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"scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "-114000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "-160000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "237000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "-28000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "-30000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "-188000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "207000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "696000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-286": { "value": "489000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2022-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "508000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2024-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "696000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "1 Basis of preparation and accounting estimates and judgements Accounting policies applicable across the financial statements are shown below. Accounting policies that are specific to a component of the financial statements have been incorporated into the relevant note. 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. In preparation of the financial statements in the current year, management have removed non-GAAP information (i.e. underlying measures) from the consolidated income statement that were presented in previous years, in order to simplify the report by limiting the primary statements to information prepared under UK-IFRS. 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 the date of acquisition. All figures presented are rounded to the nearest \u00a3m, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-347": { "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. In preparation of the financial statements in the current year, management have removed non-GAAP information (i.e. underlying measures) from the consolidated income statement that were presented in previous years, in order to simplify the report by limiting the primary statements to information prepared under UK-IFRS. 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 the date of acquisition. All figures presented are rounded to the nearest \u00a3m, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-318": { "value": "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).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-3": { "value": "The Sage Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-319": { "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. 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 2024. On 9 April 2024, the IASB issued a new standard, IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, which if adopted by the UK Endorsement Board, will be effective for annual reporting periods beginning on or after 1 January 2027. While IFRS 18 will not impact the recognition or measurement of items in the financial statements, it will likely result in changes to how Sage presents certain information. The Group is in the process of assessing the impact that the application of this standard will have on the Group\u2019s financial statements when first applied. No other new or revised accounting standards, interpretations, or amendments which have been issued but were not effective are expected to have a material impact on the Group\u2019s financial statements when first applied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-292": { "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. 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 2024. On 9 April 2024, the IASB issued a new standard, IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, which if adopted by the UK Endorsement Board, will be effective for annual reporting periods beginning on or after 1 January 2027. While IFRS 18 will not impact the recognition or measurement of items in the financial statements, it will likely result in changes to how Sage presents certain information. The Group is in the process of assessing the impact that the application of this standard will have on the Group\u2019s financial statements when first applied. No other new or revised accounting standards, interpretations, or amendments which have been issued but were not effective are expected to have a material impact on the Group\u2019s financial statements when first applied. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-293": { "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 74. 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 2026 (the going concern assessment period). The liquidity forecast reflects the expected impact of economic conditions on trading, including the current inflationary environment. More specifically, full consideration has been given to the potential risks and uncertainties linked to the changing macroeconomic 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 (see note 12), supported by strong underlying cash conversion of 123%, 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 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 73 to 74). 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 available liquidity down to minimum working capital requirements. The result of the reverse stress testing has highlighted that such a scenario would only arise following a 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 156 to 161. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-294": { "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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-320": { "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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-295": { "value": "Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, with particular reference to the disclosures provided in the Strategic Report. 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 have continued to 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. No material impact has been identified at this stage. \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 retain sufficient headroom.", "dimensions": { "concept": "thesagegroupplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-296": { "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,
\u201cPresentation of Financial Statements\u201d, 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 8.1).
Goodwill impairment (estimate)
The estimates applied in calculating the value in use of the cash-generating units 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)
When the Group completes a business combination, the consideration transferred for the acquisition and the identifiable
assets and liabilities are recognised at their fair values. The amount by which the consideration exceeds the net assets
acquired is recognised as goodwill. The application of accounting policies to business combinations involves judgement
and the use of estimates.
On 9 September 2024, the Group acquired a 100% controlling interest in Infineo SAS (\u201cInfineo\u201d) which constituted a significant
business combination (see note 15.1). The key areas of judgement include the identification and subsequent measurement of
acquired intangible assets. However, in line with IFRS 3, the initial accounting for the acquisition of Infineo is provisional as at
30 September 2024. The residual excess of consideration over the net assets acquired has been provisionally recognised as
unallocated goodwill. No goodwill is expected to be deductible for tax purposes. Adjustments to provisional amounts will be
made within the permitted measurement period where they reflect new information obtained about facts and circumstances
that were in existence at the acquisition date. It is expected that the acquisition accounting will be finalised within 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-321": { "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, \u201cPresentation of Financial Statements\u201d, 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 8.1). Goodwill impairment (estimate) The estimates applied in calculating the value in use of the cash-generating units 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) When the Group completes a business combination, the consideration transferred for the acquisition and the identifiable assets and liabilities are recognised at their fair values. The amount by which the consideration exceeds the net assets acquired is recognised as goodwill. The application of accounting policies to business combinations involves judgement and the use of estimates. On 9 September 2024, the Group acquired a 100% controlling interest in Infineo SAS (\u201cInfineo\u201d) which constituted a significant business combination (see note 15.1). The key areas of judgement include the identification and subsequent measurement of acquired intangible assets. However, in line with IFRS 3, the initial accounting for the acquisition of Infineo is provisional as at 30 September 2024. The residual excess of consideration over the net assets acquired has been provisionally recognised as unallocated goodwill. No goodwill is expected to be deductible for tax purposes. Adjustments to provisional amounts will be made within the permitted measurement period where they reflect new information obtained about facts and circumstances that were in existence at the acquisition date. It is expected that the acquisition accounting will be finalised within 12 months. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-297": { "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 as listed in the accounting policy below. For each reportable segment, 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 comprise 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 per segment reconciled to the statutory operating profit for the year as per the income statement. \u2022 Statutory revenue reconciled to underlying revenue per segment (detailing the adjustments made). \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. 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 their designated responsibility for the allocation of resources to operating segments and assessing their performance through the Monthly Execution & 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. With effect from 1 October 2023, the Group is organised into three key operating segments: \u2022 North America \u2022 United Kingdom, Ireland, Africa and APAC (UKIA) \u2022 Europe For reporting under IFRS 8, each of the three operating segments above represents a reportable segment. Prior to this date, the Group was organised into seven operating segments: North America, UK & Ireland, Central Europe (Germany, Austria and Switzerland), France, Iberia (Spain and Portugal), Africa and the Middle East, and Asia (including Australia). The UKIA operating segment is the aggregation of the previously identified UK & Ireland, Africa and the Middle East, and Asia (including Australia) segments, while the Europe operating segment is the aggregation of the previously identified Central Europe, France and Iberia operating segments. There have been no changes to the North America operating segment. Two of the reportable segments presented above, North America and Europe, remain consistent with the reportable segments identified in the previous annual financial statements for the year ended 30 September 2023. However in previous years, the UKIA reportable segment was disaggregated and presented as two reportable segments, UK & Ireland and Africa & APAC. Therefore, the financial data presented in the following tables for the comparative period (year ended 30 September 2023) has been restated to aggregate the two historic reportable segments into the newly identified UKIA. 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. 2.1 Revenue by segment
Year ended 30 September 2024
Change
Underlying Organic
Statutory adjustments Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Statutory
Underlying
Organic
Recurring revenue b
y
segment
North America
1
,028
\u2013
1
,028
\u2013
1
,028
9%
13%
12%
UKIA
655
\u2013
655
\u2013
655
7%
8%
8%
Europe
574
\u2013
574
\u2013
574
6%
8%
8%
Recurring revenue
2,257
\u2013
2,257
\u2013
2,257
8%
10%
10%
Other revenue b
y
segment
North America
24
\u2013
24
\u2013
24
(15%)
(12%)
(12%)
UKIA
1
5
\u2013
1
5
\u2013
1
5
(4%)
(1%)
(1%)
Europe
36
\u2013
36
\u2013
36
(15%)
(14%)
(14%)
Other revenue
75
\u2013
75
\u2013
75
(13%)
(11%)
(11%)
Total revenue b
y
segment
North America
1
,052
\u2013
1
,052
\u2013
1
,052
8%
12%
12%
UKIA
670
\u2013
670
\u2013
670
7%
8%
8%
Europe
610
\u2013
610
\u2013
610
5%
6%
6%
Total revenue
2,332
\u2013
2,332
\u2013
2,332
7%
9%
9%
Year ended 30 September 2024
Change
Underlying Organic
Statutory adjustments Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Statutory
Underlying
Organic
Total recurring revenue
by type
Software Subscription Revenue
1
,910
\u2013
1
,910
\u2013
1
,910
10%
13%
13%
Other Recurring Revenue
347
\u2013
347
\u2013
347
(5%)
(2%)
(2%)
Recurring revenue
2,257
\u2013
2,257
\u2013
2,257
8%
10%
10%
Other revenue
75
\u2013
75
\u2013
75
(13%)
(11%)
(11%)
Total revenue
2,332
\u2013
2,332
\u2013
2,332
7%
9%
9%
Year ended 30 September 2023 (Restated)
Impact of
Underlying Underlying as foreign Organic
Statutory adjustments reported exchange Underlying
adjustments
*
Organic
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Recurring revenue b
y
segment
North America
944
\u2013
944
(31)
913
1
914
UKIA**
611
\u2013
611
(7)
604
\u2013
604
Europe
541
\u2013
541
(10)
531
\u2013
531
Recurring revenue
2,096
\u2013
2,096
(48)
2,048
1
2,049
Other revenue b
y
segment
North America
29
\u2013
29
(2)
27
\u2013
27
UKIA**
16
\u2013
16
\u2013
16
\u2013
16
Europe
43
\u2013
43
(1)
42
\u2013
42
Other revenue
88
\u2013
88
(3)
85
\u2013
85
Total revenue b
y
segment
North America
973
\u2013
973
(33)
940
1
941
UKIA**
627
\u2013
627
(7)
620
\u2013
620
Europe
584
\u2013
584
(11)
573
\u2013
573
Total revenue
2,184
\u2013
2,184
(51)
2,133
1
2,134
Year ended 30 September 2023
Impact of
Underlying Underlying as foreign Organic
Statutory adjustments reported exchange Underlying
adjustments
*
Organic
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total recurring revenue b
y
t
y
pe
Software Subscription Revenue
1,732
\u2013
1,732
(38)
1,694
1
1,695
Other Recurring Revenue
364
\u2013
364
(10)
354
\u2013
354
Recurring revenue
2,096
\u2013
2,096
(48)
2,048
1
2,049
Other revenue
88
\u2013
88
(3)
85
\u2013
85
Total revenue
2,184
\u2013
2,184
(51)
2,133
1
2,134
Notes: * Adjustments relate to the acquisition of Corecon in the previous year. ** Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC. 2.2 Operating profit by segment
Year ended 30 September 2024
Change
Underlying Organic
Statutory adjustments Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Statutory
Underlying
Organic
Operating profit b
y
segment
North America
1
92
43
235
\u2013
235
51%
26%
26%
UKIA
1
55
33
1
88
\u2013
1
88
94%
3
7
%
3
7
%
Europe
1
05
1
1
06
\u2013
1
06
(3%)
(7%)
(7%)
Total operating profit
452
77
529
\u2013
529
43%
21%
21%
Year ended 30 September 2023 (Restated)
Impact of
Underlying Underlying as foreign Organic
Statutory adjustments reported exchange Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Operating profit b
y
segment
North America
127
71
198
(11
)
187
\u2013
187
UKIA*
80
60
140
(3
)
137
\u2013
137
Europe
108
10
118
(4)
114
\u2013
114
Total operating profit
315
141
456
(18)
438
\u2013
438
Note: * Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC. The results by segment from continuing operations were as follows:
North
America UKIA Europe Group
Year ended 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
,052
670
610
2,332
Segment statutor
y
operating profit
1
92
1
55
1
05
452
Finance income
3.5
1
9
Finance costs
3.5
(45)
Profit before income tax
426
Income tax expense
4
(103)
Profit for the
y
ear
323
Reconciliation of underlying operating profit to statutory operating profit:
North
America UKIA Europe Group
Year ended 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Underlying operating profit
235
1
88
1
06
529
Amortisation of acquired intangible assets
3.6
(24)
(20)
(4)
(48)
Other acquisition-related items
3.6
(19)
(13
)
(2)
(34
)
Non-recurring items
3.6
\u2013
\u2013
5
5
Statutor
y
operating profit
1
92
1
55
1
05
452
The results by segment from continuing operations were as follows:
North
America
UKIA
*
Europe Group
Year ended 30 September 2023 (Restated)
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
973
627
584
2,184
Segment statutor
y
operating profit
127
80
108
315
Finance income
3.5
12
Finance costs
3.5
(45
)
Profit before income tax
282
Income tax expense
4
(71
)
Profit for the
y
ear
211
Reconciliation of underlying operating profit to statutory operating profit:
North
America
UKIA
*
Europe Group
Year ended 30 September 2023 (Restated)
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Underlying operating profit as reported
198
140
118
456
Amortisation of acquired intangible assets
3.6
(26)
(25)
(3)
(54)
Other acquisition-related items
3.6
(19)
(29)
(1)
(49)
Non-recurring items
3.6
(26)
(6)
(6)
(38)
Statutor
y
operating profit
127
80
108
315
Note:
* Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC.
No impairment losses are reported by the Group during the year. In the prior year, impairment losses of \u00a322m 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.
2024 2023
Revenue by individually significant countries \u00a3m \u00a3m
USA
918
846
UK
479
443
France
309
295
Other individually immaterial countries
626
600
2,332
2,184
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.
2024 2023
Non-current assets by geographical location \u00a3m \u00a3m
USA
1
,491
1,657
UK
551
566
France
279
264
Other individually immaterial countries
268
270
2,589
2,757
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-290": { "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 their designated responsibility for the allocation of
resources to operating segments and assessing their performance through the Monthly Execution & 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.
With effect from 1 October 2023, the Group is organised into three key operating segments:
\u2022 North America
\u2022 United Kingdom, Ireland, Africa and APAC (UKIA)
\u2022 Europe
For reporting under IFRS 8, each of the three operating segments above represents a reportable segment.
Prior to this date, the Group was organised into seven operating segments: North America, UK & Ireland, Central
Europe (Germany, Austria and Switzerland), France, Iberia (Spain and Portugal), Africa and the Middle East, and Asia
(including Australia).
The UKIA operating segment is the aggregation of the previously identified UK & Ireland, Africa and the Middle East,
and Asia (including Australia) segments, while the Europe operating segment is the aggregation of the previously
identified Central Europe, France and Iberia operating segments. There have been no changes to the North America
operating segment.
Two of the reportable segments presented above, North America and Europe, remain consistent with the reportable
segments identified in the previous annual financial statements for the year ended 30 September 2023. However in
previous years, the UKIA reportable segment was disaggregated and presented as two reportable segments, UK & Ireland
and Africa & APAC.
Therefore, the financial data presented in the following tables for the comparative period (year ended 30 September 2023)
has been restated to aggregate the two historic reportable segments into the newly identified UKIA.
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 Recurring revenue is revenue earned from customers for the provision of a good or
Subscription revenue service over a contractual term, with the customer being unable to continue to benefit
Other recurring revenue 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.
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. Other recurring revenue also includes transaction
and agent fees for transactional services which are billed on a consumption or
per-unit basis.
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. Further, revenue billed
on a consumption or per-unit basis is recognised as the services are utilised.
Other revenue Revenue relating to perpetual software licences with significant standalone
Software and software- functionality and upgrades to such licenses is recognised when the control relating
related services to the licence has been transferred, which is typically when electronic delivery has
taken place.
\u2022
Perpetual software licences
\u2022
Upgrades to perpetual licences
Professional services and training revenue is usually recognised when delivered, or by
\u2022
Professional services
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
\u2022
Training
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 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 performance
obligations, they are aggregated with other goods and/or services in the agreement until a separate performance
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\u2019s 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 performance obligations. The SSP of each performance 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 performance 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 performance 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 and the customer therefore has control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue 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 rateably over the term of the contract. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Typically, 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 are recognised as the services are utilised. 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 \u201cAccounting estimates and judgements\u201d in note 1 for details. 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. 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 supplier 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
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 offices and vehicles 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 11).
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 (CGU) 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. The recoverable amount is considered to be the higher of the fair value less costs of disposal and value
in use.
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 associated 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
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. 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 for general corporate purposes, including the refinancing of debt and acquisitions. Borrowings also include lease liabilities.
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, money market funds (MMFs) 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 \u201cconcentration test\u201d 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-377": { "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 their designated responsibility for the allocation of resources to operating segments and assessing their performance through the Monthly Execution & 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. With effect from 1 October 2023, the Group is organised into three key operating segments: \u2022 North America \u2022 United Kingdom, Ireland, Africa and APAC (UKIA) \u2022 Europe For reporting under IFRS 8, each of the three operating segments above represents a reportable segment. Prior to this date, the Group was organised into seven operating segments: North America, UK & Ireland, Central Europe (Germany, Austria and Switzerland), France, Iberia (Spain and Portugal), Africa and the Middle East, and Asia (including Australia). The UKIA operating segment is the aggregation of the previously identified UK & Ireland, Africa and the Middle East, and Asia (including Australia) segments, while the Europe operating segment is the aggregation of the previously identified Central Europe, France and Iberia operating segments. There have been no changes to the North America operating segment. Two of the reportable segments presented above, North America and Europe, remain consistent with the reportable segments identified in the previous annual financial statements for the year ended 30 September 2023. However in previous years, the UKIA reportable segment was disaggregated and presented as two reportable segments, UK & Ireland and Africa & APAC. Therefore, the financial data presented in the following tables for the comparative period (year ended 30 September 2023) has been restated to aggregate the two historic reportable segments into the newly identified UKIA. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-322": { "value": "
2.1 Revenue by segment
Year ended 30 September 2024
Change
Underlying Organic
Statutory adjustments Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Statutory
Underlying
Organic
Recurring revenue b
y
segment
North America
1
,028
\u2013
1
,028
\u2013
1
,028
9%
13%
12%
UKIA
655
\u2013
655
\u2013
655
7%
8%
8%
Europe
574
\u2013
574
\u2013
574
6%
8%
8%
Recurring revenue
2,257
\u2013
2,257
\u2013
2,257
8%
10%
10%
Other revenue b
y
segment
North America
24
\u2013
24
\u2013
24
(15%)
(12%)
(12%)
UKIA
1
5
\u2013
1
5
\u2013
1
5
(4%)
(1%)
(1%)
Europe
36
\u2013
36
\u2013
36
(15%)
(14%)
(14%)
Other revenue
75
\u2013
75
\u2013
75
(13%)
(11%)
(11%)
Total revenue b
y
segment
North America
1
,052
\u2013
1
,052
\u2013
1
,052
8%
12%
12%
UKIA
670
\u2013
670
\u2013
670
7%
8%
8%
Europe
610
\u2013
610
\u2013
610
5%
6%
6%
Total revenue
2,332
\u2013
2,332
\u2013
2,332
7%
9%
9%
Year ended 30 September 2024
Change
Underlying Organic
Statutory adjustments Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Statutory
Underlying
Organic
Total recurring revenue
by type
Software Subscription Revenue
1
,910
\u2013
1
,910
\u2013
1
,910
10%
13%
13%
Other Recurring Revenue
347
\u2013
347
\u2013
347
(5%)
(2%)
(2%)
Recurring revenue
2,257
\u2013
2,257
\u2013
2,257
8%
10%
10%
Other revenue
75
\u2013
75
\u2013
75
(13%)
(11%)
(11%)
Total revenue
2,332
\u2013
2,332
\u2013
2,332
7%
9%
9%
Year ended 30 September 2023 (Restated)
Impact of
Underlying Underlying as foreign Organic
Statutory adjustments reported exchange Underlying
adjustments
*
Organic
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Recurring revenue b
y
segment
North America
944
\u2013
944
(31)
913
1
914
UKIA**
611
\u2013
611
(7)
604
\u2013
604
Europe
541
\u2013
541
(10)
531
\u2013
531
Recurring revenue
2,096
\u2013
2,096
(48)
2,048
1
2,049
Other revenue b
y
segment
North America
29
\u2013
29
(2)
27
\u2013
27
UKIA**
16
\u2013
16
\u2013
16
\u2013
16
Europe
43
\u2013
43
(1)
42
\u2013
42
Other revenue
88
\u2013
88
(3)
85
\u2013
85
Total revenue b
y
segment
North America
973
\u2013
973
(33)
940
1
941
UKIA**
627
\u2013
627
(7)
620
\u2013
620
Europe
584
\u2013
584
(11)
573
\u2013
573
Total revenue
2,184
\u2013
2,184
(51)
2,133
1
2,134
Year ended 30 September 2023
Impact of
Underlying Underlying as foreign Organic
Statutory adjustments reported exchange Underlying
adjustments
*
Organic
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total recurring revenue b
y
t
y
pe
Software Subscription Revenue
1,732
\u2013
1,732
(38)
1,694
1
1,695
Other Recurring Revenue
364
\u2013
364
(10)
354
\u2013
354
Recurring revenue
2,096
\u2013
2,096
(48)
2,048
1
2,049
Other revenue
88
\u2013
88
(3)
85
\u2013
85
Total revenue
2,184
\u2013
2,184
(51)
2,133
1
2,134
Notes:
* Adjustments relate to the acquisition of Corecon in the previous year.
** Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC.
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 Recurring revenue is revenue earned from customers for the provision of a good or
Subscription revenue service over a contractual term, with the customer being unable to continue to benefit
Other recurring revenue 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.
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. Other recurring revenue also includes transaction
and agent fees for transactional services which are billed on a consumption or
per-unit basis.
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. Further, revenue billed
on a consumption or per-unit basis is recognised as the services are utilised.
Other revenue Revenue relating to perpetual software licences with significant standalone
Software and software- functionality and upgrades to such licenses is recognised when the control relating
related services to the licence has been transferred, which is typically when electronic delivery has
taken place.
\u2022
Perpetual software licences
\u2022
Upgrades to perpetual licences
Professional services and training revenue is usually recognised when delivered, or by
\u2022
Professional services
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
\u2022
Training
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 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 performance obligations, they are aggregated with other goods and/or services in the agreement until a separate performance 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\u2019s 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 performance obligations. The SSP of each performance 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 performance 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 performance 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 and the customer therefore has control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue 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 rateably over the term of the contract. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Typically, 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 are recognised as the services are utilised. 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 \u201cAccounting 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 supplier 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-348": { "value": "
2.2 Operating profit by segment
Year ended 30 September 2024
Change
Underlying Organic
Statutory adjustments Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Statutory
Underlying
Organic
Operating profit b
y
segment
North America
1
92
43
235
\u2013
235
51%
26%
26%
UKIA
1
55
33
1
88
\u2013
1
88
94%
3
7
%
3
7
%
Europe
1
05
1
1
06
\u2013
1
06
(3%)
(7%)
(7%)
Total operating profit
452
77
529
\u2013
529
43%
21%
21%
Year ended 30 September 2023 (Restated)
Impact of
Underlying Underlying as foreign Organic
Statutory adjustments reported exchange Underlying adjustments Organic
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Operating profit b
y
segment
North America
127
71
198
(11
)
187
\u2013
187
UKIA*
80
60
140
(3
)
137
\u2013
137
Europe
108
10
118
(4)
114
\u2013
114
Total operating profit
315
141
456
(18)
438
\u2013
438
Note:
* Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC.
The results by segment from continuing operations were as follows:
North
America UKIA Europe Group
Year ended 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
,052
670
610
2,332
Segment statutor
y
operating profit
1
92
1
55
1
05
452
Finance income
3.5
1
9
Finance costs
3.5
(45)
Profit before income tax
426
Income tax expense
4
(103)
Profit for the
y
ear
323
Reconciliation of underlying operating profit to statutory operating profit:
North
America UKIA Europe Group
Year ended 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Underlying operating profit
235
1
88
1
06
529
Amortisation of acquired intangible assets
3.6
(24)
(20)
(4)
(48)
Other acquisition-related items
3.6
(19)
(13
)
(2)
(34
)
Non-recurring items
3.6
\u2013
\u2013
5
5
Statutor
y
operating profit
1
92
1
55
1
05
452
The results by segment from continuing operations were as follows:
North
America
UKIA
*
Europe Group
Year ended 30 September 2023 (Restated)
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
973
627
584
2,184
Segment statutor
y
operating profit
127
80
108
315
Finance income
3.5
12
Finance costs
3.5
(45
)
Profit before income tax
282
Income tax expense
4
(71
)
Profit for the
y
ear
211
Reconciliation of underlying operating profit to statutory operating profit:
North
America
UKIA
*
Europe Group
Year ended 30 September 2023 (Restated)
Note
\u00a3m \u00a3m \u00a3m \u00a3m
Underlying operating profit as reported
198
140
118
456
Amortisation of acquired intangible assets
3.6
(26)
(25)
(3)
(54)
Other acquisition-related items
3.6
(19)
(29)
(1)
(49)
Non-recurring items
3.6
(26)
(6)
(6)
(38)
Statutor
y
operating profit
127
80
108
315
Note: * Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC. No impairment losses are reported by the Group during the year. In the prior year, impairment losses of \u00a322m 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 Recurring revenue is revenue earned from customers for the provision of a good or
Subscription revenue service over a contractual term, with the customer being unable to continue to benefit
Other recurring revenue 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.
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. Other recurring revenue also includes transaction
and agent fees for transactional services which are billed on a consumption or
per-unit basis.
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. Further, revenue billed
on a consumption or per-unit basis is recognised as the services are utilised.
Other revenue Revenue relating to perpetual software licences with significant standalone
Software and software- functionality and upgrades to such licenses is recognised when the control relating
related services to the licence has been transferred, which is typically when electronic delivery has
taken place.
\u2022
Perpetual software licences
\u2022
Upgrades to perpetual licences
Professional services and training revenue is usually recognised when delivered, or by
\u2022
Professional services
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
\u2022
Training
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 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 performance obligations, they are aggregated with other goods and/or services in the agreement until a separate performance 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\u2019s 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 performance obligations. The SSP of each performance 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 performance 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 performance 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 and the customer therefore has control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue 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 rateably over the term of the contract. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Typically, 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 are recognised as the services are utilised. 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 \u201cAccounting 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.
2024 2023
The following items have been included in arriving at operating profit from continuing operations
Note
\u00a3m \u00a3m
Staff costs
1
,006
1,048
Depreciation of property, plant and equipment
7
29
39
Impairment of property, plant and equipment
3.6, 7
\u2013
22
Amortisation of intangible assets
6.2
67
69
Customer acquisition amortisation expense
8.1
1
57
147
Other M&A activity-related items
3.6
34
49
The Group incurred \u00a3344m (2023: \u00a3342m) of research and development expenditure in the year, of which \u00a3300m (2023: \u00a3295m) 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:
2024 2023
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditor for the audit of the Company and the consolidated accounts
3
3
Fees payable to the Group\u2019s auditor for the audit of the Company\u2019s subsidiaries
3
3
Total fees
6
6
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 (2023: \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 114 and 115. 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 supplier 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
2024 2023
Average monthly number of people employed (including Directors) number number
By segment:
North America
2,662
2,823
U
K
IA*
5,008
5,252
Europe
3,326
3,490
1
0,996
11,565
Note: * Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC.
2024 2023
Staff costs (including Directors on service contracts)
Note
\u00a3m \u00a3m
Wages and salaries
907
922
Social security costs
1
18
119
Post-employment benefits
10
31
30
Share-based payments
14.2
56
49
1
,112
1,120
Staff costs include a total of \u00a367m of capitalised commission costs which are amortised over the expected contract life including probable contract renewals (2023: \u00a372m); see note 8.1.
2024 2023
Key management compensation \u00a3m \u00a3m
Salaries and short-term employee benefits
1
2
10
Share-based payments
8
7
20
17
Key management personnel are deemed to be members of the Group\u2019s Executive Leadership Team and the Non-executive Directors as shown on pages 78 to 81. 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 offices and vehicles 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.
2024 2023
Note \u00a3m \u00a3m
At 1 October
86
95
\u2022
Additions
24
15
\u2022
Disposals
\u2013
(1
)
\u2022
Interest charge in the year
2
3
\u2022
Payment of lease liabilities
(18)
(21
)
\u2022
Exchange movement
(
4
)
(5
)
At 30 September
90
86
Presented as:
Borrowings\u2014current
12.4
1
5
14
Borrowings\u2014non-current
12.4
75
72
The maturity analysis of lease liabilities is included in note 13.2. Amounts recognised in profit and loss for leases are as follows:
2024 2023
Note \u00a3m \u00a3m
Depreciation of right-of-use assets
1
4
19
Impairment of right-of-use assets
\u2013
19
Interest expense charge on lease liabilities
3.5
2
3
Lease expense from short-term leases and leases of low-value assets
5
5
(included in selling and administrative expenses)
2
1
 46
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 \u00a323m (2023: \u00a326m). Cash flows in relation to short-term leases and leases of low value assets are reported as part of cash flows from operating activities. In the prior year, impairment of right-of-use assets of \u00a319m related to property restructuring costs, with an additional \u00a33m 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.
20
24
2023
\u00a3m \u00a3m
Finance income:
Interest income on short-term deposits
1
9
12
Finance income
1
9
12
Finance costs:
Finance costs on bond notes
(
37
)
 (31)
Finance costs on US senior loan notes
\u2013
(6)
Finance costs on bank borrowings
(
4
)
 (4)
Interest charge on lease liabilities
(
2
)
 (3)
Amortisation of issue costs
(2)
(1)
Finance costs
(45)
(45)
Finance costs\u2014net
(26)
(33)
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.
Operating Profit Operating Profit
profit before tax profit before tax
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Statutor
y
measures
452
426
315
282
Recurring
\u2022
Amortisation of acquired intangibles
48
48
54
54
\u2022
Other M&A activity-related items
34
34
49
49
\u2022
Foreign currency movements on intercompany balances
\u2013
(1)
\u2013
1
Non-recurring
\u2022
Reversal of employee-related costs
(3)
(3)
9
9
\u2022
Reversal of restructuring costs
(2)
(2)
(3)
(3)
\u2022
Property restructuring costs
\u2013
\u2013
32
32
Underl
y
ing (as reported) measures
529
502
456
424
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.
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. \u00a35m
(2023: \u00a318m) 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 gain of \u00a31m (2023: loss of \u00a31m).
Non-recurring items
Net credits in respect of non-recurring items amounted to \u00a35m (2023: net charge \u00a338m).
Reversal of employee-related costs of \u00a33m (2023: charge of \u00a39m) relates to a charge for French payroll taxes relating
to previous years.
Reversal of restructuring costs of \u00a32m (2023: \u00a33m) largely relates to an unutilised provision recognised in 2021.
Property restructuring costs in the prior year related to the reorganisation of a number of leased properties following a
strategic review of the Group\u2019s property portfolio. Costs of \u00a332m consisted of impairment of \u00a322m of right-of-use assets
and other related fixed assets that are no longer in use as well as a provision for directly attributable future running costs
associated with the properties.
See note 4 for the tax impact of these adjustments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-323": { "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.
2024 2023
Revenue by individually significant countries \u00a3m \u00a3m
USA
918
846
UK
479
443
France
309
295
Other individually immaterial countries
626
600
2,332
2,184
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.
2024 2023
Non-current assets by geographical location \u00a3m \u00a3m
USA
1
,491
1,657
UK
551
566
France
279
264
Other individually immaterial countries
268
270
2,589
2,757
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-298": { "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 Recurring revenue is revenue earned from customers for the provision of a good or
Subscription revenue service over a contractual term, with the customer being unable to continue to benefit
Other recurring revenue 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.
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. Other recurring revenue also includes transaction
and agent fees for transactional services which are billed on a consumption or
per-unit basis.
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. Further, revenue billed
on a consumption or per-unit basis is recognised as the services are utilised.
Other revenue Revenue relating to perpetual software licences with significant standalone
Software and software- functionality and upgrades to such licenses is recognised when the control relating
related services to the licence has been transferred, which is typically when electronic delivery has
taken place.
\u2022
Perpetual software licences
\u2022
Upgrades to perpetual licences
Professional services and training revenue is usually recognised when delivered, or by
\u2022
Professional services
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
\u2022
Training
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 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 performance obligations, they are aggregated with other goods and/or services in the agreement until a separate performance 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\u2019s 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 performance obligations. The SSP of each performance 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 performance 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 performance 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 and the customer therefore has control over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises revenue 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 rateably over the term of the contract. \u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the support arrangement. Typically, 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 are recognised as the services are utilised. 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 \u201cAccounting 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 supplier 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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-378": { "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 Recurring revenue is revenue earned from customers for the provision of a good or
Subscription revenue service over a contractual term, with the customer being unable to continue to benefit
Other recurring revenue 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.
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. Other recurring revenue also includes transaction
and agent fees for transactional services which are billed on a consumption or
per-unit basis.
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. Further, revenue billed
on a consumption or per-unit basis is recognised as the services are utilised.
Other revenue Revenue relating to perpetual software licences with significant standalone
Software and software- functionality and upgrades to such licenses is recognised when the control relating
related services to the licence has been transferred, which is typically when electronic delivery has
taken place.
\u2022
Perpetual software licences
\u2022
Upgrades to perpetual licences
Professional services and training revenue is usually recognised when delivered, or by
\u2022
Professional services
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
\u2022
Training
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 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 performance obligations, they are aggregated with other goods and/or services in the agreement until a separate performance 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\u2019s 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 performance obligations. The SSP of each performance 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
performance 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 performance 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 and the customer therefore has control
over the software. For licences which are dependent on updates for ongoing functionality, the Group recognises
revenue 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 rateably over the term of the contract.
\u2022 Maintenance and support revenue is typically recognised based on time elapsed and thus rateably over the term of the
support arrangement. Typically, 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 are recognised as the services are utilised.
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 \u201cAccounting 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 supplier 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:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-360": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-379": { "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. ", "dimensions": { "concept": "thesagegroupplc:DescriptionOfAccountingPolicyForOperatingProfit", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-359": { "value": "
2024 2023
The following items have been included in arriving at operating profit from continuing operations
Note
\u00a3m \u00a3m
Staff costs
1
,006
1,048
Depreciation of property, plant and equipment
7
29
39
Impairment of property, plant and equipment
3.6, 7
\u2013
22
Amortisation of intangible assets
6.2
67
69
Customer acquisition amortisation expense
8.1
1
57
147
Other M&A activity-related items
3.6
34
49
The Group incurred \u00a3344m (2023: \u00a3342m) of research and development expenditure in the year, of which \u00a3300m (2023: \u00a3295m)
relates to total Group staff costs included above. See note 6.2 for the research and development accounting policy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-324": { "value": "The Group incurred \u00a3344m (2023: \u00a3342m) of research and development expenditure in the year, of which \u00a3300m (2023: \u00a3295m) relates to total Group staff costs included above. See note 6.2 for the research and development accounting policy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-299": { "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:
2024 2023
\u00a3m \u00a3m
Fees payable to the Group\u2019s auditor for the audit of the Company and the consolidated accounts
3
3
Fees payable to the Group\u2019s auditor for the audit of the Company\u2019s subsidiaries
3
3
Total fees
6
6
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 (2023: \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 114 and 115. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-300": { "value": "3.3 Employees and Directors
2024 2023
Average monthly number of people employed (including Directors) number number
By segment:
North America
2,662
2,823
U
K
IA*
5,008
5,252
Europe
3,326
3,490
1
0,996
11,565
Note: * Previously disaggregated into two reportable segments, i) UK & Ireland and ii) Africa & APAC.
2024 2023
Staff costs (including Directors on service contracts)
Note
\u00a3m \u00a3m
Wages and salaries
907
922
Social security costs
1
18
119
Post-employment benefits
10
31
30
Share-based payments
14.2
56
49
1
,112
1,120
Staff costs include a total of \u00a367m of capitalised commission costs which are amortised over the expected contract life including probable contract renewals (2023: \u00a372m); see note 8.1.
2024 2023
Key management compensation \u00a3m \u00a3m
Salaries and short-term employee benefits
1
2
10
Share-based payments
8
7
20
17
Key management personnel are deemed to be members of the Group\u2019s Executive Leadership Team and the Non-executive Directors as shown on pages 78 to 81. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-361": { "value": "
2024 2023
Key management compensation \u00a3m \u00a3m
Salaries and short-term employee benefits
1
2
10
Share-based payments
8
7
20
17
Key management personnel are deemed to be members of the Group\u2019s Executive Leadership Team and the Non-executive
Directors as shown on pages 78 to 81.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-325": { "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 offices and vehicles 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.
2024 2023
Note \u00a3m \u00a3m
At 1 October
86
95
\u2022
Additions
24
15
\u2022
Disposals
\u2013
(1
)
\u2022
Interest charge in the year
2
3
\u2022
Payment of lease liabilities
(18)
(21
)
\u2022
Exchange movement
(
4
)
(5
)
At 30 September
90
86
Presented as:
Borrowings\u2014current
12.4
1
5
14
Borrowings\u2014non-current
12.4
75
72
The maturity analysis of lease liabilities is included in note 13.2.
Amounts recognised in profit and loss for leases are as follows:
2024 2023
Note \u00a3m \u00a3m
Depreciation of right-of-use assets
1
4
19
Impairment of right-of-use assets
\u2013
19
Interest expense charge on lease liabilities
3.5
2
3
Lease expense from short-term leases and leases of low-value assets
5
5
(included in selling and administrative expenses)
2
1
 46
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 \u00a323m (2023: \u00a326m). Cash flows in relation to short-term leases and leases of low value assets are
reported as part of cash flows from operating activities.
In the prior year, impairment of right-of-use assets of \u00a319m related to property restructuring costs, with an additional \u00a33m
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-380": { "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 offices and vehicles 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-376": { "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.
20
24
2023
\u00a3m \u00a3m
Finance income:
Interest income on short-term deposits
1
9
12
Finance income
1
9
12
Finance costs:
Finance costs on bond notes
(
37
)
 (31)
Finance costs on US senior loan notes
\u2013
(6)
Finance costs on bank borrowings
(
4
)
 (4)
Interest charge on lease liabilities
(
2
)
 (3)
Amortisation of issue costs
(2)
(1)
Finance costs
(45)
(45)
Finance costs\u2014net
(26)
(33)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-374": { "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.
20
24
2023
\u00a3m \u00a3m
Finance income:
Interest income on short-term deposits
1
9
12
Finance income
1
9
12
Finance costs:
Finance costs on bond notes
(
37
)
 (31)
Finance costs on US senior loan notes
\u2013
(6)
Finance costs on bank borrowings
(
4
)
 (4)
Interest charge on lease liabilities
(
2
)
 (3)
Amortisation of issue costs
(2)
(1)
Finance costs
(45)
(45)
Finance costs\u2014net
(26)
(33)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-369": { "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.
20
24
2023
\u00a3m \u00a3m
Finance income:
Interest income on short-term deposits
1
9
12
Finance income
1
9
12
Finance costs:
Finance costs on bond notes
(
37
)
 (31)
Finance costs on US senior loan notes
\u2013
(6)
Finance costs on bank borrowings
(
4
)
 (4)
Interest charge on lease liabilities
(
2
)
 (3)
Amortisation of issue costs
(2)
(1)
Finance costs
(45)
(45)
Finance costs\u2014net
(26)
(33)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-362": { "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.
20
24
2023
\u00a3m \u00a3m
Finance income:
Interest income on short-term deposits
1
9
12
Finance income
1
9
12
Finance costs:
Finance costs on bond notes
(
37
)
 (31)
Finance costs on US senior loan notes
\u2013
(6)
Finance costs on bank borrowings
(
4
)
 (4)
Interest charge on lease liabilities
(
2
)
 (3)
Amortisation of issue costs
(2)
(1)
Finance costs
(45)
(45)
Finance costs\u2014net
(26)
(33)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-301": { "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.
20
24
2023
\u00a3m \u00a3m
Finance income:
Interest income on short-term deposits
1
9
12
Finance income
1
9
12
Finance costs:
Finance costs on bond notes
(
37
)
 (31)
Finance costs on US senior loan notes
\u2013
(6)
Finance costs on bank borrowings
(
4
)
 (4)
Interest charge on lease liabilities
(
2
)
 (3)
Amortisation of issue costs
(2)
(1)
Finance costs
(45)
(45)
Finance costs\u2014net
(26)
(33)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-326": { "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.
20
24
2023
\u00a3m \u00a3m
Finance income:
Interest income on short-term deposits
1
9
12
Finance income
1
9
12
Finance costs:
Finance costs on bond notes
(
37
)
 (31)
Finance costs on US senior loan notes
\u2013
(6)
Finance costs on bank borrowings
(
4
)
 (4)
Interest charge on lease liabilities
(
2
)
 (3)
Amortisation of issue costs
(2)
(1)
Finance costs
(45)
(45)
Finance costs\u2014net
(26)
(33)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-411": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-401": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-381": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-363": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-302": { "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.
Operating Profit Operating Profit
profit before tax profit before tax
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Statutor
y
measures
452
426
315
282
Recurring
\u2022
Amortisation of acquired intangibles
48
48
54
54
\u2022
Other M&A activity-related items
34
34
49
49
\u2022
Foreign currency movements on intercompany balances
\u2013
(1)
\u2013
1
Non-recurring
\u2022
Reversal of employee-related costs
(3)
(3)
9
9
\u2022
Reversal of restructuring costs
(2)
(2)
(3)
(3)
\u2022
Property restructuring costs
\u2013
\u2013
32
32
Underl
y
ing (as reported) measures
529
502
456
424
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. 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. \u00a35m (2023: \u00a318m) 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 gain of \u00a31m (2023: loss of \u00a31m). Non-recurring items Net credits in respect of non-recurring items amounted to \u00a35m (2023: net charge \u00a338m). Reversal of employee-related costs of \u00a33m (2023: charge of \u00a39m) relates to a charge for French payroll taxes relating to previous years. Reversal of restructuring costs of \u00a32m (2023: \u00a33m) largely relates to an unutilised provision recognised in 2021. Property restructuring costs in the prior year related to the reorganisation of a number of leased properties following a strategic review of the Group\u2019s property portfolio. Costs of \u00a332m consisted of impairment of \u00a322m of right-of-use assets and other related fixed assets that are no longer in use as well as a provision for directly attributable future running costs associated with the properties. See note 4 for the tax impact of these adjustments. ", "dimensions": { "concept": "thesagegroupplc:DisclosureOfAdjustmentsBetweenUnderlyingAndStatutoryResults", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-382": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-364": { "value": "Property restructuring costs in the prior year related to the reorganisation of a number of leased properties following a strategic review of the Group\u2019s property portfolio. Costs of \u00a332m consisted of impairment of \u00a322m of right-of-use assets and other related fixed assets that are no longer in use as well as a provision for directly attributable future running costs associated with the properties. In the prior year, all impairment charges were 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-303": { "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 11).
2024 2023
Analysis of expense in the year
Note
\u00a3m \u00a3m
Current income tax
Current tax on profit for the year
1
26
106
Adjustment in respect of prior years
(
1
)
(5
)
Current income ta
x
1
25
101
Deferred ta
x
Origination and reversal of temporary differences
(21)
(33
)
Adjustment in respect of prior years
(1)
3
Deferred ta
x
11
(22
)
(30
)
The current year tax expense is split into the following:
Underlying tax expense
1
20
95
Tax credit on adjustments between the underlying and statutory operating profit
(
1
7
)
(24
)
Income tax expense reported in income statement
1
03
71
A deferred tax benefit of \u00a32m (2023: \u00a3nil) relating to foreign currency derivatives and a benefit of \u00a31m (2023: \u00a3nil) relating to employee benefits have been recognised directly in other comprehensive income. A current tax charge of \u00a32m relating to foreign currency derivatives has been recognised directly in other comprehensive income (2023: charge \u00a31m). A current tax benefit of \u00a37m (2023: benefit \u00a31m) and a deferred tax charge of \u00a31m (2023: benefit \u00a36m) relating to employee benefits have been recognised in retained earnings.
The effective tax rate for the year is lower (2023: higher) than the rate of UK corporation tax applicable to the Group of 25% (2023:
22%). The differences are explained below:
2024 2023
\u00a3m \u00a3m
Profit before income ta
x
426
282
Statutory profit before income tax multiplied by the rate of UK corporation tax of 25% (2023: 22%)
1
06
62
Tax effects of:
Adjustments in respect of prior years
(
2
)
 (2)
Foreign tax rates in excess o
f
UK rate of tax
1
 10
US tax reform
(4)
(5)
Non-deductible expenses and permanent items
1
3
12
Other corporate taxes (withholding tax, business tax)
5
6
Tax incentive claims
(
1
6
)
 (16)
Corporate restructuring
\u2013
4
At the effective income tax rate of 24% (2023: 25%)
1
03
71
Income tax expense reported in the income statement
1
03
71
The underlying effective tax rate for the year is lower (2023: higher) than the rate of UK corporation tax applicable to the Group
of 25% (2023: 22%). The differences are explained below:
2024 2023
\u00a3m \u00a3m
Underl
y
ing profit before income ta
x
502
424
Underlying profit before income tax multiplied by the rate of UK corporation tax of 25% (2023: 22%)
1
25
93
Tax effects of:
Adjustments in respect of prior years
(
3
)
 (3)
Foreign tax rates in excess of UK rate of tax
1
 13
US tax reform
(4)
(5)
Non-deductible expenses and permanent items
1
2
7
Other corporate taxes (withholding tax, business tax)
5
6
Tax incentive claims
(
1
6
)
 (16)
At the effective income tax rate of 24% (2023: 23%)
1
20
95
Underl
y
ing tax expense
1
20
95
The effective tax rate on statutory profit before tax was 24% (2023: 25%), whilst the effective tax rate on underlying profit before
tax on continuing operations was 24% (2023: 23%).
The underlying effective tax rate is lower than the UK corporation tax rate applicable to the Group, primarily due to the
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 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 \u00a339m at 30 September 2024 (2023: \u00a331m, of which \u00a35m related to associated interest
costs that have been transferred to provisions in the current year; see note 9). The tax 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 utilises 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. The Group
expects its effective tax rate to increase by 1% in the medium term, depending on our future geographic profit mix and the level
of our innovation tax credits. The OECD\u2019s Pillar Two 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. In the financial year
ended 30 September 2021, the Group made a payment to HMRC of \u00a310m following the EU Commission\u2019s decision.
On 8 June 2022, the EU General Court dismissed the UK Government\u2019s appeal and ruled in favour of the EU. Management
therefore reassessed the Group\u2019s position on this matter in the financial year ended 30 September 2023 and concluded that it
was more likely than not that the EU Commission\u2019s decision would be upheld. As such the \u00a310m advance payment was recorded
as a payment against a corresponding tax provision.
On 19 September 2024, the Court of Justice of the European Union (CJEU) issued a judgement annulling the EU Commission\u2019s
decision. As a result of the CJEU judgement, the UK Government is now expected to bring forward legislation to return payments
previously made by affected taxpayers.
Following the CJEU judgement, the Group, in accordance with IFRIC 23, has recognised a \u00a310m receivable on the expectation
that the charge will be repaid in due course. This recognition of the \u00a310m receivable is offset by an increase of a tax provision
of a similar amount for a separate but related matter, with no net impact on the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-402": { "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 11).
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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-383": { "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 11). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-304": { "value": "5 Earnings per share This note sets out how earnings per share (EPS) 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 before tax 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.
Underlying
as
Underlying
reported
*
Underlying
Statutory Statutory
Reconciliations of the earnings and weighted average number of shares 2024
2023
2023 2024 2023
Earnings attributable to owners of the parent** (\u00a3m)
Profit for the
y
ear
382
329
315
323
211
Number of shares (millions)
Weighted average number of shares
1
,007
1,020
1,020
1
,007
1,020
Dilutive effects of shares
1
8
16
16
1
8
16
1
,025
1,036
1,036
1
,025
1,036
Earnings per share attributable to owners of the parent** (pence)
Basic earnings per share
37.91
32.25
30.92
32.
1
0
20.75
Diluted earnings per share
37.25
31.75
30.44
31.55
20.43
Notes: * Underlying as reported is at 2023 reported exchange rates. ** All operations in the years relate to continuing operations.
2024 2023
Reconciliation of earnings \u00a3m \u00a3m
Statutory profit for the year attributable to owners of the parent
323
211
Adjustments:
\u2022
Amortisation of acquired intangible assets
48
54
\u2022
Other M&A activity-related items
34
49
\u2022
Property restructuring costs
\u2013
32
\u2022
Reversal of employee-related costs
(3)
9
\u2022
Reversal of restructuring costs
(2)
(3)
\u2022
Foreign currency movements on intercompany balances
(1)
1
\u2022
Taxation on adjustments between underlying and statutory profit before tax
(
1
7
)
 (24)
Net adjustments
59
118
Underlying profit for the year (before exchange movement)
382
329
Exchange movement
\u2013
(18
)
Taxation on exchange movement
\u2013
4
Net exchange movement
\u2013
(14)
Underlying profit for the year (after exchange movement) attributable to owners of the parent
382
315
Exchange movement relates to the retranslation of prior year results to current year exchange rates, as shown in the table on
page 61 within the Financial Review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-384": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-305": { "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 management 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 (CGU) 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.
2024 2023
Note \u00a3m \u00a3m
Cost and net book amount at 1 October
2,245
2,391
Acquisition of subsidiaries
15.1
32
11
Exchange movement
(147)
(15
7
)
Cost and net book amount at 30 September
2,130
2,245
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:
2024 2023
\u00a3m \u00a3m
North America
1
,331
1,462
UK & Ireland
354
354
France
210
219
Iberia
1
26
131
Central Europe
53
55
Africa and the Middle East
24
24
Unallocated\u2014Infineo business combination*
32
\u2013
2,130
2,245
Note: * Unallocated goodwill relates to Infineo, which was acquired on 9 September 2024 and calculated on a provisional basis. See note 15.1. In accordance with IAS 36, goodwill will be allocated before the end of the first annual period beginning after the acquisition date, being by 30 September 2025.
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 2024. 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 Consumer Prices Index (CPI) forecasts. 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 in line with the long-term Consumer Prices Index (CPI)
forecasts 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 CGU with modest
improvements from expected efficiencies in scaling the business.
Range of rates used across the different CGUs
2024
2023
Average medium-term revenue growth rates*
8%\u2013
1
5%
9%\u201318%
Long-term growth rates to net operating cash flows
2%\u20135 %
1%\u20133%
Note:
* Current year average medium-term revenue growth is based on three (2023: 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:
Approximate Average
Local local discount Long-term medium-term
discount rate rate (pre-tax) growth revenue
2024 (post-tax) equivalent rate
g
rowth rate*
U
K
& Ireland
1
0.1%
1
3.3%
2.0%
1
2.6%
France
8.9%
1
1.9%
1
.8%
1
1.3%
North America
1
0.1%
1
3.5%
2.2%
1
5.0%
Approximate Average
Local local discount Long-term medium-term
discount rate rate (pre-tax) growth revenue
2023 (post-tax) equivalent rate growth rate*
U
K
& Ireland
8.9%
11.9%
1.2%
12.4%
France
8.7%
11.6%
1.2%
9.0%
North America
9.4%
12.5%
1.4%
18.1%
Note:
* Current year average medium-term revenue growth is based on three (2023: 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 2024
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 8.4% (2023: 8.2%) to 17.7% (2023: 17.9%), 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 (2023: \u00a3nil).
The Group performed its annual test for impairment for all CGUs as at 30 June 2024. 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. The recoverable amount is considered to be the higher of the fair value less costs of disposal and value in use. 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.
Internal Computer Customer
Brands Technology IPR&D software relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost at 1 October 2023
34
333
3
1
84
216
770
Additions
\u2013
7
\u2013
1
4
\u2013
21
Disposals
\u2013
\u2013
\u2013
(10)
\u2013
(10)
Exchange movement
(2)
(13)
\u2013
(6)
(14)
(35)
At 30 September 2024
32
327
3
1
82
202
746
Accumulated amortisation at 1 October 2023
33
1
96
3
1
34
1
30
496
Charge for the year
1
3
1
 \u2013
1
9
1
6
67
Disposals
\u2013
\u2013
\u2013
(10)
\u2013
(10)
Exchange movement
(2)
(
9
)
 \u2013
(
7
)
(8)
(26
)
At 30 September 2024
32
218
3
1
36
1
38
527
Net book amount at 30 September 2024
\u2013
1
09
\u2013
46
64
219
Internal Computer Customer
Brands Technology IPR&D software relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost at 1 October 2022
35
328
3
177
228
771
Additions
\u2013
\u2013
\u2013
17
\u2013
17
Acquisition of subsidiaries
\u2013
14
\u2013
\u2013
1
15
Disposals
\u2013
\u2013
\u2013
(2
)
\u2013
(2
)
Exchange movement
(1)
(9)
\u2013
(8)
(13)
(31)
A
t
30 September 2023
34
333
3
184
216
770
Accumulated amortisation at 1 October 2022
33
166
3
128
121
451
Charge for the year
1
37
\u2013
15
16
69
Disposals
\u2013
\u2013
\u2013
(2)
\u2013
(2
)
Exchange movement
(1)
(7)
\u2013
(7)
(7)
(22)
A
t
30 September 2023
33
196
3
134
130
496
Net book amount at 30 September 2023
1
137
\u2013
50
86
274
All amortisation charges in the year have been charged through selling and administrative expenses. Of these amortisation
charges, those relating to acquired intangibles of \u00a348m (primarily brands, technology and customer relationships) have been
classified as a recurring adjustment (2023: \u00a354m); see note 3.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-327": { "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 (CGU) 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.
2024 2023
Note \u00a3m \u00a3m
Cost and net book amount at 1 October
2,245
2,391
Acquisition of subsidiaries
15.1
32
11
Exchange movement
(147)
(15
7
)
Cost and net book amount at 30 September
2,130
2,245
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:
2024 2023
\u00a3m \u00a3m
North America
1
,331
1,462
UK & Ireland
354
354
France
210
219
Iberia
1
26
131
Central Europe
53
55
Africa and the Middle East
24
24
Unallocated\u2014Infineo business combination*
32
\u2013
2,130
2,245
Note: * Unallocated goodwill relates to Infineo, which was acquired on 9 September 2024 and calculated on a provisional basis. See note 15.1. In accordance with IAS 36, goodwill will be allocated before the end of the first annual period beginning after the acquisition date, being by 30 September 2025. 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 2024. 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 Consumer Prices Index (CPI) forecasts. 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 in line with the long-term Consumer Prices Index (CPI) forecasts 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 CGU with modest improvements from expected efficiencies in scaling the business.
Range of rates used across the different CGUs
2024
2023
Average medium-term revenue growth rates*
8%\u2013
1
5%
9%\u201318%
Long-term growth rates to net operating cash flows
2%\u20135 %
1%\u20133%
Note: * Current year average medium-term revenue growth is based on three (2023: 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:
Approximate Average
Local local discount Long-term medium-term
discount rate rate (pre-tax) growth revenue
2024 (post-tax) equivalent rate
g
rowth rate*
U
K
& Ireland
1
0.1%
1
3.3%
2.0%
1
2.6%
France
8.9%
1
1.9%
1
.8%
1
1.3%
North America
1
0.1%
1
3.5%
2.2%
1
5.0%
Approximate Average
Local local discount Long-term medium-term
discount rate rate (pre-tax) growth revenue
2023 (post-tax) equivalent rate growth rate*
U
K
& Ireland
8.9%
11.9%
1.2%
12.4%
France
8.7%
11.6%
1.2%
9.0%
North America
9.4%
12.5%
1.4%
18.1%
Note: * Current year average medium-term revenue growth is based on three (2023: 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 2024 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 8.4% (2023: 8.2%) to 17.7% (2023: 17.9%), 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 (2023: \u00a3nil). The Group performed its annual test for impairment for all CGUs as at 30 June 2024. 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-403": { "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 (CGU) 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-385": { "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 (CGU) 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. The recoverable amount is considered to be the higher of the fair value less costs of disposal and value in use. 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-328": { "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. The recoverable amount is considered to be the higher of the fair value less costs of disposal and value in use. 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.
Internal Computer Customer
Brands Technology IPR&D software relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost at 1 October 2023
34
333
3
1
84
216
770
Additions
\u2013
7
\u2013
1
4
\u2013
21
Disposals
\u2013
\u2013
\u2013
(10)
\u2013
(10)
Exchange movement
(2)
(13)
\u2013
(6)
(14)
(35)
At 30 September 2024
32
327
3
1
82
202
746
Accumulated amortisation at 1 October 2023
33
1
96
3
1
34
1
30
496
Charge for the year
1
3
1
 \u2013
1
9
1
6
67
Disposals
\u2013
\u2013
\u2013
(10)
\u2013
(10)
Exchange movement
(2)
(
9
)
 \u2013
(
7
)
(8)
(26
)
At 30 September 2024
32
218
3
1
36
1
38
527
Net book amount at 30 September 2024
\u2013
1
09
\u2013
46
64
219
Internal Computer Customer
Brands Technology IPR&D software relationships Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost at 1 October 2022
35
328
3
177
228
771
Additions
\u2013
\u2013
\u2013
17
\u2013
17
Acquisition of subsidiaries
\u2013
14
\u2013
\u2013
1
15
Disposals
\u2013
\u2013
\u2013
(2
)
\u2013
(2
)
Exchange movement
(1)
(9)
\u2013
(8)
(13)
(31)
A
t
30 September 2023
34
333
3
184
216
770
Accumulated amortisation at 1 October 2022
33
166
3
128
121
451
Charge for the year
1
37
\u2013
15
16
69
Disposals
\u2013
\u2013
\u2013
(2)
\u2013
(2
)
Exchange movement
(1)
(7)
\u2013
(7)
(7)
(22)
A
t
30 September 2023
33
196
3
134
130
496
Net book amount at 30 September 2023
1
137
\u2013
50
86
274
All amortisation charges in the year have been charged through selling and administrative expenses. Of these amortisation charges, those relating to acquired intangibles of \u00a348m (primarily brands, technology and customer relationships) have been classified as a recurring adjustment (2023: \u00a354m); see note 3.6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-404": { "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. The recoverable amount is considered to be the higher of the fair value less costs of disposal and value in use. 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-306": { "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 associated 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.
Motor
vehicles Right-of- Right-of- Right-of-
Land and Plant and and office use assets: use assets: use assets:
buildings equipment equipment Property Vehicles Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost at
1
October 2023
1
3
1
24
27
1
34
7
1
41
305
Additions
\u2013
1
8
1
 23
1
24
43
Disposals
(13
)
(13
)
(4)
(1)
\u2013
(1)
(31)
Exchange movement
\u2013
(
9
)
 (1)
(
6
)
 \u2013
(
6
)
(16
)
At 30 September 2024
\u2013
1
20
23
1
50
8
1
58
301
Accumulated depreciation a
t
1
October 2023
6
83
23
83
6
89
201
Charge for the year
\u2013
1
4
1
1
3
1
1
4
29
Disposals
(6)
(13)
(4)
(1)
\u2013
(1)
(24)
Exchange movement
\u2013
(7)
(1)
(5)
\u2013
(5)
(13)
At 30 September 2024
\u2013
77
1
9
90
7
97
1
93
Net book amount at 30 September 2024
\u2013
43
4
60
1
 61
1
08
Motor
vehicles and Right-of-use Right-of-use Right-of-use
Land and Plant and office assets: assets: assets:
bui
ldings
equipment equipment Property Vehicles Total Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost at 1 October 2022
14
134
31
126
6
132
311
Additions
\u2013
5
\u2013
13
2
15
20
Disposals
\u2013
(9)
(3)
\u2013
(1
)
(1)
(13)
Exchange movement
(1
)
(6
)
(1
)
(5
)
\u2013
(5)
(13)
At 30 September 2023
13
124
27
134
7
141
305
Accumulated depreciation a
t
1
October 2022
6
76
24
48
5
53
159
Charge for the year
\u2013
18
2
18
1
19
39
Impairment
\u2013
2
1
19
\u2013
19
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
All depreciation charges in the years presented have been charged through selling and administrative expenses.
In the prior year, all impairment charges were charged through selling and administrative expenses, as well as being classified
as a non-recurring adjustment within property restructuring costs; see note 3.6.
During the year the Group disposed of its Beaverton property site with a carrying value of \u00a37m, which was part of the North
America operating segment, for proceeds of \u00a39m. The profit on disposal of the site has been recognised through selling and
administrative expenses and proceeds from the sale have been recognised through cash flows from investing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-405": { "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 associated 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-386": { "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 associated 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-307": { "value": "8 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 13.6. 8.1 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.
2024 2023
Non-current: \u00a3m \u00a3m
Customer acquisition costs
1
31
133
Other receivables
5
4
Prepayments
1
 1
1
37
138
2024 2023
Current: \u00a3m \u00a3m
Trade receivables
275
259
Less: allowance for expected credit losses
(10)
(10)
Trade receivables\u2014net
265
249
Other receivables
24
12
Prepayments
69
66
Customer acquisition costs
46
49
404
376
The Group has incurred \u00a3164m (2023: \u00a3167m) to obtain customer contracts and an amortisation expense of \u00a3157m (2023: \u00a3147m)
was recognised in operating profit during the year. There were no material contract assets.
2024 2023
Movements on the Group allowance for expected credit losses of trade receivables were as follows: \u00a3m \u00a3m
At 1 October
1
0
14
Increase in allowance for expected credit losses
4
4
Receivables written off during the year as uncollectable
(4)
(5)
Unused amounts reversed
\u2013
(2)
Exchange movement
\u2013
(1
)
At 30 September
1
0
10
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.
An analysis of the gross carrying amount of trade receivables showing credit risk exposure by age of the outstanding balance is as follows:
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1
%
3%
9%
1
6%
59%
Estimated total gross carrying amount at default
239
1
7
6
3
1
0
275
Expected credit loss
(
2
)
(
1
)
(
1
)
 \u2013
(
6
)
(
1
0
)
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1%
3%
7%
16%
61%
Estimated total gross carrying amount at default
224
14
6
3
12
259
Expected credit loss
(2)
\u2013
\u2013
(1)
(7)
(10)
Included in selling and administrative expenses in the income statement is a debit of \u00a36m (2023: debit of \u00a34m) 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. 8.2 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.
2024 2023
Current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Trade payables
38
35
Other tax and social security payable
39
42
Other payables
50
60
Accruals
278
241
405
378
2024 2023
Non-current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Other payables
3
13
8.3 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 2023 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-349": { "value": "8.1 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.
2024 2023
Non-current: \u00a3m \u00a3m
Customer acquisition costs
1
31
133
Other receivables
5
4
Prepayments
1
 1
1
37
138
2024 2023
Current: \u00a3m \u00a3m
Trade receivables
275
259
Less: allowance for expected credit losses
(10)
(10)
Trade receivables\u2014net
265
249
Other receivables
24
12
Prepayments
69
66
Customer acquisition costs
46
49
404
376
The Group has incurred \u00a3164m (2023: \u00a3167m) to obtain customer contracts and an amortisation expense of \u00a3157m (2023: \u00a3147m) was recognised in operating profit during the year. There were no material contract assets.
2024 2023
Movements on the Group allowance for expected credit losses of trade receivables were as follows: \u00a3m \u00a3m
At 1 October
1
0
14
Increase in allowance for expected credit losses
4
4
Receivables written off during the year as uncollectable
(4)
(5)
Unused amounts reversed
\u2013
(2)
Exchange movement
\u2013
(1
)
At 30 September
1
0
10
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. An analysis of the gross carrying amount of trade receivables showing credit risk exposure by age of the outstanding balance is as follows:
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1
%
3%
9%
1
6%
59%
Estimated total gross carrying amount at default
239
1
7
6
3
1
0
275
Expected credit loss
(
2
)
(
1
)
(
1
)
 \u2013
(
6
)
(
1
0
)
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1%
3%
7%
16%
61%
Estimated total gross carrying amount at default
224
14
6
3
12
259
Expected credit loss
(2)
\u2013
\u2013
(1)
(7)
(10)
Included in selling and administrative expenses in the income statement is a debit of \u00a36m (2023: debit of \u00a34m) 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-329": { "value": "8.1 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.
2024 2023
Non-current: \u00a3m \u00a3m
Customer acquisition costs
1
31
133
Other receivables
5
4
Prepayments
1
 1
1
37
138
2024 2023
Current: \u00a3m \u00a3m
Trade receivables
275
259
Less: allowance for expected credit losses
(10)
(10)
Trade receivables\u2014net
265
249
Other receivables
24
12
Prepayments
69
66
Customer acquisition costs
46
49
404
376
The Group has incurred \u00a3164m (2023: \u00a3167m) to obtain customer contracts and an amortisation expense of \u00a3157m (2023: \u00a3147m) was recognised in operating profit during the year. There were no material contract assets.
2024 2023
Movements on the Group allowance for expected credit losses of trade receivables were as follows: \u00a3m \u00a3m
At 1 October
1
0
14
Increase in allowance for expected credit losses
4
4
Receivables written off during the year as uncollectable
(4)
(5)
Unused amounts reversed
\u2013
(2)
Exchange movement
\u2013
(1
)
At 30 September
1
0
10
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.
An analysis of the gross carrying amount of trade receivables showing credit risk exposure by age of the outstanding balance
is as follows:
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1
%
3%
9%
1
6%
59%
Estimated total gross carrying amount at default
239
1
7
6
3
1
0
275
Expected credit loss
(
2
)
(
1
)
(
1
)
 \u2013
(
6
)
(
1
0
)
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1%
3%
7%
16%
61%
Estimated total gross carrying amount at default
224
14
6
3
12
259
Expected credit loss
(2)
\u2013
\u2013
(1)
(7)
(10)
Included in selling and administrative expenses in the income statement is a debit of \u00a36m (2023: debit of \u00a34m) 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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-406": { "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:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-387": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-365": { "value": "
2024 2023
Non-current: \u00a3m \u00a3m
Customer acquisition costs
1
31
133
Other receivables
5
4
Prepayments
1
 1
1
37
138
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-370": { "value": "
2024 2023
Non-current: \u00a3m \u00a3m
Customer acquisition costs
1
31
133
Other receivables
5
4
Prepayments
1
 1
1
37
138
2024 2023
Current: \u00a3m \u00a3m
Trade receivables
275
259
Less: allowance for expected credit losses
(10)
(10)
Trade receivables\u2014net
265
249
Other receivables
24
12
Prepayments
69
66
Customer acquisition costs
46
49
404
376
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-366": { "value": "
2024 2023
Current: \u00a3m \u00a3m
Trade receivables
275
259
Less: allowance for expected credit losses
(10)
(10)
Trade receivables\u2014net
265
249
Other receivables
24
12
Prepayments
69
66
Customer acquisition costs
46
49
404
376
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-375": { "value": "
2024 2023
Current: \u00a3m \u00a3m
Trade receivables
275
259
Less: allowance for expected credit losses
(10)
(10)
Trade receivables\u2014net
265
249
Other receivables
24
12
Prepayments
69
66
Customer acquisition costs
46
49
404
376
The Group has incurred \u00a3164m (2023: \u00a3167m) to obtain customer contracts and an amortisation expense of \u00a3157m (2023: \u00a3147m) was recognised in operating profit during the year. There were no material contract assets.
2024 2023
Movements on the Group allowance for expected credit losses of trade receivables were as follows: \u00a3m \u00a3m
At 1 October
1
0
14
Increase in allowance for expected credit losses
4
4
Receivables written off during the year as uncollectable
(4)
(5)
Unused amounts reversed
\u2013
(2)
Exchange movement
\u2013
(1
)
At 30 September
1
0
10
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. An analysis of the gross carrying amount of trade receivables showing credit risk exposure by age of the outstanding balance is as follows:
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1
%
3%
9%
1
6%
59%
Estimated total gross carrying amount at default
239
1
7
6
3
1
0
275
Expected credit loss
(
2
)
(
1
)
(
1
)
 \u2013
(
6
)
(
1
0
)
1\u201330 days 31\u201360 days 61\u201390 days 91+ days
Not yet due overdue overdue overdue overdue Total
Trade receivables at 30 September 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Expected credit loss rate
1%
3%
7%
16%
61%
Estimated total gross carrying amount at default
224
14
6
3
12
259
Expected credit loss
(2)
\u2013
\u2013
(1)
(7)
(10)
Included in selling and administrative expenses in the income statement is a debit of \u00a36m (2023: debit of \u00a34m) 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-371": { "value": "8.2 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.
2024 2023
Current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Trade payables
38
35
Other tax and social security payable
39
42
Other payables
50
60
Accruals
278
241
405
378
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-367": { "value": "8.2 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.
2024 2023
Current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Trade payables
38
35
Other tax and social security payable
39
42
Other payables
50
60
Accruals
278
241
405
378
2024 2023
Non-current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Other payables
3
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-350": { "value": "8.2 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.
2024 2023
Current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Trade payables
38
35
Other tax and social security payable
39
42
Other payables
50
60
Accruals
278
241
405
378
2024 2023
Non-current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Other payables
3
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-330": { "value": "8.2 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.
2024 2023
Current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Trade payables
38
35
Other tax and social security payable
39
42
Other payables
50
60
Accruals
278
241
405
378
2024 2023
Non-current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Other payables
3
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-388": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-372": { "value": "
2024 2023
Non-current trade and other payables can be analysed as follows: \u00a3m \u00a3m
Other payables
3
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-331": { "value": "8.3 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 2023 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-389": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-308": { "value": "9 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, interest on uncertain tax provisions 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 Legal Building Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 October 2023
8
1
9
1
9
1
 47
\u2022
Additional provision in the year
3
4
2
1
1
0
\u2022
Reclassification*
\u2013
\u2013
\u2013
5
5
\u2022
Provision utilised in the year
(3)
(2)
(2)
\u2013
(7)
\u2022
Unused amount reversed
(
2
)
(5)
\u2013
\u2013
(7)
\u2022
Exchange movement
1
(1)
(1)
\u2013
(
1
)
A
t
30 September 2024
7
1
5
1
8
7
47
Restructuring Legal Building Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Maturity profile
< 1 year
1
1
3
1
7
22
1\u20132 years
3
2
5
\u2013
1
0
2\u20135 years
3
\u2013
6
\u2013
9
> 5 years
\u2013
\u2013
6
\u2013
6
At 30 September 2024
7
1
5
1
8
7
47
Note:
* In the year, the Group reclassified \u00a35m of interest and penalties related to uncertain tax provisions, previously recognised as current income tax liabilities.
Prior year figures have not been restated.
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 five years. This includes the non-recurring restructuring costs recognised in previous years, of which \u00a33m
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. The
unused amounts reversed in the year (\u00a35m) 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.
Other provisions comprise mainly the interest and penalties related to uncertain tax penalties and 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-390": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-309": { "value": "10 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.
2024 2023
Pension costs included in the consolidated income statement
Note
\u00a3m \u00a3m
Defined contribution schemes
29
29
Defined benefit plans
2
1
3.3
31
30
Defined benefit plans
The most recent actuarial valuation of the post-employment benefit plan has been performed during the year for the year ended
30 September 2024.
2024 2023
Weighted average principal assumptions made by the actuaries % %
Rate of increase in pensionable salaries
2.9
1.9
Discount rate
3.4
4.1
Inflation assumption
2.0
1.9
2024 2023
Mortality rate assumptions made by the actuaries Years 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
42
41
2024 2023
Amounts recognised on the balance sheet \u00a3m \u00a3m
Present value of funded obligations
(23)
(19)
Fair value of plan assets
\u2013
\u2013
Net liabilit
y
recognised on the balance sheet
(23)
(19)
At 30 September 2024 and 30 September 2023, there were no plan assets held in relation to the post-employment benefit plan.
Expected benefits to be paid for the year ending 30 September 2025 are \u00a31m (2023: expected benefits to be paid for the year
ended 30 September 2024: \u00a31m).
2024 2023
Amounts recognised in the income statement \u00a3m \u00a3m
Current service cost
(2)
(2)
Others (Curtailments/Plan amendments)
\u2013
1
Total included within staff costs\u2014all within selling and administrative expenses
(2)
(1)
2024 2023
Changes in the present value of the defined benefit obligation \u00a3m \u00a3m
At 1 October
(19)
(19)
Exchange movement
1
 1
Service cost
(2)
(2)
Curtailments/Plan amendments
\u2013
1
Actuarial loss
(3)
\u2013
At
30 September
(23)
(19)
2024 2023
Analysis of the movement in the balance sheet liability \u00a3m \u00a3m
At 1 October
(19)
(19)
Exchange movement
1
 1
Total expense as recognised in the income statement
(2)
(1)
Actuarial loss*
(3)
\u2013
At 30 September
(23)
(19)
Note: * In the current year, an actuarial loss of \u00a33m (2023: \u00a3nil) has been recognised, gross of a \u00a31m (2023: \u00a3nil) tax benefit. The net impact of \u00a32m charge (2023: \u00a3nil) has been recognised within other comprehensive income. See note 4 for the tax impact of the benefit in the current year.
2024 2023
Sensitivity analysis on significant actuarial assumptions \u00a3m \u00a3m
Discount rate applied to scheme obligations
+
/
- 0.75% p.a.
2
2
Salary increases
+
/
- 0.75% p.a.
2
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-391": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-332": { "value": "Defined benefit plans The most recent actuarial valuation of the post-employment benefit plan has been performed during the year for the year ended 30 September 2024.
2024 2023
Weighted average principal assumptions made by the actuaries % %
Rate of increase in pensionable salaries
2.9
1.9
Discount rate
3.4
4.1
Inflation assumption
2.0
1.9
2024 2023
Mortality rate assumptions made by the actuaries Years 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
42
41
2024 2023
Amounts recognised on the balance sheet \u00a3m \u00a3m
Present value of funded obligations
(23)
(19)
Fair value of plan assets
\u2013
\u2013
Net liabilit
y
recognised on the balance sheet
(23)
(19)
At 30 September 2024 and 30 September 2023, there were no plan assets held in relation to the post-employment benefit plan. Expected benefits to be paid for the year ending 30 September 2025 are \u00a31m (2023: expected benefits to be paid for the year ended 30 September 2024: \u00a31m).
2024 2023
Amounts recognised in the income statement \u00a3m \u00a3m
Current service cost
(2)
(2)
Others (Curtailments/Plan amendments)
\u2013
1
Total included within staff costs\u2014all within selling and administrative expenses
(2)
(1)
2024 2023
Changes in the present value of the defined benefit obligation \u00a3m \u00a3m
At 1 October
(19)
(19)
Exchange movement
1
 1
Service cost
(2)
(2)
Curtailments/Plan amendments
\u2013
1
Actuarial loss
(3)
\u2013
At
30 September
(23)
(19)
2024 2023
Analysis of the movement in the balance sheet liability \u00a3m \u00a3m
At 1 October
(19)
(19)
Exchange movement
1
 1
Total expense as recognised in the income statement
(2)
(1)
Actuarial loss*
(3)
\u2013
At 30 September
(23)
(19)
Note:
* In the current year, an actuarial loss of \u00a33m (2023: \u00a3nil) has been recognised, gross of a \u00a31m (2023: \u00a3nil) tax benefit. The net impact of \u00a32m charge (2023: \u00a3nil) has
been recognised within other comprehensive income. See note 4 for the tax impact of the benefit in the current year.
2024 2023
Sensitivity analysis on significant actuarial assumptions \u00a3m \u00a3m
Discount rate applied to scheme obligations
+
/
- 0.75% p.a.
2
2
Salary increases
+
/
- 0.75% p.a.
2
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-310": { "value": "11 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.
Other
intangible
assets Accounting Share
(excluding Tax provisions/ Deferred options Capitalised
goodwill) losses accruals Goodwill revenue and awards R&D Other Total
Deferred tax \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 30 September 2022
(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
l
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
1
(3
)
\u2013
\u2013
(2
)
 3
At 30 September 2023
(45
)
23
10
(24
)
16
20
37
1
38
Income statement credit/(debit)
1
1
(
2
)
(5)
(1)
(13)
4
27
1
 22
Acquisition or disposal of subsidiaries
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
\u2013
2
Other comprehensive income movement
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\u2013
4
3
Exchange movement
2
(1)
1
1
\u2013
\u2013
(4)
(1)
(
2
)
At 30 September 2024
(32)
2
1
6
(24
)
3
23
6
1
5
63
2024 2023
The net deferred tax asset at the end of the year is analysed below: \u00a3m \u00a3m
Deferred tax assets
81
56
Deferred tax liabilities
(18)
(18)
Net deferred tax asset
63
38
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 2023.
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:
2024 2023
\u00a3m \u00a3m
Unremitted earnings
(7)
(7)
Lease liability
1
8
10
Right-of-use lease assets
(
1
2
)
 (4)
Other amounts
6
2
5
1
The Company has unrecognised carried forward losses of \u00a3134m (2023: \u00a3111m) available to reduce certain future taxable
profits. Deferred tax assets of \u00a332m (2023: \u00a326m) 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 (2023: \u00a318m) relate to UK capital losses that are available indefinitely but cannot be used to offset UK trading profit.
In July 2023, the UK Endorsement Board adopted \u201cInternational Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12)\u201d as
issued by the IASB, which introduced a mandatory temporary exception in IAS 12, prohibiting both the recognition and
disclosure of deferred tax assets and deferred tax liabilities that arise from the implementation of the OECD Pillar Two model
rules. The Group has applied the mandatory exception under IAS 12 within the consolidated financial statements for the year
ended 30 September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-333": { "value": "
12 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 for general corporate purposes,
including the refinancing of debt and acquisitions. Borrowings also include lease liabilities.
12.1 Cash flow generated from continuing operations
2024 2023
Reconciliation of profit for the year to cash generated from continuing operations \u00a3m \u00a3m
Profit for the year
323
211
Adjustments for:
\u2022
Income tax
1
03
71
\u2022
Finance income
(19)
(12)
\u2022
Finance costs
45
45
\u2022
Amortisation of intangible assets
67
69
\u2022
Depreciation and impairment of property, plant and equipment
29
61
\u2022
Gain on disposal of property, plant and equipment
(2)
\u2013
\u2022
R&D tax credits
(2)
(3)
\u2022
Equity-settled share-based transactions
56
49
\u2022
Exchange movement
(4)
(4)
Changes in working capital (excluding effects of acquisitions):
\u2022
Increase in trade and other receivables
(48)
(58)
\u2022
Increase in trade and other payables and provisions
20
22
\u2022
Increase in deferred income
57
54
Cash generated from continuing operations
625
505
12.2 Net debt
2024 2023
Reconciliation of net cash flow to movement in net debt \u00a3m \u00a3m
Cash
(
outflows
)
/inflows in the
y
ear (pre-exchange movements)
(164
)
 236
Cash outflows
/
(inflows
)
from loans and lease liabilities
1
8
(69)
Change in net debt resulting from cash flows
(146
)
 167
Cash and lease liabilities recognised from acquisitions of subsidiaries or similar transactions
4
1
Other non-cash movements
(28
)
 (15)
Exchange movement
(7)
19
Movement in net debt in the
y
ear
(177)
172
Net debt at 1 October
(561)
(733)
Net debt at 30 September
(738)
(561)
At At
1 October Acquisition of Non-cash Exchange 30 September
2023 Cash flow subsidiaries movements movement 2024
Analysis of change in net debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
696
(164
)
4
\u2013
(28)
508
Liabilities arising from financing activities
Loans due after more than one year
(1,171
)
\u2013
\u2013
(2)
1
7
(1,156)
Lease liabilities due within one year
(14
)
1
8
\u2013
(
20
)
1
 (15)
Lease liabilities after more than one year
(72
)
\u2013
\u2013
(6)
3
(75)
(1,25
7
)
1
8
\u2013
(28
)
21
(1,246)
Total
(561
)
(146
)
4
(28
)
(7)
(738)
At At
1 October Acquisition of Non-cash Exchange 30 September
2022 Cash flow subsidiaries movements movement 2023
Analysis of change in net debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
489
236
1
\u2013
(30
)
 696
Liabilities arising from financing activities
Loans due within one year
(161
)
148
\u2013
\u2013
13
\u2013
Loans due after more than one year
(966
)
(235
)
\u2013
(1
)
31
(1,171
)
Lease liabilities due within one year
(1
7
)
18
\u2013
(16
)
1
(14
)
Lease liabilities after more than one year
(78
)
\u2013
\u2013
2
4
(72
)
(1,222
)
(69
)
\u2013
(15
)
49
(1,25
7
)
Total
(733
)
167
1
(15
)
19
(561
)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-311": { "value": "12 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 for general corporate purposes, including the refinancing of debt and acquisitions. Borrowings also include lease liabilities. 12.1 Cash flow generated from continuing operations
2024 2023
Reconciliation of profit for the year to cash generated from continuing operations \u00a3m \u00a3m
Profit for the year
323
211
Adjustments for:
\u2022
Income tax
1
03
71
\u2022
Finance income
(19)
(12)
\u2022
Finance costs
45
45
\u2022
Amortisation of intangible assets
67
69
\u2022
Depreciation and impairment of property, plant and equipment
29
61
\u2022
Gain on disposal of property, plant and equipment
(2)
\u2013
\u2022
R&D tax credits
(2)
(3)
\u2022
Equity-settled share-based transactions
56
49
\u2022
Exchange movement
(4)
(4)
Changes in working capital (excluding effects of acquisitions):
\u2022
Increase in trade and other receivables
(48)
(58)
\u2022
Increase in trade and other payables and provisions
20
22
\u2022
Increase in deferred income
57
54
Cash generated from continuing operations
625
505
12.2 Net debt
2024 2023
Reconciliation of net cash flow to movement in net debt \u00a3m \u00a3m
Cash
(
outflows
)
/inflows in the
y
ear (pre-exchange movements)
(164
)
 236
Cash outflows
/
(inflows
)
from loans and lease liabilities
1
8
(69)
Change in net debt resulting from cash flows
(146
)
 167
Cash and lease liabilities recognised from acquisitions of subsidiaries or similar transactions
4
1
Other non-cash movements
(28
)
 (15)
Exchange movement
(7)
19
Movement in net debt in the
y
ear
(177)
172
Net debt at 1 October
(561)
(733)
Net debt at 30 September
(738)
(561)
At At
1 October Acquisition of Non-cash Exchange 30 September
2023 Cash flow subsidiaries movements movement 2024
Analysis of change in net debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
696
(164
)
4
\u2013
(28)
508
Liabilities arising from financing activities
Loans due after more than one year
(1,171
)
\u2013
\u2013
(2)
1
7
(1,156)
Lease liabilities due within one year
(14
)
1
8
\u2013
(
20
)
1
 (15)
Lease liabilities after more than one year
(72
)
\u2013
\u2013
(6)
3
(75)
(1,25
7
)
1
8
\u2013
(28
)
21
(1,246)
Total
(561
)
(146
)
4
(28
)
(7)
(738)
At At
1 October Acquisition of Non-cash Exchange 30 September
2022 Cash flow subsidiaries movements movement 2023
Analysis of change in net debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
489
236
1
\u2013
(30
)
 696
Liabilities arising from financing activities
Loans due within one year
(161
)
148
\u2013
\u2013
13
\u2013
Loans due after more than one year
(966
)
(235
)
\u2013
(1
)
31
(1,171
)
Lease liabilities due within one year
(1
7
)
18
\u2013
(16
)
1
(14
)
Lease liabilities after more than one year
(78
)
\u2013
\u2013
2
4
(72
)
(1,222
)
(69
)
\u2013
(15
)
49
(1,25
7
)
Total
(733
)
167
1
(15
)
19
(561
)
12.3 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, money market funds (MMFs) 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.
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
292
249
MMFs and short-term bank deposits
216
44
7
508
696
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 2024, 99% (2023: 99%) 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. 12.4 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.
2024 2023
Current \u00a3m \u00a3m
Lease liabilities
1
5
14
2024 2023
Non-current \u00a3m \u00a3m
Sterling denominated bond notes
743
742
Euro denominated bond notes
414
431
Lease liabilities
75
72
Unamortised RCF loan costs
(1)
(2)
1
,231
1,243
Interest 2024 2023
Borrowings
Year issued
coupon
*
Maturity \u00a3m \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
416
433
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 prior 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 2024 were \u00a31,157m (30 September 2023: \u00a31,173m), comprised of sterling denominated bond notes
\u00a3743m (30 September 2023: \u00a3742m) and euro denominated bond notes \u00a3414m (30 September 2023: \u00a3431m).
In November 2023, a one-year extension of the Group\u2019s RCF was agreed, resulting in a new maturity in December 2028. In
November 2024, after the balance sheet date, a further one-year extension was agreed, resulting in a new maturity in December
2029. At 30 September 2024, \u00a3nil of the RCF was drawn down (2023: \u00a3nil).
Further information on lease liabilities is included in note 3.4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-392": { "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 for general corporate purposes, including the refinancing of debt and acquisitions. Borrowings also include lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-334": { "value": "12.3 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, money market funds (MMFs) 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.
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
292
249
MMFs and short-term bank deposits
216
44
7
508
696
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 2024, 99% (2023: 99%) 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-393": { "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, money market funds (MMFs) 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-351": { "value": "12.4 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.
2024 2023
Current \u00a3m \u00a3m
Lease liabilities
1
5
14
2024 2023
Non-current \u00a3m \u00a3m
Sterling denominated bond notes
743
742
Euro denominated bond notes
414
431
Lease liabilities
75
72
Unamortised RCF loan costs
(1)
(2)
1
,231
1,243
Interest 2024 2023
Borrowings
Year issued
coupon
*
Maturity \u00a3m \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
416
433
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 prior 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 2024 were \u00a31,157m (30 September 2023: \u00a31,173m), comprised of sterling denominated bond notes \u00a3743m (30 September 2023: \u00a3742m) and euro denominated bond notes \u00a3414m (30 September 2023: \u00a3431m). In November 2023, a one-year extension of the Group\u2019s RCF was agreed, resulting in a new maturity in December 2028. In November 2024, after the balance sheet date, a further one-year extension was agreed, resulting in a new maturity in December 2029. At 30 September 2024, \u00a3nil of the RCF was drawn down (2023: \u00a3nil). Further information on lease liabilities is included in note 3.4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-335": { "value": "12.4 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.
2024 2023
Current \u00a3m \u00a3m
Lease liabilities
1
5
14
2024 2023
Non-current \u00a3m \u00a3m
Sterling denominated bond notes
743
742
Euro denominated bond notes
414
431
Lease liabilities
75
72
Unamortised RCF loan costs
(1)
(2)
1
,231
1,243
Interest 2024 2023
Borrowings
Year issued
coupon
*
Maturity \u00a3m \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
416
433
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 prior 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 2024 were \u00a31,157m (30 September 2023: \u00a31,173m), comprised of sterling denominated bond notes \u00a3743m (30 September 2023: \u00a3742m) and euro denominated bond notes \u00a3414m (30 September 2023: \u00a3431m). In November 2023, a one-year extension of the Group\u2019s RCF was agreed, resulting in a new maturity in December 2028. In November 2024, after the balance sheet date, a further one-year extension was agreed, resulting in a new maturity in December 2029. At 30 September 2024, \u00a3nil of the RCF was drawn down (2023: \u00a3nil). Further information on lease liabilities is included in note 3.4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-407": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-394": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-312": { "value": "13 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
At fair
value At fair value
At Derivatives through through other
amortised used for profit or comprehensive
cost hedging loss income Total
As at 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
6
6
Trade and other receivables: other receivables
8.1
3
\u2013
2
\u2013
5
Derivative financial instruments\u2014cross-currency
interest rate swaps
\u2013
29
\u2013
\u2013
29
Current assets
Trade and other receivables: trade receivables
8.1
265
\u2013
\u2013
\u2013
265
Trade and other receivables: other receivables
8.1
23
\u2013
1
\u2013
24
Cash and cash equivalents
12.3
508
\u2013
\u2013
\u2013
508
Current liabilities
Trade and other payables excluding other tax and
social security
8.2
(366)
\u2013
\u2013
\u2013
(366)
Borrowings
12.4
(15)
\u2013
\u2013
\u2013
(15)
Non-current liabilities
Borrowings
12.4
(1,231)
\u2013
\u2013
\u2013
(1,231)
Trade and other payables: other payables
(3)
\u2013
\u2013
\u2013
(3)
Derivative financial instruments\u2014cross-currency
interest rate swaps
13.5
\u2013
(13)
\u2013
\u2013
(13)
(816)
16
3
6
(791)
IFRS 9 classification
At fair value
Derivatives
At fair value
through other
At amortised used for
through
comprehensive
cost hedging
profit or loss
income Total
As at 30 September 2023
Note
\u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
4
4
Trade and other receivables: other receivables
8.1
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
8.1
249
\u2013
\u2013
\u2013
249
Trade and other receivables: other receivables
8.1
11
\u2013
1
\u2013
12
Cash and cash equivalents
12.3
696
\u2013
\u2013
\u2013
696
Current
l
iabilities
Trade and other payables excluding other tax and
soci
al security
8.2
(336)
\u2013
\u2013
\u2013
(336)
Borrowings
12.4
(14)
\u2013
\u2013
\u2013
(14)
Non-current liabilities
Borrowings
12.4
(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
13.5
\u2013
(20)
\u2013
\u2013
(20)
(648)
(19)
3
4
(660)
13.1 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 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: 2024 Book value Fair value Book value Fair value Note \u00a3m \u00a3m \u00a3m \u00a3m Long-term borrowing (excluding lease liabilities) 12.4 (1,156) (1,065) (1,171) (1,014) Contingent consideration receivable The Group recognises contingent consideration receivable of \u00a33m (2023: \u00a33m) 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. 13.2 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:
2024
Trade and other
payables
Borrowings: Borrowings: excluding other
bank loans and lease tax and social
bond notes liabilities security Total
\u00a3m \u00a3m \u00a3m \u00a3m
In less than one year
34
1
8
366
418
In more than one year but not more than five years
527
62
3
592
In more than five years
808
31
\u2013
839
1
,369
1
1
1
 369
1
,849
2023
Trade and other
payables
Borrowings: bank Borrowings: excluding other
loans and bond lease tax and social
notes liabilities security Total
\u00a3m \u00a3m \u00a3m \u00a3m
In less than one year
35
15
336
386
In more than one year but not more than five years
562
56
13
631
In more than five years
825
23
\u2013
848
1,422
94
349
1,865
The maturity profile of the undiscounted contractual amounts of the Group\u2019s cross-currency interest rate swaps, including expected interest payments, at 30 September was as follows:
2024
Rece
ipts
Payments Total
\u00a3m \u00a3m \u00a3m
In less than one year
29
(33)
(4)
In more than one year but not more than five years
605
(612)
(7)
In more than five years
361
(336)
25
995
(981)
1
4
2023
Receip
ts
Payments Total
\u00a3m \u00a3m \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)
1,034
(1,079)
(45)
The Group has the following undrawn committed revolving credit facility available at 30 September in respect of which all conditions precedent had been met at that date:
2024 2023
\u00a3m \u00a3m
Expiring in more than one year but not more than five years
630
630
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, a one-year extension was agreed to the facility, resulting in a new maturity in December 2028. In November 2024, after the balance sheet date, a further one-year extension was agreed, resulting in a new maturity in December 2029. 13.4 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:
2024
2023
Equity Equity
gains/(losses) gains/(losses)
\u00a3m \u00a3m
10% strengthening of sterling versus the US Dollar
50
51
10% strengthening of sterling versus the Euro
(9)
(9)
10% weakening of sterling versus the US Dollar
(62)
(63)
10% weakening of sterling versus the Euro
1
1
10
13.5 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. Subsequent to repayment of the US senior loan notes in the prior year, a portion of the Group\u2019s external euro denominated borrowings, relating to the 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 \u00a3560m (USD 750m) (2023: \u00a3614m, USD 750m) 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 (2023: \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:
Change in carrying
amount as a result of
Carrying movements in the year
amount
*
recognised in OCI
As at 30 September 2024 Nominal amount \u00a3m \u00a3m
Non-current borrowings
EUR bond notes**
EUR 156m
1
30
(
6
)
Derivative financial instruments
Cross-currency interest rate swap
USD 429m
(6)
(24)
Derivative financial instruments
Cross-currency interest rate swap
USD 321m
(23)
(22)
1
01
(52
)
Change in carrying amount
Carrying as a result of movements in
amount
*
the year recognised in OCI
As at 30 September 2023 Nominal amount \u00a3m \u00a3m
Non-current borrowings
EUR bond notes
EUR 156m
136
(3)
Derivative financial instruments
Cross-currency interest rate swap
USD 429m
18
(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)
153
(79)
Notes: * Liability/(asset) position. ** Hedge relationship was de-designated effective from 30 September 2024. *** Repaid during the prior year (see note 13.2). The cumulative impact of the hedged item on the consolidated balance sheet is as follows:
2024
2023
Foreign currency Foreign currency
translation reserve translation reserve
\u00a3m \u00a3m
Net investment in foreign subsidiaries\u2014USD
(29)
79
Net investment in foreign subsidiaries\u2014EUR
(9)
1
(38)
80
The change in value of the hedged item, being the Group\u2019s net investment in its USD and EUR subsidiaries, recorded through OCI in the year was \u00a346m (2023: \u00a376m) and \u00a36m (2023: \u00a33m) respectively. During the year, \u00a3nil (2023: \u00a3nil) has been recognised in the income statement as ineffective. Cash flow hedges The Group hedges the risk exposure to foreign currency exchange movements of its foreign currency borrowings. During the prior 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 interest rate 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 2024, \u00a3nil (2023: \u00a3nil) has been recognised in profit or loss due to ineffectiveness. The hedges are documented and are assessed for effectiveness on an ongoing basis. Gains and losses initially recognised in other comprehensive income on cross-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 14.3. The impact of the hedging instrument on the consolidated balance sheet is as follows:
Change in carrying Change in carrying
amount as a result of amount as a result of
net movements in net movements in
Carrying the year recognised the year recognised
amount
*
in OCI in P&L
As at 30 September 2024 Nominal amount \u00a3m \u00a3m \u00a3m
Derivative financial Cross-currency
instruments
interest rate swap
EUR 300m
13
\u2013
11
Change in carrying
Change in carrying
amount as a result of
amount as a result of
Carrying
net movements in the
net movements in the
amount
*
year recognised in OCI
year recognised in P&L
As at 30 September 2023 Nominal amount
\u00a3m
\u00a3m
\u00a3m
Derivative financial Cross-currency
instruments
interest rate swap
EUR 300m
2
(4)
6
Note: * Liability position. Further information on the Group\u2019s exposure to foreign currency risk and how the risk is managed is included in note 13.6. 13.6 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. A reconciliation of the net debt/EBITDA ratio is provided as part of the capital allocation disclosure within the Financial Review on page 61. 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 8.1 and to cash and cash equivalents in note 12.3. 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 2024 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 2024, the Group had \u00a3508m (2023: \u00a3696m) of cash and cash equivalents, while its borrowings comprised:
\u2022 Sterling denominated bond notes of \u00a3743m (2023: \u00a3742m), 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% (2023: 2.45%). The \u00a3400m bond had an average fixed coupon of
2.88% (2023: 2.88%).
\u2022 Euro denominated bond notes of \u00a3414m (2023: \u00a3433m). 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 4.53%
(2023: 4.43%).
\u2022 Unsecured bank loans of \u00a3nil (2023: \u00a3nil), which comprises an undrawn RCF.
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.
During the year a portion of the Group\u2019s external euro denominated borrowings (EUR 156m of a nominal EUR 500m) were
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.
This hedge relationship was de-designated effective from 30 September 2024. Prior to the repayment of the US senior
loan notes in the prior 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.
During the prior 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 Group had an additional
pre-existing cross-currency swap contract to receive fixed sterling and pay fixed US dollars (\u00a3350m, USD 429m).
The euro-sterling swap contracts 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 13.5.
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 13.5.
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 2024 and 30 September 2023, these exposures were immaterial to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-352": { "value": "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
At fair
value At fair value
At Derivatives through through other
amortised used for profit or comprehensive
cost hedging loss income Total
As at 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
6
6
Trade and other receivables: other receivables
8.1
3
\u2013
2
\u2013
5
Derivative financial instruments\u2014cross-currency
interest rate swaps
\u2013
29
\u2013
\u2013
29
Current assets
Trade and other receivables: trade receivables
8.1
265
\u2013
\u2013
\u2013
265
Trade and other receivables: other receivables
8.1
23
\u2013
1
\u2013
24
Cash and cash equivalents
12.3
508
\u2013
\u2013
\u2013
508
Current liabilities
Trade and other payables excluding other tax and
social security
8.2
(366)
\u2013
\u2013
\u2013
(366)
Borrowings
12.4
(15)
\u2013
\u2013
\u2013
(15)
Non-current liabilities
Borrowings
12.4
(1,231)
\u2013
\u2013
\u2013
(1,231)
Trade and other payables: other payables
(3)
\u2013
\u2013
\u2013
(3)
Derivative financial instruments\u2014cross-currency
interest rate swaps
13.5
\u2013
(13)
\u2013
\u2013
(13)
(816)
16
3
6
(791)
IFRS 9 classification
At fair value
Derivatives
At fair value
through other
At amortised used for
through
comprehensive
cost hedging
profit or loss
income Total
As at 30 September 2023
Note
\u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
4
4
Trade and other receivables: other receivables
8.1
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
8.1
249
\u2013
\u2013
\u2013
249
Trade and other receivables: other receivables
8.1
11
\u2013
1
\u2013
12
Cash and cash equivalents
12.3
696
\u2013
\u2013
\u2013
696
Current
l
iabilities
Trade and other payables excluding other tax and
soci
al security
8.2
(336)
\u2013
\u2013
\u2013
(336)
Borrowings
12.4
(14)
\u2013
\u2013
\u2013
(14)
Non-current liabilities
Borrowings
12.4
(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
13.5
\u2013
(20)
\u2013
\u2013
(20)
(648)
(19)
3
4
(660)
13.1 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 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: 2024 Book value Fair value Book value Fair value Note \u00a3m \u00a3m \u00a3m \u00a3m Long-term borrowing (excluding lease liabilities) 12.4 (1,156) (1,065) (1,171) (1,014) Contingent consideration receivable The Group recognises contingent consideration receivable of \u00a33m (2023: \u00a33m) 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. 13.5 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.
Subsequent to repayment of the US senior loan notes in the prior year, a portion of the Group\u2019s external euro denominated
borrowings, relating to the 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 \u00a3560m (USD 750m) (2023:
\u00a3614m, USD 750m) 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 (2023: \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:
Change in carrying
amount as a result of
Carrying movements in the year
amount
*
recognised in OCI
As at 30 September 2024 Nominal amount \u00a3m \u00a3m
Non-current borrowings
EUR bond notes**
EUR 156m
1
30
(
6
)
Derivative financial instruments
Cross-currency interest rate swap
USD 429m
(6)
(24)
Derivative financial instruments
Cross-currency interest rate swap
USD 321m
(23)
(22)
1
01
(52
)
Change in carrying amount
Carrying as a result of movements in
amount
*
the year recognised in OCI
As at 30 September 2023 Nominal amount \u00a3m \u00a3m
Non-current borrowings
EUR bond notes
EUR 156m
136
(3)
Derivative financial instruments
Cross-currency interest rate swap
USD 429m
18
(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)
153
(79)
Notes:
* Liability/(asset) position.
** Hedge relationship was de-designated effective from 30 September 2024.
*** Repaid during the prior year (see note 13.2).
The cumulative impact of the hedged item on the consolidated balance sheet is as follows:
2024
2023
Foreign currency Foreign currency
translation reserve translation reserve
\u00a3m \u00a3m
Net investment in foreign subsidiaries\u2014USD
(29)
79
Net investment in foreign subsidiaries\u2014EUR
(9)
1
(38)
80
The change in value of the hedged item, being the Group\u2019s net investment in its USD and EUR subsidiaries, recorded through OCI in the year was \u00a346m (2023: \u00a376m) and \u00a36m (2023: \u00a33m) respectively. During the year, \u00a3nil (2023: \u00a3nil) has been recognised in the income statement as ineffective. Cash flow hedges The Group hedges the risk exposure to foreign currency exchange movements of its foreign currency borrowings. During the prior 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 interest rate 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 2024, \u00a3nil (2023: \u00a3nil) has been recognised in profit or loss due to ineffectiveness. The hedges are documented and are assessed for effectiveness on an ongoing basis. Gains and losses initially recognised in other comprehensive income on cross-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 14.3. The impact of the hedging instrument on the consolidated balance sheet is as follows:
Change in carrying Change in carrying
amount as a result of amount as a result of
net movements in net movements in
Carrying the year recognised the year recognised
amount
*
in OCI in P&L
As at 30 September 2024 Nominal amount \u00a3m \u00a3m \u00a3m
Derivative financial Cross-currency
instruments
interest rate swap
EUR 300m
13
\u2013
11
Change in carrying
Change in carrying
amount as a result of
amount as a result of
Carrying
net movements in the
net movements in the
amount
*
year recognised in OCI
year recognised in P&L
As at 30 September 2023 Nominal amount
\u00a3m
\u00a3m
\u00a3m
Derivative financial Cross-currency
instruments
interest rate swap
EUR 300m
2
(4)
6
Note: * Liability position. Further information on the Group\u2019s exposure to foreign currency risk and how the risk is managed is included in note 13.6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-413": { "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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-408": { "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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-395": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-414": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-412": { "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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-336": { "value": "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
At fair
value At fair value
At Derivatives through through other
amortised used for profit or comprehensive
cost hedging loss income Total
As at 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
6
6
Trade and other receivables: other receivables
8.1
3
\u2013
2
\u2013
5
Derivative financial instruments\u2014cross-currency
interest rate swaps
\u2013
29
\u2013
\u2013
29
Current assets
Trade and other receivables: trade receivables
8.1
265
\u2013
\u2013
\u2013
265
Trade and other receivables: other receivables
8.1
23
\u2013
1
\u2013
24
Cash and cash equivalents
12.3
508
\u2013
\u2013
\u2013
508
Current liabilities
Trade and other payables excluding other tax and
social security
8.2
(366)
\u2013
\u2013
\u2013
(366)
Borrowings
12.4
(15)
\u2013
\u2013
\u2013
(15)
Non-current liabilities
Borrowings
12.4
(1,231)
\u2013
\u2013
\u2013
(1,231)
Trade and other payables: other payables
(3)
\u2013
\u2013
\u2013
(3)
Derivative financial instruments\u2014cross-currency
interest rate swaps
13.5
\u2013
(13)
\u2013
\u2013
(13)
(816)
16
3
6
(791)
IFRS 9 classification
At fair value
Derivatives
At fair value
through other
At amortised used for
through
comprehensive
cost hedging
profit or loss
income Total
As at 30 September 2023
Note
\u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
4
4
Trade and other receivables: other receivables
8.1
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
8.1
249
\u2013
\u2013
\u2013
249
Trade and other receivables: other receivables
8.1
11
\u2013
1
\u2013
12
Cash and cash equivalents
12.3
696
\u2013
\u2013
\u2013
696
Current
l
iabilities
Trade and other payables excluding other tax and
soci
al security
8.2
(336)
\u2013
\u2013
\u2013
(336)
Borrowings
12.4
(14)
\u2013
\u2013
\u2013
(14)
Non-current liabilities
Borrowings
12.4
(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
13.5
\u2013
(20)
\u2013
\u2013
(20)
(648)
(19)
3
4
(660)
13.1 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 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: 2024 Book value Fair value Book value Fair value Note \u00a3m \u00a3m \u00a3m \u00a3m Long-term borrowing (excluding lease liabilities) 12.4 (1,156) (1,065) (1,171) (1,014) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-368": { "value": "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
At fair
value At fair value
At Derivatives through through other
amortised used for profit or comprehensive
cost hedging loss income Total
As at 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
6
6
Trade and other receivables: other receivables
8.1
3
\u2013
2
\u2013
5
Derivative financial instruments\u2014cross-currency
interest rate swaps
\u2013
29
\u2013
\u2013
29
Current assets
Trade and other receivables: trade receivables
8.1
265
\u2013
\u2013
\u2013
265
Trade and other receivables: other receivables
8.1
23
\u2013
1
\u2013
24
Cash and cash equivalents
12.3
508
\u2013
\u2013
\u2013
508
Current liabilities
Trade and other payables excluding other tax and
social security
8.2
(366)
\u2013
\u2013
\u2013
(366)
Borrowings
12.4
(15)
\u2013
\u2013
\u2013
(15)
Non-current liabilities
Borrowings
12.4
(1,231)
\u2013
\u2013
\u2013
(1,231)
Trade and other payables: other payables
(3)
\u2013
\u2013
\u2013
(3)
Derivative financial instruments\u2014cross-currency
interest rate swaps
13.5
\u2013
(13)
\u2013
\u2013
(13)
(816)
16
3
6
(791)
IFRS 9 classification
At fair value
Derivatives
At fair value
through other
At amortised used for
through
comprehensive
cost hedging
profit or loss
income Total
As at 30 September 2023
Note
\u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
4
4
Trade and other receivables: other receivables
8.1
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
8.1
249
\u2013
\u2013
\u2013
249
Trade and other receivables: other receivables
8.1
11
\u2013
1
\u2013
12
Cash and cash equivalents
12.3
696
\u2013
\u2013
\u2013
696
Current
l
iabilities
Trade and other payables excluding other tax and
soci
al security
8.2
(336)
\u2013
\u2013
\u2013
(336)
Borrowings
12.4
(14)
\u2013
\u2013
\u2013
(14)
Non-current liabilities
Borrowings
12.4
(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
13.5
\u2013
(20)
\u2013
\u2013
(20)
(648)
(19)
3
4
(660)
13.1 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 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: 2024 Book value Fair value Book value Fair value Note \u00a3m \u00a3m \u00a3m \u00a3m Long-term borrowing (excluding lease liabilities) 12.4 (1,156) (1,065) (1,171) (1,014) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-373": { "value": "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
At fair
value At fair value
At Derivatives through through other
amortised used for profit or comprehensive
cost hedging loss income Total
As at 30 September 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
6
6
Trade and other receivables: other receivables
8.1
3
\u2013
2
\u2013
5
Derivative financial instruments\u2014cross-currency
interest rate swaps
\u2013
29
\u2013
\u2013
29
Current assets
Trade and other receivables: trade receivables
8.1
265
\u2013
\u2013
\u2013
265
Trade and other receivables: other receivables
8.1
23
\u2013
1
\u2013
24
Cash and cash equivalents
12.3
508
\u2013
\u2013
\u2013
508
Current liabilities
Trade and other payables excluding other tax and
social security
8.2
(366)
\u2013
\u2013
\u2013
(366)
Borrowings
12.4
(15)
\u2013
\u2013
\u2013
(15)
Non-current liabilities
Borrowings
12.4
(1,231)
\u2013
\u2013
\u2013
(1,231)
Trade and other payables: other payables
(3)
\u2013
\u2013
\u2013
(3)
Derivative financial instruments\u2014cross-currency
interest rate swaps
13.5
\u2013
(13)
\u2013
\u2013
(13)
(816)
16
3
6
(791)
IFRS 9 classification
At fair value
Derivatives
At fair value
through other
At amortised used for
through
comprehensive
cost hedging
profit or loss
income Total
As at 30 September 2023
Note
\u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
Non-current assets
Equity investments
\u2013
\u2013
\u2013
4
4
Trade and other receivables: other receivables
8.1
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
8.1
249
\u2013
\u2013
\u2013
249
Trade and other receivables: other receivables
8.1
11
\u2013
1
\u2013
12
Cash and cash equivalents
12.3
696
\u2013
\u2013
\u2013
696
Current
l
iabilities
Trade and other payables excluding other tax and
soci
al security
8.2
(336)
\u2013
\u2013
\u2013
(336)
Borrowings
12.4
(14)
\u2013
\u2013
\u2013
(14)
Non-current liabilities
Borrowings
12.4
(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
13.5
\u2013
(20)
\u2013
\u2013
(20)
(648)
(19)
3
4
(660)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-337": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-338": { "value": "13.4 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:
2024
2023
Equity Equity
gains/(losses) gains/(losses)
\u00a3m \u00a3m
10% strengthening of sterling versus the US Dollar
50
51
10% strengthening of sterling versus the Euro
(9)
(9)
10% weakening of sterling versus the US Dollar
(62)
(63)
10% weakening of sterling versus the Euro
1
1
10
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-339": { "value": "13.5 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. Subsequent to repayment of the US senior loan notes in the prior year, a portion of the Group\u2019s external euro denominated borrowings, relating to the 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 \u00a3560m (USD 750m) (2023: \u00a3614m, USD 750m) 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 (2023: \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:
Change in carrying
amount as a result of
Carrying movements in the year
amount
*
recognised in OCI
As at 30 September 2024 Nominal amount \u00a3m \u00a3m
Non-current borrowings
EUR bond notes**
EUR 156m
1
30
(
6
)
Derivative financial instruments
Cross-currency interest rate swap
USD 429m
(6)
(24)
Derivative financial instruments
Cross-currency interest rate swap
USD 321m
(23)
(22)
1
01
(52
)
Change in carrying amount
Carrying as a result of movements in
amount
*
the year recognised in OCI
As at 30 September 2023 Nominal amount \u00a3m \u00a3m
Non-current borrowings
EUR bond notes
EUR 156m
136
(3)
Derivative financial instruments
Cross-currency interest rate swap
USD 429m
18
(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)
153
(79)
Notes: * Liability/(asset) position. ** Hedge relationship was de-designated effective from 30 September 2024. *** Repaid during the prior year (see note 13.2). The cumulative impact of the hedged item on the consolidated balance sheet is as follows:
2024
2023
Foreign currency Foreign currency
translation reserve translation reserve
\u00a3m \u00a3m
Net investment in foreign subsidiaries\u2014USD
(29)
79
Net investment in foreign subsidiaries\u2014EUR
(9)
1
(38)
80
The change in value of the hedged item, being the Group\u2019s net investment in its USD and EUR subsidiaries, recorded through OCI in the year was \u00a346m (2023: \u00a376m) and \u00a36m (2023: \u00a33m) respectively. During the year, \u00a3nil (2023: \u00a3nil) has been recognised in the income statement as ineffective. Cash flow hedges The Group hedges the risk exposure to foreign currency exchange movements of its foreign currency borrowings. During the prior 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 interest rate 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 2024, \u00a3nil (2023: \u00a3nil) has been recognised in profit or loss due to ineffectiveness. The hedges are documented and are assessed for effectiveness on an ongoing basis. Gains and losses initially recognised in other comprehensive income on cross-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 14.3. The impact of the hedging instrument on the consolidated balance sheet is as follows:
Change in carrying Change in carrying
amount as a result of amount as a result of
net movements in net movements in
Carrying the year recognised the year recognised
amount
*
in OCI in P&L
As at 30 September 2024 Nominal amount \u00a3m \u00a3m \u00a3m
Derivative financial Cross-currency
instruments
interest rate swap
EUR 300m
13
\u2013
11
Change in carrying
Change in carrying
amount as a result of
amount as a result of
Carrying
net movements in the
net movements in the
amount
*
year recognised in OCI
year recognised in P&L
As at 30 September 2023 Nominal amount
\u00a3m
\u00a3m
\u00a3m
Derivative financial Cross-currency
instruments
interest rate swap
EUR 300m
2
(4)
6
Note: * Liability position. Further information on the Group\u2019s exposure to foreign currency risk and how the risk is managed is included in note 13.6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-396": { "value": "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-340": { "value": "13.6 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. A reconciliation of the net debt/EBITDA ratio is provided as part of the capital allocation disclosure within the Financial Review on page 61. 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 8.1 and to cash and cash equivalents in note 12.3. 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 2024 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 2024, the Group had \u00a3508m (2023: \u00a3696m) of cash and cash equivalents, while its borrowings comprised: \u2022 Sterling denominated bond notes of \u00a3743m (2023: \u00a3742m), 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% (2023: 2.45%). The \u00a3400m bond had an average fixed coupon of 2.88% (2023: 2.88%). \u2022 Euro denominated bond notes of \u00a3414m (2023: \u00a3433m). 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 4.53% (2023: 4.43%). \u2022 Unsecured bank loans of \u00a3nil (2023: \u00a3nil), which comprises an undrawn RCF. 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. During the year a portion of the Group\u2019s external euro denominated borrowings (EUR 156m of a nominal EUR 500m) were 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. This hedge relationship was de-designated effective from 30 September 2024. Prior to the repayment of the US senior loan notes in the prior 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. During the prior 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 Group had an additional pre-existing cross-currency swap contract to receive fixed sterling and pay fixed US dollars (\u00a3350m, USD 429m). The euro-sterling swap contracts 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 13.5. 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 13.5. 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 2024 and 30 September 2023, these exposures were immaterial to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-355": { "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. A reconciliation of the net debt/EBITDA ratio is provided as part of the capital allocation disclosure
within the Financial Review on page 61.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-353": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-354": { "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 8.1 and to cash and
cash equivalents in note 12.3. 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-356": { "value": "Interest rate risk The Group\u2019s borrowings at 30 September 2024 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 2024, the Group had \u00a3508m (2023: \u00a3696m) of cash and cash equivalents, while its borrowings comprised: \u2022 Sterling denominated bond notes of \u00a3743m (2023: \u00a3742m), 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% (2023: 2.45%). The \u00a3400m bond had an average fixed coupon of 2.88% (2023: 2.88%). \u2022 Euro denominated bond notes of \u00a3414m (2023: \u00a3433m). 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 4.53% (2023: 4.43%). \u2022 Unsecured bank loans of \u00a3nil (2023: \u00a3nil), which comprises an undrawn RCF. 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. During the year a portion of the Group\u2019s external euro denominated borrowings (EUR 156m of a nominal EUR 500m) were 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. This hedge relationship was de-designated effective from 30 September 2024. Prior to the repayment of the US senior loan notes in the prior 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. During the prior 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 Group had an additional pre-existing cross-currency swap contract to receive fixed sterling and pay fixed US dollars (\u00a3350m, USD 429m). The euro-sterling swap contracts 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 13.5. 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 13.5. 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 2024 and 30 September 2023, these exposures were immaterial to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-313": { "value": "14 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 plans as part of its employee remuneration package. These are set out in more detail below, along with the costs incurred, and the number of shares outstanding. Share plans primarily include: \u2022 Performance Share Plan - The Sage Group Performance Share Plan for Directors and senior executives; \u2022 Restricted Share Plan - The Sage Group Restricted Share Plan for colleagues who contribute to Sage\u2019s strategic outcomes; \u2022 Other Plans - The Sage Save and Share Plan (the \u201cSave and Share Plan\u201d) for employees of the Group and The Colleague Stock Purchase Plan (the \u201cCSPP Plan\u201d) for US-Based employees. 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. 14.1 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.
2024 2024 2023 2023
Issued and fully paid ordinary shares of 1
4/77
pence each
shares \u00a3m shares \u00a3m
At 1 October
1
,100,789,295
1
2
1,100,789,295
12
Cancellation of shares
(29,289,778)
(1)
\u2013
\u2013
At 30 September
1
,071,499,517
1
1
1,100,789,295
12
14.2 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 \u00a356m (2023: \u00a349m), all of which related to
equity-settled share-based payment transactions.
2024 2023
Plans \u00a3m \u00a3m
Performance Share Plan
5
4
Restricted Share Plan
48
42
Other Plans
3
3
Total
56
49
\u00a311m of the charge for the year (2023: \u00a36m) 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 and Senior Executives after the preliminary
declaration of the annual results. Under the Performance Share Plan, 755,730 (2023: 857,978) awards were made during the year.
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.
2023 awards
Range 1
Range 2
\u2022
Number of products (number)
3\u20136
6\u20138
\u2022
Performance condition satisfied (%)
1
%\u20134%
4%\u20135%
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 for 2024
These performance shares are subject to a service condition and three performance conditions over the 3-year length of the
performance period. 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 condition is based on the achievement of underlying earnings per share targets at the end of the
performance period. Where Underlying EPS 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.
2024 awards
Range 1
Range 2
\u2022
Underlying EPS (pence
)
37.0\u201343.0
43.0\u201346.0
\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 2024 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.
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.
2024 awards
Range 1
Range 2
\u2022
Reduction in carbon emissions (%)
8.1%\u2013
1
6.2%
1
6.2%\u201324.3%
\u2022
Performance condition satisfied (%)
1
.5%\u20136%
6%\u20137.5%
The Tech for Good condition will be measured by reference to the Sage suites that have embedded functionality for carbon
accounting at the end of the performance period.
Performance condition
2024 awards
Access to carbon accounting functionality through Sage Suites
satisfied (%)
\u2022
Threshold 1
No suites 0%
\u2022
Threshold 2
Sage for Small Business suite 1%
\u2022
Threshold 3
Sage for Small Business suite and Sage for Accountants suite 4%
\u2022
Threshold 4
Sage for Small Business suite, Sage for Accountants suite,
5%
and Sage for Medium Business suite
The Diversity, Equity and Inclusion conditions will be measured by reference to (i) the percentage of ethnically diverse
colleagues in Senior Leadership Teams, and (ii) the percentage of leadership teams in the top four levels of Sage meeting the
global gender diversity target, at the end of the performance period.
2024 awards
Range 1
Range 2
\u2022
Percentage of teams\u2014ethnicity (%
)
1
3.0%\u2013
1
6.5%
1
6.5%\u201320.0%
\u2022
Performance condition satisfied (%)
0.75%\u20133%
3%\u20133.75%
\u2022
Percentage of teams\u2014gender (%
)
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 \u00a3nil. The fair value per award(s) granted and the assumptions used in the calculation are as follows:
December February May
Grant date 2023 2024 2024
Share price at grant date
1
1.30
1
1.74
1
0.87
Number of employees
8
1
 2
Shares under award
466,758
241,514
47,458
Vesting period (years)
3
3
3
Expected volatility
23.4%
23.0%
24.3%
Award life (years)
3
3
3
Expected life (years)
3
3
3
Risk-free rate
4.17%
3.72%
4.25%
Fair value per award
8.82
8.91
1
0.00
December
Grant date 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
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.
A reconciliation of award movements over the year is shown below:
2024
2023
Weighted Weighted
average average
exercise exercise
Number price Number price
\u2019000s \u00a3 \u2019000s \u00a3
Outstanding at 1 October
2,447
\u2013
3,055
\u2013
Awarded
756
\u2013
858
\u2013
Forfeited
(210)
\u2013
(536)
\u2013
Exercised
(151)
\u2013
(930)
\u2013
Outstanding a
t
30 September
2,842
\u2013
2,447
\u2013
Exercisable at 30 September
\u2013
\u2013
\u2013
\u2013
2024
2023
Weighted Weighted
average average
remaining remaining
life years life years
Range of exercise prices
Expected
Contractual
Expected Contractual
N/A
0.9
0.9
1.2
1.2
The Sage Group Restricted Share Plan
The Group\u2019s Restricted Share Plan is a long-term incentive plan issued to colleagues who contribute to Sage\u2019s strategic
outcomes.
These contingent share awards are made primarily 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
primarily have service conditions and their fair values are equal to the share price on the date of grant. During the year 4,115,981
(2023: 6,553,637) awards were made, with fair values ranging from 11.06p to 11.49p.
A reconciliation of award movements over the year is shown below:
2024
2023
Weighted Weighted
average average
exercise exercise
Number price Number price
\u2019000s \u00a3 \u2019000s \u00a3
Outstanding at 1 October
1
8,634
\u2013
17,727
\u2013
Awarded
4,116
\u2013
6,554
\u2013
Forfeited
(1,372)
\u2013
(1,527)
\u2013
Exercised
(6,335)
\u2013
(4,120)
\u2013
Outstanding a
t
30 September
1
5,043
\u2013
18,634
\u2013
Exercisable at 30 September
\u2013
\u2013
\u2013
\u2013
2024
2023
Weighted average Weighted average
remaining life remaining life
years years
Range of exercise prices
Expected
Contractual
Expected Contractual
N/A
1
.3
1
.3
1.6 1.6
Other Plans
Other plans comprise The Sage Save and Share Plan (the \u201cSave and Share Plan\u201d), The Colleague Stock Purchase Plan (the \u201cCSPP\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 plan 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, 1,423,017 (2023: 1,579,315) options were granted under the terms of the Save and Share Plan.
The Colleague Stock Purchase Plan is an employee share purchase plan and is available to employees within the USA. The fair
value of the options is expensed over the service period of six months, with a forfeiture assumption included for any anticipated
lapses as employees leave the Group.
During the year, 197,730 (2023: nil) awards were granted under the terms of the CSPP.
As part of certain acquisitions, the Group awards certain employees with options proportional to previously held options in the
company acquired. Nil (2023: nil) options have been granted in the year. During the year, \u00a3nil (2023: \u00a3nil) costs have been
incurred to the income statement in respect of these acquisition options.
A reconciliation of historic acquisition award movements over the year is shown below:
2024
2023
Weighted Weighted
average average
exercise exercise
Number price Number price
\u2019000s \u00a3 \u2019000s \u00a3
Outstanding at 1 October
705
3.28
963
3.45
Forfeited
(42)
0.83
(15
)
 3.20
Exercised
(130)
2.66
(243
)
 3.95
Outstanding at 30 September
533
3.62
705
3.28
Exercisable at 30 September
533
3.62
705
3.28
2024
2023
Weighted average Weighted average
remaining life remaining life
years years
Range of exercise prices
Expected
Contractual
Expected
Contractual
72p\u2013702p
\u2013
2.1
\u2013
3.0
14.3 Other reserves
All components of other reserves are presented on a consolidated basis on the face of the consolidated statement of changes
in equity.
Translation Hedging Merger
reserve reserve reserve Total
Other reserves can be analysed as follows: \u00a3m \u00a3m \u00a3m \u00a3m
At 1 October 2023
1
24
4
61
1
89
Exchange differences on translating foreign operations
and net investment hedges
(101)
\u2013
\u2013
(101)
A
t
30 September 2024
23
4
61
88
Translation Hedging Merger
reserve reserve reserve Total
Other reserves can be analysed as follows: \u00a3m \u00a3m \u00a3m \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
124
4
61
189
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.
14.4 Retained earnings
2024 2023
Retained earnings
Note
\u00a3m \u00a3m
At 1 October
658
570
Profit for the year
323
211
Actuarial loss on post-employment benefit obligations, net of ta
x
10
(2)
\u2013
Employee share option scheme-
v
alue of employee services including deferred tax
62
57
Proceeds from issuance of treasury shares
9
11
Cancellation of treasury shares
1
 \u2013
Share buyback programme
(351)
\u2013
Purchase of shares by Employee Benefit Trust
(55)
(1)
Dividends paid to owners of the parent
14.5
(199)
(190)
A
t
30 September
446
658
Treasury shares At 30 September 2024, the Group held 66,725,007 (2023: 73,906,470) treasury shares. During the year, the Group agreed to satisfy the vesting of certain share awards, utilising a total of 7,181,463 (2023: 7,262,433) treasury shares. On 22 November 2023, the Group entered into a non-discretionary share buyback programme to purchase up to \u00a3350m of its own shares. The programme completed in April 2024, for a total consideration of \u00a3345m plus expected associated taxes, corresponding to the \u00a3351m recognised through retained earnings at the balance sheet date, of which \u00a3348m was paid in the current year. During the year, the Group repurchased a total of 29,289,778 ordinary shares as part of the programme, all of which were subsequently cancelled. The average price paid per ordinary share was \u00a311.79. Employee Benefit Trust The Employee Benefit Trust (EBT) 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 8,473,802 ordinary shares in the Company (2023: 4,419,478) at a cost of \u00a377m (2023: \u00a334m) with \u00a355m of shares purchased during the year (2023: \u00a31m), funded by the Company, and a nominal value of \u00a3nil (2023: \u00a3nil). During the year, the EBT utilised 1,381,398 shares it held to satisfy the vesting of certain share awards (2023: 258,505). The EBT did not receive additional funds for future purchase of shares in the market (2023: \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 2024 was \u00a387m (2023: \u00a344m). 14.5 Dividends Accounting policy Dividends are recognised through equity when approved by the Company\u2019s shareholders or on payment, whichever is earlier.
2024 2023
\u00a3m \u00a3m
Final dividend paid for the year ended 30 September 2023 of 12.75p per share
1
29
\u2013
(2023: final dividend paid for the year ended 30 September 2022 of 12.10p per share)
\u2013
123
Interim dividend paid for the year ended 30 September 2024 of 6.95p per share
70
\u2013
(2023: interim dividend paid for the year ended 30 September 2023 of 6.55p per share)
\u2013
67
1
99
190
In addition, the Directors are proposing a final dividend in respect of the financial year ended 30 September 2024 of 13. 50p per share, which will absorb an estimated \u00a3135m of shareholders\u2019 funds. The Company\u2019s distributable reserves are sufficient to support the payment of this dividend. If approved at the Annual General Meeting on 6 February 2025, it will be paid on 11 February 2025 to shareholders who are on the register of members on 10 January 2025. These financial statements do not reflect this proposed dividend payable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-341": { "value": "14.1 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.
2024 2024 2023 2023
Issued and fully paid ordinary shares of 1
4/77
pence each
shares \u00a3m shares \u00a3m
At 1 October
1
,100,789,295
1
2
1,100,789,295
12
Cancellation of shares
(29,289,778)
(1)
\u2013
\u2013
At 30 September
1
,071,499,517
1
1
1,100,789,295
12
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-409": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-397": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-342": { "value": "14.2 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 \u00a356m (2023: \u00a349m), all of which related to equity-settled share-based payment transactions.
2024 2023
Plans \u00a3m \u00a3m
Performance Share Plan
5
4
Restricted Share Plan
48
42
Other Plans
3
3
Total
56
49
\u00a311m of the charge for the year (2023: \u00a36m) 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 and Senior Executives after the preliminary declaration of the annual results. Under the Performance Share Plan, 755,730 (2023: 857,978) awards were made during the year. 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.
2023 awards
Range 1
Range 2
\u2022
Number of products (number)
3\u20136
6\u20138
\u2022
Performance condition satisfied (%)
1
%\u20134%
4%\u20135%
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 for 2024 These performance shares are subject to a service condition and three performance conditions over the 3-year length of the performance period. 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 condition is based on the achievement of underlying earnings per share targets at the end of the performance period. Where Underlying EPS 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.
2024 awards
Range 1
Range 2
\u2022
Underlying EPS (pence
)
37.0\u201343.0
43.0\u201346.0
\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 2024 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. 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.
2024 awards
Range 1
Range 2
\u2022
Reduction in carbon emissions (%)
8.1%\u2013
1
6.2%
1
6.2%\u201324.3%
\u2022
Performance condition satisfied (%)
1
.5%\u20136%
6%\u20137.5%
The Tech for Good condition will be measured by reference to the Sage suites that have embedded functionality for carbon accounting at the end of the performance period.
Performance condition
2024 awards
Access to carbon accounting functionality through Sage Suites
satisfied (%)
\u2022
Threshold 1
No suites 0%
\u2022
Threshold 2
Sage for Small Business suite 1%
\u2022
Threshold 3
Sage for Small Business suite and Sage for Accountants suite 4%
\u2022
Threshold 4
Sage for Small Business suite, Sage for Accountants suite,
5%
and Sage for Medium Business suite
The Diversity, Equity and Inclusion conditions will be measured by reference to (i) the percentage of ethnically diverse colleagues in Senior Leadership Teams, and (ii) the percentage of leadership teams in the top four levels of Sage meeting the global gender diversity target, at the end of the performance period.
2024 awards
Range 1
Range 2
\u2022
Percentage of teams\u2014ethnicity (%
)
1
3.0%\u2013
1
6.5%
1
6.5%\u201320.0%
\u2022
Performance condition satisfied (%)
0.75%\u20133%
3%\u20133.75%
\u2022
Percentage of teams\u2014gender (%
)
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 \u00a3nil. The fair value per award(s) granted and the assumptions used in the calculation are as follows:
December February May
Grant date 2023 2024 2024
Share price at grant date
1
1.30
1
1.74
1
0.87
Number of employees
8
1
 2
Shares under award
466,758
241,514
47,458
Vesting period (years)
3
3
3
Expected volatility
23.4%
23.0%
24.3%
Award life (years)
3
3
3
Expected life (years)
3
3
3
Risk-free rate
4.17%
3.72%
4.25%
Fair value per award
8.82
8.91
1
0.00
December
Grant date 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
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. A reconciliation of award movements over the year is shown below:
2024
2023
Weighted Weighted
average average
exercise exercise
Number price Number price
\u2019000s \u00a3 \u2019000s \u00a3
Outstanding at 1 October
2,447
\u2013
3,055
\u2013
Awarded
756
\u2013
858
\u2013
Forfeited
(210)
\u2013
(536)
\u2013
Exercised
(151)
\u2013
(930)
\u2013
Outstanding a
t
30 September
2,842
\u2013
2,447
\u2013
Exercisable at 30 September
\u2013
\u2013
\u2013
\u2013
2024
2023
Weighted Weighted
average average
remaining remaining
life years life years
Range of exercise prices
Expected
Contractual
Expected Contractual
N/A
0.9
0.9
1.2
1.2
The Sage Group Restricted Share Plan The Group\u2019s Restricted Share Plan is a long-term incentive plan issued to colleagues who contribute to Sage\u2019s strategic outcomes. These contingent share awards are made primarily 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 primarily have service conditions and their fair values are equal to the share price on the date of grant. During the year 4,115,981 (2023: 6,553,637) awards were made, with fair values ranging from 11.06p to 11.49p. A reconciliation of award movements over the year is shown below:
2024
2023
Weighted Weighted
average average
exercise exercise
Number price Number price
\u2019000s \u00a3 \u2019000s \u00a3
Outstanding at 1 October
1
8,634
\u2013
17,727
\u2013
Awarded
4,116
\u2013
6,554
\u2013
Forfeited
(1,372)
\u2013
(1,527)
\u2013
Exercised
(6,335)
\u2013
(4,120)
\u2013
Outstanding a
t
30 September
1
5,043
\u2013
18,634
\u2013
Exercisable at 30 September
\u2013
\u2013
\u2013
\u2013
2024
2023
Weighted average Weighted average
remaining life remaining life
years years
Range of exercise prices
Expected
Contractual
Expected Contractual
N/A
1
.3
1
.3
1.6 1.6
Other Plans Other plans comprise The Sage Save and Share Plan (the \u201cSave and Share Plan\u201d), The Colleague Stock Purchase Plan (the \u201cCSPP\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 plan 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, 1,423,017 (2023: 1,579,315) options were granted under the terms of the Save and Share Plan. The Colleague Stock Purchase Plan is an employee share purchase plan and is available to employees within the USA. The fair value of the options is expensed over the service period of six months, with a forfeiture assumption included for any anticipated lapses as employees leave the Group. During the year, 197,730 (2023: nil) awards were granted under the terms of the CSPP. As part of certain acquisitions, the Group awards certain employees with options proportional to previously held options in the company acquired. Nil (2023: nil) options have been granted in the year. During the year, \u00a3nil (2023: \u00a3nil) costs have been incurred to the income statement in respect of these acquisition options. A reconciliation of historic acquisition award movements over the year is shown below:
2024
2023
Weighted Weighted
average average
exercise exercise
Number price Number price
\u2019000s \u00a3 \u2019000s \u00a3
Outstanding at 1 October
705
3.28
963
3.45
Forfeited
(42)
0.83
(15
)
 3.20
Exercised
(130)
2.66
(243
)
 3.95
Outstanding at 30 September
533
3.62
705
3.28
Exercisable at 30 September
533
3.62
705
3.28
2024
2023
Weighted average Weighted average
remaining life remaining life
years years
Range of exercise prices
Expected
Contractual
Expected
Contractual
72p\u2013702p
\u2013
2.1
\u2013
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-398": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-343": { "value": "14.3 Other reserves All components of other reserves are presented on a consolidated basis on the face of the consolidated statement of changes in equity.
Translation Hedging Merger
reserve reserve reserve Total
Other reserves can be analysed as follows: \u00a3m \u00a3m \u00a3m \u00a3m
At 1 October 2023
1
24
4
61
1
89
Exchange differences on translating foreign operations
and net investment hedges
(101)
\u2013
\u2013
(101)
A
t
30 September 2024
23
4
61
88
Translation Hedging Merger
reserve reserve reserve Total
Other reserves can be analysed as follows: \u00a3m \u00a3m \u00a3m \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
124
4
61
189
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. 14.4 Retained earnings
2024 2023
Retained earnings
Note
\u00a3m \u00a3m
At 1 October
658
570
Profit for the year
323
211
Actuarial loss on post-employment benefit obligations, net of ta
x
10
(2)
\u2013
Employee share option scheme-
v
alue of employee services including deferred tax
62
57
Proceeds from issuance of treasury shares
9
11
Cancellation of treasury shares
1
 \u2013
Share buyback programme
(351)
\u2013
Purchase of shares by Employee Benefit Trust
(55)
(1)
Dividends paid to owners of the parent
14.5
(199)
(190)
A
t
30 September
446
658
Treasury shares At 30 September 2024, the Group held 66,725,007 (2023: 73,906,470) treasury shares. During the year, the Group agreed to satisfy the vesting of certain share awards, utilising a total of 7,181,463 (2023: 7,262,433) treasury shares. On 22 November 2023, the Group entered into a non-discretionary share buyback programme to purchase up to \u00a3350m of its own shares. The programme completed in April 2024, for a total consideration of \u00a3345m plus expected associated taxes, corresponding to the \u00a3351m recognised through retained earnings at the balance sheet date, of which \u00a3348m was paid in the current year. During the year, the Group repurchased a total of 29,289,778 ordinary shares as part of the programme, all of which were subsequently cancelled. The average price paid per ordinary share was \u00a311.79. Employee Benefit Trust The Employee Benefit Trust (EBT) 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 8,473,802 ordinary shares in the Company (2023: 4,419,478) at a cost of \u00a377m (2023: \u00a334m) with \u00a355m of shares purchased during the year (2023: \u00a31m), funded by the Company, and a nominal value of \u00a3nil (2023: \u00a3nil). During the year, the EBT utilised 1,381,398 shares it held to satisfy the vesting of certain share awards (2023: 258,505). The EBT did not receive additional funds for future purchase of shares in the market (2023: \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 2024 was \u00a387m (2023: \u00a344m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-357": { "value": "Treasury shares At 30 September 2024, the Group held 66,725,007 (2023: 73,906,470) treasury shares. During the year, the Group agreed to satisfy the vesting of certain share awards, utilising a total of 7,181,463 (2023: 7,262,433) treasury shares. On 22 November 2023, the Group entered into a non-discretionary share buyback programme to purchase up to \u00a3350m of its own shares. The programme completed in April 2024, for a total consideration of \u00a3345m plus expected associated taxes, corresponding to the \u00a3351m recognised through retained earnings at the balance sheet date, of which \u00a3348m was paid in the current year. During the year, the Group repurchased a total of 29,289,778 ordinary shares as part of the programme, all of which were subsequently cancelled. The average price paid per ordinary share was \u00a311.79. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-344": { "value": "14.5 Dividends Accounting policy Dividends are recognised through equity when approved by the Company\u2019s shareholders or on payment, whichever is earlier.
2024 2023
\u00a3m \u00a3m
Final dividend paid for the year ended 30 September 2023 of 12.75p per share
1
29
\u2013
(2023: final dividend paid for the year ended 30 September 2022 of 12.10p per share)
\u2013
123
Interim dividend paid for the year ended 30 September 2024 of 6.95p per share
70
\u2013
(2023: interim dividend paid for the year ended 30 September 2023 of 6.55p per share)
\u2013
67
1
99
190
In addition, the Directors are proposing a final dividend in respect of the financial year ended 30 September 2024 of 13. 50p per share, which will absorb an estimated \u00a3135m of shareholders\u2019 funds. The Company\u2019s distributable reserves are sufficient to support the payment of this dividend. If approved at the Annual General Meeting on 6 February 2025, it will be paid on 11 February 2025 to shareholders who are on the register of members on 10 January 2025. These financial statements do not reflect this proposed dividend payable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-399": { "value": "Accounting policy Dividends are recognised through equity when approved by the Company\u2019s shareholders or on payment, whichever is earlier.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-358": { "value": "0.135", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-314": { "value": "15 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 \u201cconcentration test\u201d 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. 15.1 Acquisitions Infineo On 9 September 2024, the Group acquired a 100% controlling interest in Infineo SAS (\u201cInfineo\u201d). Infineo provides on-premises and cloud based financial reporting solutions for SME\u2019s data collection and creation of real-time dashboard and reports across financial reporting, HR and payroll functions. The acquisition of Infineo accelerates Sage\u2019s strategy for growth by broadening its value prioritisation for SMBs and demonstrating Sage\u2019s renewed commitment to the French market.
Total
Summary of acquisition \u00a3m
Acquisition-date fair value of consideration
34
Provisional fair value of identifiable net assets (2)
Goodwill
32
In line with IFRS 3, the initial accounting for the acquisition of Infineo is provisional. The provisional fair value of identifiable net assets acquired comprises cash and cash equivalent of \u00a34m and \u00a32m of trade and other payables. The residual excess of consideration over the net assets acquired has been provisionally recognised as unallocated goodwill. No goodwill is expected to be deductible for tax purposes. Adjustments to provisional amounts will be made within the permitted measurement period where they reflect new information obtained about facts and circumstances that were in existence at the acquisition date. It is expected that the acquisition accounting will be finalised within 12 months. The results of the business are allocated to the Europe 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
(34)
Cash and cash equivalents acquired
4
Net cash outflow
(30)
Transaction costs of \u00a32m 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 Infineo for future services, 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 Infineo for the period since the acquisition date, of which both are immaterial. On an underlying basis, revenue would have increased by \u00a31m and profit after tax would have increased by \u00a33m if Infineo had been acquired at the start of the financial year and included in the Group\u2019s results for the year ended 30 September 2024. On a statutory basis, revenue would have increased by \u00a31m with no impact on the profit after tax, which includes \u00a33m of other M&A activity-related items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-400": { "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 \u201cconcentration test\u201d 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:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-410": { "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 \u201cconcentration test\u201d 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-315": { "value": "
16 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-345": { "value": "16 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-316": { "value": "17 Events after the balance sheet date On 29 October 2024, the Group acquired 100% equity capital and voting rights of Tritium Software, S.L (\u201cTritium Software\u201d), a company based in Spain, for a total consideration of \u00a332m. Tritium Software provides a cloud-native, mobile workforce management solution for field-based sales teams through its main product, ForceManager. Due to the timing of the acquisition being after 30 September 2024, the results of Tritium Software are not included in our financial statements for the year ended 30 September 2024 and the acquisition accounting has not yet been completed. In line with IFRS 3, the purchase price accounting for the acquisition will be finalised within 12 months of the acquisition date. On 19 November 2024, The Sage Group plc approved a share buyback programme of its ordinary shares of up to \u00a3400m, which is expected to commence on 20 November 2024, and end no later than 3 June 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-346": { "value": "18 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 Office address
Australia
Brightpearl Pty Limited
Suite 60 Level 2, 2 O'Connell Street,
Parramatta NSW 2150, Australia
Australia
HAMY (Australia) Pty Limited (In
C
/
o - Fincorp Accountants, Suite 7, 2-4 Northumberland Road,
Liquidation 11/03/2024) Caringbah NSW 2229, Australia
Australia
Ocre
x
Australia Pty. Limited
Level 17, 100
Barangaroo Avenue, Barangaroo NSW 2000,
Australia
Australia
Sage Business Solutions Pty 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
#2 Bayside Executive Park, West Bay Street & Blake Road,
Nassau, N.P., The Bahamas, Bahamas
Belgium
Sage S.A.
Rue Picard, 7 boite 100, 1000 Bruxelles Belgique, Belgium
Botswana
Sage Software Botswana (Pty) Ltd
1
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
Sage Holding France SAS
10 Place de Belgique, 92250, La Garenne-Colombes,
Paris, France
France
Sage Overseas Limited (Branch
10 Place de Belgique, 92250, Le Garenne Colombes,
Registration) Paris, France
France
Sage SAS
10 Place de Belgique, 92250, La Garenne-Colombes,
Paris, France
France
Infineo SAS
5 Rue de la Toscane, 44240, La Chapelle-sur-Edre, France
Germany
Best Software (Germany) GmbH
Franklinstra\u00dfe 61-63 60486, Frankfurt am Main, Germany
Germany
eWare GmbH
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 61-63, 60486, Frankfurt am Main, Germany
Germany
Sage GmbH
Franklinstra\u00dfe 61-63 60486, Frankfurt am Main, Germany
Germany
Sage Management & Services GmbH
Franklinstra\u00dfe 61-63 60486, Frankfurt am Main, Germany
Germany
Sage Services GmbH
Kar
l
-Heine-Stra\u00dfe 109-111, 04229, Leipzig, Germany
Country
Name
Registered Office address
India
Corecon Technologies India Private
B-M.C.F-97/B, ARYA NAGAR MOHNA ROAD, BALLABGARH,
Limited FARIDABAD, Haryana, 121004, India
India
Intacct Software Private Limited
1
 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.
1st and 2nd Flr Sky Loft, Creaticity Mall Opp Golf Course,
Shastrinagar Yerwada, Pune, 411006, India
India
Sage Business Technology (India)
The Atrium at Quark City, Zone -D, Second Floor, A-45,
Private Limited Industrial Focal Point, Phase VIII B, Mohali, 160059, India
India
Sage Software India Pvt Ltd (In Liquidation) N-34, Lower Ground Floor, Kalkaji, New Delhi, 110 019, India
India
VV Finly Technology Pvt. Ltd.
#S-204, Wilson Court Apts, 6th Cross, 2nd Main, Wilson
Garden, Bangalore, 560027, India
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
Deloitte House, 29 Earlsfort Terrace, Dublin, Dublin 2 DO2
Company (In liquidation 8/12/2023) AY28
Ireland
Sage Technologies Limited
Number One, Central Park, Leopardstown, DUBLIN 18, Ireland
Ireland
Sage Treasury Ireland Unlimited Company
1 Central Park, Leopardstown, Dublin 18,
Dublin, D18NH10, Ireland
Israel
Budgeta Technologies Ltd
144
Begin Menachem Rd, Tel Aviv, 6492102, Israe
l
Kenya
Sage Software East Africa Limited
1
 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,
Kuala Lumpur, Malaysia
50470
Morocco
Sage Software SARL
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
1
 Landmark Towers, 5B Water Corporation Road,
Victoria Island, Lagos, Nigeria
Poland
Sage Software Poland sp. z o.o.
ul. Towarowa 28, 00-839, Warsaw, Poland
Portugal
Sage Portugal \u2013 Software, S.A.
Edif\u00edcio Olympus II, Av. Dom Afonso Henriques 1462, 4450-013,
Matosinhos, Portugal
Romania
Intacct Development Romania SRl
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 \u2013 Planta 1, Parque Empresarial de La
Loraleja, Avenida de Europa no19, 28108 Alcobendas,
Madrid, Spain
Spain
Sage Spain SL
1
 Moraleja Building One \u2013 Planta 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: 116-120, Floor: 01, Building: 11, Dubai,
United Arab Emirates
United Kingdom
Brightpearl Limited
C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne,
NE28 9EJ, United Kingdom
United Kingdom
FUTRLI LTD (In Liquidation 14/03/2024)
C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne,
NE28 9EJ, United Kingdom
Country Name Registered Office address United Kingdom HR Bakery Ltd C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Interact UK Holdings Limited* C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Ocrex UK Ltd C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage (UK) Ltd C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Euro Hedgeco 1 C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Euro Hedgeco 2 C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Far East Investments Limited C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Global Services Limited C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Hibernia Investments No. 1 Limited3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom (In Liquidation 14/06/2023) United Kingdom Sage Hibernia Investments No. 2 Limited3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom (In Liquidation 14/06/2023) United Kingdom Sage Holding Company Limited* C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Holdings Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Irish Investments LLP (In Liquidation3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom 15/12/2023) United Kingdom Sage Irish Investments One Limited (In3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom l iquidation 15/12/2023)* United Kingdom Sage Irish Investments Two Limited (In3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom Liquidation 15/12/2023)* United Kingdom Sage Online Holdings Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Overseas Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage People Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Treasury Company Limited* C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage US LLP C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage USD Hedgeco 1 C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage USD Hedgeco 2 C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Whitley Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sagesoft C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Snowdrop Systems Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Spherics Technology Ltd (In LiquidationC23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon 13/03/2024) Tyne, NE28 9EJ, United Kingdom
Country
Name
Registered Office address
United States
Anvyl, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Brightpearl, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Ocrex, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Budgeta, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Global Services US, Inc
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Intacct, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage People, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Software Holdings, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Software International, Inc.
425
West Washington Street #4, Suffolk, Suffolk (Independent
City), VA 23434, United States
United States
Sage Software North America
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Software, Inc.
425
West Washington Street #4, Suffolk, Suffolk (Independent
City), VA 23434, United States
United States
Sage Tempus, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Softline Holdings USA, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Softline Software USA, LLC
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Softline Software, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
South Acquisition Corp.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
Notes: * Direct subsidiary. 1 Group holding in the subsidiary is \u226599% and <100%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138005RN5XYLTF8G138", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact-317": { "value": "18 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 Office address
Australia
Brightpearl Pty Limited
Suite 60 Level 2, 2 O'Connell Street,
Parramatta NSW 2150, Australia
Australia
HAMY (Australia) Pty Limited (In
C
/
o - Fincorp Accountants, Suite 7, 2-4 Northumberland Road,
Liquidation 11/03/2024) Caringbah NSW 2229, Australia
Australia
Ocre
x
Australia Pty. Limited
Level 17, 100
Barangaroo Avenue, Barangaroo NSW 2000,
Australia
Australia
Sage Business Solutions Pty 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
#2 Bayside Executive Park, West Bay Street & Blake Road,
Nassau, N.P., The Bahamas, Bahamas
Belgium
Sage S.A.
Rue Picard, 7 boite 100, 1000 Bruxelles Belgique, Belgium
Botswana
Sage Software Botswana (Pty) Ltd
1
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
Sage Holding France SAS
10 Place de Belgique, 92250, La Garenne-Colombes,
Paris, France
France
Sage Overseas Limited (Branch
10 Place de Belgique, 92250, Le Garenne Colombes,
Registration) Paris, France
France
Sage SAS
10 Place de Belgique, 92250, La Garenne-Colombes,
Paris, France
France
Infineo SAS
5 Rue de la Toscane, 44240, La Chapelle-sur-Edre, France
Germany
Best Software (Germany) GmbH
Franklinstra\u00dfe 61-63 60486, Frankfurt am Main, Germany
Germany
eWare GmbH
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 61-63, 60486, Frankfurt am Main, Germany
Germany
Sage GmbH
Franklinstra\u00dfe 61-63 60486, Frankfurt am Main, Germany
Germany
Sage Management & Services GmbH
Franklinstra\u00dfe 61-63 60486, Frankfurt am Main, Germany
Germany
Sage Services GmbH
Kar
l
-Heine-Stra\u00dfe 109-111, 04229, Leipzig, Germany
Country
Name
Registered Office address
India
Corecon Technologies India Private
B-M.C.F-97/B, ARYA NAGAR MOHNA ROAD, BALLABGARH,
Limited FARIDABAD, Haryana, 121004, India
India
Intacct Software Private Limited
1
 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.
1st and 2nd Flr Sky Loft, Creaticity Mall Opp Golf Course,
Shastrinagar Yerwada, Pune, 411006, India
India
Sage Business Technology (India)
The Atrium at Quark City, Zone -D, Second Floor, A-45,
Private Limited Industrial Focal Point, Phase VIII B, Mohali, 160059, India
India
Sage Software India Pvt Ltd (In Liquidation) N-34, Lower Ground Floor, Kalkaji, New Delhi, 110 019, India
India
VV Finly Technology Pvt. Ltd.
#S-204, Wilson Court Apts, 6th Cross, 2nd Main, Wilson
Garden, Bangalore, 560027, India
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
Deloitte House, 29 Earlsfort Terrace, Dublin, Dublin 2 DO2
Company (In liquidation 8/12/2023) AY28
Ireland
Sage Technologies Limited
Number One, Central Park, Leopardstown, DUBLIN 18, Ireland
Ireland
Sage Treasury Ireland Unlimited Company
1 Central Park, Leopardstown, Dublin 18,
Dublin, D18NH10, Ireland
Israel
Budgeta Technologies Ltd
144
Begin Menachem Rd, Tel Aviv, 6492102, Israe
l
Kenya
Sage Software East Africa Limited
1
 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,
Kuala Lumpur, Malaysia
50470
Morocco
Sage Software SARL
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
1
 Landmark Towers, 5B Water Corporation Road,
Victoria Island, Lagos, Nigeria
Poland
Sage Software Poland sp. z o.o.
ul. Towarowa 28, 00-839, Warsaw, Poland
Portugal
Sage Portugal \u2013 Software, S.A.
Edif\u00edcio Olympus II, Av. Dom Afonso Henriques 1462, 4450-013,
Matosinhos, Portugal
Romania
Intacct Development Romania SRl
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 \u2013 Planta 1, Parque Empresarial de La
Loraleja, Avenida de Europa no19, 28108 Alcobendas,
Madrid, Spain
Spain
Sage Spain SL
1
 Moraleja Building One \u2013 Planta 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: 116-120, Floor: 01, Building: 11, Dubai,
United Arab Emirates
United Kingdom
Brightpearl Limited
C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne,
NE28 9EJ, United Kingdom
United Kingdom
FUTRLI LTD (In Liquidation 14/03/2024)
C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne,
NE28 9EJ, United Kingdom
Country Name Registered Office address United Kingdom HR Bakery Ltd C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Interact UK Holdings Limited* C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Ocrex UK Ltd C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage (UK) Ltd C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Euro Hedgeco 1 C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Euro Hedgeco 2 C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Far East Investments Limited C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Global Services Limited C23 - 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyn NE28 9EJ, United Kingdom United Kingdom Sage Hibernia Investments No. 1 Limited3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom (In Liquidation 14/06/2023) United Kingdom Sage Hibernia Investments No. 2 Limited3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom (In Liquidation 14/06/2023) United Kingdom Sage Holding Company Limited* C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Holdings Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Irish Investments LLP (In Liquidation3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom 15/12/2023) United Kingdom Sage Irish Investments One Limited (In3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom l iquidation 15/12/2023)* United Kingdom Sage Irish Investments Two Limited (In3 Field Court, Gray's Inn, London, WC1R 5EF, United Kingdom Liquidation 15/12/2023)* United Kingdom Sage Online Holdings Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Overseas Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage People Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Treasury Company Limited* C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage US LLP C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage USD Hedgeco 1 C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage USD Hedgeco 2 C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sage Whitley Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Sagesoft C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Snowdrop Systems Limited C23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon Tyne, NE28 9EJ, United Kingdom United Kingdom Spherics Technology Ltd (In LiquidationC23 \u2013 5 & 6 Cobalt Park Way, Cobalt Park, Newcastle upon 13/03/2024) Tyne, NE28 9EJ, United Kingdom
Country
Name
Registered Office address
United States
Anvyl, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Brightpearl, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Ocrex, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Budgeta, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Global Services US, Inc
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Intacct, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage People, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Software Holdings, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Software International, Inc.
425
West Washington Street #4, Suffolk, Suffolk (Independent
City), VA 23434, United States
United States
Sage Software North America
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Sage Software, Inc.
425
West Washington Street #4, Suffolk, Suffolk (Independent
City), VA 23434, United States
United States
Sage Tempus, Inc.
 Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Softline Holdings USA, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Softline Software USA, LLC
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
Softline Software, Inc.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
United States
South Acquisition Corp.
Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington,
New Castle County, DE 19803, United States
Notes:
* Direct subsidiary.
1 Group holding in the subsidiary is \u226599% and <100%.
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