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"fact-408": {
"value": "1 Corporate information
The Group and Parent Company financial statements of
Clarkson PLC for the year ended 31 December 2022 were
authorised for issue in accordance with a resolution of
the Directors on 3 March 2023. Clarkson PLC is a Public
Limited Company, listed on the London Stock Exchange,
incorporated in the UK, registered in England and Wales
and domiciled in the UK.
The term \u2018Parent Company\u2019 refers to Clarkson PLC
and \u2018Group\u2019 refers to the Company, its consolidated
subsidiaries and the relevant assets and liabilities
of the share purchase trusts.
Copies of the Annual Report will be circulated to
all shareholders and will also be available from the
registered office of the Company at Commodity Quay,
St Katharine Docks, London E1W 1BF.
2 Statement of accounting policies
2.1 Basis of preparation
The accounting policies which follow set out those
policies which apply in preparing the financial statements
for the year ended 31 December 2022. Additional
accounting policies for the Parent Company are
set out in note A.
The financial statements are presented in pounds
sterling and all values are rounded to the nearest one
hundred thousand pounds sterling (\u00a30.1m) except when
otherwise indicated.
The consolidated income statement is shown in columnar
format to assist with understanding the Group\u2019s results
by presenting profit for the year before acquisition-
related costs; this is referred to as \u2018underlying profit\u2019.
The column \u2018acquisition-related costs\u2019 includes the
amortisation of acquired intangible assets, the costs
of acquiring new businesses and the expensing of the
cash and share-based elements of consideration linked
to ongoing employment obligations on acquisitions.
These notes form an integral part of the financial
statements on pages 151 to 193.
Statement of compliance
The consolidated financial statements of the Clarkson
PLC Group have been prepared in accordance with
UK adopted international accounting standards in
conformity with the requirements of the Companies Act
2006 and the Disclosure Guidance and Transparency
Rules Sourcebook of the United Kingdom\u2019s Financial
Conduct Authority.
The consolidated financial statements have been
prepared on the going concern basis, under the historical
cost convention, as modified by financial assets and
financial liabilities (including derivative instruments) at
fair value through profit or loss and fair value through
other comprehensive income.
The Group has considerable financial resources available
to it, a strong balance sheet and has consistently
generated a profit and good cash inflows. As a result
of this, the Directors believe that the Group is well placed
to manage its business risks successfully, despite the
challenging market backdrop and geo-political tensions.
Management has stress tested a range of scenarios,
modelling different assumptions with respect to the
Group\u2019s cash resources. Three different scenarios
were considered:
\u2212 Management modelled the impact of a reduction in
profitability to \u00a330m (a level of profit the Group has
exceeded in every year since 2013), whilst taking no
mitigating actions: the Group remained cash generative
before dividends.
\u2212 Management assessed the impact of a significant
reduction in world seaborne trade similar to that
experienced in the global financial crisis in 2008
and the pandemic in 2020: seaborne trade recovered
in 2009 and 2021 along with the profitability of the
Group. Since 1990 no two consecutive years have
seen reductions in world seaborne trade.
\u2212 Management undertook a reverse stress test over a
period of three years to determine what it might take
for the Group to encounter financial difficulties. This
test was based on current levels of overheads, the net
cash and available funds position at 31 December 2022,
the collection of debts and the invoicing and collection
of the forward order book. This test determined that,
in the absence of any mitigating action which would be
applied in these circumstances, no new business would
be required to remain cash positive for at least the next
12 months.
Under the first two scenarios, the Group is able to
generate profits and cash, and has positive net cash
and available funds*
available to it. In the third scenario,
current net cash and available funds* together with the
collection of debts and the forward order book would
leave sufficient cash resources to cover at least the next
12 months without any new business.
Accordingly, the Directors have a reasonable expectation
that the Group has sufficient resources to continue in
operation for at least the next 12 months. For this reason,
they continue to adopt the going concern basis in
preparing the financial statements.
Except where noted, the accounting policies set out
in this note have been applied consistently to all periods
presented in these consolidated financial statements.
Basis of consolidation
The Group\u2019s consolidated financial statements
incorporate the results and net assets of Clarkson PLC
and all its subsidiary undertakings made up to
31 December each year.
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect
those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are
unconsolidated from the date that control ceases.
See note W to the Parent Company financial statements
for full details on subsidiaries.
2 Statement of accounting policies continued
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring the accounting
policies used into line with those used by the Group.
All intra-group transactions, balances, income and
expenses are eliminated on consolidation, however for
the purposes of segmental reporting, internal recharges
are included within the appropriate segments.
Presentation of cash flow statement
Following correspondence this year with the Corporate
Reporting Review Team of the Financial Reporting
Council (\u2018FRC\u2019), we have agreed to restate the cash flows
relating to certain equity-settled liabilities within the
Consolidated Cash Flow Statement both within \u2018net cash
flow from operating activities\u2019 and \u2018financing activities\u2019.
We have restated the Consolidated Cash Flow Statement
for the year ended 31 December 2021 to add back
\u00a311.3m of equity-settled liabilities payments as \u2018operating
activities\u2019 in the line \u2018increase in bonus accrual\u2019 and
deduct \u00a311.3m of shares acquired by the ESOP as
\u2018financing activities\u2019.
Cash flow
statement 2021
As previously
presented
\u00a3m
Adjustment
\u00a3m
Restated
\u00a3m
Net cash flow
from
operating
activities 113.8 11.3 125.1
Net cash flow
from
financing
activities (39.9) (11.3) (51.2)
This presentation has also been adopted for the year
ended 31 December 2022. There is no net impact upon
the cash flow statement overall and there is no impact
on any balance sheet or income statement figures.
The review conducted by the FRC was based solely on
the Group\u2019s published 2021 Annual Report and does not
provide any assurance that the report is correct in all
material respects.
2.2 Changes in accounting policy and disclosures
New and amended standards adopted by the Group
The Group has applied the following amendments for the
first time for their annual reporting period commencing
1 January 2022:
\u2212 Annual Improvements to IFRS Standards 2018-2020;
and
\u2212 Reference to the Conceptual Framework \u2013Amendments
to IFRS 3.
The amendments listed above did not have any
impact on the amounts recognised in prior periods
and are not expected to significantly affect the current
or future periods.
New standards, amendments and interpretations issued
but not yet effective for the financial year beginning
1 January 2022 and not early adopted
Certain new accounting standards, amendments to
accounting standards, and interpretations have been
published that are not mandatory for 31 December 2022
reporting periods and have not been early adopted by
the Group. These standards, amendments or
interpretations are not expected to have a material
impact on the entity in the current or future reporting
periods and on foreseeable future transactions.
2.3 Critical accounting judgements and estimates
The following are the critical accounting judgements,
apart from those involving estimations (dealt with
separately below), that the Directors have made in
the process of applying the Group\u2019s accounting policies
and that have the most significant effect on the amounts
recognised in the consolidated financial statements.
Judgements
Revenue recognition
IFRS 15 \u2018Revenue from Contracts with Customers\u2019
requires the Group to assess its revenue streams,
including whether the recognition of revenue should
be at a \u2018point in time\u2019 or \u2018over time\u2019. Where revenue is
at a point in time, a judgement is also required as to at
what point this is. The Group has defined and determined
its performance obligations, which continues to be the
successful satisfaction of the negotiated contract
between counterparties and therefore recognises
revenue at this point in time. This is a critical judgement,
since if the performance obligation was deemed to be
satisfied at an earlier point or over time, the revenue
recognition would differ.
In addition, for certain clients, the Group considers that
there is uncertainty at the time of invoicing as to whether
the clients are capable of settling their invoices when
due. The Group continues to trade with such clients
which are deemed to be key market participants or
preferred counterparties for certain transactions. At the
point of revenue recognition, these amounts are invoiced
but provisions are made which directly offset against
revenue, on the basis consideration is not certain.
See note 2.19 for further details.
Statement of accounting policies continued Alternative performance measures The Group excludes adjusting items (acquisition-related costs) from its underlying earnings measure. The Directors believe that alternative performance measures can provide users of the financial statements with a better understanding of the Group\u2019s underlying financial performance, if used properly. If improperly used and presented, these measures could mislead the users of the financial statements by obscuring the real profitability and financial position of the Group. Directors\u2019 judgement is required as to what items qualify for this classification. Further details are included on pages 214 and 215. Recognition of software assets A judgement is made regarding the decision to capitalise expenditure on the balance sheet relating to the development of software assets across the Group in accordance with IAS 38. This includes considering if the future economic benefit from the asset can be readily identified and estimated and will flow to the relevant entity in the Group. Once capitalised, a further judgement is made to determine the point at which the software becomes fully operational and thus when the asset will begin to be amortised through the income statement over its useful economic life. IFRS 16 \u2018Leases\u2019 Key judgements made in calculating the initial measurement include determining the lease term where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated), such as for options with renewal dates in the next 12 months. A judgement is made at the commencement of a lease as to whether elements of the contract are lease components or non-lease components. If an element does not convey the right to control the use of an identified asset for a period of time in exchange for consideration then this is treated as a non-lease component. The most significant non-lease component attributable to the Group is service charges. Estimation uncertainty The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: Impairment of trade receivables Trade receivables are amounts due from customers in the ordinary course of business. Trade receivables are classified as current assets if collection is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current assets. The provision for impairment of receivables represents management\u2019s best estimate of expected credit losses to arise on trade receivables at the balance sheet date. Determining the amount of the provision includes analysis of specific customers\u2019 creditworthiness which may be impaired as indicated by the age of the invoice, the existence of any disputes, recent historical payment patterns and any known information regarding the client\u2019s financial position. In a limited number of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing (see Judgements: Revenue recognition on page 156). For clients where a specific provision is not recognised, management is required to estimate expected credit losses in accordance with IFRS 9 \u2018Financial Instruments\u2019. This estimate takes into account the Group\u2019s history of bad debt write-offs and extended unpaid invoices for each of its segments and also views on market conditions both for certain business lines and territories. Determining the amount of a provision for impairment is inherently challenging and in a given year there is a risk this estimate may materially change in the following year, either due to successful, unforeseen collections or sudden deterioration or failures of clients. This is therefore deemed to be a critical accounting estimate. See note 14 for further details. Impairment testing of goodwill Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash-generating units to which assets on the balance sheet have been allocated. The value-in-use calculation requires estimation of future cash flows expected to arise for the cash-generating unit, the selection of suitable discount rates and the estimation of future growth rates. As determining such assumptions is inherently uncertain and subject to future factors, there is the potential that these may differ in subsequent periods. See note 13 for further details. Employee benefits The determination of the Group\u2019s defined benefit obligation depends on certain assumptions, such as the selection of the discount rate, inflation rates and mortality rates. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group\u2019s financial statements within the next year. See note 22 for further details. 2 Statement of accounting policies continued
2.4 Property, plant and equipment
Land held for use in the production or supply of goods
or services, or for administrative purposes, is stated
on the balance sheet at its historic cost.
Freehold and long leasehold properties, leasehold
improvements, office furniture and equipment and
motor vehicles are recorded at cost less accumulated
depreciation and any recognised impairment loss.
Cost includes the original purchase price of the asset.
Land is not depreciated. Depreciation on other assets is
charged on a straight-line basis over the estimated useful
life (after allowing for estimated residual value based on
current prices) of the asset, and is charged from the time
an asset becomes available for its intended use.
Estimated useful lives are as follows:
Freehold and long leasehold properties 10\u201360 years
Leasehold improvements Over the period
of the lease
Office furniture and equipment 2\u201310 years
Motor vehicles 4\u20135 years
Estimates of useful lives and residual scrap values
are assessed annually.
At each balance sheet date, the Group reviews the
carrying amounts of its property, plant and equipment
to determine whether there is any indication that those
assets have suffered an impairment loss.
2.5 Investment properties
Land and buildings held for long-term investment and to
earn rental income are classified as investment properties.
Investment properties are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged on a straight-line basis over
the estimated useful life of the asset, and is charged from
the time an asset becomes available for its intended use.
Estimated useful lives are as follows:
Investment properties 60 years
In addition to historical cost accounting, the Directors
have also presented, through additional narrative,
the fair value of the investment properties in note 10.
2.6 Business combinations and goodwill
Business combinations are accounted for using the
acquisition method.
Goodwill is initially measured at cost being the excess
of the cost of the business combination over the Group\u2019s
share in the net fair value of the acquiree\u2019s identifiable
assets, liabilities and contingent liabilities.
All transaction costs are expensed in the income
statement as incurred.
Any contingent consideration to be transferred by the
Group is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent
consideration that is deemed to be an asset or liability
is recognised in the income statement. Contingent
consideration that is classified as equity is not
re-measured, and its subsequent settlement
is accounted for within equity.
After initial recognition, goodwill is measured at cost
less any accumulated impairment losses. For the purpose
of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to
each of the Group\u2019s cash-generating units identified
according to operating segment.
2.7 Intangible assets
Separately acquired intangible assets are measured
on initial recognition at cost. The cost of intangible assets
acquired in a business combination is the fair value
as at the date of acquisition.
Costs incurred on development projects, relating to the
introduction or design of new systems or improvement
of the existing systems, are only capitalised as intangible
assets if capitalisation criteria under IAS 38 \u2018Intangible
Assets\u2019 are met; that is, where the related expenditure
is separately identifiable, the costs are measurable and
management is satisfied as to the ultimate technical and
commercial viability of the project such that it will
generate future economic benefits based on all relevant
available information. Capitalised development costs are
amortised from the date the system is fully operational
over their expected useful lives (not exceeding five
years). Other costs linked to development projects that
do not meet the above criteria such as data population,
research expenditure and staff training costs are
recognised within administrative expenses as incurred.
Costs incurred in the provision and implementation
of Software as a Service (\u2018SaaS\u2019) agreements, including
subscriptions, software configuration and customisation,
data migration, testing and training are expensed in the
income statement as incurred. To the extent that a SaaS
agreement has a separately identifiable intangible asset
that is material, the costs are capitalised until the
software application use commences and then amortised
over their expected useful life (not exceeding five years).
Following initial recognition, intangible assets are carried
at cost less any accumulated amortisation and any
accumulated impairment losses.
Intangible assets with finite lives are amortised over the
useful life and assessed for impairment whenever there
is an indication that the intangible asset may be impaired.
The amortisation period and the amortisation method for
an intangible asset with a finite useful life are reviewed at
least at each financial year-end. Changes in the expected
useful life or the expected pattern of consumption of
future economic benefits embodied in the asset are
accounted for by changing the amortisation period
or method, as appropriate, and are treated as changes
in accounting estimates. The amortisation expense on
intangible assets with finite lives is recognised in the
income statement within administrative expenses.
Intangible assets are amortised as follows:
Trade name and non-contractual commercial
relationships
Amortisation is calculated using estimates of revenues
generated by each asset over their estimated useful lives
which is typically up to five years.
2 Statement of accounting policies continued
Forward order book on acquisition
Amortisation is calculated based on expected future
cash flows estimated to be up to five years.
Development costs
Amortisation is calculated from the point at which the
asset is ready for use, over the estimated useful life which
is typically five years.
2.8 Impairment of non-financial assets
The Group assesses at each reporting date whether
there is an indication that an asset may be impaired.
If any such indication exists, or when annual impairment
testing for an asset is required, the Group estimates the
asset\u2019s recoverable amount. An asset\u2019s recoverable
amount is the higher of its fair value less costs to sell and
its value-in-use and is determined for an individual asset,
unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups
of assets. Where the carrying amount of an asset
exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount.
In assessing value-in-use, the estimated future cash flows
are discounted to their present value using a pre-tax
discount rate that reflects current market assessments
of the time value of money and the risks specific to the
asset. In determining fair value less costs to sell, an
appropriate valuation model is used. These calculations
are corroborated by valuation multiples, or other
available fair value indicators.
Impairment losses of continuing operations are
recognised in the income statement in those expense
categories consistent with the function of the
impaired asset.
For assets excluding goodwill, an assessment is made at
each reporting date as to whether there is any indication
that previously recognised impairment losses may no
longer exist or may have decreased. If such indication
exists, the Group makes an estimate of the recoverable
amount. A previously recognised impairment loss is
reversed only if there has been a change in the estimates
used to determine the asset\u2019s recoverable amount since
the last impairment loss was recognised. If that is the
case, the carrying amount of the asset is increased to
its recoverable amount. That increased amount cannot
exceed the carrying amount that would have been
determined, net of depreciation, had no impairment
loss been recognised for the asset in prior years.
Goodwill
The Group assesses whether there are any indicators that
goodwill is impaired at each reporting date. Goodwill is
tested for impairment annually.
Impairment of goodwill is determined by assessing
the recoverable amount of the cash-generating units
to which the goodwill relates. Where the recoverable
amount of the cash-generating units is less than their
carrying amount, an impairment loss is recognised.
Impairment losses relating to goodwill cannot be reversed
in future periods. The Group performs its annual
impairment test of goodwill as at 31 December.
2.9 Investments and other financial assets
Classification
Financial assets within the scope of IFRS 9 \u2018Financial
Instruments\u2019 are classified as financial assets at fair value
through profit or loss (\u2018FVPL\u2019), financial assets at fair
value through other comprehensive income (\u2018FVOCI\u2019)
and financial assets at amortised cost.
The Group determines the classification of its financial
assets on initial recognition, taking into account the
purpose for which the financial assets were acquired.
Financial assets at fair value through profit or loss
(\u2018 F VPL\u2019 )
These assets are measured at fair value. Net gains and
losses are recognised in profit or loss in finance revenue
or finance costs. Any interest or dividend income are
recognised in profit or loss in finance revenue or finance
costs. No assets were so designated at initial recognition
of IFRS 9.
Financial assets at fair value through other
comprehensive income (\u2018FVOCI\u2019)
These assets are measured at fair value. Dividends are
recognised when the entity\u2019s right to receive payment is
established, it is probable the economic benefits will flow
to the entity, and the amount can be measured reliably.
Dividends are recognised in the income statement unless
they clearly represent recovery of a part of the cost of
the investment. Changes in fair value are recognised in
other comprehensive income and are never recycled to
the income statement, even if the asset is sold or impaired.
Recognition and measurement
Fair value
The fair value of investments in equity instruments
that are actively traded in organised financial markets
is determined by reference to quoted market bid prices
at the close of business on the balance sheet date. For
investments where there is no active market, fair value
is determined using valuation techniques. Such valuation
techniques include using recent arm\u2019s-length market
transactions, reference to the current market value
of another instrument which is substantially the same,
discounted cash flow analysis, or other valuation models.
Amortised cost
Loans and receivables are measured at amortised cost.
This is computed using the effective interest method less
any allowance for impairment. The calculation takes into
account any premium or discount on acquisition and
includes transaction costs and fees that are an integral
part of the effective interest rate.
Trade and other receivables
Trade and other receivables are recognised initially
at fair value and subsequently measured at amortised
cost using the effective interest method less provision
for impairment.
2 Statement of accounting policies continued
2.10 Impairment of financial assets
The Group assesses at each balance sheet date whether
a financial asset or group of financial assets is impaired.
Assets carried at amortised cost
Impairment losses for trade receivables are recognised
within revenue to the extent there is uncertainty at the
time of invoicing as to whether the clients are capable
of settling their invoices when due. A provision for
impairment is made when there is objective evidence
that the Group will not be able to collect all of the
amounts due. The provision is determined with reference
to specific analysis of increased credit loss risk for clients
and lifetime expected credit losses applied to all other
trade receivables (the simplified approach). The carrying
amount of the receivable is reduced through use of an
allowance account. Impaired debts are derecognised
when they are assessed as uncollectable.
2.11 Inventories
Inventories are stated at the lower of cost and net
realisable value. Cost is determined using the first-in,
first-out (\u2018FIFO\u2019) method and excludes borrowing costs.
Net realisable value is the estimated selling price in the
ordinary course of business, less applicable variable
selling expenses.
2.12 Cash and cash equivalents
Cash and cash equivalents comprise cash balances
and call deposits with an original maturity of between
one day and three months.
2.13 Derivative financial instruments and
hedge accounting
The Group uses various derivative financial instruments
to reduce exposure to foreign exchange movements.
These can include foreign currency contracts and
currency options. All derivative financial instruments are
initially recognised on the balance sheet at their fair value
adjusted for transaction costs.
The fair values of financial instrument derivatives
are determined by reference to quoted prices
in an active market.
The method of recognising the movements in the
fair value of the derivative depends on whether the
instrument has been designated as a hedging instrument
(determined with reference to IFRS 9 \u2018Financial
Instruments\u2019) and, if so, the cash flow being hedged.
To qualify for hedge accounting, the terms of the hedge
must be clearly documented at inception and there must
be an expectation that the derivative will be highly
effective in offsetting changes in the cash flow of the
hedged risk. Hedge effectiveness is tested throughout
the life of the hedge and if at any point it is concluded
that the relationship can no longer be expected to
remain highly effective in achieving its objective, the
hedge relationship is terminated. The Group designates
the hedged risk as movements in the spot rate, with
changes in the forward rate recognised in other
comprehensive income.
Gains and losses on financial instrument derivatives
which qualify for hedge accounting are recognised
according to the nature of the hedge relationship
and the item being hedged.
Cash flow hedges: derivative financial instruments are
classified as cash flow hedges when they hedge the
Group\u2019s exposure to changes in cash flows attributable
to a particular asset or liability or a highly probable
forecast transaction. Gains or losses on designated cash
flow hedges are recognised directly in equity in other
comprehensive income, to the extent that they are
determined to be effective. Any remaining portion of
the gain or loss is recognised immediately in the income
statement. On recognition of the hedged asset or liability,
any gains or losses that had previously been recognised
directly in equity are included in the initial measurement
of the fair value of the asset or liability. 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 in equity remains there and is recognised in
the income statement when the forecast transaction is
ultimately recognised. When a forecast transaction is
no longer expected to occur, the cumulative gain or loss
that was reported in equity is immediately transferred
to the income statement and reported in revenue.
Where financial instrument derivatives do not qualify
for hedge accounting, changes in the fair market value
are recognised immediately in the income statement.
2.14 Trade and other payables
Trade payables are obligations to pay for goods or
services that have been acquired in the ordinary course
of business from suppliers. Accounts payable are
classified as current liabilities if payment is due within
one year or less (or in the normal operating cycle of
the business if longer). If not, they are presented as
non-current liabilities.
Trade payables are recognised initially at fair value and
subsequently measured at amortised cost using the
effective interest method.
2.15 Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation, and a reliable estimate can be made of
the amount of the obligation. Where the Group expects
some or all of a provision to 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 any provision is presented in the income statement
net of any reimbursement. If the effect of the time value
of money is material, provisions are discounted using a
current pre-tax rate that reflects, where appropriate, the
risks specific to the liability. Where discounting is used,
the increase in the provision due to the passage of time
is recognised as a finance cost.
2 Statement of accounting policies continued
2.16 Employee benefits
The Group operates various post-employment schemes,
including both defined contribution and defined benefit
pension plans.
Defined contribution plans
For defined contribution plans, the Group pays
contributions to publicly or privately administered
pension arrangements on a mandatory, contractual
or voluntary basis. The Group has no further payment
obligations once the contributions have been paid.
The contributions are recognised as employee benefit
expense when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash refund
or a reduction in the future payments is available.
Defined benefit plans
Typically defined benefit plans define an amount
of pension benefit that an employee will receive on
retirement, usually dependent on one or more factors
such as age, years of service and compensation.
The asset/liability recognised in the balance sheet in
respect of defined benefit pension plans is the difference
between the present value of the defined benefit
obligation at the end of the reporting period and the fair
value of plan assets. Where the Group does not have an
unconditional right to a scheme\u2019s surplus, this asset is
not recognised in the balance sheet. The defined benefit
obligation is calculated annually by independent
actuaries using the projected unit credit method.
The present value of the defined benefit obligation
is determined by discounting the estimated future cash
outflows using interest rates of high-quality corporate
bonds that have terms to maturity approximating to
the terms of the related pension obligation.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are
charged or credited to equity in other comprehensive
income in the period in which they arise.
Past service costs are recognised immediately
in administrative expenses.
The net interest revenue/cost is calculated by applying
the discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This revenue/cost is included in other finance revenue
\u2013 pensions in the income statement.
2.17 Share-based payment transactions
Employees (including senior executives) of the
Group receive remuneration in the form of share-based
payment transactions, whereby consideration is received
in the form of equity instruments for services rendered
(equity-settled transactions).
The cost of equity-settled transactions with employees
is measured by reference to the fair value at the date
on which they are granted. The fair value of these awards
were valued using either a Monte Carlo valuation model
or a Black-Scholes model, depending on the type of
award being valued. See note 21 for further details.
The cost of equity-settled transactions is recognised,
together with a corresponding increase in equity, over
the period in which the performance and/or service
conditions are fulfilled, ending on the date on which the
relevant employees become fully entitled to the award
(the vesting date). The cumulative expense recognised
for equity-settled transactions at each reporting date
until the vesting date reflects the extent to which the
vesting period has expired and the Group\u2019s best estimate
of the number of equity instruments that will ultimately
vest. The profit or loss charge or credit for a period
represents the movement in cumulative expense
recognised at the beginning and end of that period.
No expense is recognised for awards that do not
ultimately vest, except for awards where vesting is
conditional upon a market condition, which are treated
as vesting irrespective of whether or not the market
condition is satisfied, provided that all other performance
and/or service conditions are satisfied.
The dilutive effect of outstanding options is reflected
as additional share dilution in the computation of
earnings per share. See note 7 for further details.
The social security contributions payable in connection
with the share options are considered an integral part
of the grant itself, and the charge will be treated as
a cash-settled transaction.
2.18 Share capital
Ordinary shares are recognised in equity as share
capital at their nominal value. The difference between
consideration received and the nominal value is
recognised in the share premium account, except when
applying the merger relief provision of the Companies
Act 2006.
Incremental costs directly attributable to the issue of
new ordinary shares are shown in equity as a deduction,
net of tax, from the proceeds.
Company shares held in trust in connection with the
Group\u2019s employee share schemes are deducted from
consolidated shareholders\u2019 equity. Purchases, sales and
transfers of the Company\u2019s shares are disclosed as
changes in consolidated shareholders\u2019 equity. The assets
and liabilities of the trusts are consolidated in full into the
Group\u2019s consolidated financial statements.
2.19 Revenue recognition
Revenue is recognised in accordance with satisfaction
of performance obligations of contracts.
Broking
Shipbroking and offshore revenue consists of
commission receivable and is predominantly recognised
at a point in time. The point in time is deemed to be
when the underlying parties to the transaction have
completed their respective obligations and successfully
fulfilled the contract between them as brokered and
overseen by Clarksons.
2 Statement of accounting policies continued
The transaction price is fixed and determined with
reference to the contracted commission rate for the
broker. Broking revenue contracts vary, with certain
contracts having a single performance obligation and
others, such as newbuilds, containing multiple
performance obligations. In the case of single
performance obligation contracts, the transaction is
allocated wholly against that performance obligation.
In the case of multiple performance obligation contracts,
the transaction price is allocated with reference to the
agreed stages of completion in the underlying contract.
The price for such stages is agreed between the
underlying counterparties and Clarksons\u2019 commission is
derived as a percentage of this. The stage of completion
is deemed a reasonable proxy for the allocation of the
total consideration transaction price to performance
obligations in the contract.
Time charter commission revenue is recognised over
time in line with the period of time for which the vessel is
being chartered, which is deemed to be the most faithful
representation of the service provided over the period of
the contract. The transaction price is apportioned evenly
over the life of the charter per the contract.
Futures broking commissions are recognised when
the services have been performed.
Financial
Revenue consists of commissions and fees receivable
from financial services activities. Fees from investment
banking activities, syndication and other financial
solutions are recognised at a point in time, on a success
basis, when certain criteria in applicable agreements
have been met. Financial revenue usually involves a single
performance obligation (being successful execution of
the relevant financial services activity). The transaction
price is allocated wholly to the point in time when this
performance obligation is satisfied. The transaction price
usually is determined as a fixed percentage of the
underlying financial services transaction.
Support
Agency income is recognised at a point in time when
vessels arrive in port. The transaction price is clearly
defined in the contract as the fee for providing the
service and an agreed charge is made for disbursements,
if applicable.
Revenue from the sale of goods is recognised on delivery
of goods to the customer. The transaction price is clearly
defined in the sales order for each product ordered.
Port services income is recognised on the vessel load
or discharge completion date and stores rent on an over
time basis. The transaction price is clearly defined in the
contract as the fee per tonne of product loaded, stored
or discharged.
Freight forwarding income is recognised on the date
of dispatch of goods or services. The transaction price
is clearly defined as per the quote provided to the
customer for the storage or transportation of goods.
The transaction price is allocated wholly to the
performance obligation.
Research
Revenue comprises both fees for one-off projects,
which are recognised as and when services are
performed, and sales of shipping publications and other
information, which is recognised when the research
products are delivered. Subscriptions to periodicals
and other information are recognised over time, which
is determined with reference to the subscription period
and therefore the most faithful representation of how
the client consumes the benefit. The transaction price is
agreed in the contract and is on a per product basis and
either recognised wholly at a point in time, or in the case
of subscriptions, it is spread evenly over the subscription
period. The transaction price is allocated wholly to the
performance obligation.
Contract assets/liabilities
Except for Research, which is generally invoiced in
advance, invoicing typically aligns with the timing that
performance obligations are satisfied. Payment terms
are set out in note 14.
At the year-end, there may be amounts where invoices
have not been raised but performance obligations are
deemed satisfied. These are recognised as contract
assets and mainly arise in Broking and Financial. In
Research, amounts invoiced ahead of performance
obligations being satisfied are included as
contract liabilities.
2.20 Segment reporting
Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker. The Group considers the
executive members of the Company\u2019s Board to be the
chief operating decision maker.
Transactions between operating segments are at
arm\u2019s length.
2.21 Foreign currencies
Transactions in currencies other than pounds sterling are
recorded at the rates of exchange prevailing on the date
of the transaction. At each balance sheet date, monetary
assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on
the balance sheet date. Gains and losses arising on
retranslation are included in the income statement.
Non-monetary items that are measured in terms
of historical cost in a foreign currency are translated
using the exchange rates as at the date of the initial
transactions. Non-monetary items measured at fair value
in a foreign currency are translated using the exchange
rates as at the date when the fair value was determined.
On consolidation, the assets and liabilities of the Group\u2019s
overseas operations are translated into pounds sterling
at exchange rates prevailing on the balance sheet date.
Income and expense items are translated at the average
exchange rates for the period as an approximation of
rates prevailing at the date of the transaction. Exchange
differences arising, if any, are recognised in the
consolidated statement of comprehensive income and
transferred to the Group\u2019s currency translation reserve.
Such translation differences are recognised as income or
expense in the period in which an operation is disposed.
Cumulative translation differences have been set to zero
at the date of transition to IFRS.
2 Statement of accounting policies continued
Goodwill and fair value adjustments arising on the
acquisition of a foreign operation are treated as assets
and liabilities of the foreign operation and translated
at the closing rate.
2.22 Taxation
Current income tax
Current income tax assets and liabilities for the current
and prior periods are measured at the amount expected
to be recovered from or paid to the taxation authorities.
The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted by
the balance sheet date.
Current income tax is recognised in the income
statement, except on items relating to equity, in which
case the related current income tax is recognised directly
in equity.
Deferred income tax
Deferred income tax is provided using the liability
method on temporary differences at the balance sheet
date between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable
temporary differences, except:
\u2212 where the deferred income tax liability arises from the
initial recognition of goodwill or of an asset or liability
in a transaction that is not a business combination and,
at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2212 in respect of taxable temporary differences associated
with investments in subsidiaries, where the timing of
the reversal of the temporary differences can be
controlled and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all
deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent
that it is probable that taxable profit will be available
against which the deductible temporary differences and
the carry forward of unused tax credits and unused tax
losses can be utilised, except:
\u2212 where the deferred income tax asset relating to the
deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that
is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor
taxable profit or loss; and
\u2212 in respect of deductible temporary differences
associated with investments in subsidiaries, deferred
income tax assets are recognised only to the extent
that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will
be available against which the temporary differences
can be utilised.
The carrying amount of deferred income tax assets is
reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable
profit will be available to allow all or part of the deferred
income tax asset to be utilised. Unrecognised deferred
income tax assets are reassessed at each balance sheet
date and are recognised to the extent that it has become
probable that future taxable profit will allow the deferred
tax asset to be recovered.
Deferred income tax assets and liabilities are measured
at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based
on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
Deferred income tax relating to items recognised directly
in equity is recognised in equity and not in profit or loss.
Deferred income tax assets and deferred income tax
liabilities are offset if a legally enforceable right exists
to set off current tax assets against current income tax
liabilities and the deferred income taxes relate to the
same taxable entity and the same taxation authority,
where there is an intention to settle the balances
on a net basis.
2.23 Leases
The Group as lessee
The Group assesses whether a contract is or contains a
lease, at inception of the contract. The Group recognises
a right-of-use asset and a corresponding lease liability
with respect to all lease arrangements in which it is the
lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and leases of low
value assets. For these leases, the Group recognises the
lease payments as an operating expense on a straight-
line basis over the term of the lease.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted by using the lessee\u2019s
incremental borrowing rate, as the rate implicit in the
lease cannot be readily determined. The incremental
borrowing rate is based on the rate payable for loans of
a similar term and asset value, or from a series of inputs
including government bond yields and adjustments to
take into account entity-specific risk profiles.
Lease payments included in the measurement of the
lease liability comprise fixed lease payments (including
in-substance fixed payments) less any lease incentives
receivable; variable lease payments that depend on an
index or rate; amounts expected to be payable by the
lessee under residual value guarantees; the exercise price
of purchase options, if the lessee is reasonably certain
to exercise the options; and payments of penalties for
terminating the lease, if the lease term reflects the
exercise of an option to terminate the lease.
The lease liability is subsequently measured by increasing
the carrying amount to reflect interest on the lease
liability (using the effective interest method) and by
reducing the carrying amount to reflect the lease
payments made.
The Group remeasures the lease liability (and makes
a corresponding adjustment to the related right-of-use
asset) if one of the following occurs:
\u2212 The lease term has changed or there is a significant
event or change in circumstances resulting in a change
in the assessment of exercise of a purchase option,
in which case the lease liability is remeasured by
discounting the revised lease payments using a revised
discount rate.
\u2212 The lease payments change due to changes in an
index or rate or a change in expected payment under
a guaranteed residual value, in which cases the lease
liability is remeasured by discounting the revised lease
payments using an unchanged discount rate.
\u2212 A lease contract is modified and the lease modification
is not accounted for as a separate lease, in which case
the lease liability is remeasured based on the lease
term of the modified lease by discounting the revised
lease payments using a revised discount rate at the
effective date of the modification.
Non-lease components are charged to the income
statement in line with the services being provided.
The right-of-use assets comprise the initial measurement
of the corresponding lease liability less any lease incentives
received and any initial direct costs. They are subsequently
measured at cost less accumulated depreciation.
Whenever the Group incurs an obligation for costs
to restore the site on which it is located or restore the
underlying asset to the condition required by the terms
and conditions of the lease, a provision is recognised
and measured under IAS 37 with a corresponding entry
within the related right-of-use asset.
Right-of-use assets are depreciated over the shorter
period of the lease term and the useful life of the
underlying asset and starts at the commencement date
of the lease. See note 2.8 for the policy on impairment.
The Group as lessor
The Group enters into lease agreements as a lessor with
respect to some of its investment properties. Leases for
which the Group is a lessor are classified as finance or
operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to
the lessee, the contract is classified as a finance lease.
All other leases are classified as operating leases.
All of the Group\u2019s leases are classified as operating leases
with rental income from these leases recognised on a
straight-line basis over the term of the relevant lease.
3 Revenue and expenses
2022
\u00a3m
2021
\u00a3m
Revenue
Revenue from contracts with customers 603.4 443.0
Revenue from other sources: rental income 0.4 0.3
603.8 443.3
Revenue is disaggregated further in note 4, which is the level at which it is analysed within the business. Further
information on the timing of transfer of goods and services for revenue streams is included in note 2. Included
in revenue is \u00a37.9m (2021: \u00a36.8m) that was included in the contract liability balance at the beginning of the year.
The forward order book comprises contracts where the Group\u2019s performance obligations are not yet satisfied
and accordingly, no revenue or asset is recognised.
2022
\u00a3m
2021
\u00a3m
Cost of sales
Agency services 5.9 5.4
Inventories 14.2 9.6
Other 1.7 1.5
21.8 16.5
2022
\u00a3m
2021
\u00a3m
Finance income
Bank interest income 1.2 0.1
Dividend income 0.2 \u2013
Other finance income 0.5 1.2
1.9 1.3
2022
\u00a3m
2021
\u00a3m
Finance costs
Bank interest charges \u2013 0.2
Interest expenses on lease liabilities 1.9 2.0
Other finance costs 0.3 0.9
2.2 3.1
2022
\u00a3m
2021
\u00a3m
Other finance income \u2013 pensions
Net benefit income 0.4 0.1
Operating profit
Operating profit from continuing operations is stated after charging/(crediting):
2022
\u00a3m
2021
\u00a3m
Depreciation 13.7 13.3
Amortisation of intangible assets 4.1 1.6
Net foreign exchange gains (0.5) (3.2)
Research and development 21.2 15.1
Short-term lease expense 0.3 0.3
3 Revenue and expenses continued
2022
\u00a3000
2021
\u00a3000
Auditor\u2019s remuneration
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s and
Group financial statements 350 348
Fees payable to the Company\u2019s Auditor and their associates for other services:
The auditing of financial statements of subsidiaries of the Company 384 327
Audit-related assurance services 89 83
823 758
Audit-related assurance services consists of \u00a346,500 (2021: \u00a344,500) in relation to the half year review and \u00a342,500
(2021: \u00a338,000) of other audit-related services in relation to required regulatory reporting.
2022
\u00a3m
2021
\u00a3m
Employee compensation and benefits expense
Wages and salaries 350.1 258.5
Social security costs 28.8 23.8
Share-based payment expense 1.8 1.8
Pension costs \u2013 defined contribution plans 9.3 8.4
390.0 292.5
The numbers above include remuneration and pension entitlements for each Director. Details are included in the
Director\u2019s Remuneration Report in the Directors\u2019 emoluments and compensation table on page 122. The Clarkson PLC
Directors are considered to be the only key management personnel.
The average monthly number of persons employed by the Group during the year, including Executive Directors,
is analysed below:
2022 2021
Broking 1,256 1,194
Financial 106 102
Support 298 266
Research 123 124
1,783 1,686
4 Segmental information
The Group considers the executive members of the Company\u2019s Board to be the chief operating decision maker.
The Board receives segmental operating and financial information on a regular basis. The segments are determined
by the class of business the Company provides and are Broking, Financial, Support and Research. This is consistent
with the way the Group manages itself and with the format of the Group\u2019s internal financial reporting.
Clarksons\u2019 Broking division represents services provided to shipowners and charterers in the transportation by sea of
a wide range of cargoes. It also represents services provided to buyers and sellers/yards relating to sale and purchase
transactions. Also included is a futures broking operation which arranges principal-to-principal cash-settled contracts
for differences based upon standardised freight contracts.
The Financial division represents full-service investment banking, specialising in the maritime, oil services and natural
resources sectors. Clarksons also provides structured asset finance services and structured projects in the shipping,
offshore and real estate sectors.
Support includes port and agency services representing ship agency services provided throughout the UK and Egypt.
Research services encompass the provision of shipping-related information and publications.
All areas of the business work closely together to provide the best possible service to our clients. Internal recharges
are included within the appropriate segments. Segment revenue represents revenue from external customers.
The Group is not reliant on any major customer that contributes more than 10% of Group revenue.
4 Segmental information continued
Business segments
Revenue Results
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Broking 495.5 340.0 117.6 73.6
Financial 49.8 56.0 7.8 13.3
Support 39.0 29.6 5.0 3.3
Research 19.5 17.7 7.0 6.1
Segment revenue/profit 603.8 443.3 137.4 96.3
Head office costs (36.6) (25.2)
Operating profit before acquisition-related costs 100.8 71.1
Acquisition-related costs (0.8) (0.3)
Operating profit 100.0 70.8
Finance income 1.9 1.3
Finance costs (2.2) (3.1)
Other finance income \u2013 pensions 0.4 0.1
Profit before taxation 100.1 69.1
Taxation (20.5) (14.7)
Profit for the year 79.6 54.4
Business segments
Assets Liabilities
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Broking 642.7 479.8 287.0 201.0
Financial 101.1 107.3 48.4 50.5
Support 41.6 37.3 16.4 14.7
Research 11.4 18.8 12.8 12.0
Segment assets/liabilities 796.8 643.2 364.6 278.2
Unallocated assets/liabilities 35.5 38.9 54.5 42.3
832.3 682.1 419.1 320.5
Unallocated assets predominantly relate to head office cash balances and cash on deposit, the pension scheme surplus
and tax assets. Unallocated liabilities include the pension scheme deficit, tax liabilities and head office accruals.
Business segments
Non-current asset additions Depreciation Amortisation
Property,
plant and
equipment
2022
\u00a3m
Intangible
assets
2022
\u00a3m
Property,
plant and
equipment
2021
\u00a3m
Intangible
assets
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Broking 11.5 9.3 7.5 2.9 11.0 9.4 4.1 1.6
Financial 0.8 \u2013 0.1 \u2013 1.2 1.9 \u2013 \u2013
Support 1.2 0.2 3.0 \u2013 1.2 1.6 \u2013 \u2013
Research \u2013 \u2013 0.2 \u2013 0.2 0.4 \u2013 \u2013
13.5 9.5 10.8 2.9 13.6 13.3 4.1 1.6
4 Segmental information continued
Geographical segments \u2013 by origin of invoice
Revenue
2022
\u00a3m
2021
\u00a3m
Europe, Middle East and Africa* 434.4 330.9
Americas 32.2 18.9
Asia-Pacific 137.2 93.5
603.8 443.3
Geographical segments \u2013 by location of assets
Non-current assets**
2022
\u00a3m
2021
\u00a3m
Europe, Middle East and Africa* 237.7 232.8
Americas 5.4 8.6
Asia-Pacific 15.4 12.6
258.5 254.0
* Includes revenue for the UK of \u00a3254.0m (2021: \u00a3198.0m) and non-current assets for the UK of \u00a3117.2m (2021: \u00a3115.6m).
** Non-current assets exclude deferred tax assets and employee benefits.
5 Acquisition-related costs
Included in acquisition-related costs is \u00a30.2m (2021: \u00a30.2m) relating to amortisation of intangibles acquired as part
of previous acquisitions and cash and share-based payment charges of \u00a30.3m (2021: \u00a30.1m).
Also included in administrative expenses is \u00a30.3m of transaction costs relating to acquisitions in the current year.
See note 12 for further details.
6 Taxation
Tax charged in the consolidated income statement is as follows:
2022
\u00a3m
2021
\u00a3m
Current tax
Tax on profits for the year 26.9 13.1
Adjustments in respect of prior years (0.7) (0.6)
26.2 12.5
Deferred tax
Origination and reversal of temporary differences (4.9) 2.5
Impact of change in tax rates (0.8) (0.3)
(5.7) 2.2
Total tax charge in the income statement 20.5 14.7
6 Taxation continued
Tax relating to items (credited)/charged to equity is as follows:
2022
\u00a3m
2021
\u00a3m
Current tax
Employee benefits \u2013 on pension benefits (0.1) \u2013
Employee benefits \u2013 other employee benefits (0.3) (0.3)
Other items in equity 0.4 \u2013
\u2013 (0.3)
Deferred tax
Employee benefits \u2013 on pension benefits (1.6) 3.1
Employee benefits \u2013 other employee benefits 1.1 (2.0)
Foreign currency contracts (1.8) (0.8)
(2.3) 0.3
Total tax credit in the statement of changes in equity (2.3) \u2013
Reconciliation of tax charge
The tax charge in the consolidated income statement for the year is higher (2021: higher) than the average standard
rate of corporation tax in the UK of 19% (2021: 19%). The differences are reconciled below:
2022
\u00a3m
2021
\u00a3m
Profit before taxation 100.1 69.1
Profit at UK average standard rate of corporation tax of 19% (2021: 19%) 19.0 13.1
Effects of:
Expenses not deductible for tax purposes 2.3 2.1
Higher/(Lower) tax rates on overseas earnings 0.4 (1.0)
Tax losses (recognised)/not recognised (0.1) 0.5
Adjustments relating to prior year (1.3) (0.5)
Adjustments relating to changes in tax rates (0.8) (0.3)
Other adjustments 1.0 0.8
Total tax charge in the income statement 20.5 14.7
Deferred tax
Deferred tax (credited)/charged in the consolidated income statement is as follows:
2022
\u00a3m
2021
\u00a3m
Employee benefits \u2013 on pension benefits (0.1) (0.7)
Employee benefits \u2013 on employee benefits (6.7) \u2013
In relation to earnings of overseas subsidiaries 0.5 0.7
Intangible assets \u2013 1.2
Other items 0.6 1.0
Deferred tax (credit)/charge in the income statement (5.7) 2.2
6 Taxation continued
Deferred tax included in the balance sheet is as follows:
2022
\u00a3m
2021
\u00a3m
Deferred tax assets
Employee benefits \u2013 on pension benefits 0.1 0.9
\u2013 other employee benefits 15.8 10.3
Foreign currency contracts 1.7 0.2
Other temporary differences 0.9 1.4
Deferred tax assets before offset 18.5 12.8
Offset against deferred tax liabilities (3.9) (2.3)
Deferred tax assets in the balance sheet 14.6 10.5
Deferred tax liabilities
Employee benefits \u2013 on pension benefits (3.9) (6.5)
In relation to earnings of overseas subsidiaries (2.8) (2.3)
Foreign currency contracts \u2013 (0.2)
Intangible assets (2.4) (2.3)
Other temporary differences (1.9) (2.0)
Deferred tax liabilities before offset (11.0) (13.3)
Offset against deferred tax assets 3.9 2.3
Deferred tax liabilities in the balance sheet (7.1) (11.0)
Deferred tax assets and liabilities are offset and reported net where appropriate within territories.
Included in the above are deferred tax assets of \u00a38.3m (2021: \u00a32.5m) and deferred tax liabilities of \u00a3nil (2021: \u00a30.3m)
which are due within one year. Deferred tax assets are recognised to the extent that the realisation of the related tax
benefit through future taxable profits is probable.
All deferred tax movements arise from the origination and reversal of temporary differences. The Group did
not recognise a deferred tax asset of \u00a33.1m (2021: \u00a33.3m) in respect of unused tax losses of \u00a39.4m (2021:\u00a310.2m),
which predominantly have either no expiry date or an expiry date of 10 years or more.
Deferred taxes at the balance sheet date have been measured using the appropriate enacted tax rates and are
reflected in these financial statements.
The UK Government announced on 3 March 2021 that the rate of corporation tax will increase to 25% from 1 April 2023.
This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been
measured using this tax rate and are reflected in these financial statements.
7 Earnings per share
2022 2021
Underlying
\u00a3m
Reported
\u00a3m
Underlying
\u00a3m
Reported
\u00a3m
Profit for the year attributable to equity holders
of the Parent Company 76.3 75.6 50.4 50.1
2022 2021
Underlying
Million
Reported
Million
Underlying
Million
Reported
Million
Weighted average number of ordinary shares
(excluding share purchase trusts\u2019 shares) \u2013 basic 30.5 30.5 30.4 30.4
Dilutive effect of share options 0.2 0.2 0.3 0.3
Weighted average number of ordinary shares
(excluding share purchase trusts\u2019 shares) \u2013 diluted 30.7 30.7 30.7 30.7
2022 2021
Underlying Reported Underlying Reported
Basic earnings per share 250.3p 247.9p 165.6p 164.6p
Diluted earnings per share 248.5p 246.1p 164.2p 163.2p
Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders
of the Parent Company by the weighted average number of ordinary shares in issue during the year.
Diluted earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity
holders of the Parent Company by the weighted average number of ordinary shares in issue during the year, plus
the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential
ordinary shares into ordinary shares. The calculation of diluted earnings per share does not assume conversion,
exercise, or other issue of potential ordinary shares that would have an anti-dilutive effect on earnings per share.
The share awards relating to Directors, where the performance conditions have not yet been met at the balance sheet
date, are not included in the above numbers. The weighted average number of these shares was nil (2021: nil).
There were 34,089 share options in relation to the employee ShareSave scheme that are not included because they are
anti-dilutive at the year end (2021: 66,313). These options could potentially dilute basic earnings per share in the future.
8 Dividends
2022
\u00a3m
2021
\u00a3m
Declared and paid during the year:
Final dividend for 2021 of 57p per share (2020: 54p per share) 17.2 16.4
Interim dividend for 2022 of 29p per share (2021: 27p per share) 8.7 8.0
Dividend paid 25.9 24.4
Proposed for approval at the AGM (not recognised as a liability at 31 December):
Final dividend for 2022 proposed of 64p per share (2021: 57p per share) 19.6 17.4
9 Property, plant and equipment
31 December 2022
Freehold
and long
leasehold
properties
\u00a3m
Leasehold
improvements
\u00a3m
Office
furniture and
equipment
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Original cost
At 1 January 2022 9.4 18.7 23.4 1.3 52.8
Additions 1.2 2.1 4.3 \u2013 7.6
Arising on acquisitions \u2013 \u2013 0.1 \u2013 0.1
Disposals (0.9) (0.6) (1.1) (0.2) (2.8)
Foreign exchange differences 0.3 0.4 0.6 \u2013 1.3
At 31 December 2022 10.0 20.6 27.3 1.1 59.0
Accumulated depreciation
At 1 January 2022 1.9 9.8 17.9 0.7 30.3
Charged during the year 0.2 1.4 2.3 0.2 4.1
Disposals (0.1) (0.5) (1.1) (0.1) (1.8)
Foreign exchange differences 0.1 0.3 0.5 \u2013 0.9
At 31 December 2022 2.1 11.0 19.6 0.8 33.5
Net book value at 31 December 2022 7.9 9.6 7.7 0.3 25.5
31 December 2021
Freehold
and long
leasehold
properties
\u00a3m
Leasehold
improvements
\u00a3m
Office
furniture and
equipment
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Original cost
At 1 January 2021 9.2 18.7 25.6 1.6 55.1
Additions 1.0 0.6 1.8 0.3 3.7
Disposals (0.8) (0.6) (3.9) (0.6) (5.9)
Foreign exchange differences \u2013 \u2013 (0.1) \u2013 (0.1)
At 31 December 2021 9.4 18.7 23.4 1.3 52.8
Accumulated depreciation
At 1 January 2021 1.9 8.9 19.0 1.0 30.8
Charged during the year 0.3 1.4 2.6 0.2 4.5
Disposals (0.3) (0.5) (3.6) (0.5) (4.9)
Foreign exchange differences \u2013 \u2013 (0.1) \u2013 (0.1)
At 31 December 2021 1.9 9.8 17.9 0.7 30.3
Net book value at 31 December 2021 7.5 8.9 5.5 0.6 22.5
At 31 December 2022 there was \u00a35.6m included in the above figures relating to fully depreciated property, plant
and equipment that is still in use (2021: \u00a34.0m).
10 Investment properties
2022
\u00a3m
2021
\u00a3m
Cost
At 1 January and 31 December 2.1 2.1
Accumulated depreciation
At 1 January 0.9 0.9
Charged during the year* 0.1 0.0*
Foreign exchange differences 0.1 \u2013
At 31 December 1.1 0.9
Net book value at 31 December 1.0 1.2
* The depreciation charged during 2021 was less than \u00a30.1m.
The fair value of the investment properties at 31 December 2022 was \u00a32.3m (2021: \u00a32.2m). This was based on
valuations from external independent valuers who have the appropriate professional qualifications and recent
experience of valuing properties in the location and of the type being valued.
11 Right-of-use assets
Leasehold
properties
2022
\u00a3m
Leasehold
properties
2021
\u00a3m
Cost
As at 1 January 69.5 63.4
Additions 5.9 7.1
Disposals (6.6) (0.8)
Foreign exchange differences 2.0 (0.2)
At 31 December 70.8 69.5
Accumulated depreciation
As at 1 January 24.4 16.4
Charged during the year 9.5 8.8
Disposals (3.3) (0.7)
Foreign exchange differences 0.9 (0.1)
At 31 December 31.5 24.4
Net book value at 31 December 39.3 45.1
12 Intangible assets
31 December 2022
Goodwill
\u00a3m
Development
costs
\u00a3m
Other
intangible
assets
\u00a3m
Total
\u00a3m
Cost
At 1 January 2022 284.8 19.3 30.6 334.7
Additions \u2013 2.0 \u2013 2.0
Arising on acquisitions 5.4 \u2013 2.1 7. 5
Other (reclassification) (0.2) \u2013 0.2 \u2013
Foreign exchange differences 1.9 \u2013 0.5 2.4
At 31 December 2022 291.9 21.3 33.4 346.6
Accumulated amortisation and impairment
At 1 January 2022 118.9 2.2 30.4 151.5
Charged during the year \u2013 4.0 0.1 4.1
Other (reclassification) (0.1) \u2013 0.1 \u2013
Foreign exchange differences 1.5 \u2013 0.6 2.1
At 31 December 2022 120.3 6.2 31.2 157.7
Net book value at 31 December 2022 171.6 15.1 2.2 188.9
31 December 2021
Goodwill
\u00a3m
Development
costs
\u00a3m
Other
intangible
assets
\u00a3m
Total
\u00a3m
Cost
At 1 January 2021 287.4 16.4 30.9 334.7
Additions \u2013 2.9 \u2013 2.9
Foreign exchange differences (2.6) \u2013 (0.3) (2.9)
At 31 December 2021 284.8 19.3 30.6 334.7
Accumulated amortisation and impairment
At 1 January 2021 120.6 0.8 30.4 151.8
Charged during the year \u2013 1.4 0.2 1.6
Foreign exchange differences (1.7) \u2013 (0.2) (1.9)
At 31 December 2021 118.9 2.2 30.4 151.5
Net book value at 31 December 2021 165.9 17.1 0.2 183.2
Development costs are amortised based on their estimated useful life, which will not typically exceed five years, when
ready for use. These costs represent expenditure incurred in relation to the Sea/ suite of products, see page 36 for
further details on Sea/.
All intangible assets are held in the currency of the businesses acquired and are subject to foreign exchange
retranslations to the closing rate at each year-end.
In 2022 the Group made acquisitions, which are detailed below, resulting in goodwill of \u00a35.4m and \u00a32.1m of other
intangibles assets.
Acquisitions \u2013 2022
On 3 October 2022, the Group, through Maritech Holdings Limited, the legal entity behind Sea/, acquired 100% of the
share capital of Swedish-based technology company Chinsay AB and its 100% subsidiary Chinsay Pte. Ltd. located in
Singapore (\u2018Chinsay\u2019). Cash consideration of US$3.2m (\u00a32.9m) was paid. Post year-end Chinsay AB changed its name
to Sea by Maritech Sweden AB and Chinsay Pte. Ltd. changed its name to Sea by Maritech Singapore Pte. Ltd.
On 4 November 2022, a further acquisition was completed by Maritech Holdings Limited. 100% of the share capital
of Setapp Sp. z.o.o. (\u2018Setapp\u2019), a Polish technology company, was acquired for cash consideration of \u20ac3.0m (\u00a32.6m).
12 Intangible assets continued
Both acquisitions allow Sea/ to continue to build The Intelligent Marketplace for Fixing Freight and project the business
towards its purpose of powering better decisions to enable sustainable shipping.
In 2022, the Group also acquired 100% of the share capital of PPE Suppliers Limited (\u2018PPE\u2019) through Gibb Group Ltd
for \u00a30.2m resulting in goodwill of \u00a30.2m.
The net assets acquired in the PPE and Setapp acquisitions were each less than \u00a30.1m.
The following table summarises the consideration paid, the provisional fair value of the net assets acquired,
and the liabilities assumed relating to the Chinsay acquisition.
Fair value of identifiable assets acquired and liabilities assumed:
Total
\u00a3m
Intangible assets 2.1
Property, plant and equipment 0.1
Trade and other receivables 0.5
Cash and cash equivalents 0.1
Total assets 2.8
Trade and other payables (1.5)
Interest bearing loans and borrowings (0.6)
Deferred tax liabilities (0.4)
Total liabilities (2.5)
Net identifiable assets acquired 0.3
Goodwill 2.6
Total consideration paid in cash 2.9
The goodwill is attributable to the team acquired and the synergies arising on the business combination.
There were no acquisitions in the year ended 31 December 2021.
Chinsay contributed revenues of \u00a30.5m and net loss after tax of \u00a30.5m to the Group for the period 3 October 2022 to
31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and reported
profit for the year ended 31 December 2022 would have been \u00a3605.7m and \u00a378.7m respectively.
Setapp contributed revenues of \u00a30.2m and net loss after tax of \u00a30.1m to the Group for the period 4 November 2022
to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and
reported profit for the year ended 31 December 2022 would have been \u00a3605.1m and \u00a378.8m respectively.
These amounts have been calculated extrapolating the subsidiaries\u2019 results without the need for adjustments for
differences in accounting policies between the Group and the subsidiaries, including the additional depreciation and
amortisation that would have been charged assuming that the fair value adjustments to intangible assets had applied
from 1 January 2022, together with the consequential tax effects.
This information is not necessarily indicative of the 2022 results of the combined Group had the acquisitions actually
been made at the beginning of the period presented, or indicative of the future consolidated performance given the
nature of the business acquired.
2022
\u00a3m
2021
\u00a3m
Outflow of cash to acquire subsidiaries, net of cash acquired
Chinsay cash consideration 2.9 \u2013
Setapp cash consideration 2.6 \u2013
PPE cash consideration 0.2 \u2013
5.7
Less: Cash acquired (0.1) \u2013
Less: Amounts withheld (0.7)
Net outflow of cash \u2013 investing activities 4.9 \u2013
Acquisition-related costs of \u00a30.3m are included in administrative expenses in the income statement and in operating
cash flows in the cash flow statement.
13 Impairment testing of goodwill
Goodwill is allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identified according to operating division.
The carrying amount of goodwill acquired through business combinations is as follows:
2022
\u00a3m
2021
\u00a3m
Dry cargo chartering 16.1 12.0
Container chartering 2.0 1.8
Tankers chartering 10.6 10.6
Specialised products chartering 13.1 12.9
Gas chartering 2.8 2.7
Sale and purchase broking 45.8 45.8
Offshore broking 48.1 47.1
Securities 14.1 14.1
Project finance 12.6 12.7
Port and agency services 3.1 2.9
Research services 3.3 3.3
171.6 165.9
The movement in the aggregate carrying value is analysed in more detail in note 12.
Goodwill is allocated to CGUs which are tested for impairment at least annually. The goodwill arising in each CGU
is similar in nature and thus the testing for impairment uses the same approach.
The recoverable amounts of the CGUs are assessed using a value-in-use model. Value-in-use is calculated as the net
present value of the projected risk-adjusted cash flows of the CGU to which the goodwill is allocated.
The key assumptions used for value-in-use calculations are as follows:
\u2212 The pre-tax discount rate for the chartering and broking CGUs is 12.7% (2021: 11.3%); port and agency services
is 13.3% (2021: 11.3%); research services is 13.2% (2021: 11.3%); and for securities and project finance is 13.4%
(2021: 11.9%). As all broking and chartering CGUs have operations that are global in nature and similar risk
profiles, the same discount rate has been used.
\u2212 These discount rates are based on the Group\u2019s weighted average cost of capital (\u2018WACC\u2019) and adjusted for
CGU-specific risk factors. The Group\u2019s WACC is a function of the Group\u2019s cost of equity, derived using a Capital
Asset Pricing Model. The cost of equity includes a number of variables to reflect the inherent risk of the
business being evaluated.
\u2212 The cash flow projections are based on financial budgets and strategic plans approved by the Board,
extrapolated over a five-year period. These assume a level of revenue and profits which are based on both
past performance and expectations for future market development and take into account the cyclicality of the
business in which the CGU operates. The effect on cash flows of climate change was considered but assessed
to have no material impact at this time. Cash flows beyond the five-year period are extrapolated in perpetuity
using a conservative growth rate of 1.7% (2021: 1.7%) across all CGUs.
The results of the Directors\u2019 review of goodwill indicate remaining headroom for all CGUs.
As the offshore broking and securities CGUs were subject to impairment in previous years, sensitivity analysis
has been carried out using reasonably possible changes to key assumptions, none of which cause an impairment.
An increase in the discount rate of 0.5% would decrease value-in-use by \u00a31.8m for offshore broking and \u00a30.4m for
securities. A decrease in total pre-tax cash flows of 5% would decrease value-in-use by \u00a33.0m for offshore broking
and \u00a31.0m for securities. For the other CGUs, there are no reasonably possible changes in key assumptions that
would result in an impairment.
In light of continuing, global macro-economic and geo-political uncertainty, the Board keeps the carrying value
of goodwill under constant review and continually monitors for any potential indicators of impairment.
14 Trade and other receivables
2022
\u00a3m
2021
\u00a3m
Non-current
Other receivables 2.6 1.0
2.6 1.0
Current
Trade receivables 127.2 97.6
Other receivables 10.3 7.6
Foreign currency contracts 0.1 1.3
Prepayments 9.0 5.5
Contract assets 3.5 5.4
150.1 117.4
Trade receivables are non-interest bearing and are generally on terms payable within 90 days. As at 31 December 2022,
the allowance for impairment of trade receivables was \u00a319.6m (2021: \u00a312.9m). The allowance is based on experience
and ongoing market information about the creditworthiness of specific counterparties and expected credit losses
in respect of the remaining balances.
The Group has unconditional rights to consideration in respect of trade receivables, except for \u00a31.1m (2021: \u00a31.6m)
which relates to amounts invoiced in respect of subscriptions where revenue is recognised over time and the right
to payment is conditional on satisfying this performance obligation. These amounts are deferred as revenue and
included within the contract liability balance. See note 18.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected
loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment
profiles of invoices over a period of 36 months before 1 January 2022 and the corresponding historical credit losses
experienced within this period. These are then adjusted, if necessary, to reflect current and forward-looking
information, such as the general economic condition of the market in which the counterparty operates.
The following table shows the exposure to credit risk and expected credit losses of trade receivables as at 31 December:
2022 2021
Expected loss
rate
Gross carrying
amount
\u00a3m
Loss
allowance
\u00a3m
Expected loss
rate
Gross carrying
amount
\u00a3m
Loss
allowance
\u00a3m
0 \u2013 3 months 3.6% 116.2 4.2 3.2% 89.4 2.9
3 \u2013 12 months 24.4% 20.1 4.9 23.4% 14.5 3.4
Over 12 months 100.0% 10.5 10.5 100.0% 6.6 6.6
146.8 19.6 110.5 12.9
Movements in the loss allowance for trade receivables were as follows:
2022
\u00a3m
2021
\u00a3m
At 1 January 12.9 12.3
Release of loss allowance (8.2) (6.6)
Receivables written off during the year as uncollectible (0.3) (2.0)
Increase in loss allowance 14.3 9.2
Foreign exchange differences 0.9 \u2013
At 31 December 19.6 12.9
Included within the movements in the loss allowance were amounts which were provided at the time of invoicing
for which no revenue has been recognised, because collectability was not considered probable; see note 2. The other
classes within trade and other receivables do not include any impaired items.
The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
2022
\u00a3m
2021
\u00a3m
US dollar 81.7 74.9
Sterling 19.8 11.2
Norwegian krone 22.9 7.7
Other currencies 2.8 3.8
127.2 97.6
15 Investments
2022
\u00a3m
2021
\u00a3m
Non-current
Financial assets at fair value through profit or loss 1.2 1.0
1.2 1.0
Current
Cash on deposit 3.1 2.8
Government bonds \u2013 6.8
Financial assets at fair value through profit or loss 0.4 0.7
3.5 10.3
The non-current financial assets at fair value through profit or loss relate to equity and other investments. The Group
held deposits totalling \u00a33.1m (2021: \u00a32.8m) with maturity periods greater than three months and \u00a3nil of government
bonds (2021: \u00a36.8m). Current financial assets at fair value through profit or loss relate to convertible bonds in the
Financial segment.
16 Inventories
2022
\u00a3m
2021
\u00a3m
Finished goods 2.4 1.5
The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a314.2m (2021: \u00a39.6m).
17 Cash and cash equivalents
2022
\u00a3m
2021
\u00a3m
Cash at bank and in hand 320.1 260.7
Short-term deposits 64.3 0.9
384.4 261.6
Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. Short-term deposits are
made for varying periods between one day and three months, depending on the immediate cash requirements of the
Group, and earn interest at the respective short-term deposit rates. The fair value of cash and cash equivalents is
\u00a3384.4m (2021: \u00a3261.6m).
Included in cash at bank and in hand is \u00a312.4m (2021: \u00a33.4m) of restricted funds relating to employee taxes, security
trading deposits pending settlement, and other commitments.
18 Trade and other payables
2022
\u00a3m
2021
\u00a3m
Current
Trade payables 50.0 39.4
Other payables 10.5 8.3
Other tax and social security 12.3 6.7
Foreign currency contracts 3.7 \u2013
Bonus accruals 225.8 148.9
Other accruals 24.1 23.9
Contract liabilities 9.5 8.2
335.9 235.4
Non-current
Other payables 2.5 2.0
Foreign currency contracts 3.3 0.7
5.8 2.7
Trade payables and other payables are non-interest bearing and are normally settled on demand.
19 Lease liabilities
2022
\u00a3m
2021
\u00a3m
Current
Lease liabilities 9.9 9.7
Non-current
Lease liabilities 37.7 44.1
A maturity analysis of undiscounted lease liability payments is included within note 27.
Included within lease liabilities are \u00a311.8m (2021: \u00a311.9m) of leases where payments are linked to an index. The liabilities
in relation to these leases are only adjusted as and when the change in rental cash flows takes effect.
20 Provisions
2022
\u00a3m
2021
\u00a3m
Current
At 1 January 0.6 0.5
Arising during the year 0.2 0.1
Foreign exchange differences (0.2) \u2013
At 31 December 0.6 0.6
Non-current
At 1 January 1.6 1.5
Arising during the year 0.3 0.1
At 31 December 1.9 1.6
Provisions have been recognised for the dilapidation of various leasehold premises of \u00a31.5m (2021: \u00a31.5m) which will
be utilised on cessation of the lease and \u00a31.0m (2021: \u00a30.7m) in relation to provisions for employee benefits.
21 Share-based payment plans
2022
\u00a3m
2021
\u00a3m
Expense arising from equity-settled share-based payment transactions 1.8 1.8
The share-based payment plans are described below. There have been no cancellations or modifications to any of the
plans during 2022 or 2021.
Share options
Long-term incentive awards
Details of the long-term incentive awards are included in the Directors\u2019 Remuneration Report on page 134. Awards
made to the Directors are given in the Directors\u2019 Remuneration Report on page 126. The fair value of awards that are
not subject to a market-based performance condition were valued using a Black-Scholes model. The fair value of
awards subject to a market-based performance condition were valued using a stochastic model. For awards subject
to a holding period a Chaffe protective put method was used to estimate a discount for the lack of marketability.
ShareSave scheme
The ShareSave scheme (or local equivalent) enables eligible employees to acquire options to purchase ordinary
shares in the Company at a discount. To participate in the scheme, the employees are required to save a set amount
each month, up to a maximum of \u00a3500 per month, for a period of 24 to 36 months, depending on their jurisdiction.
Under the terms of the scheme, at the end of the savings period the employees are entitled to purchase shares using
their savings at a price of 15% to 20% (depending on jurisdiction) below the market price at grant date. Only
employees that remain in service at the end of the savings period and make the required savings from their monthly
salary for the savings period will become entitled to purchase the shares. Employees who cease their employment,
do not save the required amount from their monthly salary, or elect not to exercise their option to purchase shares
will be refunded their full savings. The fair value of these awards was valued using a Black-Scholes model.
Movements in the year
The following table illustrates the number of, and movements in, share options during the year:
Outstanding
at 1 January
2022
Granted
in year
Lapsed
in year
Exercised
in year
Outstanding at
31 December
2022
Exercisable at
31 December
2022
Weighted
average
contractual
life
Years
Long-term incentive awards
1
160,003 38,548 \u2013 (57,033) 141,518 \u2013 8.19
2018 ShareSave
2
17,218 \u2013 (660) (16,558) \u2013 \u2013 \u2013
2019 ShareSave
3
164,784 \u2013 (3,756) (121,642) 39,386 39,386 0.33
2020 ShareSave
4
114,001 \u2013 (6,581) (3,146) 104,274 \u2013 1.33
2021 ShareSave
5
66,313 \u2013 (32,224) \u2013 34,089 \u2013 2.24
2022 ShareSave
6
\u2013 237,327 (3,073) \u2013 234,254 \u2013 3.28
522,319 275,875 (46,294) (198,379) 553,521 39,386
The exercise prices for share options outstanding at the year-end were:
1
\u00a3nil,
2
\u00a322.12,
3
\u00a318.30,
4
\u00a319.28-\u00a319.87,
5
\u00a331.44-\u00a332.18,
6
\u00a322.05\u2013\u00a322.51.
The weighted average exercise price for each movement in share options are as follows:
Outstanding
at 1 January
2022
\u00a3
Granted
in year
\u00a3
Lapsed
in year
\u00a3
Exercised
in year
\u00a3
Outstanding at
31 December
2022
\u00a3
Exercisable at
31 December
2022
\u00a3
Long-term incentive awards \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
ShareSave 21.21 22.50 27.95 18.78 22.02 18.30
Total 14.71 19.35 27.95 13.38 16.39 18.30
The weighted average share price at the date of exercise was \u00a330.92.
21 Share-based payment plans continued
The following table illustrates the number of, and movements in, share options for the previous year:
Outstanding at
1 January
2021
Granted
in year
Lapsed
in year
Exercised
in year
Outstanding at
31 December
2021
Exercisable at
31 December
2021
Weighted
average
contractual
life
Years
Long-term incentive awards
1
155,178 46,760 \u2013 (41,935) 160,003 \u2013 8.25
2017 ShareSave
2
35,638 \u2013 (8,907) (26,731) \u2013 \u2013 \u2013
2018 ShareSave
3
65,274 \u2013 (2,865) (45,191) 17,218 17,218 0.33
2019 ShareSave
4
188,770 \u2013 (15,494) (8,492) 164,784 \u2013 1.33
2020 ShareSave
5
129,101 \u2013 (14,919) (181) 114,001 \u2013 2.29
2021 ShareSave
6
\u2013 68,545 (2,232) \u2013 66,313 \u2013 3.24
573,961 115,305 (44,417) (122,530) 522,319 17,218
The exercise prices for share options outstanding at the year-end were:
1
\u00a3nil,
2
\u00a322.50,
3
\u00a322.12,
4
\u00a318 . 30-\u00a320.74,
5
\u00a319.28\u2013\u00a319.87,
6
\u00a331.44\u2013\u00a332.18.
The weighted average exercise price for each movement in share options are as follows:
Outstanding at
1 January
2021
\u00a3
Granted
in year
\u00a3
Lapsed
in year
\u00a3
Exercised
in year
\u00a3
Outstanding at
31 December
2021
\u00a3
Exercisable at
31 December
2021
\u00a3
Long-term incentive awards \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
ShareSave 19.61 31.48 20.41 22.08 21.21 22.12
Total 14.31 18.72 20.41 14.53 14.71 22.12
The weighted average share price at the date of exercise was \u00a335.93.
Significant inputs
The inputs into the models used to value options granted in the period fell within the following ranges:
2022 2021
Share price at date of grant (\u00a3) 26.30-34.45 29.00-38.90
Exercise price (\u00a3) 0.00-22.51 0.00-32.18
Expected term (years) 2.0-3.3 2.0-3.3
Risk-free interest rate (%) 1.7-4.4 0.2-0.4
Expected dividend yield (%) 0.0-3.3 0.0-2.1
Expected volatility (%) 32.1-35.3 35.1-37.5
Expected volatility is calculated using historical data, where available, over the period of time commensurate with
the remaining performance period for long-term incentive awards and the expected award term for the ShareSave
scheme, as at the date of grant.
Other employee incentives
During the year, 562,184 shares (2021: 264,634 shares) at a weighted average price of \u00a333.06 (2021: \u00a328.87)
were awarded to employees in settlement of 2021 (2020) cash bonuses.
The fair value of these shares was determined based on the market price at the date of grant.
22 Employee benefits
The Group operates three final salary defined benefit pension schemes, being the Clarkson PLC scheme, the
Plowrights scheme and the Stewarts scheme, all within the UK. The schemes are all registered as occupational
pension schemes with HMRC and are subject to UK legislation and oversight from the Pensions Regulator. These are
funded by the payment of contributions to separate trusts administered by Trustees who are required to act in the
best interests of the schemes\u2019 beneficiaries. Responsibility for governance of each scheme lies with the respective
board of trustees in accordance with the rules applicable to that scheme. Currently each board of trustees includes
a representative of the relevant principal employer. The schemes\u2019 assets are invested in a range of pooled pension
investment funds managed by professional fund managers.
Defined benefit pension arrangements give rise to open-ended commitments and liabilities for the sponsoring
company. As a consequence, the Company closed its original defined benefit section of the Clarkson PLC scheme
to new entrants on 31 March 2004. This section was closed to further accrual for all existing members as from
31 March 2006. The Plowrights scheme was closed to further accrual from 1 January 2006. The Stewarts scheme
was closed to further accrual on 1 January 2004.
Every three years, a pension scheme must obtain from an actuary a report containing a valuation and a
recommendation on rates of contribution. UK legislation requires that pension schemes are funded prudently
and must adhere to the statutory funding objective. Triennial valuations for all the schemes have been prepared
as detailed below.
The actuarial valuation of the Clarkson PLC scheme shows a pension surplus on an ongoing basis of \u00a311.5m (105%)
as at 31 March 2022. Following the 2016 valuation, Clarkson PLC and the Trustees agreed to cease funding with effect
from 1 October 2016. Since 1 May 2021 all expenses of the scheme will be met from the surplus assets.
The actuarial valuation of the Plowrights scheme shows a pension surplus on an ongoing basis of \u00a33.0m (108%)
as at 31 March 2022. Clarkson PLC and the Trustees agreed to cease funding with effect from 1 December 2019.
The expenses for the scheme will be met from the surplus assets.
The actuarial valuation of the Stewarts scheme showed a pension surplus on an ongoing basis of \u00a30.1m (100%)
as at 1 September 2021. Clarksons Offshore and Renewables Limited will continue to pay contributions of
\u00a30.4m per annum, which will include scheme expenses.
The Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility
The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if a scheme\u2019s
assets underperform this yield, this will create a deficit. The largest two schemes have de-risked by replacing their
equity holdings with less volatile investments.
Changes in bond yields
A decrease in corporate bond yields will increase a scheme\u2019s liabilities, although this will be partially offset
by an increase in the value of the schemes\u2019 bond holdings.
Inflation risk
Some of the Group pension obligations are linked to inflation. The majority of the schemes\u2019 assets are either
unaffected by (fixed-interest bonds) or loosely correlated with (equities) inflation, meaning that an increase
in inflation will also increase the deficit.
Life expectancy
The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the schemes\u2019 liabilities.
Other pension arrangements
Overseas pension arrangements have been determined in accordance with local practice and regulations.
One such defined benefit arrangement is in Greece whereby the employer is obligated to pay an indemnity
to employees on retirement.
During 2021, the Council of Greek Auditors considered the Interpretation Committee Agenda Decision of IFRIC
and the agreement of the IFRS Board \u2013 Agenda Paper 2: \u2018Attributing Benefit to Periods of Service (IAS 19 Employee
Benefits)\u2019. A Working Group (consisting of experts in the field) was set up to review and examine Greek Legislation
and whether it was in \u2018harmony\u2019 with the Interpretation of IFRIC and could be applied to each Defined Benefit Plan.
As a result of this review, an actuarial gain of \u00a30.6m has been recognised in other comprehensive income for the
year ended 31 December 2021.
The Group also operates various other defined contribution pension arrangements. Where required, the Group
also makes contributions to these schemes.
22 Employee benefits continued
The Group incurs no material expenses in the provision of post-retirement benefits other than pensions.
The following information relates to the sum of the three separate UK schemes.
Recognised in the balance sheet
2022
\u00a3m
2021
\u00a3m
Fair value of schemes\u2019 assets 134.7 201.5
Present value of funded defined benefit obligations (115.2) (174.2)
19.5 27.3
Effect of asset ceiling in relation to the Plowrights scheme (4.1) (5.3)
Net benefit asset recognised in the balance sheet 15.4 22.0
The net benefit asset disclosed above is the combined total of the three UK schemes. The Clarkson PLC scheme has
a surplus of \u00a315.8m (2021: \u00a325.8m), the Plowrights scheme has a surplus of \u00a3nil (2021: \u00a3nil), and the Stewarts scheme
has a deficit of \u00a30.4m (2021: \u00a33.8m). As there is no right of set-off between the schemes, the benefit asset of \u00a315.8m
(2021: \u00a325.8m) is disclosed separately on the balance sheet from the benefit liability of \u00a30.4m (2021: \u00a33.8m).
The surplus in the Clarkson PLC scheme is recognised, as there are future economic benefits available in the form
of a reduction in future contributions to the defined contribution section of the scheme and, in the event of wind up,
excess surplus is refundable to the Group. There are no such future economic benefits in respect of the Plowrights
scheme and therefore the surplus of \u00a34.1m (2021: \u00a35.3m) cannot be recognised.
A deferred tax asset on the benefit liability amounting to \u00a30.1m (2021: \u00a30.9m) and a deferred tax liability on the benefit
asset of \u00a33.9m (2021: \u00a36.5m) is shown in note 6.
Recognised in the income statement
2022
\u00a3m
2021
\u00a3m
Recognised in other finance income \u2013 pensions:
Expected return on schemes\u2019 assets 3.6 2.8
Interest cost on benefit obligation and asset ceiling (3.2) (2.7)
Recognised in administrative expenses:
Scheme administrative expenses (0.8) (0.3)
Net benefit charge recognised in the income statement (0.4) (0.2)
Recognised in the statement of comprehensive income
2022
\u00a3m
2021
\u00a3m
Actual return on schemes\u2019 assets (59.0) 3.6
Less: expected return on schemes\u2019 assets (3.6) (2.8)
Actuarial (loss)/gain on schemes\u2019 assets (62.6) 0.8
Actuarial gain on defined benefit obligations 54.7 10.2
Actuarial (loss)/gain recognised in the statement of comprehensive income (7.9) 11.0
Tax credit/(charge) on actuarial gain/(loss) 1.2 (2.0)
Release/(recognition) of asset ceiling in relation to the Plowrights scheme 1.3 (1.3)
Tax (charge)/credit on asset ceiling (0.2) 0.2
Tax credit/(charge) on change in tax rates 0.1 (1.3)
Net actuarial (loss)/gain on employee benefit obligations (5.5) 6.6
Cumulative amount of actuarial gains, before tax, recognised in the statement
of comprehensive income 1.4 9.3
22 Employee benefits continued
Schemes\u2019 assets
%
2022
\u00a3m %
2021
\u00a3m
Equities* 1.1 1.5 2.7 5.4
Government bonds* 39.5 53.2 44.0 88.6
Corporate bonds* 30.4 40.9 28.3 57.1
Investment funds* 25.6 34.5 23.7 47.7
Cash and other assets 3.4 4.6 1.3 2.7
100.0 134.7 100.0 201.5
* Based on quoted market prices.
Net defined benefit asset
Changes in the fair value of the net defined benefit asset are as follows:
31 December 2022
Present value
of obligation
\u00a3m
Fair value of
plan assets
\u00a3m
Total
\u00a3m
Impact of
asset ceiling
\u00a3m
Total
\u00a3m
At 1 January 2022 (174.2) 201.5 27.3 (5.3) 22.0
Expected return on assets \u2013 3.6 3.6 \u2013 3.6
Interest costs (3.1) \u2013 (3.1) (0.1) (3.2)
Employer contributions \u2013 0.4 0.4 \u2013 0.4
Administrative expenses \u2013 (0.8) (0.8) \u2013 (0.8)
Benefits paid 7.4 (7.4) \u2013 \u2013 \u2013
Actuarial gain/(loss) 54.7 (62.6) (7.9) 1.3 (6.6)
At 31 December 2022 (115.2) 134.7 19.5 (4.1) 15.4
31 December 2021
Present value
of obligation
\u00a3m
Fair value of
plan assets
\u00a3m
Total
\u00a3m
Impact of
asset ceiling
\u00a3m
Total
\u00a3m
At 1 January 2021 (188.6) 204.5 15.9 (3.9) 12.0
Expected return on assets \u2013 2.8 2.8 \u2013 2.8
Interest costs (2.5) \u2013 (2.5) (0.1) (2.6)
Employer contributions \u2013 0.4 0.4 \u2013 0.4
Administrative expenses \u2013 (0.3) (0.3) \u2013 (0.3)
Benefits paid 6.7 (6.7) \u2013 \u2013 \u2013
Actuarial gain/(loss) 10.2 0.8 11.0 (1.3) 9.7
At 31 December 2021 (174.2) 201.5 27. 3 (5.3) 22.0
The Group expects, based on the valuations and funding requirements including expenses, to contribute \u00a30.4m
to its defined benefit pension schemes in 2023. (2022: \u00a30.4m).
The principal weighted average valuation assumptions are as follows:
2022
%
2021
%
Rate of increase in pensions in payment 3.1 3.3
Price inflation (RPI) 3.3 3.4
Price inflation (CPI) 2.8 3.1
Discount rate for scheme liabilities 5.0 1.8
22 Employee benefits continued
The mortality assumptions used to assess the defined benefit obligations at 31 December 2022 and 31 December 2021
are based on the \u2018SAPS\u2019 standard mortality tables, being SP3A for the Clarkson PLC scheme with a scheme specific
adjustment of 90% (2021: 95%), SP3A for the Plowrights scheme with a scheme specific adjustment of 84% for males
and 98% for females (2021: SP3A Light) and SP3A for the Stewarts scheme (2021: S2PA). These tables have been
adjusted to allow for anticipated future improvements in life expectancy using the standard projection model published
in 2022 (2021: model published in 2021). Examples of the assumed future life expectancy are given in the table below:
Additional years
2022 2021
Post-retirement life expectancy on retirement at age 65:
Employees retiring in the year \u2013 male 22.2\u201323.5 21.8\u201323.4
\u2013 female 24.5\u201325.2 23.8\u201324.9
Employees retiring in 20 years\u2019 time \u2013 male 23.5\u201324.8 23.1\u201324.6
\u2013 female 25.9\u201326.6 25.3\u201326.3
Experience adjustments
2022
\u00a3m
2021
\u00a3m
Experience (loss)/gain on schemes\u2019 assets (62.6) 0.8
(Loss)/gain on schemes\u2019 liabilities due to changes in demographic assumptions (0.3) 2.8
Gain on schemes\u2019 liabilities due to changes in financial assumptions 67.6 4.3
(Loss)/gain on schemes\u2019 liabilities due to experience adjustments (12.6) 3.1
Gain/(loss) on asset ceiling 1.3 (1.3)
Actuarial (loss)/gain (6.6) 9.7
Income tax credit/(charge) on actuarial loss/gain 1.1 (3.1)
Actuarial (loss)/gain \u2013 net of tax (5.5) 6.6
Sensitivities
The table below shows the sensitivity of the defined benefit obligation to changes to the most significant actuarial
assumptions. The impact of changes to each assumption is shown in isolation although, in practice, changes to
assumptions may occur at the same time and can either offset or compound the overall impact on the defined
benefit obligation. A change of 0.25% is deemed appropriate given the movement in assumptions during the current
and previous years. The sensitivities have been calculated using the same methodology as the main calculations.
The weighted average duration of the defined obligation is 13 years.
2022 2021
Change in
assumption
Change in
defined
benefit
obligation
Change in
assumption
Change in
defined
benefit
obligation
Discount rate for scheme liabilities +0.25% (2.9%) +0.25% (4.0%)
(0.25%) 3.1% (0.25%) 4.3%
Price inflation (RPI) +0.25% 2.4% +0.25% 3.2%
(0.25%) (2.3%) (0.25%) (3.0%)
An increase of one year in the assumed life expectancy for both males and females would increase the benefit
obligation by 3.3% (2021: 4.6%).
23 Share capital
Ordinary shares of 25p each, issued and fully paid:
Number of
shares
2022
\u00a3m
Number of
shares
2021
\u00a3m
At 1 January 30,480,764 7.6 30,399,893 7.6
Additions 141,346 0.1 80,871 \u2013
At 31 December 30,622,110 7.7 30,480,764 7.6
During the year, the Company issued 141,346 shares (2021: 80,871) in relation to the ShareSave scheme. The difference
between the exercise price (ranging from \u00a318.30-\u00a322.12 (2021: \u00a318.30-\u00a322.50)) and the nominal value of \u00a30.25 was
taken to the share premium account, see note 24.
Shares held by Employee Benefit Trusts
The trustees have waived their right to dividends on the unallocated shares held in the employee share trust.
24 Other reserves
31 December 2022
Share
premium
\u00a3m
ESOP
reserve
\u00a3m
Employee
benefits
reserve
\u00a3m
Capital
redemption
reserve
\u00a3m
Hedging
reserve
\u00a3m
Merger
reserve
\u00a3m
Currency
translation
reserve
\u00a3m
Total
\u00a3m
At 1 January 2022 33.9 (0.5) 3.9 2.0 0.5 55.7 8.5 104.0
Other comprehensive (loss)/
income:
Foreign exchange differences
on retranslation of foreign
operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 13.5 13.5
Foreign currency hedges
recycled to profit or loss \u2013 net
of tax \u2013 \u2013 \u2013 \u2013 3.3 \u2013 \u2013 3.3
Foreign currency hedge
revaluations \u2013 net of tax \u2013 \u2013 \u2013 \u2013 (8.9) \u2013 \u2013 (8.9)
Total other comprehensive
(loss)/income \u2013 \u2013 \u2013 \u2013 (5.6) \u2013 13.5 7.9
Share issues 2.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.6
Employee share schemes:
Share-based payments
expense \u2013 \u2013 1.8 \u2013 \u2013 \u2013 \u2013 1.8
Transfer to profit and loss
on vesting \u2013 2.0 (2.0) \u2013 \u2013 \u2013 \u2013 \u2013
ESOP shares acquired \u2013 (20.4) \u2013 \u2013 \u2013 \u2013 \u2013 (20.4)
Equity-settled liabilities \u2013 18.9 \u2013 \u2013 \u2013 \u2013 \u2013 18.9
Total employee share schemes \u2013. 0.5 (0.2) \u2013 \u2013 \u2013 \u2013 0.3
At 31 December 2022 36.5 \u2013 3.7 2.0 (5.1) 55.7 22.0 114.8
31 December 2021
Share
premium
\u00a3m
ESOP
reserve
\u00a3m
Employee
benefits
reserve
\u00a3m
Capital
redemption
reserve
\u00a3m
Hedging
reserve
\u00a3m
Merger
reserve
\u00a3m
Currency
translation
reserve
\u00a3m
Total
\u00a3m
At 1 January 2021 32.1 (0.7) 3.8 2.0 3.7 55.7 8.0 104.6
Other comprehensive (loss)/
income:
Foreign exchange differences
on retranslation of foreign
operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.5 0.5
Foreign currency hedges
recycled to profit or loss \u2013 net
of tax \u2013 \u2013 \u2013 \u2013 (2.4) \u2013 \u2013 (2.4)
Foreign currency hedge
revaluations \u2013 net of tax \u2013 \u2013 \u2013 \u2013 (0.8) \u2013 \u2013 (0.8)
Total other comprehensive
(loss)/income \u2013 \u2013 \u2013 \u2013 (3.2) \u2013 0.5 (2.7)
Share issues 1.8 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.8
Employee share schemes:
Share-based payments
expense \u2013 \u2013 1.8 \u2013 \u2013 \u2013 \u2013 1.8
Transfer to profit and loss
on vesting \u2013 1.9 (1.7) \u2013 \u2013 \u2013 \u2013 0.2
ESOP shares acquired* \u2013 (13.2) \u2013 \u2013 \u2013 \u2013 \u2013 (13.2)
Equity-settled liabilities* \u2013 11.5 \u2013 \u2013 \u2013 \u2013 \u2013 11.5
Total employee share schemes \u2013 0.2 0.1 \u2013 \u2013 \u2013 \u2013 0.3
At 31 December 2021 33.9 (0.5) 3.9 2.0 0.5 55.7 8.5 104.0
* ESOP shares acquired was previously stated at \u00a31.7m within the 2021 Annual Report. This has been grossed up with a new line item called
Equity-settled liabilities. See note 2.1 for further information.
24 Other reserves continued
Nature and purpose of other reserves
ESOP reserve
The ESOP reserve in the Group represents nil shares (2021: 13,905 shares) purchased by the Employee Benefit
Trusts to meet obligations under various incentive schemes. The shares are stated at cost. The market value of these
shares at 31 December 2022 was \u00a3nil (2021: \u00a30.5m). At 31 December 2022 none of these shares were under option
(2021: none). During the year the share purchase trusts acquired 576,894 shares at a weighted average price of
\u00a335.34 (2021: 389,411 shares at \u00a333.93); see note 21 for further details of share incentive schemes.
Employee benefits reserve
The employee benefits reserve is used to record the value of equity-settled share-based payments provided
to employees. Details are included in note 21.
Capital redemption reserve
The capital redemption reserve arose on previous share buy-backs by Clarkson PLC.
Hedging reserve
This reserve comprises the effective portion of the fair value of cash flow hedging instruments relating to hedged
transactions that have not yet occurred. Realised hedges are recycled to the statement of comprehensive income.
Movements are net of tax. Further details on hedging are shown in note 27.
Merger reserve
This comprises the premium on the share placing in November 2014 and the shares issued in February 2015 as part
of the acquisition of Clarksons Norway AS (formerly Clarksons Platou AS/RS Platou ASA). No share premium is recorded
in the financial statements, through the operation of the merger relief provisions of the Companies Act 2006.
Currency translation reserve
The currency translation reserve represents the currency translation differences arising from the consolidation
of foreign operations.
25 Financial commitments and contingencies
Contingencies
The Group has given no financial commitments to suppliers (2021: none).
The Group has given no guarantees (2021: none).
From time to time, the Group is engaged in litigation in the ordinary course of business. The Group carries
professional indemnity insurance.
There is currently no litigation that is expected to have a material adverse financial impact on the Group\u2019s
consolidated results or net assets.
The Group also maintained throughout the financial year Directors\u2019 and Officers\u2019 liability insurance in respect
of its Directors.
26 Events occurring after the reporting period
The Group acquired 100% of the share capital of DHSS Aviation B.V., DHSS Logistics B.V., DHSS Projects B.V. and
DHSS Services B.V for cash consideration of \u20ac4.0m and additional maximum deferred consideration (including
earn-out) of \u20ac6.3m.
27 Financial risk management objectives and policies
The Group\u2019s principal financial liabilities comprise trade and other payables and lease liabilities. The Group\u2019s principal
financial assets are trade receivables, investments, cash and cash equivalents and short-term deposits, which arise
directly from its operations.
The Group has not entered into derivative transactions other than the forward currency contracts explained later
in this section. It is, and has been throughout 2022 and 2021, the Group\u2019s policy that no trading in derivatives shall
be undertaken for speculative purposes.
The main risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and foreign exchange risk.
The Board reviews and agrees policies for managing each of these risks which are summarised below.
Credit risk
The Group seeks to trade only with recognised, creditworthy third parties. Credit risk arises when debtors fail to pay
their obligations. Receivable balances are monitored on an ongoing basis and any potential bad debts identified at
an early stage. The maximum exposure is the carrying amounts as disclosed in note 14; based on experience and
ongoing market information about the creditworthiness of counterparties, we reasonably expect to collect all
amounts unimpaired. There are no significant concentrations of credit risk within the Group, due to the large number
of customers comprising the Group\u2019s customer base.
Trade receivables are written off when there is no reasonable expectation of recovery, such as the commencement
of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt
was due. Impairment losses on trade receivables are presented within revenue. Subsequent recoveries of amounts
previously written off are credited against the same line item.
Other financial assets are written off when there is no reasonable expectation of recovery, such as the
commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has
elapsed since the debt was due.
With respect to credit risk arising from cash and cash equivalents and deposits held as current investments, these are
considered low risk as the financial institutions used are closely monitored by the Group treasury function to ensure
they are held with creditworthy institutions and to ensure there is no over exposure to any one institution.
For all financial assets held, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum
exposure equal to the carrying amount of these instruments.
27 Financial risk management objectives and policies continued
Liquidity risk
The Group seeks to ensure that sufficient liquidity exists in the right locations to meet the Group\u2019s financial
obligations and related funding requirements in a timely manner, including dividends and taxes, and provide funds
for capital expenditure and investment opportunities as they arise. Cash and cash equivalent balances are held with
the primary objective of capital security and availability, with a secondary objective of generating returns. Funding
requirements are monitored by the Group\u2019s finance function with cash flow forecasting performed at both an entity
and Group level. As a normal part of its operations, the Group could face liquidity issues if it experienced a sustained
reduction in profitability, problems in the collection of debts from clients or unplanned expenditure.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 31 December based on
contractual undiscounted payments.
31 December 2022
Less than
3 months
\u00a3m
3 to 12
months
\u00a3m
1 to 5
years
\u00a3m
5 to 10
years
\u00a3m
Over 10
years
\u00a3m
Total
\u00a3m
Trade and other payables 59.8 0.7 2.5 \u2013 \u2013 63.0
Gross settled foreign currency contracts:
Outflow 10.4 55.7 78.3 \u2013 \u2013 144.4
Inflow (9.2) (53.2) (75.0) \u2013 \u2013 (137.4)
Lease liabilities 2.9 8.6 33.3 9.4 \u2013 54.2
63.9 11.8 39.1 9.4 \u2013 124.2
31 December 2021
Less than
3 months
\u00a3m
3 to 12
months
\u00a3m
1 to 5
years
\u00a3m
5 to 10
years
\u00a3m
Over 10
years
\u00a3m
Total
\u00a3m
Trade and other payables 47.7 \u2013 2.0 \u2013 \u2013 49.7
Gross settled foreign currency contracts:
Outflow 7.4 33.4 40.9 \u2013 \u2013 81.7
Inflow (7.7) (34.4) (40.2) \u2013 \u2013 (82.3)
Lease liabilities* 3.3 8.1 36.7 13.1 0.3 61.5
50.7 7.1 39.4 13.1 0.3 110.6
* Restated to correct prior year disclosure error.
The following table shows the total liabilities arising from financing activities.
2022 2021
Interest-
bearing
loans and
borrowings
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Interest-
bearing
loans and
borrowings
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
At 1 January \u2013 53.8 53.8 0.1 56.1 56.2
Arising on acquisitions 0.6 \u2013 0.6 \u2013 \u2013 \u2013
Cash flows \u2013 principal (0.6) (11.2) (11.8) (0.1) (9.1) (9.2)
Cash flows \u2013 interest \u2013 (1.9) (1.9) \u2013 (2.0) (2.0)
Interest charges \u2013 1.9 1.9 \u2013 2.0 2.0
Other non-cash movements \u2013 6.2 6.2 \u2013 7.1 7.1
Foreign exchange differences \u2013 (1.2) (1.2) \u2013 (0.3) (0.3)
At 31 December \u2013 47.6 47.6 \u2013 53.8 53.8
Other non-cash movements include the net impact of additions, modifications and terminations relating to leases
during the year.
27 Financial risk management objectives and policies continued
Foreign exchange risk
The Group has transactional currency exposures arising from revenues and expenses in currencies other than
its functional currency, which can significantly impact results and cash flows. The Group\u2019s revenue is mainly
denominated in US dollars and the majority of expenses are denominated in local currencies. The Group also has
balance sheet exposures, either at the local entity level where monetary assets and liabilities are held in currencies
other than the functional currency, or at a Group level on the retranslation of non-sterling balances into the Group\u2019s
functional currency.
Our aim is to manage this risk by reducing the impact of any fluctuations. The Group hedges currency exposure
through forward sales of US dollar revenues. US dollars are also sold on the spot market to meet local currency
expenditure requirements. Rates of exchange, non-sterling balances and asset exposures by currency are
continually assessed.
The Group is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes an
instantaneous 5% change in the US dollar exchange rates from their levels at 31 December 2022, with all other
variables held constant. The following table demonstrates the sensitivity to a reasonably possible change in this rate,
with all other variables held constant, of the Group\u2019s profit before taxation and equity.
Strengthening/
(weakening) in
rate
Effect on
profit before
taxation
\u00a3m
Effect on
equity
\u00a3m
2022 5% 2.2 (4.9)
(5%) (2.0) 4.5
2021 5% 1.6 (1.9)
(5%) (1.4) 1.7
Derivative financial instruments
It is the Group\u2019s policy to cover or hedge a proportion of its future transactional US dollar revenues in the UK with
foreign currency contracts. The strategy is to protect the Group against a significant weakening of the US dollar. See
note 4 for total revenues generated in the UK which are predominantly US dollar-denominated. The Group considers
the hedge to be effective if each forward contract is settled with the bank and the US dollars sold represent
collections from previous months\u2019 invoicing. Should the hedging ratio be greater than one (that is, contracted sales
are greater than US dollar revenues) then the hedge is deemed to be ineffective. Where these are designated and
documented as hedging instruments in the context of IFRS 9 and are demonstrated to be effective, mark-to-market
gains and losses are recognised directly in equity (see note 24). These are transferred to the income statement, within
revenue, upon receipt of cash and conversion to sterling of the underlying item being hedged. All of the contracts
settled during the year were effective. There were no contracts deemed ineffective during the year.
The fair value of foreign currency contracts at 31 December are as follows:
Assets Liabilities
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Foreign currency contracts 0.1 1.3 7.0 0.7
At 31 December 2022 the Group had sterling forward contracts of US$80m due for settlement in 2023 at an
average rate of US$1.28/\u00a31, US$70m due for settlement in 2024 at an average rate of US$1.28/\u00a31 and US$25m due
for settlement in 2025 at an average rate of US$1.23/\u00a31 (2021: US$55m due for settlement in 2022 at an average rate
of US$1.31/\u00a31, US$30m due for settlement in 2023 at an average rate of US$1.37/\u00a31 and US$25m due for settlement
in 2024 at an average rate of US$1.37/\u00a31).
In 2022, in addition to the above trades, the Group entered into NOK forward contracts of US$24m due for
settlement in 2023 at an average rate of US$1/NOK9.81 and US$5m due for settlement in 2024 at an average
rate of US$1/NOK9.76.
27 Financial risk management objectives and policies continued
Capital management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital. Total capital is calculated as equity as shown in the consolidated balance sheet.
The Group manages its capital structure, and makes adjustments to it, in light of changes in economic conditions.
To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares.
No changes were made in the objectives, policies or processes during the years ended 31 December 2022 or
31 December 2021. These financial statements are prepared on the going concern basis and the Group continues
to pay dividends.
A number of the Group\u2019s trading entities are subject to regulation by the Norwegian FSA, the FCA in the UK,
the MAS in Singapore, and DFTC and the NFA, SEC and FINRA in the US. Regulatory capital at an entity level
depends on the jurisdiction in which it is incorporated. In each case, the approach is to hold an appropriate surplus
over the local minimum requirement. Each regulated entity complied with their regulatory capital requirements
throughout the year.
28 Financial instruments
Fair values
IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:
\u2212 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2212 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and
\u2212 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(Level 3).
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December.
Level 1 Level 2 Level 3
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Assets
Investments at fair value through
profit or loss (\u2018FVPL\u2019) 0.5 0.5 1.1 1.2 \u2013 \u2013
Foreign currency contracts \u2013 \u2013 0.1 1.3 \u2013 \u2013
0.5 0.5 1.2 2.5 \u2013 \u2013
Liabilities
Foreign currency contracts \u2013 \u2013 7.0 0.7 \u2013 \u2013
\u2013 \u2013 7.0 0.7 \u2013 \u2013
FVPL investments are valued based on quoted prices in an active market (Level 1) or based on quoted prices for
similar assets (Level 2); FVOCI investments are categorised as Level 3 as the shares are not listed on an exchange
and there were no recent observable arm\u2019s-length transactions in the shares. The fair value of the foreign currency
contracts are calculated by management based on external valuations received. These valuations are calculated
based on forward exchange rates at the balance sheet date.
Investment properties are not measured at fair value, but the fair value is disclosed in note 10.
28 Financial instruments continued
The classification of financial assets and financial liabilities at 31 December is as follows:
Financial assets
2022 2021
Hedging
instruments
\u00a3m
Fair value
through
profit or
loss
\u00a3m
Amortised
cost
\u00a3m
Total
\u00a3m
Hedging
instruments
\u00a3m
Fair value
through
profit or
loss
\u00a3m
Amortised
cost
\u00a3m
Total
\u00a3m
Other receivables \u2013 \u2013 12.9 12.9 \u2013 \u2013 8.6 8.6
Investments \u2013 1.6 3.1 4.7 \u2013 1.7 9.6 11.3
Trade receivables \u2013 \u2013 127.2 127.2 \u2013 \u2013 97.6 97.6
Foreign currency contracts 0.1 \u2013 \u2013 0.1 1.3 \u2013 \u2013 1.3
Cash and cash equivalents \u2013 \u2013 384.4 384.4 \u2013 \u2013 261.6 261.6
0.1 1.6 527.6 529.3 1.3 1.7 377.4 380.4
Financial liabilities
2022 2021
Hedging
instruments
\u00a3m
Amortised
cost
\u00a3m
Total
\u00a3m
Hedging
instruments
\u00a3m
Amortised
cost
\u00a3m
Total
\u00a3m
Trade payables \u2013 50.0 50.0 \u2013 39.4 39.4
Other payables \u2013 13.0 13.0 \u2013 10.3 10.3
Foreign currency contracts 7.0 \u2013 7.0 0.7 \u2013 0.7
Lease liabilities \u2013 47.6 47.6 \u2013 53.8 53.8
7.0 110.6 117.6 0.7 103.5 104.2
The carrying value of current and non-current financial assets and liabilities is deemed to equate to the fair value
at 31 December 2022 and 2021.
Net gains on financial assets at fair value through profit or loss amounted to \u00a30.3m (2021: \u00a31.3m). Net losses on
financial assets at fair value through other comprehensive income were \u00a3nil (2021: \u00a31.7m). Net losses on financial
liabilities at fair value through profit or loss amounted to \u00a3nil (2021: \u00a30.3m). Gains/(losses) on trade receivables
(measured at amortised cost) are shown in note 14.
29 Related party transactions
As in 2021, the Group did not enter into any related party transactions during the year, except as noted below.
As mentioned in the biographies in the Board of Directors on page 90, Sue Harris is a Non-Executive Director of
Schroder & Co. Limited and Chair of the Audit and Risk Committee of the Wealth Management Division. Another
Schroder Group company is one of the investment managers of the defined benefit section of the Clarkson PLC
pension scheme. In 2020, Jeff Woyda was appointed to the Board of Trustees of The Clarkson Foundation.
Compensation of key management personnel (including Directors)
There were no key management personnel in the Group apart from the Clarkson PLC Directors. Details of their
compensation are set out below.
2022
\u00a3m
2021
\u00a3m
Short-term employee benefits 12.1 7.5
Post-employment benefits 0.1 0.1
Share-based payments 1.1 1.0
13.3 8.6
Full remuneration details are provided in the Directors\u2019 Remuneration Report on pages 116 to 137.
30 Non-controlling interest
The non-controlling interest relates to 10 entities based in Norway, in the Financial segment.
Set out below is summarised financial information for the subsidiaries that have a non-controlling interest that are
material to the Group.
Clarksons
Project
Finance AS
2022
\u00a3m
*Clarksons
Platou Project
Finance AS
2021
\u00a3m
Summarised balance sheet
Non-current assets 0.1 0.1
Current assets 6.8 10.0
Current liabilities (3.1) (11.4)
Net current assets 3.7 (1.4)
Non-current liabilities (1.9) \u2013
Net assets 1.9 (1.3)
Accumulated non-controlling interest 1.3 0.9
Non-controlling equity interest 66.11% 68.98%
Summarised statement of comprehensive income
Revenue 12.4 14.8
Profit for the period 4.0 4.7
Profit attributable to non-controlling interest 2.6 3.2
Dividends paid to non-controlling interest (1.5) (2.5)
Summarised statement of cash flows
Cash flows from operating activities 0.4 7.0
Cash flows from investing activities 2.5 (2.5)
Cash flows from financing activities (3.0) (6.7)
Total net cash outflow (0.1) (2.2)
* During the year Clarksons Platou Project Finance AS changed its name to Clarksons Project Finance AS.
In 2022 there was a re-organisation of the non-controlling entities to ensure retention of key personnel in Project
Finance, resulting in a \u00a31.3m contribution to non-controlling interests. Following the required series of transactions,
there was no material change to the Group\u2019s overall control of the entities involved.
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"fact-409": {
"value": "2 Statement of accounting policies 2.1 Basis of preparation The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 December 2022. Additional accounting policies for the Parent Company are set out in note A. The financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds sterling (\u00a30.1m) except when otherwise indicated. The consolidated income statement is shown in columnar format to assist with understanding the Group\u2019s results by presenting profit for the year before acquisition- related costs; this is referred to as \u2018underlying profit\u2019. The column \u2018acquisition-related costs\u2019 includes the amortisation of acquired intangible assets, the costs of acquiring new businesses and the expensing of the cash and share-based elements of consideration linked to ongoing employment obligations on acquisitions. These notes form an integral part of the financial statements on pages 151 to 193. Statement of compliance The consolidated financial statements of the Clarkson PLC Group have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and the Disclosure Guidance and Transparency Rules Sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and fair value through other comprehensive income. The Group has considerable financial resources available to it, a strong balance sheet and has consistently generated a profit and good cash inflows. As a result of this, the Directors believe that the Group is well placed to manage its business risks successfully, despite the challenging market backdrop and geo-political tensions. Management has stress tested a range of scenarios, modelling different assumptions with respect to the Group\u2019s cash resources. Three different scenarios were considered: \u2212 Management modelled the impact of a reduction in profitability to \u00a330m (a level of profit the Group has exceeded in every year since 2013), whilst taking no mitigating actions: the Group remained cash generative before dividends. \u2212 Management assessed the impact of a significant reduction in world seaborne trade similar to that experienced in the global financial crisis in 2008 and the pandemic in 2020: seaborne trade recovered in 2009 and 2021 along with the profitability of the Group. Since 1990 no two consecutive years have seen reductions in world seaborne trade. \u2212 Management undertook a reverse stress test over a period of three years to determine what it might take for the Group to encounter financial difficulties. This test was based on current levels of overheads, the net cash and available funds position at 31 December 2022, the collection of debts and the invoicing and collection of the forward order book. This test determined that, in the absence of any mitigating action which would be applied in these circumstances, no new business would be required to remain cash positive for at least the next 12 months. Under the first two scenarios, the Group is able to generate profits and cash, and has positive net cash and available funds* available to it. In the third scenario, current net cash and available funds* together with the collection of debts and the forward order book would leave sufficient cash resources to cover at least the next 12 months without any new business. Accordingly, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for at least the next 12 months. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Except where noted, the accounting policies set out in this note have been applied consistently to all periods presented in these consolidated financial statements. Basis of consolidation The Group\u2019s consolidated financial statements incorporate the results and net assets of Clarkson PLC and all its subsidiary undertakings made up to 31 December each year. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are unconsolidated from the date that control ceases. See note W to the Parent Company financial statements for full details on subsidiaries. 2 Statement of accounting policies continued Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation, however for the purposes of segmental reporting, internal recharges are included within the appropriate segments. Presentation of cash flow statement Following correspondence this year with the Corporate Reporting Review Team of the Financial Reporting Council (\u2018FRC\u2019), we have agreed to restate the cash flows relating to certain equity-settled liabilities within the Consolidated Cash Flow Statement both within \u2018net cash flow from operating activities\u2019 and \u2018financing activities\u2019. We have restated the Consolidated Cash Flow Statement for the year ended 31 December 2021 to add back \u00a311.3m of equity-settled liabilities payments as \u2018operating activities\u2019 in the line \u2018increase in bonus accrual\u2019 and deduct \u00a311.3m of shares acquired by the ESOP as \u2018financing activities\u2019. Cash flow statement 2021 As previously presented \u00a3m Adjustment \u00a3m Restated \u00a3m Net cash flow from operating activities 113.8 11.3 125.1 Net cash flow from financing activities (39.9) (11.3) (51.2) This presentation has also been adopted for the year ended 31 December 2022. There is no net impact upon the cash flow statement overall and there is no impact on any balance sheet or income statement figures. The review conducted by the FRC was based solely on the Group\u2019s published 2021 Annual Report and does not provide any assurance that the report is correct in all material respects. 2.2 Changes in accounting policy and disclosures New and amended standards adopted by the Group The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u2212 Annual Improvements to IFRS Standards 2018-2020; and \u2212 Reference to the Conceptual Framework \u2013Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations issued but not yet effective for the financial year beginning 1 January 2022 and not early adopted Certain new accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 2.3 Critical accounting judgements and estimates The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements. Judgements Revenue recognition IFRS 15 \u2018Revenue from Contracts with Customers\u2019 requires the Group to assess its revenue streams, including whether the recognition of revenue should be at a \u2018point in time\u2019 or \u2018over time\u2019. Where revenue is at a point in time, a judgement is also required as to at what point this is. The Group has defined and determined its performance obligations, which continues to be the successful satisfaction of the negotiated contract between counterparties and therefore recognises revenue at this point in time. This is a critical judgement, since if the performance obligation was deemed to be satisfied at an earlier point or over time, the revenue recognition would differ. In addition, for certain clients, the Group considers that there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. The Group continues to trade with such clients which are deemed to be key market participants or preferred counterparties for certain transactions. At the point of revenue recognition, these amounts are invoiced but provisions are made which directly offset against revenue, on the basis consideration is not certain. See note 2.19 for further details. 2 Statement of accounting policies continued Alternative performance measures The Group excludes adjusting items (acquisition-related costs) from its underlying earnings measure. The Directors believe that alternative performance measures can provide users of the financial statements with a better understanding of the Group\u2019s underlying financial performance, if used properly. If improperly used and presented, these measures could mislead the users of the financial statements by obscuring the real profitability and financial position of the Group. Directors\u2019 judgement is required as to what items qualify for this classification. Further details are included on pages 214 and 215. Recognition of software assets A judgement is made regarding the decision to capitalise expenditure on the balance sheet relating to the development of software assets across the Group in accordance with IAS 38. This includes considering if the future economic benefit from the asset can be readily identified and estimated and will flow to the relevant entity in the Group. Once capitalised, a further judgement is made to determine the point at which the software becomes fully operational and thus when the asset will begin to be amortised through the income statement over its useful economic life. IFRS 16 \u2018Leases\u2019 Key judgements made in calculating the initial measurement include determining the lease term where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated), such as for options with renewal dates in the next 12 months. A judgement is made at the commencement of a lease as to whether elements of the contract are lease components or non-lease components. If an element does not convey the right to control the use of an identified asset for a period of time in exchange for consideration then this is treated as a non-lease component. The most significant non-lease component attributable to the Group is service charges. Estimation uncertainty The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: Impairment of trade receivables Trade receivables are amounts due from customers in the ordinary course of business. Trade receivables are classified as current assets if collection is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current assets. The provision for impairment of receivables represents management\u2019s best estimate of expected credit losses to arise on trade receivables at the balance sheet date. Determining the amount of the provision includes analysis of specific customers\u2019 creditworthiness which may be impaired as indicated by the age of the invoice, the existence of any disputes, recent historical payment patterns and any known information regarding the client\u2019s financial position. In a limited number of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing (see Judgements: Revenue recognition on page 156). For clients where a specific provision is not recognised, management is required to estimate expected credit losses in accordance with IFRS 9 \u2018Financial Instruments\u2019. This estimate takes into account the Group\u2019s history of bad debt write-offs and extended unpaid invoices for each of its segments and also views on market conditions both for certain business lines and territories. Determining the amount of a provision for impairment is inherently challenging and in a given year there is a risk this estimate may materially change in the following year, either due to successful, unforeseen collections or sudden deterioration or failures of clients. This is therefore deemed to be a critical accounting estimate. See note 14 for further details. Impairment testing of goodwill Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash-generating units to which assets on the balance sheet have been allocated. The value-in-use calculation requires estimation of future cash flows expected to arise for the cash-generating unit, the selection of suitable discount rates and the estimation of future growth rates. As determining such assumptions is inherently uncertain and subject to future factors, there is the potential that these may differ in subsequent periods. See note 13 for further details. Employee benefits The determination of the Group\u2019s defined benefit obligation depends on certain assumptions, such as the selection of the discount rate, inflation rates and mortality rates. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group\u2019s financial statements within the next year. See note 22 for further details. 2 Statement of accounting policies continued 2.4 Property, plant and equipment Land held for use in the production or supply of goods or services, or for administrative purposes, is stated on the balance sheet at its historic cost. Freehold and long leasehold properties, leasehold improvements, office furniture and equipment and motor vehicles are recorded at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset. Land is not depreciated. Depreciation on other assets is charged on a straight-line basis over the estimated useful life (after allowing for estimated residual value based on current prices) of the asset, and is charged from the time an asset becomes available for its intended use. Estimated useful lives are as follows: Freehold and long leasehold properties 10\u201360 years Leasehold improvements Over the period of the lease Office furniture and equipment 2\u201310 years Motor vehicles 4\u20135 years Estimates of useful lives and residual scrap values are assessed annually. At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. 2.5 Investment properties Land and buildings held for long-term investment and to earn rental income are classified as investment properties. Investment properties are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Estimated useful lives are as follows: Investment properties 60 years In addition to historical cost accounting, the Directors have also presented, through additional narrative, the fair value of the investment properties in note 10. 2.6 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. All transaction costs are expensed in the income statement as incurred. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units identified according to operating segment. 2.7 Intangible assets Separately acquired intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. Costs incurred on development projects, relating to the introduction or design of new systems or improvement of the existing systems, are only capitalised as intangible assets if capitalisation criteria under IAS 38 \u2018Intangible Assets\u2019 are met; that is, where the related expenditure is separately identifiable, the costs are measurable and management is satisfied as to the ultimate technical and commercial viability of the project such that it will generate future economic benefits based on all relevant available information. Capitalised development costs are amortised from the date the system is fully operational over their expected useful lives (not exceeding five years). Other costs linked to development projects that do not meet the above criteria such as data population, research expenditure and staff training costs are recognised within administrative expenses as incurred. Costs incurred in the provision and implementation of Software as a Service (\u2018SaaS\u2019) agreements, including subscriptions, software configuration and customisation, data migration, testing and training are expensed in the income statement as incurred. To the extent that a SaaS agreement has a separately identifiable intangible asset that is material, the costs are capitalised until the software application use commences and then amortised over their expected useful life (not exceeding five years). Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement within administrative expenses. Intangible assets are amortised as follows: Trade name and non-contractual commercial relationships Amortisation is calculated using estimates of revenues generated by each asset over their estimated useful lives which is typically up to five years. 2 Statement of accounting policies continued Forward order book on acquisition Amortisation is calculated based on expected future cash flows estimated to be up to five years. Development costs Amortisation is calculated from the point at which the asset is ready for use, over the estimated useful life which is typically five years. 2.8 Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs to sell and its value-in-use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other available fair value indicators. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Goodwill The Group assesses whether there are any indicators that goodwill is impaired at each reporting date. Goodwill is tested for impairment annually. Impairment of goodwill is determined by assessing the recoverable amount of the cash-generating units to which the goodwill relates. Where the recoverable amount of the cash-generating units is less than their carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. The Group performs its annual impairment test of goodwill as at 31 December. 2.9 Investments and other financial assets Classification Financial assets within the scope of IFRS 9 \u2018Financial Instruments\u2019 are classified as financial assets at fair value through profit or loss (\u2018FVPL\u2019), financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) and financial assets at amortised cost. The Group determines the classification of its financial assets on initial recognition, taking into account the purpose for which the financial assets were acquired. Financial assets at fair value through profit or loss (\u2018 F VPL\u2019 ) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance revenue or finance costs. Any interest or dividend income are recognised in profit or loss in finance revenue or finance costs. No assets were so designated at initial recognition of IFRS 9. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. Recognition and measurement Fair value The fair value of investments in equity instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such valuation techniques include using recent arm\u2019s-length market transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models. Amortised cost Loans and receivables are measured at amortised cost. This is computed using the effective interest method less any allowance for impairment. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. 2 Statement of accounting policies continued 2.10 Impairment of financial assets The Group assesses at each balance sheet date whether a financial asset or group of financial assets is impaired. Assets carried at amortised cost Impairment losses for trade receivables are recognised within revenue to the extent there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. A provision for impairment is made when there is objective evidence that the Group will not be able to collect all of the amounts due. The provision is determined with reference to specific analysis of increased credit loss risk for clients and lifetime expected credit losses applied to all other trade receivables (the simplified approach). The carrying amount of the receivable is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as uncollectable. 2.11 Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (\u2018FIFO\u2019) method and excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. 2.12 Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of between one day and three months. 2.13 Derivative financial instruments and hedge accounting The Group uses various derivative financial instruments to reduce exposure to foreign exchange movements. These can include foreign currency contracts and currency options. All derivative financial instruments are initially recognised on the balance sheet at their fair value adjusted for transaction costs. The fair values of financial instrument derivatives are determined by reference to quoted prices in an active market. The method of recognising the movements in the fair value of the derivative depends on whether the instrument has been designated as a hedging instrument (determined with reference to IFRS 9 \u2018Financial Instruments\u2019) and, if so, the cash flow being hedged. To qualify for hedge accounting, the terms of the hedge must be clearly documented at inception and there must be an expectation that the derivative will be highly effective in offsetting changes in the cash flow of the hedged risk. Hedge effectiveness is tested throughout the life of the hedge and if at any point it is concluded that the relationship can no longer be expected to remain highly effective in achieving its objective, the hedge relationship is terminated. The Group designates the hedged risk as movements in the spot rate, with changes in the forward rate recognised in other comprehensive income. Gains and losses on financial instrument derivatives which qualify for hedge accounting are recognised according to the nature of the hedge relationship and the item being hedged. Cash flow hedges: derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to changes in cash flows attributable to a particular asset or liability or a highly probable forecast transaction. Gains or losses on designated cash flow hedges are recognised directly in equity in other comprehensive income, to the extent that they are determined to be effective. Any remaining portion of the gain or loss is recognised immediately in the income statement. On recognition of the hedged asset or liability, any gains or losses that had previously been recognised directly in equity are included in the initial measurement of the fair value of the asset or liability. 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 in equity remains there and is recognised in the income statement when the forecast transaction is ultimately recognised. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement and reported in revenue. Where financial instrument derivatives do not qualify for hedge accounting, changes in the fair market value are recognised immediately in the income statement. 2.14 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 2.15 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to 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 any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. 2 Statement of accounting policies continued 2.16 Employee benefits The Group operates various post-employment schemes, including both defined contribution and defined benefit pension plans. Defined contribution plans For defined contribution plans, the Group pays contributions to publicly or privately administered pension arrangements on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Defined benefit plans Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The asset/liability recognised in the balance sheet in respect of defined benefit pension plans is the difference between the present value of the defined benefit obligation at the end of the reporting period and the fair value of plan assets. Where the Group does not have an unconditional right to a scheme\u2019s surplus, this asset is not recognised in the balance sheet. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs are recognised immediately in administrative expenses. The net interest revenue/cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This revenue/cost is included in other finance revenue \u2013 pensions in the income statement. 2.17 Share-based payment transactions Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby consideration is received in the form of equity instruments for services rendered (equity-settled transactions). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value of these awards were valued using either a Monte Carlo valuation model or a Black-Scholes model, depending on the type of award being valued. See note 21 for further details. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognised at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share. See note 7 for further details. The social security contributions payable in connection with the share options are considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction. 2.18 Share capital Ordinary shares are recognised in equity as share capital at their nominal value. The difference between consideration received and the nominal value is recognised in the share premium account, except when applying the merger relief provision of the Companies Act 2006. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds. Company shares held in trust in connection with the Group\u2019s employee share schemes are deducted from consolidated shareholders\u2019 equity. Purchases, sales and transfers of the Company\u2019s shares are disclosed as changes in consolidated shareholders\u2019 equity. The assets and liabilities of the trusts are consolidated in full into the Group\u2019s consolidated financial statements. 2.19 Revenue recognition Revenue is recognised in accordance with satisfaction of performance obligations of contracts. Broking Shipbroking and offshore revenue consists of commission receivable and is predominantly recognised at a point in time. The point in time is deemed to be when the underlying parties to the transaction have completed their respective obligations and successfully fulfilled the contract between them as brokered and overseen by Clarksons. 2 Statement of accounting policies continued The transaction price is fixed and determined with reference to the contracted commission rate for the broker. Broking revenue contracts vary, with certain contracts having a single performance obligation and others, such as newbuilds, containing multiple performance obligations. In the case of single performance obligation contracts, the transaction is allocated wholly against that performance obligation. In the case of multiple performance obligation contracts, the transaction price is allocated with reference to the agreed stages of completion in the underlying contract. The price for such stages is agreed between the underlying counterparties and Clarksons\u2019 commission is derived as a percentage of this. The stage of completion is deemed a reasonable proxy for the allocation of the total consideration transaction price to performance obligations in the contract. Time charter commission revenue is recognised over time in line with the period of time for which the vessel is being chartered, which is deemed to be the most faithful representation of the service provided over the period of the contract. The transaction price is apportioned evenly over the life of the charter per the contract. Futures broking commissions are recognised when the services have been performed. Financial Revenue consists of commissions and fees receivable from financial services activities. Fees from investment banking activities, syndication and other financial solutions are recognised at a point in time, on a success basis, when certain criteria in applicable agreements have been met. Financial revenue usually involves a single performance obligation (being successful execution of the relevant financial services activity). The transaction price is allocated wholly to the point in time when this performance obligation is satisfied. The transaction price usually is determined as a fixed percentage of the underlying financial services transaction. Support Agency income is recognised at a point in time when vessels arrive in port. The transaction price is clearly defined in the contract as the fee for providing the service and an agreed charge is made for disbursements, if applicable. Revenue from the sale of goods is recognised on delivery of goods to the customer. The transaction price is clearly defined in the sales order for each product ordered. Port services income is recognised on the vessel load or discharge completion date and stores rent on an over time basis. The transaction price is clearly defined in the contract as the fee per tonne of product loaded, stored or discharged. Freight forwarding income is recognised on the date of dispatch of goods or services. The transaction price is clearly defined as per the quote provided to the customer for the storage or transportation of goods. The transaction price is allocated wholly to the performance obligation. Research Revenue comprises both fees for one-off projects, which are recognised as and when services are performed, and sales of shipping publications and other information, which is recognised when the research products are delivered. Subscriptions to periodicals and other information are recognised over time, which is determined with reference to the subscription period and therefore the most faithful representation of how the client consumes the benefit. The transaction price is agreed in the contract and is on a per product basis and either recognised wholly at a point in time, or in the case of subscriptions, it is spread evenly over the subscription period. The transaction price is allocated wholly to the performance obligation. Contract assets/liabilities Except for Research, which is generally invoiced in advance, invoicing typically aligns with the timing that performance obligations are satisfied. Payment terms are set out in note 14. At the year-end, there may be amounts where invoices have not been raised but performance obligations are deemed satisfied. These are recognised as contract assets and mainly arise in Broking and Financial. In Research, amounts invoiced ahead of performance obligations being satisfied are included as contract liabilities. 2.20 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group considers the executive members of the Company\u2019s Board to be the chief operating decision maker. Transactions between operating segments are at arm\u2019s length. 2.21 Foreign currencies Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates as at the date when the fair value was determined. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into pounds sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period as an approximation of rates prevailing at the date of the transaction. Exchange differences arising, if any, are recognised in the consolidated statement of comprehensive income and transferred to the Group\u2019s currency translation reserve. Such translation differences are recognised as income or expense in the period in which an operation is disposed. Cumulative translation differences have been set to zero at the date of transition to IFRS. 2 Statement of accounting policies continued Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 2.22 Taxation Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Current income tax is recognised in the income statement, except on items relating to equity, in which case the related current income tax is recognised directly in equity. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2212 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2212 in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2212 where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2212 in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority, where there is an intention to settle the balances on a net basis. 2.23 Leases The Group as lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight- line basis over the term of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the lessee\u2019s incremental borrowing rate, as the rate implicit in the lease cannot be readily determined. The incremental borrowing rate is based on the rate payable for loans of a similar term and asset value, or from a series of inputs including government bond yields and adjustments to take into account entity-specific risk profiles. Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an index or rate; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) if one of the following occurs: \u2212 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2212 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate. \u2212 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Non-lease components are charged to the income statement in line with the services being provided. The right-of-use assets comprise the initial measurement of the corresponding lease liability less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation. Whenever the Group incurs an obligation for costs to restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 with a corresponding entry within the related right-of-use asset. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset and starts at the commencement date of the lease. See note 2.8 for the policy on impairment. The Group as lessor The Group enters into lease agreements as a lessor with respect to some of its investment properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. All of the Group\u2019s leases are classified as operating leases with rental income from these leases recognised on a straight-line basis over the term of the relevant lease. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-411": {
"value": "2.1 Basis of preparation The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 December 2022. Additional accounting policies for the Parent Company are set out in note A. The financial statements are presented in pounds sterling and all values are rounded to the nearest one hundred thousand pounds sterling (\u00a30.1m) except when otherwise indicated. The consolidated income statement is shown in columnar format to assist with understanding the Group\u2019s results by presenting profit for the year before acquisition- related costs; this is referred to as \u2018underlying profit\u2019. The column \u2018acquisition-related costs\u2019 includes the amortisation of acquired intangible assets, the costs of acquiring new businesses and the expensing of the cash and share-based elements of consideration linked to ongoing employment obligations on acquisitions. These notes form an integral part of the financial statements on pages 151 to 193. Statement of compliance The consolidated financial statements of the Clarkson PLC Group have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and the Disclosure Guidance and Transparency Rules Sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and fair value through other comprehensive income. The Group has considerable financial resources available to it, a strong balance sheet and has consistently generated a profit and good cash inflows. As a result of this, the Directors believe that the Group is well placed to manage its business risks successfully, despite the challenging market backdrop and geo-political tensions. Management has stress tested a range of scenarios, modelling different assumptions with respect to the Group\u2019s cash resources. Three different scenarios were considered: \u2212 Management modelled the impact of a reduction in profitability to \u00a330m (a level of profit the Group has exceeded in every year since 2013), whilst taking no mitigating actions: the Group remained cash generative before dividends. \u2212 Management assessed the impact of a significant reduction in world seaborne trade similar to that experienced in the global financial crisis in 2008 and the pandemic in 2020: seaborne trade recovered in 2009 and 2021 along with the profitability of the Group. Since 1990 no two consecutive years have seen reductions in world seaborne trade. \u2212 Management undertook a reverse stress test over a period of three years to determine what it might take for the Group to encounter financial difficulties. This test was based on current levels of overheads, the net cash and available funds position at 31 December 2022, the collection of debts and the invoicing and collection of the forward order book. This test determined that, in the absence of any mitigating action which would be applied in these circumstances, no new business would be required to remain cash positive for at least the next 12 months. Under the first two scenarios, the Group is able to generate profits and cash, and has positive net cash and available funds* available to it. In the third scenario, current net cash and available funds* together with the collection of debts and the forward order book would leave sufficient cash resources to cover at least the next 12 months without any new business. Accordingly, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for at least the next 12 months. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Except where noted, the accounting policies set out in this note have been applied consistently to all periods presented in these consolidated financial statements. Basis of consolidation The Group\u2019s consolidated financial statements incorporate the results and net assets of Clarkson PLC and all its subsidiary undertakings made up to 31 December each year. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are unconsolidated from the date that control ceases. See note W to the Parent Company financial statements for full details on subsidiaries. 2 Statement of accounting policies continued Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation, however for the purposes of segmental reporting, internal recharges are included within the appropriate segments. Presentation of cash flow statement Following correspondence this year with the Corporate Reporting Review Team of the Financial Reporting Council (\u2018FRC\u2019), we have agreed to restate the cash flows relating to certain equity-settled liabilities within the Consolidated Cash Flow Statement both within \u2018net cash flow from operating activities\u2019 and \u2018financing activities\u2019. We have restated the Consolidated Cash Flow Statement for the year ended 31 December 2021 to add back \u00a311.3m of equity-settled liabilities payments as \u2018operating activities\u2019 in the line \u2018increase in bonus accrual\u2019 and deduct \u00a311.3m of shares acquired by the ESOP as \u2018financing activities\u2019. Cash flow statement 2021 As previously presented \u00a3m Adjustment \u00a3m Restated \u00a3m Net cash flow from operating activities 113.8 11.3 125.1 Net cash flow from financing activities (39.9) (11.3) (51.2) This presentation has also been adopted for the year ended 31 December 2022. There is no net impact upon the cash flow statement overall and there is no impact on any balance sheet or income statement figures. The review conducted by the FRC was based solely on the Group\u2019s published 2021 Annual Report and does not provide any assurance that the report is correct in all material respects. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "Statement of compliance The consolidated financial statements of the Clarkson PLC Group have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and the Disclosure Guidance and Transparency Rules Sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and fair value through other comprehensive income. The Group has considerable financial resources available to it, a strong balance sheet and has consistently generated a profit and good cash inflows. As a result of this, the Directors believe that the Group is well placed to manage its business risks successfully, despite the challenging market backdrop and geo-political tensions. Management has stress tested a range of scenarios, modelling different assumptions with respect to the Group\u2019s cash resources. Three different scenarios were considered: \u2212 Management modelled the impact of a reduction in profitability to \u00a330m (a level of profit the Group has exceeded in every year since 2013), whilst taking no mitigating actions: the Group remained cash generative before dividends. \u2212 Management assessed the impact of a significant reduction in world seaborne trade similar to that experienced in the global financial crisis in 2008 and the pandemic in 2020: seaborne trade recovered in 2009 and 2021 along with the profitability of the Group. Since 1990 no two consecutive years have seen reductions in world seaborne trade. \u2212 Management undertook a reverse stress test over a period of three years to determine what it might take for the Group to encounter financial difficulties. This test was based on current levels of overheads, the net cash and available funds position at 31 December 2022, the collection of debts and the invoicing and collection of the forward order book. This test determined that, in the absence of any mitigating action which would be applied in these circumstances, no new business would be required to remain cash positive for at least the next 12 months. Under the first two scenarios, the Group is able to generate profits and cash, and has positive net cash and available funds* available to it. In the third scenario, current net cash and available funds* together with the collection of debts and the forward order book would leave sufficient cash resources to cover at least the next 12 months without any new business. Accordingly, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for at least the next 12 months. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Except where noted, the accounting policies set out in this note have been applied consistently to all periods presented in these consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "Basis of consolidation The Group\u2019s consolidated financial statements incorporate the results and net assets of Clarkson PLC and all its subsidiary undertakings made up to 31 December each year. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are unconsolidated from the date that control ceases. See note W to the Parent Company financial statements for full details on subsidiaries. 2 Statement of accounting policies continued Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation, however for the purposes of segmental reporting, internal recharges are included within the appropriate segments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "2.2 Changes in accounting policy and disclosures New and amended standards adopted by the Group The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u2212 Annual Improvements to IFRS Standards 2018-2020; and \u2212 Reference to the Conceptual Framework \u2013Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations issued but not yet effective for the financial year beginning 1 January 2022 and not early adopted Certain new accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "New and amended standards adopted by the Group The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u2212 Annual Improvements to IFRS Standards 2018-2020; and \u2212 Reference to the Conceptual Framework \u2013Amendments to IFRS 3. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations issued but not yet effective for the financial year beginning 1 January 2022 and not early adopted Certain new accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "2.3 Critical accounting judgements and estimates The following are the critical accounting judgements, apart from those involving estimations (dealt with separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements. Judgements Revenue recognition IFRS 15 \u2018Revenue from Contracts with Customers\u2019 requires the Group to assess its revenue streams, including whether the recognition of revenue should be at a \u2018point in time\u2019 or \u2018over time\u2019. Where revenue is at a point in time, a judgement is also required as to at what point this is. The Group has defined and determined its performance obligations, which continues to be the successful satisfaction of the negotiated contract between counterparties and therefore recognises revenue at this point in time. This is a critical judgement, since if the performance obligation was deemed to be satisfied at an earlier point or over time, the revenue recognition would differ. In addition, for certain clients, the Group considers that there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. The Group continues to trade with such clients which are deemed to be key market participants or preferred counterparties for certain transactions. At the point of revenue recognition, these amounts are invoiced but provisions are made which directly offset against revenue, on the basis consideration is not certain. See note 2.19 for further details. 2 Statement of accounting policies continued Alternative performance measures The Group excludes adjusting items (acquisition-related costs) from its underlying earnings measure. The Directors believe that alternative performance measures can provide users of the financial statements with a better understanding of the Group\u2019s underlying financial performance, if used properly. If improperly used and presented, these measures could mislead the users of the financial statements by obscuring the real profitability and financial position of the Group. Directors\u2019 judgement is required as to what items qualify for this classification. Further details are included on pages 214 and 215. Recognition of software assets A judgement is made regarding the decision to capitalise expenditure on the balance sheet relating to the development of software assets across the Group in accordance with IAS 38. This includes considering if the future economic benefit from the asset can be readily identified and estimated and will flow to the relevant entity in the Group. Once capitalised, a further judgement is made to determine the point at which the software becomes fully operational and thus when the asset will begin to be amortised through the income statement over its useful economic life. IFRS 16 \u2018Leases\u2019 Key judgements made in calculating the initial measurement include determining the lease term where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated), such as for options with renewal dates in the next 12 months. A judgement is made at the commencement of a lease as to whether elements of the contract are lease components or non-lease components. If an element does not convey the right to control the use of an identified asset for a period of time in exchange for consideration then this is treated as a non-lease component. The most significant non-lease component attributable to the Group is service charges. Estimation uncertainty The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: Impairment of trade receivables Trade receivables are amounts due from customers in the ordinary course of business. Trade receivables are classified as current assets if collection is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current assets. The provision for impairment of receivables represents management\u2019s best estimate of expected credit losses to arise on trade receivables at the balance sheet date. Determining the amount of the provision includes analysis of specific customers\u2019 creditworthiness which may be impaired as indicated by the age of the invoice, the existence of any disputes, recent historical payment patterns and any known information regarding the client\u2019s financial position. In a limited number of circumstances, where doubt exists as to the ability to collect payment, a provision is made at the time of invoicing (see Judgements: Revenue recognition on page 156). For clients where a specific provision is not recognised, management is required to estimate expected credit losses in accordance with IFRS 9 \u2018Financial Instruments\u2019. This estimate takes into account the Group\u2019s history of bad debt write-offs and extended unpaid invoices for each of its segments and also views on market conditions both for certain business lines and territories. Determining the amount of a provision for impairment is inherently challenging and in a given year there is a risk this estimate may materially change in the following year, either due to successful, unforeseen collections or sudden deterioration or failures of clients. This is therefore deemed to be a critical accounting estimate. See note 14 for further details. Impairment testing of goodwill Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash-generating units to which assets on the balance sheet have been allocated. The value-in-use calculation requires estimation of future cash flows expected to arise for the cash-generating unit, the selection of suitable discount rates and the estimation of future growth rates. As determining such assumptions is inherently uncertain and subject to future factors, there is the potential that these may differ in subsequent periods. See note 13 for further details. Employee benefits The determination of the Group\u2019s defined benefit obligation depends on certain assumptions, such as the selection of the discount rate, inflation rates and mortality rates. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group\u2019s financial statements within the next year. See note 22 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "2.4 Property, plant and equipment Land held for use in the production or supply of goods or services, or for administrative purposes, is stated on the balance sheet at its historic cost. Freehold and long leasehold properties, leasehold improvements, office furniture and equipment and motor vehicles are recorded at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset. Land is not depreciated. Depreciation on other assets is charged on a straight-line basis over the estimated useful life (after allowing for estimated residual value based on current prices) of the asset, and is charged from the time an asset becomes available for its intended use. Estimated useful lives are as follows: Freehold and long leasehold properties 10\u201360 years Leasehold improvements Over the period of the lease Office furniture and equipment 2\u201310 years Motor vehicles 4\u20135 years Estimates of useful lives and residual scrap values are assessed annually. At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "2.5 Investment properties Land and buildings held for long-term investment and to earn rental income are classified as investment properties. Investment properties are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Estimated useful lives are as follows: Investment properties 60 years In addition to historical cost accounting, the Directors have also presented, through additional narrative, the fair value of the investment properties in note 10. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-484": {
"value": "2.6 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. All transaction costs are expensed in the income statement as incurred. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units identified according to operating segment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "2.6 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. All transaction costs are expensed in the income statement as incurred. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units identified according to operating segment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "2.6 Business combinations and goodwill Business combinations are accounted for using the acquisition method. Goodwill is initially measured at cost being the excess of the cost of the business combination over the Group\u2019s share in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. All transaction costs are expensed in the income statement as incurred. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in the income statement. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units identified according to operating segment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "2.7 Intangible assets Separately acquired intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. Costs incurred on development projects, relating to the introduction or design of new systems or improvement of the existing systems, are only capitalised as intangible assets if capitalisation criteria under IAS 38 \u2018Intangible Assets\u2019 are met; that is, where the related expenditure is separately identifiable, the costs are measurable and management is satisfied as to the ultimate technical and commercial viability of the project such that it will generate future economic benefits based on all relevant available information. Capitalised development costs are amortised from the date the system is fully operational over their expected useful lives (not exceeding five years). Other costs linked to development projects that do not meet the above criteria such as data population, research expenditure and staff training costs are recognised within administrative expenses as incurred. Costs incurred in the provision and implementation of Software as a Service (\u2018SaaS\u2019) agreements, including subscriptions, software configuration and customisation, data migration, testing and training are expensed in the income statement as incurred. To the extent that a SaaS agreement has a separately identifiable intangible asset that is material, the costs are capitalised until the software application use commences and then amortised over their expected useful life (not exceeding five years). Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement within administrative expenses. Intangible assets are amortised as follows: Trade name and non-contractual commercial relationships Amortisation is calculated using estimates of revenues generated by each asset over their estimated useful lives which is typically up to five years. 2 Statement of accounting policies continued Forward order book on acquisition Amortisation is calculated based on expected future cash flows estimated to be up to five years. Development costs Amortisation is calculated from the point at which the asset is ready for use, over the estimated useful life which is typically five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "2.7 Intangible assets Separately acquired intangible assets are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. Costs incurred on development projects, relating to the introduction or design of new systems or improvement of the existing systems, are only capitalised as intangible assets if capitalisation criteria under IAS 38 \u2018Intangible Assets\u2019 are met; that is, where the related expenditure is separately identifiable, the costs are measurable and management is satisfied as to the ultimate technical and commercial viability of the project such that it will generate future economic benefits based on all relevant available information. Capitalised development costs are amortised from the date the system is fully operational over their expected useful lives (not exceeding five years). Other costs linked to development projects that do not meet the above criteria such as data population, research expenditure and staff training costs are recognised within administrative expenses as incurred. Costs incurred in the provision and implementation of Software as a Service (\u2018SaaS\u2019) agreements, including subscriptions, software configuration and customisation, data migration, testing and training are expensed in the income statement as incurred. To the extent that a SaaS agreement has a separately identifiable intangible asset that is material, the costs are capitalised until the software application use commences and then amortised over their expected useful life (not exceeding five years). Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement within administrative expenses. Intangible assets are amortised as follows: Trade name and non-contractual commercial relationships Amortisation is calculated using estimates of revenues generated by each asset over their estimated useful lives which is typically up to five years. 2 Statement of accounting policies continued Forward order book on acquisition Amortisation is calculated based on expected future cash flows estimated to be up to five years. Development costs Amortisation is calculated from the point at which the asset is ready for use, over the estimated useful life which is typically five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "2.8 Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of its fair value less costs to sell and its value-in-use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other available fair value indicators. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group makes an estimate of the recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Goodwill The Group assesses whether there are any indicators that goodwill is impaired at each reporting date. Goodwill is tested for impairment annually. Impairment of goodwill is determined by assessing the recoverable amount of the cash-generating units to which the goodwill relates. Where the recoverable amount of the cash-generating units is less than their carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. The Group performs its annual impairment test of goodwill as at 31 December. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "2.9 Investments and other financial assets Classification Financial assets within the scope of IFRS 9 \u2018Financial Instruments\u2019 are classified as financial assets at fair value through profit or loss (\u2018FVPL\u2019), financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) and financial assets at amortised cost. The Group determines the classification of its financial assets on initial recognition, taking into account the purpose for which the financial assets were acquired. Financial assets at fair value through profit or loss (\u2018 F VPL\u2019 ) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance revenue or finance costs. Any interest or dividend income are recognised in profit or loss in finance revenue or finance costs. No assets were so designated at initial recognition of IFRS 9. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. Recognition and measurement Fair value The fair value of investments in equity instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such valuation techniques include using recent arm\u2019s-length market transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models. Amortised cost Loans and receivables are measured at amortised cost. This is computed using the effective interest method less any allowance for impairment. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "2.9 Investments and other financial assets Classification Financial assets within the scope of IFRS 9 \u2018Financial Instruments\u2019 are classified as financial assets at fair value through profit or loss (\u2018FVPL\u2019), financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) and financial assets at amortised cost. The Group determines the classification of its financial assets on initial recognition, taking into account the purpose for which the financial assets were acquired. Financial assets at fair value through profit or loss (\u2018 F VPL\u2019 ) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance revenue or finance costs. Any interest or dividend income are recognised in profit or loss in finance revenue or finance costs. No assets were so designated at initial recognition of IFRS 9. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. Recognition and measurement Fair value The fair value of investments in equity instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such valuation techniques include using recent arm\u2019s-length market transactions, reference to the current market value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models. Amortised cost Loans and receivables are measured at amortised cost. This is computed using the effective interest method less any allowance for impairment. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-485": {
"value": "Financial assets at fair value through profit or loss (\u2018 F VPL\u2019 ) These assets are measured at fair value. Net gains and losses are recognised in profit or loss in finance revenue or finance costs. Any interest or dividend income are recognised in profit or loss in finance revenue or finance costs. No assets were so designated at initial recognition of IFRS 9. Financial assets at fair value through other comprehensive income (\u2018FVOCI\u2019) These assets are measured at fair value. Dividends are recognised when the entity\u2019s right to receive payment is established, it is probable the economic benefits will flow to the entity, and the amount can be measured reliably. Dividends are recognised in the income statement unless they clearly represent recovery of a part of the cost of the investment. Changes in fair value are recognised in other comprehensive income and are never recycled to the income statement, even if the asset is sold or impaired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-486": {
"value": "Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "2.10 Impairment of financial assets The Group assesses at each balance sheet date whether a financial asset or group of financial assets is impaired. Assets carried at amortised cost Impairment losses for trade receivables are recognised within revenue to the extent there is uncertainty at the time of invoicing as to whether the clients are capable of settling their invoices when due. A provision for impairment is made when there is objective evidence that the Group will not be able to collect all of the amounts due. The provision is determined with reference to specific analysis of increased credit loss risk for clients and lifetime expected credit losses applied to all other trade receivables (the simplified approach). The carrying amount of the receivable is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as uncollectable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "2.11 Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (\u2018FIFO\u2019) method and excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "2.12 Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of between one day and three months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "2.13 Derivative financial instruments and hedge accounting The Group uses various derivative financial instruments to reduce exposure to foreign exchange movements. These can include foreign currency contracts and currency options. All derivative financial instruments are initially recognised on the balance sheet at their fair value adjusted for transaction costs. The fair values of financial instrument derivatives are determined by reference to quoted prices in an active market. The method of recognising the movements in the fair value of the derivative depends on whether the instrument has been designated as a hedging instrument (determined with reference to IFRS 9 \u2018Financial Instruments\u2019) and, if so, the cash flow being hedged. To qualify for hedge accounting, the terms of the hedge must be clearly documented at inception and there must be an expectation that the derivative will be highly effective in offsetting changes in the cash flow of the hedged risk. Hedge effectiveness is tested throughout the life of the hedge and if at any point it is concluded that the relationship can no longer be expected to remain highly effective in achieving its objective, the hedge relationship is terminated. The Group designates the hedged risk as movements in the spot rate, with changes in the forward rate recognised in other comprehensive income. Gains and losses on financial instrument derivatives which qualify for hedge accounting are recognised according to the nature of the hedge relationship and the item being hedged. Cash flow hedges: derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to changes in cash flows attributable to a particular asset or liability or a highly probable forecast transaction. Gains or losses on designated cash flow hedges are recognised directly in equity in other comprehensive income, to the extent that they are determined to be effective. Any remaining portion of the gain or loss is recognised immediately in the income statement. On recognition of the hedged asset or liability, any gains or losses that had previously been recognised directly in equity are included in the initial measurement of the fair value of the asset or liability. 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 in equity remains there and is recognised in the income statement when the forecast transaction is ultimately recognised. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement and reported in revenue. Where financial instrument derivatives do not qualify for hedge accounting, changes in the fair market value are recognised immediately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "2.13 Derivative financial instruments and hedge accounting The Group uses various derivative financial instruments to reduce exposure to foreign exchange movements. These can include foreign currency contracts and currency options. All derivative financial instruments are initially recognised on the balance sheet at their fair value adjusted for transaction costs. The fair values of financial instrument derivatives are determined by reference to quoted prices in an active market. The method of recognising the movements in the fair value of the derivative depends on whether the instrument has been designated as a hedging instrument (determined with reference to IFRS 9 \u2018Financial Instruments\u2019) and, if so, the cash flow being hedged. To qualify for hedge accounting, the terms of the hedge must be clearly documented at inception and there must be an expectation that the derivative will be highly effective in offsetting changes in the cash flow of the hedged risk. Hedge effectiveness is tested throughout the life of the hedge and if at any point it is concluded that the relationship can no longer be expected to remain highly effective in achieving its objective, the hedge relationship is terminated. The Group designates the hedged risk as movements in the spot rate, with changes in the forward rate recognised in other comprehensive income. Gains and losses on financial instrument derivatives which qualify for hedge accounting are recognised according to the nature of the hedge relationship and the item being hedged. Cash flow hedges: derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to changes in cash flows attributable to a particular asset or liability or a highly probable forecast transaction. Gains or losses on designated cash flow hedges are recognised directly in equity in other comprehensive income, to the extent that they are determined to be effective. Any remaining portion of the gain or loss is recognised immediately in the income statement. On recognition of the hedged asset or liability, any gains or losses that had previously been recognised directly in equity are included in the initial measurement of the fair value of the asset or liability. 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 in equity remains there and is recognised in the income statement when the forecast transaction is ultimately recognised. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement and reported in revenue. Where financial instrument derivatives do not qualify for hedge accounting, changes in the fair market value are recognised immediately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "2.14 Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "2.15 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to 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 any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "2.16 Employee benefits The Group operates various post-employment schemes, including both defined contribution and defined benefit pension plans. Defined contribution plans For defined contribution plans, the Group pays contributions to publicly or privately administered pension arrangements on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Defined benefit plans Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The asset/liability recognised in the balance sheet in respect of defined benefit pension plans is the difference between the present value of the defined benefit obligation at the end of the reporting period and the fair value of plan assets. Where the Group does not have an unconditional right to a scheme\u2019s surplus, this asset is not recognised in the balance sheet. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs are recognised immediately in administrative expenses. The net interest revenue/cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This revenue/cost is included in other finance revenue \u2013 pensions in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "2.17 Share-based payment transactions Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby consideration is received in the form of equity instruments for services rendered (equity-settled transactions). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value of these awards were valued using either a Monte Carlo valuation model or a Black-Scholes model, depending on the type of award being valued. See note 21 for further details. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The profit or loss charge or credit for a period represents the movement in cumulative expense recognised at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share. See note 7 for further details. The social security contributions payable in connection with the share options are considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "2.18 Share capital Ordinary shares are recognised in equity as share capital at their nominal value. The difference between consideration received and the nominal value is recognised in the share premium account, except when applying the merger relief provision of the Companies Act 2006. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds. Company shares held in trust in connection with the Group\u2019s employee share schemes are deducted from consolidated shareholders\u2019 equity. Purchases, sales and transfers of the Company\u2019s shares are disclosed as changes in consolidated shareholders\u2019 equity. The assets and liabilities of the trusts are consolidated in full into the Group\u2019s consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "2.19 Revenue recognition Revenue is recognised in accordance with satisfaction of performance obligations of contracts. Broking Shipbroking and offshore revenue consists of commission receivable and is predominantly recognised at a point in time. The point in time is deemed to be when the underlying parties to the transaction have completed their respective obligations and successfully fulfilled the contract between them as brokered and overseen by Clarksons. 2 Statement of accounting policies continued The transaction price is fixed and determined with reference to the contracted commission rate for the broker. Broking revenue contracts vary, with certain contracts having a single performance obligation and others, such as newbuilds, containing multiple performance obligations. In the case of single performance obligation contracts, the transaction is allocated wholly against that performance obligation. In the case of multiple performance obligation contracts, the transaction price is allocated with reference to the agreed stages of completion in the underlying contract. The price for such stages is agreed between the underlying counterparties and Clarksons\u2019 commission is derived as a percentage of this. The stage of completion is deemed a reasonable proxy for the allocation of the total consideration transaction price to performance obligations in the contract. Time charter commission revenue is recognised over time in line with the period of time for which the vessel is being chartered, which is deemed to be the most faithful representation of the service provided over the period of the contract. The transaction price is apportioned evenly over the life of the charter per the contract. Futures broking commissions are recognised when the services have been performed. Financial Revenue consists of commissions and fees receivable from financial services activities. Fees from investment banking activities, syndication and other financial solutions are recognised at a point in time, on a success basis, when certain criteria in applicable agreements have been met. Financial revenue usually involves a single performance obligation (being successful execution of the relevant financial services activity). The transaction price is allocated wholly to the point in time when this performance obligation is satisfied. The transaction price usually is determined as a fixed percentage of the underlying financial services transaction. Support Agency income is recognised at a point in time when vessels arrive in port. The transaction price is clearly defined in the contract as the fee for providing the service and an agreed charge is made for disbursements, if applicable. Revenue from the sale of goods is recognised on delivery of goods to the customer. The transaction price is clearly defined in the sales order for each product ordered. Port services income is recognised on the vessel load or discharge completion date and stores rent on an over time basis. The transaction price is clearly defined in the contract as the fee per tonne of product loaded, stored or discharged. Freight forwarding income is recognised on the date of dispatch of goods or services. The transaction price is clearly defined as per the quote provided to the customer for the storage or transportation of goods. The transaction price is allocated wholly to the performance obligation. Research Revenue comprises both fees for one-off projects, which are recognised as and when services are performed, and sales of shipping publications and other information, which is recognised when the research products are delivered. Subscriptions to periodicals and other information are recognised over time, which is determined with reference to the subscription period and therefore the most faithful representation of how the client consumes the benefit. The transaction price is agreed in the contract and is on a per product basis and either recognised wholly at a point in time, or in the case of subscriptions, it is spread evenly over the subscription period. The transaction price is allocated wholly to the performance obligation. Contract assets/liabilities Except for Research, which is generally invoiced in advance, invoicing typically aligns with the timing that performance obligations are satisfied. Payment terms are set out in note 14. At the year-end, there may be amounts where invoices have not been raised but performance obligations are deemed satisfied. These are recognised as contract assets and mainly arise in Broking and Financial. In Research, amounts invoiced ahead of performance obligations being satisfied are included as contract liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "2.20 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group considers the executive members of the Company\u2019s Board to be the chief operating decision maker. Transactions between operating segments are at arm\u2019s length. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "2.21 Foreign currencies Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates as at the date when the fair value was determined. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into pounds sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period as an approximation of rates prevailing at the date of the transaction. Exchange differences arising, if any, are recognised in the consolidated statement of comprehensive income and transferred to the Group\u2019s currency translation reserve. Such translation differences are recognised as income or expense in the period in which an operation is disposed. Cumulative translation differences have been set to zero at the date of transition to IFRS. 2 Statement of accounting policies continued Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "2.22 Taxation Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Current income tax is recognised in the income statement, except on items relating to equity, in which case the related current income tax is recognised directly in equity. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2212 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2212 in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2212 where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2212 in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority, where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences, except: \u2212 where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2212 in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2212 where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2212 in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority, where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "2.23 Leases The Group as lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight- line basis over the term of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the lessee\u2019s incremental borrowing rate, as the rate implicit in the lease cannot be readily determined. The incremental borrowing rate is based on the rate payable for loans of a similar term and asset value, or from a series of inputs including government bond yields and adjustments to take into account entity-specific risk profiles. Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an index or rate; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) if one of the following occurs: \u2212 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2212 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate. \u2212 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Non-lease components are charged to the income statement in line with the services being provided. The right-of-use assets comprise the initial measurement of the corresponding lease liability less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation. Whenever the Group incurs an obligation for costs to restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 with a corresponding entry within the related right-of-use asset. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset and starts at the commencement date of the lease. See note 2.8 for the policy on impairment. The Group as lessor The Group enters into lease agreements as a lessor with respect to some of its investment properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. All of the Group\u2019s leases are classified as operating leases with rental income from these leases recognised on a straight-line basis over the term of the relevant lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "3 Revenue and expenses 2022 \u00a3m 2021 \u00a3m Revenue Revenue from contracts with customers 603.4 443.0 Revenue from other sources: rental income 0.4 0.3 603.8 443.3 Revenue is disaggregated further in note 4, which is the level at which it is analysed within the business. Further information on the timing of transfer of goods and services for revenue streams is included in note 2. Included in revenue is \u00a37.9m (2021: \u00a36.8m) that was included in the contract liability balance at the beginning of the year. The forward order book comprises contracts where the Group\u2019s performance obligations are not yet satisfied and accordingly, no revenue or asset is recognised. 2022 \u00a3m 2021 \u00a3m Cost of sales Agency services 5.9 5.4 Inventories 14.2 9.6 Other 1.7 1.5 21.8 16.5 2022 \u00a3m 2021 \u00a3m Finance income Bank interest income 1.2 0.1 Dividend income 0.2 \u2013 Other finance income 0.5 1.2 1.9 1.3 2022 \u00a3m 2021 \u00a3m Finance costs Bank interest charges \u2013 0.2 Interest expenses on lease liabilities 1.9 2.0 Other finance costs 0.3 0.9 2.2 3.1 2022 \u00a3m 2021 \u00a3m Other finance income \u2013 pensions Net benefit income 0.4 0.1 Operating profit Operating profit from continuing operations is stated after charging/(crediting): 2022 \u00a3m 2021 \u00a3m Depreciation 13.7 13.3 Amortisation of intangible assets 4.1 1.6 Net foreign exchange gains (0.5) (3.2) Research and development 21.2 15.1 Short-term lease expense 0.3 0.3 3 Revenue and expenses continued 2022 \u00a3000 2021 \u00a3000 Auditor\u2019s remuneration Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s and Group financial statements 350 348 Fees payable to the Company\u2019s Auditor and their associates for other services: The auditing of financial statements of subsidiaries of the Company 384 327 Audit-related assurance services 89 83 823 758 Audit-related assurance services consists of \u00a346,500 (2021: \u00a344,500) in relation to the half year review and \u00a342,500 (2021: \u00a338,000) of other audit-related services in relation to required regulatory reporting. 2022 \u00a3m 2021 \u00a3m Employee compensation and benefits expense Wages and salaries 350.1 258.5 Social security costs 28.8 23.8 Share-based payment expense 1.8 1.8 Pension costs \u2013 defined contribution plans 9.3 8.4 390.0 292.5 The numbers above include remuneration and pension entitlements for each Director. Details are included in the Director\u2019s Remuneration Report in the Directors\u2019 emoluments and compensation table on page 122. The Clarkson PLC Directors are considered to be the only key management personnel. The average monthly number of persons employed by the Group during the year, including Executive Directors, is analysed below: 2022 2021 Broking 1,256 1,194 Financial 106 102 Support 298 266 Research 123 124 1,783 1,686 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "3 Revenue and expenses 2022 \u00a3m 2021 \u00a3m Revenue Revenue from contracts with customers 603.4 443.0 Revenue from other sources: rental income 0.4 0.3 603.8 443.3 Revenue is disaggregated further in note 4, which is the level at which it is analysed within the business. Further information on the timing of transfer of goods and services for revenue streams is included in note 2. Included in revenue is \u00a37.9m (2021: \u00a36.8m) that was included in the contract liability balance at the beginning of the year. The forward order book comprises contracts where the Group\u2019s performance obligations are not yet satisfied and accordingly, no revenue or asset is recognised. 2022 \u00a3m 2021 \u00a3m Cost of sales Agency services 5.9 5.4 Inventories 14.2 9.6 Other 1.7 1.5 21.8 16.5 2022 \u00a3m 2021 \u00a3m Finance income Bank interest income 1.2 0.1 Dividend income 0.2 \u2013 Other finance income 0.5 1.2 1.9 1.3 2022 \u00a3m 2021 \u00a3m Finance costs Bank interest charges \u2013 0.2 Interest expenses on lease liabilities 1.9 2.0 Other finance costs 0.3 0.9 2.2 3.1 2022 \u00a3m 2021 \u00a3m Other finance income \u2013 pensions Net benefit income 0.4 0.1 Operating profit Operating profit from continuing operations is stated after charging/(crediting): 2022 \u00a3m 2021 \u00a3m Depreciation 13.7 13.3 Amortisation of intangible assets 4.1 1.6 Net foreign exchange gains (0.5) (3.2) Research and development 21.2 15.1 Short-term lease expense 0.3 0.3 3 Revenue and expenses continued 2022 \u00a3000 2021 \u00a3000 Auditor\u2019s remuneration Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s and Group financial statements 350 348 Fees payable to the Company\u2019s Auditor and their associates for other services: The auditing of financial statements of subsidiaries of the Company 384 327 Audit-related assurance services 89 83 823 758 Audit-related assurance services consists of \u00a346,500 (2021: \u00a344,500) in relation to the half year review and \u00a342,500 (2021: \u00a338,000) of other audit-related services in relation to required regulatory reporting. 2022 \u00a3m 2021 \u00a3m Employee compensation and benefits expense Wages and salaries 350.1 258.5 Social security costs 28.8 23.8 Share-based payment expense 1.8 1.8 Pension costs \u2013 defined contribution plans 9.3 8.4 390.0 292.5 The numbers above include remuneration and pension entitlements for each Director. Details are included in the Director\u2019s Remuneration Report in the Directors\u2019 emoluments and compensation table on page 122. The Clarkson PLC Directors are considered to be the only key management personnel. The average monthly number of persons employed by the Group during the year, including Executive Directors, is analysed below: 2022 2021 Broking 1,256 1,194 Financial 106 102 Support 298 266 Research 123 124 1,783 1,686 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-487": {
"value": "2022 \u00a3m 2021 \u00a3m Cost of sales Agency services 5.9 5.4 Inventories 14.2 9.6 Other 1.7 1.5 21.8 16.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-495": {
"value": "2022 \u00a3m 2021 \u00a3m Finance income Bank interest income 1.2 0.1 Dividend income 0.2 \u2013 Other finance income 0.5 1.2 1.9 1.3 2022 \u00a3m 2021 \u00a3m Finance costs Bank interest charges \u2013 0.2 Interest expenses on lease liabilities 1.9 2.0 Other finance costs 0.3 0.9 2.2 3.1 2022 \u00a3m 2021 \u00a3m Other finance income \u2013 pensions Net benefit income 0.4 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-494": {
"value": "2022 \u00a3m 2021 \u00a3m Finance income Bank interest income 1.2 0.1 Dividend income 0.2 \u2013 Other finance income 0.5 1.2 1.9 1.3 2022 \u00a3m 2021 \u00a3m Finance costs Bank interest charges \u2013 0.2 Interest expenses on lease liabilities 1.9 2.0 Other finance costs 0.3 0.9 2.2 3.1 2022 \u00a3m 2021 \u00a3m Other finance income \u2013 pensions Net benefit income 0.4 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-488": {
"value": "2022 \u00a3m 2021 \u00a3m Finance income Bank interest income 1.2 0.1 Dividend income 0.2 \u2013 Other finance income 0.5 1.2 1.9 1.3 2022 \u00a3m 2021 \u00a3m Finance costs Bank interest charges \u2013 0.2 Interest expenses on lease liabilities 1.9 2.0 Other finance costs 0.3 0.9 2.2 3.1 2022 \u00a3m 2021 \u00a3m Other finance income \u2013 pensions Net benefit income 0.4 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "Operating profit Operating profit from continuing operations is stated after charging/(crediting): 2022 \u00a3m 2021 \u00a3m Depreciation 13.7 13.3 Amortisation of intangible assets 4.1 1.6 Net foreign exchange gains (0.5) (3.2) Research and development 21.2 15.1 Short-term lease expense 0.3 0.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-490": {
"value": "2022 \u00a3000 2021 \u00a3000 Auditor\u2019s remuneration Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s and Group financial statements 350 348 Fees payable to the Company\u2019s Auditor and their associates for other services: The auditing of financial statements of subsidiaries of the Company 384 327 Audit-related assurance services 89 83 823 758 Audit-related assurance services consists of \u00a346,500 (2021: \u00a344,500) in relation to the half year review and \u00a342,500 (2021: \u00a338,000) of other audit-related services in relation to required regulatory reporting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-491": {
"value": "2022 \u00a3m 2021 \u00a3m Employee compensation and benefits expense Wages and salaries 350.1 258.5 Social security costs 28.8 23.8 Share-based payment expense 1.8 1.8 Pension costs \u2013 defined contribution plans 9.3 8.4 390.0 292.5 The numbers above include remuneration and pension entitlements for each Director. Details are included in the Director\u2019s Remuneration Report in the Directors\u2019 emoluments and compensation table on page 122. The Clarkson PLC Directors are considered to be the only key management personnel. The average monthly number of persons employed by the Group during the year, including Executive Directors, is analysed below: 2022 2021 Broking 1,256 1,194 Financial 106 102 Support 298 266 Research 123 124 1,783 1,686 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "4 Segmental information The Group considers the executive members of the Company\u2019s Board to be the chief operating decision maker. The Board receives segmental operating and financial information on a regular basis. The segments are determined by the class of business the Company provides and are Broking, Financial, Support and Research. This is consistent with the way the Group manages itself and with the format of the Group\u2019s internal financial reporting. Clarksons\u2019 Broking division represents services provided to shipowners and charterers in the transportation by sea of a wide range of cargoes. It also represents services provided to buyers and sellers/yards relating to sale and purchase transactions. Also included is a futures broking operation which arranges principal-to-principal cash-settled contracts for differences based upon standardised freight contracts. The Financial division represents full-service investment banking, specialising in the maritime, oil services and natural resources sectors. Clarksons also provides structured asset finance services and structured projects in the shipping, offshore and real estate sectors. Support includes port and agency services representing ship agency services provided throughout the UK and Egypt. Research services encompass the provision of shipping-related information and publications. All areas of the business work closely together to provide the best possible service to our clients. Internal recharges are included within the appropriate segments. Segment revenue represents revenue from external customers. The Group is not reliant on any major customer that contributes more than 10% of Group revenue. 4 Segmental information continued Business segments Revenue Results 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Broking 495.5 340.0 117.6 73.6 Financial 49.8 56.0 7.8 13.3 Support 39.0 29.6 5.0 3.3 Research 19.5 17.7 7.0 6.1 Segment revenue/profit 603.8 443.3 137.4 96.3 Head office costs (36.6) (25.2) Operating profit before acquisition-related costs 100.8 71.1 Acquisition-related costs (0.8) (0.3) Operating profit 100.0 70.8 Finance income 1.9 1.3 Finance costs (2.2) (3.1) Other finance income \u2013 pensions 0.4 0.1 Profit before taxation 100.1 69.1 Taxation (20.5) (14.7) Profit for the year 79.6 54.4 Business segments Assets Liabilities 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Broking 642.7 479.8 287.0 201.0 Financial 101.1 107.3 48.4 50.5 Support 41.6 37.3 16.4 14.7 Research 11.4 18.8 12.8 12.0 Segment assets/liabilities 796.8 643.2 364.6 278.2 Unallocated assets/liabilities 35.5 38.9 54.5 42.3 832.3 682.1 419.1 320.5 Unallocated assets predominantly relate to head office cash balances and cash on deposit, the pension scheme surplus and tax assets. Unallocated liabilities include the pension scheme deficit, tax liabilities and head office accruals. Business segments Non-current asset additions Depreciation Amortisation Property, plant and equipment 2022 \u00a3m Intangible assets 2022 \u00a3m Property, plant and equipment 2021 \u00a3m Intangible assets 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Broking 11.5 9.3 7.5 2.9 11.0 9.4 4.1 1.6 Financial 0.8 \u2013 0.1 \u2013 1.2 1.9 \u2013 \u2013 Support 1.2 0.2 3.0 \u2013 1.2 1.6 \u2013 \u2013 Research \u2013 \u2013 0.2 \u2013 0.2 0.4 \u2013 \u2013 13.5 9.5 10.8 2.9 13.6 13.3 4.1 1.6 4 Segmental information continued Geographical segments \u2013 by origin of invoice Revenue 2022 \u00a3m 2021 \u00a3m Europe, Middle East and Africa* 434.4 330.9 Americas 32.2 18.9 Asia-Pacific 137.2 93.5 603.8 443.3 Geographical segments \u2013 by location of assets Non-current assets** 2022 \u00a3m 2021 \u00a3m Europe, Middle East and Africa* 237.7 232.8 Americas 5.4 8.6 Asia-Pacific 15.4 12.6 258.5 254.0 * Includes revenue for the UK of \u00a3254.0m (2021: \u00a3198.0m) and non-current assets for the UK of \u00a3117.2m (2021: \u00a3115.6m). ** Non-current assets exclude deferred tax assets and employee benefits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-9": {
"value": "Clarksons\u2019 Broking division represents services provided to shipowners and charterers in the transportation by sea of a wide range of cargoes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "Geographical segments \u2013 by origin of invoice Revenue 2022 \u00a3m 2021 \u00a3m Europe, Middle East and Africa* 434.4 330.9 Americas 32.2 18.9 Asia-Pacific 137.2 93.5 603.8 443.3 Geographical segments \u2013 by location of assets Non-current assets** 2022 \u00a3m 2021 \u00a3m Europe, Middle East and Africa* 237.7 232.8 Americas 5.4 8.6 Asia-Pacific 15.4 12.6 258.5 254.0 * Includes revenue for the UK of \u00a3254.0m (2021: \u00a3198.0m) and non-current assets for the UK of \u00a3117.2m (2021: \u00a3115.6m). ** Non-current assets exclude deferred tax assets and employee benefits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "5 Acquisition-related costs Included in acquisition-related costs is \u00a30.2m (2021: \u00a30.2m) relating to amortisation of intangibles acquired as part of previous acquisitions and cash and share-based payment charges of \u00a30.3m (2021: \u00a30.1m). Also included in administrative expenses is \u00a30.3m of transaction costs relating to acquisitions in the current year. See note 12 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "6 Taxation Tax charged in the consolidated income statement is as follows: 2022 \u00a3m 2021 \u00a3m Current tax Tax on profits for the year 26.9 13.1 Adjustments in respect of prior years (0.7) (0.6) 26.2 12.5 Deferred tax Origination and reversal of temporary differences (4.9) 2.5 Impact of change in tax rates (0.8) (0.3) (5.7) 2.2 Total tax charge in the income statement 20.5 14.7 6 Taxation continued Tax relating to items (credited)/charged to equity is as follows: 2022 \u00a3m 2021 \u00a3m Current tax Employee benefits \u2013 on pension benefits (0.1) \u2013 Employee benefits \u2013 other employee benefits (0.3) (0.3) Other items in equity 0.4 \u2013 \u2013 (0.3) Deferred tax Employee benefits \u2013 on pension benefits (1.6) 3.1 Employee benefits \u2013 other employee benefits 1.1 (2.0) Foreign currency contracts (1.8) (0.8) (2.3) 0.3 Total tax credit in the statement of changes in equity (2.3) \u2013 Reconciliation of tax charge The tax charge in the consolidated income statement for the year is higher (2021: higher) than the average standard rate of corporation tax in the UK of 19% (2021: 19%). The differences are reconciled below: 2022 \u00a3m 2021 \u00a3m Profit before taxation 100.1 69.1 Profit at UK average standard rate of corporation tax of 19% (2021: 19%) 19.0 13.1 Effects of: Expenses not deductible for tax purposes 2.3 2.1 Higher/(Lower) tax rates on overseas earnings 0.4 (1.0) Tax losses (recognised)/not recognised (0.1) 0.5 Adjustments relating to prior year (1.3) (0.5) Adjustments relating to changes in tax rates (0.8) (0.3) Other adjustments 1.0 0.8 Total tax charge in the income statement 20.5 14.7 Deferred tax Deferred tax (credited)/charged in the consolidated income statement is as follows: 2022 \u00a3m 2021 \u00a3m Employee benefits \u2013 on pension benefits (0.1) (0.7) Employee benefits \u2013 on employee benefits (6.7) \u2013 In relation to earnings of overseas subsidiaries 0.5 0.7 Intangible assets \u2013 1.2 Other items 0.6 1.0 Deferred tax (credit)/charge in the income statement (5.7) 2.2 6 Taxation continued Deferred tax included in the balance sheet is as follows: 2022 \u00a3m 2021 \u00a3m Deferred tax assets Employee benefits \u2013 on pension benefits 0.1 0.9 \u2013 other employee benefits 15.8 10.3 Foreign currency contracts 1.7 0.2 Other temporary differences 0.9 1.4 Deferred tax assets before offset 18.5 12.8 Offset against deferred tax liabilities (3.9) (2.3) Deferred tax assets in the balance sheet 14.6 10.5 Deferred tax liabilities Employee benefits \u2013 on pension benefits (3.9) (6.5) In relation to earnings of overseas subsidiaries (2.8) (2.3) Foreign currency contracts \u2013 (0.2) Intangible assets (2.4) (2.3) Other temporary differences (1.9) (2.0) Deferred tax liabilities before offset (11.0) (13.3) Offset against deferred tax assets 3.9 2.3 Deferred tax liabilities in the balance sheet (7.1) (11.0) Deferred tax assets and liabilities are offset and reported net where appropriate within territories. Included in the above are deferred tax assets of \u00a38.3m (2021: \u00a32.5m) and deferred tax liabilities of \u00a3nil (2021: \u00a30.3m) which are due within one year. Deferred tax assets are recognised to the extent that the realisation of the related tax benefit through future taxable profits is probable. All deferred tax movements arise from the origination and reversal of temporary differences. The Group did not recognise a deferred tax asset of \u00a33.1m (2021: \u00a33.3m) in respect of unused tax losses of \u00a39.4m (2021:\u00a310.2m), which predominantly have either no expiry date or an expiry date of 10 years or more. Deferred taxes at the balance sheet date have been measured using the appropriate enacted tax rates and are reflected in these financial statements. The UK Government announced on 3 March 2021 that the rate of corporation tax will increase to 25% from 1 April 2023. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using this tax rate and are reflected in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "Deferred tax Deferred tax (credited)/charged in the consolidated income statement is as follows: 2022 \u00a3m 2021 \u00a3m Employee benefits \u2013 on pension benefits (0.1) (0.7) Employee benefits \u2013 on employee benefits (6.7) \u2013 In relation to earnings of overseas subsidiaries 0.5 0.7 Intangible assets \u2013 1.2 Other items 0.6 1.0 Deferred tax (credit)/charge in the income statement (5.7) 2.2 6 Taxation continued Deferred tax included in the balance sheet is as follows: 2022 \u00a3m 2021 \u00a3m Deferred tax assets Employee benefits \u2013 on pension benefits 0.1 0.9 \u2013 other employee benefits 15.8 10.3 Foreign currency contracts 1.7 0.2 Other temporary differences 0.9 1.4 Deferred tax assets before offset 18.5 12.8 Offset against deferred tax liabilities (3.9) (2.3) Deferred tax assets in the balance sheet 14.6 10.5 Deferred tax liabilities Employee benefits \u2013 on pension benefits (3.9) (6.5) In relation to earnings of overseas subsidiaries (2.8) (2.3) Foreign currency contracts \u2013 (0.2) Intangible assets (2.4) (2.3) Other temporary differences (1.9) (2.0) Deferred tax liabilities before offset (11.0) (13.3) Offset against deferred tax assets 3.9 2.3 Deferred tax liabilities in the balance sheet (7.1) (11.0) Deferred tax assets and liabilities are offset and reported net where appropriate within territories. Included in the above are deferred tax assets of \u00a38.3m (2021: \u00a32.5m) and deferred tax liabilities of \u00a3nil (2021: \u00a30.3m) which are due within one year. Deferred tax assets are recognised to the extent that the realisation of the related tax benefit through future taxable profits is probable. All deferred tax movements arise from the origination and reversal of temporary differences. The Group did not recognise a deferred tax asset of \u00a33.1m (2021: \u00a33.3m) in respect of unused tax losses of \u00a39.4m (2021:\u00a310.2m), which predominantly have either no expiry date or an expiry date of 10 years or more. Deferred taxes at the balance sheet date have been measured using the appropriate enacted tax rates and are reflected in these financial statements. The UK Government announced on 3 March 2021 that the rate of corporation tax will increase to 25% from 1 April 2023. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using this tax rate and are reflected in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "7 Earnings per share 2022 2021 Underlying \u00a3m Reported \u00a3m Underlying \u00a3m Reported \u00a3m Profit for the year attributable to equity holders of the Parent Company 76.3 75.6 50.4 50.1 2022 2021 Underlying Million Reported Million Underlying Million Reported Million Weighted average number of ordinary shares (excluding share purchase trusts\u2019 shares) \u2013 basic 30.5 30.5 30.4 30.4 Dilutive effect of share options 0.2 0.2 0.3 0.3 Weighted average number of ordinary shares (excluding share purchase trusts\u2019 shares) \u2013 diluted 30.7 30.7 30.7 30.7 2022 2021 Underlying Reported Underlying Reported Basic earnings per share 250.3p 247.9p 165.6p 164.6p Diluted earnings per share 248.5p 246.1p 164.2p 163.2p Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares in issue during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The calculation of diluted earnings per share does not assume conversion, exercise, or other issue of potential ordinary shares that would have an anti-dilutive effect on earnings per share. The share awards relating to Directors, where the performance conditions have not yet been met at the balance sheet date, are not included in the above numbers. The weighted average number of these shares was nil (2021: nil). There were 34,089 share options in relation to the employee ShareSave scheme that are not included because they are anti-dilutive at the year end (2021: 66,313). These options could potentially dilute basic earnings per share in the future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "8 Dividends 2022 \u00a3m 2021 \u00a3m Declared and paid during the year: Final dividend for 2021 of 57p per share (2020: 54p per share) 17.2 16.4 Interim dividend for 2022 of 29p per share (2021: 27p per share) 8.7 8.0 Dividend paid 25.9 24.4 Proposed for approval at the AGM (not recognised as a liability at 31 December): Final dividend for 2022 proposed of 64p per share (2021: 57p per share) 19.6 17.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "9 Property, plant and equipment 31 December 2022 Freehold and long leasehold properties \u00a3m Leasehold improvements \u00a3m Office furniture and equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m Original cost At 1 January 2022 9.4 18.7 23.4 1.3 52.8 Additions 1.2 2.1 4.3 \u2013 7.6 Arising on acquisitions \u2013 \u2013 0.1 \u2013 0.1 Disposals (0.9) (0.6) (1.1) (0.2) (2.8) Foreign exchange differences 0.3 0.4 0.6 \u2013 1.3 At 31 December 2022 10.0 20.6 27.3 1.1 59.0 Accumulated depreciation At 1 January 2022 1.9 9.8 17.9 0.7 30.3 Charged during the year 0.2 1.4 2.3 0.2 4.1 Disposals (0.1) (0.5) (1.1) (0.1) (1.8) Foreign exchange differences 0.1 0.3 0.5 \u2013 0.9 At 31 December 2022 2.1 11.0 19.6 0.8 33.5 Net book value at 31 December 2022 7.9 9.6 7.7 0.3 25.5 31 December 2021 Freehold and long leasehold properties \u00a3m Leasehold improvements \u00a3m Office furniture and equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m Original cost At 1 January 2021 9.2 18.7 25.6 1.6 55.1 Additions 1.0 0.6 1.8 0.3 3.7 Disposals (0.8) (0.6) (3.9) (0.6) (5.9) Foreign exchange differences \u2013 \u2013 (0.1) \u2013 (0.1) At 31 December 2021 9.4 18.7 23.4 1.3 52.8 Accumulated depreciation At 1 January 2021 1.9 8.9 19.0 1.0 30.8 Charged during the year 0.3 1.4 2.6 0.2 4.5 Disposals (0.3) (0.5) (3.6) (0.5) (4.9) Foreign exchange differences \u2013 \u2013 (0.1) \u2013 (0.1) At 31 December 2021 1.9 9.8 17.9 0.7 30.3 Net book value at 31 December 2021 7.5 8.9 5.5 0.6 22.5 At 31 December 2022 there was \u00a35.6m included in the above figures relating to fully depreciated property, plant and equipment that is still in use (2021: \u00a34.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "10 Investment properties 2022 \u00a3m 2021 \u00a3m Cost At 1 January and 31 December 2.1 2.1 Accumulated depreciation At 1 January 0.9 0.9 Charged during the year* 0.1 0.0* Foreign exchange differences 0.1 \u2013 At 31 December 1.1 0.9 Net book value at 31 December 1.0 1.2 * The depreciation charged during 2021 was less than \u00a30.1m. The fair value of the investment properties at 31 December 2022 was \u00a32.3m (2021: \u00a32.2m). This was based on valuations from external independent valuers who have the appropriate professional qualifications and recent experience of valuing properties in the location and of the type being valued. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "11 Right-of-use assets Leasehold properties 2022 \u00a3m Leasehold properties 2021 \u00a3m Cost As at 1 January 69.5 63.4 Additions 5.9 7.1 Disposals (6.6) (0.8) Foreign exchange differences 2.0 (0.2) At 31 December 70.8 69.5 Accumulated depreciation As at 1 January 24.4 16.4 Charged during the year 9.5 8.8 Disposals (3.3) (0.7) Foreign exchange differences 0.9 (0.1) At 31 December 31.5 24.4 Net book value at 31 December 39.3 45.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-492": {
"value": "12 Intangible assets 31 December 2022 Goodwill \u00a3m Development costs \u00a3m Other intangible assets \u00a3m Total \u00a3m Cost At 1 January 2022 284.8 19.3 30.6 334.7 Additions \u2013 2.0 \u2013 2.0 Arising on acquisitions 5.4 \u2013 2.1 7. 5 Other (reclassification) (0.2) \u2013 0.2 \u2013 Foreign exchange differences 1.9 \u2013 0.5 2.4 At 31 December 2022 291.9 21.3 33.4 346.6 Accumulated amortisation and impairment At 1 January 2022 118.9 2.2 30.4 151.5 Charged during the year \u2013 4.0 0.1 4.1 Other (reclassification) (0.1) \u2013 0.1 \u2013 Foreign exchange differences 1.5 \u2013 0.6 2.1 At 31 December 2022 120.3 6.2 31.2 157.7 Net book value at 31 December 2022 171.6 15.1 2.2 188.9 31 December 2021 Goodwill \u00a3m Development costs \u00a3m Other intangible assets \u00a3m Total \u00a3m Cost At 1 January 2021 287.4 16.4 30.9 334.7 Additions \u2013 2.9 \u2013 2.9 Foreign exchange differences (2.6) \u2013 (0.3) (2.9) At 31 December 2021 284.8 19.3 30.6 334.7 Accumulated amortisation and impairment At 1 January 2021 120.6 0.8 30.4 151.8 Charged during the year \u2013 1.4 0.2 1.6 Foreign exchange differences (1.7) \u2013 (0.2) (1.9) At 31 December 2021 118.9 2.2 30.4 151.5 Net book value at 31 December 2021 165.9 17.1 0.2 183.2 Development costs are amortised based on their estimated useful life, which will not typically exceed five years, when ready for use. These costs represent expenditure incurred in relation to the Sea/ suite of products, see page 36 for further details on Sea/. All intangible assets are held in the currency of the businesses acquired and are subject to foreign exchange retranslations to the closing rate at each year-end. In 2022 the Group made acquisitions, which are detailed below, resulting in goodwill of \u00a35.4m and \u00a32.1m of other intangibles assets. Acquisitions \u2013 2022 On 3 October 2022, the Group, through Maritech Holdings Limited, the legal entity behind Sea/, acquired 100% of the share capital of Swedish-based technology company Chinsay AB and its 100% subsidiary Chinsay Pte. Ltd. located in Singapore (\u2018Chinsay\u2019). Cash consideration of US$3.2m (\u00a32.9m) was paid. Post year-end Chinsay AB changed its name to Sea by Maritech Sweden AB and Chinsay Pte. Ltd. changed its name to Sea by Maritech Singapore Pte. Ltd. On 4 November 2022, a further acquisition was completed by Maritech Holdings Limited. 100% of the share capital of Setapp Sp. z.o.o. (\u2018Setapp\u2019), a Polish technology company, was acquired for cash consideration of \u20ac3.0m (\u00a32.6m). 12 Intangible assets continued Both acquisitions allow Sea/ to continue to build The Intelligent Marketplace for Fixing Freight and project the business towards its purpose of powering better decisions to enable sustainable shipping. In 2022, the Group also acquired 100% of the share capital of PPE Suppliers Limited (\u2018PPE\u2019) through Gibb Group Ltd for \u00a30.2m resulting in goodwill of \u00a30.2m. The net assets acquired in the PPE and Setapp acquisitions were each less than \u00a30.1m. The following table summarises the consideration paid, the provisional fair value of the net assets acquired, and the liabilities assumed relating to the Chinsay acquisition. Fair value of identifiable assets acquired and liabilities assumed: Total \u00a3m Intangible assets 2.1 Property, plant and equipment 0.1 Trade and other receivables 0.5 Cash and cash equivalents 0.1 Total assets 2.8 Trade and other payables (1.5) Interest bearing loans and borrowings (0.6) Deferred tax liabilities (0.4) Total liabilities (2.5) Net identifiable assets acquired 0.3 Goodwill 2.6 Total consideration paid in cash 2.9 The goodwill is attributable to the team acquired and the synergies arising on the business combination. There were no acquisitions in the year ended 31 December 2021. Chinsay contributed revenues of \u00a30.5m and net loss after tax of \u00a30.5m to the Group for the period 3 October 2022 to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and reported profit for the year ended 31 December 2022 would have been \u00a3605.7m and \u00a378.7m respectively. Setapp contributed revenues of \u00a30.2m and net loss after tax of \u00a30.1m to the Group for the period 4 November 2022 to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and reported profit for the year ended 31 December 2022 would have been \u00a3605.1m and \u00a378.8m respectively. These amounts have been calculated extrapolating the subsidiaries\u2019 results without the need for adjustments for differences in accounting policies between the Group and the subsidiaries, including the additional depreciation and amortisation that would have been charged assuming that the fair value adjustments to intangible assets had applied from 1 January 2022, together with the consequential tax effects. This information is not necessarily indicative of the 2022 results of the combined Group had the acquisitions actually been made at the beginning of the period presented, or indicative of the future consolidated performance given the nature of the business acquired. 2022 \u00a3m 2021 \u00a3m Outflow of cash to acquire subsidiaries, net of cash acquired Chinsay cash consideration 2.9 \u2013 Setapp cash consideration 2.6 \u2013 PPE cash consideration 0.2 \u2013 5.7 Less: Cash acquired (0.1) \u2013 Less: Amounts withheld (0.7) Net outflow of cash \u2013 investing activities 4.9 \u2013 Acquisition-related costs of \u00a30.3m are included in administrative expenses in the income statement and in operating cash flows in the cash flow statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "12 Intangible assets 31 December 2022 Goodwill \u00a3m Development costs \u00a3m Other intangible assets \u00a3m Total \u00a3m Cost At 1 January 2022 284.8 19.3 30.6 334.7 Additions \u2013 2.0 \u2013 2.0 Arising on acquisitions 5.4 \u2013 2.1 7. 5 Other (reclassification) (0.2) \u2013 0.2 \u2013 Foreign exchange differences 1.9 \u2013 0.5 2.4 At 31 December 2022 291.9 21.3 33.4 346.6 Accumulated amortisation and impairment At 1 January 2022 118.9 2.2 30.4 151.5 Charged during the year \u2013 4.0 0.1 4.1 Other (reclassification) (0.1) \u2013 0.1 \u2013 Foreign exchange differences 1.5 \u2013 0.6 2.1 At 31 December 2022 120.3 6.2 31.2 157.7 Net book value at 31 December 2022 171.6 15.1 2.2 188.9 31 December 2021 Goodwill \u00a3m Development costs \u00a3m Other intangible assets \u00a3m Total \u00a3m Cost At 1 January 2021 287.4 16.4 30.9 334.7 Additions \u2013 2.9 \u2013 2.9 Foreign exchange differences (2.6) \u2013 (0.3) (2.9) At 31 December 2021 284.8 19.3 30.6 334.7 Accumulated amortisation and impairment At 1 January 2021 120.6 0.8 30.4 151.8 Charged during the year \u2013 1.4 0.2 1.6 Foreign exchange differences (1.7) \u2013 (0.2) (1.9) At 31 December 2021 118.9 2.2 30.4 151.5 Net book value at 31 December 2021 165.9 17.1 0.2 183.2 Development costs are amortised based on their estimated useful life, which will not typically exceed five years, when ready for use. These costs represent expenditure incurred in relation to the Sea/ suite of products, see page 36 for further details on Sea/. All intangible assets are held in the currency of the businesses acquired and are subject to foreign exchange retranslations to the closing rate at each year-end. In 2022 the Group made acquisitions, which are detailed below, resulting in goodwill of \u00a35.4m and \u00a32.1m of other intangibles assets. Acquisitions \u2013 2022 On 3 October 2022, the Group, through Maritech Holdings Limited, the legal entity behind Sea/, acquired 100% of the share capital of Swedish-based technology company Chinsay AB and its 100% subsidiary Chinsay Pte. Ltd. located in Singapore (\u2018Chinsay\u2019). Cash consideration of US$3.2m (\u00a32.9m) was paid. Post year-end Chinsay AB changed its name to Sea by Maritech Sweden AB and Chinsay Pte. Ltd. changed its name to Sea by Maritech Singapore Pte. Ltd. On 4 November 2022, a further acquisition was completed by Maritech Holdings Limited. 100% of the share capital of Setapp Sp. z.o.o. (\u2018Setapp\u2019), a Polish technology company, was acquired for cash consideration of \u20ac3.0m (\u00a32.6m). 12 Intangible assets continued Both acquisitions allow Sea/ to continue to build The Intelligent Marketplace for Fixing Freight and project the business towards its purpose of powering better decisions to enable sustainable shipping. In 2022, the Group also acquired 100% of the share capital of PPE Suppliers Limited (\u2018PPE\u2019) through Gibb Group Ltd for \u00a30.2m resulting in goodwill of \u00a30.2m. The net assets acquired in the PPE and Setapp acquisitions were each less than \u00a30.1m. The following table summarises the consideration paid, the provisional fair value of the net assets acquired, and the liabilities assumed relating to the Chinsay acquisition. Fair value of identifiable assets acquired and liabilities assumed: Total \u00a3m Intangible assets 2.1 Property, plant and equipment 0.1 Trade and other receivables 0.5 Cash and cash equivalents 0.1 Total assets 2.8 Trade and other payables (1.5) Interest bearing loans and borrowings (0.6) Deferred tax liabilities (0.4) Total liabilities (2.5) Net identifiable assets acquired 0.3 Goodwill 2.6 Total consideration paid in cash 2.9 The goodwill is attributable to the team acquired and the synergies arising on the business combination. There were no acquisitions in the year ended 31 December 2021. Chinsay contributed revenues of \u00a30.5m and net loss after tax of \u00a30.5m to the Group for the period 3 October 2022 to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and reported profit for the year ended 31 December 2022 would have been \u00a3605.7m and \u00a378.7m respectively. Setapp contributed revenues of \u00a30.2m and net loss after tax of \u00a30.1m to the Group for the period 4 November 2022 to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and reported profit for the year ended 31 December 2022 would have been \u00a3605.1m and \u00a378.8m respectively. These amounts have been calculated extrapolating the subsidiaries\u2019 results without the need for adjustments for differences in accounting policies between the Group and the subsidiaries, including the additional depreciation and amortisation that would have been charged assuming that the fair value adjustments to intangible assets had applied from 1 January 2022, together with the consequential tax effects. This information is not necessarily indicative of the 2022 results of the combined Group had the acquisitions actually been made at the beginning of the period presented, or indicative of the future consolidated performance given the nature of the business acquired. 2022 \u00a3m 2021 \u00a3m Outflow of cash to acquire subsidiaries, net of cash acquired Chinsay cash consideration 2.9 \u2013 Setapp cash consideration 2.6 \u2013 PPE cash consideration 0.2 \u2013 5.7 Less: Cash acquired (0.1) \u2013 Less: Amounts withheld (0.7) Net outflow of cash \u2013 investing activities 4.9 \u2013 Acquisition-related costs of \u00a30.3m are included in administrative expenses in the income statement and in operating cash flows in the cash flow statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "12 Intangible assets 31 December 2022 Goodwill \u00a3m Development costs \u00a3m Other intangible assets \u00a3m Total \u00a3m Cost At 1 January 2022 284.8 19.3 30.6 334.7 Additions \u2013 2.0 \u2013 2.0 Arising on acquisitions 5.4 \u2013 2.1 7. 5 Other (reclassification) (0.2) \u2013 0.2 \u2013 Foreign exchange differences 1.9 \u2013 0.5 2.4 At 31 December 2022 291.9 21.3 33.4 346.6 Accumulated amortisation and impairment At 1 January 2022 118.9 2.2 30.4 151.5 Charged during the year \u2013 4.0 0.1 4.1 Other (reclassification) (0.1) \u2013 0.1 \u2013 Foreign exchange differences 1.5 \u2013 0.6 2.1 At 31 December 2022 120.3 6.2 31.2 157.7 Net book value at 31 December 2022 171.6 15.1 2.2 188.9 31 December 2021 Goodwill \u00a3m Development costs \u00a3m Other intangible assets \u00a3m Total \u00a3m Cost At 1 January 2021 287.4 16.4 30.9 334.7 Additions \u2013 2.9 \u2013 2.9 Foreign exchange differences (2.6) \u2013 (0.3) (2.9) At 31 December 2021 284.8 19.3 30.6 334.7 Accumulated amortisation and impairment At 1 January 2021 120.6 0.8 30.4 151.8 Charged during the year \u2013 1.4 0.2 1.6 Foreign exchange differences (1.7) \u2013 (0.2) (1.9) At 31 December 2021 118.9 2.2 30.4 151.5 Net book value at 31 December 2021 165.9 17.1 0.2 183.2 Development costs are amortised based on their estimated useful life, which will not typically exceed five years, when ready for use. These costs represent expenditure incurred in relation to the Sea/ suite of products, see page 36 for further details on Sea/. All intangible assets are held in the currency of the businesses acquired and are subject to foreign exchange retranslations to the closing rate at each year-end. In 2022 the Group made acquisitions, which are detailed below, resulting in goodwill of \u00a35.4m and \u00a32.1m of other intangibles assets. Acquisitions \u2013 2022 On 3 October 2022, the Group, through Maritech Holdings Limited, the legal entity behind Sea/, acquired 100% of the share capital of Swedish-based technology company Chinsay AB and its 100% subsidiary Chinsay Pte. Ltd. located in Singapore (\u2018Chinsay\u2019). Cash consideration of US$3.2m (\u00a32.9m) was paid. Post year-end Chinsay AB changed its name to Sea by Maritech Sweden AB and Chinsay Pte. Ltd. changed its name to Sea by Maritech Singapore Pte. Ltd. On 4 November 2022, a further acquisition was completed by Maritech Holdings Limited. 100% of the share capital of Setapp Sp. z.o.o. (\u2018Setapp\u2019), a Polish technology company, was acquired for cash consideration of \u20ac3.0m (\u00a32.6m). 12 Intangible assets continued Both acquisitions allow Sea/ to continue to build The Intelligent Marketplace for Fixing Freight and project the business towards its purpose of powering better decisions to enable sustainable shipping. In 2022, the Group also acquired 100% of the share capital of PPE Suppliers Limited (\u2018PPE\u2019) through Gibb Group Ltd for \u00a30.2m resulting in goodwill of \u00a30.2m. The net assets acquired in the PPE and Setapp acquisitions were each less than \u00a30.1m. The following table summarises the consideration paid, the provisional fair value of the net assets acquired, and the liabilities assumed relating to the Chinsay acquisition. Fair value of identifiable assets acquired and liabilities assumed: Total \u00a3m Intangible assets 2.1 Property, plant and equipment 0.1 Trade and other receivables 0.5 Cash and cash equivalents 0.1 Total assets 2.8 Trade and other payables (1.5) Interest bearing loans and borrowings (0.6) Deferred tax liabilities (0.4) Total liabilities (2.5) Net identifiable assets acquired 0.3 Goodwill 2.6 Total consideration paid in cash 2.9 The goodwill is attributable to the team acquired and the synergies arising on the business combination. There were no acquisitions in the year ended 31 December 2021. Chinsay contributed revenues of \u00a30.5m and net loss after tax of \u00a30.5m to the Group for the period 3 October 2022 to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and reported profit for the year ended 31 December 2022 would have been \u00a3605.7m and \u00a378.7m respectively. Setapp contributed revenues of \u00a30.2m and net loss after tax of \u00a30.1m to the Group for the period 4 November 2022 to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and reported profit for the year ended 31 December 2022 would have been \u00a3605.1m and \u00a378.8m respectively. These amounts have been calculated extrapolating the subsidiaries\u2019 results without the need for adjustments for differences in accounting policies between the Group and the subsidiaries, including the additional depreciation and amortisation that would have been charged assuming that the fair value adjustments to intangible assets had applied from 1 January 2022, together with the consequential tax effects. This information is not necessarily indicative of the 2022 results of the combined Group had the acquisitions actually been made at the beginning of the period presented, or indicative of the future consolidated performance given the nature of the business acquired. 2022 \u00a3m 2021 \u00a3m Outflow of cash to acquire subsidiaries, net of cash acquired Chinsay cash consideration 2.9 \u2013 Setapp cash consideration 2.6 \u2013 PPE cash consideration 0.2 \u2013 5.7 Less: Cash acquired (0.1) \u2013 Less: Amounts withheld (0.7) Net outflow of cash \u2013 investing activities 4.9 \u2013 Acquisition-related costs of \u00a30.3m are included in administrative expenses in the income statement and in operating cash flows in the cash flow statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-444": {
"value": "13 Impairment testing of goodwill Goodwill is allocated to the Group\u2019s cash-generating units (\u2018CGUs\u2019) identified according to operating division. The carrying amount of goodwill acquired through business combinations is as follows: 2022 \u00a3m 2021 \u00a3m Dry cargo chartering 16.1 12.0 Container chartering 2.0 1.8 Tankers chartering 10.6 10.6 Specialised products chartering 13.1 12.9 Gas chartering 2.8 2.7 Sale and purchase broking 45.8 45.8 Offshore broking 48.1 47.1 Securities 14.1 14.1 Project finance 12.6 12.7 Port and agency services 3.1 2.9 Research services 3.3 3.3 171.6 165.9 The movement in the aggregate carrying value is analysed in more detail in note 12. Goodwill is allocated to CGUs which are tested for impairment at least annually. The goodwill arising in each CGU is similar in nature and thus the testing for impairment uses the same approach. The recoverable amounts of the CGUs are assessed using a value-in-use model. Value-in-use is calculated as the net present value of the projected risk-adjusted cash flows of the CGU to which the goodwill is allocated. The key assumptions used for value-in-use calculations are as follows: \u2212 The pre-tax discount rate for the chartering and broking CGUs is 12.7% (2021: 11.3%); port and agency services is 13.3% (2021: 11.3%); research services is 13.2% (2021: 11.3%); and for securities and project finance is 13.4% (2021: 11.9%). As all broking and chartering CGUs have operations that are global in nature and similar risk profiles, the same discount rate has been used. \u2212 These discount rates are based on the Group\u2019s weighted average cost of capital (\u2018WACC\u2019) and adjusted for CGU-specific risk factors. The Group\u2019s WACC is a function of the Group\u2019s cost of equity, derived using a Capital Asset Pricing Model. The cost of equity includes a number of variables to reflect the inherent risk of the business being evaluated. \u2212 The cash flow projections are based on financial budgets and strategic plans approved by the Board, extrapolated over a five-year period. These assume a level of revenue and profits which are based on both past performance and expectations for future market development and take into account the cyclicality of the business in which the CGU operates. The effect on cash flows of climate change was considered but assessed to have no material impact at this time. Cash flows beyond the five-year period are extrapolated in perpetuity using a conservative growth rate of 1.7% (2021: 1.7%) across all CGUs. The results of the Directors\u2019 review of goodwill indicate remaining headroom for all CGUs. As the offshore broking and securities CGUs were subject to impairment in previous years, sensitivity analysis has been carried out using reasonably possible changes to key assumptions, none of which cause an impairment. An increase in the discount rate of 0.5% would decrease value-in-use by \u00a31.8m for offshore broking and \u00a30.4m for securities. A decrease in total pre-tax cash flows of 5% would decrease value-in-use by \u00a33.0m for offshore broking and \u00a31.0m for securities. For the other CGUs, there are no reasonably possible changes in key assumptions that would result in an impairment. In light of continuing, global macro-economic and geo-political uncertainty, the Board keeps the carrying value of goodwill under constant review and continually monitors for any potential indicators of impairment. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-445": {
"value": "14 Trade and other receivables 2022 \u00a3m 2021 \u00a3m Non-current Other receivables 2.6 1.0 2.6 1.0 Current Trade receivables 127.2 97.6 Other receivables 10.3 7.6 Foreign currency contracts 0.1 1.3 Prepayments 9.0 5.5 Contract assets 3.5 5.4 150.1 117.4 Trade receivables are non-interest bearing and are generally on terms payable within 90 days. As at 31 December 2022, the allowance for impairment of trade receivables was \u00a319.6m (2021: \u00a312.9m). The allowance is based on experience and ongoing market information about the creditworthiness of specific counterparties and expected credit losses in respect of the remaining balances. The Group has unconditional rights to consideration in respect of trade receivables, except for \u00a31.1m (2021: \u00a31.6m) which relates to amounts invoiced in respect of subscriptions where revenue is recognised over time and the right to payment is conditional on satisfying this performance obligation. These amounts are deferred as revenue and included within the contract liability balance. See note 18. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of invoices over a period of 36 months before 1 January 2022 and the corresponding historical credit losses experienced within this period. These are then adjusted, if necessary, to reflect current and forward-looking information, such as the general economic condition of the market in which the counterparty operates. The following table shows the exposure to credit risk and expected credit losses of trade receivables as at 31 December: 2022 2021 Expected loss rate Gross carrying amount \u00a3m Loss allowance \u00a3m Expected loss rate Gross carrying amount \u00a3m Loss allowance \u00a3m 0 \u2013 3 months 3.6% 116.2 4.2 3.2% 89.4 2.9 3 \u2013 12 months 24.4% 20.1 4.9 23.4% 14.5 3.4 Over 12 months 100.0% 10.5 10.5 100.0% 6.6 6.6 146.8 19.6 110.5 12.9 Movements in the loss allowance for trade receivables were as follows: 2022 \u00a3m 2021 \u00a3m At 1 January 12.9 12.3 Release of loss allowance (8.2) (6.6) Receivables written off during the year as uncollectible (0.3) (2.0) Increase in loss allowance 14.3 9.2 Foreign exchange differences 0.9 \u2013 At 31 December 19.6 12.9 Included within the movements in the loss allowance were amounts which were provided at the time of invoicing for which no revenue has been recognised, because collectability was not considered probable; see note 2. The other classes within trade and other receivables do not include any impaired items. The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies: 2022 \u00a3m 2021 \u00a3m US dollar 81.7 74.9 Sterling 19.8 11.2 Norwegian krone 22.9 7.7 Other currencies 2.8 3.8 127.2 97.6 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-446": {
"value": "15 Investments 2022 \u00a3m 2021 \u00a3m Non-current Financial assets at fair value through profit or loss 1.2 1.0 1.2 1.0 Current Cash on deposit 3.1 2.8 Government bonds \u2013 6.8 Financial assets at fair value through profit or loss 0.4 0.7 3.5 10.3 The non-current financial assets at fair value through profit or loss relate to equity and other investments. The Group held deposits totalling \u00a33.1m (2021: \u00a32.8m) with maturity periods greater than three months and \u00a3nil of government bonds (2021: \u00a36.8m). Current financial assets at fair value through profit or loss relate to convertible bonds in the Financial segment. ",
"dimensions": {
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"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-447": {
"value": "16 Inventories 2022 \u00a3m 2021 \u00a3m Finished goods 2.4 1.5 The cost of inventories recognised as an expense and included in cost of sales amounted to \u00a314.2m (2021: \u00a39.6m). ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-448": {
"value": "17 Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Cash at bank and in hand 320.1 260.7 Short-term deposits 64.3 0.9 384.4 261.6 Cash at bank and in hand earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. The fair value of cash and cash equivalents is \u00a3384.4m (2021: \u00a3261.6m). Included in cash at bank and in hand is \u00a312.4m (2021: \u00a33.4m) of restricted funds relating to employee taxes, security trading deposits pending settlement, and other commitments. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-449": {
"value": "18 Trade and other payables 2022 \u00a3m 2021 \u00a3m Current Trade payables 50.0 39.4 Other payables 10.5 8.3 Other tax and social security 12.3 6.7 Foreign currency contracts 3.7 \u2013 Bonus accruals 225.8 148.9 Other accruals 24.1 23.9 Contract liabilities 9.5 8.2 335.9 235.4 Non-current Other payables 2.5 2.0 Foreign currency contracts 3.3 0.7 5.8 2.7 Trade payables and other payables are non-interest bearing and are normally settled on demand. ",
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"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-450": {
"value": "19 Lease liabilities 2022 \u00a3m 2021 \u00a3m Current Lease liabilities 9.9 9.7 Non-current Lease liabilities 37.7 44.1 A maturity analysis of undiscounted lease liability payments is included within note 27. Included within lease liabilities are \u00a311.8m (2021: \u00a311.9m) of leases where payments are linked to an index. The liabilities in relation to these leases are only adjusted as and when the change in rental cash flows takes effect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-451": {
"value": "20 Provisions 2022 \u00a3m 2021 \u00a3m Current At 1 January 0.6 0.5 Arising during the year 0.2 0.1 Foreign exchange differences (0.2) \u2013 At 31 December 0.6 0.6 Non-current At 1 January 1.6 1.5 Arising during the year 0.3 0.1 At 31 December 1.9 1.6 Provisions have been recognised for the dilapidation of various leasehold premises of \u00a31.5m (2021: \u00a31.5m) which will be utilised on cessation of the lease and \u00a31.0m (2021: \u00a30.7m) in relation to provisions for employee benefits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-452": {
"value": "21 Share-based payment plans 2022 \u00a3m 2021 \u00a3m Expense arising from equity-settled share-based payment transactions 1.8 1.8 The share-based payment plans are described below. There have been no cancellations or modifications to any of the plans during 2022 or 2021. Share options Long-term incentive awards Details of the long-term incentive awards are included in the Directors\u2019 Remuneration Report on page 134. Awards made to the Directors are given in the Directors\u2019 Remuneration Report on page 126. The fair value of awards that are not subject to a market-based performance condition were valued using a Black-Scholes model. The fair value of awards subject to a market-based performance condition were valued using a stochastic model. For awards subject to a holding period a Chaffe protective put method was used to estimate a discount for the lack of marketability. ShareSave scheme The ShareSave scheme (or local equivalent) enables eligible employees to acquire options to purchase ordinary shares in the Company at a discount. To participate in the scheme, the employees are required to save a set amount each month, up to a maximum of \u00a3500 per month, for a period of 24 to 36 months, depending on their jurisdiction. Under the terms of the scheme, at the end of the savings period the employees are entitled to purchase shares using their savings at a price of 15% to 20% (depending on jurisdiction) below the market price at grant date. Only employees that remain in service at the end of the savings period and make the required savings from their monthly salary for the savings period will become entitled to purchase the shares. Employees who cease their employment, do not save the required amount from their monthly salary, or elect not to exercise their option to purchase shares will be refunded their full savings. The fair value of these awards was valued using a Black-Scholes model. Movements in the year The following table illustrates the number of, and movements in, share options during the year: Outstanding at 1 January 2022 Granted in year Lapsed in year Exercised in year Outstanding at 31 December 2022 Exercisable at 31 December 2022 Weighted average contractual life Years Long-term incentive awards1 160,003 38,548 \u2013 (57,033) 141,518 \u2013 8.19 2018 ShareSave2 17,218 \u2013 (660) (16,558) \u2013 \u2013 \u2013 2019 ShareSave3 164,784 \u2013 (3,756) (121,642) 39,386 39,386 0.33 2020 ShareSave4 114,001 \u2013 (6,581) (3,146) 104,274 \u2013 1.33 2021 ShareSave5 66,313 \u2013 (32,224) \u2013 34,089 \u2013 2.24 2022 ShareSave6 \u2013 237,327 (3,073) \u2013 234,254 \u2013 3.28 522,319 275,875 (46,294) (198,379) 553,521 39,386 The exercise prices for share options outstanding at the year-end were: 1 \u00a3nil, 2 \u00a322.12, 3 \u00a318.30, 4 \u00a319.28-\u00a319.87, 5 \u00a331.44-\u00a332.18, 6 \u00a322.05\u2013\u00a322.51. The weighted average exercise price for each movement in share options are as follows: Outstanding at 1 January 2022 \u00a3 Granted in year \u00a3 Lapsed in year \u00a3 Exercised in year \u00a3 Outstanding at 31 December 2022 \u00a3 Exercisable at 31 December 2022 \u00a3 Long-term incentive awards \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 ShareSave 21.21 22.50 27.95 18.78 22.02 18.30 Total 14.71 19.35 27.95 13.38 16.39 18.30 The weighted average share price at the date of exercise was \u00a330.92. 21 Share-based payment plans continued The following table illustrates the number of, and movements in, share options for the previous year: Outstanding at 1 January 2021 Granted in year Lapsed in year Exercised in year Outstanding at 31 December 2021 Exercisable at 31 December 2021 Weighted average contractual life Years Long-term incentive awards1 155,178 46,760 \u2013 (41,935) 160,003 \u2013 8.25 2017 ShareSave 2 35,638 \u2013 (8,907) (26,731) \u2013 \u2013 \u2013 2018 ShareSave3 65,274 \u2013 (2,865) (45,191) 17,218 17,218 0.33 2019 ShareSave 4 188,770 \u2013 (15,494) (8,492) 164,784 \u2013 1.33 2020 ShareSave5 129,101 \u2013 (14,919) (181) 114,001 \u2013 2.29 2021 ShareSave6 \u2013 68,545 (2,232) \u2013 66,313 \u2013 3.24 573,961 115,305 (44,417) (122,530) 522,319 17,218 The exercise prices for share options outstanding at the year-end were: 1 \u00a3nil, 2\u00a322.50, 3\u00a322.12, 4\u00a318 . 30-\u00a320.74, 5\u00a319.28\u2013\u00a319.87, 6\u00a331.44\u2013\u00a332.18. The weighted average exercise price for each movement in share options are as follows: Outstanding at 1 January 2021 \u00a3 Granted in year \u00a3 Lapsed in year \u00a3 Exercised in year \u00a3 Outstanding at 31 December 2021 \u00a3 Exercisable at 31 December 2021 \u00a3 Long-term incentive awards \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 ShareSave 19.61 31.48 20.41 22.08 21.21 22.12 Total 14.31 18.72 20.41 14.53 14.71 22.12 The weighted average share price at the date of exercise was \u00a335.93. Significant inputs The inputs into the models used to value options granted in the period fell within the following ranges: 2022 2021 Share price at date of grant (\u00a3) 26.30-34.45 29.00-38.90 Exercise price (\u00a3) 0.00-22.51 0.00-32.18 Expected term (years) 2.0-3.3 2.0-3.3 Risk-free interest rate (%) 1.7-4.4 0.2-0.4 Expected dividend yield (%) 0.0-3.3 0.0-2.1 Expected volatility (%) 32.1-35.3 35.1-37.5 Expected volatility is calculated using historical data, where available, over the period of time commensurate with the remaining performance period for long-term incentive awards and the expected award term for the ShareSave scheme, as at the date of grant. Other employee incentives During the year, 562,184 shares (2021: 264,634 shares) at a weighted average price of \u00a333.06 (2021: \u00a328.87) were awarded to employees in settlement of 2021 (2020) cash bonuses. The fair value of these shares was determined based on the market price at the date of grant. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-453": {
"value": "22 Employee benefits The Group operates three final salary defined benefit pension schemes, being the Clarkson PLC scheme, the Plowrights scheme and the Stewarts scheme, all within the UK. The schemes are all registered as occupational pension schemes with HMRC and are subject to UK legislation and oversight from the Pensions Regulator. These are funded by the payment of contributions to separate trusts administered by Trustees who are required to act in the best interests of the schemes\u2019 beneficiaries. Responsibility for governance of each scheme lies with the respective board of trustees in accordance with the rules applicable to that scheme. Currently each board of trustees includes a representative of the relevant principal employer. The schemes\u2019 assets are invested in a range of pooled pension investment funds managed by professional fund managers. Defined benefit pension arrangements give rise to open-ended commitments and liabilities for the sponsoring company. As a consequence, the Company closed its original defined benefit section of the Clarkson PLC scheme to new entrants on 31 March 2004. This section was closed to further accrual for all existing members as from 31 March 2006. The Plowrights scheme was closed to further accrual from 1 January 2006. The Stewarts scheme was closed to further accrual on 1 January 2004. Every three years, a pension scheme must obtain from an actuary a report containing a valuation and a recommendation on rates of contribution. UK legislation requires that pension schemes are funded prudently and must adhere to the statutory funding objective. Triennial valuations for all the schemes have been prepared as detailed below. The actuarial valuation of the Clarkson PLC scheme shows a pension surplus on an ongoing basis of \u00a311.5m (105%) as at 31 March 2022. Following the 2016 valuation, Clarkson PLC and the Trustees agreed to cease funding with effect from 1 October 2016. Since 1 May 2021 all expenses of the scheme will be met from the surplus assets. The actuarial valuation of the Plowrights scheme shows a pension surplus on an ongoing basis of \u00a33.0m (108%) as at 31 March 2022. Clarkson PLC and the Trustees agreed to cease funding with effect from 1 December 2019. The expenses for the scheme will be met from the surplus assets. The actuarial valuation of the Stewarts scheme showed a pension surplus on an ongoing basis of \u00a30.1m (100%) as at 1 September 2021. Clarksons Offshore and Renewables Limited will continue to pay contributions of \u00a30.4m per annum, which will include scheme expenses. The Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if a scheme\u2019s assets underperform this yield, this will create a deficit. The largest two schemes have de-risked by replacing their equity holdings with less volatile investments. Changes in bond yields A decrease in corporate bond yields will increase a scheme\u2019s liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings. Inflation risk Some of the Group pension obligations are linked to inflation. The majority of the schemes\u2019 assets are either unaffected by (fixed-interest bonds) or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the schemes\u2019 liabilities. Other pension arrangements Overseas pension arrangements have been determined in accordance with local practice and regulations. One such defined benefit arrangement is in Greece whereby the employer is obligated to pay an indemnity to employees on retirement. During 2021, the Council of Greek Auditors considered the Interpretation Committee Agenda Decision of IFRIC and the agreement of the IFRS Board \u2013 Agenda Paper 2: \u2018Attributing Benefit to Periods of Service (IAS 19 Employee Benefits)\u2019. A Working Group (consisting of experts in the field) was set up to review and examine Greek Legislation and whether it was in \u2018harmony\u2019 with the Interpretation of IFRIC and could be applied to each Defined Benefit Plan. As a result of this review, an actuarial gain of \u00a30.6m has been recognised in other comprehensive income for the year ended 31 December 2021. The Group also operates various other defined contribution pension arrangements. Where required, the Group also makes contributions to these schemes. 22 Employee benefits continued The Group incurs no material expenses in the provision of post-retirement benefits other than pensions. The following information relates to the sum of the three separate UK schemes. Recognised in the balance sheet 2022 \u00a3m 2021 \u00a3m Fair value of schemes\u2019 assets 134.7 201.5 Present value of funded defined benefit obligations (115.2) (174.2) 19.5 27.3 Effect of asset ceiling in relation to the Plowrights scheme (4.1) (5.3) Net benefit asset recognised in the balance sheet 15.4 22.0 The net benefit asset disclosed above is the combined total of the three UK schemes. The Clarkson PLC scheme has a surplus of \u00a315.8m (2021: \u00a325.8m), the Plowrights scheme has a surplus of \u00a3nil (2021: \u00a3nil), and the Stewarts scheme has a deficit of \u00a30.4m (2021: \u00a33.8m). As there is no right of set-off between the schemes, the benefit asset of \u00a315.8m (2021: \u00a325.8m) is disclosed separately on the balance sheet from the benefit liability of \u00a30.4m (2021: \u00a33.8m). The surplus in the Clarkson PLC scheme is recognised, as there are future economic benefits available in the form of a reduction in future contributions to the defined contribution section of the scheme and, in the event of wind up, excess surplus is refundable to the Group. There are no such future economic benefits in respect of the Plowrights scheme and therefore the surplus of \u00a34.1m (2021: \u00a35.3m) cannot be recognised. A deferred tax asset on the benefit liability amounting to \u00a30.1m (2021: \u00a30.9m) and a deferred tax liability on the benefit asset of \u00a33.9m (2021: \u00a36.5m) is shown in note 6. Recognised in the income statement 2022 \u00a3m 2021 \u00a3m Recognised in other finance income \u2013 pensions: Expected return on schemes\u2019 assets 3.6 2.8 Interest cost on benefit obligation and asset ceiling (3.2) (2.7) Recognised in administrative expenses: Scheme administrative expenses (0.8) (0.3) Net benefit charge recognised in the income statement (0.4) (0.2) Recognised in the statement of comprehensive income 2022 \u00a3m 2021 \u00a3m Actual return on schemes\u2019 assets (59.0) 3.6 Less: expected return on schemes\u2019 assets (3.6) (2.8) Actuarial (loss)/gain on schemes\u2019 assets (62.6) 0.8 Actuarial gain on defined benefit obligations 54.7 10.2 Actuarial (loss)/gain recognised in the statement of comprehensive income (7.9) 11.0 Tax credit/(charge) on actuarial gain/(loss) 1.2 (2.0) Release/(recognition) of asset ceiling in relation to the Plowrights scheme 1.3 (1.3) Tax (charge)/credit on asset ceiling (0.2) 0.2 Tax credit/(charge) on change in tax rates 0.1 (1.3) Net actuarial (loss)/gain on employee benefit obligations (5.5) 6.6 Cumulative amount of actuarial gains, before tax, recognised in the statement of comprehensive income 1.4 9.3 22 Employee benefits continued Schemes\u2019 assets % 2022 \u00a3m % 2021 \u00a3m Equities* 1.1 1.5 2.7 5.4 Government bonds* 39.5 53.2 44.0 88.6 Corporate bonds* 30.4 40.9 28.3 57.1 Investment funds* 25.6 34.5 23.7 47.7 Cash and other assets 3.4 4.6 1.3 2.7 100.0 134.7 100.0 201.5 * Based on quoted market prices. Net defined benefit asset Changes in the fair value of the net defined benefit asset are as follows: 31 December 2022 Present value of obligation \u00a3m Fair value of plan assets \u00a3m Total \u00a3m Impact of asset ceiling \u00a3m Total \u00a3m At 1 January 2022 (174.2) 201.5 27.3 (5.3) 22.0 Expected return on assets \u2013 3.6 3.6 \u2013 3.6 Interest costs (3.1) \u2013 (3.1) (0.1) (3.2) Employer contributions \u2013 0.4 0.4 \u2013 0.4 Administrative expenses \u2013 (0.8) (0.8) \u2013 (0.8) Benefits paid 7.4 (7.4) \u2013 \u2013 \u2013 Actuarial gain/(loss) 54.7 (62.6) (7.9) 1.3 (6.6) At 31 December 2022 (115.2) 134.7 19.5 (4.1) 15.4 31 December 2021 Present value of obligation \u00a3m Fair value of plan assets \u00a3m Total \u00a3m Impact of asset ceiling \u00a3m Total \u00a3m At 1 January 2021 (188.6) 204.5 15.9 (3.9) 12.0 Expected return on assets \u2013 2.8 2.8 \u2013 2.8 Interest costs (2.5) \u2013 (2.5) (0.1) (2.6) Employer contributions \u2013 0.4 0.4 \u2013 0.4 Administrative expenses \u2013 (0.3) (0.3) \u2013 (0.3) Benefits paid 6.7 (6.7) \u2013 \u2013 \u2013 Actuarial gain/(loss) 10.2 0.8 11.0 (1.3) 9.7 At 31 December 2021 (174.2) 201.5 27. 3 (5.3) 22.0 The Group expects, based on the valuations and funding requirements including expenses, to contribute \u00a30.4m to its defined benefit pension schemes in 2023. (2022: \u00a30.4m). The principal weighted average valuation assumptions are as follows: 2022 % 2021 % Rate of increase in pensions in payment 3.1 3.3 Price inflation (RPI) 3.3 3.4 Price inflation (CPI) 2.8 3.1 Discount rate for scheme liabilities 5.0 1.8 22 Employee benefits continued The mortality assumptions used to assess the defined benefit obligations at 31 December 2022 and 31 December 2021 are based on the \u2018SAPS\u2019 standard mortality tables, being SP3A for the Clarkson PLC scheme with a scheme specific adjustment of 90% (2021: 95%), SP3A for the Plowrights scheme with a scheme specific adjustment of 84% for males and 98% for females (2021: SP3A Light) and SP3A for the Stewarts scheme (2021: S2PA). These tables have been adjusted to allow for anticipated future improvements in life expectancy using the standard projection model published in 2022 (2021: model published in 2021). Examples of the assumed future life expectancy are given in the table below: Additional years 2022 2021 Post-retirement life expectancy on retirement at age 65: Employees retiring in the year \u2013 male 22.2\u201323.5 21.8\u201323.4 \u2013 female 24.5\u201325.2 23.8\u201324.9 Employees retiring in 20 years\u2019 time \u2013 male 23.5\u201324.8 23.1\u201324.6 \u2013 female 25.9\u201326.6 25.3\u201326.3 Experience adjustments 2022 \u00a3m 2021 \u00a3m Experience (loss)/gain on schemes\u2019 assets (62.6) 0.8 (Loss)/gain on schemes\u2019 liabilities due to changes in demographic assumptions (0.3) 2.8 Gain on schemes\u2019 liabilities due to changes in financial assumptions 67.6 4.3 (Loss)/gain on schemes\u2019 liabilities due to experience adjustments (12.6) 3.1 Gain/(loss) on asset ceiling 1.3 (1.3) Actuarial (loss)/gain (6.6) 9.7 Income tax credit/(charge) on actuarial loss/gain 1.1 (3.1) Actuarial (loss)/gain \u2013 net of tax (5.5) 6.6 Sensitivities The table below shows the sensitivity of the defined benefit obligation to changes to the most significant actuarial assumptions. The impact of changes to each assumption is shown in isolation although, in practice, changes to assumptions may occur at the same time and can either offset or compound the overall impact on the defined benefit obligation. A change of 0.25% is deemed appropriate given the movement in assumptions during the current and previous years. The sensitivities have been calculated using the same methodology as the main calculations. The weighted average duration of the defined obligation is 13 years. 2022 2021 Change in assumption Change in defined benefit obligation Change in assumption Change in defined benefit obligation Discount rate for scheme liabilities +0.25% (2.9%) +0.25% (4.0%) (0.25%) 3.1% (0.25%) 4.3% Price inflation (RPI) +0.25% 2.4% +0.25% 3.2% (0.25%) (2.3%) (0.25%) (3.0%) An increase of one year in the assumed life expectancy for both males and females would increase the benefit obligation by 3.3% (2021: 4.6%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "The Group operates three final salary defined benefit pension schemes, being the Clarkson PLC scheme, the Plowrights scheme and the Stewarts scheme, all within the UK. The schemes are all registered as occupational pension schemes with HMRC and are subject to UK legislation and oversight from the Pensions Regulator. These are funded by the payment of contributions to separate trusts administered by Trustees who are required to act in the best interests of the schemes\u2019 beneficiaries. Responsibility for governance of each scheme lies with the respective board of trustees in accordance with the rules applicable to that scheme. Currently each board of trustees includes a representative of the relevant principal employer. The schemes\u2019 assets are invested in a range of pooled pension investment funds managed by professional fund managers. Defined benefit pension arrangements give rise to open-ended commitments and liabilities for the sponsoring company. As a consequence, the Company closed its original defined benefit section of the Clarkson PLC scheme to new entrants on 31 March 2004. This section was closed to further accrual for all existing members as from 31 March 2006. The Plowrights scheme was closed to further accrual from 1 January 2006. The Stewarts scheme was closed to further accrual on 1 January 2004. Every three years, a pension scheme must obtain from an actuary a report containing a valuation and a recommendation on rates of contribution. UK legislation requires that pension schemes are funded prudently and must adhere to the statutory funding objective. Triennial valuations for all the schemes have been prepared as detailed below. The actuarial valuation of the Clarkson PLC scheme shows a pension surplus on an ongoing basis of \u00a311.5m (105%) as at 31 March 2022. Following the 2016 valuation, Clarkson PLC and the Trustees agreed to cease funding with effect from 1 October 2016. Since 1 May 2021 all expenses of the scheme will be met from the surplus assets. The actuarial valuation of the Plowrights scheme shows a pension surplus on an ongoing basis of \u00a33.0m (108%) as at 31 March 2022. Clarkson PLC and the Trustees agreed to cease funding with effect from 1 December 2019. The expenses for the scheme will be met from the surplus assets. The actuarial valuation of the Stewarts scheme showed a pension surplus on an ongoing basis of \u00a30.1m (100%) as at 1 September 2021. Clarksons Offshore and Renewables Limited will continue to pay contributions of \u00a30.4m per annum, which will include scheme expenses. The Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if a scheme\u2019s assets underperform this yield, this will create a deficit. The largest two schemes have de-risked by replacing their equity holdings with less volatile investments. Changes in bond yields A decrease in corporate bond yields will increase a scheme\u2019s liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings. Inflation risk Some of the Group pension obligations are linked to inflation. The majority of the schemes\u2019 assets are either unaffected by (fixed-interest bonds) or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the schemes\u2019 liabilities. Other pension arrangements Overseas pension arrangements have been determined in accordance with local practice and regulations. One such defined benefit arrangement is in Greece whereby the employer is obligated to pay an indemnity to employees on retirement. During 2021, the Council of Greek Auditors considered the Interpretation Committee Agenda Decision of IFRIC and the agreement of the IFRS Board \u2013 Agenda Paper 2: \u2018Attributing Benefit to Periods of Service (IAS 19 Employee Benefits)\u2019. A Working Group (consisting of experts in the field) was set up to review and examine Greek Legislation and whether it was in \u2018harmony\u2019 with the Interpretation of IFRIC and could be applied to each Defined Benefit Plan. As a result of this review, an actuarial gain of \u00a30.6m has been recognised in other comprehensive income for the year ended 31 December 2021. The Group also operates various other defined contribution pension arrangements. Where required, the Group also makes contributions to these schemes. 22 Employee benefits continued The Group incurs no material expenses in the provision of post-retirement benefits other than pensions. The following information relates to the sum of the three separate UK schemes. Recognised in the balance sheet 2022 \u00a3m 2021 \u00a3m Fair value of schemes\u2019 assets 134.7 201.5 Present value of funded defined benefit obligations (115.2) (174.2) 19.5 27.3 Effect of asset ceiling in relation to the Plowrights scheme (4.1) (5.3) Net benefit asset recognised in the balance sheet 15.4 22.0 The net benefit asset disclosed above is the combined total of the three UK schemes. The Clarkson PLC scheme has a surplus of \u00a315.8m (2021: \u00a325.8m), the Plowrights scheme has a surplus of \u00a3nil (2021: \u00a3nil), and the Stewarts scheme has a deficit of \u00a30.4m (2021: \u00a33.8m). As there is no right of set-off between the schemes, the benefit asset of \u00a315.8m (2021: \u00a325.8m) is disclosed separately on the balance sheet from the benefit liability of \u00a30.4m (2021: \u00a33.8m). The surplus in the Clarkson PLC scheme is recognised, as there are future economic benefits available in the form of a reduction in future contributions to the defined contribution section of the scheme and, in the event of wind up, excess surplus is refundable to the Group. There are no such future economic benefits in respect of the Plowrights scheme and therefore the surplus of \u00a34.1m (2021: \u00a35.3m) cannot be recognised. A deferred tax asset on the benefit liability amounting to \u00a30.1m (2021: \u00a30.9m) and a deferred tax liability on the benefit asset of \u00a33.9m (2021: \u00a36.5m) is shown in note 6. Recognised in the income statement 2022 \u00a3m 2021 \u00a3m Recognised in other finance income \u2013 pensions: Expected return on schemes\u2019 assets 3.6 2.8 Interest cost on benefit obligation and asset ceiling (3.2) (2.7) Recognised in administrative expenses: Scheme administrative expenses (0.8) (0.3) Net benefit charge recognised in the income statement (0.4) (0.2) Recognised in the statement of comprehensive income 2022 \u00a3m 2021 \u00a3m Actual return on schemes\u2019 assets (59.0) 3.6 Less: expected return on schemes\u2019 assets (3.6) (2.8) Actuarial (loss)/gain on schemes\u2019 assets (62.6) 0.8 Actuarial gain on defined benefit obligations 54.7 10.2 Actuarial (loss)/gain recognised in the statement of comprehensive income (7.9) 11.0 Tax credit/(charge) on actuarial gain/(loss) 1.2 (2.0) Release/(recognition) of asset ceiling in relation to the Plowrights scheme 1.3 (1.3) Tax (charge)/credit on asset ceiling (0.2) 0.2 Tax credit/(charge) on change in tax rates 0.1 (1.3) Net actuarial (loss)/gain on employee benefit obligations (5.5) 6.6 Cumulative amount of actuarial gains, before tax, recognised in the statement of comprehensive income 1.4 9.3 22 Employee benefits continued Schemes\u2019 assets % 2022 \u00a3m % 2021 \u00a3m Equities* 1.1 1.5 2.7 5.4 Government bonds* 39.5 53.2 44.0 88.6 Corporate bonds* 30.4 40.9 28.3 57.1 Investment funds* 25.6 34.5 23.7 47.7 Cash and other assets 3.4 4.6 1.3 2.7 100.0 134.7 100.0 201.5 * Based on quoted market prices. Net defined benefit asset Changes in the fair value of the net defined benefit asset are as follows: 31 December 2022 Present value of obligation \u00a3m Fair value of plan assets \u00a3m Total \u00a3m Impact of asset ceiling \u00a3m Total \u00a3m At 1 January 2022 (174.2) 201.5 27.3 (5.3) 22.0 Expected return on assets \u2013 3.6 3.6 \u2013 3.6 Interest costs (3.1) \u2013 (3.1) (0.1) (3.2) Employer contributions \u2013 0.4 0.4 \u2013 0.4 Administrative expenses \u2013 (0.8) (0.8) \u2013 (0.8) Benefits paid 7.4 (7.4) \u2013 \u2013 \u2013 Actuarial gain/(loss) 54.7 (62.6) (7.9) 1.3 (6.6) At 31 December 2022 (115.2) 134.7 19.5 (4.1) 15.4 31 December 2021 Present value of obligation \u00a3m Fair value of plan assets \u00a3m Total \u00a3m Impact of asset ceiling \u00a3m Total \u00a3m At 1 January 2021 (188.6) 204.5 15.9 (3.9) 12.0 Expected return on assets \u2013 2.8 2.8 \u2013 2.8 Interest costs (2.5) \u2013 (2.5) (0.1) (2.6) Employer contributions \u2013 0.4 0.4 \u2013 0.4 Administrative expenses \u2013 (0.3) (0.3) \u2013 (0.3) Benefits paid 6.7 (6.7) \u2013 \u2013 \u2013 Actuarial gain/(loss) 10.2 0.8 11.0 (1.3) 9.7 At 31 December 2021 (174.2) 201.5 27. 3 (5.3) 22.0 The Group expects, based on the valuations and funding requirements including expenses, to contribute \u00a30.4m to its defined benefit pension schemes in 2023. (2022: \u00a30.4m). The principal weighted average valuation assumptions are as follows: 2022 % 2021 % Rate of increase in pensions in payment 3.1 3.3 Price inflation (RPI) 3.3 3.4 Price inflation (CPI) 2.8 3.1 Discount rate for scheme liabilities 5.0 1.8 22 Employee benefits continued The mortality assumptions used to assess the defined benefit obligations at 31 December 2022 and 31 December 2021 are based on the \u2018SAPS\u2019 standard mortality tables, being SP3A for the Clarkson PLC scheme with a scheme specific adjustment of 90% (2021: 95%), SP3A for the Plowrights scheme with a scheme specific adjustment of 84% for males and 98% for females (2021: SP3A Light) and SP3A for the Stewarts scheme (2021: S2PA). These tables have been adjusted to allow for anticipated future improvements in life expectancy using the standard projection model published in 2022 (2021: model published in 2021). Examples of the assumed future life expectancy are given in the table below: Additional years 2022 2021 Post-retirement life expectancy on retirement at age 65: Employees retiring in the year \u2013 male 22.2\u201323.5 21.8\u201323.4 \u2013 female 24.5\u201325.2 23.8\u201324.9 Employees retiring in 20 years\u2019 time \u2013 male 23.5\u201324.8 23.1\u201324.6 \u2013 female 25.9\u201326.6 25.3\u201326.3 Experience adjustments 2022 \u00a3m 2021 \u00a3m Experience (loss)/gain on schemes\u2019 assets (62.6) 0.8 (Loss)/gain on schemes\u2019 liabilities due to changes in demographic assumptions (0.3) 2.8 Gain on schemes\u2019 liabilities due to changes in financial assumptions 67.6 4.3 (Loss)/gain on schemes\u2019 liabilities due to experience adjustments (12.6) 3.1 Gain/(loss) on asset ceiling 1.3 (1.3) Actuarial (loss)/gain (6.6) 9.7 Income tax credit/(charge) on actuarial loss/gain 1.1 (3.1) Actuarial (loss)/gain \u2013 net of tax (5.5) 6.6 Sensitivities The table below shows the sensitivity of the defined benefit obligation to changes to the most significant actuarial assumptions. The impact of changes to each assumption is shown in isolation although, in practice, changes to assumptions may occur at the same time and can either offset or compound the overall impact on the defined benefit obligation. A change of 0.25% is deemed appropriate given the movement in assumptions during the current and previous years. The sensitivities have been calculated using the same methodology as the main calculations. The weighted average duration of the defined obligation is 13 years. 2022 2021 Change in assumption Change in defined benefit obligation Change in assumption Change in defined benefit obligation Discount rate for scheme liabilities +0.25% (2.9%) +0.25% (4.0%) (0.25%) 3.1% (0.25%) 4.3% Price inflation (RPI) +0.25% 2.4% +0.25% 3.2% (0.25%) (2.3%) (0.25%) (3.0%) An increase of one year in the assumed life expectancy for both males and females would increase the benefit obligation by 3.3% (2021: 4.6%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-493": {
"value": "Other pension arrangements Overseas pension arrangements have been determined in accordance with local practice and regulations. One such defined benefit arrangement is in Greece whereby the employer is obligated to pay an indemnity to employees on retirement. During 2021, the Council of Greek Auditors considered the Interpretation Committee Agenda Decision of IFRIC and the agreement of the IFRS Board \u2013 Agenda Paper 2: \u2018Attributing Benefit to Periods of Service (IAS 19 Employee Benefits)\u2019. A Working Group (consisting of experts in the field) was set up to review and examine Greek Legislation and whether it was in \u2018harmony\u2019 with the Interpretation of IFRIC and could be applied to each Defined Benefit Plan. As a result of this review, an actuarial gain of \u00a30.6m has been recognised in other comprehensive income for the year ended 31 December 2021. The Group also operates various other defined contribution pension arrangements. Where required, the Group also makes contributions to these schemes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "23 Share capital Ordinary shares of 25p each, issued and fully paid: Number of shares 2022 \u00a3m Number of shares 2021 \u00a3m At 1 January 30,480,764 7.6 30,399,893 7.6 Additions 141,346 0.1 80,871 \u2013 At 31 December 30,622,110 7.7 30,480,764 7.6 During the year, the Company issued 141,346 shares (2021: 80,871) in relation to the ShareSave scheme. The difference between the exercise price (ranging from \u00a318.30-\u00a322.12 (2021: \u00a318.30-\u00a322.50)) and the nominal value of \u00a30.25 was taken to the share premium account, see note 24. Shares held by Employee Benefit Trusts The trustees have waived their right to dividends on the unallocated shares held in the employee share trust. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "24 Other reserves 31 December 2022 Share premium \u00a3m ESOP reserve \u00a3m Employee benefits reserve \u00a3m Capital redemption reserve \u00a3m Hedging reserve \u00a3m Merger reserve \u00a3m Currency translation reserve \u00a3m Total \u00a3m At 1 January 2022 33.9 (0.5) 3.9 2.0 0.5 55.7 8.5 104.0 Other comprehensive (loss)/ income: Foreign exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 13.5 13.5 Foreign currency hedges recycled to profit or loss \u2013 net of tax \u2013 \u2013 \u2013 \u2013 3.3 \u2013 \u2013 3.3 Foreign currency hedge revaluations \u2013 net of tax \u2013 \u2013 \u2013 \u2013 (8.9) \u2013 \u2013 (8.9) Total other comprehensive (loss)/income \u2013 \u2013 \u2013 \u2013 (5.6) \u2013 13.5 7.9 Share issues 2.6 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.6 Employee share schemes: Share-based payments expense \u2013 \u2013 1.8 \u2013 \u2013 \u2013 \u2013 1.8 Transfer to profit and loss on vesting \u2013 2.0 (2.0) \u2013 \u2013 \u2013 \u2013 \u2013 ESOP shares acquired \u2013 (20.4) \u2013 \u2013 \u2013 \u2013 \u2013 (20.4) Equity-settled liabilities \u2013 18.9 \u2013 \u2013 \u2013 \u2013 \u2013 18.9 Total employee share schemes \u2013. 0.5 (0.2) \u2013 \u2013 \u2013 \u2013 0.3 At 31 December 2022 36.5 \u2013 3.7 2.0 (5.1) 55.7 22.0 114.8 31 December 2021 Share premium \u00a3m ESOP reserve \u00a3m Employee benefits reserve \u00a3m Capital redemption reserve \u00a3m Hedging reserve \u00a3m Merger reserve \u00a3m Currency translation reserve \u00a3m Total \u00a3m At 1 January 2021 32.1 (0.7) 3.8 2.0 3.7 55.7 8.0 104.6 Other comprehensive (loss)/ income: Foreign exchange differences on retranslation of foreign operations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.5 0.5 Foreign currency hedges recycled to profit or loss \u2013 net of tax \u2013 \u2013 \u2013 \u2013 (2.4) \u2013 \u2013 (2.4) Foreign currency hedge revaluations \u2013 net of tax \u2013 \u2013 \u2013 \u2013 (0.8) \u2013 \u2013 (0.8) Total other comprehensive (loss)/income \u2013 \u2013 \u2013 \u2013 (3.2) \u2013 0.5 (2.7) Share issues 1.8 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.8 Employee share schemes: Share-based payments expense \u2013 \u2013 1.8 \u2013 \u2013 \u2013 \u2013 1.8 Transfer to profit and loss on vesting \u2013 1.9 (1.7) \u2013 \u2013 \u2013 \u2013 0.2 ESOP shares acquired* \u2013 (13.2) \u2013 \u2013 \u2013 \u2013 \u2013 (13.2) Equity-settled liabilities* \u2013 11.5 \u2013 \u2013 \u2013 \u2013 \u2013 11.5 Total employee share schemes \u2013 0.2 0.1 \u2013 \u2013 \u2013 \u2013 0.3 At 31 December 2021 33.9 (0.5) 3.9 2.0 0.5 55.7 8.5 104.0 * ESOP shares acquired was previously stated at \u00a31.7m within the 2021 Annual Report. This has been grossed up with a new line item called Equity-settled liabilities. See note 2.1 for further information. 24 Other reserves continued Nature and purpose of other reserves ESOP reserve The ESOP reserve in the Group represents nil shares (2021: 13,905 shares) purchased by the Employee Benefit Trusts to meet obligations under various incentive schemes. The shares are stated at cost. The market value of these shares at 31 December 2022 was \u00a3nil (2021: \u00a30.5m). At 31 December 2022 none of these shares were under option (2021: none). During the year the share purchase trusts acquired 576,894 shares at a weighted average price of \u00a335.34 (2021: 389,411 shares at \u00a333.93); see note 21 for further details of share incentive schemes. Employee benefits reserve The employee benefits reserve is used to record the value of equity-settled share-based payments provided to employees. Details are included in note 21. Capital redemption reserve The capital redemption reserve arose on previous share buy-backs by Clarkson PLC. Hedging reserve This reserve comprises the effective portion of the fair value of cash flow hedging instruments relating to hedged transactions that have not yet occurred. Realised hedges are recycled to the statement of comprehensive income. Movements are net of tax. Further details on hedging are shown in note 27. Merger reserve This comprises the premium on the share placing in November 2014 and the shares issued in February 2015 as part of the acquisition of Clarksons Norway AS (formerly Clarksons Platou AS/RS Platou ASA). No share premium is recorded in the financial statements, through the operation of the merger relief provisions of the Companies Act 2006. Currency translation reserve The currency translation reserve represents the currency translation differences arising from the consolidation of foreign operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "25 Financial commitments and contingencies Contingencies The Group has given no financial commitments to suppliers (2021: none). The Group has given no guarantees (2021: none). From time to time, the Group is engaged in litigation in the ordinary course of business. The Group carries professional indemnity insurance. There is currently no litigation that is expected to have a material adverse financial impact on the Group\u2019s consolidated results or net assets. The Group also maintained throughout the financial year Directors\u2019 and Officers\u2019 liability insurance in respect of its Directors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "Contingencies The Group has given no financial commitments to suppliers (2021: none). The Group has given no guarantees (2021: none). From time to time, the Group is engaged in litigation in the ordinary course of business. The Group carries professional indemnity insurance. There is currently no litigation that is expected to have a material adverse financial impact on the Group\u2019s consolidated results or net assets. The Group also maintained throughout the financial year Directors\u2019 and Officers\u2019 liability insurance in respect of its Directors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "26 Events occurring after the reporting period The Group acquired 100% of the share capital of DHSS Aviation B.V., DHSS Logistics B.V., DHSS Projects B.V. and DHSS Services B.V for cash consideration of \u20ac4.0m and additional maximum deferred consideration (including earn-out) of \u20ac6.3m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "27 Financial risk management objectives and policies The Group\u2019s principal financial liabilities comprise trade and other payables and lease liabilities. The Group\u2019s principal financial assets are trade receivables, investments, cash and cash equivalents and short-term deposits, which arise directly from its operations. The Group has not entered into derivative transactions other than the forward currency contracts explained later in this section. It is, and has been throughout 2022 and 2021, the Group\u2019s policy that no trading in derivatives shall be undertaken for speculative purposes. The main risks arising from the Group\u2019s financial instruments are credit risk, liquidity risk and foreign exchange risk. The Board reviews and agrees policies for managing each of these risks which are summarised below. Credit risk The Group seeks to trade only with recognised, creditworthy third parties. Credit risk arises when debtors fail to pay their obligations. Receivable balances are monitored on an ongoing basis and any potential bad debts identified at an early stage. The maximum exposure is the carrying amounts as disclosed in note 14; based on experience and ongoing market information about the creditworthiness of counterparties, we reasonably expect to collect all amounts unimpaired. There are no significant concentrations of credit risk within the Group, due to the large number of customers comprising the Group\u2019s customer base. Trade receivables are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. Impairment losses on trade receivables are presented within revenue. Subsequent recoveries of amounts previously written off are credited against the same line item. Other financial assets are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. With respect to credit risk arising from cash and cash equivalents and deposits held as current investments, these are considered low risk as the financial institutions used are closely monitored by the Group treasury function to ensure they are held with creditworthy institutions and to ensure there is no over exposure to any one institution. For all financial assets held, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. 27 Financial risk management objectives and policies continued Liquidity risk The Group seeks to ensure that sufficient liquidity exists in the right locations to meet the Group\u2019s financial obligations and related funding requirements in a timely manner, including dividends and taxes, and provide funds for capital expenditure and investment opportunities as they arise. Cash and cash equivalent balances are held with the primary objective of capital security and availability, with a secondary objective of generating returns. Funding requirements are monitored by the Group\u2019s finance function with cash flow forecasting performed at both an entity and Group level. As a normal part of its operations, the Group could face liquidity issues if it experienced a sustained reduction in profitability, problems in the collection of debts from clients or unplanned expenditure. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 31 December based on contractual undiscounted payments. 31 December 2022 Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m 5 to 10 years \u00a3m Over 10 years \u00a3m Total \u00a3m Trade and other payables 59.8 0.7 2.5 \u2013 \u2013 63.0 Gross settled foreign currency contracts: Outflow 10.4 55.7 78.3 \u2013 \u2013 144.4 Inflow (9.2) (53.2) (75.0) \u2013 \u2013 (137.4) Lease liabilities 2.9 8.6 33.3 9.4 \u2013 54.2 63.9 11.8 39.1 9.4 \u2013 124.2 31 December 2021 Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m 5 to 10 years \u00a3m Over 10 years \u00a3m Total \u00a3m Trade and other payables 47.7 \u2013 2.0 \u2013 \u2013 49.7 Gross settled foreign currency contracts: Outflow 7.4 33.4 40.9 \u2013 \u2013 81.7 Inflow (7.7) (34.4) (40.2) \u2013 \u2013 (82.3) Lease liabilities* 3.3 8.1 36.7 13.1 0.3 61.5 50.7 7.1 39.4 13.1 0.3 110.6 * Restated to correct prior year disclosure error. The following table shows the total liabilities arising from financing activities. 2022 2021 Interest- bearing loans and borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m Interest- bearing loans and borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m At 1 January \u2013 53.8 53.8 0.1 56.1 56.2 Arising on acquisitions 0.6 \u2013 0.6 \u2013 \u2013 \u2013 Cash flows \u2013 principal (0.6) (11.2) (11.8) (0.1) (9.1) (9.2) Cash flows \u2013 interest \u2013 (1.9) (1.9) \u2013 (2.0) (2.0) Interest charges \u2013 1.9 1.9 \u2013 2.0 2.0 Other non-cash movements \u2013 6.2 6.2 \u2013 7.1 7.1 Foreign exchange differences \u2013 (1.2) (1.2) \u2013 (0.3) (0.3) At 31 December \u2013 47.6 47.6 \u2013 53.8 53.8 Other non-cash movements include the net impact of additions, modifications and terminations relating to leases during the year. 27 Financial risk management objectives and policies continued Foreign exchange risk The Group has transactional currency exposures arising from revenues and expenses in currencies other than its functional currency, which can significantly impact results and cash flows. The Group\u2019s revenue is mainly denominated in US dollars and the majority of expenses are denominated in local currencies. The Group also has balance sheet exposures, either at the local entity level where monetary assets and liabilities are held in currencies other than the functional currency, or at a Group level on the retranslation of non-sterling balances into the Group\u2019s functional currency. Our aim is to manage this risk by reducing the impact of any fluctuations. The Group hedges currency exposure through forward sales of US dollar revenues. US dollars are also sold on the spot market to meet local currency expenditure requirements. Rates of exchange, non-sterling balances and asset exposures by currency are continually assessed. The Group is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes an instantaneous 5% change in the US dollar exchange rates from their levels at 31 December 2022, with all other variables held constant. The following table demonstrates the sensitivity to a reasonably possible change in this rate, with all other variables held constant, of the Group\u2019s profit before taxation and equity. Strengthening/ (weakening) in rate Effect on profit before taxation \u00a3m Effect on equity \u00a3m 2022 5% 2.2 (4.9) (5%) (2.0) 4.5 2021 5% 1.6 (1.9) (5%) (1.4) 1.7 Derivative financial instruments It is the Group\u2019s policy to cover or hedge a proportion of its future transactional US dollar revenues in the UK with foreign currency contracts. The strategy is to protect the Group against a significant weakening of the US dollar. See note 4 for total revenues generated in the UK which are predominantly US dollar-denominated. The Group considers the hedge to be effective if each forward contract is settled with the bank and the US dollars sold represent collections from previous months\u2019 invoicing. Should the hedging ratio be greater than one (that is, contracted sales are greater than US dollar revenues) then the hedge is deemed to be ineffective. Where these are designated and documented as hedging instruments in the context of IFRS 9 and are demonstrated to be effective, mark-to-market gains and losses are recognised directly in equity (see note 24). These are transferred to the income statement, within revenue, upon receipt of cash and conversion to sterling of the underlying item being hedged. All of the contracts settled during the year were effective. There were no contracts deemed ineffective during the year. The fair value of foreign currency contracts at 31 December are as follows: Assets Liabilities 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Foreign currency contracts 0.1 1.3 7.0 0.7 At 31 December 2022 the Group had sterling forward contracts of US$80m due for settlement in 2023 at an average rate of US$1.28/\u00a31, US$70m due for settlement in 2024 at an average rate of US$1.28/\u00a31 and US$25m due for settlement in 2025 at an average rate of US$1.23/\u00a31 (2021: US$55m due for settlement in 2022 at an average rate of US$1.31/\u00a31, US$30m due for settlement in 2023 at an average rate of US$1.37/\u00a31 and US$25m due for settlement in 2024 at an average rate of US$1.37/\u00a31). In 2022, in addition to the above trades, the Group entered into NOK forward contracts of US$24m due for settlement in 2023 at an average rate of US$1/NOK9.81 and US$5m due for settlement in 2024 at an average rate of US$1/NOK9.76. 27 Financial risk management objectives and policies continued Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Total capital is calculated as equity as shown in the consolidated balance sheet. The Group manages its capital structure, and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2022 or 31 December 2021. These financial statements are prepared on the going concern basis and the Group continues to pay dividends. A number of the Group\u2019s trading entities are subject to regulation by the Norwegian FSA, the FCA in the UK, the MAS in Singapore, and DFTC and the NFA, SEC and FINRA in the US. Regulatory capital at an entity level depends on the jurisdiction in which it is incorporated. In each case, the approach is to hold an appropriate surplus over the local minimum requirement. Each regulated entity complied with their regulatory capital requirements throughout the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "Credit risk The Group seeks to trade only with recognised, creditworthy third parties. Credit risk arises when debtors fail to pay their obligations. Receivable balances are monitored on an ongoing basis and any potential bad debts identified at an early stage. The maximum exposure is the carrying amounts as disclosed in note 14; based on experience and ongoing market information about the creditworthiness of counterparties, we reasonably expect to collect all amounts unimpaired. There are no significant concentrations of credit risk within the Group, due to the large number of customers comprising the Group\u2019s customer base. Trade receivables are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. Impairment losses on trade receivables are presented within revenue. Subsequent recoveries of amounts previously written off are credited against the same line item. Other financial assets are written off when there is no reasonable expectation of recovery, such as the commencement of legal proceedings, financial difficulties of the counterparty, or a significant time period has elapsed since the debt was due. With respect to credit risk arising from cash and cash equivalents and deposits held as current investments, these are considered low risk as the financial institutions used are closely monitored by the Group treasury function to ensure they are held with creditworthy institutions and to ensure there is no over exposure to any one institution. For all financial assets held, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "Liquidity risk The Group seeks to ensure that sufficient liquidity exists in the right locations to meet the Group\u2019s financial obligations and related funding requirements in a timely manner, including dividends and taxes, and provide funds for capital expenditure and investment opportunities as they arise. Cash and cash equivalent balances are held with the primary objective of capital security and availability, with a secondary objective of generating returns. Funding requirements are monitored by the Group\u2019s finance function with cash flow forecasting performed at both an entity and Group level. As a normal part of its operations, the Group could face liquidity issues if it experienced a sustained reduction in profitability, problems in the collection of debts from clients or unplanned expenditure. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 31 December based on contractual undiscounted payments. 31 December 2022 Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m 5 to 10 years \u00a3m Over 10 years \u00a3m Total \u00a3m Trade and other payables 59.8 0.7 2.5 \u2013 \u2013 63.0 Gross settled foreign currency contracts: Outflow 10.4 55.7 78.3 \u2013 \u2013 144.4 Inflow (9.2) (53.2) (75.0) \u2013 \u2013 (137.4) Lease liabilities 2.9 8.6 33.3 9.4 \u2013 54.2 63.9 11.8 39.1 9.4 \u2013 124.2 31 December 2021 Less than 3 months \u00a3m 3 to 12 months \u00a3m 1 to 5 years \u00a3m 5 to 10 years \u00a3m Over 10 years \u00a3m Total \u00a3m Trade and other payables 47.7 \u2013 2.0 \u2013 \u2013 49.7 Gross settled foreign currency contracts: Outflow 7.4 33.4 40.9 \u2013 \u2013 81.7 Inflow (7.7) (34.4) (40.2) \u2013 \u2013 (82.3) Lease liabilities* 3.3 8.1 36.7 13.1 0.3 61.5 50.7 7.1 39.4 13.1 0.3 110.6 * Restated to correct prior year disclosure error. The following table shows the total liabilities arising from financing activities. 2022 2021 Interest- bearing loans and borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m Interest- bearing loans and borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m At 1 January \u2013 53.8 53.8 0.1 56.1 56.2 Arising on acquisitions 0.6 \u2013 0.6 \u2013 \u2013 \u2013 Cash flows \u2013 principal (0.6) (11.2) (11.8) (0.1) (9.1) (9.2) Cash flows \u2013 interest \u2013 (1.9) (1.9) \u2013 (2.0) (2.0) Interest charges \u2013 1.9 1.9 \u2013 2.0 2.0 Other non-cash movements \u2013 6.2 6.2 \u2013 7.1 7.1 Foreign exchange differences \u2013 (1.2) (1.2) \u2013 (0.3) (0.3) At 31 December \u2013 47.6 47.6 \u2013 53.8 53.8 Other non-cash movements include the net impact of additions, modifications and terminations relating to leases during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "Foreign exchange risk The Group has transactional currency exposures arising from revenues and expenses in currencies other than its functional currency, which can significantly impact results and cash flows. The Group\u2019s revenue is mainly denominated in US dollars and the majority of expenses are denominated in local currencies. The Group also has balance sheet exposures, either at the local entity level where monetary assets and liabilities are held in currencies other than the functional currency, or at a Group level on the retranslation of non-sterling balances into the Group\u2019s functional currency. Our aim is to manage this risk by reducing the impact of any fluctuations. The Group hedges currency exposure through forward sales of US dollar revenues. US dollars are also sold on the spot market to meet local currency expenditure requirements. Rates of exchange, non-sterling balances and asset exposures by currency are continually assessed. The Group is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes an instantaneous 5% change in the US dollar exchange rates from their levels at 31 December 2022, with all other variables held constant. The following table demonstrates the sensitivity to a reasonably possible change in this rate, with all other variables held constant, of the Group\u2019s profit before taxation and equity. Strengthening/ (weakening) in rate Effect on profit before taxation \u00a3m Effect on equity \u00a3m 2022 5% 2.2 (4.9) (5%) (2.0) 4.5 2021 5% 1.6 (1.9) (5%) (1.4) 1.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "Derivative financial instruments It is the Group\u2019s policy to cover or hedge a proportion of its future transactional US dollar revenues in the UK with foreign currency contracts. The strategy is to protect the Group against a significant weakening of the US dollar. See note 4 for total revenues generated in the UK which are predominantly US dollar-denominated. The Group considers the hedge to be effective if each forward contract is settled with the bank and the US dollars sold represent collections from previous months\u2019 invoicing. Should the hedging ratio be greater than one (that is, contracted sales are greater than US dollar revenues) then the hedge is deemed to be ineffective. Where these are designated and documented as hedging instruments in the context of IFRS 9 and are demonstrated to be effective, mark-to-market gains and losses are recognised directly in equity (see note 24). These are transferred to the income statement, within revenue, upon receipt of cash and conversion to sterling of the underlying item being hedged. All of the contracts settled during the year were effective. There were no contracts deemed ineffective during the year. The fair value of foreign currency contracts at 31 December are as follows: Assets Liabilities 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Foreign currency contracts 0.1 1.3 7.0 0.7 At 31 December 2022 the Group had sterling forward contracts of US$80m due for settlement in 2023 at an average rate of US$1.28/\u00a31, US$70m due for settlement in 2024 at an average rate of US$1.28/\u00a31 and US$25m due for settlement in 2025 at an average rate of US$1.23/\u00a31 (2021: US$55m due for settlement in 2022 at an average rate of US$1.31/\u00a31, US$30m due for settlement in 2023 at an average rate of US$1.37/\u00a31 and US$25m due for settlement in 2024 at an average rate of US$1.37/\u00a31). In 2022, in addition to the above trades, the Group entered into NOK forward contracts of US$24m due for settlement in 2023 at an average rate of US$1/NOK9.81 and US$5m due for settlement in 2024 at an average rate of US$1/NOK9.76. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Total capital is calculated as equity as shown in the consolidated balance sheet. The Group manages its capital structure, and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2022 or 31 December 2021. These financial statements are prepared on the going concern basis and the Group continues to pay dividends. A number of the Group\u2019s trading entities are subject to regulation by the Norwegian FSA, the FCA in the UK, the MAS in Singapore, and DFTC and the NFA, SEC and FINRA in the US. Regulatory capital at an entity level depends on the jurisdiction in which it is incorporated. In each case, the approach is to hold an appropriate surplus over the local minimum requirement. Each regulated entity complied with their regulatory capital requirements throughout the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "28 Financial instruments Fair values IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: \u2212 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2212 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2212 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December. Level 1 Level 2 Level 3 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Assets Investments at fair value through profit or loss (\u2018FVPL\u2019) 0.5 0.5 1.1 1.2 \u2013 \u2013 Foreign currency contracts \u2013 \u2013 0.1 1.3 \u2013 \u2013 0.5 0.5 1.2 2.5 \u2013 \u2013 Liabilities Foreign currency contracts \u2013 \u2013 7.0 0.7 \u2013 \u2013 \u2013 \u2013 7.0 0.7 \u2013 \u2013 FVPL investments are valued based on quoted prices in an active market (Level 1) or based on quoted prices for similar assets (Level 2); FVOCI investments are categorised as Level 3 as the shares are not listed on an exchange and there were no recent observable arm\u2019s-length transactions in the shares. The fair value of the foreign currency contracts are calculated by management based on external valuations received. These valuations are calculated based on forward exchange rates at the balance sheet date. Investment properties are not measured at fair value, but the fair value is disclosed in note 10. 28 Financial instruments continued The classification of financial assets and financial liabilities at 31 December is as follows: Financial assets 2022 2021 Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Other receivables \u2013 \u2013 12.9 12.9 \u2013 \u2013 8.6 8.6 Investments \u2013 1.6 3.1 4.7 \u2013 1.7 9.6 11.3 Trade receivables \u2013 \u2013 127.2 127.2 \u2013 \u2013 97.6 97.6 Foreign currency contracts 0.1 \u2013 \u2013 0.1 1.3 \u2013 \u2013 1.3 Cash and cash equivalents \u2013 \u2013 384.4 384.4 \u2013 \u2013 261.6 261.6 0.1 1.6 527.6 529.3 1.3 1.7 377.4 380.4 Financial liabilities 2022 2021 Hedging instruments \u00a3m Amortised cost \u00a3m Total \u00a3m Hedging instruments \u00a3m Amortised cost \u00a3m Total \u00a3m Trade payables \u2013 50.0 50.0 \u2013 39.4 39.4 Other payables \u2013 13.0 13.0 \u2013 10.3 10.3 Foreign currency contracts 7.0 \u2013 7.0 0.7 \u2013 0.7 Lease liabilities \u2013 47.6 47.6 \u2013 53.8 53.8 7.0 110.6 117.6 0.7 103.5 104.2 The carrying value of current and non-current financial assets and liabilities is deemed to equate to the fair value at 31 December 2022 and 2021. Net gains on financial assets at fair value through profit or loss amounted to \u00a30.3m (2021: \u00a31.3m). Net losses on financial assets at fair value through other comprehensive income were \u00a3nil (2021: \u00a31.7m). Net losses on financial liabilities at fair value through profit or loss amounted to \u00a3nil (2021: \u00a30.3m). Gains/(losses) on trade receivables (measured at amortised cost) are shown in note 14. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "Fair values IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: \u2212 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2212 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2212 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December. Level 1 Level 2 Level 3 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Assets Investments at fair value through profit or loss (\u2018FVPL\u2019) 0.5 0.5 1.1 1.2 \u2013 \u2013 Foreign currency contracts \u2013 \u2013 0.1 1.3 \u2013 \u2013 0.5 0.5 1.2 2.5 \u2013 \u2013 Liabilities Foreign currency contracts \u2013 \u2013 7.0 0.7 \u2013 \u2013 \u2013 \u2013 7.0 0.7 \u2013 \u2013 FVPL investments are valued based on quoted prices in an active market (Level 1) or based on quoted prices for similar assets (Level 2); FVOCI investments are categorised as Level 3 as the shares are not listed on an exchange and there were no recent observable arm\u2019s-length transactions in the shares. The fair value of the foreign currency contracts are calculated by management based on external valuations received. These valuations are calculated based on forward exchange rates at the balance sheet date. Investment properties are not measured at fair value, but the fair value is disclosed in note 10. 28 Financial instruments continued The classification of financial assets and financial liabilities at 31 December is as follows: Financial assets 2022 2021 Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Hedging instruments \u00a3m Fair value through profit or loss \u00a3m Amortised cost \u00a3m Total \u00a3m Other receivables \u2013 \u2013 12.9 12.9 \u2013 \u2013 8.6 8.6 Investments \u2013 1.6 3.1 4.7 \u2013 1.7 9.6 11.3 Trade receivables \u2013 \u2013 127.2 127.2 \u2013 \u2013 97.6 97.6 Foreign currency contracts 0.1 \u2013 \u2013 0.1 1.3 \u2013 \u2013 1.3 Cash and cash equivalents \u2013 \u2013 384.4 384.4 \u2013 \u2013 261.6 261.6 0.1 1.6 527.6 529.3 1.3 1.7 377.4 380.4 Financial liabilities 2022 2021 Hedging instruments \u00a3m Amortised cost \u00a3m Total \u00a3m Hedging instruments \u00a3m Amortised cost \u00a3m Total \u00a3m Trade payables \u2013 50.0 50.0 \u2013 39.4 39.4 Other payables \u2013 13.0 13.0 \u2013 10.3 10.3 Foreign currency contracts 7.0 \u2013 7.0 0.7 \u2013 0.7 Lease liabilities \u2013 47.6 47.6 \u2013 53.8 53.8 7.0 110.6 117.6 0.7 103.5 104.2 The carrying value of current and non-current financial assets and liabilities is deemed to equate to the fair value at 31 December 2022 and 2021. Net gains on financial assets at fair value through profit or loss amounted to \u00a30.3m (2021: \u00a31.3m). Net losses on financial assets at fair value through other comprehensive income were \u00a3nil (2021: \u00a31.7m). Net losses on financial liabilities at fair value through profit or loss amounted to \u00a3nil (2021: \u00a30.3m). Gains/(losses) on trade receivables (measured at amortised cost) are shown in note 14. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "29 Related party transactions As in 2021, the Group did not enter into any related party transactions during the year, except as noted below. As mentioned in the biographies in the Board of Directors on page 90, Sue Harris is a Non-Executive Director of Schroder & Co. Limited and Chair of the Audit and Risk Committee of the Wealth Management Division. Another Schroder Group company is one of the investment managers of the defined benefit section of the Clarkson PLC pension scheme. In 2020, Jeff Woyda was appointed to the Board of Trustees of The Clarkson Foundation. Compensation of key management personnel (including Directors) There were no key management personnel in the Group apart from the Clarkson PLC Directors. Details of their compensation are set out below. 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 12.1 7.5 Post-employment benefits 0.1 0.1 Share-based payments 1.1 1.0 13.3 8.6 Full remuneration details are provided in the Directors\u2019 Remuneration Report on pages 116 to 137. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-482": {
"value": "Compensation of key management personnel (including Directors) There were no key management personnel in the Group apart from the Clarkson PLC Directors. Details of their compensation are set out below. 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 12.1 7.5 Post-employment benefits 0.1 0.1 Share-based payments 1.1 1.0 13.3 8.6 Full remuneration details are provided in the Directors\u2019 Remuneration Report on pages 116 to 137. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "30 Non-controlling interest The non-controlling interest relates to 10 entities based in Norway, in the Financial segment. Set out below is summarised financial information for the subsidiaries that have a non-controlling interest that are material to the Group. Clarksons Project Finance AS 2022 \u00a3m *Clarksons Platou Project Finance AS 2021 \u00a3m Summarised balance sheet Non-current assets 0.1 0.1 Current assets 6.8 10.0 Current liabilities (3.1) (11.4) Net current assets 3.7 (1.4) Non-current liabilities (1.9) \u2013 Net assets 1.9 (1.3) Accumulated non-controlling interest 1.3 0.9 Non-controlling equity interest 66.11% 68.98% Summarised statement of comprehensive income Revenue 12.4 14.8 Profit for the period 4.0 4.7 Profit attributable to non-controlling interest 2.6 3.2 Dividends paid to non-controlling interest (1.5) (2.5) Summarised statement of cash flows Cash flows from operating activities 0.4 7.0 Cash flows from investing activities 2.5 (2.5) Cash flows from financing activities (3.0) (6.7) Total net cash outflow (0.1) (2.2) * During the year Clarksons Platou Project Finance AS changed its name to Clarksons Project Finance AS. In 2022 there was a re-organisation of the non-controlling entities to ensure retention of key personnel in Project Finance, resulting in a \u00a31.3m contribution to non-controlling interests. Following the required series of transactions, there was no material change to the Group\u2019s overall control of the entities involved.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138007G6BGTEHI3OT22",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}