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Reporting entity
Shawbrook Group plc (the \u2018Company\u2019) is a public limited company incorporated
and domiciled in the UK. The Company is registered in England and Wales
(company number 07240248) and the registered office is Lutea House, Warley
Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE.
The consolidated financial statements comprise the results of the Company
and its subsidiaries (together, the \u2018Group\u2019), including its principal subsidiary,
Shawbrook Bank Limited. Details of subsidiary companies included in the
Group are provided in Note 45.
The ultimate parent company is Marlin Bidco Limited, at the reporting date, as
detailed in Note 44.
On 7 January 2026, Marlin Bidco Limited entered into Guernsey Members\u2019
Voluntary Liquidation.
The principal activities of the Group are lending and savings. Further details
regarding the nature of the Group\u2019s operations are provided in the Strategic
Report (starting on page 2).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Shawbrook Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, CM13 3BE.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Marlin Bidco Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Marlin Bidco Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "lending and savings", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "2.
Basis of accounting and measurement
Both the consolidated and Company financial statements are prepared in
accordance with UK-adopted international accounting standards, as defined by
the UK Endorsement Board. New and revised standards and interpretations
adopted by the Group during the year are detailed in Note 6. Material
accounting policies applied by the Group are detailed in Note 7.
The reporting period for the Consolidated and Company financial statements is
the 12 months ended 31 December 2025.
No individual statement of profit and loss or related notes are presented for the
Company, as permitted by Section 408 of the Companies Act 2006.
The financial statements are prepared on a going concern basis (see Note 3)
and on a historical cost basis, except for the following material items, which are
carried at fair value: derivative financial instruments, certain loan receivables
measured at fair value through profit and loss (FVTPL) and fair value through
other comprehensive income (FVOCI), and certain investment securities
measured at FVOCI.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "Both the consolidated and Company financial statements are prepared in
accordance with UK-adopted international accounting standards, as defined by
the UK Endorsement Board.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "3. Going concern
The financial statements are prepared on a going concern basis. In assessing
the appropriateness of this basis, the Directors considered the Group\u2019s current
financial position and forward-looking projections of profitability, cash flows and
capital resources over a period of at least 12 months from the date of approval
of the financial statements.
In forming this assessment, the Directors also considered the Group\u2019s risk
assessment framework, including the identification and assessment of top and
emerging risks (see page 117 of the Risk Report) through management and
Board risk governance, and the potential impacts of these risks on the Group\u2019s
financial position and business model.
The Directors have reviewed the Group\u2019s capital and liquidity plans under the
Group\u2019s approved budget and considered the results of stress testing and
scenario analysis performed as part of the going concern assessment and the
ILAAP and ICAAP processes. The stress testing included a range of severe but
plausible scenarios designed to assess resilience across differing
macroeconomic and interest rate environments, together with additional
idiosyncratic and balance sheet stresses relevant to the Group. The
assessment also considered the effect of management actions that are within
the control of the Group.
Based on the assessment performed, including the outcomes of base case
forecasts and severe but plausible stresses, the Directors have a reasonable
expectation that the Group has sufficient resources to continue in operational
existence for a period of at least 12 months from the date of approval of these
financial statements and to continue to meet its regulatory capital and liquidity
requirements. Accordingly, the Directors have concluded that it is appropriate to
adopt the going concern basis in preparing these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "4.
Functional and presentation currency
Both the consolidated and Company financial statements are presented in
pounds sterling, which is the functional currency of the Company and all of its
subsidiaries. All amounts are rounded to the nearest million (to one decimal
place), except where otherwise indicated.
Foreign currency transactions are translated into the functional currency using
the spot exchange rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency using the spot exchange rate at the reporting date.
Foreign exchange gains and losses resulting from the restatement and
settlement of such transactions are recognised in the statement of profit and
loss.
Non-monetary assets and liabilities measured on a historical cost basis and
denominated in foreign currencies are translated into the functional currency
using the spot exchange rate at the date of the transaction. Non-monetary
assets and liabilities measured at fair value and denominated in foreign
currencies are translated into the functional currency at the spot exchange rate
at the date of valuation. Where these assets and liabilities are held at FVTPL,
exchange differences are reported as part of the fair value gain or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "4.
Functional and presentation currency
Both the consolidated and Company financial statements are presented in
pounds sterling, which is the functional currency of the Company and all of its
subsidiaries. All amounts are rounded to the nearest million (to one decimal
place), except where otherwise indicated.
Foreign currency transactions are translated into the functional currency using
the spot exchange rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency using the spot exchange rate at the reporting date.
Foreign exchange gains and losses resulting from the restatement and
settlement of such transactions are recognised in the statement of profit and
loss.
Non-monetary assets and liabilities measured on a historical cost basis and
denominated in foreign currencies are translated into the functional currency
using the spot exchange rate at the date of the transaction. Non-monetary
assets and liabilities measured at fair value and denominated in foreign
currencies are translated into the functional currency at the spot exchange rate
at the date of valuation. Where these assets and liabilities are held at FVTPL,
exchange differences are reported as part of the fair value gain or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "5.
Presentation of risk and capital management
disclosures
Disclosures required under IFRS 7 \u2018Financial Instruments: Disclosures\u2019
concerning the nature and extent of risks relating to financial instruments are
included within the principal risks section of the Risk Report. Specifically, this
section includes updates and additional information about credit risk (starting
on page 130), market, liquidity and capital risk (starting on page 160).
Disclosures required under IAS 1 \u2018Presentation of Financial Statements\u2019
concerning the management of capital are also included within the principal
risks section of the Risk Report (starting on page 167).", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "6.
New and revised standards and interpretations
Adoption of new and revised standards and interpretations during the
current reporting period
During the year ended 31 December 2025, the amendment to IAS 21 Lack of
Exchangeability became effective for annual reporting periods beginning on or
after 1 January 2025. This amendment did not have a material effect on the
Group\u2019s financial statements, as the Group\u2019s operations are predominantly
UK
\u2011
focused and therefore not exposed to significant currency or
hyperinflationary risk.
Future developments
A number of amendments to existing accounting standards have been issued
as at 31 December 2025 but are not yet effective and have not been early
adopted by the Group. Based on current assessments, none of these
forthcoming changes are expected to have a material impact on the Group\u2019s
financial statements, although the Group continues to assess their impact as
implementation approaches. Key upcoming developments include:
\u2022
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of
Financial Instruments
Effective 1 January 2026. These amendments address derecognition of
financial liabilities settled via electronic transfers, clarify the SPPI test,
provide guidance on non-recourse features, and introduce new disclosure
requirements, including for ESG-linked features.
\u2022
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-
Dependent Electricity
Effective 1 January 2026. The amendments clarify own-use criteria for
nature-dependent electricity contracts, update cash flow hedge designation
rules, and introduce new disclosures on their impact on financial
performance and cash flows.
\u2022
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
Effective 1 January 2026. These include minor clarifications and corrections
to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7.
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements
Effective 1 January 2027, with early adoption permitted. IFRS 18 introduces
new requirements for presentation within the statement of profit or loss,
including specified totals and subtotals, it requires entities to classify all
income and expenses into five categories: operating, investing, financing,
income tax and discontinued operations, and introduces defined subtotals,
including operating profit. It also requires clearer definitions and
reconciliations of management-defined performance measures. The Group
is currently assessing the impact of this standard on the presentation of its
financial statements.
\u2022
IFRS 19: Subsidiaries Without Public Accountability \u2013 Disclosures
Effective 1 January 2027. The standard permits eligible subsidiaries without
public accountability, whose parent prepares
IFRS consolidated statements, to apply reduced disclosures instead of full
IFRS requirements.
The Group will continue to monitor these developments and will apply the
relevant standards and amendments when they become effective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "7. Material accounting policies
Except where otherwise indicated, the Group has consistently applied the
following accounting policies to all periods presented in these financial
statements.
a)
Basis of consolidation
Subsidiaries
See disclosures at Note 45
Subsidiaries are entities, including structured entities, that are controlled by the
Group. Control is achieved when the Group has power over the entity, is
exposed or has rights to variable returns from its involvement with the entity
and can use its power over the entity to affect its returns. The Group
reassesses whether it controls the entity if facts and circumstances indicate
that there are changes to one or more of these three elements of control.
Subsidiaries are consolidated from the date on which control is transferred to
the Group and are deconsolidated from the date that control ceases.
Accounting policies are applied consistently across the Group and intragroup
transactions and balances are eliminated in full on consolidation.
Business combinations
Business combinations are accounted for using the acquisition method.
Consideration transferred and the identifiable assets acquired and liabilities
assumed as part of the business combination are generally, with some limited
exceptions, recognised at their acquisition date fair values.
The cost of acquisition is the aggregate of the fair value of consideration
transferred, amount recognised for non-controlling interests and the fair value
of any previous interest held. If the cost of acquisition exceeds the fair value of
identifiable net assets acquired, goodwill is recognised and is treated in
accordance with the policies set out in Note 7(m). If the fair value of identifiable
net assets acquired exceeds the cost of acquisition (a \u2018bargain purchase\u2019), a
gain is recognised in the statement of profit and loss.
Acquisition-related costs are expensed as incurred and are included in
administrative expenses in the statement of profit and loss, except if related to
the issue of debt or equity securities, whereby any incremental direct
transaction costs are recognised as a deduction from the instrument.
b)
Operating segments
See disclosures at Note 11
Operating segments are identified based on internal reports and components
of the Group that are regularly reviewed by the chief operating decision maker
to allocate resources to segments and to assess their performance. For this
purpose, the chief operating decision maker for the Group is the Executive
Committee. Operating segments may be included as a reportable operating
segment even when quantitative thresholds stipulated in IFRS 8 \u2018Operating
segments\u2019 are not met, if the Group deems that such information is useful to
users of the financial statements in understanding the performance of the
different customer segments it operates within.
The Group determines operating segments according to similar economic
characteristics and the nature of its products and services. No operating
segments are aggregated to form the Group\u2019s reportable operating segments.
c)
Interest income and expense
See disclosures at Note 12 and Note 13
Interest on financial instruments measured at amortised cost, FVOCI and
FVTPL
For interest-bearing financial instruments measured at amortised cost or
FVOCI, interest income and expense is recognised using the effective interest
rate (EIR) method, which allocates interest over the expected life of the
financial instrument.
In calculating interest under the EIR method, the Group applies its established
accounting policy in relation to financial instruments that revert from a fixed to
variable rate of interest, whereby the EIR is based on the fixed rate for the fixed
period and does not take account of any reversionary interest post the end of
the fixed date. The Group monitors actual and expected customer repayment
behaviour and periodically adjusts the recognition profile to reflect significant
changes.
The EIR is the rate that exactly discounts the estimated future cash flows over
the expected life of the financial instrument to the gross carrying amount of a
financial asset, or the amortised cost of a financial liability.
When calculating the EIR, future cash flows are estimated by considering all
contractual terms of the financial instrument, excluding the loss allowance
recognised on financial assets. The calculation includes all fees paid or
received between parties to the contract that are an integral part of the EIR,
transaction costs and all other premiums or discounts. Transaction costs
include incremental costs that are directly attributable to the acquisition or
issue of the financial instrument.
For non-credit impaired financial assets (i.e. a \u2018Stage 1\u2019 or \u2018Stage 2\u2019 asset per
page 131 of the Risk Report), interest income is calculated by applying the
calculated EIR to the gross carrying amount of the financial asset.
For financial assets that become credit-impaired after initial recognition (i.e. a
\u2018Stage 3\u2019 asset per page 131 of the Risk Report), interest income is calculated
by applying the calculated EIR to the amortised cost of the financial asset. If
the asset is no longer credit-impaired, the calculation of interest income reverts
to the gross basis.
For financial assets that were credit-impaired on initial recognition (i.e. a \u2018POCI\u2019
asset per page 131 of the Risk Report), interest income is calculated by applying
a credit-adjusted EIR to the amortised cost of the financial asset. The calculation
of interest income does not revert to the gross basis, even if the credit risk of the
asset improves. For financial liabilities, interest expense is calculated by applying
the calculated EIR to the amortised cost of the financial liability.
Interest income and interest expense on loans and advances held at FVTPL are
presented as other interest income within NII.
Interest on derivative financial instruments
For derivative financial instruments forming part of a qualifying hedging
relationship, net interest income or expense is recognised based on the
underlying hedged items. For derivative financial instruments hedging assets,
the net interest income or expense is recognised in interest income. For
derivative financial instruments hedging liabilities, the net interest income or
expense is recognised in interest expense.
For derivative financial instruments not in a qualifying hedging relationship,
interest is presented in accordance with whether it represents interest income
or interest expense.
Interest on leases
Interest relating to lease and instalment credit agreements is recognised in a
manner that achieves a constant rate of interest on the remaining balance of
the receivable/liability.
d)
Fee and commission income and expense
See disclosures at Note 14
Fee and commission income includes amounts from contracts with customers
that are not included in the EIR calculation. These amounts are recognised
when performance obligations attached to the fee or commission have been
satisfied. The income streams included in fee and commission income all have
a single performance obligation attached to them.
Where income is earned from the provision of a service, such as an account
maintenance fee or a non-utilisation fee, the performance obligation is deemed
to have been satisfied when the service is delivered. In general, services are
provided each month, thus the performance obligation is satisfied and the
income recognised on a monthly basis. Where income is earned upon the
execution of a significant act, such as fees for executing a payment, the
performance obligation is deemed to have been satisfied and the income
recognised when the act is completed.
Incremental costs incurred to generate fee and commission income are charged
to fee and commission expense as they are incurred.
e)
Administrative expenses
See disclosures at Note 16
Administrative expenses are recognised on an accruals basis. Accounting
policies for expenses relating to intangible assets are set out in Note 7(m).
Accounting policies for payroll related costs, are set out below:
Salaries and social security costs are recognised over the period the
employees provide the services to which the payments relate.
Cash bonus awards are recognised to the extent that there is a present
obligation to employees that can be reliably measured and are recognised over
the period the employees are required to provide services.
For long-term incentive plans, benefits are recognised at the present value of
the obligation at the reporting date, reflecting the best estimate of the effect of
the associated performance conditions. Costs are recognised over the period
until which all vesting conditions are considered to have been reasonably
achieved, which takes into account the period the employees are required to
provide services.
For defined contribution pension arrangements, the Group pays fixed
contributions into employees\u2019 personal pension plans, with no further payment
obligations once the contributions have been paid. The Group\u2019s contributions to
such arrangements are recognised as an expense when they fall due.
f)
Tax
See disclosures at Note 21 and Note 30
Tax comprises current tax and deferred tax. Tax is generally recognised in the
statement of profit and loss, except where it relates to items recognised directly
in equity, in which case the tax is also recognised in equity. An exception to this
is distributions to holders of capital securities, whereby the distribution is
recognised directly in equity, but the tax relief is recognised in the statement of
profit and loss, to align with where the transactions and events that generated
the distributable profits are recognised. The liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by the end of
the reporting period.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used for tax purposes.
Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are only recognised for all deductible timing
differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilised. The
carrying amount of deferred tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are netted off where there is a legally
enforceable right to set off current tax assets against current tax liabilities and
the deferred tax assets and deferred tax liabilities relate to income taxes levied
by the same taxation authority on either the same taxable entity or different
taxable entities which intend to settle current tax liabilities and assets on a net
basis. The measurement of deferred tax reflects the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using
tax rates enacted or substantively enacted at the reporting date.
g)
Cash and cash equivalents
See disclosures at Note 23
Cash and cash equivalents is the aggregate of cash and balances at central
banks, loans and advances to banks and short-term highly liquid debt
securities with less than three months to maturity from the date of acquisition.
All components of cash and cash equivalents are classified as financial assets
measured at amortised cost (see Note 7(t)).
Loans and advances to banks include cash collateral paid under terms that are
usual and customary for such activities.
h)
Loans and advances to customers
See disclosures at Note 24
Loans and advances to customers include loan receivables, finance lease
receivables and instalment credit receivables.
Loan receivables are financial assets measured at amortised cost, FVOCI and
FVTPL (see Note 7(t)).
Finance lease receivables and instalment credit receivables are accounted for
as detailed in Note 7(r). For presentational purposes, they are included within
loans and advances to customers at amortised cost.
Certain assets included in loans and advances to customers are pledged as
collateral under terms that are usual and customary for such activities, whilst
others have been transferred to structured entities as part of securitisation
transactions. These assets do not meet the derecognition criteria outlined in
Note 7(t) and therefore continue to be recognised in their entirety in the
statement of financial position.
Certain loans are designated as the hedged item in hedge relationships. The
total carrying amount of loans and advances to customers includes the
cumulative fair value adjustment to the carrying amount of the hedged item in
relation to fair value hedges (see Note 7(l)).
i) Securitisation transactions
See disclosures at Note 25 and Note 36
Certain loans included within loans and advances to customers are securitised,
by transferring the beneficial interest in the loans to a bankruptcy remote
structured entity. A structured entity is an entity designed so that its activities
are not governed by way of voting rights.
An assessment is performed to determine whether the Group controls such
structured entities, in accordance with the criteria set out in Note 7(a). In
performing this assessment, factors considered include: the purpose and
design of the entity; its practical ability to direct the relevant activities of the
entity; the nature of the relationship with the entity; and the size of its exposure
to the variability of returns of the entity. Where the Group is assessed to control
the structured entity, it is treated as a subsidiary and is fully consolidated.
A further assessment is performed to determine whether the securitised loans
meet the derecognition criteria outlined in Note 7(t). If the derecognition criteria
are met, the transferred loans are treated as sales, referred to as \u2018structured
asset sales\u2019 and a gain or loss on derecognition is recognised in the statement
of profit and loss. If the derecognition criteria are not met, the transfer of loans
is not treated as a sale and the loans continue to be recognised in their entirety
in the statement of financial position.
Securitisations involve the simultaneous issue of debt securities by the
associated structured entity to investors. In securitisation transactions where
the structured entity is consolidated, the issued debt securities are classified on
initial recognition as financial liabilities, as the substance of the contractual
arrangements are such that there is an obligation to deliver the cash flows
generated from the underlying securitised loans to the debt security holder.
These financial liabilities are measured at amortised cost (see Note 7(t)) and
are presented in debt securities in issue in the statement of financial position.
Certain debt securities issued by structured entities are retained by the Group.
Where retained debt securities are issued by consolidated structured entities,
they are eliminated in full on consolidation. Where retained debt securities are
issued by unconsolidated structured entities, they are recognised in investment
securities in the statement of financial position.
j)
Investment securities
See disclosures at Note 26
Investment securities are classified as financial assets measured at amortised
cost and FVOCI (see Note 7(t)).
Certain investment securities are pledged as collateral under terms that are
usual and customary for such activities. These assets do not meet the
derecognition criteria outlined in Note 7(t) and therefore continue to be
recognised in their entirety in the statement of financial position.
Investment securities may be sold subject to a commitment to repurchase them
at a predetermined price (a \u2018repurchase agreement\u2019). The terms of these
transactions are such that the derecognition criteria outlined in Note 7(t) are not
met and, accordingly, the sold assets continue to be recognised in their entirety
in the statement of financial position.
Consideration received as part of repurchase agreements is recognised as a
liability in amounts due to banks in the statement of financial position, reflecting
that there is an obligation to repurchase the assets for a fixed price at a future
date. The difference between the sale and repurchase price is treated as
interest and is accrued over the life of the agreement using the EIR method.
Investment securities may also be swapped via linked repurchase and reverse
repurchase agreements with the same counterparty (a \u2018security swap\u2019). In such
transactions, no cash consideration is exchanged, the transferred assets are
not derecognised and there is no associated liability as the non-cash collateral
received is not recognised in the statement of financial position (i.e. the
transaction is off-balance sheet). Net fees are treated as interest and are
accrued over the life of the agreement using the EIR method.
k)
Derivative financial instruments
See disclosures at Note 27
Derivative financial instruments are classified as FVTPL (see Note 7(t)).
Derivatives are classified as financial assets when their fair value is positive
and financial liabilities when their fair value is negative. Where there is the legal
right and intention to settle net, the derivative is classified as a net asset or net
liability, as appropriate.
To calculate fair values, discounted cash flow models using yield curves that
are based on observable market data are typically used. For collateralised
positions, discount curves based on overnight indexed swap rates are used.
For non-collateralised positions, discount curves based on Sterling Overnight
Index Average rate (SONIA) are used.
For measuring derivatives that might change the classification from being an
asset to a liability or vice versa, fair values do not take into consideration the
credit valuation adjustment, debit valuation adjustment or the funding valuation
adjustment because the impact on any uncollateralised position is deemed to
be immaterial.
Where derivatives are not designated as part of an accounting hedge
relationship, gains and losses arising from changes in the clean fair value are
recognised in net gains/(losses) on derivative financial instruments and hedge
accounting in the statement of profit and loss. Where derivatives are
designated within an accounting hedge relationship, the treatment of changes
in fair value is as described in Note 7(l).
The Group enters into master netting and margining agreements with
derivative counterparties.
In general, under such master netting agreements, the amounts owed by each
counterparty that are due on a single day in respect of all transactions
outstanding under the agreement are aggregated into a single net amount
payable by one party to the other.
In certain circumstances, for example when a credit event such as a default occurs,
all outstanding transactions under the agreement are aggregated into a single net
amount payable by one party to the other and the agreements terminated.
Under margining agreements, where there is a net asset position valued at
current market values in respect of derivatives with a counterparty, then that
counterparty will place collateral, usually cash, with the Group to cover the
position. Similarly, where there is a net liability position, the Group will place
collateral, usually cash, with the counterparty.
l)
Hedge accounting
See disclosures at Note 27
The Group has elected, as an accounting policy choice permitted under IFRS 9
\u2018Financial Instruments\u2019, to continue to apply the hedge accounting rules set out
in IAS 39 \u2018Financial Instruments \u2013 Recognition and measurement\u2019. However,
additional hedge accounting disclosures introduced by IFRS 9\u2019s consequential
amendments to IFRS 7 are provided.
Hedge accounting is permitted when documentation, eligibility and testing
criteria are met. Accordingly, at the inception of a hedge relationship, the Group
formally designates and documents the hedge relationship that it wishes to
apply hedge accounting to and the risk management objective and strategy for
undertaking the hedge. The method to be used to assess the effectiveness of
the hedge relationship is also documented.
At inception, and on a monthly basis thereafter, an assessment is performed to
determine whether the hedging instrument is highly effective in offsetting
changes in the fair value or cash flows of the hedged item. For this
assessment, the dollar-offset method is used, except for trades designated in
dynamic hedge accounting relationships, whereby the regression method is
used. The hedge is deemed to be highly effective where the actual results of
the hedge are within a range of 80-125%. If it is concluded that the hedge is no
longer highly effective, hedge accounting is discontinued. The Group\u2019s hedging
strategy incorporates the use of both fair value hedges and cash flow hedges,
as detailed below:
Fair value hedges
Certain derivatives are designated as hedging instruments to hedge interest
rate risk. The hedged items are portfolios of loans and advances to customers
or customer deposits that are identified as part of the risk management
process.
The portfolios comprise either fixed rate loans, or fixed rate deposits, in respect
of the designated benchmark interest rate (e.g. SONIA). Each portfolio is
grouped into repricing time periods based on expected repricing dates, by
scheduling cash flows into the periods in which they are expected to occur. The
hedging instruments are designated to those repricing time periods.
Changes in the fair value of the derivatives designated as hedging instruments,
together with changes in the fair value of the hedged item attributable to the
hedged risk, are recognised in net gains/(losses) on derivative financial
instruments and hedge accounting in the statement of profit and loss.
Movement in the fair value of the hedged item is recognised as an adjustment
to the carrying amount of the hedged asset or liability.
If the hedge no longer meets the criteria for hedge accounting, hedge
accounting is discontinued prospectively. The cumulative fair value adjustment
to the carrying amount of the hedged item is amortised to the statement of
profit and loss over the remaining period to maturity.
If the hedged item is derecognised, the cumulative fair value adjustment to the
carrying amount of the hedged item is recognised immediately in the statement
of profit and loss.
Cash flow hedges
Certain derivatives are designated as hedging instruments to hedge variability
in cash flows attributable to interest rate risk. The hedged cash flows may be
highly probable future cash flows attributable to a recognised asset or liability,
or a highly probable forecast transaction.
The effective portion of changes in the fair value of derivatives designated as
hedging instruments is recognised in other comprehensive income and is
presented in the cash flow hedging reserve in the statement of financial
position. The ineffective portion is recognised immediately in the statement of
profit and loss in net gains/(losses) on derivative financial instruments and
hedge accounting. The carrying amount of the hedged item is not adjusted.
Amounts accumulated in the cash flow hedging reserve are reclassified to the
statement of profit and loss in the periods in which the hedged cash flows affect
profit and loss.
When a hedging instrument expires or is sold, or when a hedge no longer
meets the criteria for hedge accounting, any cumulative gain or loss remains in
the cash flow hedging reserve and is subsequently reclassified to the
statement of profit and loss when the forecast transaction affects profit and
loss.
When a forecast transaction is no longer expected to occur, any cumulative
gain or loss included in the cash flow hedging reserve is immediately
reclassified to the statement of profit and loss. When reclassifying amounts to
the statement of profit and loss they are recognised in net gains/(losses) on
derivative financial instruments and hedge accounting.
m)
Intangible assets and amortisation
See disclosures at Note 29
Goodwill
Goodwill may arise on the acquisition of subsidiaries and represents the
excess of the cost of acquisition over the fair value of identifiable net assets
acquired. Goodwill is stated at cost less any accumulated impairment losses.
Goodwill is not amortised but is tested for impairment annually and whenever
there is an indication that impairment may exist. For the purpose of impairment
testing, goodwill is allocated to cash generating units (CGUs). A CGU is the
smallest identifiable group of assets that generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets.
If the carrying amount of a CGU exceeds the recoverable amount, an
impairment loss is recognised in administrative expenses in the statement of
profit and loss.
Other intangible assets
Other intangible assets are measured at cost less accumulated amortisation
and any accumulated impairment losses. For externally acquired intangible
assets, cost includes the original purchase price of the asset and any directly
attributable costs of preparing the asset for its intended use. For internally
developed intangible assets, cost includes all costs directly attributable in
preparing the asset so that it is capable of operating in its intended manner.
For internally developed intangible assets costs may only be capitalised when
it can be demonstrated that: the expenditure can be reliably measured; the
product or process is technically and commercially feasible; future economic
benefits are probable; and there is the intention and ability to complete
development and subsequently use or sell the asset. Until the point that all
conditions are regarded as met, costs are recognised in administrative
expenses in the statement of profit and loss as incurred.
Subsequent expenditure is capitalised only when it increases the future
economic benefits embodied in the specific asset it relates to. All other
expenditure is recognised in administrative expenses in the statement of profit
and loss as incurred.
Intangibles arising from acquisitions are measured at fair value at the
acquisition date and then amortised subsequently. The estimated useful life
adopted is based on Shawbrook\u2019s policy depending on the type of intangibles.
Amortisation is calculated to write off the cost of the asset less its estimated
residual value on a straight-line basis over its estimated useful life and is
charged to administrative expenses in the statement of profit and loss. The
estimated useful life is three to seven years. The amortisation method, useful
lives and residual values are reviewed at each reporting date and adjusted if
appropriate.
Assets are reviewed for indicators of impairment at each reporting date and if
indicators are present, an impairment review is performed. If the carrying
amount exceeds the recoverable amount, an impairment loss is recognised in
administrative expenses in the statement of profit and loss.
On the disposal of an asset, the net disposal proceeds are compared with the
carrying amount of the asset and any gain or loss included in administrative
expenses in the statement of profit and loss.
n)
Investment in subsidiaries
See disclosures at Note 32
The Company\u2019s investments in controlled entities are valued at cost less any
accumulated impairment losses.
Investments are reviewed for indicators of impairment at each reporting date
and if indicators are present, an impairment review is performed. If the carrying
amount exceeds the recoverable amount, an impairment loss is recognised in
the statement of profit and loss.
o)
Amounts due to banks
See disclosures at Note 33
Amounts due to banks are classified as financial liabilities measured at
amortised cost (see Note 7(t)).
Amounts due to banks may include liabilities recognised as part of repurchase
agreements (see Note 7(j)) and cash collateral received under terms that are
usual and customary for such activities.
p)
Customer deposits
See disclosures at Note 34
Customer deposits are classified as financial liabilities measured at amortised
cost (see Note 7(t)).
Certain deposits are designated as the hedged item in hedge relationships.
The total carrying amount of customer deposits includes the cumulative fair
value adjustment to the carrying amount of the hedged item in relation to fair
value hedges (see Note 7(l)).
q)
Provisions
See disclosures at Note 35
Provisions are recognised when there is a present obligation arising as a result
of a past event, it is probable that an outflow of resources will be required to
settle the obligation and the amount of the obligation can be reliably estimated.
Provisions for levies are recognised when the conditions that trigger the
payment of the levy are met.
When it is expected that some or all of a provision will be reimbursed, for
example, under an insurance contract, the reimbursement is recognised as a
separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the statement of profit and loss
net of any reimbursement.
Provisions also include the loss allowance recognised on loan commitments
(see Note 7(u)).
r)
Leases
See disclosures at Note 37
Group as a lessor: finance leases
Lease and instalment credit agreements in which the Group transfers
substantially all the risks and rewards of ownership of the underlying asset to
the lessee are treated as finance leases.
A receivable equal to the net investment in the lease is recognised in loans and
advances to customers in the statement of financial position. This amount
represents the future lease payments less profit and costs allocated to future
periods. The receivable is subject to impairment, as detailed in Note 7(u).
Lease payments are apportioned between interest income in the statement of
profit and loss and a reduction of the receivable in order to achieve a constant
rate of interest on the remaining balance of the receivable.
Group as a lessor: operating leases
Lease agreements in which the Group does not transfer substantially all the
risks and rewards of ownership of the underlying asset to the lessee are
treated as operating leases.
The leased asset is recognised in property, plant and equipment in the statement
of financial position at the lower of its fair value less costs to sell and the carrying
amount of the lease (net of impairment allowance) at the date of exchange.
Depreciation is calculated to write off the cost of the asset less its estimated
residual value on a straight-line basis over the life of the lease and is charged
to depreciation on operating leases in the statement of profit and loss.
Assets are reviewed for indicators of impairment at each reporting date and if
indicators are present, an impairment review is performed. If the carrying
amount exceeds the recoverable amount, an impairment loss is recognised in
net other operating lease income/(expense) in the statement of profit and loss.
Operating lease rental income is recognised in the statement of profit and loss
on a straight-line basis over the lease term.
Where an agreement is classified as an operating lease at inception but is
subsequently reclassified as a finance lease following a change to the
agreement or an extension beyond the primary term, then the agreement is
accounted for as a finance lease.
Group as a lessee
At the lease commencement date a right-of-use asset and a lease liability is
recognised.
s)
Subordinated debt
See disclosures at Note 39
Subordinated debt liabilities are classified as financial liabilities measured at
amortised cost (see Note 7(t)).
Subordinated debt receivables in the Company are classified as financial
assets measured at amortised cost (see Note 7(t)).
t)
Financial assets and financial liabilities
See disclosures at Note 40
Recognition of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the instrument. Regular way
purchases and sales of financial assets are recognised on trade date.
Classification and measurement of financial assets
To classify financial assets, two assessments are performed:
\u2022
The \u2018business model assessment\u2019:
this assessment determines whether
the Group\u2019s objective is to generate cash flows from collecting contractual
cash flows (\u2018hold-to-collect\u2019), by both collecting contractual cash flows and
selling financial assets (\u2018hold-to-collect-and-sell\u2019) or neither. The
assessment is performed at a portfolio level and is based on expected
scenarios. In making this assessment, information considered includes:
sales in prior periods, expected sales in future periods and the reasons for
such sales. If cash flows are realised in a manner that is different from the
original expectation, the classification of the remaining financial assets in
that portfolio is not changed, but such information is used when assessing
new financial assets going forward.
\u2022
The \u2018SPPI test\u2019:
this assessment determines whether the contractual cash
flows of the financial asset are solely payments of principal and interest on
the principal amount outstanding (SPPI) (i.e. whether the contractual cash
flows are consistent with a basic lending arrangement). For the purposes
of this test, principal is defined as the fair value of the financial asset at
initial recognition.
Interest is defined as consideration for the time value of money and credit risk
associated with the principal amount outstanding and for other basic lending
risks and costs (e.g. liquidity risk and administrative costs), as well as a
reasonable profit margin. The SPPI test is performed at an instrument level
based on the contractual terms of the instrument at initial recognition. In
performing the SPPI test, terms that could change the contractual cash flows
so that they are not SPPI are considered, such as: contingent and leverage
features, non-recourse arrangements and features that could modify the time
value of money.
Based on the two assessments, financial assets are classified as amortised
\n
cost, FVOCI or FVTPL, as follows:
\n
\u2022
Amortised cost
: when the financial asset is held in a hold-to-collect
\n
business model and its contractual terms give rise on specified dates to
\n
cash flows that are SPPI.
\n
\u2022
FVOCI
: when the financial asset is held in a hold-to-collect-and-sell
\n
business model and its contractual terms give rise on specified dates to
\n
cash flows that are SPPI.
\n
\u2022
FVTPL
: when the financial asset does not meet the criteria to be classified
\n
as amortised cost or FVOCI.
\n
Derivatives embedded in contracts where the host is a financial asset are
\n
never separated. Instead, the hybrid financial instrument as a whole is
\n
assessed for classification.
\n
For financial assets that meet the requirements to be classified as amortised
\n
cost or FVOCI, on initial recognition, the Group may irrevocably designate the
\n
financial asset as FVTPL, if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
Investments in equity instruments are normally classified as FVTPL. However, on
\n
initial recognition of an equity instrument that is not held for trading, the Group may
\n
irrevocably elect, on an investment-by-investment basis, to present subsequent
\n
changes in fair value in the statement of other comprehensive income.
\n
After initial recognition, financial assets are reclassified only under the rare
\n
circumstances that the Group changes its business model for managing
\n
financial assets.
\n
Financial assets classified as amortised cost are initially measured at fair value
\n
plus incremental direct transaction costs. Subsequent measurement is at
\n
amortised cost using the EIR method (see Note 7(c)). Amortised cost is
\n
reduced by impairment losses (see Note 7(u)). Interest income, foreign
\n
exchange gains and losses and impairment losses are recognised in the
\n
statement of profit and loss.
\n
Financial assets classified as FVOCI are initially measured at fair value plus
\n
incremental direct transaction costs. Subsequent measurement is at fair value,
\n
with changes in fair value recognised in other comprehensive income and
\n
presented in the FVOCI reserve in the statement of financial position. Interest
\n
income, foreign exchange gains and losses and impairment losses are
\n
recognised in the statement of profit and loss.
\n
Financial assets classified as FVTPL are initially measured at fair value and are
\n
subsequently remeasured at fair value. Net gains and losses, including any
\n
interest or dividend income, are recognised in the statement of profit and loss.
\n
Classification and measurement of financial liabilities
\n
Financial instruments are classified as a financial liability when the substance of
\n
the contractual arrangements result in the Group having a present obligation to
\n
deliver cash, another financial asset or a variable number of equity instruments.
\n
Financial liabilities are classified at initial recognition as FVTPL or amortised
\n
cost as follows:
\n
\u2022
FVTPL:
when the financial liability meets the definition of held for trading,
\n
or when the financial liability is designated as such to eliminate or
\n
significantly reduce an accounting mismatch that would otherwise arise.
\n
\u2022
Amortised cost:
when the financial liability is not classified as FVTPL.
\n
Financial liabilities classified as FVTPL are initially measured at fair value and
\n
are subsequently remeasured at fair value. Net gains and losses, including any
\n
interest, are recognised in the statement of profit and loss.
\n
Financial liabilities classified as amortised cost are initially measured at fair
\n
value minus incremental direct transaction costs. Subsequent measurement is
\n
at amortised cost using the EIR method (see Note 7(c)). Interest expense is
\n
recognised in the statement of profit and loss.
\n
Derecognition of financial assets and financial liabilities
\n
Derecognition is the point at which the Group ceases to recognise a financial
\n
asset or a financial liability on its statement of financial position.
\n
A financial asset (or a part of a financial asset) is derecognised when:
\n
\u2022
the contractual rights to the cash flows from the financial asset have
\n
expired;
\n
\u2022
the financial asset is transferred in a transaction in which substantially all
\n
the risks and rewards of ownership of the financial asset are transferred; or
\n
\u2022
the financial asset is transferred in a transaction in which substantially all
\n
the risks and rewards of ownership of the financial asset are neither
\n
transferred nor retained and control of the asset is not retained. If control
\n
of the asset is retained, the transferred asset continues to be recognised
\n
only to the extent of the Group\u2019s continuing involvement, with the
\n
remainder being derecognised.
\n
A financial liability (or a part of a financial liability) is derecognised when the
\n
contractual obligations are extinguished (i.e. discharged, cancelled, or expired).
\n
On derecognition, the difference between the carrying amount (or the carrying
\n
amount allocated to the portion being derecognised) and the sum of the
\n
consideration received/paid (including any new asset obtained less any new
\n
liability assumed) is recognised in the statement of profit and loss.
\n
For financial assets classified as FVOCI, any gains/losses accumulated in the
\n
FVOCI reserve are reclassified to the statement of profit and loss.
\n
Modification of financial assets and financial liabilities
\n
When a financial asset or financial liability is modified, a quantitative and
\n
qualitative evaluation is performed to assess whether or not the new terms are
\n
substantially different to the original terms.
\n
For financial assets, the Group considers the specific circumstances including:
\n
\u2022
if the borrower is in financial difficulty, whether the modification merely
\n
reduces the contractual cash flows to amounts the borrower is expected to
\n
be able to pay;
\n
\u2022
whether any substantial new terms are introduced that substantially affects
\n
the risk profile of the loan;
\n
\u2022
significant extension of the loan term when the borrower is not in financial
\n
difficulty;
\n
\u2022
significant change in the interest rate; and
\n
\u2022
insertion of collateral, other security or credit enhancements that
\n
significantly affect the credit risk associated with the loan.
\n
For financial liabilities, the Group specifically, but not exclusively, considers the
\n
outcome of the \u201810% test\u2019. This involves a comparison of the cash flows before
\n
and after the modification, discounted at the original EIR, whereby a difference
\n
of more than 10% indicates the modification is substantial.
If the terms and cash flows of the modified financial instrument are deemed to
be substantially different, the derecognition criteria are met and the original
financial instrument is derecognised and a \u2018new\u2019 financial instrument is
recognised at fair value. The difference between the carrying amount of the
derecognised financial instrument and the new financial instrument with
modified terms is recognised in the statement of profit and loss.
If the terms and cash flows of the modified financial instrument are not deemed
to be substantially different, the financial instrument is not derecognised and
the Group recalculates the \u2018new\u2019 gross carrying amount of the financial
instrument based on the revised cash flows of the modified financial instrument
discounted at the original EIR and recognises any associated gain or loss in
the statement of profit and loss. Any costs and fees incurred are recognised as
an adjustment to the carrying amount of the financial instrument and are
amortised over the remaining term of the modified financial instrument by
recalculating the EIR on the financial instrument.
In relation to financial assets, where a modification is granted due to the
financial difficulty of the borrower, the objective of the modification is usually to
maximise recovery of the original contractual terms rather than to originate a
new asset with substantially different terms. Under such circumstances, it is
first considered whether a portion of the asset should be written off before the
modification takes place. This approach impacts the result of the quantitative
evaluation and usually means the derecognition criteria are not met.
Fair value of financial assets and financial liabilities
Fair value is defined as 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 the principal, or in its absence, the most
advantageous market to which the Group has access at that date. The fair
value of a liability reflects its non-performance risk.
Where possible, fair value is determined with reference to quoted prices in an
active market or dealer price quotations. A market is regarded as active if
transactions for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. Where quoted
prices are not available, generally accepted valuation techniques are used to
estimate fair value, including discounted cash flow models and Black-Scholes
option pricing. Where possible these valuation techniques use independently
sourced market parameters, such as interest rate yield curves, option
volatilities and currency rates.
On initial recognition, the best evidence of the fair value of a financial
instrument is normally transaction price (i.e. the fair value of the consideration
given or received). If it is determined that the fair value on initial recognition
differs from the transaction price, such differences are accounted for as follows:
\u2022
if fair value is evidenced by a quoted price in an active market for an
identical asset or liability, or based on a valuation technique that uses only
data from observable markets, the difference is recognised in the
statement of profit and loss on initial recognition (i.e. day one profit and
loss);
\u2022
in all other cases, the fair value will be adjusted to bring it in line with the
transaction price (i.e. day one profit and loss will be deferred by including it
in the initial carrying amount of the asset or liability). Subsequently, the
deferred gain or loss will be released to the statement of profit and loss on
an appropriate basis over the life of the instrument, but no later than when
the valuation is wholly supported by observable market data or the
transaction is closed out.
If an asset or liability measured at fair value has a bid price and an ask price,
assets are measured at bid price and liabilities are measured at ask price.
A fair value hierarchy is used that categorises financial assets and financial
liabilities into three different levels, as detailed in Note 40(b). Levels are reviewed
at each reporting date to determine whether transfers between levels are required.
Further details of the fair value calculation of derivative financial instruments
are set out in Note 7(k).
Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position when there is a legally enforceable right to
offset the recognised amounts and there is an intention to settle on a net basis,
or realise the asset and settle the liability simultaneously.
Income and expenses are presented on a net basis only when permitted by
accounting standards, or for gains and losses arising from a group of similar
transactions.
u)
Impairment of financial assets
See disclosures at Note 20
Impairment of financial assets is calculated using a forward-looking expected
credit loss (ECL) model. ECLs are an unbiased probability-weighted estimate
of credit losses determined by evaluating a range of possible outcomes. A
summary of ECL measurement is as follows:
\u2022
Financial assets that are not credit-impaired at the reporting date:
as
the present value of all cash shortfalls. Cash shortfalls are the difference
between the contractual cash flows due and the cash flows that are
expected to be received.
\u2022
Financial assets that are credit-impaired at the reporting date:
as the
difference between the gross carrying amount and the present value of
estimated future cash flows discounted at the financial asset\u2019s original EIR.
\u2022
Loan commitments:
as the present value of the difference between the
contractual cash flows due if the commitment is drawn down and the cash
flows that are expected to be received.
ECLs are measured in a manner that reflects the time value of money and
uses reasonable and supportable information that is available at the reporting
date, without undue cost or effort, about past events, current conditions and
forecasts of future economic conditions.
ECLs are calculated and a loss allowance recorded for all financial assets not held
at FVTPL (i.e. those at amortised cost and FVOCI) and for loan commitments.
Assets held at FVTPL and equity instruments are not subject to impairment.
Loss allowances are presented in the statement of financial position as follows:
\u2022
Financial assets measured at amortised cost:
as a deduction from the
gross carrying amount of the financial asset.
\u2022
Financial assets measured at FVOCI:
in other comprehensive income in
the FVOCI reserve. It does not reduce the carrying amount of the financial
asset, which remains at fair value.
\u2022
Loan commitments:
generally, as a provision.
Where a financial instrument includes both a drawn and an undrawn
component, and the loss allowance on the undrawn component cannot be
separately identified from the drawn component, a combined loss allowance is
presented as a deduction from the gross carrying amount of the drawn
component. Any excess of the loss allowance over the gross carrying amount
of the drawn component is presented as a provision.
The calculation of ECLs is dependent upon the \u2018stage\u2019 the asset is assigned to
(Stage 1, 2 or 3). The stage is determined based on changes in credit risk
when comparing credit risk at initial recognition to credit risk at the reporting
date, or whether the asset was POCI.
Details of the \u2018staging\u2019 of assets and POCI assets, the calculation of ECLs and
the key judgements and estimates associated with this, are provided in the
credit risk section of the Risk Report starting on page 130.
It is possible to elect, as an accounting policy choice, to use the \u2018simplified
approach\u2019 for trade receivables, contract assets and lease receivables. The
Group has elected not to use this simplified approach.
Modifications
If a financial asset is modified, an assessment is made to determine whether it
meets the derecognition criteria outlined in Note 7(t).
If the modification does not result in derecognition of the existing asset, the
expected cash flows arising from the modified financial asset are included in
calculating the cash shortfalls from the existing asset.
If the modification does result in derecognition of the existing asset, the
expected fair value of the \u2018new\u2019 asset is treated as the final cash flow from the
existing financial asset at the time of its derecognition. This amount is included
in calculating the cash shortfalls from the existing financial asset that are
discounted from the expected date of derecognition to the reporting date using
the original EIR of the existing financial asset. The date of renegotiation is
considered to be the date of initial recognition for impairment calculation
purposes, including in determining whether a significant increase in credit risk
has occurred and whether the new financial asset is deemed to be a POCI
asset.
Write-offs
Loans and debt securities are written off (either partially or in full) when there is
no realistic prospect of recovery. This is generally the case when it is
determined that the borrower does not have assets or sources of income that
could generate sufficient cash flows to repay the amounts subject to the write-
off. Write-offs constitute a derecognition event, as detailed in Note 7(t).
Financial assets that are written off can still be subject to enforcement activities
in order to comply with the Group\u2019s procedures for recovery of amounts due.
Amounts subsequently recovered on assets written off are recognised in
impairment losses on financial assets in the statement of profit and loss.
v)
Capital securities
See disclosures at Note 42
Capital securities are classified as equity instruments, as the substance of the
contractual arrangements are such that there is no present obligation to deliver
cash, another financial asset or a variable number of equity instruments. The
capital securities are measured at the fair value of the proceeds from the
issuance less any costs that are incremental and directly attributable to the
issuance (net of applicable tax).
Distributions to holders of the capital securities are recognised when they
become irrevocable and are deducted from retained earnings in equity.
w)
Loan commitments
See disclosures at Note 48
Loan commitments are firm commitments to provide credit under pre-specified
terms and conditions. Certain uncommitted facilities are included within
reported loan commitments where the terms are such that there is an
obligation to the customer should the customer get into financial distress.
A loss allowance is recognised on loan commitments in accordance with the
policies set out in Note 7(u). The loss allowance is included within provisions in
the statement of financial position.
x)
Contingent assets and contingent liabilities
See disclosures at Note 49
Contingent assets are possible assets that arise from past events whose
existence will be confirmed only by the occurrence, or non-occurrence, of one
or more uncertain future events not wholly within the control of the Group.
Contingent assets are not recognised in the financial statements, but they are
disclosed if an inflow of economic benefits is probable.
Contingent liabilities are possible obligations that arise from past events whose
existence will be confirmed only by the occurrence, or non-occurrence, of one
or more uncertain future events not wholly within the control of the Group.
Alternatively, they are present obligations that have arisen from past events
where the outflow of resources is uncertain or cannot be reliably measured.
Contingent liabilities are not recognised in the financial statements, but they
are disclosed unless the probability of settlement is remote.
y)
Earnings per share
See disclosures at Note 22
Basic earnings per share is calculated by dividing the profit attributable to
ordinary equity shareholders by the weighted average number of ordinary
shares outstanding during the period. Diluted earnings per share adjusts the
basic earnings per share for the effects of all dilutive potential ordinary shares,
which may arise from share options, convertible instruments, or other equity-
based arrangements. The Group presents both basic and diluted earnings per
share in accordance with IAS 33 Earnings per Share.
z)
Share based payments
See disclosures at Note 18
For equity-settled share-based payments, the grant date fair value of the
share-based payment transaction is recognised as an expense, with a
corresponding increase in retained earnings in equity, on a straight-line basis
over the period the employees become unconditionally entitled to the awards
(the \u2018vesting period\u2019).
The grant date fair value is estimated using a generally accepted valuation
method. Where there are market conditions or non-vesting conditions, the
grant date fair value is measured to reflect such conditions and there is no true-
up for differences between expected and actual outcomes.
Where the vesting period is dependent on achieving a non-market performance
condition, the length of the expected vesting period at grant date is estimated
based on the most likely outcome. Subsequently, the estimated vesting period
is revised until the actual outcome is known.
The amount recognised as an expense is adjusted to reflect the number of
awards for which the non-market vesting conditions are expected to be met,
such that the amount ultimately recognised as an expense is based on the
number of awards that will eventually vest.
For cash-settled share-based payments, the fair value of the amount payable
to employees is recognised as an expense, with a corresponding increase in
other liabilities, over the vesting period. The fair value of the liability is
remeasured at each reporting date and at the date of settlement, with any
changes recognised as an expense.
In the Company\u2019s financial statements, the equity-settled share-based payment
transaction is recognised as an increase in its investment in subsidiaries, with a
corresponding increase in retained earnings in equity.
The Group operated an equity settled Management Incentive Plan (MIP), which
was originally introduced for a set of individuals in April 2019. This scheme
vested upon listing.
During the year ended 31 December 2025, the Group adopted a new equity
settled scheme for selected key employees in the form of an option to acquire
A2 shares in Marlin Bidco Limited (Marlin) for nil consideration, subject to
performance outcomes linked to a prescribed exit event. As with the MIP, the
IPO and subsequent liquidation of Marlin resulted in the vesting of this
arrangement with assets distributed to A2 shareholders in the same form as
the MIP.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "a)
Basis of consolidation
Subsidiaries
See disclosures at Note 45
Subsidiaries are entities, including structured entities, that are controlled by the
Group. Control is achieved when the Group has power over the entity, is
exposed or has rights to variable returns from its involvement with the entity
and can use its power over the entity to affect its returns. The Group
reassesses whether it controls the entity if facts and circumstances indicate
that there are changes to one or more of these three elements of control.
Subsidiaries are consolidated from the date on which control is transferred to
the Group and are deconsolidated from the date that control ceases.
Accounting policies are applied consistently across the Group and intragroup
transactions and balances are eliminated in full on consolidation.
Business combinations
Business combinations are accounted for using the acquisition method.
Consideration transferred and the identifiable assets acquired and liabilities
assumed as part of the business combination are generally, with some limited
exceptions, recognised at their acquisition date fair values.
The cost of acquisition is the aggregate of the fair value of consideration
transferred, amount recognised for non-controlling interests and the fair value
of any previous interest held. If the cost of acquisition exceeds the fair value of
identifiable net assets acquired, goodwill is recognised and is treated in
accordance with the policies set out in Note 7(m). If the fair value of identifiable
net assets acquired exceeds the cost of acquisition (a \u2018bargain purchase\u2019), a
gain is recognised in the statement of profit and loss.
Acquisition-related costs are expensed as incurred and are included in
administrative expenses in the statement of profit and loss, except if related to
the issue of debt or equity securities, whereby any incremental direct
transaction costs are recognised as a deduction from the instrument.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "Subsidiaries
See disclosures at Note 45
Subsidiaries are entities, including structured entities, that are controlled by the
Group. Control is achieved when the Group has power over the entity, is
exposed or has rights to variable returns from its involvement with the entity
and can use its power over the entity to affect its returns. The Group
reassesses whether it controls the entity if facts and circumstances indicate
that there are changes to one or more of these three elements of control.
Subsidiaries are consolidated from the date on which control is transferred to
the Group and are deconsolidated from the date that control ceases.
Accounting policies are applied consistently across the Group and intragroup
transactions and balances are eliminated in full on consolidation.n)
Investment in subsidiaries
See disclosures at Note 32
The Company\u2019s investments in controlled entities are valued at cost less any
accumulated impairment losses.
Investments are reviewed for indicators of impairment at each reporting date
and if indicators are present, an impairment review is performed. If the carrying
amount exceeds the recoverable amount, an impairment loss is recognised in
the statement of profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "Business combinations
Business combinations are accounted for using the acquisition method.
Consideration transferred and the identifiable assets acquired and liabilities
assumed as part of the business combination are generally, with some limited
exceptions, recognised at their acquisition date fair values.
The cost of acquisition is the aggregate of the fair value of consideration
transferred, amount recognised for non-controlling interests and the fair value
of any previous interest held. If the cost of acquisition exceeds the fair value of
identifiable net assets acquired, goodwill is recognised and is treated in
accordance with the policies set out in Note 7(m). If the fair value of identifiable
net assets acquired exceeds the cost of acquisition (a \u2018bargain purchase\u2019), a
gain is recognised in the statement of profit and loss.
Acquisition-related costs are expensed as incurred and are included in
administrative expenses in the statement of profit and loss, except if related to
the issue of debt or equity securities, whereby any incremental direct
transaction costs are recognised as a deduction from the instrument.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "Business combinations
Business combinations are accounted for using the acquisition method.
Consideration transferred and the identifiable assets acquired and liabilities
assumed as part of the business combination are generally, with some limited
exceptions, recognised at their acquisition date fair values.
The cost of acquisition is the aggregate of the fair value of consideration
transferred, amount recognised for non-controlling interests and the fair value
of any previous interest held. If the cost of acquisition exceeds the fair value of
identifiable net assets acquired, goodwill is recognised and is treated in
accordance with the policies set out in Note 7(m). If the fair value of identifiable
net assets acquired exceeds the cost of acquisition (a \u2018bargain purchase\u2019), a
gain is recognised in the statement of profit and loss.
Acquisition-related costs are expensed as incurred and are included in
administrative expenses in the statement of profit and loss, except if related to
the issue of debt or equity securities, whereby any incremental direct
transaction costs are recognised as a deduction from the instrument.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "b)
Operating segments
See disclosures at Note 11
Operating segments are identified based on internal reports and components
of the Group that are regularly reviewed by the chief operating decision maker
to allocate resources to segments and to assess their performance. For this
purpose, the chief operating decision maker for the Group is the Executive
Committee. Operating segments may be included as a reportable operating
segment even when quantitative thresholds stipulated in IFRS 8 \u2018Operating
segments\u2019 are not met, if the Group deems that such information is useful to
users of the financial statements in understanding the performance of the
different customer segments it operates within.
The Group determines operating segments according to similar economic
characteristics and the nature of its products and services. No operating
segments are aggregated to form the Group\u2019s reportable operating segments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "c)
Interest income and expense
See disclosures at Note 12 and Note 13
Interest on financial instruments measured at amortised cost, FVOCI and
FVTPL
For interest-bearing financial instruments measured at amortised cost or
FVOCI, interest income and expense is recognised using the effective interest
rate (EIR) method, which allocates interest over the expected life of the
financial instrument.
In calculating interest under the EIR method, the Group applies its established
accounting policy in relation to financial instruments that revert from a fixed to
variable rate of interest, whereby the EIR is based on the fixed rate for the fixed
period and does not take account of any reversionary interest post the end of
the fixed date. The Group monitors actual and expected customer repayment
behaviour and periodically adjusts the recognition profile to reflect significant
changes.
The EIR is the rate that exactly discounts the estimated future cash flows over
the expected life of the financial instrument to the gross carrying amount of a
financial asset, or the amortised cost of a financial liability.
When calculating the EIR, future cash flows are estimated by considering all
contractual terms of the financial instrument, excluding the loss allowance
recognised on financial assets. The calculation includes all fees paid or
received between parties to the contract that are an integral part of the EIR,
transaction costs and all other premiums or discounts. Transaction costs
include incremental costs that are directly attributable to the acquisition or
issue of the financial instrument.
For non-credit impaired financial assets (i.e. a \u2018Stage 1\u2019 or \u2018Stage 2\u2019 asset per
page 131 of the Risk Report), interest income is calculated by applying the
calculated EIR to the gross carrying amount of the financial asset.
For financial assets that become credit-impaired after initial recognition (i.e. a
\u2018Stage 3\u2019 asset per page 131 of the Risk Report), interest income is calculated
by applying the calculated EIR to the amortised cost of the financial asset. If
the asset is no longer credit-impaired, the calculation of interest income reverts
to the gross basis.
For financial assets that were credit-impaired on initial recognition (i.e. a \u2018POCI\u2019
asset per page 131 of the Risk Report), interest income is calculated by applying
a credit-adjusted EIR to the amortised cost of the financial asset. The calculation
of interest income does not revert to the gross basis, even if the credit risk of the
asset improves. For financial liabilities, interest expense is calculated by applying
the calculated EIR to the amortised cost of the financial liability.
Interest income and interest expense on loans and advances held at FVTPL are
presented as other interest income within NII.
Interest on derivative financial instruments
For derivative financial instruments forming part of a qualifying hedging
relationship, net interest income or expense is recognised based on the
underlying hedged items. For derivative financial instruments hedging assets,
the net interest income or expense is recognised in interest income. For
derivative financial instruments hedging liabilities, the net interest income or
expense is recognised in interest expense.
For derivative financial instruments not in a qualifying hedging relationship,
interest is presented in accordance with whether it represents interest income
or interest expense.
Interest on leases
Interest relating to lease and instalment credit agreements is recognised in a
manner that achieves a constant rate of interest on the remaining balance of
the receivable/liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "Interest on derivative financial instruments
For derivative financial instruments forming part of a qualifying hedging
relationship, net interest income or expense is recognised based on the
underlying hedged items. For derivative financial instruments hedging assets,
the net interest income or expense is recognised in interest income. For
derivative financial instruments hedging liabilities, the net interest income or
expense is recognised in interest expense.
For derivative financial instruments not in a qualifying hedging relationship,
interest is presented in accordance with whether it represents interest income
or interest expense.k)
Derivative financial instruments
See disclosures at Note 27
Derivative financial instruments are classified as FVTPL (see Note 7(t)).
Derivatives are classified as financial assets when their fair value is positive
and financial liabilities when their fair value is negative. Where there is the legal
right and intention to settle net, the derivative is classified as a net asset or net
liability, as appropriate.
To calculate fair values, discounted cash flow models using yield curves that
are based on observable market data are typically used. For collateralised
positions, discount curves based on overnight indexed swap rates are used.
For non-collateralised positions, discount curves based on Sterling Overnight
Index Average rate (SONIA) are used.
For measuring derivatives that might change the classification from being an
asset to a liability or vice versa, fair values do not take into consideration the
credit valuation adjustment, debit valuation adjustment or the funding valuation
adjustment because the impact on any uncollateralised position is deemed to
be immaterial.
Where derivatives are not designated as part of an accounting hedge
relationship, gains and losses arising from changes in the clean fair value are
recognised in net gains/(losses) on derivative financial instruments and hedge
accounting in the statement of profit and loss. Where derivatives are
designated within an accounting hedge relationship, the treatment of changes
in fair value is as described in Note 7(l).
The Group enters into master netting and margining agreements with
derivative counterparties.
In general, under such master netting agreements, the amounts owed by each
counterparty that are due on a single day in respect of all transactions
outstanding under the agreement are aggregated into a single net amount
payable by one party to the other.
In certain circumstances, for example when a credit event such as a default occurs,
all outstanding transactions under the agreement are aggregated into a single net
amount payable by one party to the other and the agreements terminated.
Under margining agreements, where there is a net asset position valued at
current market values in respect of derivatives with a counterparty, then that
counterparty will place collateral, usually cash, with the Group to cover the
position. Similarly, where there is a net liability position, the Group will place
collateral, usually cash, with the counterparty.
l)
Hedge accounting
See disclosures at Note 27
The Group has elected, as an accounting policy choice permitted under IFRS 9
\u2018Financial Instruments\u2019, to continue to apply the hedge accounting rules set out
in IAS 39 \u2018Financial Instruments \u2013 Recognition and measurement\u2019. However,
additional hedge accounting disclosures introduced by IFRS 9\u2019s consequential
amendments to IFRS 7 are provided.
Hedge accounting is permitted when documentation, eligibility and testing
criteria are met. Accordingly, at the inception of a hedge relationship, the Group
formally designates and documents the hedge relationship that it wishes to
apply hedge accounting to and the risk management objective and strategy for
undertaking the hedge. The method to be used to assess the effectiveness of
the hedge relationship is also documented.
At inception, and on a monthly basis thereafter, an assessment is performed to
determine whether the hedging instrument is highly effective in offsetting
changes in the fair value or cash flows of the hedged item. For this
assessment, the dollar-offset method is used, except for trades designated in
dynamic hedge accounting relationships, whereby the regression method is
used. The hedge is deemed to be highly effective where the actual results of
the hedge are within a range of 80-125%. If it is concluded that the hedge is no
longer highly effective, hedge accounting is discontinued. The Group\u2019s hedging
strategy incorporates the use of both fair value hedges and cash flow hedges,
as detailed below:
Fair value hedges
Certain derivatives are designated as hedging instruments to hedge interest
rate risk. The hedged items are portfolios of loans and advances to customers
or customer deposits that are identified as part of the risk management
process.
The portfolios comprise either fixed rate loans, or fixed rate deposits, in respect
of the designated benchmark interest rate (e.g. SONIA). Each portfolio is
grouped into repricing time periods based on expected repricing dates, by
scheduling cash flows into the periods in which they are expected to occur. The
hedging instruments are designated to those repricing time periods.
Changes in the fair value of the derivatives designated as hedging instruments,
together with changes in the fair value of the hedged item attributable to the
hedged risk, are recognised in net gains/(losses) on derivative financial
instruments and hedge accounting in the statement of profit and loss.
Movement in the fair value of the hedged item is recognised as an adjustment
to the carrying amount of the hedged asset or liability.
If the hedge no longer meets the criteria for hedge accounting, hedge
accounting is discontinued prospectively. The cumulative fair value adjustment
to the carrying amount of the hedged item is amortised to the statement of
profit and loss over the remaining period to maturity.
If the hedged item is derecognised, the cumulative fair value adjustment to the
carrying amount of the hedged item is recognised immediately in the statement
of profit and loss.
Cash flow hedges
Certain derivatives are designated as hedging instruments to hedge variability
in cash flows attributable to interest rate risk. The hedged cash flows may be
highly probable future cash flows attributable to a recognised asset or liability,
or a highly probable forecast transaction.
The effective portion of changes in the fair value of derivatives designated as
hedging instruments is recognised in other comprehensive income and is
presented in the cash flow hedging reserve in the statement of financial
position. The ineffective portion is recognised immediately in the statement of
profit and loss in net gains/(losses) on derivative financial instruments and
hedge accounting. The carrying amount of the hedged item is not adjusted.
Amounts accumulated in the cash flow hedging reserve are reclassified to the
statement of profit and loss in the periods in which the hedged cash flows affect
profit and loss.
When a hedging instrument expires or is sold, or when a hedge no longer
meets the criteria for hedge accounting, any cumulative gain or loss remains in
the cash flow hedging reserve and is subsequently reclassified to the
statement of profit and loss when the forecast transaction affects profit and
loss.
When a forecast transaction is no longer expected to occur, any cumulative
gain or loss included in the cash flow hedging reserve is immediately
reclassified to the statement of profit and loss. When reclassifying amounts to
the statement of profit and loss they are recognised in net gains/(losses) on
derivative financial instruments and hedge accounting.Certain deposits are designated as the hedged item in hedge relationships.
The total carrying amount of customer deposits includes the cumulative fair
value adjustment to the carrying amount of the hedged item in relation to fair
value hedges (see Note 7(l)).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "Interest on derivative financial instruments
For derivative financial instruments forming part of a qualifying hedging
relationship, net interest income or expense is recognised based on the
underlying hedged items. For derivative financial instruments hedging assets,
the net interest income or expense is recognised in interest income. For
derivative financial instruments hedging liabilities, the net interest income or
expense is recognised in interest expense.
For derivative financial instruments not in a qualifying hedging relationship,
interest is presented in accordance with whether it represents interest income
or interest expense.k)
Derivative financial instruments
See disclosures at Note 27
Derivative financial instruments are classified as FVTPL (see Note 7(t)).
Derivatives are classified as financial assets when their fair value is positive
and financial liabilities when their fair value is negative. Where there is the legal
right and intention to settle net, the derivative is classified as a net asset or net
liability, as appropriate.
To calculate fair values, discounted cash flow models using yield curves that
are based on observable market data are typically used. For collateralised
positions, discount curves based on overnight indexed swap rates are used.
For non-collateralised positions, discount curves based on Sterling Overnight
Index Average rate (SONIA) are used.
For measuring derivatives that might change the classification from being an
asset to a liability or vice versa, fair values do not take into consideration the
credit valuation adjustment, debit valuation adjustment or the funding valuation
adjustment because the impact on any uncollateralised position is deemed to
be immaterial.
Where derivatives are not designated as part of an accounting hedge
relationship, gains and losses arising from changes in the clean fair value are
recognised in net gains/(losses) on derivative financial instruments and hedge
accounting in the statement of profit and loss. Where derivatives are
designated within an accounting hedge relationship, the treatment of changes
in fair value is as described in Note 7(l).
The Group enters into master netting and margining agreements with
derivative counterparties.
In general, under such master netting agreements, the amounts owed by each
counterparty that are due on a single day in respect of all transactions
outstanding under the agreement are aggregated into a single net amount
payable by one party to the other.
In certain circumstances, for example when a credit event such as a default occurs,
all outstanding transactions under the agreement are aggregated into a single net
amount payable by one party to the other and the agreements terminated.
Under margining agreements, where there is a net asset position valued at
current market values in respect of derivatives with a counterparty, then that
counterparty will place collateral, usually cash, with the Group to cover the
position. Similarly, where there is a net liability position, the Group will place
collateral, usually cash, with the counterparty.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "Interest on leases
Interest relating to lease and instalment credit agreements is recognised in a
manner that achieves a constant rate of interest on the remaining balance of
the receivable/liability.r)
Leases
See disclosures at Note 37
Group as a lessor: finance leases
Lease and instalment credit agreements in which the Group transfers
substantially all the risks and rewards of ownership of the underlying asset to
the lessee are treated as finance leases.
A receivable equal to the net investment in the lease is recognised in loans and
advances to customers in the statement of financial position. This amount
represents the future lease payments less profit and costs allocated to future
periods. The receivable is subject to impairment, as detailed in Note 7(u).
Lease payments are apportioned between interest income in the statement of
profit and loss and a reduction of the receivable in order to achieve a constant
rate of interest on the remaining balance of the receivable.
Group as a lessor: operating leases
Lease agreements in which the Group does not transfer substantially all the
risks and rewards of ownership of the underlying asset to the lessee are
treated as operating leases.
The leased asset is recognised in property, plant and equipment in the statement
of financial position at the lower of its fair value less costs to sell and the carrying
amount of the lease (net of impairment allowance) at the date of exchange.
Depreciation is calculated to write off the cost of the asset less its estimated
residual value on a straight-line basis over the life of the lease and is charged
to depreciation on operating leases in the statement of profit and loss.
Assets are reviewed for indicators of impairment at each reporting date and if
indicators are present, an impairment review is performed. If the carrying
amount exceeds the recoverable amount, an impairment loss is recognised in
net other operating lease income/(expense) in the statement of profit and loss.
Operating lease rental income is recognised in the statement of profit and loss
on a straight-line basis over the lease term.
Where an agreement is classified as an operating lease at inception but is
subsequently reclassified as a finance lease following a change to the
agreement or an extension beyond the primary term, then the agreement is
accounted for as a finance lease.
Group as a lessee
At the lease commencement date a right-of-use asset and a lease liability is
recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "d)
Fee and commission income and expense
See disclosures at Note 14
Fee and commission income includes amounts from contracts with customers
that are not included in the EIR calculation. These amounts are recognised
when performance obligations attached to the fee or commission have been
satisfied. The income streams included in fee and commission income all have
a single performance obligation attached to them.
Where income is earned from the provision of a service, such as an account
maintenance fee or a non-utilisation fee, the performance obligation is deemed
to have been satisfied when the service is delivered. In general, services are
provided each month, thus the performance obligation is satisfied and the
income recognised on a monthly basis. Where income is earned upon the
execution of a significant act, such as fees for executing a payment, the
performance obligation is deemed to have been satisfied and the income
recognised when the act is completed.
Incremental costs incurred to generate fee and commission income are charged
to fee and commission expense as they are incurred.
e)
Administrative expenses
See disclosures at Note 16
Administrative expenses are recognised on an accruals basis. Accounting
policies for expenses relating to intangible assets are set out in Note 7(m).
Accounting policies for payroll related costs, are set out below:
Salaries and social security costs are recognised over the period the
employees provide the services to which the payments relate.
Cash bonus awards are recognised to the extent that there is a present
obligation to employees that can be reliably measured and are recognised over
the period the employees are required to provide services.
For long-term incentive plans, benefits are recognised at the present value of
the obligation at the reporting date, reflecting the best estimate of the effect of
the associated performance conditions. Costs are recognised over the period
until which all vesting conditions are considered to have been reasonably
achieved, which takes into account the period the employees are required to
provide services.
For defined contribution pension arrangements, the Group pays fixed
contributions into employees\u2019 personal pension plans, with no further payment
obligations once the contributions have been paid. The Group\u2019s contributions to
such arrangements are recognised as an expense when they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "d)
Fee and commission income and expense
See disclosures at Note 14
Fee and commission income includes amounts from contracts with customers
that are not included in the EIR calculation. These amounts are recognised
when performance obligations attached to the fee or commission have been
satisfied. The income streams included in fee and commission income all have
a single performance obligation attached to them.
Where income is earned from the provision of a service, such as an account
maintenance fee or a non-utilisation fee, the performance obligation is deemed
to have been satisfied when the service is delivered. In general, services are
provided each month, thus the performance obligation is satisfied and the
income recognised on a monthly basis. Where income is earned upon the
execution of a significant act, such as fees for executing a payment, the
performance obligation is deemed to have been satisfied and the income
recognised when the act is completed.
Incremental costs incurred to generate fee and commission income are charged
to fee and commission expense as they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "f)
Tax
See disclosures at Note 21 and Note 30
Tax comprises current tax and deferred tax. Tax is generally recognised in the
statement of profit and loss, except where it relates to items recognised directly
in equity, in which case the tax is also recognised in equity. An exception to this
is distributions to holders of capital securities, whereby the distribution is
recognised directly in equity, but the tax relief is recognised in the statement of
profit and loss, to align with where the transactions and events that generated
the distributable profits are recognised. The liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by the end of
the reporting period.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used for tax purposes.
Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are only recognised for all deductible timing
differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilised. The
carrying amount of deferred tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are netted off where there is a legally
enforceable right to set off current tax assets against current tax liabilities and
the deferred tax assets and deferred tax liabilities relate to income taxes levied
by the same taxation authority on either the same taxable entity or different
taxable entities which intend to settle current tax liabilities and assets on a net
basis. The measurement of deferred tax reflects the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using
tax rates enacted or substantively enacted at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "Deferred tax
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used for tax purposes.
Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are only recognised for all deductible timing
differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilised. The
carrying amount of deferred tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are netted off where there is a legally
enforceable right to set off current tax assets against current tax liabilities and
the deferred tax assets and deferred tax liabilities relate to income taxes levied
by the same taxation authority on either the same taxable entity or different
taxable entities which intend to settle current tax liabilities and assets on a net
basis. The measurement of deferred tax reflects the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using
tax rates enacted or substantively enacted at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "Deferred tax
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used for tax purposes.
Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are only recognised for all deductible timing
differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilised. The
carrying amount of deferred tax assets is reviewed at the end of each reporting
period and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are netted off where there is a legally
enforceable right to set off current tax assets against current tax liabilities and
the deferred tax assets and deferred tax liabilities relate to income taxes levied
by the same taxation authority on either the same taxable entity or different
taxable entities which intend to settle current tax liabilities and assets on a net
basis. The measurement of deferred tax reflects the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using
tax rates enacted or substantively enacted at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "g)
Cash and cash equivalents
See disclosures at Note 23
Cash and cash equivalents is the aggregate of cash and balances at central
banks, loans and advances to banks and short-term highly liquid debt
securities with less than three months to maturity from the date of acquisition.
All components of cash and cash equivalents are classified as financial assets
measured at amortised cost (see Note 7(t)).
Loans and advances to banks include cash collateral paid under terms that are
usual and customary for such activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "h)
Loans and advances to customers
See disclosures at Note 24
Loans and advances to customers include loan receivables, finance lease
receivables and instalment credit receivables.
Loan receivables are financial assets measured at amortised cost, FVOCI and
FVTPL (see Note 7(t)).
Finance lease receivables and instalment credit receivables are accounted for
as detailed in Note 7(r). For presentational purposes, they are included within
loans and advances to customers at amortised cost.
Certain assets included in loans and advances to customers are pledged as
collateral under terms that are usual and customary for such activities, whilst
others have been transferred to structured entities as part of securitisation
transactions. These assets do not meet the derecognition criteria outlined in
Note 7(t) and therefore continue to be recognised in their entirety in the
statement of financial position.
Certain loans are designated as the hedged item in hedge relationships. The
total carrying amount of loans and advances to customers includes the
cumulative fair value adjustment to the carrying amount of the hedged item in
relation to fair value hedges (see Note 7(l)).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "i) Securitisation transactions
See disclosures at Note 25 and Note 36
Certain loans included within loans and advances to customers are securitised,
by transferring the beneficial interest in the loans to a bankruptcy remote
structured entity. A structured entity is an entity designed so that its activities
are not governed by way of voting rights.
An assessment is performed to determine whether the Group controls such
structured entities, in accordance with the criteria set out in Note 7(a). In
performing this assessment, factors considered include: the purpose and
design of the entity; its practical ability to direct the relevant activities of the
entity; the nature of the relationship with the entity; and the size of its exposure
to the variability of returns of the entity. Where the Group is assessed to control
the structured entity, it is treated as a subsidiary and is fully consolidated.
A further assessment is performed to determine whether the securitised loans
meet the derecognition criteria outlined in Note 7(t). If the derecognition criteria
are met, the transferred loans are treated as sales, referred to as \u2018structured
asset sales\u2019 and a gain or loss on derecognition is recognised in the statement
of profit and loss. If the derecognition criteria are not met, the transfer of loans
is not treated as a sale and the loans continue to be recognised in their entirety
in the statement of financial position.
Securitisations involve the simultaneous issue of debt securities by the
associated structured entity to investors. In securitisation transactions where
the structured entity is consolidated, the issued debt securities are classified on
initial recognition as financial liabilities, as the substance of the contractual
arrangements are such that there is an obligation to deliver the cash flows
generated from the underlying securitised loans to the debt security holder.
These financial liabilities are measured at amortised cost (see Note 7(t)) and
are presented in debt securities in issue in the statement of financial position.
Certain debt securities issued by structured entities are retained by the Group.
Where retained debt securities are issued by consolidated structured entities,
they are eliminated in full on consolidation. Where retained debt securities are
issued by unconsolidated structured entities, they are recognised in investment
securities in the statement of financial position. ", "dimensions": { "concept": "shaw:DescriptionOfAccountingPolicyForSecuritisationTransactionsTextBlock", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "j)
Investment securities
See disclosures at Note 26
Investment securities are classified as financial assets measured at amortised
cost and FVOCI (see Note 7(t)).
Certain investment securities are pledged as collateral under terms that are
usual and customary for such activities. These assets do not meet the
derecognition criteria outlined in Note 7(t) and therefore continue to be
recognised in their entirety in the statement of financial position.
Investment securities may be sold subject to a commitment to repurchase them
at a predetermined price (a \u2018repurchase agreement\u2019). The terms of these
transactions are such that the derecognition criteria outlined in Note 7(t) are not
met and, accordingly, the sold assets continue to be recognised in their entirety
in the statement of financial position.
Consideration received as part of repurchase agreements is recognised as a
liability in amounts due to banks in the statement of financial position, reflecting
that there is an obligation to repurchase the assets for a fixed price at a future
date. The difference between the sale and repurchase price is treated as
interest and is accrued over the life of the agreement using the EIR method.
Investment securities may also be swapped via linked repurchase and reverse
repurchase agreements with the same counterparty (a \u2018security swap\u2019). In such
transactions, no cash consideration is exchanged, the transferred assets are
not derecognised and there is no associated liability as the non-cash collateral
received is not recognised in the statement of financial position (i.e. the
transaction is off-balance sheet). Net fees are treated as interest and are
accrued over the life of the agreement using the EIR method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Derivative financial instruments are classified as FVTPL (see Note 7(t)).
Derivatives are classified as financial assets when their fair value is positive
and financial liabilities when their fair value is negative. Where there is the legal
right and intention to settle net, the derivative is classified as a net asset or net
liability, as appropriate.
To calculate fair values, discounted cash flow models using yield curves that
are based on observable market data are typically used. For collateralised
positions, discount curves based on overnight indexed swap rates are used.
For non-collateralised positions, discount curves based on Sterling Overnight
Index Average rate (SONIA) are used.
For measuring derivatives that might change the classification from being an
asset to a liability or vice versa, fair values do not take into consideration the
credit valuation adjustment, debit valuation adjustment or the funding valuation
adjustment because the impact on any uncollateralised position is deemed to
be immaterial.
Where derivatives are not designated as part of an accounting hedge
relationship, gains and losses arising from changes in the clean fair value are
recognised in net gains/(losses) on derivative financial instruments and hedge
accounting in the statement of profit and loss. Where derivatives are
designated within an accounting hedge relationship, the treatment of changes
in fair value is as described in Note 7(l).
The Group enters into master netting and margining agreements with
derivative counterparties.
In general, under such master netting agreements, the amounts owed by each
counterparty that are due on a single day in respect of all transactions
outstanding under the agreement are aggregated into a single net amount
payable by one party to the other.
In certain circumstances, for example when a credit event such as a default occurs,
all outstanding transactions under the agreement are aggregated into a single net
amount payable by one party to the other and the agreements terminated.
Under margining agreements, where there is a net asset position valued at
current market values in respect of derivatives with a counterparty, then that
counterparty will place collateral, usually cash, with the Group to cover the
position. Similarly, where there is a net liability position, the Group will place
collateral, usually cash, with the counterparty.Fair value of financial assets and financial liabilities
Fair value is defined as 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 the principal, or in its absence, the most
advantageous market to which the Group has access at that date. The fair
value of a liability reflects its non-performance risk.
Where possible, fair value is determined with reference to quoted prices in an
active market or dealer price quotations. A market is regarded as active if
transactions for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. Where quoted
prices are not available, generally accepted valuation techniques are used to
estimate fair value, including discounted cash flow models and Black-Scholes
option pricing. Where possible these valuation techniques use independently
sourced market parameters, such as interest rate yield curves, option
volatilities and currency rates.
On initial recognition, the best evidence of the fair value of a financial
instrument is normally transaction price (i.e. the fair value of the consideration
given or received). If it is determined that the fair value on initial recognition
differs from the transaction price, such differences are accounted for as follows:
\u2022
if fair value is evidenced by a quoted price in an active market for an
identical asset or liability, or based on a valuation technique that uses only
data from observable markets, the difference is recognised in the
statement of profit and loss on initial recognition (i.e. day one profit and
loss);
\u2022
in all other cases, the fair value will be adjusted to bring it in line with the
transaction price (i.e. day one profit and loss will be deferred by including it
in the initial carrying amount of the asset or liability). Subsequently, the
deferred gain or loss will be released to the statement of profit and loss on
an appropriate basis over the life of the instrument, but no later than when
the valuation is wholly supported by observable market data or the
transaction is closed out.
If an asset or liability measured at fair value has a bid price and an ask price,
assets are measured at bid price and liabilities are measured at ask price.
A fair value hierarchy is used that categorises financial assets and financial
liabilities into three different levels, as detailed in Note 40(b). Levels are reviewed
at each reporting date to determine whether transfers between levels are required.
Further details of the fair value calculation of derivative financial instruments
are set out in Note 7(k).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "l)
Hedge accounting
See disclosures at Note 27
The Group has elected, as an accounting policy choice permitted under IFRS 9
\u2018Financial Instruments\u2019, to continue to apply the hedge accounting rules set out
in IAS 39 \u2018Financial Instruments \u2013 Recognition and measurement\u2019. However,
additional hedge accounting disclosures introduced by IFRS 9\u2019s consequential
amendments to IFRS 7 are provided.
Hedge accounting is permitted when documentation, eligibility and testing
criteria are met. Accordingly, at the inception of a hedge relationship, the Group
formally designates and documents the hedge relationship that it wishes to
apply hedge accounting to and the risk management objective and strategy for
undertaking the hedge. The method to be used to assess the effectiveness of
the hedge relationship is also documented.
At inception, and on a monthly basis thereafter, an assessment is performed to
determine whether the hedging instrument is highly effective in offsetting
changes in the fair value or cash flows of the hedged item. For this
assessment, the dollar-offset method is used, except for trades designated in
dynamic hedge accounting relationships, whereby the regression method is
used. The hedge is deemed to be highly effective where the actual results of
the hedge are within a range of 80-125%. If it is concluded that the hedge is no
longer highly effective, hedge accounting is discontinued. The Group\u2019s hedging
strategy incorporates the use of both fair value hedges and cash flow hedges,
as detailed below:
Fair value hedges
Certain derivatives are designated as hedging instruments to hedge interest
rate risk. The hedged items are portfolios of loans and advances to customers
or customer deposits that are identified as part of the risk management
process.
The portfolios comprise either fixed rate loans, or fixed rate deposits, in respect
of the designated benchmark interest rate (e.g. SONIA). Each portfolio is
grouped into repricing time periods based on expected repricing dates, by
scheduling cash flows into the periods in which they are expected to occur. The
hedging instruments are designated to those repricing time periods.
Changes in the fair value of the derivatives designated as hedging instruments,
together with changes in the fair value of the hedged item attributable to the
hedged risk, are recognised in net gains/(losses) on derivative financial
instruments and hedge accounting in the statement of profit and loss.
Movement in the fair value of the hedged item is recognised as an adjustment
to the carrying amount of the hedged asset or liability.
If the hedge no longer meets the criteria for hedge accounting, hedge
accounting is discontinued prospectively. The cumulative fair value adjustment
to the carrying amount of the hedged item is amortised to the statement of
profit and loss over the remaining period to maturity.
If the hedged item is derecognised, the cumulative fair value adjustment to the
carrying amount of the hedged item is recognised immediately in the statement
of profit and loss.
Cash flow hedges
Certain derivatives are designated as hedging instruments to hedge variability
in cash flows attributable to interest rate risk. The hedged cash flows may be
highly probable future cash flows attributable to a recognised asset or liability,
or a highly probable forecast transaction.
The effective portion of changes in the fair value of derivatives designated as
hedging instruments is recognised in other comprehensive income and is
presented in the cash flow hedging reserve in the statement of financial
position. The ineffective portion is recognised immediately in the statement of
profit and loss in net gains/(losses) on derivative financial instruments and
hedge accounting. The carrying amount of the hedged item is not adjusted.
Amounts accumulated in the cash flow hedging reserve are reclassified to the
statement of profit and loss in the periods in which the hedged cash flows affect
profit and loss.
When a hedging instrument expires or is sold, or when a hedge no longer
meets the criteria for hedge accounting, any cumulative gain or loss remains in
the cash flow hedging reserve and is subsequently reclassified to the
statement of profit and loss when the forecast transaction affects profit and
loss.
When a forecast transaction is no longer expected to occur, any cumulative
gain or loss included in the cash flow hedging reserve is immediately
reclassified to the statement of profit and loss. When reclassifying amounts to
the statement of profit and loss they are recognised in net gains/(losses) on
derivative financial instruments and hedge accounting.Certain deposits are designated as the hedged item in hedge relationships.
The total carrying amount of customer deposits includes the cumulative fair
value adjustment to the carrying amount of the hedged item in relation to fair
value hedges (see Note 7(l)).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "m) Intangible assets and amortisationOther intangible assets
Other intangible assets are measured at cost less accumulated amortisation
and any accumulated impairment losses. For externally acquired intangible
assets, cost includes the original purchase price of the asset and any directly
attributable costs of preparing the asset for its intended use. For internally
developed intangible assets, cost includes all costs directly attributable in
preparing the asset so that it is capable of operating in its intended manner.
For internally developed intangible assets costs may only be capitalised when
it can be demonstrated that: the expenditure can be reliably measured; the
product or process is technically and commercially feasible; future economic
benefits are probable; and there is the intention and ability to complete
development and subsequently use or sell the asset. Until the point that all
conditions are regarded as met, costs are recognised in administrative
expenses in the statement of profit and loss as incurred.
Subsequent expenditure is capitalised only when it increases the future
economic benefits embodied in the specific asset it relates to. All other
expenditure is recognised in administrative expenses in the statement of profit
and loss as incurred.
Intangibles arising from acquisitions are measured at fair value at the
acquisition date and then amortised subsequently. The estimated useful life
adopted is based on Shawbrook\u2019s policy depending on the type of intangibles.
Amortisation is calculated to write off the cost of the asset less its estimated
residual value on a straight-line basis over its estimated useful life and is
charged to administrative expenses in the statement of profit and loss. The
estimated useful life is three to seven years. The amortisation method, useful
lives and residual values are reviewed at each reporting date and adjusted if
appropriate.
Assets are reviewed for indicators of impairment at each reporting date and if
indicators are present, an impairment review is performed. If the carrying
amount exceeds the recoverable amount, an impairment loss is recognised in
administrative expenses in the statement of profit and loss.
On the disposal of an asset, the net disposal proceeds are compared with the
carrying amount of the asset and any gain or loss included in administrative
expenses in the statement of profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "m)
Intangible assets and amortisation
See disclosures at Note 29
Goodwill
Goodwill may arise on the acquisition of subsidiaries and represents the
excess of the cost of acquisition over the fair value of identifiable net assets
acquired. Goodwill is stated at cost less any accumulated impairment losses.
Goodwill is not amortised but is tested for impairment annually and whenever
there is an indication that impairment may exist. For the purpose of impairment
testing, goodwill is allocated to cash generating units (CGUs). A CGU is the
smallest identifiable group of assets that generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets.
If the carrying amount of a CGU exceeds the recoverable amount, an
impairment loss is recognised in administrative expenses in the statement of
profit and loss.
Other intangible assets
Other intangible assets are measured at cost less accumulated amortisation
and any accumulated impairment losses. For externally acquired intangible
assets, cost includes the original purchase price of the asset and any directly
attributable costs of preparing the asset for its intended use. For internally
developed intangible assets, cost includes all costs directly attributable in
preparing the asset so that it is capable of operating in its intended manner.
For internally developed intangible assets costs may only be capitalised when
it can be demonstrated that: the expenditure can be reliably measured; the
product or process is technically and commercially feasible; future economic
benefits are probable; and there is the intention and ability to complete
development and subsequently use or sell the asset. Until the point that all
conditions are regarded as met, costs are recognised in administrative
expenses in the statement of profit and loss as incurred.
Subsequent expenditure is capitalised only when it increases the future
economic benefits embodied in the specific asset it relates to. All other
expenditure is recognised in administrative expenses in the statement of profit
and loss as incurred.
Intangibles arising from acquisitions are measured at fair value at the
acquisition date and then amortised subsequently. The estimated useful life
adopted is based on Shawbrook\u2019s policy depending on the type of intangibles.
Amortisation is calculated to write off the cost of the asset less its estimated
residual value on a straight-line basis over its estimated useful life and is
charged to administrative expenses in the statement of profit and loss. The
estimated useful life is three to seven years. The amortisation method, useful
lives and residual values are reviewed at each reporting date and adjusted if
appropriate.
Assets are reviewed for indicators of impairment at each reporting date and if
indicators are present, an impairment review is performed. If the carrying
amount exceeds the recoverable amount, an impairment loss is recognised in
administrative expenses in the statement of profit and loss.
On the disposal of an asset, the net disposal proceeds are compared with the
carrying amount of the asset and any gain or loss included in administrative
expenses in the statement of profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "o)
Amounts due to banks
See disclosures at Note 33
Amounts due to banks are classified as financial liabilities measured at
amortised cost (see Note 7(t)).
Amounts due to banks may include liabilities recognised as part of repurchase
agreements (see Note 7(j)) and cash collateral received under terms that are
usual and customary for such activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "p)
Customer deposits
See disclosures at Note 34
Customer deposits are classified as financial liabilities measured at amortised
cost (see Note 7(t)).
Certain deposits are designated as the hedged item in hedge relationships.
The total carrying amount of customer deposits includes the cumulative fair
value adjustment to the carrying amount of the hedged item in relation to fair
value hedges (see Note 7(l)).", "dimensions": { "concept": "shaw:DescriptionOfAccountingPolicyForCustomerDepositsTextBlock", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "q)
Provisions
See disclosures at Note 35
Provisions are recognised when there is a present obligation arising as a result
of a past event, it is probable that an outflow of resources will be required to
settle the obligation and the amount of the obligation can be reliably estimated.
Provisions for levies are recognised when the conditions that trigger the
payment of the levy are met.
When it is expected that some or all of a provision will be reimbursed, for
example, under an insurance contract, the reimbursement is recognised as a
separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the statement of profit and loss
net of any reimbursement.
Provisions also include the loss allowance recognised on loan commitments
(see Note 7(u)). ECLs are calculated and a loss allowance recorded for all financial assets not held
at FVTPL (i.e. those at amortised cost and FVOCI) and for loan commitments.
Assets held at FVTPL and equity instruments are not subject to impairment.
Loss allowances are presented in the statement of financial position as follows:
\u2022
Financial assets measured at amortised cost:
as a deduction from the
gross carrying amount of the financial asset.
\u2022
Financial assets measured at FVOCI:
in other comprehensive income in
the FVOCI reserve. It does not reduce the carrying amount of the financial
asset, which remains at fair value.
\u2022
Loan commitments:
generally, as a provision.
Where a financial instrument includes both a drawn and an undrawn
component, and the loss allowance on the undrawn component cannot be
separately identified from the drawn component, a combined loss allowance is
presented as a deduction from the gross carrying amount of the drawn
component. Any excess of the loss allowance over the gross carrying amount
of the drawn component is presented as a provision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "s)
Subordinated debt
See disclosures at Note 39
Subordinated debt liabilities are classified as financial liabilities measured at
amortised cost (see Note 7(t)).
Subordinated debt receivables in the Company are classified as financial
assets measured at amortised cost (see Note 7(t)).", "dimensions": { "concept": "shaw:DescriptionOfAccountingPolicyForSubordinatedDebtTextBlock", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "t)
Financial assets and financial liabilities
See disclosures at Note 40
Recognition of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the instrument. Regular way
purchases and sales of financial assets are recognised on trade date.
Classification and measurement of financial assets
To classify financial assets, two assessments are performed:
\u2022
The \u2018business model assessment\u2019:
this assessment determines whether
the Group\u2019s objective is to generate cash flows from collecting contractual
cash flows (\u2018hold-to-collect\u2019), by both collecting contractual cash flows and
selling financial assets (\u2018hold-to-collect-and-sell\u2019) or neither. The
assessment is performed at a portfolio level and is based on expected
scenarios. In making this assessment, information considered includes:
sales in prior periods, expected sales in future periods and the reasons for
such sales. If cash flows are realised in a manner that is different from the
original expectation, the classification of the remaining financial assets in
that portfolio is not changed, but such information is used when assessing
new financial assets going forward.
\u2022
The \u2018SPPI test\u2019:
this assessment determines whether the contractual cash
flows of the financial asset are solely payments of principal and interest on
the principal amount outstanding (SPPI) (i.e. whether the contractual cash
flows are consistent with a basic lending arrangement). For the purposes
of this test, principal is defined as the fair value of the financial asset at
initial recognition.
Interest is defined as consideration for the time value of money and credit risk
associated with the principal amount outstanding and for other basic lending
risks and costs (e.g. liquidity risk and administrative costs), as well as a
reasonable profit margin. The SPPI test is performed at an instrument level
based on the contractual terms of the instrument at initial recognition. In
performing the SPPI test, terms that could change the contractual cash flows
so that they are not SPPI are considered, such as: contingent and leverage
features, non-recourse arrangements and features that could modify the time
value of money.
\n\n\n\n
Based on the two assessments, financial assets are classified as amortised
\n
cost, FVOCI or FVTPL, as follows:
\n
\u2022
Amortised cost
: when the financial asset is held in a hold-to-collect
\n
business model and its contractual terms give rise on specified dates to
\n
cash flows that are SPPI.
\n
\u2022
FVOCI
: when the financial asset is held in a hold-to-collect-and-sell
\n
business model and its contractual terms give rise on specified dates to
\n
cash flows that are SPPI.
\n
\u2022
FVTPL
: when the financial asset does not meet the criteria to be classified
\n
as amortised cost or FVOCI.
\n
Derivatives embedded in contracts where the host is a financial asset are
\n
never separated. Instead, the hybrid financial instrument as a whole is
\n
assessed for classification.
\n
For financial assets that meet the requirements to be classified as amortised
\n
cost or FVOCI, on initial recognition, the Group may irrevocably designate the
\n
financial asset as FVTPL, if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
Investments in equity instruments are normally classified as FVTPL. However, on
\n
initial recognition of an equity instrument that is not held for trading, the Group may
\n
irrevocably elect, on an investment-by-investment basis, to present subsequent
\n
changes in fair value in the statement of other comprehensive income.
\n
After initial recognition, financial assets are reclassified only under the rare
\n
circumstances that the Group changes its business model for managing
\n
financial assets.
\n
Financial assets classified as amortised cost are initially measured at fair value
\n
plus incremental direct transaction costs. Subsequent measurement is at
\n
amortised cost using the EIR method (see Note 7(c)). Amortised cost is
\n
reduced by impairment losses (see Note 7(u)). Interest income, foreign
\n
exchange gains and losses and impairment losses are recognised in the
\n
statement of profit and loss.
\n
Financial assets classified as FVOCI are initially measured at fair value plus
\n
incremental direct transaction costs. Subsequent measurement is at fair value,
\n
with changes in fair value recognised in other comprehensive income and
\n
presented in the FVOCI reserve in the statement of financial position. Interest
\n
income, foreign exchange gains and losses and impairment losses are
\n
recognised in the statement of profit and loss.
\n
Financial assets classified as FVTPL are initially measured at fair value and are
\n
subsequently remeasured at fair value. Net gains and losses, including any
\n
interest or dividend income, are recognised in the statement of profit and loss.
\n
Classification and measurement of financial liabilities
\n
Financial instruments are classified as a financial liability when the substance of
\n
the contractual arrangements result in the Group having a present obligation to
\n
deliver cash, another financial asset or a variable number of equity instruments.
\n
Financial liabilities are classified at initial recognition as FVTPL or amortised
\n
cost as follows:
\n
\u2022
FVTPL:
when the financial liability meets the definition of held for trading,
\n
or when the financial liability is designated as such to eliminate or
\n
significantly reduce an accounting mismatch that would otherwise arise.
\n
\u2022
Amortised cost:
when the financial liability is not classified as FVTPL.
\n
Financial liabilities classified as FVTPL are initially measured at fair value and
\n
are subsequently remeasured at fair value. Net gains and losses, including any
\n
interest, are recognised in the statement of profit and loss.
\n
Financial liabilities classified as amortised cost are initially measured at fair
\n
value minus incremental direct transaction costs. Subsequent measurement is
\n
at amortised cost using the EIR method (see Note 7(c)). Interest expense is
\n
recognised in the statement of profit and loss.
\n
Derecognition of financial assets and financial liabilities
\n
Derecognition is the point at which the Group ceases to recognise a financial
\n
asset or a financial liability on its statement of financial position.
\n
A financial asset (or a part of a financial asset) is derecognised when:
\n
\u2022
the contractual rights to the cash flows from the financial asset have
\n
expired;
\n
\u2022
the financial asset is transferred in a transaction in which substantially all
\n
the risks and rewards of ownership of the financial asset are transferred; or
\n
\u2022
the financial asset is transferred in a transaction in which substantially all
\n
the risks and rewards of ownership of the financial asset are neither
\n
transferred nor retained and control of the asset is not retained. If control
\n
of the asset is retained, the transferred asset continues to be recognised
\n
only to the extent of the Group\u2019s continuing involvement, with the
\n
remainder being derecognised.
\n
A financial liability (or a part of a financial liability) is derecognised when the
\n
contractual obligations are extinguished (i.e. discharged, cancelled, or expired).
\n
On derecognition, the difference between the carrying amount (or the carrying
\n
amount allocated to the portion being derecognised) and the sum of the
\n
consideration received/paid (including any new asset obtained less any new
\n
liability assumed) is recognised in the statement of profit and loss.
\n
For financial assets classified as FVOCI, any gains/losses accumulated in the
\n
FVOCI reserve are reclassified to the statement of profit and loss.
\n
Modification of financial assets and financial liabilities
\n
When a financial asset or financial liability is modified, a quantitative and
\n
qualitative evaluation is performed to assess whether or not the new terms are
\n
substantially different to the original terms.
\n
For financial assets, the Group considers the specific circumstances including:
\n
\u2022
if the borrower is in financial difficulty, whether the modification merely
\n
reduces the contractual cash flows to amounts the borrower is expected to
\n
be able to pay;
\n
\u2022
whether any substantial new terms are introduced that substantially affects
\n
the risk profile of the loan;
\n
\u2022
significant extension of the loan term when the borrower is not in financial
\n
difficulty;
\n
\u2022
significant change in the interest rate; and
\n
\u2022
insertion of collateral, other security or credit enhancements that
\n
significantly affect the credit risk associated with the loan.
\n
For financial liabilities, the Group specifically, but not exclusively, considers the
\n
outcome of the \u201810% test\u2019. This involves a comparison of the cash flows before
\n
and after the modification, discounted at the original EIR, whereby a difference
\n
of more than 10% indicates the modification is substantial.
If the terms and cash flows of the modified financial instrument are deemed to
be substantially different, the derecognition criteria are met and the original
financial instrument is derecognised and a \u2018new\u2019 financial instrument is
recognised at fair value. The difference between the carrying amount of the
derecognised financial instrument and the new financial instrument with
modified terms is recognised in the statement of profit and loss.
If the terms and cash flows of the modified financial instrument are not deemed
to be substantially different, the financial instrument is not derecognised and
the Group recalculates the \u2018new\u2019 gross carrying amount of the financial
instrument based on the revised cash flows of the modified financial instrument
discounted at the original EIR and recognises any associated gain or loss in
the statement of profit and loss. Any costs and fees incurred are recognised as
an adjustment to the carrying amount of the financial instrument and are
amortised over the remaining term of the modified financial instrument by
recalculating the EIR on the financial instrument.
In relation to financial assets, where a modification is granted due to the
financial difficulty of the borrower, the objective of the modification is usually to
maximise recovery of the original contractual terms rather than to originate a
new asset with substantially different terms. Under such circumstances, it is
first considered whether a portion of the asset should be written off before the
modification takes place. This approach impacts the result of the quantitative
evaluation and usually means the derecognition criteria are not met.
Fair value of financial assets and financial liabilities
Fair value is defined as 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 the principal, or in its absence, the most
advantageous market to which the Group has access at that date. The fair
value of a liability reflects its non-performance risk.
Where possible, fair value is determined with reference to quoted prices in an
active market or dealer price quotations. A market is regarded as active if
transactions for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. Where quoted
prices are not available, generally accepted valuation techniques are used to
estimate fair value, including discounted cash flow models and Black-Scholes
option pricing. Where possible these valuation techniques use independently
sourced market parameters, such as interest rate yield curves, option
volatilities and currency rates.
On initial recognition, the best evidence of the fair value of a financial
instrument is normally transaction price (i.e. the fair value of the consideration
given or received). If it is determined that the fair value on initial recognition
differs from the transaction price, such differences are accounted for as follows:
\u2022
if fair value is evidenced by a quoted price in an active market for an
identical asset or liability, or based on a valuation technique that uses only
data from observable markets, the difference is recognised in the
statement of profit and loss on initial recognition (i.e. day one profit and
loss);
\u2022
in all other cases, the fair value will be adjusted to bring it in line with the
transaction price (i.e. day one profit and loss will be deferred by including it
in the initial carrying amount of the asset or liability). Subsequently, the
deferred gain or loss will be released to the statement of profit and loss on
an appropriate basis over the life of the instrument, but no later than when
the valuation is wholly supported by observable market data or the
transaction is closed out.
If an asset or liability measured at fair value has a bid price and an ask price,
assets are measured at bid price and liabilities are measured at ask price.
A fair value hierarchy is used that categorises financial assets and financial
liabilities into three different levels, as detailed in Note 40(b). Levels are reviewed
at each reporting date to determine whether transfers between levels are required.
Further details of the fair value calculation of derivative financial instruments
are set out in Note 7(k).
Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position when there is a legally enforceable right to
offset the recognised amounts and there is an intention to settle on a net basis,
or realise the asset and settle the liability simultaneously.
Income and expenses are presented on a net basis only when permitted by
accounting standards, or for gains and losses arising from a group of similar
transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "t)
Financial assets and financial liabilities
See disclosures at Note 40
Recognition of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the instrument. Regular way
purchases and sales of financial assets are recognised on trade date.
Classification and measurement of financial assets
To classify financial assets, two assessments are performed:
\u2022
The \u2018business model assessment\u2019:
this assessment determines whether
the Group\u2019s objective is to generate cash flows from collecting contractual
cash flows (\u2018hold-to-collect\u2019), by both collecting contractual cash flows and
selling financial assets (\u2018hold-to-collect-and-sell\u2019) or neither. The
assessment is performed at a portfolio level and is based on expected
scenarios. In making this assessment, information considered includes:
sales in prior periods, expected sales in future periods and the reasons for
such sales. If cash flows are realised in a manner that is different from the
original expectation, the classification of the remaining financial assets in
that portfolio is not changed, but such information is used when assessing
new financial assets going forward.
\u2022
The \u2018SPPI test\u2019:
this assessment determines whether the contractual cash
flows of the financial asset are solely payments of principal and interest on
the principal amount outstanding (SPPI) (i.e. whether the contractual cash
flows are consistent with a basic lending arrangement). For the purposes
of this test, principal is defined as the fair value of the financial asset at
initial recognition.
Interest is defined as consideration for the time value of money and credit risk
associated with the principal amount outstanding and for other basic lending
risks and costs (e.g. liquidity risk and administrative costs), as well as a
reasonable profit margin. The SPPI test is performed at an instrument level
based on the contractual terms of the instrument at initial recognition. In
performing the SPPI test, terms that could change the contractual cash flows
so that they are not SPPI are considered, such as: contingent and leverage
features, non-recourse arrangements and features that could modify the time
value of money.
\n\n\n\n
Based on the two assessments, financial assets are classified as amortised
\n
cost, FVOCI or FVTPL, as follows:
\n
\u2022
Amortised cost
: when the financial asset is held in a hold-to-collect
\n
business model and its contractual terms give rise on specified dates to
\n
cash flows that are SPPI.
\n
\u2022
FVOCI
: when the financial asset is held in a hold-to-collect-and-sell
\n
business model and its contractual terms give rise on specified dates to
\n
cash flows that are SPPI.
\n
\u2022
FVTPL
: when the financial asset does not meet the criteria to be classified
\n
as amortised cost or FVOCI.
\n
Derivatives embedded in contracts where the host is a financial asset are
\n
never separated. Instead, the hybrid financial instrument as a whole is
\n
assessed for classification.
\n
For financial assets that meet the requirements to be classified as amortised
\n
cost or FVOCI, on initial recognition, the Group may irrevocably designate the
\n
financial asset as FVTPL, if doing so eliminates or significantly reduces an
\n
accounting mismatch that would otherwise arise.
\n
Investments in equity instruments are normally classified as FVTPL. However, on
\n
initial recognition of an equity instrument that is not held for trading, the Group may
\n
irrevocably elect, on an investment-by-investment basis, to present subsequent
\n
changes in fair value in the statement of other comprehensive income.
\n
After initial recognition, financial assets are reclassified only under the rare
\n
circumstances that the Group changes its business model for managing
\n
financial assets.
\n
Financial assets classified as amortised cost are initially measured at fair value
\n
plus incremental direct transaction costs. Subsequent measurement is at
\n
amortised cost using the EIR method (see Note 7(c)). Amortised cost is
\n
reduced by impairment losses (see Note 7(u)). Interest income, foreign
\n
exchange gains and losses and impairment losses are recognised in the
\n
statement of profit and loss.
\n
Financial assets classified as FVOCI are initially measured at fair value plus
\n
incremental direct transaction costs. Subsequent measurement is at fair value,
\n
with changes in fair value recognised in other comprehensive income and
\n
presented in the FVOCI reserve in the statement of financial position. Interest
\n
income, foreign exchange gains and losses and impairment losses are
\n
recognised in the statement of profit and loss.
\n
Financial assets classified as FVTPL are initially measured at fair value and are
\n
subsequently remeasured at fair value. Net gains and losses, including any
\n
interest or dividend income, are recognised in the statement of profit and loss.
\n
Classification and measurement of financial liabilities
\n
Financial instruments are classified as a financial liability when the substance of
\n
the contractual arrangements result in the Group having a present obligation to
\n
deliver cash, another financial asset or a variable number of equity instruments.
\n
Financial liabilities are classified at initial recognition as FVTPL or amortised
\n
cost as follows:
\n
\u2022
FVTPL:
when the financial liability meets the definition of held for trading,
\n
or when the financial liability is designated as such to eliminate or
\n
significantly reduce an accounting mismatch that would otherwise arise.
\n
\u2022
Amortised cost:
when the financial liability is not classified as FVTPL.
\n
Financial liabilities classified as FVTPL are initially measured at fair value and
\n
are subsequently remeasured at fair value. Net gains and losses, including any
\n
interest, are recognised in the statement of profit and loss.
\n
Financial liabilities classified as amortised cost are initially measured at fair
\n
value minus incremental direct transaction costs. Subsequent measurement is
\n
at amortised cost using the EIR method (see Note 7(c)). Interest expense is
\n
recognised in the statement of profit and loss.
\n
Derecognition of financial assets and financial liabilities
\n
Derecognition is the point at which the Group ceases to recognise a financial
\n
asset or a financial liability on its statement of financial position.
\n
A financial asset (or a part of a financial asset) is derecognised when:
\n
\u2022
the contractual rights to the cash flows from the financial asset have
\n
expired;
\n
\u2022
the financial asset is transferred in a transaction in which substantially all
\n
the risks and rewards of ownership of the financial asset are transferred; or
\n
\u2022
the financial asset is transferred in a transaction in which substantially all
\n
the risks and rewards of ownership of the financial asset are neither
\n
transferred nor retained and control of the asset is not retained. If control
\n
of the asset is retained, the transferred asset continues to be recognised
\n
only to the extent of the Group\u2019s continuing involvement, with the
\n
remainder being derecognised.
\n
A financial liability (or a part of a financial liability) is derecognised when the
\n
contractual obligations are extinguished (i.e. discharged, cancelled, or expired).
\n
On derecognition, the difference between the carrying amount (or the carrying
\n
amount allocated to the portion being derecognised) and the sum of the
\n
consideration received/paid (including any new asset obtained less any new
\n
liability assumed) is recognised in the statement of profit and loss.
\n
For financial assets classified as FVOCI, any gains/losses accumulated in the
\n
FVOCI reserve are reclassified to the statement of profit and loss.
\n
Modification of financial assets and financial liabilities
\n
When a financial asset or financial liability is modified, a quantitative and
\n
qualitative evaluation is performed to assess whether or not the new terms are
\n
substantially different to the original terms.
\n
For financial assets, the Group considers the specific circumstances including:
\n
\u2022
if the borrower is in financial difficulty, whether the modification merely
\n
reduces the contractual cash flows to amounts the borrower is expected to
\n
be able to pay;
\n
\u2022
whether any substantial new terms are introduced that substantially affects
\n
the risk profile of the loan;
\n
\u2022
significant extension of the loan term when the borrower is not in financial
\n
difficulty;
\n
\u2022
significant change in the interest rate; and
\n
\u2022
insertion of collateral, other security or credit enhancements that
\n
significantly affect the credit risk associated with the loan.
\n
For financial liabilities, the Group specifically, but not exclusively, considers the
\n
outcome of the \u201810% test\u2019. This involves a comparison of the cash flows before
\n
and after the modification, discounted at the original EIR, whereby a difference
\n
of more than 10% indicates the modification is substantial.
If the terms and cash flows of the modified financial instrument are deemed to
be substantially different, the derecognition criteria are met and the original
financial instrument is derecognised and a \u2018new\u2019 financial instrument is
recognised at fair value. The difference between the carrying amount of the
derecognised financial instrument and the new financial instrument with
modified terms is recognised in the statement of profit and loss.
If the terms and cash flows of the modified financial instrument are not deemed
to be substantially different, the financial instrument is not derecognised and
the Group recalculates the \u2018new\u2019 gross carrying amount of the financial
instrument based on the revised cash flows of the modified financial instrument
discounted at the original EIR and recognises any associated gain or loss in
the statement of profit and loss. Any costs and fees incurred are recognised as
an adjustment to the carrying amount of the financial instrument and are
amortised over the remaining term of the modified financial instrument by
recalculating the EIR on the financial instrument.
In relation to financial assets, where a modification is granted due to the
financial difficulty of the borrower, the objective of the modification is usually to
maximise recovery of the original contractual terms rather than to originate a
new asset with substantially different terms. Under such circumstances, it is
first considered whether a portion of the asset should be written off before the
modification takes place. This approach impacts the result of the quantitative
evaluation and usually means the derecognition criteria are not met.
Fair value of financial assets and financial liabilities
Fair value is defined as 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 the principal, or in its absence, the most
advantageous market to which the Group has access at that date. The fair
value of a liability reflects its non-performance risk.
Where possible, fair value is determined with reference to quoted prices in an
active market or dealer price quotations. A market is regarded as active if
transactions for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. Where quoted
prices are not available, generally accepted valuation techniques are used to
estimate fair value, including discounted cash flow models and Black-Scholes
option pricing. Where possible these valuation techniques use independently
sourced market parameters, such as interest rate yield curves, option
volatilities and currency rates.
On initial recognition, the best evidence of the fair value of a financial
instrument is normally transaction price (i.e. the fair value of the consideration
given or received). If it is determined that the fair value on initial recognition
differs from the transaction price, such differences are accounted for as follows:
\u2022
if fair value is evidenced by a quoted price in an active market for an
identical asset or liability, or based on a valuation technique that uses only
data from observable markets, the difference is recognised in the
statement of profit and loss on initial recognition (i.e. day one profit and
loss);
\u2022
in all other cases, the fair value will be adjusted to bring it in line with the
transaction price (i.e. day one profit and loss will be deferred by including it
in the initial carrying amount of the asset or liability). Subsequently, the
deferred gain or loss will be released to the statement of profit and loss on
an appropriate basis over the life of the instrument, but no later than when
the valuation is wholly supported by observable market data or the
transaction is closed out.
If an asset or liability measured at fair value has a bid price and an ask price,
assets are measured at bid price and liabilities are measured at ask price.
A fair value hierarchy is used that categorises financial assets and financial
liabilities into three different levels, as detailed in Note 40(b). Levels are reviewed
at each reporting date to determine whether transfers between levels are required.
Further details of the fair value calculation of derivative financial instruments
are set out in Note 7(k).
Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position when there is a legally enforceable right to
offset the recognised amounts and there is an intention to settle on a net basis,
or realise the asset and settle the liability simultaneously.
Income and expenses are presented on a net basis only when permitted by
accounting standards, or for gains and losses arising from a group of similar
transactions.
u)
Impairment of financial assets
See disclosures at Note 20
Impairment of financial assets is calculated using a forward-looking expected
credit loss (ECL) model. ECLs are an unbiased probability-weighted estimate
of credit losses determined by evaluating a range of possible outcomes. A
summary of ECL measurement is as follows:
\u2022
Financial assets that are not credit-impaired at the reporting date:
as
the present value of all cash shortfalls. Cash shortfalls are the difference
between the contractual cash flows due and the cash flows that are
expected to be received.
\u2022
Financial assets that are credit-impaired at the reporting date:
as the
difference between the gross carrying amount and the present value of
estimated future cash flows discounted at the financial asset\u2019s original EIR.
\u2022
Loan commitments:
as the present value of the difference between the
contractual cash flows due if the commitment is drawn down and the cash
flows that are expected to be received.
ECLs are measured in a manner that reflects the time value of money and
uses reasonable and supportable information that is available at the reporting
date, without undue cost or effort, about past events, current conditions and
forecasts of future economic conditions.
ECLs are calculated and a loss allowance recorded for all financial assets not held
at FVTPL (i.e. those at amortised cost and FVOCI) and for loan commitments.
Assets held at FVTPL and equity instruments are not subject to impairment.
Loss allowances are presented in the statement of financial position as follows:
\u2022
Financial assets measured at amortised cost:
as a deduction from the
gross carrying amount of the financial asset.
\u2022
Financial assets measured at FVOCI:
in other comprehensive income in
the FVOCI reserve. It does not reduce the carrying amount of the financial
asset, which remains at fair value.
\u2022
Loan commitments:
generally, as a provision.
Where a financial instrument includes both a drawn and an undrawn
component, and the loss allowance on the undrawn component cannot be
separately identified from the drawn component, a combined loss allowance is
presented as a deduction from the gross carrying amount of the drawn
component. Any excess of the loss allowance over the gross carrying amount
of the drawn component is presented as a provision.
The calculation of ECLs is dependent upon the \u2018stage\u2019 the asset is assigned to
(Stage 1, 2 or 3). The stage is determined based on changes in credit risk
when comparing credit risk at initial recognition to credit risk at the reporting
date, or whether the asset was POCI.
Details of the \u2018staging\u2019 of assets and POCI assets, the calculation of ECLs and
the key judgements and estimates associated with this, are provided in the
credit risk section of the Risk Report starting on page 130.
It is possible to elect, as an accounting policy choice, to use the \u2018simplified
approach\u2019 for trade receivables, contract assets and lease receivables. The
Group has elected not to use this simplified approach.
Modifications
If a financial asset is modified, an assessment is made to determine whether it
meets the derecognition criteria outlined in Note 7(t).
If the modification does not result in derecognition of the existing asset, the
expected cash flows arising from the modified financial asset are included in
calculating the cash shortfalls from the existing asset.
If the modification does result in derecognition of the existing asset, the
expected fair value of the \u2018new\u2019 asset is treated as the final cash flow from the
existing financial asset at the time of its derecognition. This amount is included
in calculating the cash shortfalls from the existing financial asset that are
discounted from the expected date of derecognition to the reporting date using
the original EIR of the existing financial asset. The date of renegotiation is
considered to be the date of initial recognition for impairment calculation
purposes, including in determining whether a significant increase in credit risk
has occurred and whether the new financial asset is deemed to be a POCI
asset.
Write-offs
Loans and debt securities are written off (either partially or in full) when there is
no realistic prospect of recovery. This is generally the case when it is
determined that the borrower does not have assets or sources of income that
could generate sufficient cash flows to repay the amounts subject to the write-
off. Write-offs constitute a derecognition event, as detailed in Note 7(t).
Financial assets that are written off can still be subject to enforcement activities
in order to comply with the Group\u2019s procedures for recovery of amounts due.
Amounts subsequently recovered on assets written off are recognised in
impairment losses on financial assets in the statement of profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position when there is a legally enforceable right to
offset the recognised amounts and there is an intention to settle on a net basis,
or realise the asset and settle the liability simultaneously.
Income and expenses are presented on a net basis only when permitted by
accounting standards, or for gains and losses arising from a group of similar
transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "u)
Impairment of financial assets
See disclosures at Note 20
Impairment of financial assets is calculated using a forward-looking expected
credit loss (ECL) model. ECLs are an unbiased probability-weighted estimate
of credit losses determined by evaluating a range of possible outcomes. A
summary of ECL measurement is as follows:
\u2022
Financial assets that are not credit-impaired at the reporting date:
as
the present value of all cash shortfalls. Cash shortfalls are the difference
between the contractual cash flows due and the cash flows that are
expected to be received.
\u2022
Financial assets that are credit-impaired at the reporting date:
as the
difference between the gross carrying amount and the present value of
estimated future cash flows discounted at the financial asset\u2019s original EIR.
\u2022
Loan commitments:
as the present value of the difference between the
contractual cash flows due if the commitment is drawn down and the cash
flows that are expected to be received.
ECLs are measured in a manner that reflects the time value of money and
uses reasonable and supportable information that is available at the reporting
date, without undue cost or effort, about past events, current conditions and
forecasts of future economic conditions.
ECLs are calculated and a loss allowance recorded for all financial assets not held
at FVTPL (i.e. those at amortised cost and FVOCI) and for loan commitments.
Assets held at FVTPL and equity instruments are not subject to impairment.
Loss allowances are presented in the statement of financial position as follows:
\u2022
Financial assets measured at amortised cost:
as a deduction from the
gross carrying amount of the financial asset.
\u2022
Financial assets measured at FVOCI:
in other comprehensive income in
the FVOCI reserve. It does not reduce the carrying amount of the financial
asset, which remains at fair value.
\u2022
Loan commitments:
generally, as a provision.
Where a financial instrument includes both a drawn and an undrawn
component, and the loss allowance on the undrawn component cannot be
separately identified from the drawn component, a combined loss allowance is
presented as a deduction from the gross carrying amount of the drawn
component. Any excess of the loss allowance over the gross carrying amount
of the drawn component is presented as a provision.
The calculation of ECLs is dependent upon the \u2018stage\u2019 the asset is assigned to
(Stage 1, 2 or 3). The stage is determined based on changes in credit risk
when comparing credit risk at initial recognition to credit risk at the reporting
date, or whether the asset was POCI.
Details of the \u2018staging\u2019 of assets and POCI assets, the calculation of ECLs and
the key judgements and estimates associated with this, are provided in the
credit risk section of the Risk Report starting on page 130.
It is possible to elect, as an accounting policy choice, to use the \u2018simplified
approach\u2019 for trade receivables, contract assets and lease receivables. The
Group has elected not to use this simplified approach.
Modifications
If a financial asset is modified, an assessment is made to determine whether it
meets the derecognition criteria outlined in Note 7(t).
If the modification does not result in derecognition of the existing asset, the
expected cash flows arising from the modified financial asset are included in
calculating the cash shortfalls from the existing asset.
If the modification does result in derecognition of the existing asset, the
expected fair value of the \u2018new\u2019 asset is treated as the final cash flow from the
existing financial asset at the time of its derecognition. This amount is included
in calculating the cash shortfalls from the existing financial asset that are
discounted from the expected date of derecognition to the reporting date using
the original EIR of the existing financial asset. The date of renegotiation is
considered to be the date of initial recognition for impairment calculation
purposes, including in determining whether a significant increase in credit risk
has occurred and whether the new financial asset is deemed to be a POCI
asset.
Write-offs
Loans and debt securities are written off (either partially or in full) when there is
no realistic prospect of recovery. This is generally the case when it is
determined that the borrower does not have assets or sources of income that
could generate sufficient cash flows to repay the amounts subject to the write-
off. Write-offs constitute a derecognition event, as detailed in Note 7(t).
Financial assets that are written off can still be subject to enforcement activities
in order to comply with the Group\u2019s procedures for recovery of amounts due.
Amounts subsequently recovered on assets written off are recognised in
impairment losses on financial assets in the statement of profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "v)
Capital securities
See disclosures at Note 42
Capital securities are classified as equity instruments, as the substance of the
contractual arrangements are such that there is no present obligation to deliver
cash, another financial asset or a variable number of equity instruments. The
capital securities are measured at the fair value of the proceeds from the
issuance less any costs that are incremental and directly attributable to the
issuance (net of applicable tax).
Distributions to holders of the capital securities are recognised when they
become irrevocable and are deducted from retained earnings in equity.", "dimensions": { "concept": "shaw:DescriptionOfAccountingPolicyForCapitalSecuritiesTextBlock", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "w)
Loan commitments
See disclosures at Note 48
Loan commitments are firm commitments to provide credit under pre-specified
terms and conditions. Certain uncommitted facilities are included within
reported loan commitments where the terms are such that there is an
obligation to the customer should the customer get into financial distress.
A loss allowance is recognised on loan commitments in accordance with the
policies set out in Note 7(u). The loss allowance is included within provisions in
the statement of financial position.", "dimensions": { "concept": "shaw:DescriptionOfAccountingPolicyForLoanCommitmentsTextBlock", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "x)
Contingent assets and contingent liabilities
See disclosures at Note 49
Contingent assets are possible assets that arise from past events whose
existence will be confirmed only by the occurrence, or non-occurrence, of one
or more uncertain future events not wholly within the control of the Group.
Contingent assets are not recognised in the financial statements, but they are
disclosed if an inflow of economic benefits is probable.
Contingent liabilities are possible obligations that arise from past events whose
existence will be confirmed only by the occurrence, or non-occurrence, of one
or more uncertain future events not wholly within the control of the Group.
Alternatively, they are present obligations that have arisen from past events
where the outflow of resources is uncertain or cannot be reliably measured.
Contingent liabilities are not recognised in the financial statements, but they
are disclosed unless the probability of settlement is remote.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "y)
Earnings per share
See disclosures at Note 22
Basic earnings per share is calculated by dividing the profit attributable to
ordinary equity shareholders by the weighted average number of ordinary
shares outstanding during the period. Diluted earnings per share adjusts the
basic earnings per share for the effects of all dilutive potential ordinary shares,
which may arise from share options, convertible instruments, or other equity-
based arrangements. The Group presents both basic and diluted earnings per
share in accordance with IAS 33 Earnings per Share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "z)
Share based payments
See disclosures at Note 18
For equity-settled share-based payments, the grant date fair value of the
share-based payment transaction is recognised as an expense, with a
corresponding increase in retained earnings in equity, on a straight-line basis
over the period the employees become unconditionally entitled to the awards
(the \u2018vesting period\u2019).
The grant date fair value is estimated using a generally accepted valuation
method. Where there are market conditions or non-vesting conditions, the
grant date fair value is measured to reflect such conditions and there is no true-
up for differences between expected and actual outcomes.
Where the vesting period is dependent on achieving a non-market performance
condition, the length of the expected vesting period at grant date is estimated
based on the most likely outcome. Subsequently, the estimated vesting period
is revised until the actual outcome is known.
The amount recognised as an expense is adjusted to reflect the number of
awards for which the non-market vesting conditions are expected to be met,
such that the amount ultimately recognised as an expense is based on the
number of awards that will eventually vest.
For cash-settled share-based payments, the fair value of the amount payable
to employees is recognised as an expense, with a corresponding increase in
other liabilities, over the vesting period. The fair value of the liability is
remeasured at each reporting date and at the date of settlement, with any
changes recognised as an expense.
In the Company\u2019s financial statements, the equity-settled share-based payment
transaction is recognised as an increase in its investment in subsidiaries, with a
corresponding increase in retained earnings in equity.
The Group operated an equity settled Management Incentive Plan (MIP), which
was originally introduced for a set of individuals in April 2019. This scheme
vested upon listing.
During the year ended 31 December 2025, the Group adopted a new equity
settled scheme for selected key employees in the form of an option to acquire
A2 shares in Marlin Bidco Limited (Marlin) for nil consideration, subject to
performance outcomes linked to a prescribed exit event. As with the MIP, the
IPO and subsequent liquidation of Marlin resulted in the vesting of this
arrangement with assets distributed to A2 shareholders in the same form as
the MIP.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "8.
Critical accounting judgements and estimates
The preparation of financial statements requires the Group to make judgements and estimates that affect the application
of accounting policies and the reported results and financial position.
Estimates, and the underlying assumptions driving these estimates, are reviewed by the Group on an ongoing basis.
Due to the inherent uncertainty in making estimates, actual results reported in the future may differ from the amounts
estimated. Revisions to estimates are recognised in the period in which the estimates are revised and in any future
periods affected.
In the reported year, the areas involving the most complex and subjective judgements, and areas where estimates are
considered to have the most significant effect on the financial statements, are set out in the following sections.
a)
Impairment losses on financial assets
See accounting policies at Note 7(u) and disclosures at Note 20
Impairment of financial assets is calculated using a forward-looking ECL model. The calculation and measurement of
ECLs requires the use of complex judgements and represents a key source of estimation uncertainty.
Judgements
Judgements considered to have the most significant effect on amounts in the financial statements are:
\u2022
determining the stage the financial asset is allocated to and therefore whether a 12-month or lifetime ECL is
recognised in the financial statements. This involves judgements over whether the financial asset has had a
significant increase in credit risk since initial recognition, whether the financial asset is in default or whether the
financial asset is \u2018cured\u2019; and
\u2022
application of judgemental adjustments to modelled ECLs when the Group judges that the modelled ECL amount
does not adequately reflect the expected outcome.
Estimates
Underlying assumptions used in estimating ECLs that, depending on a range of factors, could result in a material
adjustment in the next financial year are:
\u2022
the forward-looking economic scenarios used;
\u2022
probability weightings applied to these scenarios; and
\u2022
model assumptions used, such as the probability of default and loss given default.
Additional details of the critical judgements and estimates, including sensitivity analysis, are included in the credit risk
section of the Risk Report on pages 144 to 151.
b)
Provisions for customer remediation and conduct issues
See accounting policies at Note 7(q) and disclosures at Note 35
Provisions have been recognised in respect of potential claims for instances of misrepresentation, breaches of contract
or other wrongdoing by suppliers, in circumstances where the Group may have a liability under consumer credit
legislation for the acts or omissions of suppliers (although the Group continues to pursue recovery from such suppliers).
Calculating the amount of the provision requires judgement and represents a source of estimation uncertainty.
Judgements
In prior years, significant judgement was required to assess whether past events resulted in a present obligation and
whether it was probable that an outflow of resources would be required in respect of customer complaints relating to
holiday ownership (timeshare) products. As the provision has been established for some time, this judgement is
considered largely historical in nature.
No new judgement has arisen in the current year that would materially alter the assessment of the existence of an
obligation.
Estimates
The timeshare model splits the portfolio into cohorts reflecting the loans that were impacted by the different outcomes of
the Judicial Review. Each cohort has different assumptions (referred to as the base case) for number of complaints
expected, the uphold rate and the amount of redress. For alternate scenario, where the sensitivity would result in the
revised assumption being lower than the base case assumption, the sensitivity assumption has been floored at the base
case assumption.
The following table sets out the underlying assumptions used in estimating the provision that, depending on a range of
factors, could result in a material adjustment in the next financial year. Sensitivity analysis to illustrate the impact of, what
the Group considers to be, reasonable changes to these underlying assumptions, is also provided.
\n \n
Assumption
Sensitivity analysis
Number of complaints
The impact of a +/- 5 percentage point change
In deriving this figure the Group takes into account:
in the absolute number of complaints would
\u2022
the status of current claims and projected potential future claims based on
result in a \u00a30.2 million increase or a \u00a30.2
existing complaint data; and
million decrease in the provision, respectively.
\u2022
the statutory limitation period.
Number of upheld claims
The impact of a +/-10 percentage point change
Once the number of complaints has been estimated, it is necessary to estimate
in the average uphold rate per complaint
how many of these claims will be upheld. The sensitivity is driven by the fact that
would result in a \u00a33.3 million increase or a
we have limited claims that have completed the full review process including
\u00a33.3 million decrease in the provision,
where customers m
ight appeal to FOS for the claim to be reviewed. Therefore,
respectively.
the final upheld number could be higher depending on final outcomes on
complaints received but not yet processed to completion.
Redress costs on upheld claims
The impact of a +/-10 percentage point change
This
reflects the expected average customer compensation on the estimated
in the average redress per complaint would
number of upheld claims, based on agreed redress strategies (inclusive of loan
result in a \u00a30.6 million increase or decrease in
balance adjustments and cash payments).
This is based on actual claim data.
the provisions, respectively.
\n
The Group has commenced work to pursue recoveries on timeshare products from either original suppliers or, failing
\n
that, the Group\u2019s insurers. In accordance with IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019, such
\n
reimbursements are recognised as an asset only when they are virtually certain. The Group typically considers a
\n
reimbursement claim to be virtually certain once it has been accepted by the other party.
\n
Additional information about provisions for customer remediation and conduct issues are provided in Notes 35 and 49.
\n
c)
Fair value of loans measured at fair value through other comprehensive income
\n
See accounting policies at Note 7(t) and disclosures at Note 40(b)
\n
The Group holds certain mortgage loans that are measured at FVOCI. In valuing these loans, the Group makes use
\n
of unobservable inputs (i.e. Level 3 in the fair value hierarchy) and the calculation represents a source of estimation
\n
uncertainty.
\n
Estimates
\n
To calculate the fair value of the loans measured at FVOCI, the Group uses the discounted cash flow method, in which
\n
the significant unobservable inputs are the risk-adjusted discount rate and prepayment curve used.
\n
Additional details, including sensitivity analysis, are provided in Note 40(b).
\n
d)
Fair value of loans measured at fair value through profit and loss
\n
See accounting policies at Note 7(t) and disclosures at Note 40(b)
\n
Details of the critical judgements and estimates, including sensitivity analysis, are included in Note 40.
\n
e)
ThinCats deferred tax assets
\n
See accounting policies at Note 7(f) and disclosures at Note 30.
\n
Details of the critical judgements and estimates are included in Note 30.
9. Other judgements
a)
Securitisations
See accounting policies at Note 7(i) and disclosures at Note 25
Securitisation transactions involve the transfer of certain customer loans to a structured entity. In determining the
accounting treatment to be applied for such transactions the Group must perform a number of complex assessments,
which necessitates the application of judgement.
Judgements
Judgements considered to have the most significant effect on amounts in the financial statements are:
\u2022
assessing whether the Group controls the structured entity and whether it should therefore be treated as a
subsidiary by virtue of control and consolidated; and
\u2022
assessing whether the securitised loans should be derecognised.
The outcome of these assessments significantly impacts the resulting accounting treatment and amounts recognised in
the financial statements.
In making such assessments the structure and terms of the contractual arrangements are scrutinised, with particular
consideration given to matters such as: who will service and manage the securitised loans and the ownership of any \u2018X\u2019
notes and residual certificates issued by the structured entity (which represents the \u2018equity\u2019 investment in the securitised
loans, giving the rights to any excess spread and the risk of losses associated with any defaults).
During the year, the Group completed two securitisation transactions. Judgement was applied to conclude that both
structured entities should not be consolidated and the securitised loans met the criteria for derecognition from the
statement of financial position. Additional details are provided in Note 25.Critical accounting judgements and estimates
The impairment of financial assets is an area identified as involving critical accounting judgements and estimates.
Additional details are provided in Note 8(a) and in the credit risk section of the Risk Report on pages 144 to 151. Other accounting judgements
For each securitisation transaction completed, the assessments involved in determining whether the Group controls
the structured entity and whether the loans meet the criteria to be derecognised are identified as involving accounting
judgements. Additional details are provided in Note 9(a).Critical accounting judgements and estimates
The calculation of other provisions relating to customer remediation and conduct issues is an area identified as
involving critical accounting judgements and estimates. Additional details are provided in Note 8(b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "a)
Impairment losses on financial assets
See accounting policies at Note 7(u) and disclosures at Note 20
Impairment of financial assets is calculated using a forward-looking ECL model. The calculation and measurement of
ECLs requires the use of complex judgements and represents a key source of estimation uncertainty.
Judgements
Judgements considered to have the most significant effect on amounts in the financial statements are:
\u2022
determining the stage the financial asset is allocated to and therefore whether a 12-month or lifetime ECL is
recognised in the financial statements. This involves judgements over whether the financial asset has had a
significant increase in credit risk since initial recognition, whether the financial asset is in default or whether the
financial asset is \u2018cured\u2019; and
\u2022
application of judgemental adjustments to modelled ECLs when the Group judges that the modelled ECL amount
does not adequately reflect the expected outcome.
Estimates
Underlying assumptions used in estimating ECLs that, depending on a range of factors, could result in a material
adjustment in the next financial year are:
\u2022
the forward-looking economic scenarios used;
\u2022
probability weightings applied to these scenarios; and
\u2022
model assumptions used, such as the probability of default and loss given default.
Additional details of the critical judgements and estimates, including sensitivity analysis, are included in the credit risk
section of the Risk Report on pages 144 to 151.20. Impairment losses on financial assets
See accounting policies in Note 7(u)
Impairment losses on financial assets are attributable to the Group\u2019s loans and advances to customers and loan
commitments. Impairment losses for the Group\u2019s other financial asset categories that are in scope of IFRS 9
impairments (cash and balances at central banks, loans and advances to banks and investment securities) are
immaterial, totalling less than \u00a30.1 million in both reported years.
The following table provides analysis of impairment losses on financial assets by financial asset category.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Impairment losses on loans and advances to customers at amortised cost
\u00a0 \u00a0
Net ECL
charge for the year
27.3
29.2
Loan balances written
off in the year
65.8
47.2
Amounts recovered in the
year in respect of loan balances previously written off
(15.0)
(12.3)
Total impairment losses on loans and advances to customers at amortised cost
78.1
64.1
Impairment losses on loans and advances to customers at FVOCI
\u00a0 \u00a0
Net ECL
charge for the year
1
4.9
6.3
Total impairment losses on loans and advances to customers at FVOCI
4.9
6.3
Impairment on loan commitments
\u00a0 \u00a0
Net ECL
(credit) for the year
\u2013
(3.2)
Total impairment on loan commitments
\u2013
(3.2)
Total impairment losses on financial assets
83.0
67.2
\n
1
In the 12 months ended 31 December 2025, the change in the loss allowance of \u00a31.4 million included in the consolidated statement of comprehensive income is presented after
deducting \u00a33.5 million (2024: \u00a31.0 million) of loss allowance attributable to securitised loan portfolios transferred to unconsolidated structured entities at the date of derecognition
from the statement of financial position (see Note 25).
Further analysis of the net ECL charge for the year in respect of loans and advances to customers at amortised cost,
loans and advances to customers at FVOCI and loan commitments is provided in the credit risk section of the Risk
Report on page 137, 141 and 143, respectively.
Critical accounting judgements and estimates
The impairment of financial assets is an area identified as involving critical accounting judgements and estimates.
Additional details are provided in Note 8(a) and in the credit risk section of the Risk Report on pages 144 to 151. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "10. Acquisition of subsidiary
See accounting policies in Note 7(a)
Acquisition of ThinCats Group
On 30 September 2025, Shawbrook Bank Limited, the Group\u2019s principal subsidiary, completed the acquisition of 100% of
the ordinary shares of ThinCats Group Limited (ThinCats), including its 8 wholly owned subsidiaries, making it a wholly
owned subsidiary of the Group (see Note 45).
ThinCats is a specialist lender providing bespoke funding solutions to established, growth-oriented small and medium-
sized enterprises (SME) in the UK. The acquisition strengthens the Group\u2019s strategic position in the SME lending market
and is expected to accelerate growth in this segment by leveraging its technology enabled platform, origination
capabilities, and established distribution network.
The consolidation began on 30 September 2025, the date on which control transferred to the Group. For the three-month
period from acquisition to the reporting date, ThinCats contributed net operating income of \u00a310.6 million and profit before
tax of (\u00a34.4) million to the Group\u2019s results. If the acquisition had occurred on 1 January 2025, it is estimated that the
consolidated net operating income for the Group for the year ended 31 December 2025 would have been \u00a3719.5 million
and consolidated profit before tax for the Group would have been \u00a3292.8 million. In determining these amounts,
management has assumed that the fair value adjustments that arose on the date of acquisition would have been the
same if the acquisition had occurred on 1 January 2025.
As detailed below, the Group has determined provisional fair values at the date of acquisition for the consideration
transferred and the identifiable assets acquired, and liabilities assumed. The Group continues to assess these amounts,
in particular the fair value of identifiable net assets acquired, to determine if any additional information existed at the date
of acquisition that would alter these amounts. This assessment will be completed by September 2026.
Consideration transferred
The total fair value of consideration transferred for the acquisition was \u00a346.0 million.
Identifiable assets acquired and liabilities assumed
\n
The following table sets out information about the net assets acquired at the date of acquisition, including the carrying
\n
amount, fair value adjustments recognised and the resultant fair value.
\n\n \n
Fair value adjustment
Carrying amount
(See note below table)
Fair value
\u00a3m
\u00a3m
\u00a3m
Cash and
cash equivalents
50.3
\u2013
50.3
Loan
s and advances to customers
623.1
15.9
a
639.0
Derivative financial assets
0.4
\u2013
0.4
Intangible assets
1.8
2.7
b
4.5
Deferred tax asset
s
\u2013
19.8
c
19.8
Other assets
11.6
(7.6)
d
4.0
Intercompany loan
(128.2)
\u2013
(128.2)
Debt securities in issue
(472.5)
(0.3)
e
(472.8)
Deferred tax liabilities
\u2013
(1.3)
f
(1.3)
Other liabilities
(19.6)
11.6
g
(8.0)
Subordinated debt liability
(63.0)
\u2013
(63.0)
Total identifiable net assets acquired
3.9
40.8
44.7
\n
Fair value adjustments per above table:
\n
a) ThinCats\u2019 pre
\u2011
acquisition ECL allowances have been unwound as the acquisition date fair value of the loan portfolios
\n
becomes the new gross carrying amount under IFRS 9. Post
\u2011
acquisition ECLs have been recognised through
\n
Shawbrook\u2019s framework and any Day 1 impact recorded in profit or loss.
\n
b)
The adjustment includes \u00a34.5 million for identifiable intangible assets recognised on acquisition (customer
\n
relationships \u00a32.6 million, brand \u00a30.8 million, technology \u00a31.1 million), offset by \u00a31.8 million of ThinCats\u2019 pre
\u2011
existing
\n
goodwill written off on acquisition because IFRS 3 prohibits carrying forward acquiree goodwill.
\n
c) A deferred tax asset has been recognised for ThinCats\u2019 carried
\u2011
forward tax losses in accordance with IFRS 3.24 and
\n
IAS 12, where future taxable profits are considered probable.
\n
d) Comprises: (i) \u00a34.1 million derecognition of fair value gains previously recognised by ThinCats on loans measured at
\n
FVTPL, removed to avoid double counting as the acquisition
\u2011
date fair value supersedes prior measurement; (ii)
\n
\u00a32.3 million fair
\u2011
value adjustment to a contractual exit
\u2011
fee right using a 50% haircut for uncertainty; and (iii)
\n
\u00a31.2 million derecognition of prepayments and accruals for transaction
\u2011
related costs that do not meet recognition
\n
criteria.
\n
e) \u00a30.3 million adjustment to debt securities in issue relates to fair value adjustment to funding liabilities.
\n
f)
Deferred tax relates to the identifiable intangible assets mentioned in b) above, recognised on acquisition.
\n
g)
Deferred completion fees of \u00a311.6 million, representing EIR
\u2011
related balances on origination fees, have been
\n
derecognised as they do not generate contractual cash inflows and would not be recognised separately by a market
\n
participant. These amounts have been removed through the acquisition fair value adjustments.
\n
Acquisition of Imployapp Limited (trading as Playter)
\n
On 2 December 2025, Shawbrook Bank Limited, the Group\u2019s principal subsidiary, acquired 100% of the ordinary shares
\n
of Imployapp Limited (\u201cPlayter\u201d), a fintech lender providing short term credit and working capital facilities to UK SMEs.
\n
Playter became a wholly owned subsidiary from this date.
\n
The acquisition enhances the Group\u2019s SME lending capabilities by combining Playter\u2019s technology and team with
\n
Shawbrook\u2019s digital infrastructure, distribution network and funding resources. This is expected to broaden the Group\u2019s
\n
access to fast, flexible finance for UK SMEs and support continued growth in this segment.
\n
Playter commenced being consolidated as a subsidiary of the Group from 2 December 2025, the date when control
\n
transferred to the Group. From acquisition to the reporting date, Playter has contributed net operating income of \u00a30.6
\n
million and loss before tax of \u00a30.1 million. If the acquisition had occurred on 1 January 2025, it is estimated that the net
\n
operating income for the Group for the year ended 31 December 2025 would have been \u00a3686.8 million and the
\n
consolidated profit before tax for the Group would have been \u00a3273.6 million. In determining these amounts, management
\n
has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the
\n
acquisition had occurred on 1 January 2025.
\n
Provisional fair values have been assigned to the consideration transferred and the identifiable assets and liabilities.
\n
These remain subject to review, particularly the valuation of acquired net assets. The final assessment will be completed
\n
by December 2026.
\n
Consideration transferred
\n
The total fair value of consideration transferred for the acquisition was \u00a318.7 million.
Identifiable assets acquired and liabilities assumed
The following table sets out information about the net assets acquired at the date of acquisition, including the carrying
amount, fair value adjustments recognised and the resultant fair value.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Fair value adjustment
\u00a0
\u00a0
Carrying amount
(See note below table)
Fair value
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
2.3
\u2013
2.3
Loans and advances to customers
19.0
3.
7
a
22.
7
Intangible assets
\u2013
3.1
b
3.1
Other assets
1.9
0.1
c
2.0
Debt securities in issue
(22.0
)
\u2013
(22.0
)
Deferred tax liabilities
\u2013
(1.5)
d
(1.5)
Other liabilities
(0.6)
0.1
e
(0.5)
Total identifiable net assets acquired
0.
6
5
.5
6.1
\n
Fair value adjustments per above table:
a)
\u00a33.7 million comprises a \u00a33.0 million fair value gain recognised on re-measuring the loan book at acquisition, plus the
reversal of \u00a30.7 million pre-acquisition loan impairment.
b) \u00a33.1 million represents intangible assets in the form of Playter\u2019s proprietary lending and servicing platform. The asset
has been recognised as part of the purchase price allocation.
c) \u00a30.1 million reflects the reversal of an impairment provision on accounts receivable.
d) The \u00a31.5 million fair value adjustment to deferred tax liabilities comprises \u00a30.7 million relating to the loan book (as
noted in a) and \u00a30.8 million arising from the recognition of separately identifiable intangible assets (as noted in b)
e) \u00a30.1 million relates to the removal of pre
\u2011
acquisition EIR income deferrals.
Goodwill
Goodwill arising from the two acquisitions has been recognised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
ThinCats
Playter
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Fair value of consideration transferred
46.0
18.7
64.7
Fair value of identifiable net assets acquired
(44.7)
(6.1)
(50.8)
Goodwill recognised
1.3
12.6
13.9
\n
The goodwill recognised on both acquisitions reflects the expected synergies arising from integrating the acquired
businesses into the Group.
None of the goodwill recognised is expected to be tax deductible for trading purposes.
In the year ended 31 December 2024, the Group completed the acquisition of 100% of the ordinary shares of JBR Auto
Holdings Limited (\u201cJBR\u201d) for total consideration of \u00a322.0 million, making it a wholly owned subsidiary. In 2025, following a
measurement period adjustment in accordance with IFRS 3, the identifiable net assets acquired were revised to \u00a317.4
million (31 December 2024: \u00a314.2 million), resulting in goodwill of \u00a34.6 million (31 December 2024: \u00a37.8 million).
Acquisition related costs
In the year ended 31 December 2025, acquisition related costs of \u00a35.7 million for ThinCats and \u00a30.8 million for Playter
are recognised in administrative expenses in the statement of profit and loss. 45. Subsidiary companies
See accounting policies in Note 7(a)
Wholly owned subsidiary companies
As at 31 December 2025, the Group includes the following subsidiary companies whose results are included in the consolidated financial statements. The Company\u2019s investment in subsidiaries is detailed in Note 32.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Registered address
Audit status
Name
Country of incorporation
Class of shares
Ownership%
Principal activity
(see below)
(see below)
Shawbrook Bank Limited and its subsidiaries, as follows:
England and Wales
Ordinary
100
Banking
a
i
The Mortgage Lender Limited (company number: 09280057)
England and Wales
Ordinary
100
Mortgage finance
a
ii
Bluestone Mortgages Limited (company number: 02305213) and its subsidiaries, as follows:
England and Wales
Ordinary
100
Mortgage finance
b
ii
Bluestone Mortgage Finance No. 3 Limited (company number: 10863328)
England and Wales
Ordinary
100
Special purpose vehicle
b
ii
Bluestone Mortgage Finance No. 5 Limited (company number: 13177731)
England and Wales
Ordinary
100
Special purpose vehicle
b
ii
Bluestone Mortgage Retention Finance No. 1 Limited (company number: 12087164)
England and Wales
Ordinary
100
Risk retention holder
b
ii
Bluestone Mortgage Retention Finance No. 2 Limited (company number: 13904329)
England and Wales
Ordinary
100
Risk retention holder
b
ii
JBR Auto Holdings Limited (company number: 09349929) and its subsidiaries, as follows:
England and Wales
Ordinary
100
Motor finance
d
ii
JBR Capital Limited (company number: 07520989)
England and Wales
Ordinary
100
Motor finance
d
ii
JBR Auto Finance Limited (company number: 09352159)
England and Wales
Ordinary
100
Holding company
d
ii
JBR Auto Services Limited (company number: 09361616)
England and Wales
Ordinary
100
Administrative services
d
ii
\u00a0 \u00a0
Ordinary
\u00a0 \u00a0 \u00a0 \u00a0
ThinCats Group Limited (company number: 13393055) and its subsidiaries, as follows:
England and Wales
Preference
100
Holding company
e
ii
\u00a0 \u00a0
Deferred
\u00a0 \u00a0 \u00a0 \u00a0
ThinCats Limited (company number: 09707863) and its subsidiaries, as follows:
England and Wales
Ordinary
100
Employing entity and loan
e
ii
\u00a0 \u00a0 \u00a0 \u00a0
origination
\u00a0 \u00a0
ESF Loans Limited (company number: 10725890)
England and Wales
Ordinary
100
Dormant
e
iii
TC Loans Limited (company number: 13031559)
England and Wales
Ordinary
100
Facility agent and security
e
ii
\u00a0 \u00a0 \u00a0 \u00a0
trustee
\u00a0 \u00a0
TC Loans I Limited (company number: 09721235)
England and Wales
Ordinary
100
Dormant
e
iii
Business Loan Capital Limited (company number: 09867563) and its subsidiaries, as follows:
England and Wales
Ordinary
100
SME lender
e
ii
TC Loans II Limited (company number: 11680000)
England and Wales
Ordinary
100
Dormant
e
iii
TC Security Trustee Limited (company number: 12633574)
England and Wales
Ordinary
100
Dormant
e
iii
Imployapp Limited (company number: 11376064)
England and Wales
Ordinary
100
Financial intermediation
f
iii
\n \n
Registered address
Audit status
Name
Country of incorporation
Class of shares
Ownership%
Principal activity
(see below)
(see below)
Singers Corporate Asset Finance Limited (company number: 06863223)
England and Wales
Ordinary
100
Dormant
a
iii
Singers Healthcare Finance Limited (company number: 00983790)
England and Wales
Ordinary
100
Dormant
a
iii
Coachlease Limited (company number: 03462512)
England and Wales
Ordinary
100
Dormant
a
iii
Hermes Group Limited (company number: 02452917)
England and Wales
Ordinary
100
Dormant
a
iii
Singer & Friedlander Commercial Finance Limited (company number: SC053939)
Scotland
Ordinary
100
Dormant
c
iii
Link Loans Limited (company number: 06642090)
England and Wales
Ordinary
100
Dormant
a
iii
Centric SPV 1 Limited (company number: 06441060)
England and Wales
Ordinary
100
Dormant
a
iii
Resource Partners SPV Limited (company number: 03817443)
England and Wales
Ordinary
100
Dormant
a
iii
The following changes took place during the year ended 31 December 2025:
\n
ThinCats Group Limited became a wholly owned subsidiary of Shawbrook Bank Limited, the Group\u2019s principal
\n
subsidiary, in September 2025 (see Note 10). ThinCats Group Limited has seven wholly owned direct and indirect
\n
subsidiary companies, as detailed in above table, all of which became indirect subsidiary companies of the Group as part
\n
of the acquisition.
\n
Imployapp became a wholly owned subsidiary of Shawbrook Bank Limited, the Group\u2019s principal subsidiary, in
\n
December 2025 (see Note 10).
\n
Registered addresses of the subsidiary companies included in the above table are as follows:
\n
a:
Lutea House, Warley Hill Business Park, The Drive, Great Warley, Brentwood, Essex, England, CM13 3BE.
\n
b:
Floor 10 40 Leadenhall Street, London, England, EC3A 2BJ.
\n
c:
8 Nelson Mandela Place, Glasgow, Scotland, G2 1BT.
\n
d:
773 Finchley Road, London, England, NW11 8DN.
\n
e:
2 Snowhill, Snowhill Queensway, Birmingham, B4 6GA
\n
f:
Fox Court, 14 Gray\u2019s Inn Road, London, England, WC1X 8HN
\n
The audit status of the subsidiary companies included in the above table is as follows:
\n
i:
audited accounts are prepared for the subsidiary company.
\n
ii:
an exemption from audit has been applied and the Group guarantees all outstanding liabilities of the exempted
\n
subsidiary company in accordance with Section 479A-C of the Companies Act 2006.
\n
iii:
an exemption from audit for dormant companies has been applied in accordance with Section 480 of the Companies
\n
Act 2006.
\n
Subsidiaries by virtue of control
\n
As at 31 December 2025, the Group includes the following structured entities relating to securitisation programmes
\n
(see Note 25). Shares of these entities are ultimately beneficially owned through an independent trust. However, for
\n
accounting purposes, the entities are controlled by the Group and, as such, they are treated as subsidiaries and are
\n
fully consolidated (except in the case of TC Funding Limited which is only partially consolidated as noted below).
\n
1
\n
As at the reporting date, Genesis Mortgage Funding 2022-1 PLC, JBR Capital DD Limited and TC Funding V DAC are in the process of being liquidated.
\n\n \n
Registered
Audit
Country of
address
status
Name
incorporation
Principal activity
(see below)
(see below)
Shawbrook Mortgage Funding Holdings Limited
England and Wales
Holding company
a
i
Ealbrook Mortgage Funding 2022
-1 plc
England and Wales
Special purpose vehicle
a
i
Ealbrook
Mortgage Funding 2022-1 Holdings Limited
England and Wales
Holding company
a
i
Lanebrook Mortgage Transaction 2022
-1 plc
England and Wales
Special purpose vehicle
a
i
Shawbrook Mortgage Funding 2022
-1 plc
England and Wales
Special purpose vehicle
a
i
Genesis Mortgage Funding 2022
-1 PLC
1
England and Wales
Special purpose vehicle
b
i
Holbrook Mortgage Transaction 2023
-1 plc
England and Wales
Special purpose vehicle
a
i
Lanebrook
Mortgage Transaction 2023-1 plc
England and Wales
Special purpose vehicle
a
i
Lanebrook Mortgage Transaction 2024
-1 plc
England and Wales
Special purpose vehicle
a
i
JBR Capital DD Limited
(company number: 09335526)
1
England and Wales
Special purpose vehicle
c
ii
TC Funding I Limited
(company number: 11266885)
England and Wales
Special purpose vehicle
d
iv
TC Funding III Limited (company number: 12677970)
England and Wales
Special purpose vehicle
d
iii
TC Funding Limited (company number: 12428334)
England and Wales
Special purpose vehicle
d
iii
TC Funding V DAC
(company number: 739818)
1
Ireland
Special purpose vehicle
e
iv
\n
The following changes took place during the year ended 31 December 2025:
\n
ThinCats Group Limited became a wholly owned subsidiary of Shawbrook Bank Limited. The acquisition means that the
\n
Group\u2019s indirect share in the assets and liabilities of the following are also consolidated in the preparation of the
\n
consolidated financial statements of the Group:
\n
\u2022
TC Funding I Limited
\n
\u2022
TC Funding III Limited
\n
\u2022
3 silos of TC Funding Limited. Silo accounting has been applied to consolidate the Group\u2019s share in the assets and
\n
liabilities of TC Funding Limited in the consolidated financial statements. TC Funding Limited is an SPV specifically
\n
created to administer CBILS and RLS lending. Three of the seven silos of TC Funding Ltd hold assets which are
\n
effectively owned by the Group, via TC Funding I limited, TC Funding III limited and ThinCats Limited, and are
\n
consolidated in preparation of the consolidated financial statements of the Group.
Registered addresses of the subsidiary companies included in the above table are as follows:
a:
5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU.
b:
18a Capricorn Centre Cranes Farm Road, Basildon, Essex, SS14 3JJ.
c:
7th Floor 21 Lombard Street, London, EC3V 9AH
d:
C/O Tmf Group, 13th Floor, One Angel Court, London, United Kingdom, EC2R 7HJ
e:
31-32 Leeson Street Lower, Dublin 2, Dublin, Dublin, D02 Ka62, Ireland
The audit status of the subsidiary companies included in the above table is as follows:
i:
audited accounts are prepared for the company.
ii:
an exemption from audit for dormant companies has been applied in accordance with Section 480 of the Companies
Act 2006.
iii:
an exemption from audit for small companies has been applied in accordance with Sections 476-477 of the
Companies Act 2006.
iv
: an exemption from audit for small Designated Activity Companies has been applied in accordance with Part 16 of the
Companies Act 2014.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "11. Segmental analysis
See accounting policies in Note 7(b)
The following section provides information regarding the operating segments of the Group. Substantially all of the
Group\u2019s activities are in the UK and, as such, segmental analysis on geographical lines is not presented. The Group is
not reliant on any single customer and therefore information about major customers is also not provided.
On 30 September 2025, the Group completed the acquisition of ThinCats and its subsidiaries (see Note 10). ThinCats
is a UK-based alternative lending platform that provides bespoke business loans to mid-sized SMEs. Since the
acquisition date, the company and its subsidiaries have been reported within the SME reportable operating segment.
On 2 December 2025, the Group completed the acquisition of Playter and its subsidiaries (see Note 10). Playter is a
fintech lender providing short term credit and working capital facilities to UK SMEs. Since the acquisition date, the
company and its subsidiaries have been reported within the SME reportable operating segment.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Reportable
\u00a0
operating segments
Description
\u00a0\u00a0
Provides specialist commercial and residential mortgage products to professional landlords,
Commercial
Real Estate
investors and homeowners.
\u00a0
SME
Provides a range of innovative and tailored solutions to support UK small and medium-sized
\u00a0\u00a0
enterprises (SME) with their event-driven needs.
\u00a0
Consumer
Provides unsecured personal loans, unsecured loans through strategic partnerships, and
Retail
Finance
motor finance loans via JBR Auto Holdings Limited.
\u00a0
Retail
Comprised of the Group\u2019s subsidiaries, The Mortgage Lender Limited and Bluestone
\u00a0
Mortgage
Mortgages Limited. Provides residential mortgages for those with complex income profiles,
\u00a0
Brands
including the self-employed, entrepreneurs and first-time buyers, and buy-to-let mortgages.
\n
Any income or expense not allocated to the above reportable operating segments is included in \u2018Other\u2019, which does not
represent a reportable operating segment.
The following tables provide summarised information regarding the results of each reportable operating segment based
on the new presentation for reportable operating segments to reflect how results are provided to the chief operating
decision maker. The tables have been updated to reflect the revised naming conventions for operating segments,
including the prior year comparative table.
Where applicable, segment results are presented on an underlying basis, with underlying adjustments presented
separately to allow reconciliation to the statutory results of the Group.
Underlying performance represents the basis on which the chief operating decision maker (CODM) assesses segment
performance. Underlying adjustments comprise items of income or expense that are material by size and/or nature and
are typically non-recurring. These include provisions for motor finance commission redress, corporate activity and
integration costs associated with acquisitions, IPO-related costs and the IFRS 2 modification charge recognised on
vesting of legacy share-based arrangements.
Underlying adjustments are determined at a Group level and are not allocated to operating segments. These items are
presented separately in order to facilitate comparison of the Group\u2019s underlying performance from period to period.
Further details are provided on page 17.
The results for each segment are presented on a consolidated basis, as reviewed by the CODM. Intra-group transactions
between segments are minimal and are not separately disclosed. Intra-group transactions are conducted under terms
that are usual and customary for such activities.
\n \n
Commercial
Retail
Retail
Real
Consumer
Mortgage
Underlying
Underlying
Statutory
Estate
SME
Finance
Brands
Other
total
adjustment
total
Year
ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
s \u00a3m
\u00a3m
Interest and similar income
455.2
362.8
96.8
268.7
238.4
1,421.9
1,421.9
Interest expense and similar charges
(270.3)
(143.9)
(33.4)
(177.1)
(148.0)
(772.7)
(2.3)
(775.0)
Net interest
income
184.9
218.9
63.4
91.6
90.4
649.2
(2.3)
646.9
Net operating
lease income
\u2013
1.2
\u2013
\u2013
\u2013
1.2
\u2013
1.2
Net fee and commission
(1.9)
9.0
(2.6)
0.1
(6.0)
(1.4)
\u2013
(1.4)
(expense)
/income
Net
gains on structured asset sales
\u2013
\u2013
\u2013
33.2
1.6
34.8
\u2013
34.8
Net
losses on derivative financial
\u2013
\u2013
\u2013
\u2013
(2.2)
(2.2)
\u2013
(2.2)
instruments and hedge accounting
Net other operating
income
\u2013
\u2013
\u2013
\u2013
2.5
2.5
\u2013
2.5
Net gains on loans and advances at
\u2013
0.3
\u2013
\u2013
\u2013
0.3
\u2013
0.3
FVTPL
Net operating
income
183.0
229.4
60.8
124.9
86.3
684.4
(2.3)
682.1
Administrative expenses
(25.5)
(44.6)
(23.2)
(26.0)
(148.1)
(267.4)
(58.7)
(326.1)
Impairment losses on financial assets
(7.8)
(46.3)
(17.9)
(4.7)
\u2013
(76.7)
(6.3)
(83.0)
Provisions
\u2013
\u2013
0.2
\u2013
\u2013
0.2
(1.0)
(0.8)
Total operating expenses
(33.3)
(90.9)
(40.9)
(30.7)
(148.1)
(343.9)
(66.0)
(409.9)
Profit/(loss)
before tax
149.7
138.5
19.9
94.2
(61.8)
340.5
(68.3)
1
272.2
\n
1
\n
For details of the underlying adjustments, refer to page 17, Summary of statutory results for the period table in Strategic Report.
\n\n \n
Commercial
Retail
Retail
Real
Consumer
Mortgage
Underlying
Underlying
Statutory
Estate
SME
Finance
Brands
Other
total
adjustments
total
Year ended 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest and similar income
403.1
327.6
74.3
251.2
330.8
1,387.0
\u2013
1,387.0
Interest expense and similar charges
(235.1)
(138.6)
(22.4)
(160.5)
(239.5)
(796.1)
\u2013
(796.1)
Net interest income
168.0
189.0
51.9
90.7
91.3
590.9
\u2013
590.9
Net operating lease income
\u2013
1.4
\u2013
\u2013
\u2013
1.4
\u2013
1.4
Net fee and commission
(expense)
/income
(1.9)
10.0
(5.1)
0.4
(3.3)
0.1
\u2013
0.1
Net gains on structured asset sales
\u2013
\u2013
\u2013
14.1
\u2013
14.1
\u2013
14.1
Net gains on derivative financial
instruments and hedge accounting
\u2013
\u2013
\u2013
\u2013
1.9
1.9
\u2013
1.9
Net other operating
income
\u2013
\u2013
\u2013
\u2013
1.4
1.4
\u2013
1.4
Net operating income
166.1
200.4
46.8
105.2
91.3
609.8
\u2013
609.8
Administrative expenses
(24.0)
(40.6)
(17.4)
(39.6)
(127.2)
(248.8)
(4.0)
(252.8)
Impairment losses on financial assets
(7.9)
(25.8)
(27.8)
(5.7)
\u2013
(67.2)
\u2013
(67.2)
Provisions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
5.3
5.3
Total operating expenses
(31.9)
(66.4)
(45.2)
(45.3)
(127.2)
(316.0)
1.3
(314.7)
Profit/(loss) before tax
134.2
134.0
1.6
59.9
(35.9)
293.8
1.3
295.1
The following tables present summarised information about the Group\u2019s assets and liabilities based on the reportable
operating segments. Loans and advances to customers and assets on operating leases (i.e. the Group\u2019s \u2018loan book\u2019)
are allocated to the relevant lending segments. All other assets and liabilities are allocated to \u2018Other\u2019.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Commercial
Retail
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Retail
\u00a0 \u00a0
\u00a0
Real
\u00a0
Consumer
Mortgage
\u00a0 \u00a0
\u00a0
Estate
SME
Finance
Brands
Other
Total
As at 3
1 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
7,625.5
4,396.5
1,021.8
4,750.9
4,674.2
22,468.9
Liabilities
\u2013
\u2013
\u2013
\u2013
(20,626.4)
(20,626.4)
Net assets/(liabilities)
7,625.5
4,396.5
1,021.8
4,750.9
(15,952.2)
1,842.5
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Commercial
Retail
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Retail
\u00a0\u00a0
\u00a0
Real
\u00a0
Consumer
Mortgage
\u00a0\u00a0
\u00a0
Estate
SME
Finance
Brands
Other
Total
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
6,777.7
3,112.7
880.0
4,436.0
4,516.3
19,722.7
Liabilities
\u2013
\u2013
\u2013
\u2013
(18,140.4)
(18,140.4)
Net assets/(liabilities)
6,777.7
3,112.7
880.0
4,436.0
(13,624.1)
1,582.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "12. Interest and similar income
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income calculated using the effective interest rate method
\u00a0 \u00a0
C
ash and balances at central banks
87.4
135.0
L
oans and advances to customers: loan receivables measured at amortised cost
886.7
805.9
Loans and advances to customers: loan receivables measured at FVOCI
219.5
193.1
I
nvestment securities
91.0
65.3
Total interest income calculated using the effective interest rate method
1,284.6
1,199.3
Other interest and similar income
\u00a0 \u00a0
L
oans and advances to customers: finance lease and instalment credit receivables
72.3
50.5
Loans and advances to customers: loan receivables measured at FVTPL
1.8
-
D
erivative financial instruments
63.2
137.2
Total other interest and similar income
137.3
187.7
Total interest and similar income
1,421.9
1,387.0
\n
Interest
i
ncome calculated using the effective interest rate (EIR) method is attributable to financial assets measured at
amortised cost and at FVOCI.
Interest income on derivative financial instruments includes interest income of \u00a357.8 million attributable to derivative
financial instruments in qualifying hedging relationships hedging assets (2024: \u00a3129.0 million of interest income).
For financial assets measured at FVTPL, interest income is determined using the EIR method together with any
additional returns that reflect the specific features of the loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "12. Interest and similar income
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income calculated using the effective interest rate method
\u00a0 \u00a0
C
ash and balances at central banks
87.4
135.0
L
oans and advances to customers: loan receivables measured at amortised cost
886.7
805.9
Loans and advances to customers: loan receivables measured at FVOCI
219.5
193.1
I
nvestment securities
91.0
65.3
Total interest income calculated using the effective interest rate method
1,284.6
1,199.3
Other interest and similar income
\u00a0 \u00a0
L
oans and advances to customers: finance lease and instalment credit receivables
72.3
50.5
Loans and advances to customers: loan receivables measured at FVTPL
1.8
-
D
erivative financial instruments
63.2
137.2
Total other interest and similar income
137.3
187.7
Total interest and similar income
1,421.9
1,387.0
\n
Interest
i
ncome calculated using the effective interest rate (EIR) method is attributable to financial assets measured at
amortised cost and at FVOCI.
Interest income on derivative financial instruments includes interest income of \u00a357.8 million attributable to derivative
financial instruments in qualifying hedging relationships hedging assets (2024: \u00a3129.0 million of interest income).
For financial assets measured at FVTPL, interest income is determined using the EIR method together with any
additional returns that reflect the specific features of the loan.
13. Interest expense and similar charges
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts due to banks
47.3
65.4
Customer deposits
673.1
647.0
Derivative financial instruments
3.3
25.1
Debt securities in issue
31.4
39.3
Lease liabilities
1.2
0.3
Subordinated debt liability
18.7
19.0
Total interest expense and similar charges
775.0
796.1
\n
Except for interest on derivative financial instruments and lease liabilities, amounts in the above table are calculated
using the EIR method and are attributable to financial liabilities measured at amortised cost.
Interest expense on derivative financial instruments includes interest expense of \u00a31.3 million attributable to derivative
financial instruments in qualifying hedging relationships hedging liabilities (2024: \u00a319.8 million of interest expense). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "12. Interest and similar income
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income calculated using the effective interest rate method
\u00a0 \u00a0
C
ash and balances at central banks
87.4
135.0
L
oans and advances to customers: loan receivables measured at amortised cost
886.7
805.9
Loans and advances to customers: loan receivables measured at FVOCI
219.5
193.1
I
nvestment securities
91.0
65.3
Total interest income calculated using the effective interest rate method
1,284.6
1,199.3
Other interest and similar income
\u00a0 \u00a0
L
oans and advances to customers: finance lease and instalment credit receivables
72.3
50.5
Loans and advances to customers: loan receivables measured at FVTPL
1.8
-
D
erivative financial instruments
63.2
137.2
Total other interest and similar income
137.3
187.7
Total interest and similar income
1,421.9
1,387.0
\n
Interest
i
ncome calculated using the effective interest rate (EIR) method is attributable to financial assets measured at
amortised cost and at FVOCI.
Interest income on derivative financial instruments includes interest income of \u00a357.8 million attributable to derivative
financial instruments in qualifying hedging relationships hedging assets (2024: \u00a3129.0 million of interest income).
For financial assets measured at FVTPL, interest income is determined using the EIR method together with any
additional returns that reflect the specific features of the loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "12. Interest and similar income
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Interest income calculated using the effective interest rate method
\u00a0 \u00a0
C
ash and balances at central banks
87.4
135.0
L
oans and advances to customers: loan receivables measured at amortised cost
886.7
805.9
Loans and advances to customers: loan receivables measured at FVOCI
219.5
193.1
I
nvestment securities
91.0
65.3
Total interest income calculated using the effective interest rate method
1,284.6
1,199.3
Other interest and similar income
\u00a0 \u00a0
L
oans and advances to customers: finance lease and instalment credit receivables
72.3
50.5
Loans and advances to customers: loan receivables measured at FVTPL
1.8
-
D
erivative financial instruments
63.2
137.2
Total other interest and similar income
137.3
187.7
Total interest and similar income
1,421.9
1,387.0
\n
Interest
i
ncome calculated using the effective interest rate (EIR) method is attributable to financial assets measured at
amortised cost and at FVOCI.
Interest income on derivative financial instruments includes interest income of \u00a357.8 million attributable to derivative
financial instruments in qualifying hedging relationships hedging assets (2024: \u00a3129.0 million of interest income).
For financial assets measured at FVTPL, interest income is determined using the EIR method together with any
additional returns that reflect the specific features of the loan.
13. Interest expense and similar charges
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts due to banks
47.3
65.4
Customer deposits
673.1
647.0
Derivative financial instruments
3.3
25.1
Debt securities in issue
31.4
39.3
Lease liabilities
1.2
0.3
Subordinated debt liability
18.7
19.0
Total interest expense and similar charges
775.0
796.1
\n
Except for interest on derivative financial instruments and lease liabilities, amounts in the above table are calculated
using the EIR method and are attributable to financial liabilities measured at amortised cost.
Interest expense on derivative financial instruments includes interest expense of \u00a31.3 million attributable to derivative
financial instruments in qualifying hedging relationships hedging liabilities (2024: \u00a319.8 million of interest expense). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "13. Interest expense and similar charges
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts due to banks
47.3
65.4
Customer deposits
673.1
647.0
Derivative financial instruments
3.3
25.1
Debt securities in issue
31.4
39.3
Lease liabilities
1.2
0.3
Subordinated debt liability
18.7
19.0
Total interest expense and similar charges
775.0
796.1
\n
Except for interest on derivative financial instruments and lease liabilities, amounts in the above table are calculated
using the EIR method and are attributable to financial liabilities measured at amortised cost.
Interest expense on derivative financial instruments includes interest expense of \u00a31.3 million attributable to derivative
financial instruments in qualifying hedging relationships hedging liabilities (2024: \u00a319.8 million of interest expense). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "13. Interest expense and similar charges
See accounting policies in Note 7(c)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts due to banks
47.3
65.4
Customer deposits
673.1
647.0
Derivative financial instruments
3.3
25.1
Debt securities in issue
31.4
39.3
Lease liabilities
1.2
0.3
Subordinated debt liability
18.7
19.0
Total interest expense and similar charges
775.0
796.1
\n
Except for interest on derivative financial instruments and lease liabilities, amounts in the above table are calculated
using the EIR method and are attributable to financial liabilities measured at amortised cost.
Interest expense on derivative financial instruments includes interest expense of \u00a31.3 million attributable to derivative
financial instruments in qualifying hedging relationships hedging liabilities (2024: \u00a319.8 million of interest expense). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "14. Net fee and commission income
See accounting policies in Note 7(d)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fee income on loans and advances to customers
9.6
10.9
Credit facility related fees
7.6
5.3
Other fee income
0.1
-
F
ee and commission income
17.3
16.2
Fee and commission expense
(18.7)
(16.1)
N
et fee and commission (expense)/income
(1.4)
0.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "15. Net gains on structured asset sales
See accounting policies in Note 7(i)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net gains
on structured asset sales
34.8
14.1
N
et gains on structured asset sales
34.8
14.1
\n
Structured asset sales
The net gain on structured asset sales is attributable to securitised loan portfolios. The securitised loans were transferred
to unconsolidated structured entities and met the criteria to be derecognised from the statement of financial position (see
Note 25 and Note 26). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "16. Administrative expenses
See accounting policies in Note 7(e)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Payroll costs
17
191.5
150.3
Depreciation of property, plant and equipment
1
28
6.3
4.6
Amortisation of intangible assets
29
14.1
9.8
IPO transaction costs
\u00a0
20.3
-
Other administrative expenses
\u00a0
93.9
88.1
Total administrative expenses
\u00a0
326.1
252.8
\n
Other administrative expenses include fees paid to the Group\u2019s auditor (excluding VAT), KPMG LLP, as detailed below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3000
\u00a3000
Audit of these annual accounts
198.7
170.0
Audit of the annual accounts of subsidiary companies
4,002.3
3,832.2
Audit related assurance services
335.8
309.0
IPO related assurance services
1,905.0
-
Other assurance services
50.0
50.0
Total auditor\u2019s remuneration
6,491.8
4,361.2
\n
1
Includes depreciation of all asset categories except for assets on operating leases. Depreciation of assets on operating leases is presented as a separate line item
in the statement of profit and loss, forming part of the net operating lease income total. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "17. Employees
See accounting policies in Note 7(e)
Aggregate payroll costs included in administrative expenses (see Note 16) are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
139.4
129.1
Social security costs
17.9
12.8
Pension costs
8.1
7.7
Share
-based remuneration
26.1
0.7
Total p
ayroll costs
191.5
150.3
\n
In the table above, share
\u2011
based remuneration is presented separately from wages and salaries. The prior
\u2011
year
comparative has been represented to align with the current
\u2011
year presentation. Further details regarding share-based
remuneration transactions are provided in Note 18.
Pension costs represent contributions to defined contribution pension schemes. The Group does not operate any defined
benefit pension schemes.
Details of Directors\u2019 remuneration are provided on page 82.
The average number of persons employed by the Group on a full-time equivalent basis by reportable operating segment
is set out in the following table.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Real Estate
199
208
SME
279
299
Consumer
Finance
83
95
Retail Mortgage Brands
259
323
Other
663
594
Average
number of employees (on a full-time equivalent basis)
1,483
1,519
\n
Figures in the above tables include contracted employees of the Group only and do not include contractors.
18. Employee share-based payment transactions
See accounting policies in Note 7(z)
During the year, the Group operated various share-based payment arrangements, as set out below. Further information
is provided in the Directors\u2019 Remuneration Report starting on page 82.
The share-based payment expense during the year comprised the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Management Incentive Plan
\u2013
0.7
2025 Share Plan
26.1
\u2013
Total share
-based payment expense
26.1
0.7
\n
Legacy Share Plans
Management Incentive Plan
Prior to the IPO, the Group operated an equity settled Management Incentive Plan (MIP), which was originally introduced
for a set of individuals in April 2019. Individuals selected for inclusion in the equity settled MIP were initially entitled to
acquire non-voting \u2018B\u2019 class ordinary shares (\u2018B shares\u2019) in Marlin Bidco Limited (Marlin), which was the ultimate parent
company of the Group.
In January 2025, all 9,150 B shares (2024: 9,150) were converted into a new class of A shares in
Marlin, namely 6,016,857 A6 shares. The conversion was effected by sub dividing and reclassifying B shares into A6
shares. This involved amending the rights attaching to shares rather than the transfer, disposal, acquisition or issue of
shares. The IPO resulted in the vesting of the MIP (there having been no movement in the number of A6 shares ahead of
this).
As a result of the vesting, the assets distributed to A6 shareholders consisted of their pro-rata share of the cash
proceeds Marlin received following the sale of Shawbrook shares as part of the IPO and the Shawbrook shares Marlin
did not sell as part of the IPO.
During the year ended 31 December 2025, the charge recognised in payroll costs for MIP is \u00a3nil (2024: \u00a30.7 million).
2025 Share Plan
In January 2025, the Company adopted a new equity settled incentive arrangement for selected key employees in the
form of an option to acquire A2 shares in Marlin for nil consideration, subject to performance outcomes linked to a
prescribed exit event. The IPO resulted in the vesting of this arrangement with assets distributed to A2 shareholders.
Given that the Plan vested on listing, the expense of \u00a326.1 million (2024: \u00a3nil) was fully recognised during the year
ended 31 December 2025.
Post IPO Share Plans
Performance Share Plan (PSP)
Following the IPO, the Group adopted the PSP under which the Remuneration Committee may grant awards to
executive directors and selected key employees as part of their variable remuneration.
Awards will typically comprise of
a right to acquire ordinary shares in the Company for nil (or nominal) consideration and will vest subject to continued
employment (other than in \u2018good leaver\u2019 circumstances) and the achievement of performance criteria set at the time of
grant.
Awards may be exercised from the point of vesting to the tenth anniversary of the grant date.
The first grant under the PSP was made on 12 December 2025 (with an expected vesting date of 1 April 2028). The
expense for the year ended 31 December 2025 is immaterial.
All Employee share-based arrangements
In January 2026, the Group awarded all eligible employees 418 Free shares each in the Company under the Share
Incentive Plan (\u201cSIP\u201d), which is subject to a three-year holding period for the award date.
The Group also intends to make the first grants under the Sharesave in 2026, which will vest in the ordinary course, after
the completion of service and savings period requirements.
Further information in respect of these arrangements will be provided in the Group\u2019s Annual Report and Accounts for the
year ending 31 December 2026.
19. Directors\u2019 remuneration
Information in respect of Directors\u2019 Remuneration is provided in the single total figure of remuneration within the
Directors\u2019 Remuneration Report on page 93. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "17. Employees
See accounting policies in Note 7(e)
Aggregate payroll costs included in administrative expenses (see Note 16) are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Wages and salaries
139.4
129.1
Social security costs
17.9
12.8
Pension costs
8.1
7.7
Share
-based remuneration
26.1
0.7
Total p
ayroll costs
191.5
150.3
\n
In the table above, share
\u2011
based remuneration is presented separately from wages and salaries. The prior
\u2011
year
comparative has been represented to align with the current
\u2011
year presentation. Further details regarding share-based
remuneration transactions are provided in Note 18.
Pension costs represent contributions to defined contribution pension schemes. The Group does not operate any defined
benefit pension schemes.
Details of Directors\u2019 remuneration are provided on page 82.
The average number of persons employed by the Group on a full-time equivalent basis by reportable operating segment
is set out in the following table.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Real Estate
199
208
SME
279
299
Consumer
Finance
83
95
Retail Mortgage Brands
259
323
Other
663
594
Average
number of employees (on a full-time equivalent basis)
1,483
1,519
\nFigures in the above tables include contracted employees of the Group only and do not include contractors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "18. Employee share-based payment transactions
See accounting policies in Note 7(z)
During the year, the Group operated various share-based payment arrangements, as set out below. Further information
is provided in the Directors\u2019 Remuneration Report starting on page 82.
The share-based payment expense during the year comprised the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Management Incentive Plan
\u2013
0.7
2025 Share Plan
26.1
\u2013
Total share
-based payment expense
26.1
0.7
\n
Legacy Share Plans
Management Incentive Plan
Prior to the IPO, the Group operated an equity settled Management Incentive Plan (MIP), which was originally introduced
for a set of individuals in April 2019. Individuals selected for inclusion in the equity settled MIP were initially entitled to
acquire non-voting \u2018B\u2019 class ordinary shares (\u2018B shares\u2019) in Marlin Bidco Limited (Marlin), which was the ultimate parent
company of the Group.
In January 2025, all 9,150 B shares (2024: 9,150) were converted into a new class of A shares in
Marlin, namely 6,016,857 A6 shares. The conversion was effected by sub dividing and reclassifying B shares into A6
shares. This involved amending the rights attaching to shares rather than the transfer, disposal, acquisition or issue of
shares. The IPO resulted in the vesting of the MIP (there having been no movement in the number of A6 shares ahead of
this).
As a result of the vesting, the assets distributed to A6 shareholders consisted of their pro-rata share of the cash
proceeds Marlin received following the sale of Shawbrook shares as part of the IPO and the Shawbrook shares Marlin
did not sell as part of the IPO.
During the year ended 31 December 2025, the charge recognised in payroll costs for MIP is \u00a3nil (2024: \u00a30.7 million).
2025 Share Plan
In January 2025, the Company adopted a new equity settled incentive arrangement for selected key employees in the
form of an option to acquire A2 shares in Marlin for nil consideration, subject to performance outcomes linked to a
prescribed exit event. The IPO resulted in the vesting of this arrangement with assets distributed to A2 shareholders.
Given that the Plan vested on listing, the expense of \u00a326.1 million (2024: \u00a3nil) was fully recognised during the year
ended 31 December 2025.
Post IPO Share Plans
Performance Share Plan (PSP)
Following the IPO, the Group adopted the PSP under which the Remuneration Committee may grant awards to
executive directors and selected key employees as part of their variable remuneration.
Awards will typically comprise of
a right to acquire ordinary shares in the Company for nil (or nominal) consideration and will vest subject to continued
employment (other than in \u2018good leaver\u2019 circumstances) and the achievement of performance criteria set at the time of
grant.
Awards may be exercised from the point of vesting to the tenth anniversary of the grant date.
The first grant under the PSP was made on 12 December 2025 (with an expected vesting date of 1 April 2028). The
expense for the year ended 31 December 2025 is immaterial.
All Employee share-based arrangements
In January 2026, the Group awarded all eligible employees 418 Free shares each in the Company under the Share
Incentive Plan (\u201cSIP\u201d), which is subject to a three-year holding period for the award date.
The Group also intends to make the first grants under the Sharesave in 2026, which will vest in the ordinary course, after
the completion of service and savings period requirements.
Further information in respect of these arrangements will be provided in the Group\u2019s Annual Report and Accounts for the
year ending 31 December 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "21. Tax
See accounting policies in Note 7(f)
A summary of the tax charge recognised in the statement of profit and loss is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
Current year
70.5
74.6
Adjustment in respect of prior years
(4.1)
(3.9)
Total current tax
66.4
70.7
Deferred tax
\u00a0 \u00a0
Origination and reversal of temporary differences
8.6
3.0
Adjustment in respect of prior years
1.7
1.5
Total deferred tax
10.3
4.5
Total
tax charge
76.7
75.2
\n
Additional information about the Group\u2019s deferred tax assets is provided in Note 30.
A reconciliation of profit before tax to the total tax charge is shown in the following table. The effective tax rate is 28.2%
(2024: 25.5%). This is higher than the UK corporation tax rate due to the combined impact of the banking surcharge and
the other adjustments set out in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Profit before tax
272.2
295.1
Implied tax charge thereon
at 25% (2024: 25%)
68.1
73.8
Adjustments
\u00a0 \u00a0
Banking surcharge
4.0
5.5
Tax relief on coupon paid on capital securities
(4.1)
(4.0)
Adjustment in respect of prior years
(2.4)
(2.4)
Capital expenses related to IPO
4.8
\u2013
Capital expenses related to acquisitions
0.7
0.9
Group structuring capital expenses
0.6
0.5
Entertaining and other disallowable expenses
0.2
0.3
Non
-deductible share scheme costs
0.3
0.2
Exempt dividends
(5.2)
\u2013
SPV fair value and consolidation adjustments
9.0
\u2013
Other permanent differences
0.7
0.4
Total
tax charge
76.7
75.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
Current year
70.5
74.6
Adjustment in respect of prior years
(4.1)
(3.9)
Total current tax
66.4
70.7
Deferred tax
\u00a0 \u00a0
Origination and reversal of temporary differences
8.6
3.0
Adjustment in respect of prior years
1.7
1.5
Total deferred tax
10.3
4.5
Total
tax charge
76.7
75.2
\n30. Deferred tax assets
See accounting policies in Note 7(f)
Deferred tax assets are attributable to the following items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Decelerated tax depreciation
3.4
4.1
IFRS 9 adjustment
0.8
1.1
Tax losses in subsidiary companies
38.3
14.5
Tax on gains within SPVs
\u2013
8.5
Fair value through other comprehensive income reserve
(16.3)
(10.8)
Other
(2.4)
(1.4)
Total deferred tax assets
23.8
16.0
\n
Movements in deferred tax assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
16.0
35.7
Amounts recognised in statement of profit and
loss (see Note 21):
\u00a0 \u00a0
Current year movement
(8.6)
(3.0)
Adjustment in respect of prior years
(1.7)
(1.5)
Amounts recognised in other comprehensive income:
\u00a0 \u00a0
Current year movement in cash flow hedging reserve
3.0
(3.2)
Current year movement in fair value through other comprehensive income reserve
(5.5)
(11.0)
Other:
\u00a0 \u00a0
Acquisitions through business combinations
19.8
(1.0)
Adjustments
0.8
\u2013
As at 31 December
23.8
16.0
\n
The Group\u2019s business plans project future profits that are sufficient to fully recognise the deferred tax assets. The Group
has recognised a deferred tax asset of \u00a319.8 million on the acquisition of ThinCats in relation to historic trading losses
(see Note 10).
Based on the analysis of the forecasted future taxable profits for the ThinCats brand the Group has
concluded it is more likely than not that the deferred tax asset will be recovered through future taxable income.
Deferred tax assets have been calculated based on an aggregation rate of 27.0% (2024: 27.0%), which is the estimated
rate of recovery that will unwind over the remaining life of the underlying assets with which they are associated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "22. Earnings per share
See accounting policies in Note 7(y)
The table below shows the earnings per share (EPS) for 2025 and 2024. The calculation is based on the profit after tax
attributable to equity shareholders less coupon paid on capital securities divided by the number of weighted average
ordinary shares.
For the purposes of basic and diluted earnings per share, the weighted average number of ordinary shares in issue
during the year has been used, with shares issued during the year included from the date of issue and time-apportioned
accordingly. Although share options were in issue during the year, they were newly granted and did not vest during the
year. Accordingly, these instruments had no dilutive effect and diluted earnings per share is the same as basic earnings
per share.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Profit attributable to equity holders
195.5
219.9
Coupon paid on capital securities
(15.1)
(15.1)
Profit attributable to ordinary shareholders
180.4
204.8
Average number of shares (
million)
\u00a0 \u00a0
Basic
508.5
506.2
Effect of dilutive share options and awards
\u2013
\u2013
Diluted
508.5
506.2
Basic (pence)
35
40
Diluted (pence)
35
40
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "23. Cash and cash equivalents
See accounting policies in Note 7(g)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash and balances at central banks
1,924.5
2,244.7
Loans and advances to banks
246.8
304.4
Total cash and cash equivalents
2,171.3
2,549.1
\n
The Group\u2019s cash and cash equivalents balance includes:
\u2022
\u00a3156.9 million (2024: \u00a3191.8 million) of cash collateral paid against derivative contracts.
\u2022
\u00a338.3 million (2024: \u00a349.2 million) of securitisation cash, which represents the cash balances of consolidated
structured entities.
The loss allowance for both cash and balances at central banks and loans and advances to banks is immaterial in both
reported years, totalling less than \u00a30.1 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "24. Loans and advances to customers
See accounting policies in Note 7(h)
The following tables analyse the carrying amount of loans and advances to customers by loan classification and
agreement type. Finance lease and instalment credit receivables are presented within loans and advances to customers
at amortised cost.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Loans and advances to customers at
\u00a0 \u00a0 \u00a0
\u00a0
amortised cost
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Loans and
Loans and
\u00a0
\u00a0
Gross
\u00a0 \u00a0
advances to
advances to
\u00a0
\u00a0
carrying
Loss
Carrying
customers
customers
\u00a0
\u00a0
amount
allowance
amount
at FVOCI
at FVTPL
Total
As at
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loan receivables
12,953.5
(178.8)
12,774.7
4,046.0
62.9
16,883.6
Finance lease receivables
22.2
(0.6)
21.6
\u2013
\u2013
21.6
Instalment credit receivables
839.5
(10.0)
829.5
\u2013
\u2013
829.5
\u00a0
Fair value adjustments for hedged risk
13,815.2
(189.4)
13,625.8
4,046.0
62.9
17,734.7
(
see Note 27)
\u00a0 \u00a0
13.4
22.0
\u2013
35.4
Total loans and advances to customers
\u00a0 \u00a0
13,639.2
4,068.0
62.9
17,770.1
\n
The FVTPL loans are new in 2025 and arise from the acquisition of ThinCats. These loans have cash flows that do not
meet the Solely Payments of Principal and Interest (SPPI) criteria.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Loans and advances to customers at
\u00a0 \u00a0 \u00a0
\u00a0
amortised cost
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Loans and
Loans and
\u00a0
\u00a0
Gross
\u00a0 \u00a0
advances to
advances to
\u00a0
\u00a0
carrying
Loss
Carrying
customers
customers
\u00a0
\u00a0
amount
allowance
amount
at FVOCI
at FVTPL
Total
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loan receivables
11,031.9
(149.4)
10,882.5
3,601.1
\u2013
14,483.6
Finance lease receivables
22.6
(0.7)
21.9
\u2013
\u2013
21.9
Instalment credit receivables
752.5
(9.3)
743.2
\u2013
\u2013
743.2
\u00a0
Fair value adjustments for hedged
risk
11,807.0
(159.4)
11,647.6
3,601.1
\u2013
15,248.7
(see Note 2
7)
\u00a0 \u00a0
(51.2)
(20.9)
\u2013
(72.1)
Total loans and advances to customers
\u00a0 \u00a0
11,596.4
3,580.2
\u2013
15,176.6
\n
Additional analysis of the Group\u2019s loans and advances to customers at amortised cost and loans and advances to
customers at FVOCI and the associated loss allowance is provided in the credit risk section of the Risk Report starting
on page 137 and 141, respectively.
Loans and advances to customers include the following pledged and transferred assets. Amounts represent the carrying
amount (after loss allowance deducted).
\u2022
\u00a32,442.6 million (2024: \u00a32,306.4 million) includes amounts encumbered through access to the Bank of England\u2019s
Sterling Monetary Framework.
\u2022
\u00a31,918.1 million (2024: \u00a32,255.4 million) transferred to consolidated structured entities as part of securitisation
programmes, which are pledged as collateral against debt securities in issue.
Loans and advances to customers also include loans with a carrying amount (after loss allowance deducted) of \u00a32.3
\n
million (2024: \u00a36.2 million) that were offered under COVID-19 related business support schemes. The UK Government
\n
provides a guarantee to protect 80% of any post-recovery loss in the event of default on these loans. Details of claims
\n
made against the government guarantee are as follows:
\n\n \n
2025
2024
Number of claims made during the year
\u2013
\u2013
Amount pending receipt as at 1 January (\u00a3m)
\u2013
0.2
Amount claimed during the year (\u00a3m)
\u2013
\u2013
Amount received on claims during the year (\u00a3m)
\u2013
(0.2)
Amount pending receipt as at 31 December (\u00a3m)
\u2013
\u2013
\n
Finance lease and instalment credit receivables
\n
Finance lease and instalment credit receivables relate to agreements issued by the Group to customers for a variety of
\n
assets, predominantly plant and machinery. The following table sets out a maturity analysis, showing the undiscounted
\n
payments to be received after the reporting date and a reconciliation to the gross carrying amount of the receivable.
\n\n \n
2025
2024
Finance lease
Instalment credit
Finance lease
Instalment credit
receivables
receivables
receivables
receivables
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Undiscounted payments receivable
Within one year
8.8
518.3
9.5
448.5
Between one and two years
6.6
168.1
7.0
203.3
Between two and three years
3.5
94.9
5.4
122.6
Between three and four years
2.0
136.8
2.3
33.2
Between four and five years
1.7
14.1
0.8
11.2
After five years
2.7
0.8
0.6
2.6
Total undiscounted
payments receivable
25.3
933.0
25.6
821.4
Unearned finance income
(3.1)
(93.5)
(3.0)
(68.9)
Gross carrying amount
22.2
839.5
22.6
752.5
\n
Instalment credit receivables include block discounting facilities of \u00a3365.0 million (2024: \u00a3311.4 million).
The cost of assets acquired by the Group during the year, for the purpose of letting to customers under finance lease
and instalment credit agreements, is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Finance lease agreements
4.8
6.6
Instalment credit agreements
358.3
133.7
Total
cost of assets acquired during the year
363.1
140.3
\n
Modifications
The Group sometimes modifies the terms of loans provided to customers due to commercial renegotiations, or for
distressed loans with a view to maximising recovery. Modifications occurring due to the customer encountering financial
difficulties are referred to as forbearance activities. Details of forborne loans are provided in the credit risk section of
the Risk Report starting on page 158.
Modification gains or losses during the year were immaterial.
Write-offs still under enforcement activity
Loans that are written off can still be subject to enforcement activities in order to comply with the Group\u2019s procedures
for recovery of amounts due. The contractual amount outstanding on loans and advances to customers that were
written off during the reporting period, and are still subject to enforcement activity, is \u00a3104.9 million (2024: \u00a384.4
million).", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "25. Securitisations and structured entities ", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "25. Securitisations and structured entities
See accounting policies in Note 7(i)
Consolidated structured entities
The Group includes consolidated structured entities relating to securitisation programmes. These securitisations involve
the transfer of certain mortgage loans included within loans and advances to customers to bankruptcy remote structured
entities. The Group continues to service the transferred loans in return for an administration fee and is entitled to any
residual income from the structured entity after the debt obligations and senior expenses of the securitisation programme
have been met.
Based on the structure of these securitisations, for accounting purposes, it is assessed that the Group controls the
structured entities and they are therefore treated as subsidiaries and are fully consolidated (see Note 45). The transfer of
loans does not meet the derecognition criteria and they therefore continue to be recognised in their entirety in loans and
advances to customers in the statement of financial position.
The securitisations involve the simultaneous issue of debt securities by the structured entities to investors. The debt
securities may be issued to external investors, which provides a form of long-term funding to the Group. Alternatively,
some, or all, of the debt securities may be purchased by a subsidiary of the Group, Shawbrook Bank Limited. These
internally held debt securities are used for funding and liquidity purposes. For example, they may be exchanged for UK
gilts, referred to as a \u2018security swap\u2019, or they may be positioned with the Bank of England for use as collateral against
amounts drawn under its funding schemes.
During the year ended 31 December 2025, the following transactions with consolidated structured entity took place:
\u2022
In September 2025, the Group acquired ThinCats Group Limited which included four subsidiaries by virtue of control
relating to securitisation transactions, TC Funding I Limited, TC Funding III Limited, TC Funding V DAC and TC
Funding Limited (only three of the deemed separate entity silos). Following acquisition, the Group repurchased all
assets previously held by TC Funding I Limited and TC Funding V DAC and simultaneously repaid all outstanding
liabilities. TC Funding V DAC is liquidated and TC Funding I Limited is currently undergoing the formal liquidation
process, while TC Funding III Limited and TC Funding Limited remain active. Having performed an assessment, the
Group has concluded that it controls the three active entities, consequently, the assets and liabilities of the entities
have been consolidated into the Group\u2019s financials.
In the comparative year ended 31 December 2024, the following transactions with consolidated structured entities
took place:
\u2022
In May 2024, loans with a gross carrying amount (before loss allowance) of \u00a3557.4 million and a carrying amount
(after loss allowance) of \u00a3556.2 million were transferred to Lanebrook Mortgage Transaction 2024-1 plc. The
structured entity simultaneously issued mortgage-backed debt securities of \u00a3557.4 million and \u00a35.5 million of
uncollateralised \u2018X\u2019 notes, \u00a3250.0 million of which was issued to external investors (see Note 36), with the remainder
retained by the Group and eliminated on consolidation.
The following table summarises the carrying amount of securitised loans that continue to be recognised in the statement
\n
of financial position and the associated debt securities issued by consolidated structured entities.
\n\n \n
2025
2024
Loans and
Debt
Loans and
advances
securities
advances
Debt securities
securitised
in issue
securitised
in issue
\u00a3m
\u00a3m
\u00a3m
\u00a3m
(Note 24)
(Note 36)
(Note 24)
(Note 36)
Ealbrook Mortgage Funding 2022
-1 plc
101.2
113.4
146.0
161.4
Lanebrook
Mortgage Transaction 2022-1 plc
283.3
288.3
292.1
299.3
Shawbrook Mortgage Funding 2022
-1 plc
340.4
347.7
426.6
431.4
Genesis Mortgage Funding 2022
-1 plc
\u2013
\u2013
108.0
112.3
Holbrook Mortgage Transaction 2023
-1 plc
261.8
268.3
353.8
393.9
Lanebrook Mortgage Transaction 2023
-1 plc
375.7
387.4
387.1
398.6
Lanebrook Mortgage Transaction 2024
-1 plc
521.7
528.1
548.9
554.4
ThinCats Funding Limited
39.5
44.0
1,923.6
1,977.2
2,262.5
2,351.3
L
ess: loss allowance on securitised loans
(5.5)
(7.1)
Less: held by the Group (and eliminated on consolidation)
(1,564.9)
(1,802.1)
Total recognised in statement of financial position
1,918.1
412.3
2,255.4
549.2
\n
1
\n
Based on unaudited management information provided by the unconsolidated structured entities.
\n
Unconsolidated structured entities
\n
The Group has interests in four unconsolidated structured entities associated with securitisation programmes. These
\n
securitisations involve the transfer of certain mortgage loans included within loans and advances to customers to
\n
bankruptcy remote structured entities. The residual certificates, representing the rights to receive residual income from
\n
the structured entity, are sold as part of these transactions.
\n
Based on the structure of these securitisations, for accounting purposes, it is assessed that the Group does not control
\n
the structured entities and they are therefore not consolidated. The transfer of loans meets the criteria for derecognition
\n
and they are therefore derecognised in their entirety from the statement of financial position, referred to as \u2018structured
\n
asset sales\u2019.
\n
In May 2025, loans with a carrying amount of \u00a3563.5 million (net of \u00a31.7 million loss allowance), comprising loans held at
\n
amortised cost of \u00a310.9 million and loans held at FVOCI of \u00a3552.6 million, were transferred to an unconsolidated
\n
structured entity. Upon transfer, a net gain on derecognition of \u00a322.9 million was recognised in the statement of profit and
\n
loss. The Group paid up-front expenses incurred in forming the unconsolidated structured entity of \u00a30.9 million, including
\n
amounts to capitalise the entity, all bank and legal expenses. The Group has no intention to provide any further financial
\n
or other support following these initial set-up costs.
\n
In December 2025, loans with a carrying amount of \u00a3335.1 million (net of \u00a32.2 million loss allowance), comprising loans
\n
held at amortised cost of \u00a329.2 million and loans held at FVOCI of \u00a3305.9 million, were transferred to an unconsolidated
\n
structured entity. Upon transfer, a net gain on derecognition of \u00a310.3 million was recognised in the statement of profit and
\n
loss. The Group paid up-front expenses incurred in forming the unconsolidated structured entity of \u00a31.4 million, including
\n
amounts to capitalise the entity, all bank and legal expenses. The Group has no intention to provide any further financial
\n
or other support following these initial set-up costs.
\n
During the year ended 31 December 2024, loans with a carrying amount of \u00a3412.6 million (net of \u00a31.0 million loss
\n
allowance), comprising loans held at amortised cost of \u00a324.6 million and loans held at FVOCI of \u00a3388.0 million, were
\n
transferred to an unconsolidated structured entity. Upon transfer, a net gain on derecognition of \u00a314.1 million was
\n
recognised in the statement of profit and loss (see Note 15). The Group paid up-front expenses incurred in forming the
\n
unconsolidated structured entity of \u00a31.4 million, including amounts to capitalise the entity, all bank and legal expenses.
\n
The Group has no intention to provide any further financial or other support following these initial set-up costs.
\n
A portion of the debt securities issued by unconsolidated structured entities as part of these securitisation transactions
\n
were purchased by a subsidiary of the Group, Shawbrook Bank Limited. The Group therefore has a direct interest in
\n
these unconsolidated structured entities. As at 31 December 2025, the carrying amount of the Group\u2019s investment in
\n
debt securities issued by unconsolidated structured entities is \u00a3735.8 million (2024: \u00a3392.2 million) (see Note 26). This
\n
amount represents the Group\u2019s maximum exposure to loss from its interests in unconsolidated structured entities.
\n
As at 31 December 2025, the total asset value
\n
1
\n
of the unconsolidated structured entities that the Group has a direct
\n
interest in, including the portion in which the Group has no interest, is \u00a31,476.6 million (2024: \u00a3706.4 million).
The Group does not provide any ongoing financial support to any of the unconsolidated structured entities that it has a
direct interest in.
Other accounting judgements
For each securitisation transaction completed, the assessments involved in determining whether the Group controls
the structured entity and whether the loans meet the criteria to be derecognised are identified as involving accounting
judgements. Additional details are provided in Note 9(a).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "26. Investment securities
See accounting policies in Note 7(j)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Covered
Debt
\u00a0
Covered
Debt
\u00a0
\u00a0
bonds
securities
Total
bonds
securities
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January
780.3
733.3
1,513.6
517.0
305.1
822.1
Additions
172.6
1,039.3
1,211.9
366.9
531.9
898.8
Maturities
/Disposals
(47.0)
(423.2)
(470.2)
(104.7)
(79.3)
(184.0)
Other movements
(0.3)
(97.0)
(97.3)
1.1
(24.4)
(23.3)
As at 31 December
905.6
1,252.4
2,158.0
780.3
733.3
1,513.6
\n
Debt securities represent mortgage-backed debt securities, of which \u00a3735.8 million (2024: \u00a3392.2 million) were issued by
unconsolidated structured entities as part of securitisation transactions that were retained by the Group.
The Group's investment securities balance includes:
\u2022
\u00a3390.2 million (2024: \u00a3nil) includes amounts encumbered through access to the
Bank of England\u2019s Sterling
Monetary Framework.
\u2022
\u00a3178.1 million (2024: \u00a3nil) classified as FVOCI.
\u2022
\u00a335.3 million (2024: \u00a364.3 million) of restricted amounts invested in short-term money market funds by consolidated
structured entities.
\u2022
During the year ended 31 December 2025, the Group sold \u00a3390 million of debt securities issued by unconsolidated
structured entities, and a net gain on derecognition of \u00a31.2 million was recognised in the statement of profit and loss.
The loss allowance for investment securities is immaterial, totalling less than \u00a30.1 million in both reported years.32. Investment in subsidiaries
See accounting policies in Note 7(n)
The investment in subsidiary in the Company statement of financial position relates to the Company\u2019s investment in
Shawbrook Bank Limited and is attributable to the following components:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Equity shares
267.8
267.8
Capital securities
125.0
125.0
Capital contribution
19.9
19.9
Share
-based payments
45.9
19.8
Issue of share capital in Shawbrook Bank Limited
49.8
\u2013
Total investment in subsidiaries
508.4
432.5
\n
Movements in the Company\u2019s investment in subsidiaries are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
432.5
431.8
Share
issuance
49.8
\u2013
Share
-based payments
26.1
0.7
As at 31 December
508.4
432.5
\n
Details of the capital securities transactions between Shawbrook Bank Limited and the Company are provided in
Note 42.
Share-based payments are attributable to the scheme detailed in Note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "27. Derivative financial instruments and hedge accounting
See accounting policies in Note 7(k) and Note 7(l)
Derivative financial instruments
Derivative financial instruments are used by the Group for risk management purposes to minimise or eliminate the
impact of movements in interest rates and foreign exchange rates. Derivatives are not used for trading or speculative
purposes. The Group uses the International Swaps and Derivatives Association Master Agreement to document these
transactions in conjunction with a Credit Support Annex.
Unhedged positions principally arise from securitisation programmes where the transferred loans do not meet the
derecognition criteria and therefore continue to be recognised in their entirety within loans and advances to customers,
together with their associated centrally cleared derivatives and hedge accounting relationships. Within the consolidated
structured entities, interest rate risk is managed with over-the-counter (OTC) derivatives, and the Group enters into
economically offsetting centrally cleared derivatives to remove the duplicated hedging effect on consolidation, ensuring
that only the intended interest rate exposure is reflected within the Group.
The following table analyses the Group\u2019s derivative financial instruments by instrument type and whether the instrument
\n
is designated as a hedging instrument in a qualifying hedging relationship.
\n\n \n
Assets
Liabilities
Nominal
Carrying
Nominal
Carrying
amount
amount
amount
amount
As at 3
1 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
2,220.5
26.2
3,642.1
26.3
Spot and forward foreign exchange swaps
70.9
0.3
34.7
0.1
Total instruments not in hedging relationships
2,291.4
26.5
3,676.8
26.4
Instruments in fair value hedging relationships
Interest rate swaps
8,348.8
60.7
6,241.0
65.2
Balance guaranteed swaps
\u2013
\u2013
\u2013
\u2013
Total instruments in fair value hedging relationships
8,348.8
60.7
6,241.0
65.2
Instruments in cash flow hedging relationships
Interest rate swaps
432.0
0.3
549.0
1.6
Total instruments in cash flow hedging relationships
432.0
0.3
549.0
1.6
Total derivative financial instruments
11,072.2
87.5
10,466.8
93.2
\n\n \n
Assets
Liabilities
Nominal
Carrying
Nominal
Carrying
amount
amount
amount
amount
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
2,131.2
74.1
5,181.0
73.3
Spot and forward foreign exchange swaps
3.9
\u2013
23.5
0.1
Total instruments not in hedging relationships
2,135.1
74.1
5,204.5
73.4
Instruments in fair value hedging relationships
Interest rate swaps
9,394.5
144.7
3,950.0
43.4
Balance guaranteed swaps
69.9
3.3
\u2013
\u2013
Total instruments in fair value hedging relationships
9,464.4
148.0
3,950.0
43.4
Instruments in cash flow hedging relationships
Interest rate swaps
485.0
5.0
70.0
0.3
Total instruments in cash flow hedging relationships
485.0
5.0
70.0
0.3
Total derivative financial instruments
12,084.5
227.1
9,224.5
117.1
\n
Interest rate swaps are used to manage interest rate risk associated with the Group\u2019s loans and advances to
\n
customers (including pipeline loans) and customer deposits (including offers/ pipeline for savings). Spot and forward
\n
foreign exchange swaps are used to manage foreign exchange risk associated with the Group\u2019s loans and advances
\n
to customers and loans and advances to banks.
\n
As part of the ThinCats acquisition in September 2025, the Group acquired derivative financial assets, comprising of
\n
swap contracts with a fair value of \u00a30.4 million. These derivatives were closed immediately following acquisition.
\n
Balance guaranteed swaps were acquired as part of the BML acquisition in May 2023 and fair value hedge accounting
\n
was designated on acquisition. Fair value hedge accounting was de-designated following the termination of balance
\n
guaranteed swaps in June 2025.
\n
In respect of the derivative financial instruments set out above, cash collateral totalling \u00a3156.9 million has been paid
\n
(2024: \u00a3191.8 million) and \u00a361.0 million has been received (2024: \u00a3157.9 million) (see Note 23 and Note 33,
\n
respectively). There was also securitisation collateral received in the form of Gilts with a nominal value of \u00a328.6 million
\n
(2024: \u00a375.9 million) and a market value of \u00a327.1 million (2024: \u00a379.8 million).
Additional information about market risk, and the use of derivatives in managing such risk, is included in the Risk Report
\n
starting on page 160.
\n
All of the Group\u2019s GBP derivatives are cleared through the London Clearing House via ABN Amro and Barclays. FX
\n
derivatives are over-the-counter (OTC) with Lloyds. SPV swaps are over-the-counter (OTC) derivatives with Lloyds,
\n
Barclays and Santander. The following tables split out the total nominal amount of derivative financial instruments into
\n
cleared and OTC.
\n\n \n
Assets
Liabilities
Cleared
OTC
Total
Cleared
OTC
Total
As at 3
1 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
341.1
1,879.4
2,220.5
3,642.1
\u2013
3,642.1
Spot and forward foreign exchange swaps
\u2013
70.9
70.9
\u2013
34.7
34.7
Total instruments not in hedging relationships
341.1
1,950.3
2,291.4
3,642.1
34.7
3,676.8
Instruments in fair value hedging relationships
Interest rate swaps
8,348.8
\u2013
8,348.8
6,241.0
\u2013
6,241.0
Balance guaranteed swaps
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total instruments in fair value hedging
relationships
8,348.8
\u2013
8,348.8
6,241.0
\u2013
6,241.0
Instruments in cash flow hedging relationships
Interest rate swaps
432.0
\u2013
432.0
549.0
\u2013
549.0
Total instruments in cash flow hedging
relationships
432.0
\u2013
432.0
549.0
\u2013
549.0
Total derivative financial instruments
9,121.9
1,950.3
11,072.2
10,432.1
34.7
10,466.8
\n\n \n
Assets
Liabilities
Cleared
OTC
Total
Cleared
OTC
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
27.7
2,103.5
2,131.2
5,181.0
\u2013
5,181.0
Spot and forward foreign exchange swaps
\u2013
3.9
3.9
\u2013
23.5
23.5
Total instruments not in hedging relationships
27.7
2,107.4
2,135.1
5,181.0
23.5
5,204.5
Instruments in fair value hedging relationships
Interest rate swaps
9,394.5
\u2013
9,394.5
3,950.0
\u2013
3,950.0
Balance guaranteed swaps
\u2013
69.9
69.9
\u2013
\u2013
\u2013
Total instruments in fair value hedging
9,394.5
69.9
9,464.4
3,950.0
\u2013
3,950.0
relationships
Instruments in cash flow hedging relationships
Interest rate swaps
485.0
\u2013
485.0
70.0
\u2013
70.0
Total instruments in cash flow hedging
485.0
\u2013
485.0
70.0
\u2013
70.0
relationships
Total derivative financial instruments
9,907.2
2,177.3
12,084.5
9,201.0
23.5
9,224.5
Hedge accounting
\n
The Group holds certain derivative financial instruments as hedging instruments in fair value hedges and cash flow
\n
hedges in order to hedge exposures to changes in interest rates. Additional details of these hedges are provided in the
\n
following sections.
\n
All hedge accounting relationships have remained highly effective throughout both reported years.
\n
Fair value hedges
\n
Details of the Group\u2019s fair value hedges are presented in the following tables.
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2025
1 month
months
1 year
years
5 years
Total
Interest rate swaps
Nominal amount (\u00a3m)
737.0
1,380.0
5,523.0
6,919.8
30.0
14,589.8
Average fixed interest rate
, %
4.11
4.11
3.68
3.69
0.69
3.74
Balance guaranteed
swaps
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Average fixed interest rate
, %
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2024
1 month
months
1 year
years
5 years
Total
Interest rate swaps
Nominal amount (\u00a3m)
747.0
1,294.0
4,542.7
6,629.6
131.2
13,344.5
Average fixed interest rate
, %
4.42
4.58
4.53
3.54
2.58
4.02
Balance guaranteed swaps
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
69.9
\u2013
69.9
Average fixed interest rat
e, %
\u2013
\u2013
\u2013
1.07
\u2013
1.07
\n
Amounts relating to items designated as hedging instruments and hedge ineffectiveness are set out in the following
\n
tables. The carrying amount of assets and liabilities included in these tables are presented in the statement of financial
\n
position on the lines derivative financial assets and derivative financial liabilities, respectively. Ineffectiveness is
\n
recognised in the statement of profit and loss on the line net gains/(losses) on derivative financial instruments and hedge
\n
accounting. The main sources of ineffectiveness in these hedge relationships relate to the modelled
\n
prepayment/repayment behaviour and the assumptions that are used in modelling this behaviour.
\n\n \n
Carrying amount
Change in fair value
Ineffectiveness
of hedging instrument
recognised in
Nominal
used for calculating
statement of profit
amount
Assets
Liabilities
ineffectiveness
and loss
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate swaps
14,589.8
60.7
65.2
(112.0)
(5.5)
Balance guaranteed swaps
\u2013
\u2013
\u2013
(1.4)
\u2013
\n\n \n
Carrying amount
Change in fair value of
hedging instrument
Ineffectiveness
Nominal
used for calculating
recognised in statement
amount
Assets
Liabilities
ineffectiveness
of profit and loss
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate swaps
13,344.5
144.7
43.4
37.3
(0.4)
Balance guaranteed swaps
69.9
3.3
\u2013
(2.4)
\u2013
Amounts relating to items designated as hedged items are as follows:
\n\n \n
Accumulated fair value hedge
Change in fair
adjustments included in the
value used for
Carrying
carrying amount
calculating
amount
of the hedged item
1
ineffectiveness
As at 31 December
2025
\u00a3m
\u00a3m
\u00a3m
Assets
Fixed rate mortgage loans included
in loans and advances to
customers
hedged by interest rate swaps
8,130.6
32.6
116.5
Fixed rate mortgage loans included in loans and advances to
customers hedged by balance guaranteed swaps
\u2013
2.8
1.4
Liabilities
Fixed rate customer deposits included
in customer deposits
6,846.0
(15.1)
(10.0)
\n\n \n
Accumulated fair value
Change in fair
hedge adjustments
value used for
Carrying
included in the carrying amount
calculating
amount
of the hedged item
1
ineffectiveness
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
Assets
Fixed rate mortgage loans included in loans and advances to
customers
hedged by interest rate swaps
7,109.1
(75.4)
(35.6)
Fixed rate mortgage loans included in loans and advances to
customers hedged by balance guaranteed swaps
3.2
3.3
2.4
Liabilities
Fixed rate customer deposits included in customer deposits
6,530.3
(5.0)
(2.2)
\n
1
\n
The accumulated amount of fair value adjustments remaining in the statement of financial position for hedged items that have been de-designated, for which the fair value hedged
\n
item adjustment is being amortised into the statement of profit and loss is \u00a35.4 million (2024: \u00a39.3 million).
\n
Cash flow hedges
\n
Details of the Group\u2019s cash flow hedges are presented in the following tables.
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2025
1 month
months
1 year
years
5 years
Total
Interest rate swaps
(pay fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
358.0
288.0
646.0
Average fixed interest rate
, %
\u2013
\u2013
\u2013
3.58
3.68
3.63
Interest rate swaps
(
receive fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
180.0
155.0
\u2013
335.0
Average fixed interest rate
, %
\u2013
\u2013
3.61
3.57
\u2013
3.59
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2024
1 month
months
1 year
years
5 years
Total
Interest rate swaps (pay fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
360.0
195.0
555.0
Average fixed interest rate
, %
\u2013
\u2013
\u2013
3.78
3.82
3.79
Interest rate swaps
(receive fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Average fixed interest rate
, %
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amounts relating to items designated as hedging instruments and hedge ineffectiveness are set out in the following
tables. The carrying amount of assets and liabilities included in these tables are presented in the statement of financial
position on the lines derivative financial assets and derivative financial liabilities, respectively. Ineffectiveness recognised
in the statement of profit and loss and amounts reclassified from the cash flow hedging reserve to the statement of profit
and loss are both presented on the line net gains/(losses) on derivative financial instruments and hedge accounting. The
main source of ineffectiveness in these hedge relationships relate to differences in the timing of cash flows between the
hedged item and hedging instrument.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying amount
Change in fair
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
value of
\u00a0 \u00a0
Amount
\u00a0 \u00a0 \u00a0 \u00a0
hedging
Change in value of
\u00a0
reclassified from
\u00a0 \u00a0 \u00a0 \u00a0
instrument
hedged item used
Ineffectiveness
cash flow hedging
\u00a0 \u00a0 \u00a0 \u00a0
used for
for ineffectiveness
recognised in
reserve to
\u00a0
Nominal
\u00a0 \u00a0
ineffectiveness
measurement
statement of
statement of
As at 31
amount
Assets
Liabilities
measurement
(recognised in OCI)
profit and loss
profit and loss
December
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
swaps
(pay fixed)
646.0
0.2
1.6
(7.9)
(7.9)
\u2013
4.9
Interest rate
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
swaps (receive
335.0
0.2
\u2013
2.9
3.5
(0.6)
1.7
fixed)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
Carrying amount
Change in fair
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
value of hedging
Change in value of
\u00a0
Amount reclassified
\u00a0\u00a0\u00a0\u00a0
instrument used
hedged item used for
Ineffectiveness
from cash flow
\u00a0\u00a0\u00a0\u00a0
for
ineffectiveness
recognised in
hedging reserve to
\u00a0
Nominal
\u00a0\u00a0
ineffectiveness
measurement
statement of
statement of profit
As at 31
amount
Assets
Liabilities
measurement
(recognised in OCI)
profit and loss
and loss
December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
swaps (pay
555.0
5.0
0.3
17.7
17.8
(0.1)
6.4
fixed)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
swaps (receive
\u2013
\u2013
\u2013
(2.3)
(0.2)
(2.1)
(0.2)
fixed)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Amounts relating to items designated as hedged items are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Cash flow hedging reserve
\u00a0
Change in value used
\u00a0
for calculating hedge
Continuing
Discontinued
\u00a0
ineffectiveness
hedges
hedges
As at 31 December
2025
\u00a3m
\u00a3m
\u00a3m
Liabilities
\u00a0 \u00a0 \u00a0
Floating rate debt securities included
in debt securities in issue
\u00a0 \u00a0 \u00a0
and floating
rate borrowings included in amounts due to banks
7.9
(1.5)
6.0
Floating rate covered bonds and asset finance floating rate assets
(3.5)
0.2
1.6
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Cash flow hedging reserve
Change in value used
\u00a0
for calculating hedge
Continuing
Discontinued
\u00a0
ineffectiveness
hedges
hedges
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
Liabilities
\u00a0 \u00a0 \u00a0
Floating rate debt securities included in debt securities in issue
\u00a0 \u00a0 \u00a0
and floating rate borrowings included in amounts due to banks
(17.8)
4.6
12.7
Floating rate covered bonds and asset finance floating rate assets
0.2
\u2013
0.1
\n
Net gains and losses on derivative financial instruments and hedge accounting
Gains and losses on derivative financial instruments and hedge accounting recognised in the statement of profit and
loss are summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net fair value (losses)
/gains on derivative financial instruments
(121.1)
48.4
Net fair value gains/(losses) on hedged risk
118.9
(46.5)
Net
(losses)/gains
on derivative financial instruments and hedge accounting
(2.2)
1.9
\nNet fair value gains/(losses) on derivative financial instruments includes foreign exchange gains and losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "27. Derivative financial instruments and hedge accounting
See accounting policies in Note 7(k) and Note 7(l)
Derivative financial instruments
Derivative financial instruments are used by the Group for risk management purposes to minimise or eliminate the
impact of movements in interest rates and foreign exchange rates. Derivatives are not used for trading or speculative
purposes. The Group uses the International Swaps and Derivatives Association Master Agreement to document these
transactions in conjunction with a Credit Support Annex.
Unhedged positions principally arise from securitisation programmes where the transferred loans do not meet the
derecognition criteria and therefore continue to be recognised in their entirety within loans and advances to customers,
together with their associated centrally cleared derivatives and hedge accounting relationships. Within the consolidated
structured entities, interest rate risk is managed with over-the-counter (OTC) derivatives, and the Group enters into
economically offsetting centrally cleared derivatives to remove the duplicated hedging effect on consolidation, ensuring
that only the intended interest rate exposure is reflected within the Group.
\n\n\n\n
The following table analyses the Group\u2019s derivative financial instruments by instrument type and whether the instrument
\n
is designated as a hedging instrument in a qualifying hedging relationship.
\n\n \n
Assets
Liabilities
Nominal
Carrying
Nominal
Carrying
amount
amount
amount
amount
As at 3
1 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
2,220.5
26.2
3,642.1
26.3
Spot and forward foreign exchange swaps
70.9
0.3
34.7
0.1
Total instruments not in hedging relationships
2,291.4
26.5
3,676.8
26.4
Instruments in fair value hedging relationships
Interest rate swaps
8,348.8
60.7
6,241.0
65.2
Balance guaranteed swaps
\u2013
\u2013
\u2013
\u2013
Total instruments in fair value hedging relationships
8,348.8
60.7
6,241.0
65.2
Instruments in cash flow hedging relationships
Interest rate swaps
432.0
0.3
549.0
1.6
Total instruments in cash flow hedging relationships
432.0
0.3
549.0
1.6
Total derivative financial instruments
11,072.2
87.5
10,466.8
93.2
\n\n \n
Assets
Liabilities
Nominal
Carrying
Nominal
Carrying
amount
amount
amount
amount
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
2,131.2
74.1
5,181.0
73.3
Spot and forward foreign exchange swaps
3.9
\u2013
23.5
0.1
Total instruments not in hedging relationships
2,135.1
74.1
5,204.5
73.4
Instruments in fair value hedging relationships
Interest rate swaps
9,394.5
144.7
3,950.0
43.4
Balance guaranteed swaps
69.9
3.3
\u2013
\u2013
Total instruments in fair value hedging relationships
9,464.4
148.0
3,950.0
43.4
Instruments in cash flow hedging relationships
Interest rate swaps
485.0
5.0
70.0
0.3
Total instruments in cash flow hedging relationships
485.0
5.0
70.0
0.3
Total derivative financial instruments
12,084.5
227.1
9,224.5
117.1
\n
Interest rate swaps are used to manage interest rate risk associated with the Group\u2019s loans and advances to
\n
customers (including pipeline loans) and customer deposits (including offers/ pipeline for savings). Spot and forward
\n
foreign exchange swaps are used to manage foreign exchange risk associated with the Group\u2019s loans and advances
\n
to customers and loans and advances to banks.
\n
As part of the ThinCats acquisition in September 2025, the Group acquired derivative financial assets, comprising of
\n
swap contracts with a fair value of \u00a30.4 million. These derivatives were closed immediately following acquisition.
\n
Balance guaranteed swaps were acquired as part of the BML acquisition in May 2023 and fair value hedge accounting
\n
was designated on acquisition. Fair value hedge accounting was de-designated following the termination of balance
\n
guaranteed swaps in June 2025.
\n
In respect of the derivative financial instruments set out above, cash collateral totalling \u00a3156.9 million has been paid
\n
(2024: \u00a3191.8 million) and \u00a361.0 million has been received (2024: \u00a3157.9 million) (see Note 23 and Note 33,
\n
respectively). There was also securitisation collateral received in the form of Gilts with a nominal value of \u00a328.6 million
\n
(2024: \u00a375.9 million) and a market value of \u00a327.1 million (2024: \u00a379.8 million).
\n\n\n\n
Additional information about market risk, and the use of derivatives in managing such risk, is included in the Risk Report
\n
starting on page 160.
\n
All of the Group\u2019s GBP derivatives are cleared through the London Clearing House via ABN Amro and Barclays. FX
\n
derivatives are over-the-counter (OTC) with Lloyds. SPV swaps are over-the-counter (OTC) derivatives with Lloyds,
\n
Barclays and Santander. The following tables split out the total nominal amount of derivative financial instruments into
\n
cleared and OTC.
\n\n \n
Assets
Liabilities
Cleared
OTC
Total
Cleared
OTC
Total
As at 3
1 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
341.1
1,879.4
2,220.5
3,642.1
\u2013
3,642.1
Spot and forward foreign exchange swaps
\u2013
70.9
70.9
\u2013
34.7
34.7
Total instruments not in hedging relationships
341.1
1,950.3
2,291.4
3,642.1
34.7
3,676.8
Instruments in fair value hedging relationships
Interest rate swaps
8,348.8
\u2013
8,348.8
6,241.0
\u2013
6,241.0
Balance guaranteed swaps
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total instruments in fair value hedging
relationships
8,348.8
\u2013
8,348.8
6,241.0
\u2013
6,241.0
Instruments in cash flow hedging relationships
Interest rate swaps
432.0
\u2013
432.0
549.0
\u2013
549.0
Total instruments in cash flow hedging
relationships
432.0
\u2013
432.0
549.0
\u2013
549.0
Total derivative financial instruments
9,121.9
1,950.3
11,072.2
10,432.1
34.7
10,466.8
\n\n \n
Assets
Liabilities
Cleared
OTC
Total
Cleared
OTC
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments not in hedging relationships
Interest rate swaps
27.7
2,103.5
2,131.2
5,181.0
\u2013
5,181.0
Spot and forward foreign exchange swaps
\u2013
3.9
3.9
\u2013
23.5
23.5
Total instruments not in hedging relationships
27.7
2,107.4
2,135.1
5,181.0
23.5
5,204.5
Instruments in fair value hedging relationships
Interest rate swaps
9,394.5
\u2013
9,394.5
3,950.0
\u2013
3,950.0
Balance guaranteed swaps
\u2013
69.9
69.9
\u2013
\u2013
\u2013
Total instruments in fair value hedging
9,394.5
69.9
9,464.4
3,950.0
\u2013
3,950.0
relationships
Instruments in cash flow hedging relationships
Interest rate swaps
485.0
\u2013
485.0
70.0
\u2013
70.0
Total instruments in cash flow hedging
485.0
\u2013
485.0
70.0
\u2013
70.0
relationships
Total derivative financial instruments
9,907.2
2,177.3
12,084.5
9,201.0
23.5
9,224.5
\n\n\n\n
Hedge accounting
\n
The Group holds certain derivative financial instruments as hedging instruments in fair value hedges and cash flow
\n
hedges in order to hedge exposures to changes in interest rates. Additional details of these hedges are provided in the
\n
following sections.
\n
All hedge accounting relationships have remained highly effective throughout both reported years.
\n
Fair value hedges
\n
Details of the Group\u2019s fair value hedges are presented in the following tables.
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2025
1 month
months
1 year
years
5 years
Total
Interest rate swaps
Nominal amount (\u00a3m)
737.0
1,380.0
5,523.0
6,919.8
30.0
14,589.8
Average fixed interest rate
, %
4.11
4.11
3.68
3.69
0.69
3.74
Balance guaranteed
swaps
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Average fixed interest rate
, %
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2024
1 month
months
1 year
years
5 years
Total
Interest rate swaps
Nominal amount (\u00a3m)
747.0
1,294.0
4,542.7
6,629.6
131.2
13,344.5
Average fixed interest rate
, %
4.42
4.58
4.53
3.54
2.58
4.02
Balance guaranteed swaps
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
69.9
\u2013
69.9
Average fixed interest rat
e, %
\u2013
\u2013
\u2013
1.07
\u2013
1.07
\n
Amounts relating to items designated as hedging instruments and hedge ineffectiveness are set out in the following
\n
tables. The carrying amount of assets and liabilities included in these tables are presented in the statement of financial
\n
position on the lines derivative financial assets and derivative financial liabilities, respectively. Ineffectiveness is
\n
recognised in the statement of profit and loss on the line net gains/(losses) on derivative financial instruments and hedge
\n
accounting. The main sources of ineffectiveness in these hedge relationships relate to the modelled
\n
prepayment/repayment behaviour and the assumptions that are used in modelling this behaviour.
\n\n \n
Carrying amount
Change in fair value
Ineffectiveness
of hedging instrument
recognised in
Nominal
used for calculating
statement of profit
amount
Assets
Liabilities
ineffectiveness
and loss
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate swaps
14,589.8
60.7
65.2
(112.0)
(5.5)
Balance guaranteed swaps
\u2013
\u2013
\u2013
(1.4)
\u2013
\n\n \n
Carrying amount
Change in fair value of
hedging instrument
Ineffectiveness
Nominal
used for calculating
recognised in statement
amount
Assets
Liabilities
ineffectiveness
of profit and loss
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate swaps
13,344.5
144.7
43.4
37.3
(0.4)
Balance guaranteed swaps
69.9
3.3
\u2013
(2.4)
\u2013
\n\n\n\n
Amounts relating to items designated as hedged items are as follows:
\n\n \n
Accumulated fair value hedge
Change in fair
adjustments included in the
value used for
Carrying
carrying amount
calculating
amount
of the hedged item
1
ineffectiveness
As at 31 December
2025
\u00a3m
\u00a3m
\u00a3m
Assets
Fixed rate mortgage loans included
in loans and advances to
customers
hedged by interest rate swaps
8,130.6
32.6
116.5
Fixed rate mortgage loans included in loans and advances to
customers hedged by balance guaranteed swaps
\u2013
2.8
1.4
Liabilities
Fixed rate customer deposits included
in customer deposits
6,846.0
(15.1)
(10.0)
\n\n \n
Accumulated fair value
Change in fair
hedge adjustments
value used for
Carrying
included in the carrying amount
calculating
amount
of the hedged item
1
ineffectiveness
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
Assets
Fixed rate mortgage loans included in loans and advances to
customers
hedged by interest rate swaps
7,109.1
(75.4)
(35.6)
Fixed rate mortgage loans included in loans and advances to
customers hedged by balance guaranteed swaps
3.2
3.3
2.4
Liabilities
Fixed rate customer deposits included in customer deposits
6,530.3
(5.0)
(2.2)
\n
1
\n
The accumulated amount of fair value adjustments remaining in the statement of financial position for hedged items that have been de-designated, for which the fair value hedged
\n
item adjustment is being amortised into the statement of profit and loss is \u00a35.4 million (2024: \u00a39.3 million).
\n
Cash flow hedges
\n
Details of the Group\u2019s cash flow hedges are presented in the following tables.
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2025
1 month
months
1 year
years
5 years
Total
Interest rate swaps
(pay fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
358.0
288.0
646.0
Average fixed interest rate
, %
\u2013
\u2013
\u2013
3.58
3.68
3.63
Interest rate swaps
(
receive fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
180.0
155.0
\u2013
335.0
Average fixed interest rate
, %
\u2013
\u2013
3.61
3.57
\u2013
3.59
\n\n \n
Maturity
Less than
1 - 3
3 months \u2013
1 - 5
More than
As at 31 December
2024
1 month
months
1 year
years
5 years
Total
Interest rate swaps (pay fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
360.0
195.0
555.0
Average fixed interest rate
, %
\u2013
\u2013
\u2013
3.78
3.82
3.79
Interest rate swaps
(receive fixed)
Nominal amount (\u00a3m)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Average fixed interest rate
, %
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amounts relating to items designated as hedging instruments and hedge ineffectiveness are set out in the following
tables. The carrying amount of assets and liabilities included in these tables are presented in the statement of financial
position on the lines derivative financial assets and derivative financial liabilities, respectively. Ineffectiveness recognised
in the statement of profit and loss and amounts reclassified from the cash flow hedging reserve to the statement of profit
and loss are both presented on the line net gains/(losses) on derivative financial instruments and hedge accounting. The
main source of ineffectiveness in these hedge relationships relate to differences in the timing of cash flows between the
hedged item and hedging instrument.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Carrying amount
Change in fair
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
value of
\u00a0 \u00a0
Amount
\u00a0 \u00a0 \u00a0 \u00a0
hedging
Change in value of
\u00a0
reclassified from
\u00a0 \u00a0 \u00a0 \u00a0
instrument
hedged item used
Ineffectiveness
cash flow hedging
\u00a0 \u00a0 \u00a0 \u00a0
used for
for ineffectiveness
recognised in
reserve to
\u00a0
Nominal
\u00a0 \u00a0
ineffectiveness
measurement
statement of
statement of
As at 31
amount
Assets
Liabilities
measurement
(recognised in OCI)
profit and loss
profit and loss
December
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
swaps
(pay fixed)
646.0
0.2
1.6
(7.9)
(7.9)
\u2013
4.9
Interest rate
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
swaps (receive
335.0
0.2
\u2013
2.9
3.5
(0.6)
1.7
fixed)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
Carrying amount
Change in fair
\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
value of hedging
Change in value of
\u00a0
Amount reclassified
\u00a0\u00a0\u00a0\u00a0
instrument used
hedged item used for
Ineffectiveness
from cash flow
\u00a0\u00a0\u00a0\u00a0
for
ineffectiveness
recognised in
hedging reserve to
\u00a0
Nominal
\u00a0\u00a0
ineffectiveness
measurement
statement of
statement of profit
As at 31
amount
Assets
Liabilities
measurement
(recognised in OCI)
profit and loss
and loss
December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
swaps (pay
555.0
5.0
0.3
17.7
17.8
(0.1)
6.4
fixed)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest rate
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
swaps (receive
\u2013
\u2013
\u2013
(2.3)
(0.2)
(2.1)
(0.2)
fixed)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
Amounts relating to items designated as hedged items are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Cash flow hedging reserve
\u00a0
Change in value used
\u00a0
for calculating hedge
Continuing
Discontinued
\u00a0
ineffectiveness
hedges
hedges
As at 31 December
2025
\u00a3m
\u00a3m
\u00a3m
Liabilities
\u00a0 \u00a0 \u00a0
Floating rate debt securities included
in debt securities in issue
\u00a0 \u00a0 \u00a0
and floating
rate borrowings included in amounts due to banks
7.9
(1.5)
6.0
Floating rate covered bonds and asset finance floating rate assets
(3.5)
0.2
1.6
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Cash flow hedging reserve
Change in value used
\u00a0
for calculating hedge
Continuing
Discontinued
\u00a0
ineffectiveness
hedges
hedges
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
Liabilities
\u00a0 \u00a0 \u00a0
Floating rate debt securities included in debt securities in issue
\u00a0 \u00a0 \u00a0
and floating rate borrowings included in amounts due to banks
(17.8)
4.6
12.7
Floating rate covered bonds and asset finance floating rate assets
0.2
\u2013
0.1
\n
Net gains and losses on derivative financial instruments and hedge accounting
Gains and losses on derivative financial instruments and hedge accounting recognised in the statement of profit and
loss are summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net fair value (losses)
/gains on derivative financial instruments
(121.1)
48.4
Net fair value gains/(losses) on hedged risk
118.9
(46.5)
Net
(losses)/gains
on derivative financial instruments and hedge accounting
(2.2)
1.9
\nNet fair value gains/(losses) on derivative financial instruments includes foreign exchange gains and losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "28. Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
\u00a0
Fixtures,
Assets on
\u00a0
\u00a0
leasehold
Leasehold
fittings and
operating
\u00a0
\u00a0
property
property
equipment
leases
Total
Year ended 31 December
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January 2025
38.5
3.0
19.0
59.2
119.7
Additions
0.2
0.1
0.3
6.6
7.2
Acquisitions through business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals
(1.5)
\u2013
(0.2)
(7.4)
(9.1)
Transfer to finance leases
\u2013
\u2013
\u2013
(11.2)
(11.2)
As at 31 December
2025
37.2
3.1
19.1
47.2
106.6
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at
1 January 2025
7.5
1.8
15.5
29.4
54.2
Charge for the year
4.4
0.4
1.5
6.2
12.5
Disposals
(1.5)
\u2013
(0.2)
(6.0)
(7.7)
Transfer to finance leases
\u2013
\u2013
\u2013
(7.0)
(7.0)
As at 31 December
2025
10.4
2.2
16.8
22.6
52.0
Carrying amount
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at
1 January 2025
31.0
1.2
3.5
29.8
65.5
As at 31 December
2025
26.8
0.9
2.3
24.6
54.6
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
\u00a0
Fixtures,
Assets on
\u00a0
\u00a0
leasehold
Leasehold
fittings and
operating
\u00a0
\u00a0
property
property
equipment
leases
Total
Year ended 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
2024
12.8
2.3
16.9
60.8
92.8
Additions
28.1
0.7
2.0
7.4
38.2
Acquisitions through business combinations
0.4
\u2013
0.1
\u2013
0.5
Disposals
(2.8)
\u2013
\u2013
(5.3)
(8.1)
Transfer to finance leases
\u2013
\u2013
\u2013
(3.7)
(3.7)
As at 31 December
2024
38.5
3.0
19.0
59.2
119.7
Accumulated depreciation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
2024
7.7
1.5
13.8
29.3
52.3
Charge for the year
2.6
0.3
1.7
7.4
12.0
Disposals
(2.8)
\u2013
\u2013
(4.4)
(7.2)
Transfer to finance leases
\u2013
\u2013
\u2013
(2.9)
(2.9)
As at 31 December
2024
7.5
1.8
15.5
29.4
54.2
Carrying amount
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
2024
5.1
0.8
3.1
31.5
40.5
As at 31 December
2024
31.0
1.2
3.5
29.8
65.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "29. Intangible assets
See accounting policies in Note 7(m)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Other
\u00a0 \u00a0
Other
\u00a0
\u00a0
Goodwill
intangibles
Total
Goodwill
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
86.0
101.7
187.7
78.2
82.9
161.1
Additions
\u2013
18.0
18.0
\u2013
15.1
15.1
Acquisitions through business combinations
13.9
7.6
21.5
7.8
3.7
11.5
Disposals
\u2013
(1.7)
(1.7)
\u2013
\u2013
\u2013
Adjustments
(3.2)
\u2013
(3.2)
\u2013
\u2013
\u2013
As at 31 December
96.7
125.6
222.3
86.0
101.7
187.7
Accumulated amortisation and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
1.1
62.6
63.7
1.1
52.8
53.9
Amortisation charge for the year
\u2013
14.1
14.1
\u2013
9.8
9.8
Disposals
\u2013
(1.3)
(1.3)
\u2013
\u2013
\u2013
As at 31 December
1.1
75.4
76.5
1.1
62.6
63.7
Carrying amount
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
84.9
39.1
124.0
77.1
30.1
107.2
As at 31 December
95.6
50.2
145.8
84.9
39.1
124.0
\n
During the year, the Group recognised a \u00a33.2 million reduction to goodwill in respect of the acquisition of JBR Auto
Holdings Limited, completed on 30 September 2024.
The adjustment arises from the recognition of a Deferred Tax Asset relating to tax losses that existed at the acquisition
date. Sufficient information to recognise this asset was not available at the acquisition date, however, additional evidence
obtained during 2025 confirmed that recovery of the losses is probable.
In accordance with IFRS 3 Business Combinations, this represents a measurement period adjustment as it relates to
facts and circumstances that existed at the acquisition date.
The adjustment has no material impact on the Group\u2019s current or prior year profit and loss, and therefore has been
recognised in the current year.
Other intangibles comprise internally generated software and development costs, together with intangible assets
recognised on acquisition, including brands, customer relationships and technology assets.
Internally generated intangible assets primarily relate to capitalised development expenditure on banking systems, digital
platforms and credit management infrastructure that meet the recognition criteria set out in IAS 38.57.
As at 31 December 2025, internally generated intangible assets had additions of \u00a317.1 million (2024: \u00a314.6 million),
totalling to a gross cost of \u00a3110.3 million (2024: \u00a378.9 million) with an accumulated amortisation was \u00a372.1 million (2024:
\u00a359.4 million). The net book value of internally generated intangible assets is \u00a338.2 million (2024: \u00a334.2 million).
Amortisation of internally generated software is recognised within administrative expenses over useful economic lives of
three to seven years.
Acquisition-related intangible assets are amortised over their estimated useful lives in accordance with the Group\u2019s
policy.
Goodwill impairment testing
The Group performed its annual assessment to identify any impairment to goodwill. For the purposes of impairment
testing, goodwill is allocated to the Group\u2019s cash-generating units (CGUs). As at 31 December 2025, the identified CGUs
include Real Estate, SME, TML, BML and JBR.
No separate goodwill impairment assessment has been performed for the two acquisitions during the year. Goodwill for
these acquisitions are provisional, as permitted under IFRS 3.45. A full assessment will be undertaken during the year
ending 31 December 2026, or earlier if objective indicators of impairment arise.
Goodwill is impaired if the carrying amount of a CGU exceeds the recoverable amount. Determining the recoverable
amount involves the calculation of the CGU\u2019s value in use, which is derived by discounting the forecast cash flows (post-
tax profits) to be generated from its continuing use, as described below.
Forecast cash flows are based on the Board approved budget and assumptions regarding the long-term pattern of
sustainable cash flows thereafter. Five years of forecast cash flows (post-tax profits) are included in the discounted
cash flow model (2024: five years). A terminal value growth rate of 2.0% is then applied into perpetuity to extrapolate
cash flows beyond the cash flow period (2024: 1.5%). The terminal value growth rate is estimated by the Group
taking into account rates disclosed by comparable institutions.
To discount the forecast cash flows, the Group derives a CGU specific discount rate. These discount rates are an
estimate of the return that investors would require if they were to choose an investment that would generate cash
flows of amount, timing and risk profile equivalent to those that the entity expects to derive from the CGU. The Group
calculates the discount rates using the price-to-book ratio method, which incorporates target return on equity, growth
rate and the price-to-book ratio. The discount rate for each CGU is adjusted to reflect the risks inherent to the
individual CGU.
Discount rates used for each CGU are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Post-tax
Pre-tax
1
Post-tax
Pre-tax
1
Real Estate
11.7%
15.5%
12.6%
16.9%
SME
13.2%
17.7%
14.1%
18.8%
TML
13.7%
18.9%
14.1%
18.9%
BML
14.2%
19.1%
15.6%
21.3%
JBR
15.2%
20.4%
16.1%
21.1%
\n
In both reported years, impairment testing indicated the recoverable amount of each CGU was in excess of its
carrying amount and, as such, no impairment losses have been recognised. Reasonably possible changes in forecast
cash flows and the applied post-tax discount rate would not result in the recoverable amount of any CGU reducing
below the carrying amount, as verified by sensitivity analysis.
1
The Group applies post-tax discount rates to post-tax cash flows when testing CGUs for impairment. The pre-tax discount rate is disclosed in accordance with IAS 36
\u2018Impairment of Assets\u2019.
A summary of the carrying amount of goodwill by CGU is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Real
\u00a0\u00a0\u00a0\u00a0\u00a0
Real
\u00a0\u00a0\u00a0
JBR
\u00a0
\u00a0
Estate
SME
TML
BML
JBR
Total
Estate
SME
TML
BML
\u00a0
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January
9.0
34.7
10.0
23.4
7.8
84.9
9.0
34.7
10.0
23.4
\u2013
77.1
Acquisitions through
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
business combinations
\u2013
13.9
\u2013
\u2013
\u2013
13.9
\u2013
\u2013
\u2013
\u2013
7.8
7.8
Adjustment
\u2013
\u2013
\u2013
\u2013
(3.2)
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 December
9.0
48.6
10.0
23.4
4.6
95.6
9.0
34.7
10.0
23.4
7.8
84.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "29. Intangible assets
See accounting policies in Note 7(m)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Other
\u00a0 \u00a0
Other
\u00a0
\u00a0
Goodwill
intangibles
Total
Goodwill
intangibles
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
86.0
101.7
187.7
78.2
82.9
161.1
Additions
\u2013
18.0
18.0
\u2013
15.1
15.1
Acquisitions through business combinations
13.9
7.6
21.5
7.8
3.7
11.5
Disposals
\u2013
(1.7)
(1.7)
\u2013
\u2013
\u2013
Adjustments
(3.2)
\u2013
(3.2)
\u2013
\u2013
\u2013
As at 31 December
96.7
125.6
222.3
86.0
101.7
187.7
Accumulated amortisation and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
1.1
62.6
63.7
1.1
52.8
53.9
Amortisation charge for the year
\u2013
14.1
14.1
\u2013
9.8
9.8
Disposals
\u2013
(1.3)
(1.3)
\u2013
\u2013
\u2013
As at 31 December
1.1
75.4
76.5
1.1
62.6
63.7
Carrying amount
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at 1 January
84.9
39.1
124.0
77.1
30.1
107.2
As at 31 December
95.6
50.2
145.8
84.9
39.1
124.0
\n
During the year, the Group recognised a \u00a33.2 million reduction to goodwill in respect of the acquisition of JBR Auto
Holdings Limited, completed on 30 September 2024.
The adjustment arises from the recognition of a Deferred Tax Asset relating to tax losses that existed at the acquisition
date. Sufficient information to recognise this asset was not available at the acquisition date, however, additional evidence
obtained during 2025 confirmed that recovery of the losses is probable.
In accordance with IFRS 3 Business Combinations, this represents a measurement period adjustment as it relates to
facts and circumstances that existed at the acquisition date.
The adjustment has no material impact on the Group\u2019s current or prior year profit and loss, and therefore has been
recognised in the current year.
Other intangibles comprise internally generated software and development costs, together with intangible assets
recognised on acquisition, including brands, customer relationships and technology assets.
Internally generated intangible assets primarily relate to capitalised development expenditure on banking systems, digital
platforms and credit management infrastructure that meet the recognition criteria set out in IAS 38.57.
As at 31 December 2025, internally generated intangible assets had additions of \u00a317.1 million (2024: \u00a314.6 million),
totalling to a gross cost of \u00a3110.3 million (2024: \u00a378.9 million) with an accumulated amortisation was \u00a372.1 million (2024:
\u00a359.4 million). The net book value of internally generated intangible assets is \u00a338.2 million (2024: \u00a334.2 million).
Amortisation of internally generated software is recognised within administrative expenses over useful economic lives of
three to seven years.
Acquisition-related intangible assets are amortised over their estimated useful lives in accordance with the Group\u2019s
policy.
Goodwill impairment testing
The Group performed its annual assessment to identify any impairment to goodwill. For the purposes of impairment
testing, goodwill is allocated to the Group\u2019s cash-generating units (CGUs). As at 31 December 2025, the identified CGUs
include Real Estate, SME, TML, BML and JBR.
No separate goodwill impairment assessment has been performed for the two acquisitions during the year. Goodwill for
these acquisitions are provisional, as permitted under IFRS 3.45. A full assessment will be undertaken during the year
ending 31 December 2026, or earlier if objective indicators of impairment arise.
Goodwill is impaired if the carrying amount of a CGU exceeds the recoverable amount. Determining the recoverable
amount involves the calculation of the CGU\u2019s value in use, which is derived by discounting the forecast cash flows (post-
tax profits) to be generated from its continuing use, as described below.
Forecast cash flows are based on the Board approved budget and assumptions regarding the long-term pattern of
sustainable cash flows thereafter. Five years of forecast cash flows (post-tax profits) are included in the discounted
cash flow model (2024: five years). A terminal value growth rate of 2.0% is then applied into perpetuity to extrapolate
cash flows beyond the cash flow period (2024: 1.5%). The terminal value growth rate is estimated by the Group
taking into account rates disclosed by comparable institutions.
To discount the forecast cash flows, the Group derives a CGU specific discount rate. These discount rates are an
estimate of the return that investors would require if they were to choose an investment that would generate cash
flows of amount, timing and risk profile equivalent to those that the entity expects to derive from the CGU. The Group
calculates the discount rates using the price-to-book ratio method, which incorporates target return on equity, growth
rate and the price-to-book ratio. The discount rate for each CGU is adjusted to reflect the risks inherent to the
individual CGU.
Discount rates used for each CGU are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Post-tax
Pre-tax
1
Post-tax
Pre-tax
1
Real Estate
11.7%
15.5%
12.6%
16.9%
SME
13.2%
17.7%
14.1%
18.8%
TML
13.7%
18.9%
14.1%
18.9%
BML
14.2%
19.1%
15.6%
21.3%
JBR
15.2%
20.4%
16.1%
21.1%
\n
In both reported years, impairment testing indicated the recoverable amount of each CGU was in excess of its
carrying amount and, as such, no impairment losses have been recognised. Reasonably possible changes in forecast
cash flows and the applied post-tax discount rate would not result in the recoverable amount of any CGU reducing
below the carrying amount, as verified by sensitivity analysis.
1
The Group applies post-tax discount rates to post-tax cash flows when testing CGUs for impairment. The pre-tax discount rate is disclosed in accordance with IAS 36
\u2018Impairment of Assets\u2019.
A summary of the carrying amount of goodwill by CGU is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Real
\u00a0\u00a0\u00a0\u00a0\u00a0
Real
\u00a0\u00a0\u00a0
JBR
\u00a0
\u00a0
Estate
SME
TML
BML
JBR
Total
Estate
SME
TML
BML
\u00a0
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January
9.0
34.7
10.0
23.4
7.8
84.9
9.0
34.7
10.0
23.4
\u2013
77.1
Acquisitions through
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
business combinations
\u2013
13.9
\u2013
\u2013
\u2013
13.9
\u2013
\u2013
\u2013
\u2013
7.8
7.8
Adjustment
\u2013
\u2013
\u2013
\u2013
(3.2)
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 December
9.0
48.6
10.0
23.4
4.6
95.6
9.0
34.7
10.0
23.4
7.8
84.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "31. Other assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other debtors
21.5
18.0
\u2013
\u2013
Prepayments
27.9
17.4
0.5
0.4
Accrued income
0.5
0.9
\u2013
\u2013
Total other assets
49.9
36.3
0.5
0.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "33. Amounts due to banks
See accounting policies in Note 7(o)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Amounts due to
banks
1,369.2
1,216.2
Derivative collateral received
61.0
157.9
Other
0.4
2.0
Total amounts due to banks
1,430.6
1,376.1
\n
The Group maintains access to the Bank of England\u2019s Sterling Monetary Framework, including a reserves account.
Amounts due to banks include:
\u2022
\u00a3nil (2024: \u00a3800 million) drawn under the Bank of England\u2019s Term Funding Scheme with additional incentives for
SMEs, which fell due for repayment in 2025. These amounts are collateralised by customer loan assets and
investment securities.
\u2022
\u00a361.0 million (2024: \u00a3157.9 million) of cash collateral received against derivative contracts. \u00a30.4 million (2024: 2.0
million) of cash collateral received against repurchase agreement.
\u2022
\u00a30.4 million (2024: \u00a32.0 million) of cash collateral received against repurchase agreements", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "34. Customer deposits
See accounting policies in Note 7(p)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Retail customers:
\u00a0\u00a0
Instant access
7,052.4
6,007.9
Term deposits and notice accounts
11,227.5
9,764.1
Corporate customers:
\u00a0\u00a0
Term deposits
58.5
27.0
Fair value adjustments for hedged risk
15.1
5.0
Total customer deposits
18,353.5
15,804.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "35. Provisions
See accounting policies in Note 7(q)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Loss
Other
\u00a0
Loss
Other
\u00a0
\u00a0
provision
provisions
Total
provision
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January
0.6
10.9
11.5
3.8
12.1
15.9
Provisions utilised
\u2013
(4.2)
(4.2)
\u2013
(1.5)
(1.5)
Provisions
made/(released)
\u2013
1.0
1.0
(3.2)
0.3
(2.9)
As at 31 December
0.6
7.7
8.3
0.6
10.9
11.5
\n
Loss provision
The loss provision represents the loss allowance on loan commitments (see Note 48). Provisions released represent
the net ECL credit for the year on loan commitments and is recognised in impairment losses on financial assets in the
statement of profit and loss (see Note 20).
Other provisions
Other provisions represent provisions made in relation to customer remediation and conduct issues and provisions for
legal costs to defend cases brought against the Group. Provisions made are recognised in provisions in the statement of
profit and loss.
A reconciliation of the net amount recognised in provisions in the statement of profit and loss is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Other p
rovisions made
1.0
0.3
Other provisions recovered
(0.2)
(5.6)
Net
charge/(credit) for provisions
0.8
(5.3)
\n
The Group has received a number of complaints from customers about holiday ownership (timeshare) products, where
the Group provided finance to customers to fund the purchase of those products.
Based on the information available at the reporting date, the Group has updated its provision of \u00a36.3 million (2024: \u00a39.2
million), reflecting the best estimate of probable outflows associated with timeshare claims. Ultimately redress will
depend on claim rates. At this time, the Group believes the provision recognised is adequate.
The Group has commenced work to pursue recoveries from either original suppliers or, failing that, the Group\u2019s insurers,
however, in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019, such reimbursement
cannot be recognised as an asset unless it is virtually certain. The Group typically does not deem a reimbursement claim
to be virtually certain until it has been accepted by the other party. As at 31 December 2025, the Group recognised a
reimbursement asset of \u00a35.6 million (2024: \u00a35.6 million) on a subset of Timeshare claims relating to an anticipated
recovery from the Group\u2019s insurers, which is included in Other assets.
In addition to previously disclosed provisions, most recently relating to timeshare complaints, the Group is recognising a
new provision of \u00a31.0 million (2024: \u00a3nil) for redress liabilities around motor finance commissions arrangements.
Following the commencement of the FCA\u2019s consultation paper on a possible motor finance consumer redress scheme in
October 2025, and considering the FCA\u2019s draft proposals, the Group considers that some redress is likely to be due to
customers in relation to historical commission arrangements on regulated motor finance agreements. While the
estimated financial impact of the proposed scheme would not be material to the Group, a provision has been recognised
reflecting a degree of uncertainty around any final scheme rules. This will be updated once any final scheme rules are
published.
Critical accounting judgements and estimates
The calculation of other provisions relating to customer remediation and conduct issues is an area identified as
involving critical accounting judgements and estimates. Additional details are provided in Note 8(b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Other provisions
Other provisions represent provisions made in relation to customer remediation and conduct issues and provisions for
legal costs to defend cases brought against the Group. Provisions made are recognised in provisions in the statement of
profit and loss.
A reconciliation of the net amount recognised in provisions in the statement of profit and loss is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Other p
rovisions made
1.0
0.3
Other provisions recovered
(0.2)
(5.6)
Net
charge/(credit) for provisions
0.8
(5.3)
\n
The Group has received a number of complaints from customers about holiday ownership (timeshare) products, where
the Group provided finance to customers to fund the purchase of those products.
Based on the information available at the reporting date, the Group has updated its provision of \u00a36.3 million (2024: \u00a39.2
million), reflecting the best estimate of probable outflows associated with timeshare claims. Ultimately redress will
depend on claim rates. At this time, the Group believes the provision recognised is adequate.
The Group has commenced work to pursue recoveries from either original suppliers or, failing that, the Group\u2019s insurers,
however, in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019, such reimbursement
cannot be recognised as an asset unless it is virtually certain. The Group typically does not deem a reimbursement claim
to be virtually certain until it has been accepted by the other party. As at 31 December 2025, the Group recognised a
reimbursement asset of \u00a35.6 million (2024: \u00a35.6 million) on a subset of Timeshare claims relating to an anticipated
recovery from the Group\u2019s insurers, which is included in Other assets.
In addition to previously disclosed provisions, most recently relating to timeshare complaints, the Group is recognising a
new provision of \u00a31.0 million (2024: \u00a3nil) for redress liabilities around motor finance commissions arrangements.
Following the commencement of the FCA\u2019s consultation paper on a possible motor finance consumer redress scheme in
October 2025, and considering the FCA\u2019s draft proposals, the Group considers that some redress is likely to be due to
customers in relation to historical commission arrangements on regulated motor finance agreements. While the
estimated financial impact of the proposed scheme would not be material to the Group, a provision has been recognised
reflecting a degree of uncertainty around any final scheme rules. This will be updated once any final scheme rules are
published.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "36. Debt securities in issue
See accounting policies in Note 7(i)
Debt securities in issue comprise asset-backed notes issued to external investors by consolidated structured entities as
part of securitisation transactions (see Note 25). The notes are secured on the underlying portfolio of securitised loans
and recourse under the notes is limited to the structured entity only.
A summary of notes in issue is provided in the following table. Amounts included in the table include accrued interest
and unamortised capitalised costs.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0 \u00a0 \u00a0
Optional
\u00a0 \u00a0 \u00a0
\u00a0\u00a0 \u00a0 \u00a0
redemption
\u00a0
2025
2024
\u00a0
Issued
Issuer
Listing
date
Maturity date
\u00a3m
\u00a3m
Class A
-E mortgage-
backed floating rate
\u00a0
May 2022
Genesis Mortgage
Euronext
\u00a0
Jun 2025
\u00a0
Sept 2059
\u00a0
\u2013
\u00a0
112.3
notes
Funding 2022
-1 plc
Dublin
Class A mortgage
-
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
backed floating rate
Nov 2023
Lanebrook Mortgage
Euronext
May 2027
Aug 2060
177.5
190.4
notes
\u00a0 \u00a0
Transaction 2023
-1 plc
\u00a0
Dublin
\u00a0 \u00a0 \u00a0 \u00a0
Class A mortgage
-
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
backed floating rate
May 2024
Lanebrook
Mortgage
Euronext
Dec 2027
Mar 2061
234.8
246.5
notes
Transaction 2024
-1 plc
Dublin
Total debt securities in issue
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
412.3
549.2
\n
Movements in the year are summarised in the following table:
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
549.2
462.8
Issuances
\u2013
250.0
Acquisitions through business combinations
560.1
289.1
Repurchases and redemptions
(697.0)
(453.7)
Costs capitalised
(0.2)
(1.0)
Other movements
0.2
2.0
As at 31 December
412.3
549.2
\n
During the year ended 31 December 2025, the Group sold \u00a3390.0 million of debt securities issued by unconsolidated
structured entities, a net gain on derecognition of \u00a31.2m million was recognised in the statement of profit and loss.
During the year ended 31 December 2025, Class A-E mortgage backed floating rate notes issued by Genesis Mortgage
Funding 2022-1 plc have been fully redeemed following the optional redemption date.
As part of the ThinCats acquisition in 2025, the Group acquired issued debt securities totalling \u00a3538.1 million, comprised
of senior and mezzanine notes issued to external investors by a consolidated structured entities. The notes were
redeemed shortly after the acquisition date.
During the year ended 31 December 2024, issuances comprised \u00a3250.0 million Class A mortgage-backed floating rate
notes due 2027. These notes were issued to external investors in May 2024 by a consolidated structured entity,
Lanebrook Mortgage Transaction 2024-1 plc, and are listed on Euronext Dublin.
As part of the JBR acquisition in 2024, the Group acquired issued debt securities totalling \u00a3289.1 million, comprised of
senior and mezzanine notes issued to external investors by a consolidated structured entity, JBR Capital DD Limited.
The notes were redeemed shortly after the acquisition date.
During the year ended 31 December 2024, senior notes issued by Wandle Mortgage Funding Limited were fully
redeemed following the optional redemption date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "37. Leases
See accounting policies in Note 7(r)
Group as a lessor: finance leases
Assets leased to customers under finance lease and instalment credit agreements are predominantly plant and
machinery. The underlying asset provides security against the gross receivable and the Group provides no residual
value guarantees in order to mitigate risk.
Details of the Group\u2019s finance lease and instalment credit receivables are set out in Note 24. This includes a maturity
analysis showing the gross investment in the lease (the undiscounted lease payments receivable) and a
reconciliation to the net investment in the lease (the gross carrying amount of the receivable).
Finance income recognised during the year on finance lease and instalment credit receivables is included in other
interest and similar income (see Note 12).
Group as a lessor: operating leases
Assets leased to customers under operating leases are predominantly plant and machinery. The carrying amount of
the Group\u2019s assets on operating leases and the movements during the year are set out in Note 28.
Net income from operating leases is presented on the face of the statement of profit and loss.
Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Within one year
5.7
6.1
Between one and two years
4.2
4.8
Between two and three years
3.3
3.6
Between three and four years
2.0
2.8
Between four and five years
1.2
1.2
After five years
0.7
0.9
Total future minimum rentals receivable
17.1
19.4
\n
Group as a lessee: finance leases
The Group has lease contracts for several buildings. These leases typically have lease terms of between 5 and 10 years.
The Group does not sublease any of these leased assets.
Details of right-of-use assets recognised in relation to these leases, including the carrying amount and movements
during the year, are set out in Note 28.
The carrying amount of associated lease liabilities and movements during the year are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
25.6
6.1
Additions
\u2013
21.3
Acquisitions through business combinations
\u2013
0.4
Interest expense
1.2
0.3
Payments
(2.0)
(2.5)
As at 31 December
24.8
25.6
\n
A maturity analysis of lease liabilities is presented in the liquidity risk section of the Risk Report on page 163.
The Group also has a number of low value lease contracts for office equipment, for which the Group applies the
recognition exemption for leases of low value assets. For such leases, no right-of-use asset is recognised and lease
payments are charged to administrative expenses in the statement of profit and loss.
The following table provides a summary of the amounts recognised in the statement of profit and loss:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Administrative
Interest
\u00a0
Administrative
Interest
\u00a0
\u00a0
expenses
expense
Total
expenses
expense
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation expense on right
-of-use assets
3.9
\u2013
3.9
2.6
\u2013
2.6
Interest expense on lease liabilities
\u2013
1.2
1.2
\u2013
0.3
0.3
Rental expense on low value assets
0.3
\u2013
0.3
0.5
\u2013
0.5
Total
4.2
1.2
5.4
3.1
0.3
3.4
\n
Cash outflows from leases in the statement of cash flows are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Payment of the interest portion of the lease liability (cash flows from operating activities)
\u2013
0.3
Payment of the principal portion of the lease liability (cash flows from financing activities)
0.8
2.2
Total cash outflows from leases
0.8
2.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "38. Other liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other creditors (including sundry creditors and other taxes)
50.3
22.1
\u2013
\u2013
Accruals
81.9
63.7
7.3
\u2013
Amounts
owed to Group companies
\u2013
\u2013
0.9
8.0
Total other
liabilities
132.2
85.8
8.2
8.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "39. Subordinated debt
See accounting policies in Note 7(s)
Subordinated debt liability
Subordinated debt liabilities comprise notes issued by the Company, as summarised in the following table. Amounts
included in the table include accrued interest and unamortised capitalised costs.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0
Call
Maturity
2025
2024
\u00a0
Issued
Listing
date
1
date
\u00a3m
\u00a3m
9.0% fixed rate reset callable
\u00a0
Jul
2020
Global Exchange Market
\u00a0
Jul
2025
\u00a0
Oct
2030
\u00a0
\u2013
\u00a0
76.5
subordinated notes
of Euronext Dublin
\u00a0
International Securities
\u00a0\u00a0\u00a0\u00a0
12.25
% fixed rate reset callable
Oct 2023
Market of London Stock
Oct 2028
Jan 2034
94.9
94.6
subordinated notes
Exchange
\u00a0\u00a0
International Securities
\u00a0\u00a0\u00a0\u00a0
9.25% fixed rate reset callable
\u00a0
June 2025
Market of London Stock
\u00a0
Jun
2030
\u00a0
Sep 2035
\u00a0
76.6
\u00a0
\u2013
subordinated notes
Exchange
Total subordinated liabilities
\u00a0\u00a0\u00a0\u00a0
171.5
171.1
\n
Movements in the year are summarised in the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
As at 1 January
171.1
188.5
Issuances
75.0
\u2013
Redemptions
(76.5)
(20.0)
Costs capitalised
(0.9)
\u2013
Other movements
2.8
2.6
As at 31 December
171.5
171.1
\n
1
The call date may be a fixed date or a defined period of time. Where it relates to a period of time, the date listed reflects the start of the period, thus reflecting the earliest date
the call option may be exercised.
During the year ended 31 December 2025, the Company issued a \u00a375.0 million 12.25% fixed rate reset callable
subordinated notes, under the \u00a31 billion Euro Medium Term Note (EMTN) Programme. The notes are listed on the
International Securities Market of the London Stock Exchange.
In July 2025, the Group redeemed 9.0% fixed rate reset callable subordinated notes issued in July 2020, with a nominal
value of \u00a375.0 million, at par. No gains or losses were recognised on redemption.
The principal terms of the subordinated debt liabilities are as follows:
\u2022
Interest:
interest on the notes is fixed at an initial rate until the reset date. On the reset date, the interest rate will be
reset and fixed based on a set margin above a defined market rate.
\u2022
Redemption:
the Company may elect to redeem all, but not part, of the notes by exercising its call option as
specified in the terms of the agreement. Optional redemption may also take place for certain regulatory or tax
reasons. Any optional redemption requires the prior consent of the PRA.
\u2022
Ranking:
the notes constitute direct, unsecured and subordinated obligations of the Company and rank at least pari
passu, without any preference, among themselves as Tier 2 capital. The notes rank behind the claims of depositors
and other unsecured and unsubordinated creditors, but rank in priority to holders of Tier 1 capital and of equity in the
Company.
Subordinated debt receivable
The subordinated debt receivable in the Company statement of financial position represents subordinated debt issued to
the Company by the Group\u2019s principal subsidiary, Shawbrook Bank Limited. The notes issued by Shawbrook Bank
Limited are on terms consistent with the listed notes issued by the Company.
As at 31 December 2025, the subordinated debt receivable in the Company statement of financial position is \u00a3172.7
million (2024: \u00a3171.1 million). The loss allowance recognised on the subordinated debt receivable is \u00a3nil in both reported
years.", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "40. Financial assets and financial liabilities
See accounting policies in Note 7(t)
a)
Classification of financial assets and financial liabilities
The following table analyses the carrying amount of the Group\u2019s financial assets and financial liabilities by measurement
classification. There were no reclassifications between classification categories during either of the reported years.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Amortised
\u00a0\u00a0
Carrying
Amortised
\u00a0\u00a0
Carrying
\u00a0
cost
FVOCI
FVTPL
amount
cost
FVOCI
FVTPL
amount
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and balances
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
at central banks
1,924.5
\u2013
\u2013
1,924.5
2,244.7
\u2013
\u2013
2,244.7
Loans and advances to banks
246.8
\u2013
\u2013
246.8
304.4
\u2013
\u2013
304.4
Loans and advances
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
to customers
1
13,639.2
4,068.0
62.9
17,770.1
11,596.4
3,580.2
\u2013
15,176.6
Investment securities
1,979.9
178.1
\u2013
2,158.0
1,513.6
\u2013
\u2013
1,513.6
Derivative financial assets
\u2013
\u2013
87.5
87.5
\u2013
\u2013
227.1
227.1
Total financial assets
17,790.4
4,246.1
150.4
22,186.9
15,659.1
3,580.2
227.1
19,466.4
Financial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Amounts due to banks
1,430.6
\u2013
\u2013
1,430.6
1,376.1
\u2013
\u2013
1,376.1
Customer deposits
18,353.5
\u2013
\u2013
18,353.5
15,804.0
\u2013
\u2013
15,804.0
Derivative financial liabilities
\u2013
\u2013
93.2
93.2
\u2013
\u2013
117.1
117.1
Debt securities in issue
412.3
\u2013
\u2013
412.3
549.2
\u2013
\u2013
549.2
Lease liabilities
2
24.8
\u2013
\u2013
24.8
25.6
\u2013
\u2013
25.6
Subordinated debt liability
171.5
\u2013
\u2013
171.5
171.1
\u2013
\u2013
171.1
Total financial liabilities
20,392.7
\u2013
93.2
20,485.9
17,926.0
\u2013
117.1
18,043.1
\n
1
The loans and advances to customers balance includes finance lease and instalment credit receivables, which are measured in accordance with IFRS 16 \u2018Leases\u2019.
These are included in the amortised cost column.
2
Lease liabilities, which are measured in accordance with IFRS 16 \u2018Leases\u2019, are included in the amortised cost column.
b)
Fair value of financial assets and financial liabilities
A summary of the valuation methods used by the Group to calculate the fair value of its financial assets and financial
liabilities is as follows:
\u2022
Cash and balances at central banks and loans and advances to banks:
fair value approximates the carrying
amount as balances have minimal credit losses and are either short-term in nature or re-price frequently.
\u2022
Loans and advances to customers at:
\u2022
Amortised cost and FVOCI:
fair value is calculated based on the present value of future principal and interest cash
flows, discounted at the market rate of interest at the reporting date, and adjusted for future credit losses if
considered material.
\u2022
FVTPL:
These loans and advances were acquired as part of the ThinCats acquisition. In the absence of market
comparables, they are valued using internal models and classified as Level 3.
\u2022
Investment securities, debt securities in issue and subordinated debt liability:
fair value is based on quoted
prices where available or by discounting cash flows using market rates.
\u2022
Derivative financial instruments:
fair value is obtained from quoted market prices in active markets and, where
these are not available, from valuation techniques including discounted cash flows.
\u2022
Amounts due to banks and customer deposits:
fair value is estimated using discounted cash flows applying
either market rates where practicable, or rates offered with similar characteristics by other financial institutions. The
fair value of floating rate placements, fixed rate placements with less than six months to maturity and overnight
deposits is considered to approximate the carrying amount.
In accordance with IFRS 7, fair value disclosures are not required for lease liabilities. As such, the Group does not
\n
calculate a fair value for lease liabilities and they are not included in the following fair value disclosures.
\n
The Group uses a fair value hierarchy which reflects the significance of the inputs used in making fair value
\n
measurements. There are three levels to the hierarchy as follows:
\n
\u2022
Level 1:
quoted prices in active markets for identical assets or liabilities that the entity can access at the
\n
measurement date;
\n
\u2022
Level 2:
inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (i.e. as prices) or indirectly (i.e. derived from prices). A Level 2 input must be observable for substantially the
\n
full term of the instrument. Level 2 inputs include quoted prices for similar assets or liabilities in active markets,
\n
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted
\n
prices that are observable for the asset or liability, such as interest rates and yield curves observable at commonly
\n
quoted intervals, implied volatilities and credit spreads. Assets and liabilities classified as Level 2 have been valued
\n
using models whose inputs are observable in an active market; and
\n
\u2022
Level 3:
inputs for the asset or liabilities that are not based on observable market data (unobservable inputs).
\n
In assessing whether a market is active, factors such as the scale and frequency of trading activity, the availability of
\n
prices and the size of bid/offer spreads are considered. If, in the opinion of the Group, a significant proportion of an
\n
instrument\u2019s carrying amount is driven by unobservable inputs, the instrument, in its entirety, is classified as Level 3 of
\n
the fair value hierarchy. Level 3 in this context means that there is little or no current market data available from which
\n
to determine the level at which an arm\u2019s length transaction would be likely to occur. It generally does not mean that
\n
there is no market data available at all upon which to base a determination of fair value (for example, consensus pricing
\n
data may be used).
\n
Financial assets and financial liabilities measured at amortised cost
\n
The following table analyses the Group\u2019s financial assets and financial liabilities measured at amortised cost into the
\n
fair value hierarchy. There were no transfers between levels of the fair value hierarchy during either of the reported
\n
years.
\n\n \n
2025
2024
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at amortised cost
Cash and balances at central banks
1,924.5
\u2013
\u2013
2,244.7
\u2013
\u2013
Loans and advances to banks
\u2013
246.8
\u2013
\u2013
304.4
\u2013
Loans and advances to customers
\u2013
\u2013
13,639.2
\u2013
\u2013
11,596.4
Investment securities
1,394.3
585.6
\u2013
1,121.4
392.2
Financial liabilities at amortised cost
Amounts due to banks
\u2013
1,430.6
\u2013
\u2013
1,376.1
\u2013
Customer deposits
\u2013
18,353.5
\u2013
\u2013
15,804.0
\u2013
Debt securities in issue
\u2013
412.3
\u2013
\u2013
549.2
\u2013
Subordinated debt liability
\u2013
171.5
\u2013
\u2013
171.1
\u2013
\n
The following table provides a comparison of the carrying amount per the statement of financial position and the
\n
calculated fair value for the Group\u2019s financial assets and financial liabilities measured at amortised cost.
\n
For cash and balances at central banks, loans and advances to banks, the carrying amount is considered to be a
\n
reasonable approximation of fair value and, as such, these are not included in the following table.
\n \n
2025
2024
Carrying
Carrying
amount
Fair value
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at amortised cost
Loans and advances to customers
13,639.2
13,966.4
11,596.4
11,912.2
Investment securities
1,979.9
1,983.7
1,513.6
1,515.5
Financial liabilities at amortised cost
Amounts due to banks
1,430.6
1,430.6
1,376.1
1,376.1
Customer deposits
18,353.5
18,373.4
15,804.0
15,815.0
Debt securities in issue
412.3
413.9
549.2
552.5
Subordinated debt liability
171.5
189.9
171.1
179.8
\n
Financial assets and financial liabilities measured at fair value
\n
The following table analyses the Group\u2019s financial assets and financial liabilities measured at fair value into the fair
\n
value hierarchy. There were no transfers between levels of the fair value hierarchy during either of the reported years.
\n
All financial assets and financial liabilities measured at fair value are recurring fair value measurements.
\n\n \n
2025
2024
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at fair value
Loans and advances to customers
\u2013
\u2013
4,130.9
\u2013
\u2013
3,580.2
Investment securities
27.9
150.2
\u2013
\u2013
\u2013
\u2013
Derivative financial assets
\u2013
87.5
\u2013
\u2013
227.1
\u2013
Financial liabilities at fair value
Derivative financial liabilities
\u2013
93.2
\u2013
\u2013
117.1
\u2013
\n
1
\n
Additions include new financial assets originated or purchased, additional drawdowns and accrued interest.
\n
Financial assets and financial liabilities measured at fair value: Level 3 analysis
\n
The following section provides additional analysis of the Group\u2019s financial assets and financial liabilities measured at fair
\n
value that are categorised as Level 3.
\n
Movements in the fair value of Level 3 financial assets and financial liabilities are as follows:
\n\n \n
2025
2024
Loans and
Loans and
Loans and
Loans and
advances to
advances to
advances to
advances to
customers
customers
customers
customers
at FVOCI
at FV
TPL
at FVOCI
at FV
TPL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 Januar
y
3,580.2
\u2013
2,815.3
\u2013
Additions
1
1,518.0
84.6
1,376.1
\u2013
Net fair value gains/(losses) recognised in the
\u2013
statement of profit and loss
42.9
0.3
(24.2)
Net fair value gains recognised in other
\u2013
comprehensive income
18.8
\u2013
35.6
Settlements/repayments
(1,091.9)
(22.0)
(622.6)
\u2013
As at 3
1 December
4,068.0
62.9
3,580.2
\u2013
\n
In relation to the above table:
\n
\u2022
Net fair value gains/(losses) on FVOCI loans and advances recognised in the statement of profit and loss are
\n
included in net gains/(losses) on derivative financial instruments and hedge accounting. The net gains/(losses)
\n
attributable to loans and advances to customers at FVOCI represent unrealised gains/(losses) on hedged items,
\n
which are largely offset by unrealised gains/(losses) on the derivative financial instruments in the hedge accounting
\n
relationship.
\n
\u2022
Net fair value gains/(losses) recognised in other comprehensive income are included in net gains/(losses) from
\n
changes in fair value in relation to the FVOCI reserve. All gains/(losses) recognised are unrealised.
For the Level 3 loans and advances to customers at FVOCI, the fair value is calculated using the discounted cash flow
\n
method. The significant unobservable inputs used in this calculation are the risk-adjusted discount rate, which is derived
\n
from cost of replacement assets based on comparable market rates, and the prepayment curve. As at 31 December
\n
2025, the following risk-adjusted discount rates are used in the calculation of fair value on loans and advances to
\n
customers at FVOCI: TML Buy to Let portfolio \u2013 5.27%, TML owner occupied portfolio \u2013 5.51% and BML portfolio \u2013
\n
6.59% (31 December 2024: 6.08%, 6.36% and 6.88%).
\n
The fair value of Level 3 loans and advances to customers measured at FVTPL is determined using a discounted cash
\n
flow approach. The significant unobservable inputs include the risk-adjusted discount rate, comprising a risk-free rate
\n
based on the forward SONIA curve over the remaining weighted average life of the loan, and a risk premium derived
\n
from the loan\u2019s origination IRR, adjusted for any increase in credit risk since origination. The discount rate is updated at
\n
each reporting date to reflect changes in market interest rates and credit risk.
As at 31 December 2025, a risk-adjusted
\n
discount rate of 16.4% is used in the calculation of fair value.
\n
Critical accounting estimates
\n
The valuation of loans and advances to customers at FVOCI and FVTPL is an area identified as involving critical
\n
accounting estimates.
\n
Additional details are provided in Note 7(t), 8(c) and 40(b) respectively.
\n
The Group believes that the calculated fair values are appropriate, however, the following table provides sensitivity
\n
analysis to illustrate the impact that reasonably possible changes could have on the asset value and total equity
\n
recognised at the end of the reporting period. There would be immaterial impact to the statement of profit and loss as a
\n
result of these changes.
\n\n \n
2025
2024
Increase/(decrease)
Increase/(decrease)
Increase/(decrease)
Increase/(decrease)
to asset value and
to asset value and
to asset value and
to asset value and
Change in significant unobservable
FVOCI reserve
profit and loss
FVOCI reserve
profit and loss
input
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Decrease in
discount rate by 50 bps
51.9
0.5
49.5
\u2013
Increase in
discount rate by 50 bps
(50.7)
(0.5)
(48.3)
\u2013
Decrease in prepayment curve by 10%
31.6
1.0
21.8
\u2013
Increase in prepayment curve by 10%
(20.6)
(1.0)
(13.7)
\u2013
\n
c)
Offsetting financial assets and financial liabilities
\n
The disclosures set out in the following tables include financial assets and financial liabilities that are either offset in the
\n
statement of financial position, or are subject to an enforceable master netting arrangement or similar agreement,
\n
irrespective of whether they are offset in the statement of financial position.
\n
Financial collateral amounts disclosed in the tables are limited to the net balance sheet exposure for the instrument in
\n
order to exclude any over collateralisation. Financial collateral amounts disclosed exclude initial margin cash collateral
\n
with central clearing houses. Financial collateral amounts disclosed as at 31 December 2025 do not include securities
\n
received with a notional of \u00a328.6 million and a market value of \u00a327.1 million (31 December 2024: notional of \u00a375.9 million
\n
and a market value of \u00a379.8 million).
\n\n \n
Related amounts not offset
Net amount
presented on
Financial
statement of
Subject to
collateral
Gross
Amount
financial
master netting
received/
Net
amount
offset
position
arrangements
pledged
amount
As at
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial assets
87.5
\u2013
87.5
(0.3)
(60.7)
26.5
Total financial assets
87.5
\u2013
87.5
(0.3)
(60.7)
26.5
Financial liabilities
Derivative financial liabilities
93.2
\u2013
93.2
\u2013
(90.0)
3.2
Total financial liabilities
93.2
\u2013
93.2
\u2013
(90.0)
3.2
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Net amount
Related amounts not offset
\u00a0
\u00a0 \u00a0 \u00a0
presented on
\u00a0
Financial
\u00a0
\u00a0 \u00a0 \u00a0
statement of
Subject to master
collateral
\u00a0
\u00a0
Gross
Amount
financial
netting
received/
\u00a0
\u00a0
amount
offset
position
arrangements
pledged
Net amount
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
227.1
\u2013
227.1
(4.1)
(153.7)
69.3
Total financial assets
227.1
\u2013
227.1
(4.1)
(153.7)
69.3
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
117.1
\u2013
117.1
\u2013
(117.1)
\u2013
Total financial liabilities
117.1
\u2013
117.1
\u2013
(117.1)
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "40. Financial assets and financial liabilities
See accounting policies in Note 7(t)
a)
Classification of financial assets and financial liabilities
The following table analyses the carrying amount of the Group\u2019s financial assets and financial liabilities by measurement
classification. There were no reclassifications between classification categories during either of the reported years.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Amortised
\u00a0\u00a0
Carrying
Amortised
\u00a0\u00a0
Carrying
\u00a0
cost
FVOCI
FVTPL
amount
cost
FVOCI
FVTPL
amount
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and balances
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
at central banks
1,924.5
\u2013
\u2013
1,924.5
2,244.7
\u2013
\u2013
2,244.7
Loans and advances to banks
246.8
\u2013
\u2013
246.8
304.4
\u2013
\u2013
304.4
Loans and advances
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
to customers
1
13,639.2
4,068.0
62.9
17,770.1
11,596.4
3,580.2
\u2013
15,176.6
Investment securities
1,979.9
178.1
\u2013
2,158.0
1,513.6
\u2013
\u2013
1,513.6
Derivative financial assets
\u2013
\u2013
87.5
87.5
\u2013
\u2013
227.1
227.1
Total financial assets
17,790.4
4,246.1
150.4
22,186.9
15,659.1
3,580.2
227.1
19,466.4
Financial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Amounts due to banks
1,430.6
\u2013
\u2013
1,430.6
1,376.1
\u2013
\u2013
1,376.1
Customer deposits
18,353.5
\u2013
\u2013
18,353.5
15,804.0
\u2013
\u2013
15,804.0
Derivative financial liabilities
\u2013
\u2013
93.2
93.2
\u2013
\u2013
117.1
117.1
Debt securities in issue
412.3
\u2013
\u2013
412.3
549.2
\u2013
\u2013
549.2
Lease liabilities
2
24.8
\u2013
\u2013
24.8
25.6
\u2013
\u2013
25.6
Subordinated debt liability
171.5
\u2013
\u2013
171.5
171.1
\u2013
\u2013
171.1
Total financial liabilities
20,392.7
\u2013
93.2
20,485.9
17,926.0
\u2013
117.1
18,043.1
\n
1
The loans and advances to customers balance includes finance lease and instalment credit receivables, which are measured in accordance with IFRS 16 \u2018Leases\u2019.
These are included in the amortised cost column.
2
Lease liabilities, which are measured in accordance with IFRS 16 \u2018Leases\u2019, are included in the amortised cost column.
b)
Fair value of financial assets and financial liabilities
A summary of the valuation methods used by the Group to calculate the fair value of its financial assets and financial
liabilities is as follows:
\u2022
Cash and balances at central banks and loans and advances to banks:
fair value approximates the carrying
amount as balances have minimal credit losses and are either short-term in nature or re-price frequently.
\u2022
Loans and advances to customers at:
\u2022
Amortised cost and FVOCI:
fair value is calculated based on the present value of future principal and interest cash
flows, discounted at the market rate of interest at the reporting date, and adjusted for future credit losses if
considered material.
\u2022
FVTPL:
These loans and advances were acquired as part of the ThinCats acquisition. In the absence of market
comparables, they are valued using internal models and classified as Level 3.
\u2022
Investment securities, debt securities in issue and subordinated debt liability:
fair value is based on quoted
prices where available or by discounting cash flows using market rates.
\u2022
Derivative financial instruments:
fair value is obtained from quoted market prices in active markets and, where
these are not available, from valuation techniques including discounted cash flows.
\u2022
Amounts due to banks and customer deposits:
fair value is estimated using discounted cash flows applying
either market rates where practicable, or rates offered with similar characteristics by other financial institutions. The
fair value of floating rate placements, fixed rate placements with less than six months to maturity and overnight
deposits is considered to approximate the carrying amount.
\n\n\n\n
In accordance with IFRS 7, fair value disclosures are not required for lease liabilities. As such, the Group does not
\n
calculate a fair value for lease liabilities and they are not included in the following fair value disclosures.
\n
The Group uses a fair value hierarchy which reflects the significance of the inputs used in making fair value
\n
measurements. There are three levels to the hierarchy as follows:
\n
\u2022
Level 1:
quoted prices in active markets for identical assets or liabilities that the entity can access at the
\n
measurement date;
\n
\u2022
Level 2:
inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (i.e. as prices) or indirectly (i.e. derived from prices). A Level 2 input must be observable for substantially the
\n
full term of the instrument. Level 2 inputs include quoted prices for similar assets or liabilities in active markets,
\n
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted
\n
prices that are observable for the asset or liability, such as interest rates and yield curves observable at commonly
\n
quoted intervals, implied volatilities and credit spreads. Assets and liabilities classified as Level 2 have been valued
\n
using models whose inputs are observable in an active market; and
\n
\u2022
Level 3:
inputs for the asset or liabilities that are not based on observable market data (unobservable inputs).
\n
In assessing whether a market is active, factors such as the scale and frequency of trading activity, the availability of
\n
prices and the size of bid/offer spreads are considered. If, in the opinion of the Group, a significant proportion of an
\n
instrument\u2019s carrying amount is driven by unobservable inputs, the instrument, in its entirety, is classified as Level 3 of
\n
the fair value hierarchy. Level 3 in this context means that there is little or no current market data available from which
\n
to determine the level at which an arm\u2019s length transaction would be likely to occur. It generally does not mean that
\n
there is no market data available at all upon which to base a determination of fair value (for example, consensus pricing
\n
data may be used).
\n
Financial assets and financial liabilities measured at amortised cost
\n
The following table analyses the Group\u2019s financial assets and financial liabilities measured at amortised cost into the
\n
fair value hierarchy. There were no transfers between levels of the fair value hierarchy during either of the reported
\n
years.
\n\n \n
2025
2024
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at amortised cost
Cash and balances at central banks
1,924.5
\u2013
\u2013
2,244.7
\u2013
\u2013
Loans and advances to banks
\u2013
246.8
\u2013
\u2013
304.4
\u2013
Loans and advances to customers
\u2013
\u2013
13,639.2
\u2013
\u2013
11,596.4
Investment securities
1,394.3
585.6
\u2013
1,121.4
392.2
Financial liabilities at amortised cost
Amounts due to banks
\u2013
1,430.6
\u2013
\u2013
1,376.1
\u2013
Customer deposits
\u2013
18,353.5
\u2013
\u2013
15,804.0
\u2013
Debt securities in issue
\u2013
412.3
\u2013
\u2013
549.2
\u2013
Subordinated debt liability
\u2013
171.5
\u2013
\u2013
171.1
\u2013
\n
The following table provides a comparison of the carrying amount per the statement of financial position and the
\n
calculated fair value for the Group\u2019s financial assets and financial liabilities measured at amortised cost.
\n
For cash and balances at central banks, loans and advances to banks, the carrying amount is considered to be a
\n
reasonable approximation of fair value and, as such, these are not included in the following table.
\n\n\n\n\n \n
2025
2024
Carrying
Carrying
amount
Fair value
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at amortised cost
Loans and advances to customers
13,639.2
13,966.4
11,596.4
11,912.2
Investment securities
1,979.9
1,983.7
1,513.6
1,515.5
Financial liabilities at amortised cost
Amounts due to banks
1,430.6
1,430.6
1,376.1
1,376.1
Customer deposits
18,353.5
18,373.4
15,804.0
15,815.0
Debt securities in issue
412.3
413.9
549.2
552.5
Subordinated debt liability
171.5
189.9
171.1
179.8
\n
Financial assets and financial liabilities measured at fair value
\n
The following table analyses the Group\u2019s financial assets and financial liabilities measured at fair value into the fair
\n
value hierarchy. There were no transfers between levels of the fair value hierarchy during either of the reported years.
\n
All financial assets and financial liabilities measured at fair value are recurring fair value measurements.
\n\n \n
2025
2024
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at fair value
Loans and advances to customers
\u2013
\u2013
4,130.9
\u2013
\u2013
3,580.2
Investment securities
27.9
150.2
\u2013
\u2013
\u2013
\u2013
Derivative financial assets
\u2013
87.5
\u2013
\u2013
227.1
\u2013
Financial liabilities at fair value
Derivative financial liabilities
\u2013
93.2
\u2013
\u2013
117.1
\u2013
\n
1
\n
Additions include new financial assets originated or purchased, additional drawdowns and accrued interest.
\n
Financial assets and financial liabilities measured at fair value: Level 3 analysis
\n
The following section provides additional analysis of the Group\u2019s financial assets and financial liabilities measured at fair
\n
value that are categorised as Level 3.
\n
Movements in the fair value of Level 3 financial assets and financial liabilities are as follows:
\n\n \n
2025
2024
Loans and
Loans and
Loans and
Loans and
advances to
advances to
advances to
advances to
customers
customers
customers
customers
at FVOCI
at FV
TPL
at FVOCI
at FV
TPL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 Januar
y
3,580.2
\u2013
2,815.3
\u2013
Additions
1
1,518.0
84.6
1,376.1
\u2013
Net fair value gains/(losses) recognised in the
\u2013
statement of profit and loss
42.9
0.3
(24.2)
Net fair value gains recognised in other
\u2013
comprehensive income
18.8
\u2013
35.6
Settlements/repayments
(1,091.9)
(22.0)
(622.6)
\u2013
As at 3
1 December
4,068.0
62.9
3,580.2
\u2013
\n
In relation to the above table:
\n
\u2022
Net fair value gains/(losses) on FVOCI loans and advances recognised in the statement of profit and loss are
\n
included in net gains/(losses) on derivative financial instruments and hedge accounting. The net gains/(losses)
\n
attributable to loans and advances to customers at FVOCI represent unrealised gains/(losses) on hedged items,
\n
which are largely offset by unrealised gains/(losses) on the derivative financial instruments in the hedge accounting
\n
relationship.
\n
\u2022
Net fair value gains/(losses) recognised in other comprehensive income are included in net gains/(losses) from
\n
changes in fair value in relation to the FVOCI reserve. All gains/(losses) recognised are unrealised.
\n\n\n\n
For the Level 3 loans and advances to customers at FVOCI, the fair value is calculated using the discounted cash flow
\n
method. The significant unobservable inputs used in this calculation are the risk-adjusted discount rate, which is derived
\n
from cost of replacement assets based on comparable market rates, and the prepayment curve. As at 31 December
\n
2025, the following risk-adjusted discount rates are used in the calculation of fair value on loans and advances to
\n
customers at FVOCI: TML Buy to Let portfolio \u2013 5.27%, TML owner occupied portfolio \u2013 5.51% and BML portfolio \u2013
\n
6.59% (31 December 2024: 6.08%, 6.36% and 6.88%).
\n
The fair value of Level 3 loans and advances to customers measured at FVTPL is determined using a discounted cash
\n
flow approach. The significant unobservable inputs include the risk-adjusted discount rate, comprising a risk-free rate
\n
based on the forward SONIA curve over the remaining weighted average life of the loan, and a risk premium derived
\n
from the loan\u2019s origination IRR, adjusted for any increase in credit risk since origination. The discount rate is updated at
\n
each reporting date to reflect changes in market interest rates and credit risk.
As at 31 December 2025, a risk-adjusted
\n
discount rate of 16.4% is used in the calculation of fair value.
\n
Critical accounting estimates
\n
The valuation of loans and advances to customers at FVOCI and FVTPL is an area identified as involving critical
\n
accounting estimates.
\n
Additional details are provided in Note 7(t), 8(c) and 40(b) respectively.
\n
The Group believes that the calculated fair values are appropriate, however, the following table provides sensitivity
\n
analysis to illustrate the impact that reasonably possible changes could have on the asset value and total equity
\n
recognised at the end of the reporting period. There would be immaterial impact to the statement of profit and loss as a
\n
result of these changes.
\n\n \n
2025
2024
Increase/(decrease)
Increase/(decrease)
Increase/(decrease)
Increase/(decrease)
to asset value and
to asset value and
to asset value and
to asset value and
Change in significant unobservable
FVOCI reserve
profit and loss
FVOCI reserve
profit and loss
input
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Decrease in
discount rate by 50 bps
51.9
0.5
49.5
\u2013
Increase in
discount rate by 50 bps
(50.7)
(0.5)
(48.3)
\u2013
Decrease in prepayment curve by 10%
31.6
1.0
21.8
\u2013
Increase in prepayment curve by 10%
(20.6)
(1.0)
(13.7)
\u2013
\n
c)
Offsetting financial assets and financial liabilities
\n
The disclosures set out in the following tables include financial assets and financial liabilities that are either offset in the
\n
statement of financial position, or are subject to an enforceable master netting arrangement or similar agreement,
\n
irrespective of whether they are offset in the statement of financial position.
\n
Financial collateral amounts disclosed in the tables are limited to the net balance sheet exposure for the instrument in
\n
order to exclude any over collateralisation. Financial collateral amounts disclosed exclude initial margin cash collateral
\n
with central clearing houses. Financial collateral amounts disclosed as at 31 December 2025 do not include securities
\n
received with a notional of \u00a328.6 million and a market value of \u00a327.1 million (31 December 2024: notional of \u00a375.9 million
\n
and a market value of \u00a379.8 million).
\n\n \n
Related amounts not offset
Net amount
presented on
Financial
statement of
Subject to
collateral
Gross
Amount
financial
master netting
received/
Net
amount
offset
position
arrangements
pledged
amount
As at
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial assets
87.5
\u2013
87.5
(0.3)
(60.7)
26.5
Total financial assets
87.5
\u2013
87.5
(0.3)
(60.7)
26.5
Financial liabilities
Derivative financial liabilities
93.2
\u2013
93.2
\u2013
(90.0)
3.2
Total financial liabilities
93.2
\u2013
93.2
\u2013
(90.0)
3.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Net amount
Related amounts not offset
\u00a0
\u00a0 \u00a0 \u00a0
presented on
\u00a0
Financial
\u00a0
\u00a0 \u00a0 \u00a0
statement of
Subject to master
collateral
\u00a0
\u00a0
Gross
Amount
financial
netting
received/
\u00a0
\u00a0
amount
offset
position
arrangements
pledged
Net amount
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
227.1
\u2013
227.1
(4.1)
(153.7)
69.3
Total financial assets
227.1
\u2013
227.1
(4.1)
(153.7)
69.3
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
117.1
\u2013
117.1
\u2013
(117.1)
\u2013
Total financial liabilities
117.1
\u2013
117.1
\u2013
(117.1)
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "40. Financial assets and financial liabilities
See accounting policies in Note 7(t)
a)
Classification of financial assets and financial liabilities
The following table analyses the carrying amount of the Group\u2019s financial assets and financial liabilities by measurement
classification. There were no reclassifications between classification categories during either of the reported years.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Amortised
\u00a0\u00a0
Carrying
Amortised
\u00a0\u00a0
Carrying
\u00a0
cost
FVOCI
FVTPL
amount
cost
FVOCI
FVTPL
amount
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and balances
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
at central banks
1,924.5
\u2013
\u2013
1,924.5
2,244.7
\u2013
\u2013
2,244.7
Loans and advances to banks
246.8
\u2013
\u2013
246.8
304.4
\u2013
\u2013
304.4
Loans and advances
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
to customers
1
13,639.2
4,068.0
62.9
17,770.1
11,596.4
3,580.2
\u2013
15,176.6
Investment securities
1,979.9
178.1
\u2013
2,158.0
1,513.6
\u2013
\u2013
1,513.6
Derivative financial assets
\u2013
\u2013
87.5
87.5
\u2013
\u2013
227.1
227.1
Total financial assets
17,790.4
4,246.1
150.4
22,186.9
15,659.1
3,580.2
227.1
19,466.4
Financial liabilities
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Amounts due to banks
1,430.6
\u2013
\u2013
1,430.6
1,376.1
\u2013
\u2013
1,376.1
Customer deposits
18,353.5
\u2013
\u2013
18,353.5
15,804.0
\u2013
\u2013
15,804.0
Derivative financial liabilities
\u2013
\u2013
93.2
93.2
\u2013
\u2013
117.1
117.1
Debt securities in issue
412.3
\u2013
\u2013
412.3
549.2
\u2013
\u2013
549.2
Lease liabilities
2
24.8
\u2013
\u2013
24.8
25.6
\u2013
\u2013
25.6
Subordinated debt liability
171.5
\u2013
\u2013
171.5
171.1
\u2013
\u2013
171.1
Total financial liabilities
20,392.7
\u2013
93.2
20,485.9
17,926.0
\u2013
117.1
18,043.1
\n
1
The loans and advances to customers balance includes finance lease and instalment credit receivables, which are measured in accordance with IFRS 16 \u2018Leases\u2019.
These are included in the amortised cost column.
2
Lease liabilities, which are measured in accordance with IFRS 16 \u2018Leases\u2019, are included in the amortised cost column.
b)
Fair value of financial assets and financial liabilities
A summary of the valuation methods used by the Group to calculate the fair value of its financial assets and financial
liabilities is as follows:
\u2022
Cash and balances at central banks and loans and advances to banks:
fair value approximates the carrying
amount as balances have minimal credit losses and are either short-term in nature or re-price frequently.
\u2022
Loans and advances to customers at:
\u2022
Amortised cost and FVOCI:
fair value is calculated based on the present value of future principal and interest cash
flows, discounted at the market rate of interest at the reporting date, and adjusted for future credit losses if
considered material.
\u2022
FVTPL:
These loans and advances were acquired as part of the ThinCats acquisition. In the absence of market
comparables, they are valued using internal models and classified as Level 3.
\u2022
Investment securities, debt securities in issue and subordinated debt liability:
fair value is based on quoted
prices where available or by discounting cash flows using market rates.
\u2022
Derivative financial instruments:
fair value is obtained from quoted market prices in active markets and, where
these are not available, from valuation techniques including discounted cash flows.
\u2022
Amounts due to banks and customer deposits:
fair value is estimated using discounted cash flows applying
either market rates where practicable, or rates offered with similar characteristics by other financial institutions. The
fair value of floating rate placements, fixed rate placements with less than six months to maturity and overnight
deposits is considered to approximate the carrying amount.
\n\n\n\n
In accordance with IFRS 7, fair value disclosures are not required for lease liabilities. As such, the Group does not
\n
calculate a fair value for lease liabilities and they are not included in the following fair value disclosures.
\n
The Group uses a fair value hierarchy which reflects the significance of the inputs used in making fair value
\n
measurements. There are three levels to the hierarchy as follows:
\n
\u2022
Level 1:
quoted prices in active markets for identical assets or liabilities that the entity can access at the
\n
measurement date;
\n
\u2022
Level 2:
inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (i.e. as prices) or indirectly (i.e. derived from prices). A Level 2 input must be observable for substantially the
\n
full term of the instrument. Level 2 inputs include quoted prices for similar assets or liabilities in active markets,
\n
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted
\n
prices that are observable for the asset or liability, such as interest rates and yield curves observable at commonly
\n
quoted intervals, implied volatilities and credit spreads. Assets and liabilities classified as Level 2 have been valued
\n
using models whose inputs are observable in an active market; and
\n
\u2022
Level 3:
inputs for the asset or liabilities that are not based on observable market data (unobservable inputs).
\n
In assessing whether a market is active, factors such as the scale and frequency of trading activity, the availability of
\n
prices and the size of bid/offer spreads are considered. If, in the opinion of the Group, a significant proportion of an
\n
instrument\u2019s carrying amount is driven by unobservable inputs, the instrument, in its entirety, is classified as Level 3 of
\n
the fair value hierarchy. Level 3 in this context means that there is little or no current market data available from which
\n
to determine the level at which an arm\u2019s length transaction would be likely to occur. It generally does not mean that
\n
there is no market data available at all upon which to base a determination of fair value (for example, consensus pricing
\n
data may be used).
\n
Financial assets and financial liabilities measured at amortised cost
\n
The following table analyses the Group\u2019s financial assets and financial liabilities measured at amortised cost into the
\n
fair value hierarchy. There were no transfers between levels of the fair value hierarchy during either of the reported
\n
years.
\n\n \n
2025
2024
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at amortised cost
Cash and balances at central banks
1,924.5
\u2013
\u2013
2,244.7
\u2013
\u2013
Loans and advances to banks
\u2013
246.8
\u2013
\u2013
304.4
\u2013
Loans and advances to customers
\u2013
\u2013
13,639.2
\u2013
\u2013
11,596.4
Investment securities
1,394.3
585.6
\u2013
1,121.4
392.2
Financial liabilities at amortised cost
Amounts due to banks
\u2013
1,430.6
\u2013
\u2013
1,376.1
\u2013
Customer deposits
\u2013
18,353.5
\u2013
\u2013
15,804.0
\u2013
Debt securities in issue
\u2013
412.3
\u2013
\u2013
549.2
\u2013
Subordinated debt liability
\u2013
171.5
\u2013
\u2013
171.1
\u2013
\n
The following table provides a comparison of the carrying amount per the statement of financial position and the
\n
calculated fair value for the Group\u2019s financial assets and financial liabilities measured at amortised cost.
\n
For cash and balances at central banks, loans and advances to banks, the carrying amount is considered to be a
\n
reasonable approximation of fair value and, as such, these are not included in the following table.
\n\n\n\n\n \n
2025
2024
Carrying
Carrying
amount
Fair value
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at amortised cost
Loans and advances to customers
13,639.2
13,966.4
11,596.4
11,912.2
Investment securities
1,979.9
1,983.7
1,513.6
1,515.5
Financial liabilities at amortised cost
Amounts due to banks
1,430.6
1,430.6
1,376.1
1,376.1
Customer deposits
18,353.5
18,373.4
15,804.0
15,815.0
Debt securities in issue
412.3
413.9
549.2
552.5
Subordinated debt liability
171.5
189.9
171.1
179.8
\n
Financial assets and financial liabilities measured at fair value
\n
The following table analyses the Group\u2019s financial assets and financial liabilities measured at fair value into the fair
\n
value hierarchy. There were no transfers between levels of the fair value hierarchy during either of the reported years.
\n
All financial assets and financial liabilities measured at fair value are recurring fair value measurements.
\n\n \n
2025
2024
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets at fair value
Loans and advances to customers
\u2013
\u2013
4,130.9
\u2013
\u2013
3,580.2
Investment securities
27.9
150.2
\u2013
\u2013
\u2013
\u2013
Derivative financial assets
\u2013
87.5
\u2013
\u2013
227.1
\u2013
Financial liabilities at fair value
Derivative financial liabilities
\u2013
93.2
\u2013
\u2013
117.1
\u2013
\n
1
\n
Additions include new financial assets originated or purchased, additional drawdowns and accrued interest.
\n
Financial assets and financial liabilities measured at fair value: Level 3 analysis
\n
The following section provides additional analysis of the Group\u2019s financial assets and financial liabilities measured at fair
\n
value that are categorised as Level 3.
\n
Movements in the fair value of Level 3 financial assets and financial liabilities are as follows:
\n\n \n
2025
2024
Loans and
Loans and
Loans and
Loans and
advances to
advances to
advances to
advances to
customers
customers
customers
customers
at FVOCI
at FV
TPL
at FVOCI
at FV
TPL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 Januar
y
3,580.2
\u2013
2,815.3
\u2013
Additions
1
1,518.0
84.6
1,376.1
\u2013
Net fair value gains/(losses) recognised in the
\u2013
statement of profit and loss
42.9
0.3
(24.2)
Net fair value gains recognised in other
\u2013
comprehensive income
18.8
\u2013
35.6
Settlements/repayments
(1,091.9)
(22.0)
(622.6)
\u2013
As at 3
1 December
4,068.0
62.9
3,580.2
\u2013
\n
In relation to the above table:
\n
\u2022
Net fair value gains/(losses) on FVOCI loans and advances recognised in the statement of profit and loss are
\n
included in net gains/(losses) on derivative financial instruments and hedge accounting. The net gains/(losses)
\n
attributable to loans and advances to customers at FVOCI represent unrealised gains/(losses) on hedged items,
\n
which are largely offset by unrealised gains/(losses) on the derivative financial instruments in the hedge accounting
\n
relationship.
\n
\u2022
Net fair value gains/(losses) recognised in other comprehensive income are included in net gains/(losses) from
\n
changes in fair value in relation to the FVOCI reserve. All gains/(losses) recognised are unrealised.
\n\n\n\n
For the Level 3 loans and advances to customers at FVOCI, the fair value is calculated using the discounted cash flow
\n
method. The significant unobservable inputs used in this calculation are the risk-adjusted discount rate, which is derived
\n
from cost of replacement assets based on comparable market rates, and the prepayment curve. As at 31 December
\n
2025, the following risk-adjusted discount rates are used in the calculation of fair value on loans and advances to
\n
customers at FVOCI: TML Buy to Let portfolio \u2013 5.27%, TML owner occupied portfolio \u2013 5.51% and BML portfolio \u2013
\n
6.59% (31 December 2024: 6.08%, 6.36% and 6.88%).
\n
The fair value of Level 3 loans and advances to customers measured at FVTPL is determined using a discounted cash
\n
flow approach. The significant unobservable inputs include the risk-adjusted discount rate, comprising a risk-free rate
\n
based on the forward SONIA curve over the remaining weighted average life of the loan, and a risk premium derived
\n
from the loan\u2019s origination IRR, adjusted for any increase in credit risk since origination. The discount rate is updated at
\n
each reporting date to reflect changes in market interest rates and credit risk.
As at 31 December 2025, a risk-adjusted
\n
discount rate of 16.4% is used in the calculation of fair value.
\n
Critical accounting estimates
\n
The valuation of loans and advances to customers at FVOCI and FVTPL is an area identified as involving critical
\n
accounting estimates.
\n
Additional details are provided in Note 7(t), 8(c) and 40(b) respectively.
\n
The Group believes that the calculated fair values are appropriate, however, the following table provides sensitivity
\n
analysis to illustrate the impact that reasonably possible changes could have on the asset value and total equity
\n
recognised at the end of the reporting period. There would be immaterial impact to the statement of profit and loss as a
\n
result of these changes.
\n\n \n
2025
2024
Increase/(decrease)
Increase/(decrease)
Increase/(decrease)
Increase/(decrease)
to asset value and
to asset value and
to asset value and
to asset value and
Change in significant unobservable
FVOCI reserve
profit and loss
FVOCI reserve
profit and loss
input
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Decrease in
discount rate by 50 bps
51.9
0.5
49.5
\u2013
Increase in
discount rate by 50 bps
(50.7)
(0.5)
(48.3)
\u2013
Decrease in prepayment curve by 10%
31.6
1.0
21.8
\u2013
Increase in prepayment curve by 10%
(20.6)
(1.0)
(13.7)
\u2013
\n
c)
Offsetting financial assets and financial liabilities
\n
The disclosures set out in the following tables include financial assets and financial liabilities that are either offset in the
\n
statement of financial position, or are subject to an enforceable master netting arrangement or similar agreement,
\n
irrespective of whether they are offset in the statement of financial position.
\n
Financial collateral amounts disclosed in the tables are limited to the net balance sheet exposure for the instrument in
\n
order to exclude any over collateralisation. Financial collateral amounts disclosed exclude initial margin cash collateral
\n
with central clearing houses. Financial collateral amounts disclosed as at 31 December 2025 do not include securities
\n
received with a notional of \u00a328.6 million and a market value of \u00a327.1 million (31 December 2024: notional of \u00a375.9 million
\n
and a market value of \u00a379.8 million).
\n\n \n
Related amounts not offset
Net amount
presented on
Financial
statement of
Subject to
collateral
Gross
Amount
financial
master netting
received/
Net
amount
offset
position
arrangements
pledged
amount
As at
31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial assets
87.5
\u2013
87.5
(0.3)
(60.7)
26.5
Total financial assets
87.5
\u2013
87.5
(0.3)
(60.7)
26.5
Financial liabilities
Derivative financial liabilities
93.2
\u2013
93.2
\u2013
(90.0)
3.2
Total financial liabilities
93.2
\u2013
93.2
\u2013
(90.0)
3.2
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Net amount
Related amounts not offset
\u00a0
\u00a0 \u00a0 \u00a0
presented on
\u00a0
Financial
\u00a0
\u00a0 \u00a0 \u00a0
statement of
Subject to master
collateral
\u00a0
\u00a0
Gross
Amount
financial
netting
received/
\u00a0
\u00a0
amount
offset
position
arrangements
pledged
Net amount
As at 31 December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
227.1
\u2013
227.1
(4.1)
(153.7)
69.3
Total financial assets
227.1
\u2013
227.1
(4.1)
(153.7)
69.3
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial liabilities
117.1
\u2013
117.1
\u2013
(117.1)
\u2013
Total financial liabilities
117.1
\u2013
117.1
\u2013
(117.1)
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "41. Share capital
In November 2025, the Group successfully completed its Initial Public Offering (IPO) on the London Stock Exchange
(LSE). Prior to the IPO, the Company undertook a share split of each ordinary share from a nominal value of \u00a30.01 to
\u00a30.005.
As part of the IPO, the Group issued 13,513,513 new ordinary shares at a price of 370 pence per share, raising gross
proceeds of \u00a350 million. In addition, 80,493,537 existing ordinary shares were sold by the parent company, Marlin Bidco
Limited.
Following admission to the LSE, the Company had 519,687,271 ordinary shares of \u00a30.005 each in issue. The new share
issuance resulted in an increase in share capital of \u00a367,568, with the balance of the proceeds credited to the share
premium account, thereby strengthening the Group\u2019s overall capital position.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of ordinary shares
As at 1 January
2025
506,173,758
Issued during the year
13,513,513
As at 31 December
2025
519,687,271
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Share capital
2.6
2.5
Share premium account
134.7
1
87.3
Total s
hare capital and share premium
137.3
89.8
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "42. Capital securities
See accounting policies in Note 7(v)
Capital securities comprise securities issued by the Company, as summarised in the following table. Amounts included
in the table are presented net of transaction costs of \u00a31.9 million (2024: \u00a31.9 million).
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0
Next call
2025
2024
\u00a0
Issued
Listing
date
1
\u00a3m
\u00a3m
\u00a0
International Securities
\u00a0\u00a0\u00a0
12.103%
fixed rate reset perpetual Additional
Oct 2022
Market of London
Dec
2027
122.1
122.1
Tier 1 write down capital securities
Stock Exchange
10.298
% fixed rate reset perpetual Additional
\u00a0
Global Exchange
\u00a0\u00a0\u00a0
Tier 1 write down capital securities
(interest
Dec
2017
Market of Euronext
Dec
2027
1.0
1.0
rate reset from 7.875% in December 2022)
\u00a0
Dublin
\u00a0\u00a0\u00a0
Total capital securities
\u00a0\u00a0\u00a0
123.1
123.1
\n
In both reported years, the Group paid all interest when scheduled. Distributions made to holders of the capital
securities, recognised directly in equity, totalled \u00a315.1 million (2024: \u00a315.1 million).
The principal terms of the capital securities are as follows:
\u2022
Interest:
interest is fully discretionary and the Company may elect to, or in certain circumstances is obliged to,
cancel (in whole or in part) any interest otherwise scheduled to be paid. Any interest not paid when scheduled is
cancelled. The capital securities bear a fixed rate of interest until the first reset date. On the first reset date, and on
each fifth anniversary thereafter, the interest rate will be reset and fixed based on a set margin above a defined
market rate.
\u2022
Redemption:
the capital securities are perpetual with no fixed redemption date. The Company may elect to redeem
all, but not part, of the capital securities by exercising its call option on certain dates, or during defined periods, as
specified in the terms of the agreement. Optional redemption may also take place for certain regulatory or tax
reasons. Any optional redemption requires the prior consent of the PRA.
\u2022
Write-down:
in the event of the Group\u2019s Common Equity Tier 1 capital ratio falling below 7.0%, an automatic and
permanent write down shall occur, resulting in the full reduction and cancellation of all capital securities and the
cancellation of any interest which is accrued and unpaid.
1
The call date may be a fixed date or a defined period of time. Where it relates to a period of time, the date listed reflects the start of the period, thus reflecting the earliest date
the call option may be exercised.
\u2022
Ranking:
the capital securities constitute direct, unsecured and subordinated obligations of the Company and rank
pari passu, without any preference, among themselves. The capital securities also rank pari passu with the most
senior class of issued preference shares in the Company, if any, and rank ahead of the holders of all other classes
of issued shares of the Company, but rank junior to the claims of unsubordinated and subordinated creditors, other
than those creditors whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of holders
of the capital securities.
In conjunction with each transaction between the Company and external investors, equivalent transactions take place
between the Company and its principal subsidiary, Shawbrook Bank Limited. The capital securities issued by Shawbrook
Bank Limited are on terms consistent with the equivalent listed capital securities issued by the Company. This is
recognised in the Company statement of financial position as part of the investment in subsidiaries (see Note 32). ", "dimensions": { "concept": "shaw:DisclosureOfCapitalSecuritiesTextBlock", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "43. Notes to the cash flow statement
Adjustments for non-cash items and other adjustments included in the statement of profit and loss
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
ECL
charge on loans and advances to customers
\u00a0 \u00a0 \u00a0 \u00a0
at amortised cost
27.3
29.2
\u2013
\u2013
ECL
charge on loans and advances to customers at FVOCI
4.9
6.3
\u2013
\u2013
ECL
(credit)/charge on loan commitments
\u2013
(3.2)
\u2013
\u2013
Net (gains)/losses on loans and advances at FVTPL
(0.3)
\u2013
\u2013
\u2013
Other movements on investment securities
97.3
23.3
\u2013
\u2013
Depreciation of property, plant and equipment
12.5
12.0
\u2013
\u2013
Amortisation of intangible assets
14.1
9.8
\u2013
\u2013
Other movements on subordinated debt receivable
\u2013
\u2013
(2.2)
(2.2)
Other movements on subordinated debt
payable
2.8
2.6
5.2
2.6
Disposal of intangible assets
0.4
\u2013
\u2013
\u2013
Other movements on debt securities in issue
65.5
2.0
\u2013
\u2013
Other movements on capital securities
\u2013
\u2013
\u2013
\u2013
Equity
-settled share-based payments
26.1
0.7
\u2013
\u2013
Total non
-cash items and other adjustments
250.6
82.7
3.0
0.4
\n
Net change in operating assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
D
ecrease in mandatory deposits with central banks
\u2013
39.9
\u2013
\u2013
(
Increase) in loans and advances to customers
(2,072.2)
(1,609.4)
\u2013
\u2013
Decrease
in derivative financial assets
129.0
37.0
\u2013
\u2013
(
Increase) in operating lease assets
(1.0)
(5.7)
\u2013
\u2013
(
Increase) in other assets
(7.6)
(5.8)
(0.1)
(0.4)
(Increase) in
operating assets
(1,951.8)
(1,544.0)
(0.1)
(0.4)
\n
Net change in operating liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
Company
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in customer deposits
2,549.5
2,241.3
\u2013
\u2013
Decrease) in other provisions
(
(3.2)
(1.2)
\u2013
\u2013
Decrease) in derivative financial liabilities
(
(23.9)
(67.4)
\u2013
\u2013
Increase in other liabilities
37.4
9.6
0.2
0.6
Increase in operating liabilities
2,559.8
2,182.3
0.2
0.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "44. Ultimate parent company
The ultimate parent and controlling party of the Group is Marlin Bidco Limited at the reporting date. Marlin Bidco Limited
is a company jointly owned by PSCM Pooling LP and Marlinbass Limited. Both companies are incorporated in Guernsey
and are investment vehicles of Pollen Street Capital Limited and BC Partners LLP, respectively. However, the parent
company, Marlin Bidco Limited, has been liquidated in January 2026.
The largest company in which the results of the Group are consolidated is that headed by Shawbrook Group plc (see
Note 1). No other financial statements include the results of the Group.", "dimensions": { "concept": "shaw:DisclosureOfUltimateParentCompanyTextBlock", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "46. Related party transactions
Transactions with key management personnel
Key management personnel refer to the Executive Management team and the Directors of the Group.
Total compensation for the year for key management personnel employed by the Group is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short
-term employee benefits
8.3
7.3
Other long
-term benefits
2.3
1.9
Post
-employment benefits
0.1
0.1
Termination benefits
0.2
\u2013
Share based payments
18.7
\u2013
Total compensation for employed key management personnel
29.6
9.3
\n
In addition to the above, in the year ended 31 December 2025, the Group incurred fees in relation to the Institutional
Directors appointed to the Board as set out and agreed within the Framework Agreement prior to IPO and within the
letters of appointment following the IPO. This totalled \u00a30.1 million (2024: \u00a30.1 million). The institutional Directors are not
employed by the Group and, accordingly, their fees are not included in the above table.
Further details of compensation paid to the Directors of the Group are provided in the Directors\u2019 Remuneration Report on
page 82.
The Group provides employee loans to certain key management personnel. As at 31 December 2025, the amount
outstanding in respect of these loans was \u00a310.8 million (2024: \u00a30.5 million), of which \u00a310.4 million was in respect of
interest free IPO related transitional loans, provided to facilitate the winding up of Shawbrook\u2019s pre Admission holding
company Marlin, which were repaid on 7 January 2026.
The non IPO related loans to the value of \u00a30.4 million remain outstanding and are subject to interest in accordance with
the beneficial loan arrangements rate set by HMRC. These loans do not involve more than the normal risk of
collectability or present other unfavourable features. Interest income recognised in respect of these loans is less than
\u00a30.1 million in both reported years.
No provisions have been recognised in respect of these loans and no balances have been written off or forgiven during
either of the reported years.
The Group holds savings deposits from certain key management personnel and their close family members. Such
deposits are held in the ordinary course of business on normal commercial terms. As at 31 December 2025, the amount
held in respect of these deposits is \u00a30.8 million (2024: \u00a30.6 million). Interest expense recognised in respect of these
deposits is less than \u00a30.1 million in both reported years.
The Group also issued subordinated notes listed on various stock exchanges. The key management personnel have
subscribed for \u00a350,000 aggregate principal amount of Fixed Rate Reset Callable Tier 2 Capital Notes due January 2034
(2024: \u00a350,000) and \u00a3150,000 aggregate principal amount of Fixed Rate Reset Subordinated Notes due September
2035 (2024: \u00a3nil).
Transactions with the ultimate parent
The ultimate parent and controlling party of the Group is Marlin Bidco Limited (see Note 44).
As at 31 December 2025, the balance owed to Marlin Bidco Limited is \u00a30.8 million (2024: \u00a30.8 million).
Details of employee share based payment schemes relating to Marlin Bidco Limited are outlined in Note 18.
Transactions between the Company and subsidiary companies
Transactions during the year between the Company and Shawbrook Bank Limited, recognised in the Company
statement of profit and loss, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Coupon on capital securities
1
15.1
15.1
Interest on subordinated debt receivable
18.2
18.5
Management fee
1.0
0.8
Total income from subsidiary
34.3
34.4
\n
Subsidiary companies of the Group are detailed in Note 45.
Amounts due to the Company from its principal subsidiary, Shawbrook Bank Limited, and recognised in the Company
statement of financial position, are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Other amounts
receivable/payable
31
1.6
(8.0)
Subordinated debt
receivable
2
39
172.7
171.1
Total amounts due from subsidiary
\u00a0
174.3
163.1
\n
1
The coupon on capital securities relates to capital securities issued to the Company by Shawbrook Bank Limited, which are included as part of the investment in subsidiaries
(see Note 32).
2
The total subordinated debt receivable per Note 39 is \u00a3171.5 million (2024: \u00a3171.1 million). The difference compared to the amount presented in this table of \u00a31.2 million
(2024: \u00a3nil million) relates to capitalised amounts (capitalised costs and a modification loss), which do not constitute amounts owing between the parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "Transactions with key management personnel
Key management personnel refer to the Executive Management team and the Directors of the Group.
Total compensation for the year for key management personnel employed by the Group is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short
-term employee benefits
8.3
7.3
Other long
-term benefits
2.3
1.9
Post
-employment benefits
0.1
0.1
Termination benefits
0.2
\u2013
Share based payments
18.7
\u2013
Total compensation for employed key management personnel
29.6
9.3
\n
In addition to the above, in the year ended 31 December 2025, the Group incurred fees in relation to the Institutional
Directors appointed to the Board as set out and agreed within the Framework Agreement prior to IPO and within the
letters of appointment following the IPO. This totalled \u00a30.1 million (2024: \u00a30.1 million). The institutional Directors are not
employed by the Group and, accordingly, their fees are not included in the above table.
Further details of compensation paid to the Directors of the Group are provided in the Directors\u2019 Remuneration Report on
page 82.
The Group provides employee loans to certain key management personnel. As at 31 December 2025, the amount
outstanding in respect of these loans was \u00a310.8 million (2024: \u00a30.5 million), of which \u00a310.4 million was in respect of
interest free IPO related transitional loans, provided to facilitate the winding up of Shawbrook\u2019s pre Admission holding
company Marlin, which were repaid on 7 January 2026.
The non IPO related loans to the value of \u00a30.4 million remain outstanding and are subject to interest in accordance with
the beneficial loan arrangements rate set by HMRC. These loans do not involve more than the normal risk of
collectability or present other unfavourable features. Interest income recognised in respect of these loans is less than
\u00a30.1 million in both reported years.
No provisions have been recognised in respect of these loans and no balances have been written off or forgiven during
either of the reported years.
The Group holds savings deposits from certain key management personnel and their close family members. Such
deposits are held in the ordinary course of business on normal commercial terms. As at 31 December 2025, the amount
held in respect of these deposits is \u00a30.8 million (2024: \u00a30.6 million). Interest expense recognised in respect of these
deposits is less than \u00a30.1 million in both reported years.
The Group also issued subordinated notes listed on various stock exchanges. The key management personnel have
subscribed for \u00a350,000 aggregate principal amount of Fixed Rate Reset Callable Tier 2 Capital Notes due January 2034
(2024: \u00a350,000) and \u00a3150,000 aggregate principal amount of Fixed Rate Reset Subordinated Notes due September
2035 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "47. Capital commitments
As at 31 December 2025, the Group has no capital commitments (2024: \u00a3nil).
48. Loan commitments
See accounting policies in Note 7(w)
As at 31 December 2025, the Group has loan commitments, which are not recognised in the statement of financial
position, of \u00a31,479.2 million (2024: \u00a31,414.4 million). A loss allowance of \u00a30.6 million (2024: \u00a30.6 million) is held against
these loan commitments, which is recognised in provisions in the statement of financial position (see Note 35).
Additional analysis of the Group\u2019s loan commitments and the associated loss allowance is provided in the credit risk
section of the Risk Report starting on page 143.
49. Contingent assets and contingent liabilities
See accounting policies in Note 7(x)
Part of the Group\u2019s business is regulated by the Consumer Credit Act (CCA), a piece of UK legislation designed to
protect the rights of consumers. The Group\u2019s Consumer franchise is exposed to risk under Section 75 and Section 140A
of the CCA, in relation to any misrepresentations, breaches of contract or other failures by suppliers of goods and
services to customers, where the purchase of those goods and services is financed by the Group. While the Group
would have recourse to the supplier in the event of such liability, if the supplier became insolvent, that recourse would
have limited value.
The Group continues to undertake reviews of its compliance with the CCA and other consumer regulations. The Group
has identified some areas of potential non-compliance, which, based on current information, are not considered to be
material. However, in light of the uncertainties involved in such matters, there can be no assurance that the outcome of a
particular matter will not result in a material liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "47. Capital commitments
As at 31 December 2025, the Group has no capital commitments (2024: \u00a3nil).
48. Loan commitments
See accounting policies in Note 7(w)
As at 31 December 2025, the Group has loan commitments, which are not recognised in the statement of financial
position, of \u00a31,479.2 million (2024: \u00a31,414.4 million). A loss allowance of \u00a30.6 million (2024: \u00a30.6 million) is held against
these loan commitments, which is recognised in provisions in the statement of financial position (see Note 35).
Additional analysis of the Group\u2019s loan commitments and the associated loss allowance is provided in the credit risk
section of the Risk Report starting on page 143.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "49. Contingent assets and contingent liabilities
See accounting policies in Note 7(x)
Part of the Group\u2019s business is regulated by the Consumer Credit Act (CCA), a piece of UK legislation designed to
protect the rights of consumers. The Group\u2019s Consumer franchise is exposed to risk under Section 75 and Section 140A
of the CCA, in relation to any misrepresentations, breaches of contract or other failures by suppliers of goods and
services to customers, where the purchase of those goods and services is financed by the Group. While the Group
would have recourse to the supplier in the event of such liability, if the supplier became insolvent, that recourse would
have limited value.
The Group continues to undertake reviews of its compliance with the CCA and other consumer regulations. The Group
has identified some areas of potential non-compliance, which, based on current information, are not considered to be
material. However, in light of the uncertainties involved in such matters, there can be no assurance that the outcome of a
particular matter will not result in a material liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "50. Events after the reporting period
On 7 January 2026 the Group\u2019s Controlling Shareholder, Marlin Bidco Limited, entered into Guernsey Members\u2019
Voluntary Liquidation. Following the share transfers that took place on the same date, the interests of Pollen Street
Capital and BC Partners are now represented through PSC Marlin Holdco Limited and Marlinbass Limited, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380071539WSMTM4410", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }