group recognises a loss allowance against trade receivables using the simplified approach under IFRS 9. The amount of the allowance reflects the lifetime expected credit losses measured using historical payment default rates determined for each geographical market in which the Group operates. The historical default rates are adjusted where necessary if they do not reflect the level of future expected credit losses, for example because of changes in the local economy or other commercial considerations. The allowance for expected credit losses is calculated using a provision matrix. The amount of the allowance increases as outstanding balances age. A customer balance is written off when it is considered that there is no reasonable expectation that the amount will be collected and legal enforcement activities have ceased. Non-current: 2023 \u00a3m 2022 \u00a3m Customer acquisition costs 1 33 123 Other receivables 4 4 Prepayments 1 1 1 38 128 An analysis of the gross carrying amount of trade receivables showing credit risk exposure by age of the outstanding balance is as follows: Trade receivables at 30 September 2023 Not yet due \u00a3m 1\u201330 days overdue \u00a3m 31\u201360 days overdue \u00a3m 61\u201390 days overdue \u00a3m 91+ days overdue \u00a3m Total \u00a3m Expected credit loss rate 1 % 3% 7% 1 6% 61% \u2013 Estimated total gross carrying amount at default 224 1 4 6 3 1 2 259 Expected credit loss (2) \u2013 \u2013 (1) (7) (10) Trade receivables at 30 September 2022 Not yet due \u00a3m 1\u201330 days overdue \u00a3m 31\u201360 days overdue \u00a3m 61\u201390 days overdue \u00a3m 91+ days overdue \u00a3m Total \u00a3m Expected credit loss rate 1% 2% 7 % 15% 65% \u2013 Estimated total gross carrying amount at default 200 15 6 5 15 241 Expected credit loss (3 ) \u2013 \u2013 (1 ) (10 ) (14) Included in selling and administrative expenses in the income statement is a debit of \u00a34m (2022: credit of \u00a33m) in relation to receivables credit losses. The maximum exposure to credit risk at the end of the reporting period is the fair value of each class of receivables mentioned above. The Group held no collateral as security. The carrying value of trade receivables approximate their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-429": {
"value": "Accounting policy Trade receivables and contract assets Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses. The Group uses the term \u201cTrade receivables\u201d for contract receivables. These are recognised when the right to consideration is unconditional. Typically, the Group invoices fees for perpetual licences on contract closure and delivery. For performance obligations satisfied over time, judgement is required in determining whether a right to consideration is unconditional. In such situations, a receivable is recognised for the transaction price of the non-cancellable portion of the contract when the Group starts satisfying the performance obligation. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from the customer a contract asset is recognised. The carrying amounts of trade receivables and contract assets are reduced by allowances for expected credit losses using the simplified approach under IFRS 9. The Group uses a matrix approach to determine the allowance, with default rates assessed for each country in which the Group operates. The default rates applied are based on the ageing of the receivable, past experience of credit losses, and forward-looking information. An allowance for a receivable\u2019s estimated lifetime expected credit losses is first recorded when the receivable is initially recognised, and subsequently adjusted to reflect changes in credit risk until the balance is collected. In the event that management considers that a receivable cannot be collected, the balance is written off. Incremental costs of obtaining customer contracts The incremental costs of obtaining customer contracts are capitalised under IFRS 15. Contract acquisition costs primarily consist of sales commissions earned by the Group\u2019s sales force and business partners. Judgement is required in determining the amounts to be capitalised, particularly where the commissions are based on cumulative targets. The Group capitalises such cumulative target commissions for all customer contracts that count towards the cumulative target but only if nothing other than obtaining customer contracts can contribute to achieving the cumulative target. The capitalised assets are amortised over the period during which the related revenue is recognised, which may extend beyond the initial contract term where the Group expects to benefit from future renewals as a result of incurring the costs. Typically, either the Group does not pay sales commissions for customer contract renewals or such commissions are not commensurate with the commissions paid for new contracts. Consequently, the Group amortises sales commissions paid for new customer contracts on a straight-line basis over the expected contract life including probable contract renewals. Judgement is required in estimating these contract lives. In exercising this judgement, the Group considers respective renewal history adjusted for indications that the renewal history is not fully indicative of future renewals. The amortisation periods range from one year to eight years depending on the type of commission arrangement. Amortisation of the capitalised costs of obtaining customer contracts is reported within selling and administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-446": {
"value": "Trade receivables and contract assets Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses. The Group uses the term \u201cTrade receivables\u201d for contract receivables. These are recognised when the right to consideration is unconditional. Typically, the Group invoices fees for perpetual licences on contract closure and delivery. For performance obligations satisfied over time, judgement is required in determining whether a right to consideration is unconditional. In such situations, a receivable is recognised for the transaction price of the non-cancellable portion of the contract when the Group starts satisfying the performance obligation. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from the customer a contract asset is recognised. The carrying amounts of trade receivables and contract assets are reduced by allowances for expected credit losses using the simplified approach under IFRS 9. The Group uses a matrix approach to determine the allowance, with default rates assessed for each country in which the Group operates. The default rates applied are based on the ageing of the receivable, past experience of credit losses, and forward-looking information. An allowance for a receivable\u2019s estimated lifetime expected credit losses is first recorded when the receivable is initially recognised, and subsequently adjusted to reflect changes in credit risk until the balance is collected. In the event that management considers that a receivable cannot be collected, the balance is written off. Incremental costs of obtaining customer contracts The incremental costs of obtaining customer contracts are capitalised under IFRS 15. Contract acquisition costs primarily consist of sales commissions earned by the Group\u2019s sales force and business partners. Judgement is required in determining the amounts to be capitalised, particularly where the commissions are based on cumulative targets. The Group capitalises such cumulative target commissions for all customer contracts that count towards the cumulative target but only if nothing other than obtaining customer contracts can contribute to achieving the cumulative target. The capitalised assets are amortised over the period during which the related revenue is recognised, which may extend beyond the initial contract term where the Group expects to benefit from future renewals as a result of incurring the costs. Typically, either the Group does not pay sales commissions for customer contract renewals or such commissions are not commensurate with the commissions paid for new contracts. Consequently, the Group amortises sales commissions paid for new customer contracts on a straight-line basis over the expected contract life including probable contract renewals. Judgement is required in estimating these contract lives. In exercising this judgement, the Group considers respective renewal history adjusted for indications that the renewal history is not fully indicative of future renewals. The amortisation periods range from one year to eight years depending on the type of commission arrangement. Amortisation of the capitalised costs of obtaining customer contracts is reported within selling and administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-396": {
"value": "Current: 2023 \u00a3m 2022 \u00a3m Trade receivables 259 241 Less: allowance for expected credit losses (1 0 ) (14) Trade receivables\u2014net 249 227 Other receivables 1 2 16 Prepayments 66 65 Customer acquisition costs 49 4 7 376 355 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-411": {
"value": "Current: 2023 \u00a3m 2022 \u00a3m Trade receivables 259 241 Less: allowance for expected credit losses (1 0 ) (14) Trade receivables\u2014net 249 227 Other receivables 1 2 16 Prepayments 66 65 Customer acquisition costs 49 4 7 376 355 Non-current: 2023 \u00a3m 2022 \u00a3m Customer acquisition costs 1 33 123 Other receivables 4 4 Prepayments 1 1 1 38 128 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-395": {
"value": "Non-current: 2023 \u00a3m 2022 \u00a3m Customer acquisition costs 1 33 123 Other receivables 4 4 Prepayments 1 1 1 38 128 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-412": {
"value": "An analysis of the gross carrying amount of trade receivables showing credit risk exposure by age of the outstanding balance is as follows: Trade receivables at 30 September 2023 Not yet due \u00a3m 1\u201330 days overdue \u00a3m 31\u201360 days overdue \u00a3m 61\u201390 days overdue \u00a3m 91+ days overdue \u00a3m Total \u00a3m Expected credit loss rate 1 % 3% 7% 1 6% 61% \u2013 Estimated total gross carrying amount at default 224 1 4 6 3 1 2 259 Expected credit loss (2) \u2013 \u2013 (1) (7) (10) Trade receivables at 30 September 2022 Not yet due \u00a3m 1\u201330 days overdue \u00a3m 31\u201360 days overdue \u00a3m 61\u201390 days overdue \u00a3m 91+ days overdue \u00a3m Total \u00a3m Expected credit loss rate 1% 2% 7 % 15% 65% \u2013 Estimated total gross carrying amount at default 200 15 6 5 15 241 Expected credit loss (3 ) \u2013 \u2013 (1 ) (10 ) (14) Included in selling and administrative expenses in the income statement is a debit of \u00a34m (2022: credit of \u00a33m) in relation to receivables credit losses. The maximum exposure to credit risk at the end of the reporting period is the fair value of each class of receivables mentioned above. The Group held no collateral as security. The carrying value of trade receivables approximate their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-413": {
"value": "9.2 Trade and other payables Accounting policy Trade payables and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Trade payables 35 32 Other tax and social security payable 42 44 Other payables 60 44 Accruals 241 248 378 368 Non-current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Other payables 1 3 6 1 3 6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-397": {
"value": "9.2 Trade and other payables Accounting policy Trade payables and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Trade payables 35 32 Other tax and social security payable 42 44 Other payables 60 44 Accruals 241 248 378 368 Non-current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Other payables 1 3 6 1 3 6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-377": {
"value": "9.2 Trade and other payables Accounting policy Trade payables and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Trade payables 35 32 Other tax and social security payable 42 44 Other payables 60 44 Accruals 241 248 378 368 Non-current trade and other payables can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Other payables 1 3 6 1 3 6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-430": {
"value": "Accounting policy Trade payables and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-378": {
"value": "9.3 Deferred income Accounting policy If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability is recognised. The Group uses the term \u201cdeferred income\u201d for a contract liability. Contract liabilities primarily reflect invoices due or payments received in advance of revenue recognition. Deferred income is unwound as related performance obligations are satisfied. In all material respects, current deferred income at 1 October 2022 was recognised as revenue during the year. Other than the recognition and unwind of deferred income from the sale of subscription and maintenance and support contracts, there were no significant changes in contract liability balances during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-431": {
"value": "Accounting policy If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability is recognised. The Group uses the term \u201cdeferred income\u201d for a contract liability. Contract liabilities primarily reflect invoices due or payments received in advance of revenue recognition. Deferred income is unwound as related performance obligations are satisfied. ",
"dimensions": {
"concept": "thesagegroupplc:DescriptionOfAccountingPolicyForDeferredIncome",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-352": {
"value": "10 Provisions
This note provides details of the provisions recognised by the Group, where a liability exists of uncertain timing
or amount. The main estimates in this area relate to legal exposure, employee severance, onerous contracts, and
dilapidation charges.
This section also explains the accounting policies applied and the specific judgements and estimates made by the
Directors in arriving at the value of these liabilities.
Accounting policy
A provision is recognised only when all three of the following conditions are met:
\u2022 The Group has a present obligation (legal or constructive) as a result of a past event;
\u2022 It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
\u2022 A reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the present value of the best estimate of the expenditure required to settle the
present obligation at the end of the reporting period, i.e. the present value of the amount that the Group would rationally
pay to settle the obligation at the balance sheet date or to transfer it to a third party.
Restructuring \u00a3m Legal \u00a3m Building \u00a3m Other \u00a3m Total \u00a3m Maturity profile < 1 year 5 16 1 1 23 1\u20132 years 3 3 4 \u2013 10 2\u20135 years \u2013 \u2013 8 \u2013 8 > 5 years \u2013 \u2013 6 \u2013 6 At 30 September 2023 8 19 19 1 47 Restructuring provisions are for the estimated costs of Group restructuring activities and mainly relate to employee severance which remains unpaid at the balance sheet date. These provisions will be utilised as obligations are settled which is currently expected to be within two years. This includes the non-recurring restructuring costs recognised in previous years, of which \u00a310m was utilised in the year, which remain unpaid at the balance sheet date. Legal provisions have been made in relation to ongoing disputes with third parties and other claims against the Group. The amount and ageing of legal provisions is assessed regularly, based upon internal and external legal advice, as required. This includes the non-recurring employee-related costs, of which there were \u00a39m additions in the year, which remain unpaid at the balance sheet date (see note 3.6). The unused amounts reversed in the year (\u00a36m) relate to a number of different legal claims. Building provisions relate to dilapidation charges and property-related contracts that have become onerous. The timing of the cash flows associated with building provisions is dependent on the timing of lease agreement termination. This includes the non-recurring property restructuring costs, of which there were \u00a310m additions in the year, which remain unpaid at the balance sheet date (see note 3.6). Other provisions comprise mainly those for the costs of warranty cover provided by the Group in respect of products sold to third parties. The timing of the cash flows associated with warranty provisions is spread over the period of warranty with the majority of the claims expected in the first year. Restructuring \u00a3m Legal \u00a3m Building \u00a3m Other \u00a3m Total \u00a3m At 1 October 2022 23 16 13 1 53 \u2022 Additional provision in the year \u2013 11 1 0 \u2013 21 \u2022 Provision utilised in the year (12 ) (2) (2) \u2013 (16) \u2022 Unused amount reversed (4) (6) (2) \u2013 (12 ) \u2022 Exchange movement 1 \u2013 \u2013 \u2013 1 At 30 September 2023 8 19 19 1 47",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-432": {
"value": "Accounting policy A provision is recognised only when all three of the following conditions are met: \u2022 The Group has a present obligation (legal or constructive) as a result of a past event; \u2022 It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and \u2022 A reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the present value of the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, i.e. the present value of the amount that the Group would rationally pay to settle the obligation at the balance sheet date or to transfer it to a third party. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-353": {
"value": "11 Post-employment benefits This note explains the accounting policies governing the Group\u2019s pension schemes, analyses the deficit on the defined benefit pension scheme and shows how it has been calculated. The majority of the Group\u2019s employees are members of defined contribution pension schemes. Additionally, the Group operates a small defined benefit scheme in France. For defined contribution schemes, the Group pays contributions into separate funds on behalf of the employee and has no further obligations to employees. The risks associated with this type of plan are assumed by the member. Contributions paid by the Group in respect of the current period are included within the income statement. The defined benefit scheme is a pension arrangement under which participating members receive a pension benefit at retirement determined by the scheme rules, salary and length of pensionable service. The income statement charge for the defined benefit scheme is the current/past service cost and the net interest cost which is the change in the net defined benefit liability that arises from the passage of time. The Group underwrites both financial and demographic risks associated with this type of plan. Accounting policy Obligations under defined contribution schemes are recognised as an operating cost in the income statement as incurred. The Group also operates a small post-employment benefit scheme in France. The assets of this scheme are held separately from the assets of the Group. Under French legislation, the Group is required to make one-off payments to employees in France who reach retirement age while still in employment. The costs of providing benefits under this scheme are determined using the projected unit credit actuarial valuation method. The current service cost and gains and losses on settlements and curtailments are included in selling and administrative expenses in the income statement. Past service costs should be recognised on the earlier of the date of the plan amendment and the date the Group recognises restructuring-related costs. Interest on the benefit plan assets and the imputed interest on benefit plan liabilities are included within selling and administrative expenses in the income statement. Changes in the post-employment benefit obligation due to experience and changes in actuarial assumptions are included in the statement of comprehensive income in full in the period in which they arise. The liability recognised on the balance sheet in respect of the defined benefit scheme is the present value of the defined benefit obligation and future administration costs at the end of the reporting period, less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximate to the terms of the related benefit obligation liability. The calculation of the defined benefit obligation of a defined benefit plan requires estimation of future events, for example salary and pension increases, inflation and mortality rates. In the event that future experience does not bear out the estimates made in previous years, an adjustment will be made to the plan\u2019s defined benefit obligation in future periods which could have a material effect on the Group. A sensitivity analysis has been performed on the significant assumptions. The significant assumptions are deemed to be the discount rate and salary increases, as these are most likely to have a material impact on the defined benefit obligations. The analysis has been performed by the independent actuaries. Defined benefit plans The most recent actuarial valuations of the post-employment benefit plan has been performed during the year for the year ended 30 September 2023. Weighted average principal assumptions made by the actuaries 2023 % 2022 % Rate of increase in pensionable salaries 1 .9 1.9 Discount rate 4.1 3.7 Inflation assumption 1 .9 1.9 Mortality rate assumptions made by the actuaries 2023 Years 2022 Years Average life expectancy for 65-year-old male 1 9 19 Average life expectancy for 65-year-old female 23 23 Average life expectancy for 45-year-old male 36 36 Average life expectancy for 45-year-old female 41 41 Amounts recognised on the balance sheet 2023 \u00a3m 2022 \u00a3m Present value of funded obligations (19) (19) Fair value of plan assets \u2013 \u2013 Net liabilit y recognised on the balance sheet (19 ) (19) At 30 September 2023 and 30 September 2022 there were no plan assets held in relation to the post-employment benefit plan. Expected contributions to the post-employment benefit plan for the year ending 30 September 2024 are \u00a31m (2022: expected contributions for the year ended 30 September 2023: \u00a31m). Amounts recognised in the income statement 2023 \u00a3m 2022 \u00a3m Current service cost (2) (2) Others (Curtailments/Plan amendments) 1 1 Total included within staff costs\u2014all within selling and administrative expenses (1) (1) Pension costs included in the consolidated income statement Note 2023 \u00a3m 2022 \u00a3m Defined contribution schemes 29 23 Defined benefit plans 1 1 3.3 30 24 Analysis of the movement in the balance sheet liability 2023 \u00a3m 2022 \u00a3m At 1 October (19 ) (22 ) Exchange movement 1 (1) Total expense as recognised in the income statement (1) (1 ) Actuarial gain* \u2013 5 At 30 September (19 ) (19 ) Note: * In the current year, an actuarial gain of \u00a3nil (2022: \u00a35m) has been recognised, gross of a \u00a3nil (2022: \u00a32m) tax charge. The net impact of \u00a3nil (2022: \u00a33m) has been recognised within other comprehensive income. See note 4 for the tax impact of the gain in the prior year. Sensitivity analysis on significant actuarial assumptions 2023 \u00a3m 2022 \u00a3m Discount rate applied to scheme obligations +/ - 0.75% p.a. 2 1 Salary increases +/ - 0.75% p.a. 2 1 Changes in the present value of the defined benefit obligation 2023 \u00a3m 2022 \u00a3m At 1 October (19) (22 ) Exchange movement 1 (1) Service cost (2) (2 ) Curtailments/Plan amendments 1 1 Actuarial gain \u2013 5 At 30 September (19) (19)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-433": {
"value": "Accounting policy Obligations under defined contribution schemes are recognised as an operating cost in the income statement as incurred. The Group also operates a small post-employment benefit scheme in France. The assets of this scheme are held separately from the assets of the Group. Under French legislation, the Group is required to make one-off payments to employees in France who reach retirement age while still in employment. The costs of providing benefits under this scheme are determined using the projected unit credit actuarial valuation method. The current service cost and gains and losses on settlements and curtailments are included in selling and administrative expenses in the income statement. Past service costs should be recognised on the earlier of the date of the plan amendment and the date the Group recognises restructuring-related costs. Interest on the benefit plan assets and the imputed interest on benefit plan liabilities are included within selling and administrative expenses in the income statement. Changes in the post-employment benefit obligation due to experience and changes in actuarial assumptions are included in the statement of comprehensive income in full in the period in which they arise. The liability recognised on the balance sheet in respect of the defined benefit scheme is the present value of the defined benefit obligation and future administration costs at the end of the reporting period, less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximate to the terms of the related benefit obligation liability. The calculation of the defined benefit obligation of a defined benefit plan requires estimation of future events, for example salary and pension increases, inflation and mortality rates. In the event that future experience does not bear out the estimates made in previous years, an adjustment will be made to the plan\u2019s defined benefit obligation in future periods which could have a material effect on the Group. A sensitivity analysis has been performed on the significant assumptions. The significant assumptions are deemed to be the discount rate and salary increases, as these are most likely to have a material impact on the defined benefit obligations. The analysis has been performed by the independent actuaries. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-354": {
"value": "12 Deferred income tax
Deferred income tax is an accounting adjustment to recognise liabilities or benefits that are expected to arise in the
future due to differences in the carrying value of assets and liabilities and their respective tax bases. In this note we
outline the accounting policies, movements in the year on the deferred tax account and the net deferred tax asset or
liability at the year end.
A deferred tax asset represents a tax reduction that is expected to arise in a future period.
A deferred tax liability represents taxes which will become payable in a future period as a result of a current or previous
transaction.
Accounting policy
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets
are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill
or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except
where the Group is able to control the reversal of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset
realised based on tax rates that have been enacted or substantively enacted at the end of the reporting period.
Tax assets and liabilities are offset when there is a legally enforceable right and there is an intention to settle the
balances net.
Deferred tax
Other
intangible
assets
(excluding
goodwill)
\u00a3m
Tax
losses
\u00a3m
Accounting
provisions/
accruals
\u00a3m
Goodwill
\u00a3m
Deferred
revenue
\u00a3m
Share
options
and awards
\u00a3m
Capitalised
R&D
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 30 September 2021 (24) 7 30 (20) 18 10 2 12 35
Income statement credit/(debit) 7 3 (22
(1) (3) 1 9 (2
(8)
Acquisition or disposa
of subsidiaries* (32
11 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (21
Other comprehensive income movement \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2) (2)
Exchange movement (4) 1 \u2013 (3) \u2013 \u2013 1 3 (2)
At 30 September 2022 restated* (53
22 8 (24) 15 11 12 11 2
Income statement credit/(debit) 3 2 2 (1) 4 3 25 (8
30
Acquisition or disposa
of subsidiaries (3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3)
Other comprehensive income movement
\u2013 \u2013 \u2013 \u2013 \u2013 6 \u2013 \u2013 6
Exchange movement
8 (1
\u2013
(3
\u2013 \u2013 (2
3
At 30 September 2023 (45) 23
0 (24)
6 20 37
38
Note:
* Restated for the finalisation of the fair value of assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1).
Note: * Restated for the finalisation of the fair value of assets acquired and liabilities assumed in the acquisition of Lockstep (see notes 1 and 16.1). Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered. Each of these assets are reviewed to ensure there is sufficient evidence to support their recognition. Deferred tax liabilities for the taxable temporary differences associated with the Group\u2019s investments in subsidiaries have been appropriately recognised to the extent that it is probable that the temporary differences will reverse in the future. Deferred taxes have been provided for the future tax impact of repatriating the Group\u2019s undistributed earnings, which is consistent with the position in 2022. The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same jurisdiction as required by IAS 12 \u201cIncome Taxes\u201d) during the year are shown in the above table. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net. Deferred tax assets and liabilities categorised as \u201cother\u201d in the above table include various balances in relation to the following items: 2023 \u00a3m 2022 \u00a3m Interest carried forward \u2013 11 Unremitted earnings (7 ) (5 ) Lease liability 1 0 12 Right-of-use lease assets (4) (11) Other amounts 2 4 1 11 The Company has unrecognised carried forward losses of \u00a3111m (2022: \u00a3113m, restated for completion of Lockstep purchase price accounting) available to reduce certain future taxable profits. Deferred tax assets of \u00a326m (2022: \u00a324m) have not been recognised in respect of these losses due to uncertainty regarding whether suitable profits will arise in future periods against which the deferred tax asset would reverse. Of these, \u00a318m (2022: \u00a318m) relate to UK capital losses that are available indefinitely but cannot be used to offset UK trading profit. The net deferred tax asset at the end of the year is analysed below: 2023 \u00a3m 2022 Restated* \u00a3m Deferred tax assets 56 19 Deferred tax liabilities (18) (17) Net deferred tax asset 38 2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-355": {
"value": "13 Cash flow and net debt
This note analyses our operational cash generation, shows the movement in our net debt in the year, and explains what is
included within our cash balances and borrowings at the year end.
Cash generated from operations is the starting point of our consolidated statement of cash flows. This section outlines
the adjustments for any non-cash accounting items to reconcile our accounting profit for the year to the amount of cash
we generated from our operations.
Net debt represents the amount of cash held less borrowings and overdrafts.
Borrowings are mostly made up of fixed-term external debt which the Group has taken out in order to finance acquisitions
in the past. Borrowings also include lease liabilities.
13.1 Cash flow generated from continuing operations
Reconciliation of profit for the year to cash generated from continuing operations
2023
\u00a3m
2022
\u00a3m
Profit for the year 2
260
Adjustments for:
\u2022 Income tax
71 77
\u2022 Finance income
2
(1
\u2022 Finance costs
45 31
\u2022 Amortisation of intangible assets
69 56
\u2022 Depreciation and impairment of property, plant and equipment
61 41
\u2022 R&D tax credits
3
(4
\u2022 Share-based payments
49 36
\u2022 Gain on disposal of subsidiaries
\u2013 (53
\u2022 Exchange movement
(4) (1)
Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries):
\u2022 Increase in trade and other receivables
(58
(50
\u2022 Increase/(decrease) in trade and other payables and provisions
22 (70)
\u2022 Increase in deferred income
54 46
Cash generated from continuing operations 505 368
13.2 Net debt
Reconciliation of net cash flow to movement in net debt
2023
\u00a3m
2022
\u00a3m
Cash inflows/
outflows
in the
ear (pre-exchange movements) 236 (124)
Cash inflows from loans and lease liabilities (69
(331)
Change in net debt resulting from cash flows
67 (455)
Cash and lease liabilities recognised from acquisitions of subsidiaries or similar transactions
12
Cash and lease liabilities derecognised on disposals of subsidiaries or similar transactions
\u2013 (13
Other non-cash movements
(15
(7)
Exchange movement
9 (23)
Movement in net debt in the
ear
72 (486
Net debt at 1 October (733
(247)
Net debt at 30 September (561
(733
Analysis of change in net debt At 1 October 2022 \u00a3m Cash flow \u00a3m Acquisition of subsidiaries \u00a3m Non-cash movements \u00a3m Exchange movement \u00a3m At 30 September 2023 \u00a3m Cash and cash equivalents 489 236 1 \u2013 (30 ) 696 Liabilities arising from financing activities Loans due within one year (161) 1 48 \u2013 \u2013 1 3 \u2013 Loans due after more than one year (966) (235 ) \u2013 (1 ) 31 (1,171 ) Lease liabilities due within one year (17) 1 8 \u2013 (16 ) 1 (14 ) Lease liabilities after more than one year (78) \u2013 \u2013 2 4 (72 ) (1,222)(69 ) \u2013 (15 ) 49 (1,257 ) Total (733) 1 67 1 (15 ) 1 9 (561 ) Analysis of change in net debt At 1 October 2021 \u00a3m Cash flow \u00a3m Acquisition of subsidiaries \u00a3m Disposal of subsidiaries \u00a3m Non-cash movements \u00a3m Exchange movement \u00a3m At 30 September 2022 \u00a3m Cash and cash equivalents 553 (124) 12 \u2013 \u2013 48 489 Cash amounts included in held for sale 14 \u2013 \u2013 (14) \u2013 \u2013 \u2013 Cash and cash equivalents including cash held for sale 567 (124) 12 (14) \u2013 48 489 Liabilities arising from financing activities Loans due within one year (4 7) 46 \u2013 \u2013 (144) (16) (161) Loans due after more than one year (66 7) (396) \u2013 \u2013 143 (46) (966) Lease liabilities due within one year (18 ) 19 \u2013 \u2013 (17) (1) (17) Lease liabilities after more than one year (82 ) \u2013 \u2013 \u2013 11 (7) (78) Lease liabilities included in held for sale \u2013 \u2013 \u2013 1 \u2013 (1) \u2013 (814 ) (331) \u2013 1 (7) (71) (1,222 ) Total (24 7) (455) 12 (13) (7) (23) (733 ) 13.3 Cash and cash equivalents (excluding bank overdrafts)
Accounting policy
For the purpose of preparation of the consolidated statement of cash flows and the consolidated balance sheet, cash and
cash equivalents include cash at bank and in hand and short-term deposits with an original maturity period of three
months or less. Bank overdrafts that are an integral part of a subsidiary\u2019s cash management are included in cash and cash
equivalents where they have a legal right of set-off and there is an intention to settle net, against positive cash balances,
otherwise bank overdrafts are classified as borrowings. Cash and cash equivalents are measured at amortised cost.
2023
\u00a3m
2022
\u00a3m
Cash at bank and in hand 249 377
Short-term bank deposits 447 112
696 489
The credit risk on liquid funds is considered to be low, as the Board-approved Group treasury policy limits the value that can be
invested with each approved counterparty to minimise the risk of loss. The Group treasury policy is to place cash and cash
equivalents with counterparties which are well-established banks with high credit ratings where available.
Cash and cash equivalents are classified and measured at amortised cost under IFRS 9 and are therefore subject to the expected
loss model requirements of that standard. However, no material expected credit losses have been identified. At 30 September
2023, 99% (2022: 97%) of the cash and cash equivalents balance was deposited with financial institutions rated at least A- by
Standard & Poor\u2019s.
The Group\u2019s maximum exposure to credit risk in relation to cash and cash equivalents is their carrying amount on the
balance sheet.
13.4 Borrowings
Accounting policy
Interest-bearing borrowings are recognised initially at fair value less attributable issue costs, which are amortised over
the period of the borrowings. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost
with any difference between cost and redemption value being recognised in the income statement over the period of
borrowing on an effective interest basis.
Further information on the policy applied to lease liabilities is included in note 3.4.
Non-current 2023 \u00a3m 2022 \u00a3m US senior loan notes \u2013 225 Sterling denominated bond notes 742 741 Euro denominated bond notes 431 \u2013 Lease liabilities 72 78 Unamortised RCF loan costs (2 ) \u2013 1 ,243 1,044 In the prior year, included in US senior loan notes above was \u00a3386m of unsecured loans (after unamortised issue costs). In the table above, US senior loan notes, sterling denominated bond notes and euro denominated bond notes (\u201cbond notes\u201d) are stated net of unamortised issue and discount costs of \u00a310m (2022: \u00a39m). Borrowings Year issued Interest coupon * Maturity 2023 \u00a3m 2022 \u00a3m Bonds \u2022 GBP 350m bond notes 2021 1.63% 25-Feb-31 350 350 \u2022 GBP 400m bond notes 2022 2.88% 8-Feb-34 400 400 \u2022 EUR 500m bond notes 2023 3.82% 15-Feb-28 433 \u2013 US private placement \u2022 USD 150m loan note 2013 3.71% 20-Ma y -23 \u2013 135 \u2022 USD 50m loan note 2013 3.86% 20-Ma y -25 \u2013 45 \u2022 EUR 30m loan note 2015 2.07% 26-Jan-23 \u2013 26 \u2022 USD 200m loan note 2015 3.73% 26-Jan-25 \u2013 180 Note: * This does not include the impact of cross currency interest rate swaps entered into in relation to the GBP 350m bond notes and EUR 500m bond notes. The Group\u2019s debt is sourced from sterling and euro denominated bond notes, with a syndicated multi-currency Revolving Credit Facility (RCF) also available. During the year, the Group issued euro denominated bond notes under its newly established Euro Medium Term Note (EMTN) programme, for a nominal amount of EUR 500m and an expiry date of February 2028. Cash proceeds from the issuance, net of transaction costs, were EUR 498m (\u00a3442m). Bond notes at 30 September 2023 were \u00a31,173m (30 September 2022: \u00a3741m), comprised of sterling denominated bond notes \u00a3742m (30 September 2022: \u00a3741m) and euro denominated bond notes \u00a3431m (30 September 2022: \u00a3nil). The Group\u2019s RCF was refinanced in December 2022, with facility levels of \u00a3630m, and maturity in December 2027, with an extension option for up to two further years subject to specific provisions. In November 2023, after the balance sheet date, a one-year extension was agreed, resulting in a new maturity in December 2028. An extension option for a further year remains available subject to specific provisions. At 30 September 2023, \u00a3nil of the RCF was drawn down and associated unamortised costs of \u00a32m had been paid and capitalised. The previously held RCF was undrawn at 30 September 2022. Total US senior loan notes at 30 September 2023 were \u00a3nil following the repayment of the remaining balance during the current year (30 September 2022: \u00a3386m comprising USD 400m and EUR 30m). Further information on lease liabilities is included in note 3.4. Current 2023 \u00a3m 2022 \u00a3m US senior loan notes \u2013 161 Lease liabilities 1 4 17 1 4 178",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-379": {
"value": "13 Cash flow and net debt This note analyses our operational cash generation, shows the movement in our net debt in the year, and explains what is included within our cash balances and borrowings at the year end. Cash generated from operations is the starting point of our consolidated statement of cash flows. This section outlines the adjustments for any non-cash accounting items to reconcile our accounting profit for the year to the amount of cash we generated from our operations. Net debt represents the amount of cash held less borrowings and overdrafts. Borrowings are mostly made up of fixed-term external debt which the Group has taken out in order to finance acquisitions in the past. Borrowings also include lease liabilities. 13.1 Cash flow generated from continuing operations Reconciliation of profit for the year to cash generated from continuing operations 2023 \u00a3m 2022 \u00a3m Profit for the year 2 11 260 Adjustments for: \u2022 Income tax 71 77 \u2022 Finance income (1 2 ) (1 ) \u2022 Finance costs 45 31 \u2022 Amortisation of intangible assets 69 56 \u2022 Depreciation and impairment of property, plant and equipment 61 41 \u2022 R&D tax credits ( 3 ) (4 ) \u2022 Share-based payments 49 36 \u2022 Gain on disposal of subsidiaries \u2013 (53 ) \u2022 Exchange movement (4) (1) Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries): \u2022 Increase in trade and other receivables (58 ) (50 ) \u2022 Increase/(decrease) in trade and other payables and provisions 22 (70) \u2022 Increase in deferred income 54 46 Cash generated from continuing operations 505 368 13.2 Net debt Reconciliation of net cash flow to movement in net debt 2023 \u00a3m 2022 \u00a3m Cash inflows/ ( outflows ) in the y ear (pre-exchange movements) 236 (124) Cash inflows from loans and lease liabilities (69 ) (331) Change in net debt resulting from cash flows 1 67 (455) Cash and lease liabilities recognised from acquisitions of subsidiaries or similar transactions 1 12 Cash and lease liabilities derecognised on disposals of subsidiaries or similar transactions \u2013 (13 ) Other non-cash movements (15 ) (7) Exchange movement 1 9 (23) Movement in net debt in the y ear 1 72 (486 ) Net debt at 1 October (733 ) (247) Net debt at 30 September (561 ) (733 ) Analysis of change in net debt
At
1 October
2022
\u00a3m
Cash flow
\u00a3m
Acquisition of
subsidiaries
\u00a3m
Non-cash
movements
\u00a3m
Exchange
movement
\u00a3m
At
30 September
2023
\u00a3m
Cash and cash equivalents 489 236
\u2013 (30
696
Liabilities arising from financing activities
Loans due within one year (161)
48 \u2013 \u2013
3 \u2013
Loans due after more than one year (966)
(235
\u2013 (1
31 (1,171
Lease liabilities due within one year (17)
8 \u2013 (16
(14
Lease liabilities after more than one year (78)
\u2013 \u2013 2 4 (72
(1,222)
(69
\u2013 (15
49 (1,257
Total (733)
67
(15
9 (561
Analysis of change in net debt
At
1 October
2021
\u00a3m
Cash flow
\u00a3m
Acquisition of
subsidiaries
\u00a3m
Disposal of
subsidiaries
\u00a3m
Non-cash
movements
\u00a3m
Exchange
movement
\u00a3m
At
30 September
2022
\u00a3m
Cash and cash equivalents 553 (124) 12 \u2013 \u2013 48 489
Cash amounts included in held for sale 14 \u2013 \u2013 (14) \u2013 \u2013 \u2013
Cash and cash equivalents including cash
held for sale 567 (124) 12 (14) \u2013 48 489
Liabilities arising from financing activities
Loans due within one year (4
46 \u2013 \u2013 (144) (16) (161)
Loans due after more than one year (66
(396) \u2013 \u2013 143 (46) (966)
Lease liabilities due within one year (18
19 \u2013 \u2013 (17) (1) (17)
Lease liabilities after more than one year (82
\u2013 \u2013 \u2013 11 (7) (78)
Lease liabilities included in held for sale \u2013 \u2013 \u2013 1 \u2013 (1) \u2013
(814
(331) \u2013 1 (7) (71) (1,222
Total (24
(455) 12 (13) (7) (23) (733
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-434": {
"value": "This note analyses our operational cash generation, shows the movement in our net debt in the year, and explains what is included within our cash balances and borrowings at the year end. Cash generated from operations is the starting point of our consolidated statement of cash flows. This section outlines the adjustments for any non-cash accounting items to reconcile our accounting profit for the year to the amount of cash we generated from our operations. Net debt represents the amount of cash held less borrowings and overdrafts. Borrowings are mostly made up of fixed-term external debt which the Group has taken out in order to finance acquisitions in the past. Borrowings also include lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-380": {
"value": "13.3 Cash and cash equivalents (excluding bank overdrafts) Accounting policy For the purpose of preparation of the consolidated statement of cash flows and the consolidated balance sheet, cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity period of three months or less. Bank overdrafts that are an integral part of a subsidiary\u2019s cash management are included in cash and cash equivalents where they have a legal right of set-off and there is an intention to settle net, against positive cash balances, otherwise bank overdrafts are classified as borrowings. Cash and cash equivalents are measured at amortised cost. 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 249 377 Short-term bank deposits 447 112 696 489 The credit risk on liquid funds is considered to be low, as the Board-approved Group treasury policy limits the value that can be invested with each approved counterparty to minimise the risk of loss. The Group treasury policy is to place cash and cash equivalents with counterparties which are well-established banks with high credit ratings where available. Cash and cash equivalents are classified and measured at amortised cost under IFRS 9 and are therefore subject to the expected loss model requirements of that standard. However, no material expected credit losses have been identified. At 30 September 2023, 99% (2022: 97%) of the cash and cash equivalents balance was deposited with financial institutions rated at least A- by Standard & Poor\u2019s. The Group\u2019s maximum exposure to credit risk in relation to cash and cash equivalents is their carrying amount on the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-435": {
"value": "Accounting policy For the purpose of preparation of the consolidated statement of cash flows and the consolidated balance sheet, cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity period of three months or less. Bank overdrafts that are an integral part of a subsidiary\u2019s cash management are included in cash and cash equivalents where they have a legal right of set-off and there is an intention to settle net, against positive cash balances, otherwise bank overdrafts are classified as borrowings. Cash and cash equivalents are measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-398": {
"value": "13.4 Borrowings Accounting policy Interest-bearing borrowings are recognised initially at fair value less attributable issue costs, which are amortised over the period of the borrowings. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of borrowing on an effective interest basis. Further information on the policy applied to lease liabilities is included in note 3.4. Non-current 2023 \u00a3m 2022 \u00a3m US senior loan notes \u2013 225 Sterling denominated bond notes 742 741 Euro denominated bond notes 431 \u2013 Lease liabilities 72 78 Unamortised RCF loan costs (2 ) \u2013 1 ,243 1,044 In the prior year, included in US senior loan notes above was \u00a3386m of unsecured loans (after unamortised issue costs). In the table above, US senior loan notes, sterling denominated bond notes and euro denominated bond notes (\u201cbond notes\u201d) are stated net of unamortised issue and discount costs of \u00a310m (2022: \u00a39m). Borrowings Year issued Interest coupon * Maturity 2023 \u00a3m 2022 \u00a3m Bonds \u2022 GBP 350m bond notes 2021 1.63% 25-Feb-31 350 350 \u2022 GBP 400m bond notes 2022 2.88% 8-Feb-34 400 400 \u2022 EUR 500m bond notes 2023 3.82% 15-Feb-28 433 \u2013 US private placement \u2022 USD 150m loan note 2013 3.71% 20-Ma y -23 \u2013 135 \u2022 USD 50m loan note 2013 3.86% 20-Ma y -25 \u2013 45 \u2022 EUR 30m loan note 2015 2.07% 26-Jan-23 \u2013 26 \u2022 USD 200m loan note 2015 3.73% 26-Jan-25 \u2013 180 Note: * This does not include the impact of cross currency interest rate swaps entered into in relation to the GBP 350m bond notes and EUR 500m bond notes. The Group\u2019s debt is sourced from sterling and euro denominated bond notes, with a syndicated multi-currency Revolving Credit Facility (RCF) also available. During the year, the Group issued euro denominated bond notes under its newly established Euro Medium Term Note (EMTN) programme, for a nominal amount of EUR 500m and an expiry date of February 2028. Cash proceeds from the issuance, net of transaction costs, were EUR 498m (\u00a3442m). Bond notes at 30 September 2023 were \u00a31,173m (30 September 2022: \u00a3741m), comprised of sterling denominated bond notes \u00a3742m (30 September 2022: \u00a3741m) and euro denominated bond notes \u00a3431m (30 September 2022: \u00a3nil). The Group\u2019s RCF was refinanced in December 2022, with facility levels of \u00a3630m, and maturity in December 2027, with an extension option for up to two further years subject to specific provisions. In November 2023, after the balance sheet date, a one-year extension was agreed, resulting in a new maturity in December 2028. An extension option for a further year remains available subject to specific provisions. At 30 September 2023, \u00a3nil of the RCF was drawn down and associated unamortised costs of \u00a32m had been paid and capitalised. The previously held RCF was undrawn at 30 September 2022. Total US senior loan notes at 30 September 2023 were \u00a3nil following the repayment of the remaining balance during the current year (30 September 2022: \u00a3386m comprising USD 400m and EUR 30m). Further information on lease liabilities is included in note 3.4. Current 2023 \u00a3m 2022 \u00a3m US senior loan notes \u2013 161 Lease liabilities 1 4 17 1 4 178",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-381": {
"value": "13.4 Borrowings Accounting policy Interest-bearing borrowings are recognised initially at fair value less attributable issue costs, which are amortised over the period of the borrowings. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of borrowing on an effective interest basis. Further information on the policy applied to lease liabilities is included in note 3.4. Non-current 2023 \u00a3m 2022 \u00a3m US senior loan notes \u2013 225 Sterling denominated bond notes 742 741 Euro denominated bond notes 431 \u2013 Lease liabilities 72 78 Unamortised RCF loan costs (2 ) \u2013 1 ,243 1,044 In the prior year, included in US senior loan notes above was \u00a3386m of unsecured loans (after unamortised issue costs). In the table above, US senior loan notes, sterling denominated bond notes and euro denominated bond notes (\u201cbond notes\u201d) are stated net of unamortised issue and discount costs of \u00a310m (2022: \u00a39m). Borrowings Year issued Interest coupon * Maturity 2023 \u00a3m 2022 \u00a3m Bonds \u2022 GBP 350m bond notes 2021 1.63% 25-Feb-31 350 350 \u2022 GBP 400m bond notes 2022 2.88% 8-Feb-34 400 400 \u2022 EUR 500m bond notes 2023 3.82% 15-Feb-28 433 \u2013 US private placement \u2022 USD 150m loan note 2013 3.71% 20-Ma y -23 \u2013 135 \u2022 USD 50m loan note 2013 3.86% 20-Ma y -25 \u2013 45 \u2022 EUR 30m loan note 2015 2.07% 26-Jan-23 \u2013 26 \u2022 USD 200m loan note 2015 3.73% 26-Jan-25 \u2013 180 Note: * This does not include the impact of cross currency interest rate swaps entered into in relation to the GBP 350m bond notes and EUR 500m bond notes. The Group\u2019s debt is sourced from sterling and euro denominated bond notes, with a syndicated multi-currency Revolving Credit Facility (RCF) also available. During the year, the Group issued euro denominated bond notes under its newly established Euro Medium Term Note (EMTN) programme, for a nominal amount of EUR 500m and an expiry date of February 2028. Cash proceeds from the issuance, net of transaction costs, were EUR 498m (\u00a3442m). Bond notes at 30 September 2023 were \u00a31,173m (30 September 2022: \u00a3741m), comprised of sterling denominated bond notes \u00a3742m (30 September 2022: \u00a3741m) and euro denominated bond notes \u00a3431m (30 September 2022: \u00a3nil). The Group\u2019s RCF was refinanced in December 2022, with facility levels of \u00a3630m, and maturity in December 2027, with an extension option for up to two further years subject to specific provisions. In November 2023, after the balance sheet date, a one-year extension was agreed, resulting in a new maturity in December 2028. An extension option for a further year remains available subject to specific provisions. At 30 September 2023, \u00a3nil of the RCF was drawn down and associated unamortised costs of \u00a32m had been paid and capitalised. The previously held RCF was undrawn at 30 September 2022. Total US senior loan notes at 30 September 2023 were \u00a3nil following the repayment of the remaining balance during the current year (30 September 2022: \u00a3386m comprising USD 400m and EUR 30m). Further information on lease liabilities is included in note 3.4. Current 2023 \u00a3m 2022 \u00a3m US senior loan notes \u2013 161 Lease liabilities 1 4 17 1 4 178 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-447": {
"value": "Accounting policy Interest-bearing borrowings are recognised initially at fair value less attributable issue costs, which are amortised over the period of the borrowings. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of borrowing on an effective interest basis. Further information on the policy applied to lease liabilities is included in note 3.4. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-436": {
"value": "Accounting policy Interest-bearing borrowings are recognised initially at fair value less attributable issue costs, which are amortised over the period of the borrowings. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of borrowing on an effective interest basis. Further information on the policy applied to lease liabilities is included in note 3.4. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-356": {
"value": "1 4 Financial instruments This note shows details of the fair value and carrying value of short- and long-term borrowings, trade and other payables, trade and other receivables, derivative financial instruments, equity investments, short-term bank deposits, and cash at bank and in hand. These items are all classified as \u201cfinancial instruments\u201d under accounting standards. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to assist users of these financial statements in making an assessment of any risks relating to financial instruments, this note also sets out the maturity of these items and analyses their sensitivity to changes in key inputs, such as interest rates and foreign exchange rates. An explanation of the Group\u2019s exposure to, and management of, capital, liquidity, credit, interest rate, and foreign currency risk is set out in the financial risk management section at the end of this note. Accounting policy Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and either has also transferred substantially all the risks and rewards of the asset or has neither transferred nor retained substantially all the risks and rewards of the asset but no longer has control of the asset. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, or expires. The Group may use derivative financial instruments to manage its exposures to fluctuating foreign exchange rates and foreign currency cash flows in relation to external borrowings. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At the inception of designated hedge relationships, the Group documents its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items. The amounts on the consolidated balance sheet that are accounted for as financial instruments, and their classification under
IFRS 9, are as follows:
IFRS 9 classification
As at 30 September 2023 Note
At
amortised
cost
\u00a3m
Derivatives
used for
hedging
\u00a3m
At fair
value
through
profit or
loss
\u00a3m
At fair value
through other
comprehensive
income
\u00a3m
Total
\u00a3m
Non-current assets
Equity investments 8 \u2013 \u2013 \u2013 4 4
Trade and other receivables: other receivables 9.1
2 \u2013 2 \u2013 4
Derivative financial instruments\u2014cross currency
interest rate swaps \u2013 1 \u2013 \u2013 1
Current assets
Trade and other receivables: trade receivables 9.1
249 \u2013 \u2013 \u2013 249
Trade and other receivables: other receivables 9.1
\u2013
\u2013
2
Cash and cash equivalents 13.3
696 \u2013 \u2013 \u2013 696
Current liabilities
Trade and other payables excluding other tax and
social security 9.2
(336) \u2013 \u2013 \u2013 (336)
Borrowings 13.4
(14) \u2013 \u2013 \u2013 (14
Non-current liabilities
Borrowings 13.4
(1,243) \u2013 \u2013 \u2013 (1,243
Trade and other payables: other payables
(13
\u2013 \u2013 \u2013 (13
Derivative financial instruments\u2014cross currency
interest rate swaps 14.5
\u2013 (20) \u2013 \u2013 (20)
(648
(19) 3 4 (660
IFRS 9 classification
As at 30 September 2022 Note
At amortised
cost
\u00a3m
Derivatives
used for
hedging
\u00a3m
At fair value
through
profit or loss
\u00a3m
At fair value
through other
comprehensive
income
\u00a3m
Total
\u00a3m
Non-current assets
Equity investments 8 \u2013 \u2013 \u2013 4 4
Trade and other receivables: other receivables 9.1 1 \u2013 3 \u2013 4
Current assets
Trade and other receivables: trade receivables 9.1 227 \u2013 \u2013 \u2013 227
Trade and other receivables: other receivables 9.1 15 \u2013 1 \u2013 16
Cash and cash equivalents 13.3 489 \u2013 \u2013 \u2013 489
Current liabilities
Trade and other payables excluding other tax and
social security 9.2 (324) \u2013 \u2013 \u2013 (324)
Borrowings 13.4 (178) \u2013 \u2013 \u2013 (178)
Non-current liabilities
Borrowings 13.4 (1,044) \u2013 \u2013 \u2013 (1,044)
Trade and other payables: other payables (6) \u2013 \u2013 \u2013 (6)
Derivative financial instruments\u2014cross currency
interest rate swaps 14.5 \u2013 (60) \u2013 \u2013 (60)
(820) (60) 4 4 (872)
14.1 Fair values of financial instruments
The carrying amounts of the following financial assets and liabilities approximate to their fair values: trade and other payables
excluding tax and social security, trade and other receivables excluding prepayments and accrued income, lease liabilities, and
short-term bank deposits, and cash at bank and in hand.
Borrowings (excluding lease liabilities)
The fair value of the sterling and euro denominated bond notes are determined by reference to quoted market prices and
therefore can be considered as a level 1 fair value as defined within IFRS 13.
The fair value of US loan notes held in the prior year is determined by reference to interest rate movements on the USD private
placement market and therefore can be considered as a level 2 fair value as defined within IFRS 13.
The Group does not hold any financial liabilities whose fair value would be considered as a level 3 fair value as defined within
IFRS 13.
The respective book and fair values of bond notes and loan notes are included in the table below.
2023 2022
Note
Book value
\u00a3m
Fair value
\u00a3m
Book value
\u00a3m
Fair value
\u00a3m
Long-term borrowing (excluding lease
iabilities) 13.4 (1,171) (1,0
4
(966) (753)
Shor
-term borrowing (excluding lease liabilities) 13.4 \u2013 \u2013 (161) (158)
Contingent consideration receivable
The Group recognises contingent consideration receivable of \u00a33m (2022: \u00a34m) relating to the disposal of Sage Payroll Solutions
in the year ended 30 September 2019. This is classified as a financial asset measured at fair value through profit or loss. Its fair
value is determined using a discounted cash flow valuation technique. The main inputs to the calculation for which
assumptions have been made are the discount rate and the period over which the consideration will be received. This is a level 3
fair value under IFRS 13.
Equity investments
The fair value of the unlisted equity investments held by the Group is determined using a market-based valuation approach.
The significant unobservable inputs used in level 3 fair value measurement are transaction prices paid for identical or similar
instruments of the investee and revenue growth factors.
Derivative financial instruments\u2014cross currency interest rate swaps
The fair value of the cross currency interest rate swaps held by the Group is determined using a discounted cash flow valuation
technique at market rates and therefore can be considered as a level 2 fair value as defined within IFRS 13.
14.2 Maturity of financial liabilities
The maturity profile of the undiscounted contractual amount of the Group\u2019s financial liabilities (excluding cross currency
interest rate swaps) at 30 September was as follows:
2023
Borrowings:
bank loans
and bond
notes
\u00a3m
Borrowings:
lease
liabilities
\u00a3m
Trade and
other
payables
excluding
other tax and
social
security
\u00a3m
Total
\u00a3m
In less than one year 35
5 336 386
In more than one year but not more than five years 562 56
3 631
In more than five years
825 23 \u2013 848
,422 94 349
,865
2022
Borrowings:
bank loans,
bond notes
and loan notes
\u00a3m
Borrowings:
lease
liabilities
\u00a3m
Trade and
other payables
excluding
other tax and
social security
\u00a3m
Total
\u00a3m
In less than one year 192 20 324 536
In more than one year but not more than five years 325 60 6 391
In more than five years 825 28 \u2013 853
1,342 108 330 1,780
The maturity profile of the undiscounted contractual amounts of the Group\u2019s cross-currency interest rate swaps, including
expected interest payments, at 30 September 2023 was as follows:
2023
Receipts
\u00a3m
Payments
\u00a3m
Total
\u00a3m
In less than one year 27 (33) (6)
In more than one year but not more than five years 640
668
28
In more than five years
367 (378) (11)
,034 (1,079) (45)
2022
Receipts
\u00a3m
Payments
\u00a3m
Total
\u00a3m
In less than one year 4 (7) (3)
In more than one year but not more than five years 23 (3
(14
In more than five years 373 (423) (50)
400 (467) (67)
14.3 Borrowing facilities
The Group has the following undrawn committed borrowing facility available at 30 September in respect of which all conditions
precedent had been met at that date:
2023
\u00a3m
2022
\u00a3m
Expiring in more than one year but not more than five years 630 781
The facility has been arranged to help finance the expansion of the Group\u2019s activities. This facility incurs commitment fees at
market rates. In November 2023, after the balance sheet date, a one-year extension was agreed to the facility, resulting in a new
maturity in December 2028. One extension option remains available for a further year subject to specific provisions.
14.4 Market risk sensitivity analysis
Financial instruments affected by market risks include borrowings and deposits.
The following analysis is intended to illustrate the sensitivity to changes in market variables, being sterling/US Dollar and
sterling/euro exchange rates.
The sensitivity analysis assumes reasonable movements in foreign exchange rates before the effect of tax. Sensitivity
to movements in sterling/US Dollar and sterling/euro exchange rates of 10% are shown, reflecting changes of reasonable
proportion in the context of movement in those currency pairs over the last year.
Using the above assumptions, the following table shows the illustrative effect on equity resulting from changes in sterling/US
Dollar and sterling/euro exchange rates:
2023 2022
Equity
gains/(losses)
\u00a3m
Equity
gains/(losses)
\u00a3m
10% strengthening of sterling versus the US Dollar 51 62
10% strengthening of sterling versus the Euro (9
2
10% weakening of sterling versus the US Dollar
(63) (75)
10% weakening of sterling versus the Euro
0 (3)
14.5 Hedge accounting
Accounting policy
On transition to IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39. The Group
applies hedge accounting to external borrowings and cross-currency interest rate swap contracts that are designated as a
hedge of a net investment in foreign operations. The portion of the gain or loss on an instrument used to hedge a net
investment in a foreign operation which is determined to be an effective hedge is recognised in other comprehensive
income and accumulated in the foreign currency translation reserve. The ineffective portion is recognised immediately in
profit or loss. On disposal of the net investment, the foreign exchange gains and losses on the hedging instrument are
recycled to the income statement from equity.
Where borrowings denominated in a currency other than sterling, or cross-currency interest rate swap contracts, are used
to hedge the Group\u2019s exposure to foreign currency exchange movements of its net investment in its subsidiaries, these
relationships are designated as net investment hedges for accounting purposes. The hedges are documented and
assessed for effectiveness on an ongoing basis.
The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a
foreign operation and Parent Company, regardless of whether the net investment is held directly or through
an intermediate parent.
The Group applies cash flow hedge accounting to cross-currency interest rate swap contracts that are designated as a
hedge of cash flows arising from foreign currency denominated borrowings. The effective portion of changes in the fair
value of such a derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The
effective portion of changes in fair value of the derivative that is recognised in other comprehensive income is limited to
the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge.
Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. If the
hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging
reserve are immediately reclassified to profit or loss.
The Group designates the change in fair value of the forward element of forward exchange contracts as the hedging
instrument in cash flow hedging relationships. The amount accumulated in the hedging reserve is reclassified to profit or
loss in the same period or periods as the hedged expected future cash flows affect profit or loss.
Net investment hedges
The Group hedges the risk exposure to foreign currency exchange movements of its net investment in its subsidiaries in the US
and Eurozone.
Until repayment of the US senior loan notes during the year, a proportion of the Group\u2019s external US Dollar denominated
borrowings, and the total of its euro denominated borrowings, were designated as hedging instruments. Subsequent to
repayment of the US senior loan notes, a portion of the Groups external euro denominated borrowings, relating to the newly
issued EUR 500m bond was designated as hedging instruments.
The underlying risk of the hedging instruments exactly matches the hedged risk as the borrowings and net investments in
subsidiaries are denominated in the same currencies, giving a hedge ratio of 1:1. Hedge ineffectiveness will arise if the carrying
amount of the net investment falls below the carrying amount of the designated borrowings.
During the year, the Group has designated USD cross-currency interest rate swap contracts totalling \u00a3614m (USD 750m) (2022:
\u00a3350m, USD 429m) as hedging instruments to hedge risk exposure to foreign currency exchange movements of its net
investment in its subsidiaries in the US. Sources of ineffectiveness on this hedge relationship will arise from a difference in
credit ratings between the counterparties and modifications to the terms of either the hedged item or the instrument. During
the year, \u00a3nil (2022: \u00a3nil) has been recognised in the income statement as ineffective.
Changes in the carrying amount of the loan notes relate to foreign exchange movements recognised through other
comprehensive income. The change in the carrying amount of the derivative financial instrument is due to fair value
movements also recognised through other comprehensive income.
The impact of the hedging instrument on the consolidated balance sheet is as follows:
As at 30 September 2023
Nominal amount
Carrying
amount
\u00a3m
Change in carrying
amount as a result of
movements in the year
recognised in OCI
\u00a3m
Non-current borrowings EUR bond notes EUR 156m
36 (3
Derivative financial instruments Cross-currency interest rate swap USD 429m
8 (42
Derivative financial instruments Cross-currency interest rate swap USD 321m
(1
(1
N/A USD loan notes** USD 250m
\u2013 (21
N/A USD loan notes** USD 150m
\u2013 (12
53 (79
Note:
* Liability/(asset) position
** Repaid during the year (see note 13.4)
As at 30 September 2022
Nominal amount
Carrying amount
\u00a3m
Change in carrying amount
as a result of movements in
the year recognised in OCI
\u00a3m
Non-current borrowings USD loan notes USD 250m 225 39
Current borrowings USD loan notes USD 150m 135 23
Current borrowings EUR loan notes EUR 30m 26 1
Derivative financial instruments Cross-currency interest rate swap USD 429m 60 60
446 123
The impact of the hedged item on the consolidated balance sheet is as follows:
2023 2022
Change in value of hedged
item used to determine
hedge effectiveness
\u00a3m
Foreign currency
translation
reserve
\u00a3m
Change in value of hedged
item used to determine
hedge effectiveness
\u00a3m
Foreign currency
translation reserve
\u00a3m
Net investment in foreign subsidiaries\u2014USD (76
79 122 155
Net investment in foreign subsidiaries\u2014EUR (3
1 4
(79
80 123 159
The hedging movement recognised in other comprehensive income is equal to the change in value for measuring effectiveness.
No ineffectiveness is recognised in profit or loss.
Cash flow hedges
The Group hedges the risk exposure to foreign currency exchange movements of its foreign currency borrowings.
During the year, the Group issued euro-denominated bond notes for a nominal amount of EUR 500m. With respect to EUR 300m
of this balance, the Group has designated cross currency swap contracts (to receive fixed euro and pay fixed sterling) as the
hedging instruments in a cash flow hedge relationship to mitigate the risk of changes in the denominated cash flows related to
the euro borrowings attributable to changes in the exchange rate, for which hedge accounting has been applied.
The underlying risk of the hedging instruments exactly matches the hedged risk as the hedging instrument and euro borrowings
are arranged on the same payment profile, for the same interest rate and nominal amount, giving a hedge ratio of 1:1. Hedge
ineffectiveness will arise if the carrying amount of the euro borrowings falls below the amount of the cross currency swap
contract, for example on early repayment of the euro borrowings.
Sources of ineffectiveness on this hedge relationship will arise from a difference in credit ratings between the counterparties
and modifications to the terms of either hedged item or instrument. At 30 September 2023, \u00a3nil (2022: \u00a3nil) has been recognized
in profit or loss due to ineffectiveness. The hedges are documented and are assessed for effectiveness on an ongoing basis.
Gains and losses recognised in other comprehensive income on currency swap contracts are recognised in profit or loss (within
finance costs) in the periods in which the hedged forecast transaction affects profit or loss. A reconciliation of movements in
the hedging reserve in relation to the cash flow hedging instrument is provided in note 15.3.
The impact of the hedging instrument on the consolidated balance sheet is as follows:
As at 30 September 2023
Nominal amount
Carrying
amount
\u00a3m
Change in carrying
amount as a result of
net movements in
the year recognised
in OCI
\u00a3m
Change in carrying
amount as a result of
net movements in
the year recognised
in P&L
\u00a3m
Derivative financial
instruments
Cross-currency
interest rate swap EUR 300m
2 (4) 6
2 (4
6
Note:
* Liability position.
The Group did not apply any cash flow hedging in the previous year.
Further information on the Group\u2019s exposure to foreign currency risk and how the risk is managed is included in note 14.6.
14.6 Financial risk management
The Group\u2019s exposure to and management of capital, liquidity, credit, interest rate and foreign currency risk are
summarised below.
Capital risk
The Group\u2019s objectives when managing capital (defined as net debt plus equity) are to safeguard its ability to continue as a
going concern in order to provide returns to shareholders and benefits for other stakeholders, while maintaining an appropriate
balance of debt and equity funding. The Group manages its capital structure through regular review by the Board and makes
adjustments to it with respect to changes in economic conditions and our strategic objectives. Priorities for capital allocation
are organic and inorganic investment, including through acquisitions of complementary technology and partnerships; the
progressive growth of the dividend; and the return of surplus capital to shareholders, if appropriate. Over the medium term, the
Group plans to operate in a broad range of 1\u20132x net debt to EBITDA, with flexibility to move outside this range as the business
needs require.
Liquidity risk
The Group manages its exposure to liquidity risk by reviewing cash resources required to meet business objectives through both
short- and long-term cash flow forecasts. The Group has committed facilities which are available to be drawn for general
corporate purposes including working capital. The Treasury function has responsibility for optimising the level of cash across
the business.
Credit risk
The Group\u2019s credit risk primarily arises from trade and other receivables. The Group has a low operational credit risk due to the
transactions being principally of a high-volume, low-value, and short maturity. The Group has no significant concentration of
operational credit risk, with the exposure spread over a large number of well-diversified counterparties and customers.
The credit risk on liquid funds is considered to be low, as the Board-approved Group treasury policy limits the value that can be
invested with each approved counterparty to minimise the risk of loss. All counterparties must meet minimum credit rating
requirements or be specifically authorised as an exception.
Further information on the credit risk management procedures applied to trade receivables is given in note 9.1 and to cash and
cash equivalents in note 13.3. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes
represent the Group\u2019s maximum exposure to credit risk.
Interest rate risk
The Group\u2019s borrowings at 30 September 2023 principally comprise sterling and euro denominated bond notes, which are at
fixed interest rates, and a bank RCF, which is subject to floating interest rates. Additionally, the Group is exposed to interest
rate risk on floating rate deposits. The Group regularly reviews forecast debt, cash and cash equivalents, and interest rates to
monitor this risk. Interest rates on debt and deposits are fixed when management decides this is appropriate.
At 30 September 2023, the Group had \u00a3696m (2022: \u00a3489m) of cash and cash equivalents, while its borrowings comprised:
\u2022 Sterling denominated bond notes of \u00a3742m (2022: \u00a3741m), comprising a \u00a3350m bond issued in 2021 and a \u00a3400m bond issued
in 2022. The Group is also party to a cross-currency interest rate swap in relation to the \u00a3350m bond, as a result of which the
bond had an effective average fixed interest rate of 2.45% (2022: 1.89%). The \u00a3400m bond had an average fixed coupon of
2.88% (2022: 2.88%).
\u2022 Euro denominated bond notes of \u00a3433m (2022: \u00a3nil). The Group is also party to cross-currency interest rate swaps in relation
to a part of this EUR 500m bond, as a result of which the bond had an effective average fixed interest rate of 4.43% (2022: nil).
\u2022 Unsecured bank loans of \u00a3nil (2022: \u00a3nil), which comprises an undrawn RCF.
At 30 September 2022, the Group also held US private placement loan notes of \u00a3386m which attracted an average fixed interest
rate of 3.56%
Foreign currency risk
Although a substantial proportion of the Group\u2019s revenue and profit is earned outside the UK, operating companies generally
only trade in their own currency. The Group is therefore not subject to any significant foreign exchange transactional exposure
within these subsidiaries.
The Group\u2019s principal exposure to foreign currency lies in the translation of overseas profits into sterling; this exposure is
not hedged.
A portion of the Group\u2019s external euro denominated borrowings (EUR 156m of a nominal EUR 500m) are designated as a hedge of
the net investment in its subsidiaries in the Eurozone. The foreign exchange movements on translation of the portion of these
borrowings into sterling have therefore been recognised in the translation reserve. In the prior year, all of the Group\u2019s external
US Dollar denominated borrowings and euro denominated borrowings were similarly designated as a hedge of the net
investment in its subsidiaries in the US and Eurozone.
During the current year, the Group entered into cross-currency swap contracts to both receive fixed sterling and pay fixed US
dollars (\u00a3264m, USD 321m), as well as receive fixed euros and pay fixed sterling (EUR 300m, \u00a3264m).
The euro-sterling swap contacts have been designated as the hedging instruments in a cash flow hedge relationship to mitigate
the risk of changes in the cash flows related to the remaining euro denominated borrowings attributable to changes in
exchange rate. The average interest rate of the euro-sterling swap contracts is 4.98%, fixed for the lifetime of the instrument.
See note 14.5.
The US Dollar-sterling swap contracts have been designated as a hedge of the Group\u2019s net investment in its subsidiaries in the
US. See note 14.5.
During the prior year, the Group also entered into cross-currency swap contracts to receive fixed sterling and pay fixed US
dollars (\u00a3350m, USD 429m), and designated this as a hedge of the net investment in its subsidiaries in the US. See note 14.5.
Certain of the Group\u2019s intercompany balances have been identified as part of the Group\u2019s net investment in foreign operations.
Foreign exchange effects on these balances that remain on consolidation are also reflected in the translation reserve. The
Group\u2019s other currency exposures comprise those currency gains and losses recognised in the income statement, reflecting
other monetary assets and liabilities of the Group that are not denominated in the functional currency of the entity involved. At
30 September 2023 and 30 September 2022, these exposures were immaterial to the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-399": {
"value": "4 Financial instruments This note shows details of the fair value and carrying value of short- and long-term borrowings, trade and other payables, trade and other receivables, derivative financial instruments, equity investments, short-term bank deposits, and cash at bank and in hand. These items are all classified as \u201cfinancial instruments\u201d under accounting standards. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to assist users of these financial statements in making an assessment of any risks relating to financial instruments, this note also sets out the maturity of these items and analyses their sensitivity to changes in key inputs, such as interest rates and foreign exchange rates. An explanation of the Group\u2019s exposure to, and management of, capital, liquidity, credit, interest rate, and foreign currency risk is set out in the financial risk management section at the end of this note. Accounting policy Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and either has also transferred substantially all the risks and rewards of the asset or has neither transferred nor retained substantially all the risks and rewards of the asset but no longer has control of the asset. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, or expires. The Group may use derivative financial instruments to manage its exposures to fluctuating foreign exchange rates and foreign currency cash flows in relation to external borrowings. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At the inception of designated hedge relationships, the Group documents its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items. The amounts on the consolidated balance sheet that are accounted for as financial instruments, and their classification under IFRS 9, are as follows: IFRS 9 classification As at 30 September 2023 Note At amortised cost \u00a3m Derivatives used for hedging \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Non-current assets Equity investments 8 \u2013 \u2013 \u2013 4 4 Trade and other receivables: other receivables 9.1 2 \u2013 2 \u2013 4 Derivative financial instruments\u2014cross currency interest rate swaps \u2013 1 \u2013 \u2013 1 Current assets Trade and other receivables: trade receivables 9.1 249 \u2013 \u2013 \u2013 249 Trade and other receivables: other receivables 9.1 11 \u2013 1 \u2013 1 2 Cash and cash equivalents 13.3 696 \u2013 \u2013 \u2013 696 Current liabilities Trade and other payables excluding other tax and social security 9.2 (336) \u2013 \u2013 \u2013 (336) Borrowings 13.4 (14) \u2013 \u2013 \u2013 (14 ) Non-current liabilities Borrowings 13.4 (1,243) \u2013 \u2013 \u2013 (1,243 ) Trade and other payables: other payables (13 ) \u2013 \u2013 \u2013 (13 ) Derivative financial instruments\u2014cross currency interest rate swaps 14.5 \u2013 (20) \u2013 \u2013 (20) (648 ) (19) 3 4 (660 ) IFRS 9 classification As at 30 September 2022 Note At amortised cost \u00a3m Derivatives used for hedging \u00a3m At fair value through profit or loss \u00a3m At fair value through other comprehensive income \u00a3m Total \u00a3m Non-current assets Equity investments 8 \u2013 \u2013 \u2013 4 4 Trade and other receivables: other receivables 9.1 1 \u2013 3 \u2013 4 Current assets Trade and other receivables: trade receivables 9.1 227 \u2013 \u2013 \u2013 227 Trade and other receivables: other receivables 9.1 15 \u2013 1 \u2013 16 Cash and cash equivalents 13.3 489 \u2013 \u2013 \u2013 489 Current liabilities Trade and other payables excluding other tax and social security 9.2 (324) \u2013 \u2013 \u2013 (324) Borrowings 13.4 (178) \u2013 \u2013 \u2013 (178) Non-current liabilities Borrowings 13.4 (1,044) \u2013 \u2013 \u2013 (1,044) Trade and other payables: other payables (6) \u2013 \u2013 \u2013 (6) Derivative financial instruments\u2014cross currency interest rate swaps 14.5 \u2013 (60) \u2013 \u2013 (60) (820) (60) 4 4 (872) 14.1 Fair values of financial instruments The carrying amounts of the following financial assets and liabilities approximate to their fair values: trade and other payables excluding tax and social security, trade and other receivables excluding prepayments and accrued income, lease liabilities, and short-term bank deposits, and cash at bank and in hand. Borrowings (excluding lease liabilities) The fair value of the sterling and euro denominated bond notes are determined by reference to quoted market prices and therefore can be considered as a level 1 fair value as defined within IFRS 13. The fair value of US loan notes held in the prior year is determined by reference to interest rate movements on the USD private placement market and therefore can be considered as a level 2 fair value as defined within IFRS 13. The Group does not hold any financial liabilities whose fair value would be considered as a level 3 fair value as defined within IFRS 13. The respective book and fair values of bond notes and loan notes are included in the table below. 2023 2022 Note Book value \u00a3m Fair value \u00a3m Book value \u00a3m Fair value \u00a3m Long-term borrowing (excluding lease l iabilities) 13.4 (1,171) (1,0 1 4 ) (966) (753) Shor t -term borrowing (excluding lease liabilities) 13.4 \u2013 \u2013 (161) (158) Contingent consideration receivable The Group recognises contingent consideration receivable of \u00a33m (2022: \u00a34m) relating to the disposal of Sage Payroll Solutions in the year ended 30 September 2019. This is classified as a financial asset measured at fair value through profit or loss. Its fair value is determined using a discounted cash flow valuation technique. The main inputs to the calculation for which assumptions have been made are the discount rate and the period over which the consideration will be received. This is a level 3 fair value under IFRS 13. Equity investments The fair value of the unlisted equity investments held by the Group is determined using a market-based valuation approach. The significant unobservable inputs used in level 3 fair value measurement are transaction prices paid for identical or similar instruments of the investee and revenue growth factors. Derivative financial instruments\u2014cross currency interest rate swaps The fair value of the cross currency interest rate swaps held by the Group is determined using a discounted cash flow valuation technique at market rates and therefore can be considered as a level 2 fair value as defined within IFRS 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-437": {
"value": "Accounting policy Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and either has also transferred substantially all the risks and rewards of the asset or has neither transferred nor retained substantially all the risks and rewards of the asset but no longer has control of the asset. Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, or expires. The Group may use derivative financial instruments to manage its exposures to fluctuating foreign exchange rates and foreign currency cash flows in relation to external borrowings. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At the inception of designated hedge relationships, the Group documents its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-448": {
"value": "Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has transferred those rights and either has also transferred substantially all the risks and rewards of the asset or has neither transferred nor retained substantially all the risks and rewards of the asset but no longer has control of the asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-449": {
"value": "Financial liabilities are derecognised when the obligation specified in the contract is discharged, cancelled, or expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-450": {
"value": "The Group may use derivative financial instruments to manage its exposures to fluctuating foreign exchange rates and foreign currency cash flows in relation to external borrowings. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At the inception of designated hedge relationships, the Group documents its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-454": {
"value": "The Group may use derivative financial instruments to manage its exposures to fluctuating foreign exchange rates and foreign currency cash flows in relation to external borrowings. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-455": {
"value": "At the inception of designated hedge relationships, the Group documents its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items. Accounting policy On transition to IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39. The Group applies hedge accounting to external borrowings and cross-currency interest rate swap contracts that are designated as a hedge of a net investment in foreign operations. The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation which is determined to be an effective hedge is recognised in other comprehensive income and accumulated in the foreign currency translation reserve. The ineffective portion is recognised immediately in profit or loss. On disposal of the net investment, the foreign exchange gains and losses on the hedging instrument are recycled to the income statement from equity. Where borrowings denominated in a currency other than sterling, or cross-currency interest rate swap contracts, are used to hedge the Group\u2019s exposure to foreign currency exchange movements of its net investment in its subsidiaries, these relationships are designated as net investment hedges for accounting purposes. The hedges are documented and assessed for effectiveness on an ongoing basis. The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and Parent Company, regardless of whether the net investment is held directly or through an intermediate parent. The Group applies cash flow hedge accounting to cross-currency interest rate swap contracts that are designated as a hedge of cash flows arising from foreign currency denominated borrowings. The effective portion of changes in the fair value of such a derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in fair value of the derivative that is recognised in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve are immediately reclassified to profit or loss. The Group designates the change in fair value of the forward element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-414": {
"value": "14.1 Fair values of financial instruments The carrying amounts of the following financial assets and liabilities approximate to their fair values: trade and other payables excluding tax and social security, trade and other receivables excluding prepayments and accrued income, lease liabilities, and short-term bank deposits, and cash at bank and in hand. Borrowings (excluding lease liabilities) The fair value of the sterling and euro denominated bond notes are determined by reference to quoted market prices and therefore can be considered as a level 1 fair value as defined within IFRS 13. The fair value of US loan notes held in the prior year is determined by reference to interest rate movements on the USD private placement market and therefore can be considered as a level 2 fair value as defined within IFRS 13. The Group does not hold any financial liabilities whose fair value would be considered as a level 3 fair value as defined within IFRS 13. The respective book and fair values of bond notes and loan notes are included in the table below. 2023 2022 Note Book value \u00a3m Fair value \u00a3m Book value \u00a3m Fair value \u00a3m Long-term borrowing (excluding lease l iabilities) 13.4 (1,171) (1,0 1 4 ) (966) (753) Shor t -term borrowing (excluding lease liabilities) 13.4 \u2013 \u2013 (161) (158) Contingent consideration receivable The Group recognises contingent consideration receivable of \u00a33m (2022: \u00a34m) relating to the disposal of Sage Payroll Solutions in the year ended 30 September 2019. This is classified as a financial asset measured at fair value through profit or loss. Its fair value is determined using a discounted cash flow valuation technique. The main inputs to the calculation for which assumptions have been made are the discount rate and the period over which the consideration will be received. This is a level 3 fair value under IFRS 13. Equity investments The fair value of the unlisted equity investments held by the Group is determined using a market-based valuation approach. The significant unobservable inputs used in level 3 fair value measurement are transaction prices paid for identical or similar instruments of the investee and revenue growth factors. Derivative financial instruments\u2014cross currency interest rate swaps The fair value of the cross currency interest rate swaps held by the Group is determined using a discounted cash flow valuation technique at market rates and therefore can be considered as a level 2 fair value as defined within IFRS 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-382": {
"value": "14.1 Fair values of financial instruments The carrying amounts of the following financial assets and liabilities approximate to their fair values: trade and other payables excluding tax and social security, trade and other receivables excluding prepayments and accrued income, lease liabilities, and short-term bank deposits, and cash at bank and in hand. Borrowings (excluding lease liabilities) The fair value of the sterling and euro denominated bond notes are determined by reference to quoted market prices and therefore can be considered as a level 1 fair value as defined within IFRS 13. The fair value of US loan notes held in the prior year is determined by reference to interest rate movements on the USD private placement market and therefore can be considered as a level 2 fair value as defined within IFRS 13. The Group does not hold any financial liabilities whose fair value would be considered as a level 3 fair value as defined within IFRS 13. The respective book and fair values of bond notes and loan notes are included in the table below. 2023 2022 Note Book value \u00a3m Fair value \u00a3m Book value \u00a3m Fair value \u00a3m Long-term borrowing (excluding lease l iabilities) 13.4 (1,171) (1,0 1 4 ) (966) (753) Shor t -term borrowing (excluding lease liabilities) 13.4 \u2013 \u2013 (161) (158) Contingent consideration receivable The Group recognises contingent consideration receivable of \u00a33m (2022: \u00a34m) relating to the disposal of Sage Payroll Solutions in the year ended 30 September 2019. This is classified as a financial asset measured at fair value through profit or loss. Its fair value is determined using a discounted cash flow valuation technique. The main inputs to the calculation for which assumptions have been made are the discount rate and the period over which the consideration will be received. This is a level 3 fair value under IFRS 13. Equity investments The fair value of the unlisted equity investments held by the Group is determined using a market-based valuation approach. The significant unobservable inputs used in level 3 fair value measurement are transaction prices paid for identical or similar instruments of the investee and revenue growth factors. Derivative financial instruments\u2014cross currency interest rate swaps The fair value of the cross currency interest rate swaps held by the Group is determined using a discounted cash flow valuation technique at market rates and therefore can be considered as a level 2 fair value as defined within IFRS 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-383": {
"value": "14.4 Market risk sensitivity analysis Financial instruments affected by market risks include borrowings and deposits. The following analysis is intended to illustrate the sensitivity to changes in market variables, being sterling/US Dollar and sterling/euro exchange rates. The sensitivity analysis assumes reasonable movements in foreign exchange rates before the effect of tax. Sensitivity to movements in sterling/US Dollar and sterling/euro exchange rates of 10% are shown, reflecting changes of reasonable proportion in the context of movement in those currency pairs over the last year. Using the above assumptions, the following table shows the illustrative effect on equity resulting from changes in sterling/US Dollar and sterling/euro exchange rates: 2023 2022 Equity gains/(losses) \u00a3m Equity gains/(losses) \u00a3m 10% strengthening of sterling versus the US Dollar 51 62 10% strengthening of sterling versus the Euro (9 ) 2 10% weakening of sterling versus the US Dollar (63) (75) 10% weakening of sterling versus the Euro 1 0 (3) ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-384": {
"value": "14.5 Hedge accounting Accounting policy On transition to IFRS 9, the Group elected to continue to apply the hedge accounting requirements of IAS 39. The Group applies hedge accounting to external borrowings and cross-currency interest rate swap contracts that are designated as a hedge of a net investment in foreign operations. The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation which is determined to be an effective hedge is recognised in other comprehensive income and accumulated in the foreign currency translation reserve. The ineffective portion is recognised immediately in profit or loss. On disposal of the net investment, the foreign exchange gains and losses on the hedging instrument are recycled to the income statement from equity. Where borrowings denominated in a currency other than sterling, or cross-currency interest rate swap contracts, are used to hedge the Group\u2019s exposure to foreign currency exchange movements of its net investment in its subsidiaries, these relationships are designated as net investment hedges for accounting purposes. The hedges are documented and assessed for effectiveness on an ongoing basis. The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and Parent Company, regardless of whether the net investment is held directly or through an intermediate parent. The Group applies cash flow hedge accounting to cross-currency interest rate swap contracts that are designated as a hedge of cash flows arising from foreign currency denominated borrowings. The effective portion of changes in the fair value of such a derivative is recognised in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in fair value of the derivative that is recognised in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve are immediately reclassified to profit or loss. The Group designates the change in fair value of the forward element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. Net investment hedges The Group hedges the risk exposure to foreign currency exchange movements of its net investment in its subsidiaries in the US and Eurozone. Until repayment of the US senior loan notes during the year, a proportion of the Group\u2019s external US Dollar denominated borrowings, and the total of its euro denominated borrowings, were designated as hedging instruments. Subsequent to repayment of the US senior loan notes, a portion of the Groups external euro denominated borrowings, relating to the newly issued EUR 500m bond was designated as hedging instruments. The underlying risk of the hedging instruments exactly matches the hedged risk as the borrowings and net investments in subsidiaries are denominated in the same currencies, giving a hedge ratio of 1:1. Hedge ineffectiveness will arise if the carrying amount of the net investment falls below the carrying amount of the designated borrowings. During the year, the Group has designated USD cross-currency interest rate swap contracts totalling \u00a3614m (USD 750m) (2022: \u00a3350m, USD 429m) as hedging instruments to hedge risk exposure to foreign currency exchange movements of its net investment in its subsidiaries in the US. Sources of ineffectiveness on this hedge relationship will arise from a difference in credit ratings between the counterparties and modifications to the terms of either the hedged item or the instrument. During the year, \u00a3nil (2022: \u00a3nil) has been recognised in the income statement as ineffective. Changes in the carrying amount of the loan notes relate to foreign exchange movements recognised through other comprehensive income. The change in the carrying amount of the derivative financial instrument is due to fair value movements also recognised through other comprehensive income. The impact of the hedging instrument on the consolidated balance sheet is as follows: As at 30 September 2023 Nominal amount Carrying amount * \u00a3m Change in carrying amount as a result of movements in the year recognised in OCI \u00a3m Non-current borrowings EUR bond notes EUR 156m 1 36 (3 ) Derivative financial instruments Cross-currency interest rate swap USD 429m 1 8 (42 ) Derivative financial instruments Cross-currency interest rate swap USD 321m (1 ) (1 ) N/A USD loan notes** USD 250m \u2013 (21 ) N/A USD loan notes** USD 150m \u2013 (12 ) 1 53 (79 ) Note: * Liability/(asset) position ** Repaid during the year (see note 13.4) As at 30 September 2022 Nominal amount Carrying amount \u00a3m Change in carrying amount as a result of movements in the year recognised in OCI \u00a3m Non-current borrowings USD loan notes USD 250m 225 39 Current borrowings USD loan notes USD 150m 135 23 Current borrowings EUR loan notes EUR 30m 26 1 Derivative financial instruments Cross-currency interest rate swap USD 429m 60 60 446 123 The impact of the hedged item on the consolidated balance sheet is as follows: 2023 2022 Change in value of hedged item used to determine hedge effectiveness \u00a3m Foreign currency translation reserve \u00a3m Change in value of hedged item used to determine hedge effectiveness \u00a3m Foreign currency translation reserve \u00a3m Net investment in foreign subsidiaries\u2014USD (76 ) 79 122 155 Net investment in foreign subsidiaries\u2014EUR (3 ) 1 1 4 (79 ) 80 123 159 The hedging movement recognised in other comprehensive income is equal to the change in value for measuring effectiveness. No ineffectiveness is recognised in profit or loss. Cash flow hedges The Group hedges the risk exposure to foreign currency exchange movements of its foreign currency borrowings. During the year, the Group issued euro-denominated bond notes for a nominal amount of EUR 500m. With respect to EUR 300m of this balance, the Group has designated cross currency swap contracts (to receive fixed euro and pay fixed sterling) as the hedging instruments in a cash flow hedge relationship to mitigate the risk of changes in the denominated cash flows related to the euro borrowings attributable to changes in the exchange rate, for which hedge accounting has been applied. The underlying risk of the hedging instruments exactly matches the hedged risk as the hedging instrument and euro borrowings are arranged on the same payment profile, for the same interest rate and nominal amount, giving a hedge ratio of 1:1. Hedge ineffectiveness will arise if the carrying amount of the euro borrowings falls below the amount of the cross currency swap contract, for example on early repayment of the euro borrowings. Sources of ineffectiveness on this hedge relationship will arise from a difference in credit ratings between the counterparties and modifications to the terms of either hedged item or instrument. At 30 September 2023, \u00a3nil (2022: \u00a3nil) has been recognized in profit or loss due to ineffectiveness. The hedges are documented and are assessed for effectiveness on an ongoing basis. Gains and losses recognised in other comprehensive income on currency swap contracts are recognised in profit or loss (within finance costs) in the periods in which the hedged forecast transaction affects profit or loss. A reconciliation of movements in the hedging reserve in relation to the cash flow hedging instrument is provided in note 15.3. The impact of the hedging instrument on the consolidated balance sheet is as follows: As at 30 September 2023 Nominal amount Carrying amount * \u00a3m Change in carrying amount as a result of net movements in the year recognised in OCI \u00a3m Change in carrying amount as a result of net movements in the year recognised in P&L \u00a3m Derivative financial instruments Cross-currency interest rate swap EUR 300m 2 (4) 6 2 (4 ) 6 Note: * Liability position. The Group did not apply any cash flow hedging in the previous year. Further information on the Group\u2019s exposure to foreign currency risk and how the risk is managed is included in note 14.6. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-385": {
"value": "14.6 Financial risk management The Group\u2019s exposure to and management of capital, liquidity, credit, interest rate and foreign currency risk are summarised below. Capital risk The Group\u2019s objectives when managing capital (defined as net debt plus equity) are to safeguard its ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, while maintaining an appropriate balance of debt and equity funding. The Group manages its capital structure through regular review by the Board and makes adjustments to it with respect to changes in economic conditions and our strategic objectives. Priorities for capital allocation are organic and inorganic investment, including through acquisitions of complementary technology and partnerships; the progressive growth of the dividend; and the return of surplus capital to shareholders, if appropriate. Over the medium term, the Group plans to operate in a broad range of 1\u20132x net debt to EBITDA, with flexibility to move outside this range as the business needs require. Liquidity risk The Group manages its exposure to liquidity risk by reviewing cash resources required to meet business objectives through both short- and long-term cash flow forecasts. The Group has committed facilities which are available to be drawn for general corporate purposes including working capital. The Treasury function has responsibility for optimising the level of cash across the business. Credit risk The Group\u2019s credit risk primarily arises from trade and other receivables. The Group has a low operational credit risk due to the transactions being principally of a high-volume, low-value, and short maturity. The Group has no significant concentration of operational credit risk, with the exposure spread over a large number of well-diversified counterparties and customers. The credit risk on liquid funds is considered to be low, as the Board-approved Group treasury policy limits the value that can be invested with each approved counterparty to minimise the risk of loss. All counterparties must meet minimum credit rating requirements or be specifically authorised as an exception. Further information on the credit risk management procedures applied to trade receivables is given in note 9.1 and to cash and cash equivalents in note 13.3. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the Group\u2019s maximum exposure to credit risk. Interest rate risk The Group\u2019s borrowings at 30 September 2023 principally comprise sterling and euro denominated bond notes, which are at fixed interest rates, and a bank RCF, which is subject to floating interest rates. Additionally, the Group is exposed to interest rate risk on floating rate deposits. The Group regularly reviews forecast debt, cash and cash equivalents, and interest rates to monitor this risk. Interest rates on debt and deposits are fixed when management decides this is appropriate. At 30 September 2023, the Group had \u00a3696m (2022: \u00a3489m) of cash and cash equivalents, while its borrowings comprised: \u2022 Sterling denominated bond notes of \u00a3742m (2022: \u00a3741m), comprising a \u00a3350m bond issued in 2021 and a \u00a3400m bond issued in 2022. The Group is also party to a cross-currency interest rate swap in relation to the \u00a3350m bond, as a result of which the bond had an effective average fixed interest rate of 2.45% (2022: 1.89%). The \u00a3400m bond had an average fixed coupon of 2.88% (2022: 2.88%). \u2022 Euro denominated bond notes of \u00a3433m (2022: \u00a3nil). The Group is also party to cross-currency interest rate swaps in relation to a part of this EUR 500m bond, as a result of which the bond had an effective average fixed interest rate of 4.43% (2022: nil). \u2022 Unsecured bank loans of \u00a3nil (2022: \u00a3nil), which comprises an undrawn RCF. At 30 September 2022, the Group also held US private placement loan notes of \u00a3386m which attracted an average fixed interest rate of 3.56% Foreign currency risk Although a substantial proportion of the Group\u2019s revenue and profit is earned outside the UK, operating companies generally only trade in their own currency. The Group is therefore not subject to any significant foreign exchange transactional exposure within these subsidiaries. The Group\u2019s principal exposure to foreign currency lies in the translation of overseas profits into sterling; this exposure is not hedged. A portion of the Group\u2019s external euro denominated borrowings (EUR 156m of a nominal EUR 500m) are designated as a hedge of the net investment in its subsidiaries in the Eurozone. The foreign exchange movements on translation of the portion of these borrowings into sterling have therefore been recognised in the translation reserve. In the prior year, all of the Group\u2019s external US Dollar denominated borrowings and euro denominated borrowings were similarly designated as a hedge of the net investment in its subsidiaries in the US and Eurozone. During the current year, the Group entered into cross-currency swap contracts to both receive fixed sterling and pay fixed US dollars (\u00a3264m, USD 321m), as well as receive fixed euros and pay fixed sterling (EUR 300m, \u00a3264m). The euro-sterling swap contacts have been designated as the hedging instruments in a cash flow hedge relationship to mitigate the risk of changes in the cash flows related to the remaining euro denominated borrowings attributable to changes in exchange rate. The average interest rate of the euro-sterling swap contracts is 4.98%, fixed for the lifetime of the instrument. See note 14.5. The US Dollar-sterling swap contracts have been designated as a hedge of the Group\u2019s net investment in its subsidiaries in the US. See note 14.5. During the prior year, the Group also entered into cross-currency swap contracts to receive fixed sterling and pay fixed US dollars (\u00a3350m, USD 429m), and designated this as a hedge of the net investment in its subsidiaries in the US. See note 14.5. Certain of the Group\u2019s intercompany balances have been identified as part of the Group\u2019s net investment in foreign operations. Foreign exchange effects on these balances that remain on consolidation are also reflected in the translation reserve. The Group\u2019s other currency exposures comprise those currency gains and losses recognised in the income statement, reflecting other monetary assets and liabilities of the Group that are not denominated in the functional currency of the entity involved. At 30 September 2023 and 30 September 2022, these exposures were immaterial to the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-400": {
"value": "Capital risk The Group\u2019s objectives when managing capital (defined as net debt plus equity) are to safeguard its ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, while maintaining an appropriate balance of debt and equity funding. The Group manages its capital structure through regular review by the Board and makes adjustments to it with respect to changes in economic conditions and our strategic objectives. Priorities for capital allocation are organic and inorganic investment, including through acquisitions of complementary technology and partnerships; the progressive growth of the dividend; and the return of surplus capital to shareholders, if appropriate. Over the medium term, the Group plans to operate in a broad range of 1\u20132x net debt to EBITDA, with flexibility to move outside this range as the business needs require. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-401": {
"value": "Liquidity risk The Group manages its exposure to liquidity risk by reviewing cash resources required to meet business objectives through both short- and long-term cash flow forecasts. The Group has committed facilities which are available to be drawn for general corporate purposes including working capital. The Treasury function has responsibility for optimising the level of cash across the business. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-402": {
"value": "Credit risk The Group\u2019s credit risk primarily arises from trade and other receivables. The Group has a low operational credit risk due to the transactions being principally of a high-volume, low-value, and short maturity. The Group has no significant concentration of operational credit risk, with the exposure spread over a large number of well-diversified counterparties and customers. The credit risk on liquid funds is considered to be low, as the Board-approved Group treasury policy limits the value that can be invested with each approved counterparty to minimise the risk of loss. All counterparties must meet minimum credit rating requirements or be specifically authorised as an exception. Further information on the credit risk management procedures applied to trade receivables is given in note 9.1 and to cash and cash equivalents in note 13.3. The carrying amounts of trade receivables and cash and cash equivalents shown in those notes represent the Group\u2019s maximum exposure to credit risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-403": {
"value": "Interest rate risk The Group\u2019s borrowings at 30 September 2023 principally comprise sterling and euro denominated bond notes, which are at fixed interest rates, and a bank RCF, which is subject to floating interest rates. Additionally, the Group is exposed to interest rate risk on floating rate deposits. The Group regularly reviews forecast debt, cash and cash equivalents, and interest rates to monitor this risk. Interest rates on debt and deposits are fixed when management decides this is appropriate. At 30 September 2023, the Group had \u00a3696m (2022: \u00a3489m) of cash and cash equivalents, while its borrowings comprised: \u2022 Sterling denominated bond notes of \u00a3742m (2022: \u00a3741m), comprising a \u00a3350m bond issued in 2021 and a \u00a3400m bond issued in 2022. The Group is also party to a cross-currency interest rate swap in relation to the \u00a3350m bond, as a result of which the bond had an effective average fixed interest rate of 2.45% (2022: 1.89%). The \u00a3400m bond had an average fixed coupon of 2.88% (2022: 2.88%). \u2022 Euro denominated bond notes of \u00a3433m (2022: \u00a3nil). The Group is also party to cross-currency interest rate swaps in relation to a part of this EUR 500m bond, as a result of which the bond had an effective average fixed interest rate of 4.43% (2022: nil). \u2022 Unsecured bank loans of \u00a3nil (2022: \u00a3nil), which comprises an undrawn RCF. At 30 September 2022, the Group also held US private placement loan notes of \u00a3386m which attracted an average fixed interest rate of 3.56% Foreign currency risk Although a substantial proportion of the Group\u2019s revenue and profit is earned outside the UK, operating companies generally only trade in their own currency. The Group is therefore not subject to any significant foreign exchange transactional exposure within these subsidiaries. The Group\u2019s principal exposure to foreign currency lies in the translation of overseas profits into sterling; this exposure is not hedged. A portion of the Group\u2019s external euro denominated borrowings (EUR 156m of a nominal EUR 500m) are designated as a hedge of the net investment in its subsidiaries in the Eurozone. The foreign exchange movements on translation of the portion of these borrowings into sterling have therefore been recognised in the translation reserve. In the prior year, all of the Group\u2019s external US Dollar denominated borrowings and euro denominated borrowings were similarly designated as a hedge of the net investment in its subsidiaries in the US and Eurozone. During the current year, the Group entered into cross-currency swap contracts to both receive fixed sterling and pay fixed US dollars (\u00a3264m, USD 321m), as well as receive fixed euros and pay fixed sterling (EUR 300m, \u00a3264m). The euro-sterling swap contacts have been designated as the hedging instruments in a cash flow hedge relationship to mitigate the risk of changes in the cash flows related to the remaining euro denominated borrowings attributable to changes in exchange rate. The average interest rate of the euro-sterling swap contracts is 4.98%, fixed for the lifetime of the instrument. See note 14.5. The US Dollar-sterling swap contracts have been designated as a hedge of the Group\u2019s net investment in its subsidiaries in the US. See note 14.5. During the prior year, the Group also entered into cross-currency swap contracts to receive fixed sterling and pay fixed US dollars (\u00a3350m, USD 429m), and designated this as a hedge of the net investment in its subsidiaries in the US. See note 14.5. Certain of the Group\u2019s intercompany balances have been identified as part of the Group\u2019s net investment in foreign operations. Foreign exchange effects on these balances that remain on consolidation are also reflected in the translation reserve. The Group\u2019s other currency exposures comprise those currency gains and losses recognised in the income statement, reflecting other monetary assets and liabilities of the Group that are not denominated in the functional currency of the entity involved. At 30 September 2023 and 30 September 2022, these exposures were immaterial to the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-357": {
"value": "15 Equity
This note analyses the movements recorded through shareholders\u2019 equity that are not explained elsewhere in the financial
statements, being changes in the amount which shareholders have invested in the Group.
The Group utilises share award schemes as part of its employee remuneration package. Share schemes for our employees
primarily include The Sage Group Performance Share Plan for Directors and senior executives, The Sage Group Restricted
Share Plan for senior management and the Sage Save and Share Plan (the \u201cSAYE Plan\u201d). The Group incurs costs in respect
of these schemes in the income statement, which is set out below along with a detailed description of each scheme and
the number of shares outstanding.
This note also shows the dividends paid in the year and any dividends that are to be proposed and paid post-year end.
Dividends are paid as an amount per ordinary share held.
15.1 Ordinary shares
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid,
including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the
owners of the Company until the shares are cancelled or reissued.
Issued and fully paid ordinary shares of 1
4/77
pence each
2023
shares
2023
\u00a3m
2022
shares
2022
\u00a3m
At 1 October
,100,789,295
2 1,120,789,295 12
Cancellation of treasury shares \u2013 \u2013 (20,000,000
\u2013
At 30 September
,100,789,295
2 1,100,789,295 12
15.2 Share-based payments
Accounting policy
Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting
conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is
expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually
vest allowing for the effect of non market-based vesting conditions.
Fair value is measured using the Black-Scholes or the Monte Carlo pricing models, based on observable market prices. The
expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations.
All outstanding Sage Performance Share Plans (PSPs) are subject to some non-market performance conditions. The
element of the income statement charge relating to market performance conditions is fixed at the grant date.
At the end of the reporting period, the Group revises its estimates for the number of awards expected to vest. It recognises
the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment
to equity.
The total charge for the year relating to employee share-based payment plans was \u00a349m (2022: \u00a336m), all of which related to
equity-settled share-based payment transactions.
Scheme
2023
\u00a3m
2022
\u00a3m
Performance Share Plan 4 5
Restricted Share Plan 42 29
Share options
3 2
Total 49 36
\u00a36m of the charge for the year (2022: \u00a3nil) relates to acquisition related remuneration and is reported as a recurring adjustment
within other M&A activity-related items. See note 3.6.
The Sage Group Performance Share Plan
Annual grants of performance shares will normally be made to Executive Directors after the preliminary declaration of the
annual results. Under the Performance Share Plan, 857,978 (2022: 1,036,987) awards were made during the year.
Awards for 2021
These performance shares are subject to a service condition and three performance conditions. Performance conditions are
weighted 70% on the achievement of revenue targets and 30% on the achievement of a TSR target.
The revenue targets are based on compound annualised recurring revenue growth and Cloud Native annualised recurring
revenue over the performance period. Where annualised recurring revenue is between prescribed target ranges, the extent to
which the revenue performance conditions are satisfied will be calculated on a straight-line, pro-rata basis within a
defined range.
2021 awards Range 1 Range 2
Annualised recurring revenue growth (%) 6.0%\u20138.5% 8.5%\u201310.0%
Performance condition satisfied (%) 7%\u201328% 28%\u201335%
Cloud native annualised recurring revenue (\u00a3m) \u00a3600m\u2013\u00a3750m \u00a3750m\u2013\u00a3900m
Performance condition satisfied (%) 7%\u201328% 28%\u201335%
The performance target relating to TSR measures share price performance against a designated comparator group. Where TSR
is between median and upper quartile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between
6% and 24%, and where TSR is between upper quartile and upper decile, the TSR vesting percentage will be calculated on a
straight-line, pro-rata basis between 24% and 30%.
The comparator group for awards granted for 2021 onwards is the companies comprised in the FTSE 100 Index at the start of the
performance period, excluding financial services and extraction companies.
Awards for 2022
These performance shares are subject to a service condition and three performance conditions. Performance conditions are
weighted 55% on the achievement of a financial performance target, 30% on the achievement of a TSR target, and 15% on the
achievement of ESG targets.
The financial performance target is based on the achievement of Sage Business Cloud (SBC) Penetration targets for the final
year of the performance period. Where SBC Penetration is between prescribed targets, the extent to which the financial
performance condition is satisfied will be calculated on a straight-line, pro-rata basis within a defined range.
2022 awards Range 1 Range 2
\u2022 SBC Penetration (%) 75%\u201380% 80%\u201385%
\u2022 Performance condition satisfied (%)
1%\u201344% 44%\u201355%
The performance target relating to TSR measures share price performance against a designated comparator group. Where TSR
is between median and upper quartile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between
6% and 24%, and where TSR is between upper quartile and upper decile, the TSR vesting percentage will be calculated on a
straight-line, pro-rata basis between 24% and 30%.
The comparator group for awards granted for 2022 onwards is the companies comprised in the FTSE 100 Index at the start of the
performance period, excluding financial services and extraction companies.
The performance targets relating to ESG are based on the achievement of targets relating to (i) the aggregate number of
volunteering hours recorded through the Sage Foundation during the performance period, (ii) the aggregate number of
individuals supported through Sage\u2019s Sustainability and Society strategy during the performance period, and (iii) Sage\u2019s ESG
Strategy Impact at the end of the performance period. Where aggregate volunteering hours and aggregate individuals
supported are between prescribed targets, the extent to which the ESG performance conditions are satisfied will be calculated
on a straight-line, pro-rata basis within a defined range.
2022 awards Range 1 Range 2
\u2022 Volunteering hours (number) 400,000\u2013500,000 500,000-600,000
\u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75%
\u2022 Individuals supported (number) 22,000\u201327,000 27,000-32,000
\u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75%
Sage\u2019s ESG Strategy Impact will be measured by (i) its alignment to the Sustainability Accounting Standards Board\u2019s (SASB\u2019s)
standards, (ii) its achievement of Global Reporting Initiative\u2019s (GRI\u2019s) sustainability reporting standards (GRI CORE and GRI
COMPREHENSIVE are the two levels to which Sage can align), and (iii) achievement of a top 10% ranking in at least 3 ESG
rating schemes.
Given an achievement of full SASB alignment, achieving GRI CORE would result in the performance condition being 1.5%
satisfied, while achieving GRI COMPREHENSIVE would result in the performance condition being 6% satisfied. Where the ESG
Strategy Impact is between GRI CORE and GRI COMPREHENSIVE, the extent to which the ESG performance condition is satisfied
will be calculated on a straight-line, pro-rata basis within this defined range of 1.5%\u20136%.
Given an achievement of full SASB alignment and GRI COMPREHENSIVE, achieving a top 10% ranking in at least 3 ESG rating
schemes would result in the performance condition being 7.5% satisfied. Where a top 10% ranking is between zero and 3 ESG
rating schemes, the extent to which the ESG performance condition is satisfied will be calculated on a straight-line, pro-rata
basis within this defined range of 6%\u20137.5%.
Awards for 2023
These performance shares are subject to a service condition and three performance conditions. Performance conditions are
weighted 50% on the achievement of a financial performance target, 30% on the achievement of a TSR target, and 20% on the
achievement of ESG targets.
The financial performance target is based on the achievement of Sage Business Cloud (SBC) Penetration targets for the final
year of the performance period. Where SBC Penetration is between prescribed targets, the extent to which the financial
performance condition is satisfied will be calculated on a straight-line, pro-rata basis within a defined range.
2023 awards Range 1 Range 2
\u2022 SBC Penetration (%) 85%\u201389% 89%\u201392%
\u2022 Performance condition satisfied (%)
0%\u201340% 40%\u201350%
The performance target relating to TSR measures share price performance against a designated comparator group. Where TSR
is between median and upper quartile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between
6% and 24%, and where TSR is between upper quartile and upper decile, the TSR vesting percentage will be calculated on a
straight-line, pro-rata basis between 24% and 30%.
The comparator group for awards granted for 2023 onwards is the companies comprised in the FTSE 100 Index at the start of the
performance period, excluding financial services and extraction companies.
The performance targets relating to ESG are based on the achievement of targets relating to (i) a Protect the Planet condition,
(ii) a Tech for Good condition, and (iii) two Diversity, Equity and Inclusion conditions. Where attainment of each of the ESG
condition are between prescribed targets, the extent to which the ESG performance conditions are satisfied will be calculated
on a straight-line, pro-rata basis within defined ranges as detailed below.
The Protect the Planet condition will be measured by reference to the reduction in the Group\u2019s Scope 1, 2 and 3 carbon emissions
during the performance period.
2023 awards Range 1 Range 2
\u2022 Reduction in carbon emissions (%) 6.9%\u2013
3.8%
3.8%\u201320.7%
\u2022 Performance condition satisfied (%)
.5%\u20136% 6%\u20137.5%
The Tech for Good condition will be measured by reference to the number of Sage products that have embedded functionality
for carbon accounting at the end of the performance period.
The Diversity, Equity and Inclusion conditions will be measured by reference to (i) the inclusion score in the employee engagement survey undertaken in the last financial year of the performance period, and (ii) the percentage of leadership teams meeting Sage\u2019s global gender diversity target at the end of the performance period. 2023 awards Range 1 Range 2 \u2022 Inclusion score (number) 82\u201384 84\u201386 \u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75% \u2022 Percentage of teams (% ) 50%\u201365% 65%\u201380% \u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75% Awards were valued using the Monte Carlo option pricing model. Performance conditions were included in the fair value calculations, which were based on observable market prices at grant date. All options granted under performance share awards have an exercise price of nil. The fair value per award(s) granted and the assumptions used in the calculation are as follows: Grant date December 2022 Share price at grant date 8.02 Number of employees 9 Shares under award 857,978 Vesting period (years) 3 Expected volatility 28.4% Award life (years) 3 Expected life (years) 3 Risk-free rate 3.29% Fair value per award 6.55 Grant date December 2021 February 2022 18 May 2022 24 May 2022 Share price at grant date 7.74 7.11 6.51 6.65 Number of employees 6 2 3 1 Shares under award 458,777 399,859 100,225 78,126 Vesting period (years) 3 3 3 3 Expected volatility 27.6% 26.6% 28.2% 28.2% Award life (years) 3 3 3 3 Expected life (years) 3 3 3 3 Risk-free rate 0.50% 1.04% 1.49% 1.46% Fair value per award 6.29 5.82 5.72 5.70 The expected volatility is based on historical volatility over the last three years. The expected life is the average expected period to exercise. The risk-free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the assumed award life. 2023 awards Range 1 Range 2 \u2022 Number of products (number) 3\u20136 6\u20138 \u2022 Performance condition satisfied (%) 1 %\u20134% 4%\u20135%A reconciliation of award movements over the year is shown below:
2023 2022
Number
\u2019000s
Weighted
average
exercise
price
\u00a3
Number
\u2019000s
Weighted
average
exercise
price
\u00a3
Outstanding at 1 October 3,055 \u2013 4,260 \u2013
Awarded 858 \u2013 1,037 \u2013
Forfeited
536
\u2013 (899) \u2013
Exercised
930
\u2013 (1,343) \u2013
Outstanding at 30 September 2,447 \u2013 3,055 \u2013
Exercisable at 30 September \u2013 \u2013 \u2013 \u2013
2023
2022
Weighted
average
remaining
life years
Weighted
average
remaining
life years
Range of exercise prices Expected Contractual Expected Contractual
N/A
.2
.2 0.9 0.9
The Sage Group Restricted Share Plan
The Group\u2019s Restricted Share Plan is a long-term incentive plan issued to senior management across the Group.
These contingent share awards are made only with service conditions. Executive Directors are not permitted to participate in
the plan and shares are either purchased in the market or treasury shares are utilised to satisfy vesting awards. These awards
only have service conditions and their fair values are equal to the share price on the date of grant. During the year 6,553,637
(2022: 10,816,324) awards were made, with fair values ranging from 8.12p to 8.43p.
A reconciliation of award movements over the year is shown below:
2023 2022
Number
\u2019000s
Weighted
average
exercise
price
\u00a3
Number
\u2019000s
Weighted
average
exercise
price
\u00a3
Outstanding at 1 October
7,727 \u2013 12,082 \u2013
Awarded 6,554 \u2013 10,816 \u2013
Forfeited
,527
\u2013 (2,005) \u2013
Exercised
4,120
\u2013 (3,166) \u2013
Outstanding at 30 September
8,634 \u2013 17,727 \u2013
Exercisable at 30 September \u2013 \u2013 \u2013 \u2013
2023 2022
Weighted average
remaining life
years
Weighted average
remaining life
years
Range of exercise prices Expected Contractual Expected Contractual
N/A
.6
.6 2.0 2.0
Share options
Share options comprise The Sage Save and Share Plan (the \u201cSave and Share Plan\u201d) and acquisition options. These are not
considered to be material to the Group\u2019s overall share-based payment arrangements. The key aspects of the Group\u2019s share
option arrangements are explained below.
The Save and Share Plan is a savings-related share option scheme for employees of the Group and is available to employees in
the majority of countries in which the Group operates. The UK plan is an HMRC-approved savings-related share option scheme,
and similar arrangements apply in other countries where they are available. The fair value of the options is expensed over
the service period of three years, with a forfeiture assumption included for any anticipated lapses as employees leave
the Group.
During the year, 1,579,315 (2022: 1,628,909) options were granted under the terms of the Save and Share.
As part of certain acquisitions, the Group awards certain employees with options proportional to previously held options in the
company acquired. Nil (2022: nil) options have been granted in the year.
A reconciliation of award movements over the year is shown below:
2023 2022
Number
\u2019000s
Weighted
average
exercise
price
\u00a3
Number
\u2019000s
Weighted
average
exercise
price
\u00a3
Outstanding at 1 October 963 3.45 1,628 2.96
Forfeited
5
3.20 (28
4.88
Exercised
243
3.95 (63
1.61
Outstanding at 30 September 705 3.28 963 3.45
Exercisable at 30 September 705 3.28 963 3.45
2023 2022
Weighted average
remaining life
years
Weighted average
remaining life
years
Range of exercise prices Expected Contractual Expected Contractual
72p\u2013702p \u2013 3.0 \u2013 4.0
15.3 Other reserves
All components of other reserves are presented on a consolidated basis on the face of the consolidated statement of changes
in equity.
Other reserves can be analysed as follows:
Translation
reserve
\u00a3m
Hedging
reserve
\u00a3m
Merger
reserve
\u00a3m
Total
\u00a3m
At 1 October 2022 206 \u2013 61 267
Exchange differences on translating foreign operations
and net investment hedges
(82)
\u2013
\u2013
(82)
Cash flow hedges
\u2013 4 \u2013 4
At 30 September 2023
24 4 61
89
Other reserves can be analysed as follows:
Translation
reserve
\u00a3m
Merger
reserve
\u00a3m
Total
\u00a3m
At 1 October 2021
42 61 103
Exchange differences on translating foreign operations
and net investment hedges
177
\u2013
177
Exchange differences recycled through income statement on sale of foreign operations
(13) \u2013 (13)
At 30 September 2022
206 61 267
This note further explains the nature and purpose of the translation, hedging and merger reserves.
Translation reserve
The translation reserve represents the accumulated exchange differences arising since the transition to IFRS from the
following sources:
\u2022 The impact of the translation of subsidiaries with a functional currency other than sterling; and
\u2022 Exchange differences arising on hedging instruments that are designated hedges of a net investment in foreign operations,
net of tax where applicable.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used
in cash flow hedges pending subsequent recognition in profit or loss.
Merger reserve
Merger reserve brought forward relates to the merger reserve which was present under UK GAAP and frozen on transition to IFRS.
15.4 Retained earnings
Retained earnings
2023
\u00a3m
2022
\u00a3m
At 1 October 570 448
Profit for the year 2
260
Actuarial gain on post-employment benefit obligations, net of ta
(note 11) \u2013 3
Employee share option scheme\u2014value of employee services including deferred tax
57 37
Proceeds from issuance of treasury shares
1 7
Fair value gain on reassessment of equity investment
\u2013 30
Purchase of shares by Employee Benefit Trust
(1
(32)
Dividends paid to owners of the parent (note 15.5)
(190
(183
At 30 September 658 570
Treasury shares
At 30 September 2023, the Group held 73,906,470 (2022: 81,168,903) treasury shares.
During the year, the Group agreed to satisfy the vesting of certain share awards, utilising a total of 7,262,433 (2022: 6,396,278)
treasury shares.
During the prior year, the Group cancelled 20,000,000 treasury shares, which reduced the number of Ordinary shares
to 1,100,789,295 at 30 September 2022. See note 15.1.
Shares purchased under the Group\u2019s buyback programme are either cancelled or are retained in treasury and reissued in the
future. Where the shares are retained as treasury shares, they represent a deduction from equity attributable to owners of
the parent.
In the prior year, the Group purchased a total of 27,979,129 Ordinary shares, initially held as treasury shares, as part of a non-
discretionary share buyback programme entered into on 6 September 2021 and completed on 24 January 2022.
Consideration of \u00a3249m for this share buyback programme was paid in the prior year.
Employee Benefit Trust
The Employee Benefit Trust (\u201cEBT\u201d) holds shares in the Company and was set up for the benefit of Group employees. The EBT
purchases the Company\u2019s shares in the market or is gifted these by the Company for use in connection with the Group\u2019s share-
based payments arrangements. Once purchased, shares are not sold back into the market. The EBT holds 4,419,478 ordinary
shares in the Company (2022: 4,610,875) at a cost of \u00a334m (2022: \u00a333m) with \u00a31m of shares purchased during the year (2022:
\u00a332m), funded by the Company, and a nominal value of \u00a3nil (2022: \u00a3nil).
During the year, the EBT utilised 258,505 shares it held to satisfy the vesting of certain share awards (2022: nil). The EBT did not
receive additional funds for future purchase of shares in the market (2022: \u00a3nil).
The costs of funding and administering the EBT are charged to the profit and loss account of the Company in the period to
which they relate. The market value of the shares of the Company held by the EBT at 30 September 2023 was \u00a344m (2022: \u00a332m).
15.5 Dividends
Accounting policy
Dividends are recognised through equity when approved by the Company\u2019s shareholders or on payment, whichever
is earlier.
2023
\u00a3m
2022
\u00a3m
Final dividend paid for the year ended 30 September 2022 of 12.10p per share
23 \u2013
(2022: final dividend paid for the year ended 30 September 2021 of 11.63p per share) \u2013 119
Interim dividend paid for the year ended 30 September 2023 of 6.55p per share
67 \u2013
(2022: interim dividend paid for the year ended 30 September 2022 of 6.30p per share)
\u2013 64
90 183
In addition, the Directors are proposing a final dividend in respect of the financial year ended 30 September 2023 of [12.75]p per
share, which will absorb an estimated \u00a3131m of shareholders\u2019 funds. The Company\u2019s distributable reserves are sufficient to
support the payment of this dividend. If approved at the AGM, it will be paid on 9 February 2024 to shareholders who are on the
register of members on 12 January 2024. These financial statements do not reflect this proposed dividend payable.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-386": {
"value": "15.1 Ordinary shares Accounting policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company until the shares are cancelled or reissued. Issued and fully paid ordinary shares of 14/77 pence each 2023 shares 2023 \u00a3m 2022 shares 2022 \u00a3m At 1 October 1 ,100,789,295 1 2 1,120,789,295 12 Cancellation of treasury shares \u2013 \u2013 (20,000,000 ) \u2013 At 30 September 1 ,100,789,295 1 2 1,100,789,295 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-451": {
"value": "Accounting policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company until the shares are cancelled or reissued. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-438": {
"value": "Accounting policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company until the shares are cancelled or reissued. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-387": {
"value": "15.2 Share-based payments Accounting policy Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest allowing for the effect of non market-based vesting conditions. Fair value is measured using the Black-Scholes or the Monte Carlo pricing models, based on observable market prices. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non- transferability, exercise restrictions and behavioural considerations. All outstanding Sage Performance Share Plans (PSPs) are subject to some non-market performance conditions. The element of the income statement charge relating to market performance conditions is fixed at the grant date. At the end of the reporting period, the Group revises its estimates for the number of awards expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. The total charge for the year relating to employee share-based payment plans was \u00a349m (2022: \u00a336m), all of which related to equity-settled share-based payment transactions. Scheme 2023 \u00a3m 2022 \u00a3m Performance Share Plan 4 5 Restricted Share Plan 42 29 Share options 3 2 Total 49 36 \u00a36m of the charge for the year (2022: \u00a3nil) relates to acquisition related remuneration and is reported as a recurring adjustment within other M&A activity-related items. See note 3.6. The Sage Group Performance Share Plan Annual grants of performance shares will normally be made to Executive Directors after the preliminary declaration of the annual results. Under the Performance Share Plan, 857,978 (2022: 1,036,987) awards were made during the year. Awards for 2021 These performance shares are subject to a service condition and three performance conditions. Performance conditions are weighted 70% on the achievement of revenue targets and 30% on the achievement of a TSR target. The revenue targets are based on compound annualised recurring revenue growth and Cloud Native annualised recurring revenue over the performance period. Where annualised recurring revenue is between prescribed target ranges, the extent to which the revenue performance conditions are satisfied will be calculated on a straight-line, pro-rata basis within a defined range. 2021 awards Range 1 Range 2 Annualised recurring revenue growth (%) 6.0%\u20138.5% 8.5%\u201310.0% Performance condition satisfied (%) 7%\u201328% 28%\u201335% Cloud native annualised recurring revenue (\u00a3m) \u00a3600m\u2013\u00a3750m \u00a3750m\u2013\u00a3900m Performance condition satisfied (%) 7%\u201328% 28%\u201335% The performance target relating to TSR measures share price performance against a designated comparator group. Where TSR is between median and upper quartile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between 6% and 24%, and where TSR is between upper quartile and upper decile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between 24% and 30%. The comparator group for awards granted for 2021 onwards is the companies comprised in the FTSE 100 Index at the start of the performance period, excluding financial services and extraction companies. Awards for 2022 These performance shares are subject to a service condition and three performance conditions. Performance conditions are weighted 55% on the achievement of a financial performance target, 30% on the achievement of a TSR target, and 15% on the achievement of ESG targets. The financial performance target is based on the achievement of Sage Business Cloud (SBC) Penetration targets for the final year of the performance period. Where SBC Penetration is between prescribed targets, the extent to which the financial performance condition is satisfied will be calculated on a straight-line, pro-rata basis within a defined range. 2022 awards Range 1 Range 2 \u2022 SBC Penetration (%) 75%\u201380% 80%\u201385% \u2022 Performance condition satisfied (%) 1 1%\u201344% 44%\u201355% The performance target relating to TSR measures share price performance against a designated comparator group. Where TSR is between median and upper quartile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between 6% and 24%, and where TSR is between upper quartile and upper decile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between 24% and 30%. The comparator group for awards granted for 2022 onwards is the companies comprised in the FTSE 100 Index at the start of the performance period, excluding financial services and extraction companies. The performance targets relating to ESG are based on the achievement of targets relating to (i) the aggregate number of volunteering hours recorded through the Sage Foundation during the performance period, (ii) the aggregate number of individuals supported through Sage\u2019s Sustainability and Society strategy during the performance period, and (iii) Sage\u2019s ESG Strategy Impact at the end of the performance period. Where aggregate volunteering hours and aggregate individuals supported are between prescribed targets, the extent to which the ESG performance conditions are satisfied will be calculated on a straight-line, pro-rata basis within a defined range. 2022 awards Range 1 Range 2 \u2022 Volunteering hours (number) 400,000\u2013500,000 500,000-600,000 \u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75% \u2022 Individuals supported (number) 22,000\u201327,000 27,000-32,000 \u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75% Sage\u2019s ESG Strategy Impact will be measured by (i) its alignment to the Sustainability Accounting Standards Board\u2019s (SASB\u2019s) standards, (ii) its achievement of Global Reporting Initiative\u2019s (GRI\u2019s) sustainability reporting standards (GRI CORE and GRI COMPREHENSIVE are the two levels to which Sage can align), and (iii) achievement of a top 10% ranking in at least 3 ESG rating schemes. Given an achievement of full SASB alignment, achieving GRI CORE would result in the performance condition being 1.5% satisfied, while achieving GRI COMPREHENSIVE would result in the performance condition being 6% satisfied. Where the ESG Strategy Impact is between GRI CORE and GRI COMPREHENSIVE, the extent to which the ESG performance condition is satisfied will be calculated on a straight-line, pro-rata basis within this defined range of 1.5%\u20136%. Given an achievement of full SASB alignment and GRI COMPREHENSIVE, achieving a top 10% ranking in at least 3 ESG rating schemes would result in the performance condition being 7.5% satisfied. Where a top 10% ranking is between zero and 3 ESG rating schemes, the extent to which the ESG performance condition is satisfied will be calculated on a straight-line, pro-rata basis within this defined range of 6%\u20137.5%. Awards for 2023 These performance shares are subject to a service condition and three performance conditions. Performance conditions are weighted 50% on the achievement of a financial performance target, 30% on the achievement of a TSR target, and 20% on the achievement of ESG targets. The financial performance target is based on the achievement of Sage Business Cloud (SBC) Penetration targets for the final year of the performance period. Where SBC Penetration is between prescribed targets, the extent to which the financial performance condition is satisfied will be calculated on a straight-line, pro-rata basis within a defined range. 2023 awards Range 1 Range 2 \u2022 SBC Penetration (%) 85%\u201389% 89%\u201392% \u2022 Performance condition satisfied (%) 1 0%\u201340% 40%\u201350% The performance target relating to TSR measures share price performance against a designated comparator group. Where TSR is between median and upper quartile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between 6% and 24%, and where TSR is between upper quartile and upper decile, the TSR vesting percentage will be calculated on a straight-line, pro-rata basis between 24% and 30%. The comparator group for awards granted for 2023 onwards is the companies comprised in the FTSE 100 Index at the start of the performance period, excluding financial services and extraction companies. The performance targets relating to ESG are based on the achievement of targets relating to (i) a Protect the Planet condition, (ii) a Tech for Good condition, and (iii) two Diversity, Equity and Inclusion conditions. Where attainment of each of the ESG condition are between prescribed targets, the extent to which the ESG performance conditions are satisfied will be calculated on a straight-line, pro-rata basis within defined ranges as detailed below. The Protect the Planet condition will be measured by reference to the reduction in the Group\u2019s Scope 1, 2 and 3 carbon emissions during the performance period. 2023 awards Range 1 Range 2 \u2022 Reduction in carbon emissions (%) 6.9%\u2013 1 3.8% 1 3.8%\u201320.7% \u2022 Performance condition satisfied (%) 1 .5%\u20136% 6%\u20137.5% The Tech for Good condition will be measured by reference to the number of Sage products that have embedded functionality for carbon accounting at the end of the performance period.The Diversity, Equity and Inclusion conditions will be measured by reference to (i) the inclusion score in the employee
engagement survey undertaken in the last financial year of the performance period, and (ii) the percentage of leadership teams
meeting Sage\u2019s global gender diversity target at the end of the performance period.
2023 awards Range 1 Range 2
\u2022 Inclusion score (number) 82\u201384 84\u201386
\u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75%
\u2022 Percentage of teams (%
50%\u201365% 65%\u201380%
\u2022 Performance condition satisfied (%) 0.75%\u20133% 3%\u20133.75%
Awards were valued using the Monte Carlo option pricing model. Performance conditions were included in the fair value
calculations, which were based on observable market prices at grant date. All options granted under performance share awards
have an exercise price of nil. The fair value per award(s) granted and the assumptions used in the calculation are as follows:
Grant date
December
2022
Share price at grant date 8.02
Number of employees 9
Shares under award
857,978
Vesting period (years)
3
Expected volatility
28.4%
Award life (years)
3
Expected life (years)
3
Risk-free rate
3.29%
Fair value per award
6.55
Grant date
December
2021
February
2022
18 May
2022
24 May
2022
Share price at grant date 7.74 7.11 6.51 6.65
Number of employees 6 2 3 1
Shares under award 458,777 399,859 100,225 78,126
Vesting period (years) 3 3 3 3
Expected volatility 27.6% 26.6% 28.2% 28.2%
Award life (years) 3 3 3 3
Expected life (years) 3 3 3 3
Risk-free rate 0.50% 1.04% 1.49% 1.46%
Fair value per award 6.29 5.82 5.72 5.70
The expected volatility is based on historical volatility over the last three years. The expected life is the average expected
period to exercise. The risk-free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the
assumed award life.
2023 awards Range 1 Range 2
\u2022 Number of products (number) 3\u20136 6\u20138
\u2022 Performance condition satisfied (%)
%\u20134% 4%\u20135%
A reconciliation of award movements over the year is shown below: 2023 2022 Number \u2019000s Weighted average exercise price \u00a3 Number \u2019000s Weighted average exercise price \u00a3 Outstanding at 1 October 3,055 \u2013 4,260 \u2013 Awarded 858 \u2013 1,037 \u2013 Forfeited ( 536 ) \u2013 (899) \u2013 Exercised ( 930 ) \u2013 (1,343) \u2013 Outstanding at 30 September 2,447 \u2013 3,055 \u2013 Exercisable at 30 September \u2013 \u2013 \u2013 \u2013 2023 2022 Weighted average remaining life years Weighted average remaining life years Range of exercise prices Expected Contractual Expected Contractual N/A 1 .2 1 .2 0.9 0.9 The Sage Group Restricted Share Plan The Group\u2019s Restricted Share Plan is a long-term incentive plan issued to senior management across the Group. These contingent share awards are made only with service conditions. Executive Directors are not permitted to participate in the plan and shares are either purchased in the market or treasury shares are utilised to satisfy vesting awards. These awards only have service conditions and their fair values are equal to the share price on the date of grant. During the year 6,553,637 (2022: 10,816,324) awards were made, with fair values ranging from 8.12p to 8.43p. A reconciliation of award movements over the year is shown below: 2023 2022 Number \u2019000s Weighted average exercise price \u00a3 Number \u2019000s Weighted average exercise price \u00a3 Outstanding at 1 October 1 7,727 \u2013 12,082 \u2013 Awarded 6,554 \u2013 10,816 \u2013 Forfeited (1 ,527 ) \u2013 (2,005) \u2013 Exercised ( 4,120 ) \u2013 (3,166) \u2013 Outstanding at 30 September 1 8,634 \u2013 17,727 \u2013 Exercisable at 30 September \u2013 \u2013 \u2013 \u2013 2023 2022 Weighted average remaining life years Weighted average remaining life years Range of exercise prices Expected Contractual Expected Contractual N/A 1 .6 1 .6 2.0 2.0 Share options Share options comprise The Sage Save and Share Plan (the \u201cSave and Share Plan\u201d) and acquisition options. These are not considered to be material to the Group\u2019s overall share-based payment arrangements. The key aspects of the Group\u2019s share option arrangements are explained below. The Save and Share Plan is a savings-related share option scheme for employees of the Group and is available to employees in the majority of countries in which the Group operates. The UK plan is an HMRC-approved savings-related share option scheme, and similar arrangements apply in other countries where they are available. The fair value of the options is expensed over the service period of three years, with a forfeiture assumption included for any anticipated lapses as employees leave the Group. During the year, 1,579,315 (2022: 1,628,909) options were granted under the terms of the Save and Share. As part of certain acquisitions, the Group awards certain employees with options proportional to previously held options in the company acquired. Nil (2022: nil) options have been granted in the year. A reconciliation of award movements over the year is shown below: 2023 2022 Number \u2019000s Weighted average exercise price \u00a3 Number \u2019000s Weighted average exercise price \u00a3 Outstanding at 1 October 963 3.45 1,628 2.96 Forfeited (1 5 ) 3.20 (28 ) 4.88 Exercised ( 243 ) 3.95 (63 7) 1.61 Outstanding at 30 September 705 3.28 963 3.45 Exercisable at 30 September 705 3.28 963 3.45 2023 2022 Weighted average remaining life years Weighted average remaining life years Range of exercise prices Expected Contractual Expected Contractual 72p\u2013702p \u2013 3.0 \u2013 4.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-439": {
"value": "Accounting policy Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest allowing for the effect of non market-based vesting conditions. Fair value is measured using the Black-Scholes or the Monte Carlo pricing models, based on observable market prices. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non- transferability, exercise restrictions and behavioural considerations. All outstanding Sage Performance Share Plans (PSPs) are subject to some non-market performance conditions. The element of the income statement charge relating to market performance conditions is fixed at the grant date. At the end of the reporting period, the Group revises its estimates for the number of awards expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-388": {
"value": "15.3 Other reserves All components of other reserves are presented on a consolidated basis on the face of the consolidated statement of changes in equity. Other reserves can be analysed as follows: Translation reserve \u00a3m Hedging reserve \u00a3m Merger reserve \u00a3m Total \u00a3m At 1 October 2022 206 \u2013 61 267 Exchange differences on translating foreign operations and net investment hedges (82) \u2013 \u2013 (82) Cash flow hedges \u2013 4 \u2013 4 At 30 September 2023 1 24 4 61 1 89 Other reserves can be analysed as follows: Translation reserve \u00a3m Merger reserve \u00a3m Total \u00a3m At 1 October 2021 42 61 103 Exchange differences on translating foreign operations and net investment hedges 177 \u2013 177 Exchange differences recycled through income statement on sale of foreign operations (13) \u2013 (13) At 30 September 2022 206 61 267 This note further explains the nature and purpose of the translation, hedging and merger reserves. Translation reserve The translation reserve represents the accumulated exchange differences arising since the transition to IFRS from the following sources: \u2022 The impact of the translation of subsidiaries with a functional currency other than sterling; and \u2022 Exchange differences arising on hedging instruments that are designated hedges of a net investment in foreign operations, net of tax where applicable. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss. Merger reserve Merger reserve brought forward relates to the merger reserve which was present under UK GAAP and frozen on transition to IFRS. 15.4 Retained earnings Retained earnings 2023 \u00a3m 2022 \u00a3m At 1 October 570 448 Profit for the year 2 11 260 Actuarial gain on post-employment benefit obligations, net of ta x (note 11) \u2013 3 Employee share option scheme\u2014value of employee services including deferred tax 57 37 Proceeds from issuance of treasury shares 1 1 7 Fair value gain on reassessment of equity investment \u2013 30 Purchase of shares by Employee Benefit Trust (1 ) (32) Dividends paid to owners of the parent (note 15.5) (190 ) (183 ) At 30 September 658 570 Treasury shares At 30 September 2023, the Group held 73,906,470 (2022: 81,168,903) treasury shares. During the year, the Group agreed to satisfy the vesting of certain share awards, utilising a total of 7,262,433 (2022: 6,396,278) treasury shares. During the prior year, the Group cancelled 20,000,000 treasury shares, which reduced the number of Ordinary shares to 1,100,789,295 at 30 September 2022. See note 15.1. Shares purchased under the Group\u2019s buyback programme are either cancelled or are retained in treasury and reissued in the future. Where the shares are retained as treasury shares, they represent a deduction from equity attributable to owners of the parent. In the prior year, the Group purchased a total of 27,979,129 Ordinary shares, initially held as treasury shares, as part of a non- discretionary share buyback programme entered into on 6 September 2021 and completed on 24 January 2022. Consideration of \u00a3249m for this share buyback programme was paid in the prior year. Employee Benefit Trust The Employee Benefit Trust (\u201cEBT\u201d) holds shares in the Company and was set up for the benefit of Group employees. The EBT purchases the Company\u2019s shares in the market or is gifted these by the Company for use in connection with the Group\u2019s share- based payments arrangements. Once purchased, shares are not sold back into the market. The EBT holds 4,419,478 ordinary shares in the Company (2022: 4,610,875) at a cost of \u00a334m (2022: \u00a333m) with \u00a31m of shares purchased during the year (2022: \u00a332m), funded by the Company, and a nominal value of \u00a3nil (2022: \u00a3nil). During the year, the EBT utilised 258,505 shares it held to satisfy the vesting of certain share awards (2022: nil). The EBT did not receive additional funds for future purchase of shares in the market (2022: \u00a3nil). The costs of funding and administering the EBT are charged to the profit and loss account of the Company in the period to which they relate. The market value of the shares of the Company held by the EBT at 30 September 2023 was \u00a344m (2022: \u00a332m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-404": {
"value": "Treasury shares At 30 September 2023, the Group held 73,906,470 (2022: 81,168,903) treasury shares. During the year, the Group agreed to satisfy the vesting of certain share awards, utilising a total of 7,262,433 (2022: 6,396,278) treasury shares. During the prior year, the Group cancelled 20,000,000 treasury shares, which reduced the number of Ordinary shares to 1,100,789,295 at 30 September 2022. See note 15.1. Shares purchased under the Group\u2019s buyback programme are either cancelled or are retained in treasury and reissued in the future. Where the shares are retained as treasury shares, they represent a deduction from equity attributable to owners of the parent. In the prior year, the Group purchased a total of 27,979,129 Ordinary shares, initially held as treasury shares, as part of a non- discretionary share buyback programme entered into on 6 September 2021 and completed on 24 January 2022. Consideration of \u00a3249m for this share buyback programme was paid in the prior year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-389": {
"value": "15.5 Dividends Accounting policy Dividends are recognised through equity when approved by the Company\u2019s shareholders or on payment, whichever is earlier. 2023 \u00a3m 2022 \u00a3m Final dividend paid for the year ended 30 September 2022 of 12.10p per share 1 23 \u2013 (2022: final dividend paid for the year ended 30 September 2021 of 11.63p per share) \u2013 119 Interim dividend paid for the year ended 30 September 2023 of 6.55p per share 67 \u2013 (2022: interim dividend paid for the year ended 30 September 2022 of 6.30p per share) \u2013 64 1 90 183 In addition, the Directors are proposing a final dividend in respect of the financial year ended 30 September 2023 of [12.75]p per share, which will absorb an estimated \u00a3131m of shareholders\u2019 funds. The Company\u2019s distributable reserves are sufficient to support the payment of this dividend. If approved at the AGM, it will be paid on 9 February 2024 to shareholders who are on the register of members on 12 January 2024. These financial statements do not reflect this proposed dividend payable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-440": {
"value": "Accounting policy Dividends are recognised through equity when approved by the Company\u2019s shareholders or on payment, whichever is earlier. ",
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"fact-358": {
"value": "16 Acquisitions and disposals
The following note outlines acquisitions and disposals during the year and the accompanying accounting policies. Each
acquisition or disposal during the year is discussed and the effects on the results of the Group are highlighted. Additional
disclosures are presented for disposals and planned disposals that qualify as businesses held for sale or for presentation
as discontinued operations.
Accounting policy
Acquisitions:
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling
interests in the acquiree. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for
recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair values at the acquisition date.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability are recognised in the income statement.
Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for
within equity.
Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net
assets acquired. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and
contingent liabilities exceeds the cost of the business combination, the difference is recognised directly in the consolidated
income statement. Any subsequent adjustment to reflect changes in consideration arising from contingent consideration
amendments is recognised in the consolidated income statement.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at
the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
Acquisition-related items such as legal or professional fees are expensed to the income statement as incurred.
Acquisitions of certain legal entities can be accounted for as an asset acquisition, rather than a business combination, when they
satisfy the \u2018concentration test\u2019 exemption under IFRS 3 \u201cBusiness Combinations\u201d. This is often the case where the value of the
acquired legal entity largely comprises a single asset or technology. Where this is applied, no goodwill is recognised as part of the
acquisition accounting.
Businesses held for sale and discontinued operations:
The Group classifies the assets and liabilities of a business as held for sale if their carrying amounts will be recovered principally
through a sale of the business rather than through continuing use. These assets and liabilities are measured at the lower of their
carrying amount and fair value less costs to sell. The criteria for classification as held for sale are met only when the sale is highly
probable and the business is available for immediate sale in its present condition. Actions required to complete the sale must
indicate that it is unlikely that significant changes will be made to the plan or that the decision to sell will be withdrawn.
Management must be committed to the sale and completion must be expected within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and
liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet.
A business qualifies as a discontinued operation if it is a component of the Group that either has been disposed of, or is classified as
held for sale, and:
\u2022 Represents a separate major line of business or geographical area of operations; and
\u2022 Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations in both the current and prior years and are
presented as a single amount in the consolidated income statement as profit or loss on discontinued operations.
Corecon
On 5 May 2023, the Group acquired 100% equity capital and voting rights of Corecon Technologies Inc (\u201cCorecon\u201d), a company
based in the US, for total cash consideration of \u00a313m. Corecon is a cloud native subscription-based software company used to
streamline and manage project operations focused on the construction industry.
Summary of acquisition
Total
\u00a3m
Acquisition-date fair value of consideration 13
Fair value of identifiable net assets (12)
Deferred tax liability 2
Goodwill 3
Acquired intangible assets comprises technology, at a fair value of \u00a310m, which will be amortised over a useful economic
life of 8 years, in line with comparable previously acquired technology and Sage policy range of 3 to 8 years, and customer
relationships at a fair value of \u00a31m which will be amortised over a useful economic life of 5 years consistent with Sage policy.
A summary of the acquired intangible assets is set out below:
Acquired intangible assets
Valuation
\u00a3m
Useful
economic life
(years)
Customer relationships
5
Technology
0 8
Acquired intangible assets
1
Acquired goodwill of \u00a33m comprises the fair value of the acquired control premium, workforce in place and the expected
synergies. The goodwill has been allocated to the Group\u2019s geographic CGUs where the underlying benefit arising from the
acquisition is expected to be realised. This is predominantly within North America. No goodwill is expected to be deductible
for tax purposes. The results of the business are allocated to the North America operating segment in line with the
underlying operations.
The outflow of cash and cash equivalents on the acquisition is as follows:
Total
\u00a3m
Cash consideration (13)
Cash and cash equivalents acquired 1
Net cash outflow
2
Transaction costs of \u00a33m relating to the acquisition have been included in selling and administrative expenses, classified as
other M&A activity-related items within recurring adjustments between underlying and statutory results. These costs relate to
advisory, legal and other professional services, see note 3.6.
Arrangements have been put in place for retention payments to remunerate employees of Corecon for future services. The
amount recognised to date of \u00a31m is included in selling and administrative expenses, in the consolidated income statement,
classified as other M&A activity-related items. The total cost of these arrangements will be recognised in future periods over
the retention period, contingent on employment.
The consolidated income statement includes revenue and loss after tax relating to Corecon for the period since the acquisition
date, of which both are immaterial.
On an underlying and statutory basis, the impact on revenue and profit after tax would have been immaterial, if Corecon had
been acquired at the start of the financial year and included in the Group\u2019s results for the year ended 30 September 2023.
Spherics
On 11 October 2022, the Group acquired 100% equity capital and voting rights of Spherics Technologies Limited (\u201cSpherics\u201d), a
company based in the UK, for total cash consideration \u00a311m. Spherics provides a carbon accounting software solution to help
businesses easily understand and reduce their environmental impact.
Summary of acquisition
Total
\u00a3m
Acquisition-date fair value of consideration 11
Fair value of identifiable net assets (4)
Deferred tax liability 1
Goodwill 8
Acquired intangible assets comprises technology, at a fair value of \u00a34m, which will be amortised over a useful economic life of
8 years.
Acquired goodwill of \u00a38m comprises the fair value of the acquired control premium, workforce in place and the expected
synergies. The goodwill has been allocated to the Group\u2019s UK & Ireland CGU where the underlying benefit arising from the
acquisition is expected to be realised. No goodwill is expected to be deductible for tax purposes. The results of the business are
allocated to the UK & Ireland operating segment in line with the underlying operations.
The outflow of cash and cash equivalents on the acquisition is as follows:
Total
\u00a3m
Cash consideration (11)
Cash and cash equivalents acquired \u2013
Net cash outflow (11)
Transaction costs of \u00a31m relating to the acquisition have been included in selling and administrative expenses, classified as
other M&A activity-related items within recurring adjustments between underlying and statutory results. These costs relate to
advisory, legal and other professional services, see note 3.6.
Arrangements have been put in place for retention payments to remunerate employees of Spherics for future services.
The amount recognised to date of \u00a35m is included in selling and administrative expenses, in the consolidated income
statement, as other M&A activity-related items. The total cost of these arrangements will be recognised in future periods
over the retention period, contingent on employment.
The consolidated income statement reported by Spherics for the period since the acquisition date, includes an immaterial
amount of revenue and loss after tax.
On an underlying and statutory basis, the impact on revenue and profit after tax would have been immaterial, if Spherics had
been acquired at the start of the financial year and included in the Group\u2019s results for the year ended 30 September 2023.
Measurement adjustments to business combinations reported using provisional amounts\u2014Lockstep
On 30 August 2022, the Group acquired 100% equity capital and voting rights of Lockstep Network Holdings Inc (\u201cLockstep\u201d) for
total cash consideration of \u00a380m, of which \u00a33m was deferred and paid in the current year.
The acquired net assets as recognised in the financial statements at 30 September 2022 were based on a provisional assessment
of their fair value while the Group undertook a valuation of the acquired intangible assets. During the year, the purchase price
accounting has been approved and completed.
The intangible assets identified and subsequently valued as at the date of acquisition include:
Acquired intangible assets
Valuation
\u00a3m
Useful
economic life
(years)
Customer relationships 3 8
Technology 23 8
Acquired intangible assets 26
The comparative information for the financial year 2022 has been restated to reflect the adjustment to the provisional amounts.
As a result of the recognition of intangible assets of \u00a326m, and net deferred tax liability of \u00a31m, there was a corresponding
decrease of \u00a325m to goodwill. The remaining balancing \u00a354m goodwill comprises the fair value of the acquired control
premium, workforce in place and the expected synergies. The goodwill has been allocated to the Group\u2019s North America CGU
where the underlying benefit arising from the acquisition is expected to be realised. No goodwill is expected to be deductible
for tax purposes. The results of the business are allocated to the North America operating segment in line with the
underlying operations.
No other adjustments have been made to the provisional fair value of assets and liabilities reported at 30 September 2022,
as set out below:
Fair value of identifiable net assets acquired
Previously
reported
provisional fair
values
\u00a3m
Measurement
adjustments
\u00a3m
Final fair
values
\u00a3m
Intangible assets \u2013 26 26
Deferred tax liability \u2013 (1
(1
Other identifiable net assets 1 \u2013 1
Fair value of identifiable net assets acquired
25 26
Goodwill 79 (25
54
Total consideration 80 \u2013 80
The increased amortisation charge on the intangible assets from the acquisition date to 30 September 2022 was not material
and therefore no adjustment has been made for this. No changes have been identified to the directly attributable acquisition
related costs which were included during the financial year ended 30 September 2022 in relation to the acquisition.
16.2 Disposals and discontinued operations
Discontinued operations and assets and liabilities held for sale
There are no assets or liabilities held for sale at 30 September 2023 (30 September 2022: none).
The Group had no discontinued operations during the year (30 September 2022: none).
",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-452": {
"value": "Accounting policy Acquisitions: The acquisition of subsidiaries is accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair values at the acquisition date. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability are recognised in the income statement. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the difference is recognised directly in the consolidated income statement. Any subsequent adjustment to reflect changes in consideration arising from contingent consideration amendments is recognised in the consolidated income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Acquisition-related items such as legal or professional fees are expensed to the income statement as incurred. Acquisitions of certain legal entities can be accounted for as an asset acquisition, rather than a business combination, when they satisfy the \u2018concentration test\u2019 exemption under IFRS 3 \u201cBusiness Combinations\u201d. This is often the case where the value of the acquired legal entity largely comprises a single asset or technology. Where this is applied, no goodwill is recognised as part of the acquisition accounting. Businesses held for sale and discontinued operations: The Group classifies the assets and liabilities of a business as held for sale if their carrying amounts will be recovered principally through a sale of the business rather than through continuing use. These assets and liabilities are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for classification as held for sale are met only when the sale is highly probable and the business is available for immediate sale in its present condition. Actions required to complete the sale must indicate that it is unlikely that significant changes will be made to the plan or that the decision to sell will be withdrawn. Management must be committed to the sale and completion must be expected within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. A business qualifies as a discontinued operation if it is a component of the Group that either has been disposed of, or is classified as held for sale, and: \u2022 Represents a separate major line of business or geographical area of operations; and \u2022 Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations in both the current and prior years and are presented as a single amount in the consolidated income statement as profit or loss on discontinued operations. ",
"dimensions": {
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}
},
"fact-441": {
"value": "Accounting policy Acquisitions: The acquisition of subsidiaries is accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair values at the acquisition date. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability are recognised in the income statement. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s total identifiable net assets acquired. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the difference is recognised directly in the consolidated income statement. Any subsequent adjustment to reflect changes in consideration arising from contingent consideration amendments is recognised in the consolidated income statement. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Acquisition-related items such as legal or professional fees are expensed to the income statement as incurred. Acquisitions of certain legal entities can be accounted for as an asset acquisition, rather than a business combination, when they satisfy the \u2018concentration test\u2019 exemption under IFRS 3 \u201cBusiness Combinations\u201d. This is often the case where the value of the acquired legal entity largely comprises a single asset or technology. Where this is applied, no goodwill is recognised as part of the acquisition accounting. Businesses held for sale and discontinued operations: The Group classifies the assets and liabilities of a business as held for sale if their carrying amounts will be recovered principally through a sale of the business rather than through continuing use. These assets and liabilities are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for classification as held for sale are met only when the sale is highly probable and the business is available for immediate sale in its present condition. Actions required to complete the sale must indicate that it is unlikely that significant changes will be made to the plan or that the decision to sell will be withdrawn. Management must be committed to the sale and completion must be expected within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheet. A business qualifies as a discontinued operation if it is a component of the Group that either has been disposed of, or is classified as held for sale, and: \u2022 Represents a separate major line of business or geographical area of operations; and \u2022 Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations in both the current and prior years and are presented as a single amount in the consolidated income statement as profit or loss on discontinued operations.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-390": {
"value": "16.2 Disposals and discontinued operations Discontinued operations and assets and liabilities held for sale There are no assets or liabilities held for sale at 30 September 2023 (30 September 2022: none). The Group had no discontinued operations during the year (30 September 2022: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-359": {
"value": "17 Related party transactions This note provides information about transactions between the Group and its related parties. A group\u2019s related parties include any entities over which it has control, joint control, or significant influence, and any persons who are members of its key management personnel. The Group\u2019s related parties are its subsidiary undertakings and its key management personnel, which comprises the Group\u2019s Executive Leadership Team members and the Non-executive Directors. Transactions and outstanding balances between the parent and its subsidiaries within the Group and between those subsidiaries have been eliminated on consolidation and are not disclosed in this note. Compensation paid to the Executive Leadership Team is disclosed in note 3.3. No other related party transactions occurred during the current year or the prior year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-405": {
"value": "17 Related party transactions This note provides information about transactions between the Group and its related parties. A group\u2019s related parties include any entities over which it has control, joint control, or significant influence, and any persons who are members of its key management personnel. The Group\u2019s related parties are its subsidiary undertakings and its key management personnel, which comprises the Group\u2019s Executive Leadership Team members and the Non-executive Directors. Transactions and outstanding balances between the parent and its subsidiaries within the Group and between those subsidiaries have been eliminated on consolidation and are not disclosed in this note. Compensation paid to the Executive Leadership Team is disclosed in note 3.3. No other related party transactions occurred during the current year or the prior year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-360": {
"value": "18 Events after the balance sheet date On 21 November 2023, The Sage Group plc approved a share buyback programme of its ordinary shares of up to \u00a3350m, which is expected to commence on 22 November 2023 and end no later than 23 April 2024. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-361": {
"value": "19 Group undertakings
While we present consolidated results in these financial statements, our structure is such that there are a number of
different operating and holding companies that contribute significantly to the overall result.
Our subsidiaries are located around the world and each contributes to the profits, assets, and cash flow of the Group.
The entities listed below and on the following pages are subsidiaries of the Company or the Group. The Group percentage of
equity capital and voting rights is 100% for all subsidiaries listed below unless indicated otherwise. The results for all of the
subsidiaries have been consolidated within these financial statements.
Country Name Registered address
Australia Brightpearl Pty Limited Suite 60 Level 2, 2 O\u2019Connell Street, Parramatta NSW 2150, Australia
Australia HAMY (Australia) Pty Limited C
o\u2014Fincorp Accountants, Suite 7, 2\u20134 Northumberland Road, Caringbah
NSW 2229, Australia
Australia Ocrex Australia Pty. Limited Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia
Australia Sage Business Solutions Pt
Ltd Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia
Australia Sage Intacct Australia
Pty Limited
Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia
Australia Snowdrop Systems Pty Ltd Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia
Austria Sage GmbH Stella-Klein-L\u00f6w-Weg 15, AT-1020, Wien, Austria
Bahamas Intelligent Apps Holdings Ltd Bayside Executive Park, Building No. 2, West Bay Street & Blake Road, P.O
Box N-3910, Nassau, The Bahamas
Belgium Sage S.A. Buro & Design Center, Esplanade 1, 1020 Brussels, Belgium
Botswana Sage Software Botswana
(Pty) Ltd
Plot 50371, Fairground Office Park, Gaborone, Botswana
Canada Sage Software Canada Ltd 111, 5th Avenue SW, Suite 3100-C, Calgary AB T2P 5L3, Canada
France Inventory Planner SAS
5
10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France
France Sage Holding France SAS 10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France
France Sage Overseas Limited
(Branch Registration)
10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France
France Sage SAS 10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France
Germany Best Software (Germany) GmbH Franklinstra\u00dfe 61\u201363, 60486, Frankfurt am Main, Germany
Germany eWare GmbH
5
Untere Weidenstr. 5, c/o Ra\u00e8 Becker & Koll., 81543, M\u00fcnchen, Germany
Germany Sage b\u00e4urer GmbH Josefstra\u00dfe 10, 78166, Donaueschingen, Germany
Germany Sage CRM Solutions GmbH Franklinstra\u00dfe 61\u201363 60486, Frankfurt am Main, Germany
Germany Sage GmbH Franklinstra\u00dfe 61\u201363 60486, Frankfurt am Main, Germany
Germany Sage Management & Services
GmbH
Franklinstra\u00dfe 61\u201363 60486, Frankfurt am Main, Germany
Germany Sage Services GmbH Kar
-Heine-Stra\u00dfe 109\u2013111, 04229, Leipzig, Germany
India Sage Business Technology
(India) Private Limited
3
The Atrium at Quark City, Zone\u2013D, Second Floor, A-45, Industrial Focal
Point, Phase VIII B, Mohali, 160059, India
India Corecon Technologies India
Private Limited
3
B-M.C.F-97/B, ARYA NAGAR MOHNA ROAD,, BALLABGARH, FARIDABAD,
Haryana, 121004, India
India Intacct Software Private
Limited
1, 3
No 501 & 502, Tower C, 5th Floor, The Millenia, No. 1 & 2, Murphy Road,
Bangalore, Karnataka, 560 008, India
India Lockstep Network India Pvt.
Ltd.
3
1
st
and 2
nd
Flr Sky Loft, Creaticity Mall Opp Golf Course, Shastrinagar
Yerwada, Pune, 411006, India
India Sage Software India Pvt Ltd
3
N-34, Lower Ground Floor, Kalkaji, New Delhi, 110 019, India
India VV Finly Technology Pvt. Ltd.
3
#S-204, Wilson Court Apts, 6
th
Cross, 2
nd
Main, Wilson Garden, Bangalore,
560027, India
Country Name Registered address Ireland Ocrex Limited Number One, Central Park, Leopardstown, Dublin 18, Ireland Ireland Sage Global Services (Ireland) Limited Number One, Central Park, Leopardstown, Dublin 18, Ireland Ireland Sage Hibernia Limited Number One, Central Park, Leopardstown, Dublin 18, Ireland Ireland Sage Irish Finance Company Unlimited Company 4 Number One, Central Park, Leopardstown, Dublin 18, Ireland Ireland Sage Technologies Limited Number One, Central Park, Leopardstown, Dublin 18, Ireland Ireland Sage Treasury Ireland Unlimited Company Number One, Central Park, Leopardstown, Dublin 18, Ireland Ireland TAS Software Limited 4 Deloitte House, 29 Earlsfort Terrace, Dublin, Dublin 2, D02 AY28 Ireland Tonwomp Unlimited Compan y Deloitte House, 29 Earlsfort Terrace, Dublin, Dublin 2, D02 AY28 Israel Budgeta Technologies Ltd 5 32 HaBarze l St., Tel Aviv, 6971046, Israel Kenya Sage Software East Africa Limited 114 & 115, 1st Floor, Nivina Towers, LR NO. 1870/IX/96, Westlands Road, Nairobi, Kenya Latvia CakeHR SIA Brivibas iela 40-27, Riga, LV-1050, Latvia Malaysia Sage Malaysia Business Solutions Sdn. Bhd. Level 11, 1 Sentral, Jalan Rakyat, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia Morocco Sage Software SARL 1 Tour Crystal 1, Niveau 9, Bd Sidi Mohamed Ben Abdellah, Casablanca, 20030, Morocco Namibia Sage Software Namibia (Pty) Ltd 344 Independence Avenue, Windhoek, P O BOX 1571, Namibia Nigeria Sage Software Nigeria Limited Landmark Towers, 5B Water Corporation Road, Victoria Island, Lagos, Nigeria Poland Sage Software Poland sp. z o.o. 5 ul. Towarowa 28, 00-839, Warsaw, Poland Portugal Sage Portugal\u2014Software, S.A. Edif\u00edcio Olympus II, Av. Dom Afonso Henriques 1462, 4450-013, Matosinhos, Portugal Romania Intacct Development Romania SRL 5 Bulevardul 21 Decembrie 1989, Nr. 77, camera C.1.2, cl\u0103direa C-D, The Office, Etaj 1, Cluj-Napoca, Judet Cluj, Romania Singapore Sage Singapore Pte. Ltd. 7 Straits View # 12-00, Marina One East Tower, Singapore, 018936, Singapore South Africa Sage Alchemex (Pty) Ltd 23A Flanders Drive, Mount Edgecombe, Durban, 4321, South Africa South Africa Sage South Africa (Pty) Ltd* Floor 6 Gateway West, 22 Magwa Crescent, Waterfall 5-1R, Midrand, Gauteng, 2066, South Africa Spain Sage Spain Holdco, S.L.U. Moraleja Building One\u2014Planta 1, Parque Empresarial de La Moraleja, Avenida de Europa no19, 28108 Alcobendas, Madrid, Spain Spain Sage Spain, S.L. 1 Moraleja Building One\u2014Planta 1, Parque Empresarial de La Moraleja, Avenida de Europa no19, 28108 Alcobendas, Madrid, Spain Switzerland Sage B\u00e4urer AG c/o Legalis Consulting GmbH, Suurstoffi 29, 6343, Rotkreuz, Switzerland United Arab Emirates Sage Software Middle East FZ-LLC Premises: 116\u2013120, Floor: 01, Building: 11, Dubai, United Arab Emirates United Kingdom ACCPAC UK Limited 3 Field Court, Gra y \u2019s Inn, London, WC1R 5EF, United Kingdom United Kingdom Brightpearl Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom FUTRLI LTD 2 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom GoProposal Ltd 5 3 Field Court, Gra y \u2019s Inn, London, WC1R 5EF, United Kingdom United Kingdom HR Bakery Ltd C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Interact UK Holdings Limited * C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Ocrex UK Ltd 6 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom Country Name Registered address
United Kingdom Protx Group Limited 3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom
United Kingdom Sage (UK) Ltd C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Euro Hedgeco 1 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Euro Hedgeco 2 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Far East Investments
Limited
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Global Services Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Hibernia Investments
No. 1 Limited
3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom
United Kingdom Sage Hibernia Investments
No. 2 Limited
3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom
United Kingdom Sage Holding Company
Limited*
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Holdings Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Irish Investments LLP
2
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Irish Investments One
Limited*
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Irish Investments Two
Limited*
2
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Online Holdings Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Overseas Limited. C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage People Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Treasury Company
Limited*
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage US LLP C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage USD Hedgeco 1 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage USD Hedgeco 2 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sage Whitley Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Sagesoft C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Snowdrop Systems Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Spherics Technology Ltd
3
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United States Brightpearl, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Corecon Technologies, Inc. 5912 Bolsa Avenue Suite 109, Huntington Beach, CA 92649
United States Ocrex, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Sage Budgeta, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Sage Global Services US, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
Country Name Registered address United States Sage Intacct, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Sage People, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Sage Software Holdings, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Sage Software International, Inc. C / o Corporation Service Company, 100 Shockoe Slip, 2nd Floor, Richmond VA 23219, United States United States Sage Software North America C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Sage Software, Inc. C / o Corporation Service Company, 100 Shockoe Slip, 2nd Floor, Richmond VA 23219, United States United States Sage Tempus, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Softline Holdings USA, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Softline Software USA, LLC C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Softline Software, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States South Acquisition Corp. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States Notes: * Direct subsidiary. 1 Group holding in the subsidiary is >99% and <100%. 2 Accounting date is 30 March 2023. 3 Accounting date is 31 March 2023. 4 Accounting date is 30 December 2023. 5 Accounting date is 31 December 2023. 6 Accounting date is 30 June 2023. ",
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"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-391": {
"value": "19 Group undertakings While we present consolidated results in these financial statements, our structure is such that there are a number of different operating and holding companies that contribute significantly to the overall result. Our subsidiaries are located around the world and each contributes to the profits, assets, and cash flow of the Group. The entities listed below and on the following pages are subsidiaries of the Company or the Group. The Group percentage of equity capital and voting rights is 100% for all subsidiaries listed below unless indicated otherwise. The results for all of the subsidiaries have been consolidated within these financial statements. Country Name Registered address Australia Brightpearl Pty Limited Suite 60 Level 2, 2 O\u2019Connell Street, Parramatta NSW 2150, Australia Australia HAMY (Australia) Pty Limited C / o\u2014Fincorp Accountants, Suite 7, 2\u20134 Northumberland Road, Caringbah NSW 2229, Australia Australia Ocrex Australia Pty. Limited Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia Australia Sage Business Solutions Pt y Ltd Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia Australia Sage Intacct Australia Pty Limited Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia Australia Snowdrop Systems Pty Ltd Level 17, 100 Barangaroo Avenue, Barangaroo NSW 2000, Australia Austria Sage GmbH Stella-Klein-L\u00f6w-Weg 15, AT-1020, Wien, Austria Bahamas Intelligent Apps Holdings Ltd Bayside Executive Park, Building No. 2, West Bay Street & Blake Road, P.O Box N-3910, Nassau, The Bahamas Belgium Sage S.A. Buro & Design Center, Esplanade 1, 1020 Brussels, Belgium Botswana Sage Software Botswana (Pty) Ltd Plot 50371, Fairground Office Park, Gaborone, Botswana Canada Sage Software Canada Ltd 111, 5th Avenue SW, Suite 3100-C, Calgary AB T2P 5L3, Canada France Inventory Planner SAS5 10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France France Sage Holding France SAS 10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France France Sage Overseas Limited (Branch Registration) 10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France France Sage SAS 10 Place de Belgique, 92250, La Garenne-Colombes, Paris, France Germany Best Software (Germany) GmbH Franklinstra\u00dfe 61\u201363, 60486, Frankfurt am Main, Germany Germany eWare GmbH5 Untere Weidenstr. 5, c/o Ra\u00e8 Becker & Koll., 81543, M\u00fcnchen, Germany Germany Sage b\u00e4urer GmbH Josefstra\u00dfe 10, 78166, Donaueschingen, Germany Germany Sage CRM Solutions GmbH Franklinstra\u00dfe 61\u201363 60486, Frankfurt am Main, Germany Germany Sage GmbH Franklinstra\u00dfe 61\u201363 60486, Frankfurt am Main, Germany Germany Sage Management & Services GmbH Franklinstra\u00dfe 61\u201363 60486, Frankfurt am Main, Germany Germany Sage Services GmbH Kar l -Heine-Stra\u00dfe 109\u2013111, 04229, Leipzig, Germany India Sage Business Technology (India) Private Limited3 The Atrium at Quark City, Zone\u2013D, Second Floor, A-45, Industrial Focal Point, Phase VIII B, Mohali, 160059, India India Corecon Technologies India Private Limited 3 B-M.C.F-97/B, ARYA NAGAR MOHNA ROAD,, BALLABGARH, FARIDABAD, Haryana, 121004, India India Intacct Software Private Limited 1, 3 No 501 & 502, Tower C, 5th Floor, The Millenia, No. 1 & 2, Murphy Road, Bangalore, Karnataka, 560 008, India India Lockstep Network India Pvt. Ltd. 3 1st and 2nd Flr Sky Loft, Creaticity Mall Opp Golf Course, Shastrinagar Yerwada, Pune, 411006, India India Sage Software India Pvt Ltd3 N-34, Lower Ground Floor, Kalkaji, New Delhi, 110 019, India India VV Finly Technology Pvt. Ltd.3 #S-204, Wilson Court Apts, 6 th Cross, 2 nd Main, Wilson Garden, Bangalore, 560027, India Country Name Registered address
Ireland Ocrex Limited Number One, Central Park, Leopardstown, Dublin 18, Ireland
Ireland Sage Global Services (Ireland)
Limited
Number One, Central Park, Leopardstown, Dublin 18, Ireland
Ireland Sage Hibernia Limited Number One, Central Park, Leopardstown, Dublin 18, Ireland
Ireland Sage Irish Finance Company
Unlimited Company
4
Number One, Central Park, Leopardstown, Dublin 18, Ireland
Ireland Sage Technologies Limited Number One, Central Park, Leopardstown, Dublin 18, Ireland
Ireland Sage Treasury Ireland
Unlimited Company
Number One, Central Park, Leopardstown, Dublin 18, Ireland
Ireland TAS Software Limited
4
Deloitte House, 29 Earlsfort Terrace, Dublin, Dublin 2, D02 AY28
Ireland Tonwomp Unlimited Compan
Deloitte House, 29 Earlsfort Terrace, Dublin, Dublin 2, D02 AY28
Israel Budgeta Technologies Ltd
5
32 HaBarze
St., Tel Aviv, 6971046, Israel
Kenya Sage Software East Africa
Limited
114 & 115, 1st Floor, Nivina Towers, LR NO. 1870/IX/96, Westlands Road,
Nairobi, Kenya
Latvia CakeHR SIA Brivibas iela 40-27, Riga, LV-1050, Latvia
Malaysia Sage Malaysia Business
Solutions Sdn. Bhd.
Level 11, 1 Sentral, Jalan Rakyat, Kuala Lumpur Sentral, 50470 Kuala
Lumpur, Malaysia
Morocco Sage Software SARL
1
Tour Crystal 1, Niveau 9, Bd Sidi Mohamed Ben Abdellah, Casablanca,
20030, Morocco
Namibia Sage Software Namibia
(Pty) Ltd
344 Independence Avenue, Windhoek, P O BOX 1571, Namibia
Nigeria Sage Software Nigeria
Limited
Landmark Towers, 5B Water Corporation Road, Victoria Island, Lagos,
Nigeria
Poland Sage Software Poland sp. z o.o.
5
ul. Towarowa 28, 00-839, Warsaw, Poland
Portugal Sage Portugal\u2014Software, S.A. Edif\u00edcio Olympus II, Av. Dom Afonso Henriques 1462, 4450-013,
Matosinhos, Portugal
Romania Intacct Development
Romania SRL
5
Bulevardul 21 Decembrie 1989, Nr. 77, camera C.1.2, cl\u0103direa C-D, The
Office, Etaj 1, Cluj-Napoca, Judet Cluj, Romania
Singapore Sage Singapore Pte. Ltd. 7 Straits View # 12-00, Marina One East Tower, Singapore, 018936,
Singapore
South Africa Sage Alchemex (Pty) Ltd 23A Flanders Drive, Mount Edgecombe, Durban, 4321, South Africa
South Africa Sage South Africa (Pty) Ltd* Floor 6 Gateway West, 22 Magwa Crescent, Waterfall 5-1R, Midrand,
Gauteng, 2066, South Africa
Spain Sage Spain Holdco, S.L.U. Moraleja Building One\u2014Planta 1, Parque Empresarial de La Moraleja,
Avenida de Europa no19, 28108 Alcobendas, Madrid, Spain
Spain Sage Spain, S.L.
1
Moraleja Building One\u2014Planta 1, Parque Empresarial de La Moraleja,
Avenida de Europa no19, 28108 Alcobendas, Madrid, Spain
Switzerland Sage B\u00e4urer AG c/o Legalis Consulting GmbH, Suurstoffi 29, 6343, Rotkreuz, Switzerland
United Arab Emirates Sage Software Middle East
FZ-LLC
Premises: 116\u2013120, Floor: 01, Building: 11, Dubai, United Arab Emirates
United Kingdom ACCPAC UK Limited 3 Field Court, Gra
\u2019s Inn, London, WC1R 5EF, United Kingdom
United Kingdom Brightpearl Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom FUTRLI LTD
2
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom GoProposal Ltd
5
3 Field Court, Gra
\u2019s Inn, London, WC1R 5EF, United Kingdom
United Kingdom HR Bakery Ltd C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Interact UK Holdings Limited
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
United Kingdom Ocrex UK Ltd
6
C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ,
United Kingdom
Country Name Registered address United Kingdom Protx Group Limited 3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom United Kingdom Sage (UK) Ltd C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Euro Hedgeco 1 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Euro Hedgeco 2 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Far East Investments Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Global Services Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Hibernia Investments No. 1 Limited 3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom United Kingdom Sage Hibernia Investments No. 2 Limited 3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom United Kingdom Sage Holding Company Limited* C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Holdings Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Irish Investments LLP2 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Irish Investments One Limited* C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Irish Investments Two Limited* 2 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Online Holdings Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Overseas Limited. C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage People Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Treasury Company Limited* C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage US LLP C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage USD Hedgeco 1 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage USD Hedgeco 2 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Whitley Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sagesoft C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Snowdrop Systems Limited C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Spherics Technology Ltd3 C23\u20145 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United States Brightpearl, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Corecon Technologies, Inc. 5912 Bolsa Avenue Suite 109, Huntington Beach, CA 92649 United States Ocrex, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Sage Budgeta, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States United States Sage Global Services US, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle DE 19808, United States Country Name Registered address
United States Sage Intacct, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Sage People, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Sage Software Holdings, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Sage Software International,
Inc.
C
o Corporation Service Company, 100 Shockoe Slip, 2nd Floor, Richmond
VA 23219, United States
United States Sage Software North America C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Sage Software, Inc. C
o Corporation Service Company, 100 Shockoe Slip, 2nd Floor, Richmond
VA 23219, United States
United States Sage Tempus, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Softline Holdings USA, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Softline Software USA, LLC C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States Softline Software, Inc. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
United States South Acquisition Corp. C/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New
Castle DE 19808, United States
Notes:
* Direct subsidiary.
1 Group holding in the subsidiary is >99% and <100%.
2 Accounting date is 30 March 2023.
3 Accounting date is 31 March 2023.
4 Accounting date is 30 December 2023.
5 Accounting date is 31 December 2023.
6 Accounting date is 30 June 2023.
",
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"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-362": {
"value": "The Sage Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-392": {
"value": "The Sage Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-363": {
"value": "a public company limited by share",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138005RN5XYLTF8G138",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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}