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Summary of significant accounting policies This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group, consisting of Alfa Financial Software Holdings PLC (Alfa or the Company), its subsidiaries and joint venture, and are presented to the nearest million unless otherwise stated. The principal activity of the Group is to provide software solutions and consultancy services to the auto and equipment finance industry in the United Kingdom, United States of America, Europe and Australasia. 1.1 Basis of preparation Compliance with IFRS The consolidated financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards and Company Law. Historical cost convention The consolidated financial statements have been prepared under the historical cost convention, other than the revaluation of financial assets and financial liabilities recorded at fair value through profit or loss. Going concern The financial statements are prepared on the going concern basis. The Group continues to be cash-generative and the Directors believe that the Group has a resilient business model. The Group meets its day-to-day working capital requirements through its cash reserves generated from operating activities. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group has sufficient cash reserves to continue to operate for a period of not less than 12 months from the date of these financial statements. The going concern assessment also includes downside stress testing in line with FRC guidance which demonstrates that even in the most extreme downside conditions considered reasonably possible, given the existing level of cash held, the Group would continue to be able to meet its obligations as they fall due. On this basis, whilst it is acknowledged that there is continued uncertainty over future economic conditions, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. New and amended standards adopted by the Group In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. The amendments relevant to the Group are: \u2022 Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and Annual Improvements 2018-2020 (All issued 14 May 2020, effective from 1 January 2022). New standards, amendments and interpretations not yet adopted At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting policies; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. We are currently in the process of determining if the adoption of the Standards listed above will have a material impact on the financial statements of the Group. 1. Summary of significant accounting policies contin ued 1.2 Group structure Basis of consolidation 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. Unless otherwise stated, subsidiaries have share capital consisting solely of ordinary shares, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also each subsidiary\u2019s principal place of business. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. All subsidiaries have a 31 December year end. The Group exercises control over the employee benefit trust because it is exposed to, and has a right to, variable returns from this trust and is able to use its power over the trust to affect those returns. The trust is therefore consolidated by the Group. Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing control. Joint control is the contractually agreed sharing of control of an arrangement, and exists only when decisions about the activities that significantly affect the arrangement\u2019s returns require the unanimous consent of the parties sharing control. Judgement is required in determining this classification through an evaluation of the facts and circumstances arising from each individual arrangement. Joint arrangements are classified as either joint operations or joint ventures based on the rights and obligations of the parties to the arrangement. In joint operations, the parties have rights to the assets and obligations for the liabilities relating to the arrangement, whereas in joint ventures, the parties have rights to the net assets of the arrangement. Alfa only has one joint venture, namely Alfa iQ, which was formed in May 2020. The investment in the joint venture is accounted for using the equity method. The Group\u2019s share of the joint venture\u2019s net profit/(loss) is based on its most recent financial statement drawn up to the Group\u2019s balance sheet date. The total carrying value of investment in the joint venture represents the cost of the investment, including loans which form part of the net investment in the joint venture, plus the share of post-acquisition retained earnings and any other movements in reserves less any impairment in the value of the investment. The carrying values of joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of the joint venture\u2019s losses in excess of its interest in that joint venture is not recognised to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Unrealised gains arising from transactions with joint ventures are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment. Loans to the joint venture are measured at fair value on initial recognition, and subsequently carried at amortised cost. Any surplus between the nominal and fair value of the loan is recognised as an investment in the joint venture. 1.3 Segment reporting Operating and reporting segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The Group\u2019s Chief Executive Officer (CEO), who is responsible for allocating resources and assessing performance, has been identified as the CODM. The CODM regularly reviews the Group\u2019s operating results in order to assess performance and to allocate resources. The CODM considers the business from a product perspective and, therefore, recognises one operating and reporting segment, being the sale of software and related services. The Group splits revenue by type of activity but reports operating results on a consolidated basis, as presented to the CODM, along with the required entity wide disclosure. The Group discloses revenue split by type of activity being Subscription, Software and Services. a. Subscription revenues include recurring revenues paid on a monthly or annual basis, including subscription licence revenues, maintenance and cloud hosting. b. Software revenues include revenues from the recognition of customised licence revenue, one-off licence fees and any development revenues. c. Services revenues are revenues from any work done for customers including pre-implementation, implementation work, and ongoing services, but excludes any revenue from development work which is disclosed in Software. See note 1.5 for details of our revenue recognition accounting policy and note 2 for the critical accounting judgements and estimates in relation to revenue recognition. 1.4 Foreign currency translation Functional currency Items included in the consolidated financial statements of each of the Group\u2019s subsidiaries are measured using their functional currency. The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity operates. See applicable exchange rates used in 2022 and 2021 below: 2022 2021 Closing Average Closing Average USD 1.21 1.24 1.35 1.38 EUR 1.13 1.17 1.19 1.16 NZD 1.90 1.95 1.98 1.95 AUD 1.77 1.78 1.86 1.83 Presentation currency The consolidated financial statements are presented in pounds sterling. Alfa\u2019s functional and presentation currency is pounds sterling. 1. Summary of significant accounting policies contin ued 1.4 Foreign currency translation continued Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; \u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and \u2022 All resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income. When a foreign operation is sold the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange differences arising from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. See applicable exchange rates used by the Group above. 1.5 Revenue recognition The Group derives revenue by type of activity being Subscription, Software and Services (as disclosed in note 1.3). i Subscription revenue which includes the periodic rights to use Alfa Systems, periodic maintenance, subscription (including cloud hosting) and one-off revenue relating to catch-up periodic maintenance; ii Software revenue which includes development revenue (part of the customised licence revenue), options over the right to use Alfa Systems, and one-off licence fees; and iii Services revenue which includes software implementation services. The Group provides the right to use, software development services, core implementation services and ongoing support of its product, Alfa Systems. The Group\u2019s contractual arrangements contain multiple deliverables or services, such as the development or customisation of the software to the customer\u2019s requirements, implementation services such as migration of data and testing and certain project management services. Alfa assesses whether there are distinct performance obligations at the start of each contract and throughout the performance of the implementation, development and services projects and maintenance period. These performance obligations are laid out below. Any one contract may include a single performance obligation or a combination of those listed below: 1.5.1 Software implementation services Where implementation services are considered to be distinct, i.e. when relatively straightforward, do not require additional development services and could be performed by an external third party, the implementation services are accounted for as a separate performance obligation from any development services. When a customer is in the process of implementing the software, the transaction price is allocated to this based on the stand-alone selling prices (derived from standard day rates) and is recognised over time based on the effort incurred, limited to the amount to which Alfa has a right to payment. Over time recognition is considered appropriate as customers simultaneously receive and consume the benefits provided. For customers under the Group\u2019s subscription based contracts that are undergoing implementation, revenue for software implementation services is deemed to be distinct from any other performance obligation and is recognised based on a percentage of completion basis. When the type of services provided are ongoing services, the transaction price is deemed to be the actual day rate, and revenue is recognised at a point in time as the service is provided. 1.5.2 Development services and licence services (the customised licence) Another performance obligation is the granting of a right to use Alfa Systems, which includes the delivery of the related software licence and any development efforts which change the underlying code. During the initial phase of implementing the software, the total revenue attributable to this performance obligation is estimated at the outset of the relevant software implementation project and recognised as the effort is expended, on a percentage-of-completion basis, limited to the amount of revenue to which Alfa has the right to payment. See note 5.6 for the accounting policy for variable consideration. A percentage-of-completion basis has been used because customers obtain the ability to benefit from the product from the start of the implementation project, the development or customisation of the asset is tailored to the customer\u2019s specific requirements; and the customer is entitled to the benefits of the efforts as at the date the efforts are delivered, so recognition over time is appropriate. Revenue attributable to development services is valued using the residual value method as there are no stand-alone selling prices which are observable as each project is customised. For customers under the Group\u2019s subscription based contracts that are undergoing implementation, revenue for development services is deemed to be distinct from any other performance obligation and is recognised based on a percentage of completion basis. Once the customer is already using the software and the services provided are ongoing development, the transaction price is deemed to be the actual day rate and revenue is recognised at a point in time as the development service is provided. 1.5.3 Option over the right to use Alfa Systems In the event that customers have to pay periodic maintenance fees in order to keep using Alfa Systems, a component of these future maintenance fees is attributable to the right to use the software. In these circumstances the licence granted by Alfa is considered to renew in future periods. There may be a material right in respect of discounts in future periods. In order to ascribe a value to this option, management annualise the value of the customised licence performance obligation and compare it to the annual right to use software performance obligation post go live. The value of this option is built up from the start of the implementation project in line with the percentage-of-completion of development revenue described in 1.5.2 above. Following the completion of the implementation project, the value of this option is recognised evenly over the expected remaining customer life. 1.5.4 Periodic right to use Alfa Systems When a customer pays its maintenance fee annually, this performance obligation represents the proportion of this fee which relates to the periodic option to renew the right to use Alfa Systems. If there is the right of clawback of the annual right to use, such amounts are recognised throughout the annual period. If there is no right of clawback, then the annual right to use amount is recognised in full when there is a right of collection. When a customer pays for its maintenance fee as part of a subscription contract (see section 1.5.6 below), it will not be treated as a separate performance obligation (and will instead be part of the subscription amount). 1.5.5 Periodic maintenance amounts This represents the stand-alone selling price of the ongoing support or maintenance of Alfa Systems which is recognised throughout the period over which the services are delivered. 1.5.6 Subscription amounts Certain of the Group\u2019s implementation and service contracts include a subscription payment mechanism. This represents a monthly fee charged to the customer covering one or more of the following performance obligations; the provision of monthly hosting services; the monthly periodic right to use Alfa Systems and the provision of monthly maintenance services (when this becomes applicable to the customer). The monthly payments are recognised as revenue in the period to which they relate. This reflects the underlying performance obligations of the Group and termination rights of the customer . 1. Summary of significant accounting policies contin ued 1.5 Revenue recognition continued 1.5.7 One-off revenue amounts From time to time, the Group is entitled to receive one-off licence revenue from its customers as they increase the number of contracts on their version of Alfa Systems. Additionally, there are times when catch-up periodic maintenance amounts are entitled to be received by the Group, also as a result of the increased number of contracts. Generally this revenue is recognised at the point in time it is invoiced, or becomes contractually payable, reflecting the fact that the Group has no remaining performance obligations to satisfy. Capitalised sales incentive costs The Group incentivises its sales force for securing sales. In line with IFRS 15, these costs are capitalised and are amortised in line with the percentage of completion of the software implementation project. Costs to fulfil contracts The Group has recognised an asset in relation to employee costs to fulfil its long-term development contracts (as disclosed in note 21). These costs relate directly to the contracts, generate or enhance resources to be used to satisfy performance obligations in the future and are expected to be recovered. This asset is presented within prepayments in the Statement of Financial Position. These costs are amortised within cost of sales in line with the percentage of completion of the development project. 1.6 Operating expenses Operating expenses include items such as personnel costs (including training and recruitment), cost of software not capitalised, research and development costs and other infrastructure expenses. These items have been grouped into the following categories for disclosure purposes: \u2022 Cost of sales \u2013 This includes salaries and other direct costs associated with satisfying customer contracts and for developing software. \u2022 Sales, general and administrative expenses \u2013 This includes all the residual operating costs. 1.7 Income tax Taxation expense for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes, assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. 1.8 Leases Alfa enters into lease contracts in respect of various properties and motor vehicles. These rental contracts are typically made for fixed periods of 2 to 10 years, and sometimes have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In accordance with IFRS 16, leases are recognised as a right-of-use asset with a corresponding liability, at the date at which the leased asset is available for use by Alfa. These assets and liabilities are initially measured on a present value basis (as set out in more detail below), with each subsequent lease payment allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Alfa 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 fewer) and leases of low-value assets. For these leases, the Group recognises the lease payments as an expense on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities 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 rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives; \u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 The amount expected to be payable by the lessee under residual value guarantees; \u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and \u2022 Penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented in separate lines, split between current and non-current liabilities, in the consolidated statement of financial position. It 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 re-measures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed, or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is re-measured by discounting the revised lease payments using a revised discount rate; \u2022 The lease payments change due to changes in an index, or rate, or a change in expected payment under a guaranteed residual value. In these cases, the lease liability is re-measured by discounting the revised lease payments, using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); and \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is re-measured by discounting the revised lease payments using a revised discount rate.1. Summary of significant accounting policies contin ued 1.8 Leases continued Right-of-use assets The right-of-use assets comprise: \u2022 The initial measurement of the corresponding lease liability; \u2022 Lease payments made at, or before, the commencement day; \u2022 Any initial direct costs; and \u2022 Restoration cost. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses (if applicable). They are depreciated from the commencement date of the lease and over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects an expectation that the Group will exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Currently, the Group does not have any leases that include a purchase option, or transfer ownership of the underlying asset. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, 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. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. During the current financial period, there have been no changes in such assessments. Variable rents that do not depend on an index, or rate, are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included as an expense in the consolidated statement of profit or loss and comprehensive income. 1.9 Impairment of non-financial assets Goodwill is tested annually for impairment. The carrying amount is allocated to the cash-generating unit (CGU) that is expected to benefit from investment and which represents the lowest level at which the goodwill is monitored for internal management purposes. The carrying value of the CGU is then compared to the higher of its fair value less costs of disposal and its value in use. Any impairment attributed to the goodwill is recognised immediately as an expense and is not subsequently reversed. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 1.10 Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand as well as short-term deposits with original maturities of three months or less. 1.11 Financial assets Recognition and de-recognition Financial assets are recognised in the statement of financial position when the Group becomes party to the contractual provision of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: \u2022 Amortised cost; \u2022 Fair value through profit or loss (FVTPL); and \u2022 Fair value through other comprehensive income (FVOCI). In the periods presented, the Group does not have any financial assets categorised as FVTPL or FVOCI. The classification is determined by both: \u2022 The entity\u2019s business model for managing the financial asset; and \u2022 The contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within sales, general and administrative expenses. Subsequent measurement of financial assets Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 They are held within a business model whose objective is to hold the financial assets and collect their contractual cash flows; and \u2022 The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s trade and most other receivables (notes 20 and 21) and cash and cash equivalents (note 22) fall into this category of financial instruments. Impairment of financial assets Under IFRS 9 the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. 1.12 Trade receivables Trade receivables are amounts due from customers for licences sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days of the invoice date and are therefore all classified as current. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. An impairment loss is recognised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivable. The Group considers information developed internally or obtained from external sources that indicates that a debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collateral held by the Group) as an indication that a financial asset is not recoverable. 1. Summary of significant accounting policies contin ued 1.12 Trade receivables continued The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. The expected impairment loss is recognised in the consolidated statement of profit or loss and comprehensive income within sales, general and administrative expenses, and subsequent recoveries are credited to the same account previously used to recognise the impairment charge. During the current and prior period the result of the above was immaterial and no impairment loss has been recognised. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The credit qualities of these receivables are periodically assessed by reference to external credit ratings (if available) or to historical information about their default rates. The Group does not hold any collateral as security. As the total carrying amount of the current portion of the trade and other receivables is due within the next 12 months after the reporting date, the impact of applying the effective interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised. 1.13 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the item. Depreciation on assets is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: Fixtures and fittings: 3-10 years IT equipment: 2-5 years The assets\u2019 residual values and useful lives are reviewed and adjusted if necessary at each reporting date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Repairs and maintenance are charged to the consolidated statement of profit or loss and comprehensive income as incurred. Any gains or losses on disposals are recognised within sales, general and administrative expenses in the consolidated statement of profit or loss and comprehensive income unless otherwise specified. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. 1.14 Goodwill and other intangible assets Goodwill Goodwill arose on the acquisition of subsidiaries in 2012 as part of a group reorganisation and represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed. The Group assesses whether goodwill has suffered any impairment on an annual basis in accordance with the accounting policy stated in note 1.9 above. There is one CGU, being the Group, as its geographical operations do not have separate or distinct cash inflows. The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts. Budgeted cash flow projections are based on the expectation of signing new customers in the Group\u2019s sales pipeline as well as ongoing projects with existing customers. Budgeted gross margin is based on historical evidence and the expectations of market development and efficiency leverage. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. The discount rate used reflects the Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for region-specific risks and other factors as required by IFRS. Intangible assets Internally generated product development costs only qualify for capitalisation if the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset; including how the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. Commercial viability of new products, modules or capabilities is generally not proven until the major high-risk development issues have been resolved through testing of the specific development. Development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria, where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. See note 15 for disclosure of development costs which have met the criteria of IAS 38 for recognition. The Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis. Externally acquired intangible assets are initially recorded at historical cost. Historical cost includes expenditure that is directly attributable to the acquisition of the item. The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods: Computer software: licence period or 10 years as applicable Internally generated software: 3-5 years Amortisation is presented within sales, general and administrative expenses. Research and development which does not meet the criteria set out above is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. 1.15 Trade and other payables Trade payables are obligations to pay for goods or services which have been acquired in the ordinary course of business from suppliers. Trade payables are recognised initially at fair value and subsequently measured at amortised costs using the effective interest rate method. As the total carrying amount is due within the next 12 months from the reporting date, the impact of applying the effective interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised. The Group\u2019s financial liabilities include trade and other payables and lease liabilities. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired. Trade and other payables and lease liabilities are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. 1.16 Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. When the effect of the discounting is material, provisions are measured at the present value of the expenditures expected to be required to settle the obligation. 1. Summary of significant accounting policies contin ued 1.17 Employee benefits The Group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. Short-term benefits Short-term benefits, including health cover and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Post-employment benefits The Group operates various defined contribution plans for its employees. A defined contribution plan is a pension plan where the Group pays fixed contributions into a separate independent entity. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee\u2019s service in the current and prior periods. Employee share scheme expense The Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. For those share schemes with market-related vesting conditions, the fair value is determined using the Monte Carlo model at the grant date. For share options issued with EPS (non-market) performance vesting conditions, the fair value of the underlying vehicle is equal to the grant date share price discounted by the expected dividend yield to reflect the lack of dividend accrual over the vesting period. For all other share awards, those with pure employment conditions attached, the fair value is determined by reference to the market value of the shares at the grant date or (where they have an exercise price) by using the Black Scholes model. For all share schemes with non-market vesting conditions, the likelihood of vesting has been taken into account when determining the relevant charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations. 1.18 Equity Ordinary shares Ordinary shares are classified as equity. There are no restrictions on the distribution of capital and the repayment of capital. Cumulative translation reserve Exchange differences arising on translation of foreign subsidiaries are recognised in Other Comprehensive Income and accumulated in a separate reserve within equity. The cumulative amount would be reclassified to profit or loss if the entity was disposed of. Own shares Own shares represent the shares of the parent company Alfa Financial Software Holdings PLC that are either held by the employee benefit trust, or acquired by the Group as part of its share buyback programme (see note 28). Own shares are recorded at cost and deducted from equity. 1.19 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of Alfa by the weighted average number of ordinary shares outstanding during the year (excluding own shares held). Diluted earnings per share Diluted earnings per share is calculated in line with the basic earnings per share calculation above except that the weighted average number of shares includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day of the accounting period or the date of the grant, if later. The shares have no right to voting or to dividends while held in trust. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-257": { "value": "1. Summary of significant accounting policies This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group, consisting of Alfa Financial Software Holdings PLC (Alfa or the Company), its subsidiaries and joint venture, and are presented to the nearest million unless otherwise stated. The principal activity of the Group is to provide software solutions and consultancy services to the auto and equipment finance industry in the United Kingdom, United States of America, Europe and Australasia. 1.1 Basis of preparation Compliance with IFRS The consolidated financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards and Company Law. Historical cost convention The consolidated financial statements have been prepared under the historical cost convention, other than the revaluation of financial assets and financial liabilities recorded at fair value through profit or loss. Going concern The financial statements are prepared on the going concern basis. The Group continues to be cash-generative and the Directors believe that the Group has a resilient business model. The Group meets its day-to-day working capital requirements through its cash reserves generated from operating activities. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group has sufficient cash reserves to continue to operate for a period of not less than 12 months from the date of these financial statements. The going concern assessment also includes downside stress testing in line with FRC guidance which demonstrates that even in the most extreme downside conditions considered reasonably possible, given the existing level of cash held, the Group would continue to be able to meet its obligations as they fall due. On this basis, whilst it is acknowledged that there is continued uncertainty over future economic conditions, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. New and amended standards adopted by the Group In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. The amendments relevant to the Group are: \u2022 Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and Annual Improvements 2018-2020 (All issued 14 May 2020, effective from 1 January 2022). New standards, amendments and interpretations not yet adopted At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting policies; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. We are currently in the process of determining if the adoption of the Standards listed above will have a material impact on the financial statements of the Group. Notes to the consolidated financial statements for the year ended 31 December 2022 1. Summary of significant accounting policies contin ued 1.2 Group structure Basis of consolidation 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. Unless otherwise stated, subsidiaries have share capital consisting solely of ordinary shares, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also each subsidiary\u2019s principal place of business. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. All subsidiaries have a 31 December year end. The Group exercises control over the employee benefit trust because it is exposed to, and has a right to, variable returns from this trust and is able to use its power over the trust to affect those returns. The trust is therefore consolidated by the Group. Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing control. Joint control is the contractually agreed sharing of control of an arrangement, and exists only when decisions about the activities that significantly affect the arrangement\u2019s returns require the unanimous consent of the parties sharing control. Judgement is required in determining this classification through an evaluation of the facts and circumstances arising from each individual arrangement. Joint arrangements are classified as either joint operations or joint ventures based on the rights and obligations of the parties to the arrangement. In joint operations, the parties have rights to the assets and obligations for the liabilities relating to the arrangement, whereas in joint ventures, the parties have rights to the net assets of the arrangement. Alfa only has one joint venture, namely Alfa iQ, which was formed in May 2020. The investment in the joint venture is accounted for using the equity method. The Group\u2019s share of the joint venture\u2019s net profit/(loss) is based on its most recent financial statement drawn up to the Group\u2019s balance sheet date. The total carrying value of investment in the joint venture represents the cost of the investment, including loans which form part of the net investment in the joint venture, plus the share of post-acquisition retained earnings and any other movements in reserves less any impairment in the value of the investment. The carrying values of joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of the joint venture\u2019s losses in excess of its interest in that joint venture is not recognised to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Unrealised gains arising from transactions with joint ventures are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment. Loans to the joint venture are measured at fair value on initial recognition, and subsequently carried at amortised cost. Any surplus between the nominal and fair value of the loan is recognised as an investment in the joint venture. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
1.3 Segment reporting
Operating and reporting segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (CODM). The Group\u2019s Chief Executive Officer (CEO), who is responsible for allocating resources and assessing performance,
has been identified as the CODM.
The CODM regularly reviews the Group\u2019s operating results in order to assess performance and to allocate resources. The CODM considers
the business from a product perspective and, therefore, recognises one operating and reporting segment, being the sale of software and
related services. The Group splits revenue by type of activity but reports operating results on a consolidated basis, as presented to the
CODM, along with the required entity wide disclosure.
The Group discloses revenue split by type of activity being Subscription, Software and Services.
a. Subscription revenues include recurring revenues paid on a monthly or annual basis, including subscription licence revenues,
maintenance and cloud hosting.
b. Software revenues include revenues from the recognition of customised licence revenue, one-off licence fees and any
development revenues.
c. Services revenues are revenues from any work done for customers including pre-implementation, implementation work, and ongoing
services, but excludes any revenue from development work which is disclosed in Software.
See note 1.5 for details of our revenue recognition accounting policy and note 2 for the critical accounting judgements and estimates
in relation to revenue recognition.
1.4 Foreign currency translation
Functional currency
Items included in the consolidated financial statements of each of the Group\u2019s subsidiaries are measured using their functional currency.
The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity
operates. See applicable exchange rates used in 2022 and 2021 below:
2022 2021
Closing Average Closing Average
USD 1.21 1.24 1.35 1.38
EUR 1.13 1.17 1.19 1.16
NZD 1.90 1.95 1.98 1.95
AUD 1.77 1.78 1.86 1.83
Presentation currency
The consolidated financial statements are presented in pounds sterling. Alfa\u2019s functional and presentation currency is pounds sterling.
1. Summary of significant accounting policies contin ued 1.4 Foreign currency translation continued Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; \u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and \u2022 All resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income. When a foreign operation is sold the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange differences arising from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. See applicable exchange rates used by the Group above. 1.5 Revenue recognition The Group derives revenue by type of activity being Subscription, Software and Services (as disclosed in note 1.3). i Subscription revenue which includes the periodic rights to use Alfa Systems, periodic maintenance, subscription (including cloud hosting) and one-off revenue relating to catch-up periodic maintenance; ii Software revenue which includes development revenue (part of the customised licence revenue), options over the right to use Alfa Systems, and one-off licence fees; and iii Services revenue which includes software implementation services. The Group provides the right to use, software development services, core implementation services and ongoing support of its product, Alfa Systems. The Group\u2019s contractual arrangements contain multiple deliverables or services, such as the development or customisation of the software to the customer\u2019s requirements, implementation services such as migration of data and testing and certain project management services. Alfa assesses whether there are distinct performance obligations at the start of each contract and throughout the performance of the implementation, development and services projects and maintenance period. These performance obligations are laid out below. Any one contract may include a single performance obligation or a combination of those listed below: 1.5.1 Software implementation services Where implementation services are considered to be distinct, i.e. when relatively straightforward, do not require additional development services and could be performed by an external third party, the implementation services are accounted for as a separate performance obligation from any development services. When a customer is in the process of implementing the software, the transaction price is allocated to this based on the stand-alone selling prices (derived from standard day rates) and is recognised over time based on the effort incurred, limited to the amount to which Alfa has a right to payment. Over time recognition is considered appropriate as customers simultaneously receive and consume the benefits provided. For customers under the Group\u2019s subscription based contracts that are undergoing implementation, revenue for software implementation services is deemed to be distinct from any other performance obligation and is recognised based on a percentage of completion basis. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
When the type of services provided are ongoing services, the transaction price is deemed to be the actual day rate, and revenue is
recognised at a point in time as the service is provided.
1.5.2 Development services and licence services (the customised licence)
Another performance obligation is the granting of a right to use Alfa Systems, which includes the delivery of the related software licence
and any development efforts which change the underlying code.
During the initial phase of implementing the software, the total revenue attributable to this performance obligation is estimated at the
outset of the relevant software implementation project and recognised as the effort is expended, on a percentage-of-completion basis,
limited to the amount of revenue to which Alfa has the right to payment. See note 5.6 for the accounting policy for variable consideration.
A percentage-of-completion basis has been used because customers obtain the ability to benefit from the product from the start of the
implementation project, the development or customisation of the asset is tailored to the customer\u2019s specific requirements; and the
customer is entitled to the benefits of the efforts as at the date the efforts are delivered, so recognition over time is appropriate.
Revenue attributable to development services is valued using the residual value method as there are no stand-alone selling prices which
are observable as each project is customised. For customers under the Group\u2019s subscription based contracts that are undergoing
implementation, revenue for development services is deemed to be distinct from any other performance obligation and is recognised
based on a percentage of completion basis.
Once the customer is already using the software and the services provided are ongoing development, the transaction price is deemed to
be the actual day rate and revenue is recognised at a point in time as the development service is provided.
1.5.3 Option over the right to use Alfa Systems
In the event that customers have to pay periodic maintenance fees in order to keep using Alfa Systems, a component of these future
maintenance fees is attributable to the right to use the software. In these circumstances the licence granted by Alfa is considered to
renew in future periods. There may be a material right in respect of discounts in future periods. In order to ascribe a value to this option,
management annualise the value of the customised licence performance obligation and compare it to the annual right to use software
performance obligation post go live.
The value of this option is built up from the start of the implementation project in line with the percentage-of-completion of development
revenue described in 1.5.2 above. Following the completion of the implementation project, the value of this option is recognised evenly
over the expected remaining customer life.
1.5.4 Periodic right to use Alfa Systems
When a customer pays its maintenance fee annually, this performance obligation represents the proportion of this fee which relates to
the periodic option to renew the right to use Alfa Systems. If there is the right of clawback of the annual right to use, such amounts are
recognised throughout the annual period. If there is no right of clawback, then the annual right to use amount is recognised in full when
there is a right of collection.
When a customer pays for its maintenance fee as part of a subscription contract (see section 1.5.6 below), it will not be treated as a
separate performance obligation (and will instead be part of the subscription amount).
1.5.5 Periodic maintenance amounts
This represents the stand-alone selling price of the ongoing support or maintenance of Alfa Systems which is recognised throughout
the period over which the services are delivered.
1.5.6 Subscription amounts
Certain of the Group\u2019s implementation and service contracts include a subscription payment mechanism. This represents a monthly
fee charged to the customer covering one or more of the following performance obligations; the provision of monthly hosting services;
the monthly periodic right to use Alfa Systems and the provision of monthly maintenance services (when this becomes applicable to the
customer). The monthly payments are recognised as revenue in the period to which they relate. This reflects the underlying performance
obligations of the Group and termination rights of the customer .
1. Summary of significant accounting policies contin ued 1.5 Revenue recognition continued 1.5.7 One-off revenue amounts From time to time, the Group is entitled to receive one-off licence revenue from its customers as they increase the number of contracts on their version of Alfa Systems. Additionally, there are times when catch-up periodic maintenance amounts are entitled to be received by the Group, also as a result of the increased number of contracts. Generally this revenue is recognised at the point in time it is invoiced, or becomes contractually payable, reflecting the fact that the Group has no remaining performance obligations to satisfy. Capitalised sales incentive costs The Group incentivises its sales force for securing sales. In line with IFRS 15, these costs are capitalised and are amortised in line with the percentage of completion of the software implementation project. Costs to fulfil contracts The Group has recognised an asset in relation to employee costs to fulfil its long-term development contracts (as disclosed in note 21). These costs relate directly to the contracts, generate or enhance resources to be used to satisfy performance obligations in the future and are expected to be recovered. This asset is presented within prepayments in the Statement of Financial Position. These costs are amortised within cost of sales in line with the percentage of completion of the development project. 1.6 Operating expenses Operating expenses include items such as personnel costs (including training and recruitment), cost of software not capitalised, research and development costs and other infrastructure expenses. These items have been grouped into the following categories for disclosure purposes: \u2022 Cost of sales \u2013 This includes salaries and other direct costs associated with satisfying customer contracts and for developing software. \u2022 Sales, general and administrative expenses \u2013 This includes all the residual operating costs. 1.7 Income tax Taxation expense for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes, assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
1.8 Leases
Alfa enters into lease contracts in respect of various properties and motor vehicles. These rental contracts are typically made for fixed
periods of 2 to 10 years, and sometimes have extension options. Lease terms are negotiated on an individual basis and contain a wide
range of different terms and conditions. In accordance with IFRS 16, leases are recognised as a right-of-use asset with a corresponding
liability, at the date at which the leased asset is available for use by Alfa. These assets and liabilities are initially measured on a present
value basis (as set out in more detail below), with each subsequent lease payment allocated between the liability and finance cost. The
finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of
the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a
straight-line basis.
Alfa 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 fewer) and leases of low-value assets. For these leases, the Group recognises the lease
payments as an expense on a straight-line basis over the term of the lease, unless another systematic basis is more representative
of the time pattern in which economic benefits from the leased assets are consumed.
Lease liabilities
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 rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives;
\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
\u2022 The amount expected to be payable by the lessee under residual value guarantees;
\u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022 Penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is presented in separate lines, split between current and non-current liabilities, in the consolidated statement of financial
position. It 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 re-measures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
\u2022 The lease term has changed, or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is
re-measured by discounting the revised lease payments using a revised discount rate;
\u2022 The lease payments change due to changes in an index, or rate, or a change in expected payment under a guaranteed residual value. In
these cases, the lease liability is re-measured by discounting the revised lease payments, using the initial discount rate (unless the lease
payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); and
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is
re-measured by discounting the revised lease payments using a revised discount rate.
1. Summary of significant accounting policies contin ued 1.8 Leases continued Right-of-use assets The right-of-use assets comprise: \u2022 The initial measurement of the corresponding lease liability; \u2022 Lease payments made at, or before, the commencement day; \u2022 Any initial direct costs; and \u2022 Restoration cost. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses (if applicable). They are depreciated from the commencement date of the lease and over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects an expectation that the Group will exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Currently, the Group does not have any leases that include a purchase option, or transfer ownership of the underlying asset. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, 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. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. During the current financial period, there have been no changes in such assessments. Variable rents that do not depend on an index, or rate, are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included as an expense in the consolidated statement of profit or loss and comprehensive income. 1.9 Impairment of non-financial assets Goodwill is tested annually for impairment. The carrying amount is allocated to the cash-generating unit (CGU) that is expected to benefit from investment and which represents the lowest level at which the goodwill is monitored for internal management purposes. The carrying value of the CGU is then compared to the higher of its fair value less costs of disposal and its value in use. Any impairment attributed to the goodwill is recognised immediately as an expense and is not subsequently reversed. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 1.10 Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand as well as short-term deposits with original maturities of three months or less. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
1.11 Financial assets
Recognition and de-recognition
Financial assets are recognised in the statement of financial position when the Group becomes party to the contractual provision of
the instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset
and substantially all the risks and rewards are transferred.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price
in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial
assets, other than those designated and effective as hedging instruments, are classified into the following categories:
\u2022 Amortised cost;
\u2022 Fair value through profit or loss (FVTPL); and
\u2022 Fair value through other comprehensive income (FVOCI).
In the periods presented, the Group does not have any financial assets categorised as FVTPL or FVOCI. The classification is determined
by both:
\u2022 The entity\u2019s business model for managing the financial asset; and
\u2022 The contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income
or other financial items, except for impairment of trade receivables which is presented within sales, general and administrative expenses.
Subsequent measurement of financial assets
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL):
\u2022 They are held within a business model whose objective is to hold the financial assets and collect their contractual cash flows; and
\u2022 The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect
of discounting is immaterial. The Group\u2019s trade and most other receivables (notes 20 and 21) and cash and cash equivalents (note 22) fall
into this category of financial instruments.
Impairment of financial assets
Under IFRS 9 the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL)
model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including
past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows
of the instrument.
1.12 Trade receivables
Trade receivables are amounts due from customers for licences sold or services performed in the ordinary course of business. They are
generally due for settlement within 30 days of the invoice date and are therefore all classified as current. Trade receivables are recognised
initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. An
impairment loss is recognised when there is objective evidence that the Group will not be able to collect all amounts due according to the
original terms of the receivable. The Group considers information developed internally or obtained from external sources that indicates
that a debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collateral held by the Group) as an
indication that a financial asset is not recoverable.
1. Summary of significant accounting policies contin ued 1.12 Trade receivables continued The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. The expected impairment loss is recognised in the consolidated statement of profit or loss and comprehensive income within sales, general and administrative expenses, and subsequent recoveries are credited to the same account previously used to recognise the impairment charge. During the current and prior period the result of the above was immaterial and no impairment loss has been recognised. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The credit qualities of these receivables are periodically assessed by reference to external credit ratings (if available) or to historical information about their default rates. The Group does not hold any collateral as security. As the total carrying amount of the current portion of the trade and other receivables is due within the next 12 months after the reporting date, the impact of applying the effective interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised. 1.13 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the item. Depreciation on assets is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: Fixtures and fittings: 3-10 years IT equipment: 2-5 years The assets\u2019 residual values and useful lives are reviewed and adjusted if necessary at each reporting date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Repairs and maintenance are charged to the consolidated statement of profit or loss and comprehensive income as incurred. Any gains or losses on disposals are recognised within sales, general and administrative expenses in the consolidated statement of profit or loss and comprehensive income unless otherwise specified. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. 1.14 Goodwill and other intangible assets Goodwill Goodwill arose on the acquisition of subsidiaries in 2012 as part of a group reorganisation and represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed. The Group assesses whether goodwill has suffered any impairment on an annual basis in accordance with the accounting policy stated in note 1.9 above. There is one CGU, being the Group, as its geographical operations do not have separate or distinct cash inflows. The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts. Budgeted cash flow projections are based on the expectation of signing new customers in the Group\u2019s sales pipeline as well as ongoing projects with existing customers. Budgeted gross margin is based on historical evidence and the expectations of market development and efficiency leverage. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. The discount rate used reflects the Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for region-specific risks and other factors as required by IFRS. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
Intangible assets
Internally generated product development costs only qualify for capitalisation if the Group can demonstrate all of the following:
\u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete the
intangible asset and use or sell it;
\u2022 Its ability to use or sell the intangible asset; including how the intangible asset will generate probable future economic benefits;
\u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset;
\u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the
intangible asset; and
\u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development.
Commercial viability of new products, modules or capabilities is generally not proven until the major high-risk development issues have
been resolved through testing of the specific development. Development expenditure incurred on minor or major upgrades, or other changes in
software functionality, does not satisfy the criteria, where it is considered that the product is not substantially new in its design or functional
characteristics. Such expenditure is therefore recognised as an expense. See note 15 for disclosure of development costs which have met the
criteria of IAS 38 for recognition. The Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis.
Externally acquired intangible assets are initially recorded at historical cost. Historical cost includes expenditure that is directly attributable
to the acquisition of the item.
The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods:
Computer software: licence period or 10 years as applicable
Internally generated software: 3-5 years
Amortisation is presented within sales, general and administrative expenses.
Research and development which does not meet the criteria set out above is recognised as an expense as incurred. Development costs
previously recognised as an expense are not recognised as an asset in subsequent periods.
1.15 Trade and other payables
Trade payables are obligations to pay for goods or services which have been acquired in the ordinary course of business from suppliers.
Trade payables are recognised initially at fair value and subsequently measured at amortised costs using the effective interest rate
method. As the total carrying amount is due within the next 12 months from the reporting date, the impact of applying the effective
interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised.
The Group\u2019s financial liabilities include trade and other payables and lease liabilities. Financial liabilities are initially measured at fair value,
and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method. All interest-related charges and,
if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income.
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired.
Trade and other payables and lease liabilities are classified as current liabilities if payment is due within one year or less. If not, they are
presented as non-current liabilities.
1.16 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than
not that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. When the
effect of the discounting is material, provisions are measured at the present value of the expenditures expected to be required to settle
the obligation.
1. Summary of significant accounting policies contin ued 1.17 Employee benefits The Group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. Short-term benefits Short-term benefits, including health cover and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Post-employment benefits The Group operates various defined contribution plans for its employees. A defined contribution plan is a pension plan where the Group pays fixed contributions into a separate independent entity. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee\u2019s service in the current and prior periods. Employee share scheme expense The Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. For those share schemes with market-related vesting conditions, the fair value is determined using the Monte Carlo model at the grant date. For share options issued with EPS (non-market) performance vesting conditions, the fair value of the underlying vehicle is equal to the grant date share price discounted by the expected dividend yield to reflect the lack of dividend accrual over the vesting period. For all other share awards, those with pure employment conditions attached, the fair value is determined by reference to the market value of the shares at the grant date or (where they have an exercise price) by using the Black Scholes model. For all share schemes with non-market vesting conditions, the likelihood of vesting has been taken into account when determining the relevant charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations. 1.18 Equity Ordinary shares Ordinary shares are classified as equity. There are no restrictions on the distribution of capital and the repayment of capital. Cumulative translation reserve Exchange differences arising on translation of foreign subsidiaries are recognised in Other Comprehensive Income and accumulated in a separate reserve within equity. The cumulative amount would be reclassified to profit or loss if the entity was disposed of. Own shares Own shares represent the shares of the parent company Alfa Financial Software Holdings PLC that are either held by the employee benefit trust, or acquired by the Group as part of its share buyback programme (see note 28). Own shares are recorded at cost and deducted from equity. 1.19 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of Alfa by the weighted average number of ordinary shares outstanding during the year (excluding own shares held). Diluted earnings per share Diluted earnings per share is calculated in line with the basic earnings per share calculation above except that the weighted average number of shares includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day of the accounting period or the date of the grant, if later. The shares have no right to voting or to dividends while held in trust. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
2. Critical accounting judgements, estimates and assumptions
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results.
Management also needs to exercise judgement in applying the Group\u2019s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to
be materially adjusted in future periods due to estimates and assumptions turning out to be wrong. Detailed information about each of
these estimates and judgements is included in other notes, together with information about the basis of calculation for each affected line
item in the financial statements.
2.1 Critical judgements in applying the Group\u2019s accounting policies
Revenue recognition \u2013 Assessing performance obligations
The Group is required to make an assessment as to whether the implementation process, which includes customised licence and
implementation revenue streams as well as any maintenance fees during this phase, forms one or a number of performance obligations.
Since the residual value method is used for the customised licence revenue (as explained in note 1.5), the estimation of fair value of
implementation revenue will impact the contract consideration assigned to the customised licence.
In addition, the Group is also required to make an assessment as to whether each contract contains an expectation to deliver multiple
separate instances of the customised licence which may form separate groups of distinct performance obligations. In doing the above,
the Group assesses each software implementation contract as to whether the underlying software requires significant modification
or customisation by the Group in order to meet the customer\u2019s requirements before Alfa Systems can be utilised by the customer.
Therefore judgement is required in determining which efforts relate to the implementation process and which efforts could be determined
to be development services which change or enhance the underlying code. In making this judgement, the Group assesses the contractual
terms and the original project plan for the implementation but also uses historical evidence of what constitutes core implementation work.
Internally generated software development \u2013 Assessing whether a project meets criteria of IAS 38
The Group is required to make an assessment of each ongoing project in order to determine at what stage (if at all) a project meets the
criteria outlined in the Group\u2019s accounting policies. Such assessment may, in certain circumstances, require significant judgement. In
making this judgement, the Group evaluates, amongst other factors, the stage at which technical feasibility has been achieved,
management\u2019s intention to complete and use or sell the product, the likelihood of success, the availability of technical and financial
resources to complete the development phase and management\u2019s ability to measure reliably the expenditure attributable to the project.
Research and product development expenditure incurred on minor or major upgrades, or other changes in software functionality, does
not satisfy the criteria where it is considered that the product is not substantially new in its design or functional characteristics. Such
expenditure is therefore recognised as an expense.
2.2 Key sources of estimation uncertainty
Revenue recognition \u2013 Estimates feeding through to the customised licence
The customised licence and its associated material right are both impacted by the following estimates:
\u2022 Assigning a stand-alone selling price for implementation services day rates: the Group assesses the value of the implementation
services delivered by assessing the effective day rate for an implementation contract, taking into account all revenue streams from
implementation contracts against day rates of similar projects in the same geographies;
\u2022 Estimating the appropriate life of customer relationship: the Group calculates the material right deferral of the customised licence based
on the total customer relationship life. This is also the time over which the material right will be spread; and
\u2022 Determining the split of maintenance amount between support efforts and right to use: the Group must estimate what percentage of
the total maintenance fee relates to the customised licence.
A change to the stand-alone selling price for implementation services to the effective day rate, or an increase in expected customer life by
a year, or a 10% variance in the split of maintenance amount between support efforts and right to use, results in an impact on revenue for
the year of up to an increase / decrease of \u00a30.1m.
2. Critical accounting judgements, estimates and assumptions continued 2.3 Other sources of estimation uncertainty Revenue recognition \u2013 Number of forecast implementation and development days The Group estimates the number of days required to complete the relevant implementation work and software customisation effort at the outset of each project and on an ongoing basis including at each consolidated statement of financial position date. Estimates of total project days required for a relevant project are based on historical evidence of past implementations, knowledge of the customer\u2019s systems being replaced and scope of customisation being requested. The Group applies the percentage-of-completion method when calculating implementation and development services revenue and updates estimates at each quarter end accordingly. Therefore, a significant movement in total planned days would result in volatility in implementation and customised licence revenue. 3. Financial risk management In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. Area Exposure arising from Measurement Management Market risk \u2013 foreign exchange Contracted revenue and costs denominated in a currency other than the entity\u2019s functional currency; and Monetary assets and liabilities denominated in a currency other than the entity\u2019s functional currency. Cash flow forecasting and foreign exchange sensitivity Natural hedging from localised cost base and prompt conversion of foreign currency cash balances into pound sterling Use of forward contracts to manage some of the foreign exchange risk Credit risk \u2013 cash balances Cash and cash equivalents Credit ratings Diversification of bank deposits Credit risk \u2013 customer receivables Trade receivables and accrued income Ageing analysis Credit ratings Credit checks and contractual payment terms Liquidity Cash and cash equivalents Daily cash reporting Cash forecasting and managing maturity of cash deposits The Group\u2019s overall risk management policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group has used financial instruments to hedge certain risk exposures in the past. Risk management is carried out by the finance function under policies approved by the Chief Financial Officer. The finance function identifies, evaluates and mitigates financial risks when deemed necessary. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital structure. 3.1 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to those described below. Revenue is predominantly denominated in pounds sterling and US dollars. Operating costs are influenced by the currencies of the countries where the Group\u2019s subsidiaries are based and pounds sterling and the US dollars are the currencies in which most operating costs are denominated. The split by currency in relation to trade receivables is set out in note 20. The Group\u2019s exposure to foreign currency risk in relation to revenue is set out in note 5.4. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
The Group utilised forward contracts during the year to hedge against foreign currency exposure during the current year (2021: no
hedging arrangement entered into). The Group does not have any outstanding commercial foreign exchange contracts at 31 December
2022 or 31 December 2021. No hedge accounting has been applied in the year.
A 10% increase in the USD:GBP exchange rate in the year ended 31 December 2022 would have increased revenue and profit by 4% and
8% respectively. Management believe that 10% is a reasonable sensitivity given historical exchange rate movement.
3.2 Credit risk
a. Credit risk related to transactions with financial institutions
Credit risk with financial institutions is managed by the Group\u2019s finance function in accordance with a Board approved policy. Management
is not aware of any significant risks associated with financial institutions as a result of cash and cash equivalents deposits (including
short-term investments) and financial derivative transactions.
b. Credit risks related to customer trade receivables
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, change
of strategy and default or delinquency in payments are considered indicators that a trade receivable could be impaired. Given the
complexity, the size and the length of certain software implementation of related projects, a delay in the settlement of an open
trade receivable does not necessarily constitute objective evidence that the trade receivable is impaired.
The Group\u2019s customer base predominantly consists of large financial institutions that are financially sound. The responsibility for customer
credit risk management rests with management of the Group. Payment terms are set in accordance with practices in the different
geographies and end-markets served, typically being 30 days from the date of the invoice. Trade receivables are actively monitored and
managed. Collection risk is mitigated through prompt submission of licence and maintenance invoices. Historically, there has been a de
minimis level of customer default as a result of the long history of dealing with the Group\u2019s customer base and an active credit monitoring
function. Where applicable, credit limits may be established based on internal or external rating criteria, which take into account such
factors as the financial condition of the customers, their credit history and the risk associated with their industry segment.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all
trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped
based on shared credit risk characteristics and the days past due. The accrued income relates to unbilled work in progress and has
substantially the same risk characteristics as the trade receivables for the same types of contracts, other than where the Group has
collected upfront payments in the form of licence fees at the start of a software implementation contract. The Group has concluded that
the expected loss rates for trade receivables are less than the loss rates for the accrued income.
The expected loss rates of trade receivables are based on the payment profiles of customer invoices over a period of 36 months before
31 December 2022 or 31 December 2021 respectively and the corresponding historical credit losses experienced within this period. The
historical loss rates would then be adjusted to reflect current or forward-looking information in relation to any macroeconomic factors
affecting the ability of the customers to settle the receivables. The same approach is applied to both trade receivables and accrued income
expected credit loss provisions.
The Group has not identified any current factors or forward-looking information which would be relevant to the historical loss rates
as all trade receivables have been collected in the past 24 months. Therefore on this basis, the loss allowance as at 31 December 2022
and 31 December 2021 was immaterial for both trade receivables and accrued income.
See note 20 \u2013 Trade receivables for the ageing of trade receivables and significant customer credit risk exposure.
3. Financial risk management continued 3.3 Liquidity risk The Group\u2019s principal objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The capital structure of the Group consists of cash and cash equivalents (note 22) and equity attributable to equity holders of the parent. Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages its exposure to liquidity risk through short and long-term forecasts and by seeking to align the maturity profiles of its financial assets with its financial liabilities. The Group\u2019s policy is to maintain an adequate level of liquidity to meet its liabilities expected to be settled in the short or near term, under both normal and stressed conditions. The following table details the remaining contractual maturity of the Group\u2019s financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. 31 December 2022 \u00a3m Total Less than 6 months Between 6 to 12 months Between 1 to 2 years Between 2 to 5 years More than 5 years Trade and other payables 7.6 7.6 \u2013 \u2013 \u2013 \u2013 Lease liabilities \u2013 future lease payments 10.9 0.9 0.9 1.7 4.6 2.8 31 December 2021 \u00a3m Total Less than 6 months Between 6 to 12 months Between 1 to 2 years Between 2 to 5 years More than 5 years Trade and other payables 6.9 6.9 \u2013 \u2013 \u2013 \u2013 Lease liabilities \u2013 future lease payments 20.3 1.3 1.4 2.7 7.4 7.5 4. Segments and principal activities 4.1 Revenue by stream The Group assesses revenue by type of activity, being Subscription, Software and Services, as summarised below: \u00a3m 2022 2021 Subscription 27.4 23.5 Software 16.3 13.6 Services 49.6 46.1 Total revenue 93.3 83.2 4.2 Operating profit The following table reconciles profit for the period attributable to equity holders to Operating Profit for the periods presented: \u00a3m 2022 2021 Profit for the year 24.5 19.2 Adjusted for: Net loss from joint venture 0.1 0.1 Taxation 4.4 4.6 Finance expense 0.6 0.8 Operating profit 29.6 24.7 Notes to the consolidated financial statements for the year ended 31 December 2022 continued
4.3 Non-current assets geographical information
Non-current assets attributable to each geographical market:
\u00a3m 2022 2021
UK 34.4 41.3
USA 1.2 0.8
Rest of World 0.3 0.5
Total non-current assets 35.9 42.6
Revenue by geographical market is contained within note 5.3. The table above excludes deferred tax assets for both 2021 and 2022.
5. Revenue from contracts with customers
5.1 Customer concentration
Customers with revenue accounting for more than 10% of total revenue in the current year are as follows:
\u00a3m 2022 2021
Customer A 11% 10%
See note 20 for outstanding trade receivables from those customers with revenue accounting for more than 10% of total revenue.
5.2 Timing of revenue
The Group derives revenue from the transfer of goods and services as follows over time and at a point in time in the following
revenue segments:
2022
\u00a3m Subscription Software Services
Total
revenue
At a point in time \u2013 time and materials \u2013 8.9 33.1 42.0
At a point in time \u2013 fixed price \u2013 0.4 0.4 0.8
Over time \u2013 time and materials \u2013 6.1 16.1 22.2
Over time \u2013 fixed price 27.4 0.9 \u2013 28.3
Total revenue 27.4 16.3 49.6 93.3
2021
\u00a3m Subscription Software Services
Total
revenue
At a point in time \u2013 time and materials \u2013 5.6 25.2 30.8
At a point in time \u2013 fixed price \u2013 2.1 \u2013 2.1
Over time \u2013 time and materials \u2013 4.1 19.8 23.9
Over time \u2013 fixed price 23.5 1.8 1.1 26.4
Total revenue 23.5 13.6 46.1 83.2
All goods and services are sold directly to customers.
5.3 Revenue geographical information
Revenue attributable to each geographical market based on where the customer mainly utilises its instance of Alfa, or where the service
is rendered, is as follows:
\u00a3m 2022 2021
UK 31.0 30.0
USA 33.6 28.9
Rest of EMEA (excl. UK) 21.3 18.7
Rest of World 7.4 5.6
Total revenue 93.3 83.2
5. Revenue from contracts with customers cont inued 5.4 Revenue by currency Revenue by contractual currency is as follows: \u00a3m 2022 2021 GBP 39.0 35.9 USD 34.3 30.0 Euro 12.6 11.6 Other 7.4 5.7 Total revenue 93.3 83.2 5.5 Liabilities from contracts with customers \u00a3m 2022 2021 Contract liabilities \u2013 deferred licence 8.6 5.3 Contract liabilities \u2013 deferred maintenance 6.2 5.7 Total contract liabilities 14.8 11.0 Contract liabilities \u2013 deferred licence Where a customer purchases a perpetual software licence this is generally invoiced upfront at the commencement of the implementation project. Customers generally require additional development efforts over the life of the implementation project in order to customise the underlying code within Alfa Systems. Together these two elements form the Group\u2019s customised licence performance obligation. The fair value of this performance obligation is determined using the residual method as set out in note 1.5.2 and this fair value is recognised as the development effort is expended, on a percentage of completion basis. As such the deferred licence contract liability balance as at 31 December 2022 and 31 December 2021 represents any amounts received in advance for the customised licence performance obligation being satisfied (including any unrecognised software licence amounts that were received upfront). Additionally, where an option over the right to use Alfa Systems in the future exists, the value of this is also included within the deferred licence contract liability. The contract liability relating to the material right value is increased over the life of the implementation project in line with the percentage of completion of the development efforts and then released on a straight-line basis over the expected remaining customer life post completion of the implementation project. The deferred licence contract liability balance will increase during the year as a result of: \u2022 Any new upfront software licence payments; \u2022 Any write back in previously recognised revenue as a result of project extensions or re-plans; \u2022 Decreasing percentage of completion of development efforts; and \u2022 Any additional material right balances that are added during the year. The deferred licence contract liability balance will decrease during the year as a result of: \u2022 Increasing percentage of completion of development efforts; and \u2022 Any release of material right balances following the completion of the implementation project. Contract liabilities \u2013 deferred maintenance The majority of the Group\u2019s customers are invoiced annually in advance for the maintenance and support service provided by the Group. As such, the deferred maintenance contract liability balance will increase as a result of billing and invoices becoming due, and will decrease as the Group satisfies its associated performance obligations. The deferred maintenance contract liability balance as at 31 December 2022 and 31 December 2021 therefore represents the Group\u2019s unsatisfied period maintenance performance obligation for which the revenue has been invoiced in advance. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
5.6 Unsatisfied performance obligations
During 2020, the Group entered into a new one-off five-year contract with a customer to renew its software licence and maintenance
agreements. The total amount of the contract price from this non-cancellable contract that relates to the performance obligations that are
unsatisfied at 31 December 2022 is \u00a36.2m (2021: \u00a38.4m). We expect to recognise \u00a32.2m in each of the next two financial years and then
the remaining \u00a31.8m in the final financial year of the contract, being 2025.
In addition, the Group has unsatisfied or partially satisfied performance obligations at 31 December 2022 that relate to the licence
customisation for those customers that have ongoing implementation projects. This performance obligation includes the delivery
of the related software licence and any development efforts which will change the underlying code. Linked to certain of these ongoing
and future projects, and also to certain implementation projects completed during 2022, the Group also has unsatisfied or partially
satisfied performance obligations at 31 December 2022 that relate to the option over the right to use Alfa Systems, and in particular any
material right in respect of discounts to be received by customer in future periods.
The above includes certain amounts recognised as contract liabilities. The transaction price allocated to these unsatisfied or partially
satisfied performance obligations as at 31 December 2022 is \u00a311.0m (2021: \u00a311.1m). This amount is expected to be recognised over the
remaining life of the implementation projects, in respect of the licence and development efforts, and over the expected customer life
(following the completion of the implementation project) in respect of the option over the right to use Alfa Systems.
These unsatisfied or partially satisfied performance obligations are based on management\u2019s best judgement and may be impacted
in the future by a number of factors including:
\u2022 Any possible contract modifications;
\u2022 Currency fluctuations;
\u2022 External market factors; and
\u2022 Changes to the overall forecast project plan including the overall life of the implementation project and any required
development efforts.
The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about the unsatisfied
performance obligations that have original expected durations of one year or less. This includes those performance obligations linked
to ongoing services for all project types (i.e. subscription, software and services).
The Group also applies the practical expedient in paragraph B16 of IFRS 15 and does not disclose the amount of the transaction
price allocated to the unsatisfied contract performance obligations where consideration will be received directly corresponding to
the value of the performance obligation in the future and this consideration aligns to the value received to date for the corresponding
performance obligation. This includes those performance obligations linked to our software implementation services.
The Group has variable consideration in the form of contract banding for its licence and maintenance volumes. It is included it in the
transaction price only to the extent that it is highly probable that a significant reversal of revenue will not occur when the uncertainty
associated with the variable consideration is subsequently resolved.
6. Operating profit
The following items have been included in arriving at operating profit in the table below:
\u00a3m 2022 2021
Research and development costs 2.2 1.6
Depreciation of property, plant and equipment 0.5 0.4
Depreciation of right-of-use lease assets 1.7 1.9
Amortisation of intangible assets 0.8 0.8
Foreign exchange (gain)/loss (1.1) 0.2
Share-based payments (including social security contributions) 1.8 1.5
7. Personnel-related costs \u00a3m 2022 2021 Wages and salaries 34.8 31.8 Social security contributions (on wages and salaries) 4.4 3.9 Pension costs 2.6 2.1 Profit share pay* 3.5 3.1 Share-based payments** 1.8 1.5 Total employment costs 47.1 42.4 * Profit share pay refers to a pool of money (that equates to approximately 10% of the Group\u2019s pre-tax profits) which is shared amongst the employees, excluding Directors and some other senior managers, as a percentage of basic salary. The amount disclosed includes the related social security contributions. ** This includes the related social security contributions. Average monthly number of people employed based on location of home office (including Executive Directors) 2022 2021 UK 307 282 USA 75 71 Rest of World 38 30 Total average monthly number of people employed 420 383 At 31 December 2022 the Group had 441 employees (2021: 382). 8. Key management Key management compensation (including Directors): \u00a3m 2022 2021 Wages, salaries and short-term benefits 2.7 3.1 Social security contributions 0.3 0.4 Post-employment benefits 0.1 0.1 Share-based payments* 1.1 0.9 Total key management compensation 4.2 4.5 * This includes the related social security contributions. Key management personnel consist of the Company Leadership Team and the Executive and Non-Executive Directors. Directors\u2019 remuneration is detailed in the Remuneration Report. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
9. Auditor\u2019s remuneration
The Group obtained the following services from the Group\u2019s auditor as detailed below:
\u00a3m 2022 2021
Audit fees
RSM UK Audit LLP
Audit of the consolidated financial statements 0.2 0.2
Audit of subsidiaries 0.2 0.2
Total audit fees 0.4 0.4
Audit-related assurance fees
Review of interim financial report 0.1 0.1
Total audit-related assurance fees 0.1 0.1
Non-audit services \u2013 \u2013
Total audit and non-audit-related services 0.5 0.5
10. Finance income and expense
\u00a3m 2022 2021
Finance income
Interest income on cash or short-term bank deposits \u2013 \u2013
\u00a3m Note 2022 2021
Finance expense
Interest on lease liabilities 24 (0.6) (0.8)
Total finance expense (0.6) (0.8)
11. Income tax expense Analysis of charge for the year \u00a3m 2022 2021 Current tax: Current tax on profit for the year 5.2 4.5 Adjustment in respect of prior years (1.4) (0.5) Foreign tax on profit of subsidiaries for the current year 0.3 0.3 Current tax 4.1 4.3 Deferred tax: Origination and reversal of temporary differences 0.2 (0.1) Adjustment in respect of prior years 0.1 0.6 Effect of changes in tax rates \u2013 (0.2) Deferred tax 0.3 0.3 Total tax charge in the year 4.4 4.6 The effective tax rate for the year is lower (2021: higher) than the standard rate of corporation tax in the UK. The effective tax rate for the year ended 31 December 2022 was 15.2% (2021: 19.3%). The effective tax rate for the year is impacted by favourable adjustments in respect to prior years totalling \u00a31.3m (2021: unfavourable adjustment of \u00a30.1m), due to the benefit of the UK R&D claim for 2021 of \u00a30.9m and favourable adjustments in respect of prior year provisions of \u00a30.4m (2021: increased tax costs for prior year of \u00a30.2m, an adjustment in respect to deferred tax on share awards of \u00a30.5m, less the benefit of the UK R&D claim for 2020 of \u00a30.6m). Given the changes in the UK R&D tax regime, the benefit to Alfa is expected to reduce in the future and as a consequence the effective tax rate will trend towards the UK statutory tax rate. The overall tax charge for the year is reconciled as follows: Analysis of charge for the year \u00a3m 2022 2021 Profit on ordinary activities before taxation 28.9 23.8 Profit on ordinary activities at the standard rate of corporation tax \u2013 19% 5.5 4.5 Tax effects of: Effect of different tax rates of subsidiaries operating in other jurisdictions 0.1 0.1 Adjustment in respect of prior years (1.3) 0.1 Impact of tax rate changes \u2013 (0.2) Other 0.1 0.1 Total tax charge for the year 4.4 4.6 Notes to the consolidated financial statements for the year ended 31 December 2022 continued
12. Earnings per share
2022 2021
Profit attributable to equity holders of Alfa (\u00a3m) 24.5
19.2
Weighted average number of shares outstanding during the year 296,309,874
296,709,610
Basic earnings per share (pence per share) 8.24
6.49
Weighted average number of shares outstanding including potentially dilutive shares 302,038,789
301,505,177
Diluted earnings per share (pence per share) 8.09
6.39
The weighted average number of ordinary shares in issue excludes 3,690,126 (2021: 3,290,390) shares, being the weighted average
number of shares held by the Group under the employee benefit trust and in Treasury as a result of the share buyback programme. The
diluted number of ordinary shares outstanding, including share awards, is calculated on the assumption of conversion of all 5,728,914
(2021: 5,470,741) potentially dilutive ordinary shares. The increase in both Basic EPS and Diluted EPS in the current year is impacted by the
Group\u2019s share buyback programme that commenced in 2022.
13. Financial assets and liabilities
\u00a3m Note 2022 2021
Financial assets
Financial assets at amortised cost:
Trade receivables 20 8.9
6.0
Other financial assets at amortised cost 21 6.7
7.3
Cash and cash equivalents 22 18.7
23.1
Total financial assets 34.3
36.4
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables 23 7.6
6.9
Lease liabilities 24 9.3
17.1
Total financial liabilities 16.9
24.0
14. Goodwill
\u00a3m 2022 2021
Cost
At 1 January 24.7
24.7
At 31 December 24.7
24.7
The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial
budgets and forecasts for a five-year period using a pre-tax discount rate of 12.2% (2021: 11.0%) which is based on the CGU\u2019s weighted
average cost of capital. Cash flows beyond these periods have been extrapolated using a steady 2.5% (2021: 2.0%) average growth rate
which is reflective of management\u2019s best estimate at the time. Management believes that any reasonable change in any of the key
assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount
of the CGU.
15. Other intangible assets \u00a3m Computer software Internally generated software Total Cost At 1 January 2021 1.5 2.2 3.7 Additions 0.1 0.9 1.0 At 31 December 2021 1.6 3.1 4.7 Amortisation At 1 January 2021 0.8 0.7 1.5 Charge for the year 0.1 0.7 0.8 At 31 December 2021 0.9 1.4 2.3 Net book value At 31 December 2021 0.7 1.7 2.4 Cost At 1 January 2022 1.6 3.1 4.7 Additions 0.1 1.5 1.6 Disposals \u2013 (0.3) (0.3) At 31 December 2022 1.7 4.3 6.0 Amortisation At 1 January 2022 0.9 1.4 2.3 Charge for the period 0.1 0.7 0.8 Disposals \u2013 \u2013 \u2013 At 31 December 2022 1.0 2.1 3.1 Net book value At 31 December 2022 0.7 2.2 2.9 Significant movement in other intangible assets During 2022, Alfa developed new internally generated software at a cost of \u00a31.5m (2021: \u00a30.9m). This software will be amortised over three to five years. The total research and product development expense for the period was \u00a32.2m (2021: \u00a31.6m). Notes to the consolidated financial statements for the year ended 31 December 2022 continued
16. Property, plant and equipment
\u00a3m
Fixtures and
fittings IT equipment Total
Cost
At 1 January 2021 1.2 3.3 4.5
Additions \u2013 0.3 0.3
Disposals \u2013 (0.1) (0.1)
At 31 December 2021 1.2 3.5 4.7
Depreciation
At 1 January 2021 0.7 2.9 3.6
Charge for the year 0.1 0.3 0.4
Disposals \u2013 (0.1) (0.1)
At 31 December 2021 0.8 3.1 3.9
Net book value
At 31 December 2021 0.4 0.4 0.8
Cost
At 1 January 2022 1.2 3.5 4.7
Additions 0.4 0.3 0.7
Disposals (0.1) \u2013 (0.1)
At 31 December 2022 1.5 3.8 5.3
Depreciation
At 1 January 2022 0.8 3.1 3.9
Charge for the year 0.2 0.3 0.5
Disposals (0.1) \u2013 (0.1)
At 31 December 2022 0.9 3.4 4.3
Net book value
At 31 December 2022 0.6 0.4 1.0
17. Right-of-use assets \u00a3m Motor vehicles Property Total Cost At 1 January 2021 0.2 17.9 18.1 Additions 0.2 1.3 1.5 At 31 December 2021 0.4 19.2 19.6 Depreciation At 1 January 2021 0.1 3.2 3.3 Charge for the year 0.1 1.8 1.9 At 31 December 2021 0.2 5.0 5.2 Net book value At 31 December 2021 0.2 14.2 14.4 Cost At 1 January 2022 0.4 19.2 19.6 Additions 0.1 \u2013 0.1 Disposals \u2013 (8.3) (8.3) At 31 December 2022 0.5 10.9 11.4 Depreciation At 1 January 2022 0.2 5.0 5.2 Charge for the year 0.1 1.6 1.7 Disposals \u2013 (2.6) (2.6) At 31 December 2022 0.3 4.0 4.3 Net book value At 31 December 2022 0.2 6.9 7.1 The disposal relates to the assignment of the lease to the 9th floor of Moor Place, 1 Fore Street Avenue, London. Refer to note 32. The Group recognised the following amounts in the consolidated statement of profit or loss and comprehensive income in relation to leases under IFRS 16: \u00a3m 2022 2021 Depreciation (1.7) (1.9) Interest expense (0.6) (0.8) Short-term lease expense (0.2) (0.2) Sub-lease rentals One of the leased properties was being sub-leased to tenants under operating leases, with rentals payable quarterly. This sub-lease ended during 2022. Minimum lease payments receivable on these sub-leases of property are as follows: \u00a3m 2022 2021 Within one year \u2013 \u2013 Later than one year but not later than five years \u2013 \u2013 Later than five years \u2013 \u2013 Total sub-lease payments receivable \u2013 \u2013 Income from sub-lease in the year 0.5 0.5 Notes to the consolidated financial statements for the year ended 31 December 2022 continued 18. Deferred income tax The provision for deferred tax consists of the following deferred tax assets/(liabilities) relating to accelerated capital allowances and short-term timing differences in relation to accruals and share-based payments. \u00a3m 2022 2021 Balance as at 1 January 1.8 1.8 Effect of changes in tax rates \u2013 0.2 Adjustments in respect of prior period (0.1) (0.6) Deferred income taxes recognised in the consolidated statement of profit or loss and comprehensive income (0.2) 0.1 Deferred tax on share-based payments recognised in reserves 0.1 0.3 Balance as at 31 December 1.6 1.8 Consisting of: Depreciation in excess of capital allowances (0.1) \u2013 Other timing differences 1.7 1.8 Balance as at 31 December 1.6 1.8 Deferred income tax liabilities have not been recognised for the withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries as the Group is able to control the timing of these temporary differences and it is probable that they will not reverse in the foreseeable future. Unremitted earnings totalled \u00a34.1m at 31 December 2022 (2021: \u00a33.4m). At the reporting date, 75% (2021: 72%) of the provision for deferred tax relates to the UK. 19. Interests in joint venture At the beginning of May 2020, the Group formed Alfa iQ, a joint venture established to greatly enhance Alfa\u2019s ability to develop artificial intelligence solutions for the auto and equipment finance industry. The joint venture was set up 51:49 between Alfa and Bitfount, a company founded by Blaise Thomson. The financial and operating activities of the Group\u2019s joint venture are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint venture through their equity shareholdings. The interest in the joint venture consists of part investment and part loan to joint venture accounted for as set out in note 1.2. Investment \u00a3m 2022 2021 Carrying amount as at 1 January 0.2 0.3 Share of net loss from the joint venture (0.1) (0.1) Carrying amount as at 31 December 0.1 0.2 Loan to joint venture \u00a3m 2022 2021 Carrying amount as at 1 January 0.1 0.1 Interest \u2013 \u2013 Carrying amount as at 31 December 0.1 0.1 The total loss from interest in joint venture is \u00a30.1m (2021: \u00a30.1m) and the total interest in the joint venture is \u00a30.2m (2021: \u00a3 0.3m) . 20. Trade receivables \u00a3m 2022 2021 Trade receivables 8.9 6.0 Provision for impairment \u2013 \u2013 Trade receivables \u2013 net 8.9 6.0 Ageing of trade receivables Ageing of net trade receivables \u00a3m 2022 2021 Within agreed terms 6.4 4.1 Past due 1-30 days 2.4 1.2 Past due 31-90 days 0.1 0.6 Past due 91+ days \u2013 0.1 Trade receivables \u2013 net 8.9 6.0 The Group believes that the unimpaired amounts that are past due are fully recoverable as there are no indicators of future delinquency or potential litigation. Currency of trade receivables \u00a3m 2022 2021* GBP 4.5 3.4 USD 2.7 2.4 Other 1.7 0.2 Trade receivables \u2013 net 8.9 6.0 * The 2021 USD figure was originally stated to be \u00a30.9m and included only USD balances held in the US subsidiary. This has been restated to \u00a32.4m to include USD balances within UK subsidiaries as well with a corresponding reduction in the GBP balances, and so has no impact on the overall total. Trade receivables due from significant customers Customers with revenue accounting for more than 10% of total revenue in the current year have outstanding trade receivables as follows: \u00a3m 2022 2021 Customer A 0.7 0.8 As at issuance of these financial statements, all amounts relating to customers accounting for more than 10% of total revenue had been collected. Impairment and risk exposure Information about the impairment of trade receivables and the Group\u2019s exposure to market risk (specifically foreign currency risk) and credit risk can be found in note 3. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
21. Other receivables held at amortised cost
\u00a3m 2022 2021
Accrued income 6.5 6.3
Prepayments 4.5 3.2
Corporation tax recoverable 0.2 \u2013
Other receivables 0.2 1.0
Total other receivables held at amortised cost 11.4 10.5
Accrued income represents fees earned but not yet invoiced at the reporting date which has no right of offset with contract liabilities \u2013
deferred licence amounts.
Accrued income increased by \u00a30.2m. The current year balance represents unbilled professional fees for work in progress, and \u00a30.5m of
one-off licence revenue items where there is contractual agreement to invoice in subsequent periods.
Prepayments include \u00a31.7m (2021: \u00a31.1m) of deferred costs in relation to costs to fulfil contracts \u2013 see note 1.5. During the year \u00a30.3m
(2021: \u00a30.2m) relating to costs to fulfil contracts has been recognised within cost of sales.
22. Cash and cash equivalents
\u00a3m 2022 2021
Cash at bank and in hand 18.7 23.1
Cash and cash equivalents 18.7 23.1
Currency of cash and cash equivalents
\u00a3m 2022 2021
GBP 10.0 14.9
USD 4.3 4.4
AUD 2.1 1.3
EUR 1.9 2.0
Other 0.4 0.5
Cash and cash equivalents 18.7 23.1
Cash and cash equivalents are all held with banks and other financial instructions which must fulfil credit rating and investment criteria
approved by the Board.
23. Current and non-current liabilities
\u00a3m 2022 2021
Trade payables 0.8 0.8
Other payables 8.7 8.5
Corporation tax \u2013 1.8
Contract liabilities \u2013 deferred licence 8.6 5.3
Contract liabilities \u2013 deferred maintenance 6.2 5.7
Lease liabilities (note 24) 9.3 17.1
Provisions for other liabilities 0.9 1.4
Total current and non-current liabilities 34.5 40.6
Less non-current portion (8.9) (16.6)
Total current liabilities 25.6 24.0
Other payables includes amounts relating to other tax and social security of \u00a31.9m (2021: \u00a32.4m). Of the remainder, \u00a35.3m (2021: \u00a34.1m)
relates to amounts due as part of payroll.
The corporation tax payable of \u00a31.8m in 2021 is a receivable in 2022 (see note 21).
24. Lease liabilities The following table sets out the reconciliation of the lease liabilities from 1 January to the amount disclosed at 31 December: \u00a3m 2022 2021 Lease liabilities recognised at 1 January 17.1 17.5 Additions 0.1 1.5 Disposals (6.3) \u2013 Interest charge 0.6 0.8 Payments made on lease liabilities (2.2) (2.7) At 31 December 9.3 17.1 Additions to lease liabilities include extensions to existing lease agreements. Refer to note 32.3 for more information on the disposal. Total lease payments in 2022 were \u00a32.4m (2021: \u00a32.9m). Below is the maturity analysis of the lease liabilities: \u00a3m 2022 2021 Non-current 8.0 15.2 Current 1.3 1.9 Total lease liabilities 9.3 17.1 No later than one year 1.8 2.7 Between one year and five years 6.2 10.1 Later than five years 2.9 7.5 Total future lease payments 10.9 20.3 Total future interest payments (1.6) (3.2) Total lease liabilities 9.3 17.1 The Group\u2019s net debt is made up of cash and cash equivalents and lease liabilities. The movement during the year in lease liabilities is set out above. Movements in cash and cash equivalents are set out in the Cash flow statement. These are the only changes in liabilities arising from financing activities in the year. 25. Provision for other liabilities \u00a3m At 1 January 2021 1.4 Provided in the period 0.7 Utilised in the period (0.1) Released in the period (0.6) At 31 December 2021 1.4 Provided in the period 0.3 Utilised in the period (0.3) Released in the period (0.5) At 31 December 2022 0.9 Provisions for other liabilities comprise amounts for office dilapidations, employer taxes on share-based payments and legal matters. It is expected that these will be utilised by as follows: \u00a30.2m in 2030 and \u00a30.7m over various years. Notes to the consolidated financial statements for the year ended 31 December 2022 continued
26. Share capital
2022 2021
Issued and fully paid Shares \u00a3m Shares \u00a3m
Ordinary shares \u2013 0.1 pence 300,000,000 0.3 300,000,000 0.3
Balance as at 31 December 300,000,000 0.3 300,000,000 0.3
No additional shares have been issued or cancelled in the year ended 31 December 2022.
27. Translation reserve
\u00a3m 2022 2021
At 1 January \u2013 0.1
Currency translation of subsidiaries 0.4 (0.1)
At 31 December 0.4 \u2013
28. Own shares
\u00a3m 2022 2021
Balance at 1 January 3.4 \u2013
Acquired in the year 5.6 4.6
Distributed on exercise of options (1.5) (1.2)
Balance at 31 December 7.5 3.4
On 18 January 2022 the Group announced the launch of a share buyback programme. Refer to the Company website for more details.
The own shares reserve represents the cost of shares in Alfa Financial Software Holdings PLC that have been:
\u2022 Purchased in the market and held by the Group\u2019s employee benefit trust to satisfy options under the Group\u2019s share options plans.
The number of shares held at 31 December 2022 were 2,163,952 (2021: 2,590,260); and
\u2022 Purchased in the market and held by the Group as a result of the share buyback programme that was launched on 18 January 2022.
The number of shares held at 31 December 2022 were 2,832,073 (2021: nil).
Own shares distributed relate to shares distributed to employees from the employee benefit trust for bonus awards under share
schemes. As at 31 December 2022, the Group held 1.67% (2021: 0.86%) of its own called-up share capital.
29. Share awards The Group recognised total expenses relating to share-based payment of \u00a31.8m (2021: \u00a31.5m) in the current year. Of this, \u00a31.6m (2021: \u00a31.5m) relates to equity-settled LTIP schemes and \u00a30.2m (2021: \u00a30.0) relates to Employee Share Save schemes. See further detail below. The outstanding share schemes are made up of the following: Grant date Condition Type Plan Vesting date Exercise price Share options 31 December 2022 Share options 31 December 2021 November 2019 Service Only LTIP November 2022 0p \u2013 1,113,909 June 2020 Service and Performance LTIP June 2023 0p 2,322,473 2,322,473 April 2021 Service and Performance LTIP April 2024 0p 1,070,668 1,121,104 November 2021 Service Only LTIP October 2024 0p 60,872 60,872 November 2021 Service Only UK Employee ShareSave January 2025 153.6p 397,228 774,659 November 2021 Service Only US Employee ShareSave January 2024 167.0p 70,515 77,724 April 2022 Service and Performance LTIP April 2025 0p 741,162 \u2013 April 2022 Service Only LTIP April 2025 0p 237,965 \u2013 April 2022 Service Only US Employee ShareSave December 2024 141.1p 36,731 \u2013 May 2022 Service Only UK Employee ShareSave December 2025 132.8p 530,320 \u2013 September 2022 Service Only LTIP September 2025 0p 5,917 \u2013 The weighted average share price at the date of exercise for share options exercised during the period was 150.0p (2021: 130.4p). The options outstanding at 31 December 2022 had a weighted average exercise price of 27.1p (2021: 24.1p), and a weighted average remaining contractual life of 1.2 years (2021: 1.7 years). The opening weighted average exercise price at 1 January 2022 was 24.1p (1 January 2021: nil). The weighted average exercise price of options forfeited and exercised during the year was 128.5p (31 December 2021: nil). The expected price volatility is based on the historical volatility adjusted for any expected changes to future volatility due to publicly available information. The total share-based payment charge relating to Alfa Financial Software Holdings PLC shares for the year is split as follows: \u00a3m 2022 2021 Employee share schemes \u2013 value of services 1.5 1.1 Expense in relation to fair value of social security liability on employee share schemes 0.3 0.4 Total cost of employee share schemes 1.8 1.5 Details of the share options outstanding during the year are as follows: 2022 2021 Outstanding at 1 January 5,470,741 6,139,161 Conditionally awarded in year 1,552,095 2,034,359 Exercised (1,032,382) (2,575,681) Forfeited or expired in year (516,603) (127,098) Outstanding at 31 December 5,473,851 5,470,741 Exercisable at the end of the year \u2013 \u2013 Notes to the consolidated financial statements for the year ended 31 December 2022 continued
29.1 LTIPs
The 2019 November LTIP awards vested during the year. The exercise of these awards had a net impact of \u00a30.4m on own shares and \u00a31.3m
on retained earnings.
The 2020 June LTIP and 2021 April LTIP awards (service and performance conditions) are conditional on performance conditions, 50%
based on EPS performance (non-market condition) and 50% on TSR (market condition) as well as a three-year employment fulfilment.
The fair value of these awards has been determined using the Monte Carlo model / Black Scholes model at the grant date.
The 2021 November LTIP awards are conditional on employment only. The fair value of these awards is equal to the closing share price
on the date of grant, discounted by the expected 12-month dividend yield to reflect the lack of dividend accrual over the vesting period
(three years). The expected price volatility is based on the historical volatility (based on the remaining life of the scheme), adjusted for any
expected changes to future volatility due to publicly available information.
The 2022 April LTIP awards (service and performance conditions plan) are granted conditional on performance conditions, 50% based
on EPS performance (non-market condition) and 50% on TSR (market condition) as well as a three-year employment fulfilment. For those
share schemes with market-related vesting conditions, the fair value has been determined using the Black Scholes at the grant date. For
share options issued with EPS (non-market) performance vesting conditions, the fair value of the underlying option is equal to the grant
date share price. The following table lists the inputs to the model used for the awards granted in the year ended 31 December 2022 based
on information at the date of grant:
LTIP awards (granted in April) TSR element EPS element
Share price at date of grant 164p 164p
Award price 0p 0p
Volatility 57.8% 0.0%
Embedded TSR 13.9% \u2013
Average correlation 39.3% \u2013
Life of award 3 years 3 years
Risk-free rate 1.53% \u2013
Fair value per award 88p 147p
In April and September 2022, the Group awarded to certain employees a LTIP conditional on employment only. The fair value of these
awards on the date of grant is 147p, discounted by the expected 12-month dividend yield to reflect the lack of dividend accrual over the
vesting period (three years).
All of these Company schemes, as well as any non-cyclical awards, are equity-settled by award of ordinary shares.
29. Share awards continued 29.2 Employee ShareSave Scheme The Group has in place an Employee ShareSave Scheme \u2013 the Save As You Earn (SAYE) scheme in the UK and Employee Stock Purchase Plan (ESPP) scheme in the US. The scheme started in 2021 but there were new grants in 2022 as well. Under these schemes, eligible employees can save up to a set limit each month. At the end of the savings period (three years for SAYE and two years for ESPP), employees can choose whether or not they wish to buy the shares at the option price or take back their savings as cash. The option price is the share price at the start of the plan with a 20% discount for the UK scheme and 15% discount for the US scheme. The fair value of these awards have been determined using the Black Scholes model at the grant date. 31 December 2022 SAYE ESPP Number of share options Exercise price Number of share options Exercise price Outstanding at beginning of year 774,659 154p 77,724 167p Conditionally awarded in year 530,320 138p 36,731 141p Forfeited or expired in year (243,732) 154p (7,209) 167p Replaced in year (i.e. left the 2021 plan to join the 2022 plan) (133,699) 154p \u2013 \u2013 Outstanding at the end of the year* 927,548 145p 107,246 158p Exercisable at the end of the year \u2013 \u2013 \u2013 \u2013 * The exercise price is a weighted average. The inputs used in the calculation of the fair value of options granted in the year were as follows: SAYE 31 December 2022 ESPP 31 December 2022 Share price 184p 164p Exercise price 138p 141p Expected volatility 56.8% 58.5% Expected life 36 months 24 months Risk-free rate 1.67% 1.51% Expected dividend yields 3.40% 3.40% Notes to the consolidated financial statements for the year ended 31 December 2022 continued
30. Unrecognised items
30.1 Contingencies and commitments
The Group has no capital commitments, no material contingent liabilities and no contingent assets.
30.2 Events occurring after the reporting period
As part of the share buyback programme, the Company has acquired shares in Alfa Financial Software Holdings PLC in the period between
1 January 2023 and 1 March 2023. See alfasystems.com/investors. There have been no other reportable subsequent events.
31. Dividends
A 2021 ordinary dividend of 1.1 pence per share was paid on 24 June 2022 amounting to \u00a33.3m (2021: \u00a33.0m).
A special dividend of 3.0 pence per share was paid on 16 June 2022 amounting to \u00a38.9m (2021: \u00a329.7m).
A 2022 special dividend of 3.5 pence per share was paid on 7 October 2022 amounting to \u00a310.3m (2021: \u00a3nil).
Subject to approval at the Annual General Meeting on 26 April 2023, a 2022 final dividend of 1.2 pence per share will be paid on 26 June
2023 to holders on the register on 26 May 2023. The ordinary shares will be quoted ex-dividend on 25 May 2023. In addition, the Board
has decided to declare a special dividend of 1.5 pence per share, with an ex-dividend date of 13 April 2023, a record date of 14 April 2023
and a payment date of 9 May 2023.
32. Related parties
32.1 Controlling shareholder
The ultimate parent undertaking is CHP Software and Consulting Limited (the \u2018Ultimate Parent\u2019), which is the parent undertaking of the
smallest and largest group in relation to these consolidated financial statements. The ultimate controlling party is Andrew Page.
32.2 Basis of consolidation
The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are
consolidated within the Group\u2019s financial statements.
Registered address and country
of incorporation Principal activity
Held by
Company
2022
Held by
Group
2022
Held by
Company
2021
Held by
Group
2021
Alfa Financial Software
Group Limited
Moor Place, 1 Fore Street Avenue,
London, EC2Y 9DT, UK
Holding
company
100% 100% 100% 100%
Alfa Financial
Software Limited
Moor Place, 1 Fore Street Avenue,
London, EC2Y 9DT, UK
Software
and services
\u2013 100% \u2013 100%
Alfa Financial Software Inc 124 E Hudson Ave, Royal Oak, MI
48067, United States
Software
and services
\u2013 100% \u2013 100%
Alfa Financial Software
Australia Pty Limited
Lisgar House, Level 3, 32
Carrington Street,
Sydney, NSW, 2000, Australia
Services \u2013 100% \u2013 100%
Alfa Financial Software
NZ Limited
Level 1 Building B, 600 Great South
Road, Greenlane, Auckland 1051,
New Zealand
Services \u2013 100% \u2013 100%
Alfa Financial Software GmbH Bockenheimer Landstra\u00dfe 20,
60323 Frankfurt am Main,
Germany
Software
and services
\u2013 100% \u2013 100%
Alfa Financial Software
International Limited
Moor Place, 1 Fore Street Avenue,
London, EC2Y 9DT, UK
Software
and services
\u2013 100% \u2013 \u2013
Alfa iQ Moor Place, 1 Fore Street Avenue,
London, EC2Y 9DT, UK
Software
and services
\u2013 51% \u2013 51%
Alfa Financial Software International Limited was established in February 2022 .
32. Related parties continued 32.3 Transactions with related parties Full details of the Directors\u2019 compensation and interests are set out in the Directors\u2019 Remuneration Report on pages 97 to 120. See note 8 for further detail on remuneration of key management (including Directors). Dividends to the amount of \u00a315.0m were paid to the Ultimate Parent (2021: \u00a321.7m). Dividends of 3 pence, 1.1 pence and 3.5 pence per share were paid to all shareholders in 2022 (2021: 1 pence and 10 pence per share). Directors and other key management received dividends based on their beneficial interest in the shares of the Company. Directors\u2019 beneficial interests in the shares of the Company are disclosed in the Remuneration Report on page 117. The balances outstanding from the Ultimate Parent at 31 December 2022 and 2021 were \u00a3nil and \u00a3nil respectively. In 2020 the Group invested \u00a30.4m in Alfa IQ consisting of: a capital contribution of \u00a30.3m; and an interest-free loan fair valued at \u00a30.1m. At 31 December 2022 the value of the investment is carried at \u00a30.1m (2021: \u00a30.2m) and the loan fair valued at \u00a30.1m (2021: \u00a30.1m). On 9 February 2022, the Company entered into a short-term rental agreement with the Ultimate Parent for rental of the 9th Floor of Moor Place. The resulting rental income for 2022 was \u00a30.4m (2021: \u00a3nil). The Company also received rental income of \u00a33,718 (2021: \u00a334,610) in the year relating to its prior arrangement with the Ultimate Parent for the rental of a meeting room on the 9th Floor of Moor Place. On 29 July 2022 the Group reached an agreement for the assignment of its lease to the 9th floor of Moor Place, 1 Fore Street Avenue, London to the Ultimate Parent. There is no consideration for the transaction, with the Ultimate Parent taking on all the rights and liabilities for the 9th floor from Alfa. The assignment of the lease resulted in the de-recognition of the right to use asset and lease liability, which resulted in a one-off gain of \u00a30.6m which was fully recognised in the year. There were no other outstanding receivable balances from related parties at the end of the reporting period. 33. Offsetting assets and liabilities Assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position where Alfa currently has a legally enforceable right to offset the recognised amounts, and there is an intention to realise the asset and settle the liability simultaneously. The following table presents the recognised assets and liabilities that are offset as at 31 December 2022 and 31 December 2021 in the consolidated statement of financial position. 31 December 2022 \u00a3m Gross amounts Amounts offset Net amounts presented Accrued income 15.6 (9.1) 6.5 Contract liabilities \u2013 deferred licence (17.7 ) 9.1 (8.6) 31 December 2021 \u00a3m Gross amounts Amounts offset Net amounts presented Accrued income 14.0 ( 7.7) 6.3 Contract liabilities \u2013 deferred licence (13.0) 7.7 (5.3) Notes to the consolidated financial statements for the year ended 31 December 2022 continued", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-260": { "value": "This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group, consisting of Alfa Financial Software Holdings PLC (Alfa or the Company), its subsidiaries and joint venture, and are presented to the nearest million unless otherwise stated. The principal activity of the Group is to provide software solutions and consultancy services to the auto and equipment finance industry in the United Kingdom, United States of America, Europe and Australasia. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "Alfa Financial Software Holdings PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-259": { "value": "1.1 Basis of preparation Compliance with IFRS The consolidated financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards and Company Law. Historical cost convention The consolidated financial statements have been prepared under the historical cost convention, other than the revaluation of financial assets and financial liabilities recorded at fair value through profit or loss. Going concern The financial statements are prepared on the going concern basis. The Group continues to be cash-generative and the Directors believe that the Group has a resilient business model. The Group meets its day-to-day working capital requirements through its cash reserves generated from operating activities. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group has sufficient cash reserves to continue to operate for a period of not less than 12 months from the date of these financial statements. The going concern assessment also includes downside stress testing in line with FRC guidance which demonstrates that even in the most extreme downside conditions considered reasonably possible, given the existing level of cash held, the Group would continue to be able to meet its obligations as they fall due. On this basis, whilst it is acknowledged that there is continued uncertainty over future economic conditions, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. New and amended standards adopted by the Group In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. The amendments relevant to the Group are: \u2022 Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and Annual Improvements 2018-2020 (All issued 14 May 2020, effective from 1 January 2022). New standards, amendments and interpretations not yet adopted At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting policies; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. We are currently in the process of determining if the adoption of the Standards listed above will have a material impact on the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-310": { "value": "Compliance with IFRS The consolidated financial statements of the Group have been prepared in accordance with UK-adopted international accounting standards and Company Law. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-311": { "value": "Going concern The financial statements are prepared on the going concern basis. The Group continues to be cash-generative and the Directors believe that the Group has a resilient business model. The Group meets its day-to-day working capital requirements through its cash reserves generated from operating activities. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group has sufficient cash reserves to continue to operate for a period of not less than 12 months from the date of these financial statements. The going concern assessment also includes downside stress testing in line with FRC guidance which demonstrates that even in the most extreme downside conditions considered reasonably possible, given the existing level of cash held, the Group would continue to be able to meet its obligations as they fall due. On this basis, whilst it is acknowledged that there is continued uncertainty over future economic conditions, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-312": { "value": "New and amended standards adopted by the Group In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. The amendments relevant to the Group are: \u2022 Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and Annual Improvements 2018-2020 (All issued 14 May 2020, effective from 1 January 2022). ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-313": { "value": "New standards, amendments and interpretations not yet adopted At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction; \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting policies; and \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. We are currently in the process of determining if the adoption of the Standards listed above will have a material impact on the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-261": { "value": "1.2 Group structure Basis of consolidation 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. Unless otherwise stated, subsidiaries have share capital consisting solely of ordinary shares, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also each subsidiary\u2019s principal place of business. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. All subsidiaries have a 31 December year end. The Group exercises control over the employee benefit trust because it is exposed to, and has a right to, variable returns from this trust and is able to use its power over the trust to affect those returns. The trust is therefore consolidated by the Group. Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing control. Joint control is the contractually agreed sharing of control of an arrangement, and exists only when decisions about the activities that significantly affect the arrangement\u2019s returns require the unanimous consent of the parties sharing control. Judgement is required in determining this classification through an evaluation of the facts and circumstances arising from each individual arrangement. Joint arrangements are classified as either joint operations or joint ventures based on the rights and obligations of the parties to the arrangement. In joint operations, the parties have rights to the assets and obligations for the liabilities relating to the arrangement, whereas in joint ventures, the parties have rights to the net assets of the arrangement. Alfa only has one joint venture, namely Alfa iQ, which was formed in May 2020. The investment in the joint venture is accounted for using the equity method. The Group\u2019s share of the joint venture\u2019s net profit/(loss) is based on its most recent financial statement drawn up to the Group\u2019s balance sheet date. The total carrying value of investment in the joint venture represents the cost of the investment, including loans which form part of the net investment in the joint venture, plus the share of post-acquisition retained earnings and any other movements in reserves less any impairment in the value of the investment. The carrying values of joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of the joint venture\u2019s losses in excess of its interest in that joint venture is not recognised to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Unrealised gains arising from transactions with joint ventures are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment. Loans to the joint venture are measured at fair value on initial recognition, and subsequently carried at amortised cost. Any surplus between the nominal and fair value of the loan is recognised as an investment in the joint venture. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-314": { "value": "Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing control. Joint control is the contractually agreed sharing of control of an arrangement, and exists only when decisions about the activities that significantly affect the arrangement\u2019s returns require the unanimous consent of the parties sharing control. Judgement is required in determining this classification through an evaluation of the facts and circumstances arising from each individual arrangement. Joint arrangements are classified as either joint operations or joint ventures based on the rights and obligations of the parties to the arrangement. In joint operations, the parties have rights to the assets and obligations for the liabilities relating to the arrangement, whereas in joint ventures, the parties have rights to the net assets of the arrangement. Alfa only has one joint venture, namely Alfa iQ, which was formed in May 2020. The investment in the joint venture is accounted for using the equity method. The Group\u2019s share of the joint venture\u2019s net profit/(loss) is based on its most recent financial statement drawn up to the Group\u2019s balance sheet date. The total carrying value of investment in the joint venture represents the cost of the investment, including loans which form part of the net investment in the joint venture, plus the share of post-acquisition retained earnings and any other movements in reserves less any impairment in the value of the investment. The carrying values of joint ventures are reviewed on a regular basis and if there is objective evidence that an impairment in value has occurred as a result of one or more events during the period, the investment is impaired. The Group\u2019s share of the joint venture\u2019s losses in excess of its interest in that joint venture is not recognised to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Unrealised gains arising from transactions with joint ventures are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment. Loans to the joint venture are measured at fair value on initial recognition, and subsequently carried at amortised cost. Any surplus between the nominal and fair value of the loan is recognised as an investment in the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-316": { "value": "1.3 Segment reporting Operating and reporting segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The Group\u2019s Chief Executive Officer (CEO), who is responsible for allocating resources and assessing performance, has been identified as the CODM. The CODM regularly reviews the Group\u2019s operating results in order to assess performance and to allocate resources. The CODM considers the business from a product perspective and, therefore, recognises one operating and reporting segment, being the sale of software and related services. The Group splits revenue by type of activity but reports operating results on a consolidated basis, as presented to the CODM, along with the required entity wide disclosure. The Group discloses revenue split by type of activity being Subscription, Software and Services. a. Subscription revenues include recurring revenues paid on a monthly or annual basis, including subscription licence revenues, maintenance and cloud hosting. b. Software revenues include revenues from the recognition of customised licence revenue, one-off licence fees and any development revenues. c. Services revenues are revenues from any work done for customers including pre-implementation, implementation work, and ongoing services, but excludes any revenue from development work which is disclosed in Software. See note 1.5 for details of our revenue recognition accounting policy and note 2 for the critical accounting judgements and estimates in relation to revenue recognition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-262": { "value": "1.3 Segment reporting Operating and reporting segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The Group\u2019s Chief Executive Officer (CEO), who is responsible for allocating resources and assessing performance, has been identified as the CODM. The CODM regularly reviews the Group\u2019s operating results in order to assess performance and to allocate resources. The CODM considers the business from a product perspective and, therefore, recognises one operating and reporting segment, being the sale of software and related services. The Group splits revenue by type of activity but reports operating results on a consolidated basis, as presented to the CODM, along with the required entity wide disclosure. The Group discloses revenue split by type of activity being Subscription, Software and Services. a. Subscription revenues include recurring revenues paid on a monthly or annual basis, including subscription licence revenues, maintenance and cloud hosting. b. Software revenues include revenues from the recognition of customised licence revenue, one-off licence fees and any development revenues. c. Services revenues are revenues from any work done for customers including pre-implementation, implementation work, and ongoing services, but excludes any revenue from development work which is disclosed in Software. See note 1.5 for details of our revenue recognition accounting policy and note 2 for the critical accounting judgements and estimates in relation to revenue recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-263": { "value": "1.4 Foreign currency translation Functional currency Items included in the consolidated financial statements of each of the Group\u2019s subsidiaries are measured using their functional currency. The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity operates. See applicable exchange rates used in 2022 and 2021 below: 2022 2021 Closing Average Closing Average USD 1.21 1.24 1.35 1.38 EUR 1.13 1.17 1.19 1.16 NZD 1.90 1.95 1.98 1.95 AUD 1.77 1.78 1.86 1.83 Presentation currency The consolidated financial statements are presented in pounds sterling. Alfa\u2019s functional and presentation currency is pounds sterling. 1.4 Foreign currency translation continued Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; \u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and \u2022 All resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income. When a foreign operation is sold the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange differences arising from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. See applicable exchange rates used by the Group above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-315": { "value": "Functional currency Items included in the consolidated financial statements of each of the Group\u2019s subsidiaries are measured using their functional currency. The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity operates. See applicable exchange rates used in 2022 and 2021 below: 2022 2021 Closing Average Closing Average USD 1.21 1.24 1.35 1.38 EUR 1.13 1.17 1.19 1.16 NZD 1.90 1.95 1.98 1.95 AUD 1.77 1.78 1.86 1.83 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-264": { "value": "1.5 Revenue recognition The Group derives revenue by type of activity being Subscription, Software and Services (as disclosed in note 1.3). i Subscription revenue which includes the periodic rights to use Alfa Systems, periodic maintenance, subscription (including cloud hosting) and one-off revenue relating to catch-up periodic maintenance; ii Software revenue which includes development revenue (part of the customised licence revenue), options over the right to use Alfa Systems, and one-off licence fees; and iii Services revenue which includes software implementation services. The Group provides the right to use, software development services, core implementation services and ongoing support of its product, Alfa Systems. The Group\u2019s contractual arrangements contain multiple deliverables or services, such as the development or customisation of the software to the customer\u2019s requirements, implementation services such as migration of data and testing and certain project management services. Alfa assesses whether there are distinct performance obligations at the start of each contract and throughout the performance of the implementation, development and services projects and maintenance period. These performance obligations are laid out below. Any one contract may include a single performance obligation or a combination of those listed below: 1.5.1 Software implementation services Where implementation services are considered to be distinct, i.e. when relatively straightforward, do not require additional development services and could be performed by an external third party, the implementation services are accounted for as a separate performance obligation from any development services. When a customer is in the process of implementing the software, the transaction price is allocated to this based on the stand-alone selling prices (derived from standard day rates) and is recognised over time based on the effort incurred, limited to the amount to which Alfa has a right to payment. Over time recognition is considered appropriate as customers simultaneously receive and consume the benefits provided. For customers under the Group\u2019s subscription based contracts that are undergoing implementation, revenue for software implementation services is deemed to be distinct from any other performance obligation and is recognised based on a percentage of completion basis. When the type of services provided are ongoing services, the transaction price is deemed to be the actual day rate, and revenue is recognised at a point in time as the service is provided. 1.5.2 Development services and licence services (the customised licence) Another performance obligation is the granting of a right to use Alfa Systems, which includes the delivery of the related software licence and any development efforts which change the underlying code. During the initial phase of implementing the software, the total revenue attributable to this performance obligation is estimated at the outset of the relevant software implementation project and recognised as the effort is expended, on a percentage-of-completion basis, limited to the amount of revenue to which Alfa has the right to payment. See note 5.6 for the accounting policy for variable consideration. A percentage-of-completion basis has been used because customers obtain the ability to benefit from the product from the start of the implementation project, the development or customisation of the asset is tailored to the customer\u2019s specific requirements; and the customer is entitled to the benefits of the efforts as at the date the efforts are delivered, so recognition over time is appropriate. Revenue attributable to development services is valued using the residual value method as there are no stand-alone selling prices which are observable as each project is customised. For customers under the Group\u2019s subscription based contracts that are undergoing implementation, revenue for development services is deemed to be distinct from any other performance obligation and is recognised based on a percentage of completion basis. Once the customer is already using the software and the services provided are ongoing development, the transaction price is deemed to be the actual day rate and revenue is recognised at a point in time as the development service is provided. 1.5.3 Option over the right to use Alfa Systems In the event that customers have to pay periodic maintenance fees in order to keep using Alfa Systems, a component of these future maintenance fees is attributable to the right to use the software. In these circumstances the licence granted by Alfa is considered to renew in future periods. There may be a material right in respect of discounts in future periods. In order to ascribe a value to this option, management annualise the value of the customised licence performance obligation and compare it to the annual right to use software performance obligation post go live. The value of this option is built up from the start of the implementation project in line with the percentage-of-completion of development revenue described in 1.5.2 above. Following the completion of the implementation project, the value of this option is recognised evenly over the expected remaining customer life. 1.5.4 Periodic right to use Alfa Systems When a customer pays its maintenance fee annually, this performance obligation represents the proportion of this fee which relates to the periodic option to renew the right to use Alfa Systems. If there is the right of clawback of the annual right to use, such amounts are recognised throughout the annual period. If there is no right of clawback, then the annual right to use amount is recognised in full when there is a right of collection. When a customer pays for its maintenance fee as part of a subscription contract (see section 1.5.6 below), it will not be treated as a separate performance obligation (and will instead be part of the subscription amount). 1.5.5 Periodic maintenance amounts This represents the stand-alone selling price of the ongoing support or maintenance of Alfa Systems which is recognised throughout the period over which the services are delivered. 1.5.6 Subscription amounts Certain of the Group\u2019s implementation and service contracts include a subscription payment mechanism. This represents a monthly fee charged to the customer covering one or more of the following performance obligations; the provision of monthly hosting services; the monthly periodic right to use Alfa Systems and the provision of monthly maintenance services (when this becomes applicable to the customer). The monthly payments are recognised as revenue in the period to which they relate. This reflects the underlying performance obligations of the Group and termination rights of the customer 1.5 Revenue recognition continued 1.5.7 One-off revenue amounts From time to time, the Group is entitled to receive one-off licence revenue from its customers as they increase the number of contracts on their version of Alfa Systems. Additionally, there are times when catch-up periodic maintenance amounts are entitled to be received by the Group, also as a result of the increased number of contracts. Generally this revenue is recognised at the point in time it is invoiced, or becomes contractually payable, reflecting the fact that the Group has no remaining performance obligations to satisfy. Capitalised sales incentive costs The Group incentivises its sales force for securing sales. In line with IFRS 15, these costs are capitalised and are amortised in line with the percentage of completion of the software implementation project. Costs to fulfil contracts The Group has recognised an asset in relation to employee costs to fulfil its long-term development contracts (as disclosed in note 21). These costs relate directly to the contracts, generate or enhance resources to be used to satisfy performance obligations in the future and are expected to be recovered. This asset is presented within prepayments in the Statement of Financial Position. These costs are amortised within cost of sales in line with the percentage of completion of the development project. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-265": { "value": "1.6 Operating expenses Operating expenses include items such as personnel costs (including training and recruitment), cost of software not capitalised, research and development costs and other infrastructure expenses. These items have been grouped into the following categories for disclosure purposes: \u2022 Cost of sales \u2013 This includes salaries and other direct costs associated with satisfying customer contracts and for developing software. \u2022 Sales, general and administrative expenses \u2013 This includes all the residual operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-266": { "value": "1.7 Income tax Taxation expense for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes, assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-317": { "value": "Deferred tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes, assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-267": { "value": "1.8 Leases Alfa enters into lease contracts in respect of various properties and motor vehicles. These rental contracts are typically made for fixed periods of 2 to 10 years, and sometimes have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In accordance with IFRS 16, leases are recognised as a right-of-use asset with a corresponding liability, at the date at which the leased asset is available for use by Alfa. These assets and liabilities are initially measured on a present value basis (as set out in more detail below), with each subsequent lease payment allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Alfa 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 fewer) and leases of low-value assets. For these leases, the Group recognises the lease payments as an expense on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities 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 rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives; \u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 The amount expected to be payable by the lessee under residual value guarantees; \u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and \u2022 Penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented in separate lines, split between current and non-current liabilities, in the consolidated statement of financial position. It 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 re-measures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed, or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is re-measured by discounting the revised lease payments using a revised discount rate; \u2022 The lease payments change due to changes in an index, or rate, or a change in expected payment under a guaranteed residual value. In these cases, the lease liability is re-measured by discounting the revised lease payments, using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); and \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is re-measured by discounting the revised lease payments using a revised discount rate. 1.8 Leases continued Right-of-use assets The right-of-use assets comprise: \u2022 The initial measurement of the corresponding lease liability; \u2022 Lease payments made at, or before, the commencement day; \u2022 Any initial direct costs; and \u2022 Restoration cost. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses (if applicable). They are depreciated from the commencement date of the lease and over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects an expectation that the Group will exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Currently, the Group does not have any leases that include a purchase option, or transfer ownership of the underlying asset. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, 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. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. During the current financial period, there have been no changes in such assessments. Variable rents that do not depend on an index, or rate, are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included as an expense in the consolidated statement of profit or loss and comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-268": { "value": "1.9 Impairment of non-financial assets Goodwill is tested annually for impairment. The carrying amount is allocated to the cash-generating unit (CGU) that is expected to benefit from investment and which represents the lowest level at which the goodwill is monitored for internal management purposes. The carrying value of the CGU is then compared to the higher of its fair value less costs of disposal and its value in use. Any impairment attributed to the goodwill is recognised immediately as an expense and is not subsequently reversed. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-269": { "value": "1.10 Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand as well as short-term deposits with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-270": { "value": "1.11 Financial assets Recognition and de-recognition Financial assets are recognised in the statement of financial position when the Group becomes party to the contractual provision of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: \u2022 Amortised cost; \u2022 Fair value through profit or loss (FVTPL); and \u2022 Fair value through other comprehensive income (FVOCI). In the periods presented, the Group does not have any financial assets categorised as FVTPL or FVOCI. The classification is determined by both: \u2022 The entity\u2019s business model for managing the financial asset; and \u2022 The contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within sales, general and administrative expenses. Subsequent measurement of financial assets Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 They are held within a business model whose objective is to hold the financial assets and collect their contractual cash flows; and \u2022 The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s trade and most other receivables (notes 20 and 21) and cash and cash equivalents (note 22) fall into this category of financial instruments. Impairment of financial assets Under IFRS 9 the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-319": { "value": "Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-318": { "value": "Impairment of financial assets Under IFRS 9 the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-271": { "value": "1.12 Trade receivables Trade receivables are amounts due from customers for licences sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days of the invoice date and are therefore all classified as current. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. An impairment loss is recognised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivable. The Group considers information developed internally or obtained from external sources that indicates that a debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collateral held by the Group) as an indication that a financial asset is not recoverable. 1.12 Trade receivables continued The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. The expected impairment loss is recognised in the consolidated statement of profit or loss and comprehensive income within sales, general and administrative expenses, and subsequent recoveries are credited to the same account previously used to recognise the impairment charge. During the current and prior period the result of the above was immaterial and no impairment loss has been recognised. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The credit qualities of these receivables are periodically assessed by reference to external credit ratings (if available) or to historical information about their default rates. The Group does not hold any collateral as security. As the total carrying amount of the current portion of the trade and other receivables is due within the next 12 months after the reporting date, the impact of applying the effective interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-272": { "value": "1.13 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the item. Depreciation on assets is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: Fixtures and fittings: 3-10 years IT equipment: 2-5 years The assets\u2019 residual values and useful lives are reviewed and adjusted if necessary at each reporting date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Repairs and maintenance are charged to the consolidated statement of profit or loss and comprehensive income as incurred. Any gains or losses on disposals are recognised within sales, general and administrative expenses in the consolidated statement of profit or loss and comprehensive income unless otherwise specified. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-273": { "value": "1.14 Goodwill and other intangible assets Goodwill Goodwill arose on the acquisition of subsidiaries in 2012 as part of a group reorganisation and represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed. The Group assesses whether goodwill has suffered any impairment on an annual basis in accordance with the accounting policy stated in note 1.9 above. There is one CGU, being the Group, as its geographical operations do not have separate or distinct cash inflows. The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts. Budgeted cash flow projections are based on the expectation of signing new customers in the Group\u2019s sales pipeline as well as ongoing projects with existing customers. Budgeted gross margin is based on historical evidence and the expectations of market development and efficiency leverage. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. The discount rate used reflects the Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for region-specific risks and other factors as required by IFRS. Intangible assets Internally generated product development costs only qualify for capitalisation if the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset; including how the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. Commercial viability of new products, modules or capabilities is generally not proven until the major high-risk development issues have been resolved through testing of the specific development. Development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria, where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. See note 15 for disclosure of development costs which have met the criteria of IAS 38 for recognition. The Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis. Externally acquired intangible assets are initially recorded at historical cost. Historical cost includes expenditure that is directly attributable to the acquisition of the item. The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods: Computer software: licence period or 10 years as applicable Internally generated software: 3-5 years Amortisation is presented within sales, general and administrative expenses. Research and development which does not meet the criteria set out above is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-320": { "value": "Goodwill Goodwill arose on the acquisition of subsidiaries in 2012 as part of a group reorganisation and represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed. The Group assesses whether goodwill has suffered any impairment on an annual basis in accordance with the accounting policy stated in note 1.9 above. There is one CGU, being the Group, as its geographical operations do not have separate or distinct cash inflows. The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts. Budgeted cash flow projections are based on the expectation of signing new customers in the Group\u2019s sales pipeline as well as ongoing projects with existing customers. Budgeted gross margin is based on historical evidence and the expectations of market development and efficiency leverage. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. The discount rate used reflects the Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for region-specific risks and other factors as required by IFRS. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-321": { "value": "Intangible assets Internally generated product development costs only qualify for capitalisation if the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset; including how the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. Commercial viability of new products, modules or capabilities is generally not proven until the major high-risk development issues have been resolved through testing of the specific development. Development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria, where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. See note 15 for disclosure of development costs which have met the criteria of IAS 38 for recognition. The Group continues to assess the eligibility of development costs for capitalisation on a project-by-project basis. Externally acquired intangible assets are initially recorded at historical cost. Historical cost includes expenditure that is directly attributable to the acquisition of the item. The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods: Computer software: licence period or 10 years as applicable Internally generated software: 3-5 years Amortisation is presented within sales, general and administrative expenses. Research and development which does not meet the criteria set out above is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-274": { "value": "1.15 Trade and other payables Trade payables are obligations to pay for goods or services which have been acquired in the ordinary course of business from suppliers. Trade payables are recognised initially at fair value and subsequently measured at amortised costs using the effective interest rate method. As the total carrying amount is due within the next 12 months from the reporting date, the impact of applying the effective interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised. The Group\u2019s financial liabilities include trade and other payables and lease liabilities. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired. Trade and other payables and lease liabilities are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-275": { "value": "1.16 Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. When the effect of the discounting is material, provisions are measured at the present value of the expenditures expected to be required to settle the obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-276": { "value": "1.17 Employee benefits The Group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. Short-term benefits Short-term benefits, including health cover and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Post-employment benefits The Group operates various defined contribution plans for its employees. A defined contribution plan is a pension plan where the Group pays fixed contributions into a separate independent entity. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee\u2019s service in the current and prior periods. Employee share scheme expense The Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. For those share schemes with market-related vesting conditions, the fair value is determined using the Monte Carlo model at the grant date. For share options issued with EPS (non-market) performance vesting conditions, the fair value of the underlying vehicle is equal to the grant date share price discounted by the expected dividend yield to reflect the lack of dividend accrual over the vesting period. For all other share awards, those with pure employment conditions attached, the fair value is determined by reference to the market value of the shares at the grant date or (where they have an exercise price) by using the Black Scholes model. For all share schemes with non-market vesting conditions, the likelihood of vesting has been taken into account when determining the relevant charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-322": { "value": "Employee share scheme expense The Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. For those share schemes with market-related vesting conditions, the fair value is determined using the Monte Carlo model at the grant date. For share options issued with EPS (non-market) performance vesting conditions, the fair value of the underlying vehicle is equal to the grant date share price discounted by the expected dividend yield to reflect the lack of dividend accrual over the vesting period. For all other share awards, those with pure employment conditions attached, the fair value is determined by reference to the market value of the shares at the grant date or (where they have an exercise price) by using the Black Scholes model. For all share schemes with non-market vesting conditions, the likelihood of vesting has been taken into account when determining the relevant charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-277": { "value": "1.18 Equity Ordinary shares Ordinary shares are classified as equity. There are no restrictions on the distribution of capital and the repayment of capital. Cumulative translation reserve Exchange differences arising on translation of foreign subsidiaries are recognised in Other Comprehensive Income and accumulated in a separate reserve within equity. The cumulative amount would be reclassified to profit or loss if the entity was disposed of. Own shares Own shares represent the shares of the parent company Alfa Financial Software Holdings PLC that are either held by the employee benefit trust, or acquired by the Group as part of its share buyback programme (see note 28). Own shares are recorded at cost and deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-323": { "value": "Own shares Own shares represent the shares of the parent company Alfa Financial Software Holdings PLC that are either held by the employee benefit trust, or acquired by the Group as part of its share buyback programme (see note 28). Own shares are recorded at cost and deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-278": { "value": "1.19 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of Alfa by the weighted average number of ordinary shares outstanding during the year (excluding own shares held). Diluted earnings per share Diluted earnings per share is calculated in line with the basic earnings per share calculation above except that the weighted average number of shares includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day of the accounting period or the date of the grant, if later. The shares have no right to voting or to dividends while held in trust. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-279": { "value": "2. Critical accounting judgements, estimates and assumptions The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted in future periods due to estimates and assumptions turning out to be wrong. Detailed information about each of these estimates and judgements is included in other notes, together with information about the basis of calculation for each affected line item in the financial statements. 2.1 Critical judgements in applying the Group\u2019s accounting policies Revenue recognition \u2013 Assessing performance obligations The Group is required to make an assessment as to whether the implementation process, which includes customised licence and implementation revenue streams as well as any maintenance fees during this phase, forms one or a number of performance obligations. Since the residual value method is used for the customised licence revenue (as explained in note 1.5), the estimation of fair value of implementation revenue will impact the contract consideration assigned to the customised licence. In addition, the Group is also required to make an assessment as to whether each contract contains an expectation to deliver multiple separate instances of the customised licence which may form separate groups of distinct performance obligations. In doing the above, the Group assesses each software implementation contract as to whether the underlying software requires significant modification or customisation by the Group in order to meet the customer\u2019s requirements before Alfa Systems can be utilised by the customer. Therefore judgement is required in determining which efforts relate to the implementation process and which efforts could be determined to be development services which change or enhance the underlying code. In making this judgement, the Group assesses the contractual terms and the original project plan for the implementation but also uses historical evidence of what constitutes core implementation work. Internally generated software development \u2013 Assessing whether a project meets criteria of IAS 38 The Group is required to make an assessment of each ongoing project in order to determine at what stage (if at all) a project meets the criteria outlined in the Group\u2019s accounting policies. Such assessment may, in certain circumstances, require significant judgement. In making this judgement, the Group evaluates, amongst other factors, the stage at which technical feasibility has been achieved, management\u2019s intention to complete and use or sell the product, the likelihood of success, the availability of technical and financial resources to complete the development phase and management\u2019s ability to measure reliably the expenditure attributable to the project. Research and product development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. 2.2 Key sources of estimation uncertainty Revenue recognition \u2013 Estimates feeding through to the customised licence The customised licence and its associated material right are both impacted by the following estimates: \u2022 Assigning a stand-alone selling price for implementation services day rates: the Group assesses the value of the implementation services delivered by assessing the effective day rate for an implementation contract, taking into account all revenue streams from implementation contracts against day rates of similar projects in the same geographies; \u2022 Estimating the appropriate life of customer relationship: the Group calculates the material right deferral of the customised licence based on the total customer relationship life. This is also the time over which the material right will be spread; and \u2022 Determining the split of maintenance amount between support efforts and right to use: the Group must estimate what percentage of the total maintenance fee relates to the customised licence. A change to the stand-alone selling price for implementation services to the effective day rate, or an increase in expected customer life by a year, or a 10% variance in the split of maintenance amount between support efforts and right to use, results in an impact on revenue for the year of up to an increase / decrease of \u00a30.1m. 2. Critical accounting judgements, estimates and assumptions continued 2.3 Other sources of estimation uncertainty Revenue recognition \u2013 Number of forecast implementation and development days The Group estimates the number of days required to complete the relevant implementation work and software customisation effort at the outset of each project and on an ongoing basis including at each consolidated statement of financial position date. Estimates of total project days required for a relevant project are based on historical evidence of past implementations, knowledge of the customer\u2019s systems being replaced and scope of customisation being requested. The Group applies the percentage-of-completion method when calculating implementation and development services revenue and updates estimates at each quarter end accordingly. Therefore, a significant movement in total planned days would result in volatility in implementation and customised licence revenue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-280": { "value": "3. Financial risk management In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. Area Exposure arising from Measurement Management Market risk \u2013 foreign exchange Contracted revenue and costs denominated in a currency other than the entity\u2019s functional currency; and Monetary assets and liabilities denominated in a currency other than the entity\u2019s functional currency. Cash flow forecasting and foreign exchange sensitivity Natural hedging from localised cost base and prompt conversion of foreign currency cash balances into pound sterling Use of forward contracts to manage some of the foreign exchange risk Credit risk \u2013 cash balances Cash and cash equivalents Credit ratings Diversification of bank deposits Credit risk \u2013 customer receivables Trade receivables and accrued income Ageing analysis Credit ratings Credit checks and contractual payment terms Liquidity Cash and cash equivalents Daily cash reporting Cash forecasting and managing maturity of cash deposits The Group\u2019s overall risk management policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group has used financial instruments to hedge certain risk exposures in the past. Risk management is carried out by the finance function under policies approved by the Chief Financial Officer. The finance function identifies, evaluates and mitigates financial risks when deemed necessary. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital structure. 3.1 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to those described below. Revenue is predominantly denominated in pounds sterling and US dollars. Operating costs are influenced by the currencies of the countries where the Group\u2019s subsidiaries are based and pounds sterling and the US dollars are the currencies in which most operating costs are denominated. The split by currency in relation to trade receivables is set out in note 20. The Group\u2019s exposure to foreign currency risk in relation to revenue is set out in note 5.4. The Group utilised forward contracts during the year to hedge against foreign currency exposure during the current year (2021: no hedging arrangement entered into). The Group does not have any outstanding commercial foreign exchange contracts at 31 December 2022 or 31 December 2021. No hedge accounting has been applied in the year. A 10% increase in the USD:GBP exchange rate in the year ended 31 December 2022 would have increased revenue and profit by 4% and 8% respectively. Management believe that 10% is a reasonable sensitivity given historical exchange rate movement. 3.2 Credit risk a. Credit risk related to transactions with financial institutions Credit risk with financial institutions is managed by the Group\u2019s finance function in accordance with a Board approved policy. Management is not aware of any significant risks associated with financial institutions as a result of cash and cash equivalents deposits (including short-term investments) and financial derivative transactions. b. Credit risks related to customer trade receivables Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, change of strategy and default or delinquency in payments are considered indicators that a trade receivable could be impaired. Given the complexity, the size and the length of certain software implementation of related projects, a delay in the settlement of an open trade receivable does not necessarily constitute objective evidence that the trade receivable is impaired. The Group\u2019s customer base predominantly consists of large financial institutions that are financially sound. The responsibility for customer credit risk management rests with management of the Group. Payment terms are set in accordance with practices in the different geographies and end-markets served, typically being 30 days from the date of the invoice. Trade receivables are actively monitored and managed. Collection risk is mitigated through prompt submission of licence and maintenance invoices. Historically, there has been a de minimis level of customer default as a result of the long history of dealing with the Group\u2019s customer base and an active credit monitoring function. Where applicable, credit limits may be established based on internal or external rating criteria, which take into account such factors as the financial condition of the customers, their credit history and the risk associated with their industry segment. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The accrued income relates to unbilled work in progress and has substantially the same risk characteristics as the trade receivables for the same types of contracts, other than where the Group has collected upfront payments in the form of licence fees at the start of a software implementation contract. The Group has concluded that the expected loss rates for trade receivables are less than the loss rates for the accrued income. The expected loss rates of trade receivables are based on the payment profiles of customer invoices over a period of 36 months before 31 December 2022 or 31 December 2021 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates would then be adjusted to reflect current or forward-looking information in relation to any macroeconomic factors affecting the ability of the customers to settle the receivables. The same approach is applied to both trade receivables and accrued income expected credit loss provisions. The Group has not identified any current factors or forward-looking information which would be relevant to the historical loss rates as all trade receivables have been collected in the past 24 months. Therefore on this basis, the loss allowance as at 31 December 2022 and 31 December 2021 was immaterial for both trade receivables and accrued income. See note 20 \u2013 Trade receivables for the ageing of trade receivables and significant customer credit risk exposure. 3. Financial risk management continued 3.3 Liquidity risk The Group\u2019s principal objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The capital structure of the Group consists of cash and cash equivalents (note 22) and equity attributable to equity holders of the parent. Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages its exposure to liquidity risk through short and long-term forecasts and by seeking to align the maturity profiles of its financial assets with its financial liabilities. The Group\u2019s policy is to maintain an adequate level of liquidity to meet its liabilities expected to be settled in the short or near term, under both normal and stressed conditions. The following table details the remaining contractual maturity of the Group\u2019s financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. 31 December 2022 \u00a3m Total Less than 6 months Between 6 to 12 months Between 1 to 2 years Between 2 to 5 years More than 5 years Trade and other payables 7.6 7.6 \u2013 \u2013 \u2013 \u2013 Lease liabilities \u2013 future lease payments 10.9 0.9 0.9 1.7 4.6 2.8 31 December 2021 \u00a3m Total Less than 6 months Between 6 to 12 months Between 1 to 2 years Between 2 to 5 years More than 5 years Trade and other payables 6.9 6.9 \u2013 \u2013 \u2013 \u2013 Lease liabilities \u2013 future lease payments 20.3 1.3 1.4 2.7 7.4 7.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-324": { "value": "3.1 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to those described below. Revenue is predominantly denominated in pounds sterling and US dollars. Operating costs are influenced by the currencies of the countries where the Group\u2019s subsidiaries are based and pounds sterling and the US dollars are the currencies in which most operating costs are denominated. The split by currency in relation to trade receivables is set out in note 20. The Group\u2019s exposure to foreign currency risk in relation to revenue is set out in note 5.4. The Group utilised forward contracts during the year to hedge against foreign currency exposure during the current year (2021: no hedging arrangement entered into). The Group does not have any outstanding commercial foreign exchange contracts at 31 December 2022 or 31 December 2021. No hedge accounting has been applied in the year. A 10% increase in the USD:GBP exchange rate in the year ended 31 December 2022 would have increased revenue and profit by 4% and 8% respectively. Management believe that 10% is a reasonable sensitivity given historical exchange rate movement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-325": { "value": "3.2 Credit risk a. Credit risk related to transactions with financial institutions Credit risk with financial institutions is managed by the Group\u2019s finance function in accordance with a Board approved policy. Management is not aware of any significant risks associated with financial institutions as a result of cash and cash equivalents deposits (including short-term investments) and financial derivative transactions. b. Credit risks related to customer trade receivables Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, change of strategy and default or delinquency in payments are considered indicators that a trade receivable could be impaired. Given the complexity, the size and the length of certain software implementation of related projects, a delay in the settlement of an open trade receivable does not necessarily constitute objective evidence that the trade receivable is impaired. The Group\u2019s customer base predominantly consists of large financial institutions that are financially sound. The responsibility for customer credit risk management rests with management of the Group. Payment terms are set in accordance with practices in the different geographies and end-markets served, typically being 30 days from the date of the invoice. Trade receivables are actively monitored and managed. Collection risk is mitigated through prompt submission of licence and maintenance invoices. Historically, there has been a de minimis level of customer default as a result of the long history of dealing with the Group\u2019s customer base and an active credit monitoring function. Where applicable, credit limits may be established based on internal or external rating criteria, which take into account such factors as the financial condition of the customers, their credit history and the risk associated with their industry segment. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The accrued income relates to unbilled work in progress and has substantially the same risk characteristics as the trade receivables for the same types of contracts, other than where the Group has collected upfront payments in the form of licence fees at the start of a software implementation contract. The Group has concluded that the expected loss rates for trade receivables are less than the loss rates for the accrued income. The expected loss rates of trade receivables are based on the payment profiles of customer invoices over a period of 36 months before 31 December 2022 or 31 December 2021 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates would then be adjusted to reflect current or forward-looking information in relation to any macroeconomic factors affecting the ability of the customers to settle the receivables. The same approach is applied to both trade receivables and accrued income expected credit loss provisions. The Group has not identified any current factors or forward-looking information which would be relevant to the historical loss rates as all trade receivables have been collected in the past 24 months. Therefore on this basis, the loss allowance as at 31 December 2022 and 31 December 2021 was immaterial for both trade receivables and accrued income. See note 20 \u2013 Trade receivables for the ageing of trade receivables and significant customer credit risk exposure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-326": { "value": "3.3 Liquidity risk The Group\u2019s principal objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The capital structure of the Group consists of cash and cash equivalents (note 22) and equity attributable to equity holders of the parent. Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages its exposure to liquidity risk through short and long-term forecasts and by seeking to align the maturity profiles of its financial assets with its financial liabilities. The Group\u2019s policy is to maintain an adequate level of liquidity to meet its liabilities expected to be settled in the short or near term, under both normal and stressed conditions. The following table details the remaining contractual maturity of the Group\u2019s financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. 31 December 2022 \u00a3m Total Less than 6 months Between 6 to 12 months Between 1 to 2 years Between 2 to 5 years More than 5 years Trade and other payables 7.6 7.6 \u2013 \u2013 \u2013 \u2013 Lease liabilities \u2013 future lease payments 10.9 0.9 0.9 1.7 4.6 2.8 31 December 2021 \u00a3m Total Less than 6 months Between 6 to 12 months Between 1 to 2 years Between 2 to 5 years More than 5 years Trade and other payables 6.9 6.9 \u2013 \u2013 \u2013 \u2013 Lease liabilities \u2013 future lease payments 20.3 1.3 1.4 2.7 7.4 7.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-281": { "value": "4.1 Revenue by stream The Group assesses revenue by type of activity, being Subscription, Software and Services, as summarised below: \u00a3m 2022 2021 Subscription 27.4 23.5 Software 16.3 13.6 Services 49.6 46.1 Total revenue 93.3 83.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-327": { "value": "4.2 Operating profit The following table reconciles profit for the period attributable to equity holders to Operating Profit for the periods presented: \u00a3m 2022 2021 Profit for the year 24.5 19.2 Adjusted for: Net loss from joint venture 0.1 0.1 Taxation 4.4 4.6 Finance expense 0.6 0.8 Operating profit 29.6 24.7 6. Operating profit The following items have been included in arriving at operating profit in the table below: \u00a3m 2022 2021 Research and development costs 2.2 1.6 Depreciation of property, plant and equipment 0.5 0.4 Depreciation of right-of-use lease assets 1.7 1.9 Amortisation of intangible assets 0.8 0.8 Foreign exchange (gain)/loss (1.1) 0.2 Share-based payments (including social security contributions) 1.8 1.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-283": { "value": "4.3 Non-current assets geographical information Non-current assets attributable to each geographical market: \u00a3m 2022 2021 UK 34.4 41.3 USA 1.2 0.8 Rest of World 0.3 0.5 Total non-current assets 35.9 42.6 Revenue by geographical market is contained within note 5.3. The table above excludes deferred tax assets for both 2021 and 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-282": { "value": "5. Revenue from contracts with customers 5.1 Customer concentration Customers with revenue accounting for more than 10% of total revenue in the current year are as follows: \u00a3m 2022 2021 Customer A 11% 10% See note 20 for outstanding trade receivables from those customers with revenue accounting for more than 10% of total revenue. 5.2 Timing of revenue The Group derives revenue from the transfer of goods and services as follows over time and at a point in time in the following revenue segments: 2022 \u00a3m Subscription Software Services Total revenue At a point in time \u2013 time and materials \u2013 8.9 33.1 42.0 At a point in time \u2013 fixed price \u2013 0.4 0.4 0.8 Over time \u2013 time and materials \u2013 6.1 16.1 22.2 Over time \u2013 fixed price 27.4 0.9 \u2013 28.3 Total revenue 27.4 16.3 49.6 93.3 2021 \u00a3m Subscription Software Services Total revenue At a point in time \u2013 time and materials \u2013 5.6 25.2 30.8 At a point in time \u2013 fixed price \u2013 2.1 \u2013 2.1 Over time \u2013 time and materials \u2013 4.1 19.8 23.9 Over time \u2013 fixed price 23.5 1.8 1.1 26.4 Total revenue 23.5 13.6 46.1 83.2 All goods and services are sold directly to customers. 5.3 Revenue geographical information Revenue attributable to each geographical market based on where the customer mainly utilises its instance of Alfa, or where the service is rendered, is as follows: \u00a3m 2022 2021 UK 31.0 30.0 USA 33.6 28.9 Rest of EMEA (excl. UK) 21.3 18.7 Rest of World 7.4 5.6 Total revenue 93.3 83.2 5. Revenue from contracts with customers cont inued 5.4 Revenue by currency Revenue by contractual currency is as follows: \u00a3m 2022 2021 GBP 39.0 35.9 USD 34.3 30.0 Euro 12.6 11.6 Other 7.4 5.7 Total revenue 93.3 83.2 5.5 Liabilities from contracts with customers \u00a3m 2022 2021 Contract liabilities \u2013 deferred licence 8.6 5.3 Contract liabilities \u2013 deferred maintenance 6.2 5.7 Total contract liabilities 14.8 11.0 Contract liabilities \u2013 deferred licence Where a customer purchases a perpetual software licence this is generally invoiced upfront at the commencement of the implementation project. Customers generally require additional development efforts over the life of the implementation project in order to customise the underlying code within Alfa Systems. Together these two elements form the Group\u2019s customised licence performance obligation. The fair value of this performance obligation is determined using the residual method as set out in note 1.5.2 and this fair value is recognised as the development effort is expended, on a percentage of completion basis. As such the deferred licence contract liability balance as at 31 December 2022 and 31 December 2021 represents any amounts received in advance for the customised licence performance obligation being satisfied (including any unrecognised software licence amounts that were received upfront). Additionally, where an option over the right to use Alfa Systems in the future exists, the value of this is also included within the deferred licence contract liability. The contract liability relating to the material right value is increased over the life of the implementation project in line with the percentage of completion of the development efforts and then released on a straight-line basis over the expected remaining customer life post completion of the implementation project. The deferred licence contract liability balance will increase during the year as a result of: \u2022 Any new upfront software licence payments; \u2022 Any write back in previously recognised revenue as a result of project extensions or re-plans; \u2022 Decreasing percentage of completion of development efforts; and \u2022 Any additional material right balances that are added during the year. The deferred licence contract liability balance will decrease during the year as a result of: \u2022 Increasing percentage of completion of development efforts; and \u2022 Any release of material right balances following the completion of the implementation project. Contract liabilities \u2013 deferred maintenance The majority of the Group\u2019s customers are invoiced annually in advance for the maintenance and support service provided by the Group. As such, the deferred maintenance contract liability balance will increase as a result of billing and invoices becoming due, and will decrease as the Group satisfies its associated performance obligations. The deferred maintenance contract liability balance as at 31 December 2022 and 31 December 2021 therefore represents the Group\u2019s unsatisfied period maintenance performance obligation for which the revenue has been invoiced in advance. 5.6 Unsatisfied performance obligations During 2020, the Group entered into a new one-off five-year contract with a customer to renew its software licence and maintenance agreements. The total amount of the contract price from this non-cancellable contract that relates to the performance obligations that are unsatisfied at 31 December 2022 is \u00a36.2m (2021: \u00a38.4m). We expect to recognise \u00a32.2m in each of the next two financial years and then the remaining \u00a31.8m in the final financial year of the contract, being 2025. In addition, the Group has unsatisfied or partially satisfied performance obligations at 31 December 2022 that relate to the licence customisation for those customers that have ongoing implementation projects. This performance obligation includes the delivery of the related software licence and any development efforts which will change the underlying code. Linked to certain of these ongoing and future projects, and also to certain implementation projects completed during 2022, the Group also has unsatisfied or partially satisfied performance obligations at 31 December 2022 that relate to the option over the right to use Alfa Systems, and in particular any material right in respect of discounts to be received by customer in future periods. The above includes certain amounts recognised as contract liabilities. The transaction price allocated to these unsatisfied or partially satisfied performance obligations as at 31 December 2022 is \u00a311.0m (2021: \u00a311.1m). This amount is expected to be recognised over the remaining life of the implementation projects, in respect of the licence and development efforts, and over the expected customer life (following the completion of the implementation project) in respect of the option over the right to use Alfa Systems. These unsatisfied or partially satisfied performance obligations are based on management\u2019s best judgement and may be impacted in the future by a number of factors including: \u2022 Any possible contract modifications; \u2022 Currency fluctuations; \u2022 External market factors; and \u2022 Changes to the overall forecast project plan including the overall life of the implementation project and any required development efforts. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about the unsatisfied performance obligations that have original expected durations of one year or less. This includes those performance obligations linked to ongoing services for all project types (i.e. subscription, software and services). The Group also applies the practical expedient in paragraph B16 of IFRS 15 and does not disclose the amount of the transaction price allocated to the unsatisfied contract performance obligations where consideration will be received directly corresponding to the value of the performance obligation in the future and this consideration aligns to the value received to date for the corresponding performance obligation. This includes those performance obligations linked to our software implementation services. The Group has variable consideration in the form of contract banding for its licence and maintenance volumes. It is included it in the transaction price only to the extent that it is highly probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-284": { "value": "7. Personnel-related costs \u00a3m 2022 2021 Wages and salaries 34.8 31.8 Social security contributions (on wages and salaries) 4.4 3.9 Pension costs 2.6 2.1 Profit share pay* 3.5 3.1 Share-based payments** 1.8 1.5 Total employment costs 47.1 42.4 * Profit share pay refers to a pool of money (that equates to approximately 10% of the Group\u2019s pre-tax profits) which is shared amongst the employees, excluding Directors and some other senior managers, as a percentage of basic salary. The amount disclosed includes the related social security contributions. ** This includes the related social security contributions. Average monthly number of people employed based on location of home office (including Executive Directors) 2022 2021 UK 307 282 USA 75 71 Rest of World 38 30 Total average monthly number of people employed 420 383 At 31 December 2022 the Group had 441 employees (2021: 382). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-285": { "value": "8. Key management Key management compensation (including Directors): \u00a3m 2022 2021 Wages, salaries and short-term benefits 2.7 3.1 Social security contributions 0.3 0.4 Post-employment benefits 0.1 0.1 Share-based payments* 1.1 0.9 Total key management compensation 4.2 4.5 * This includes the related social security contributions. Key management personnel consist of the Company Leadership Team and the Executive and Non-Executive Directors. Directors\u2019 remuneration is detailed in the Remuneration Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-286": { "value": "9. Auditor\u2019s remuneration The Group obtained the following services from the Group\u2019s auditor as detailed below: \u00a3m 2022 2021 Audit fees RSM UK Audit LLP Audit of the consolidated financial statements 0.2 0.2 Audit of subsidiaries 0.2 0.2 Total audit fees 0.4 0.4 Audit-related assurance fees Review of interim financial report 0.1 0.1 Total audit-related assurance fees 0.1 0.1 Non-audit services \u2013 \u2013 Total audit and non-audit-related services 0.5 0.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-337": { "value": "10. Finance income and expense \u00a3m 2022 2021 Finance income Interest income on cash or short-term bank deposits \u2013 \u2013 \u00a3m Note 2022 2021 Finance expense Interest on lease liabilities 24 (0.6) (0.8) Total finance expense (0.6) (0.8) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-328": { "value": "10. Finance income and expense \u00a3m 2022 2021 Finance income Interest income on cash or short-term bank deposits \u2013 \u2013 \u00a3m Note 2022 2021 Finance expense Interest on lease liabilities 24 (0.6) (0.8) Total finance expense (0.6) (0.8) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-287": { "value": "10. Finance income and expense \u00a3m 2022 2021 Finance income Interest income on cash or short-term bank deposits \u2013 \u2013 \u00a3m Note 2022 2021 Finance expense Interest on lease liabilities 24 (0.6) (0.8) Total finance expense (0.6) (0.8) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-288": { "value": "
11. Income tax expense
Analysis of charge for the year
\u00a3m 2022 2021
Current tax:
Current tax on profit for the year 5.2 4.5
Adjustment in respect of prior years (1.4) (0.5)
Foreign tax on profit of subsidiaries for the current year 0.3 0.3
Current tax 4.1 4.3
Deferred tax:
Origination and reversal of temporary differences 0.2 (0.1)
Adjustment in respect of prior years 0.1 0.6
Effect of changes in tax rates \u2013 (0.2)
Deferred tax 0.3 0.3
Total tax charge in the year 4.4 4.6
The effective tax rate for the year is lower (2021: higher) than the standard rate of corporation tax in the UK. The effective tax rate for
the year ended 31 December 2022 was 15.2% (2021: 19.3%). The effective tax rate for the year is impacted by favourable adjustments in
respect to prior years totalling \u00a31.3m (2021: unfavourable adjustment of \u00a30.1m), due to the benefit of the UK R&D claim for 2021 of \u00a30.9m
and favourable adjustments in respect of prior year provisions of \u00a30.4m (2021: increased tax costs for prior year of \u00a30.2m, an adjustment
in respect to deferred tax on share awards of \u00a30.5m, less the benefit of the UK R&D claim for 2020 of \u00a30.6m). Given the changes in the UK
R&D tax regime, the benefit to Alfa is expected to reduce in the future and as a consequence the effective tax rate will trend towards the
UK statutory tax rate.
The overall tax charge for the year is reconciled as follows:
Analysis of charge for the year
\u00a3m 2022 2021
Profit on ordinary activities before taxation 28.9
23.8
Profit on ordinary activities at the standard rate of corporation tax \u2013 19% 5.5
4.5
Tax effects of:
Effect of different tax rates of subsidiaries operating in other jurisdictions 0.1
0.1
Adjustment in respect of prior years (1.3)
0.1
Impact of tax rate changes \u2013
(0.2)
Other 0.1
0.1
Total tax charge for the year 4.4
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-289": { "value": "12. Earnings per share 2022 2021 Profit attributable to equity holders of Alfa (\u00a3m) 24.5 19.2 Weighted average number of shares outstanding during the year 296,309,874 296,709,610 Basic earnings per share (pence per share) 8.24 6.49 Weighted average number of shares outstanding including potentially dilutive shares 302,038,789 301,505,177 Diluted earnings per share (pence per share) 8.09 6.39 The weighted average number of ordinary shares in issue excludes 3,690,126 (2021: 3,290,390) shares, being the weighted average number of shares held by the Group under the employee benefit trust and in Treasury as a result of the share buyback programme. The diluted number of ordinary shares outstanding, including share awards, is calculated on the assumption of conversion of all 5,728,914 (2021: 5,470,741) potentially dilutive ordinary shares. The increase in both Basic EPS and Diluted EPS in the current year is impacted by the Group\u2019s share buyback programme that commenced in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-329": { "value": "13. Financial assets and liabilities \u00a3m Note 2022 2021 Financial assets Financial assets at amortised cost: Trade receivables 20 8.9 6.0 Other financial assets at amortised cost 21 6.7 7.3 Cash and cash equivalents 22 18.7 23.1 Total financial assets 34.3 36.4 Financial liabilities Financial liabilities at amortised cost: Trade and other payables 23 7.6 6.9 Lease liabilities 24 9.3 17.1 Total financial liabilities 16.9 24.0", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-290": { "value": "13. Financial assets and liabilities \u00a3m Note 2022 2021 Financial assets Financial assets at amortised cost: Trade receivables 20 8.9 6.0 Other financial assets at amortised cost 21 6.7 7.3 Cash and cash equivalents 22 18.7 23.1 Total financial assets 34.3 36.4 Financial liabilities Financial liabilities at amortised cost: Trade and other payables 23 7.6 6.9 Lease liabilities 24 9.3 17.1 Total financial liabilities 16.9 24.0", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-330": { "value": "14. Goodwill \u00a3m 2022 2021 Cost At 1 January 24.7 24.7 At 31 December 24.7 24.7 The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts for a five-year period using a pre-tax discount rate of 12.2% (2021: 11.0%) which is based on the CGU\u2019s weighted average cost of capital. Cash flows beyond these periods have been extrapolated using a steady 2.5% (2021: 2.0%) average growth rate which is reflective of management\u2019s best estimate at the time. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-291": { "value": "14. Goodwill \u00a3m 2022 2021 Cost At 1 January 24.7 24.7 At 31 December 24.7 24.7 The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts for a five-year period using a pre-tax discount rate of 12.2% (2021: 11.0%) which is based on the CGU\u2019s weighted average cost of capital. Cash flows beyond these periods have been extrapolated using a steady 2.5% (2021: 2.0%) average growth rate which is reflective of management\u2019s best estimate at the time. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. 15. Other intangible assets \u00a3m Computer software Internally generated software Total Cost At 1 January 2021 1.5 2.2 3.7 Additions 0.1 0.9 1.0 At 31 December 2021 1.6 3.1 4.7 Amortisation At 1 January 2021 0.8 0.7 1.5 Charge for the year 0.1 0.7 0.8 At 31 December 2021 0.9 1.4 2.3 Net book value At 31 December 2021 0.7 1.7 2.4 Cost At 1 January 2022 1.6 3.1 4.7 Additions 0.1 1.5 1.6 Disposals \u2013 (0.3) (0.3) At 31 December 2022 1.7 4.3 6.0 Amortisation At 1 January 2022 0.9 1.4 2.3 Charge for the period 0.1 0.7 0.8 Disposals \u2013 \u2013 \u2013 At 31 December 2022 1.0 2.1 3.1 Net book value At 31 December 2022 0.7 2.2 2.9 Significant movement in other intangible assets During 2022, Alfa developed new internally generated software at a cost of \u00a31.5m (2021: \u00a30.9m). This software will be amortised over three to five years. The total research and product development expense for the period was \u00a32.2m (2021: \u00a31.6m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-331": { "value": "15. Other intangible assets \u00a3m Computer software Internally generated software Total Cost At 1 January 2021 1.5 2.2 3.7 Additions 0.1 0.9 1.0 At 31 December 2021 1.6 3.1 4.7 Amortisation At 1 January 2021 0.8 0.7 1.5 Charge for the year 0.1 0.7 0.8 At 31 December 2021 0.9 1.4 2.3 Net book value At 31 December 2021 0.7 1.7 2.4 Cost At 1 January 2022 1.6 3.1 4.7 Additions 0.1 1.5 1.6 Disposals \u2013 (0.3) (0.3) At 31 December 2022 1.7 4.3 6.0 Amortisation At 1 January 2022 0.9 1.4 2.3 Charge for the period 0.1 0.7 0.8 Disposals \u2013 \u2013 \u2013 At 31 December 2022 1.0 2.1 3.1 Net book value At 31 December 2022 0.7 2.2 2.9 Significant movement in other intangible assets During 2022, Alfa developed new internally generated software at a cost of \u00a31.5m (2021: \u00a30.9m). This software will be amortised over three to five years. The total research and product development expense for the period was \u00a32.2m (2021: \u00a31.6m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-292": { "value": "16. Property, plant and equipment \u00a3m Fixtures and fittings IT equipment Total Cost At 1 January 2021 1.2 3.3 4.5 Additions \u2013 0.3 0.3 Disposals \u2013 (0.1) (0.1) At 31 December 2021 1.2 3.5 4.7 Depreciation At 1 January 2021 0.7 2.9 3.6 Charge for the year 0.1 0.3 0.4 Disposals \u2013 (0.1) (0.1) At 31 December 2021 0.8 3.1 3.9 Net book value At 31 December 2021 0.4 0.4 0.8 Cost At 1 January 2022 1.2 3.5 4.7 Additions 0.4 0.3 0.7 Disposals (0.1) \u2013 (0.1) At 31 December 2022 1.5 3.8 5.3 Depreciation At 1 January 2022 0.8 3.1 3.9 Charge for the year 0.2 0.3 0.5 Disposals (0.1) \u2013 (0.1) At 31 December 2022 0.9 3.4 4.3 Net book value At 31 December 2022 0.6 0.4 1.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-293": { "value": "17. Right-of-use assets \u00a3m Motor vehicles Property Total Cost At 1 January 2021 0.2 17.9 18.1 Additions 0.2 1.3 1.5 At 31 December 2021 0.4 19.2 19.6 Depreciation At 1 January 2021 0.1 3.2 3.3 Charge for the year 0.1 1.8 1.9 At 31 December 2021 0.2 5.0 5.2 Net book value At 31 December 2021 0.2 14.2 14.4 Cost At 1 January 2022 0.4 19.2 19.6 Additions 0.1 \u2013 0.1 Disposals \u2013 (8.3) (8.3) At 31 December 2022 0.5 10.9 11.4 Depreciation At 1 January 2022 0.2 5.0 5.2 Charge for the year 0.1 1.6 1.7 Disposals \u2013 (2.6) (2.6) At 31 December 2022 0.3 4.0 4.3 Net book value At 31 December 2022 0.2 6.9 7.1 The disposal relates to the assignment of the lease to the 9th floor of Moor Place, 1 Fore Street Avenue, London. Refer to note 32. The Group recognised the following amounts in the consolidated statement of profit or loss and comprehensive income in relation to leases under IFRS 16: \u00a3m 2022 2021 Depreciation (1.7) (1.9) Interest expense (0.6) (0.8) Short-term lease expense (0.2) (0.2) Sub-lease rentals One of the leased properties was being sub-leased to tenants under operating leases, with rentals payable quarterly. This sub-lease ended during 2022. Minimum lease payments receivable on these sub-leases of property are as follows: \u00a3m 2022 2021 Within one year \u2013 \u2013 Later than one year but not later than five years \u2013 \u2013 Later than five years \u2013 \u2013 Total sub-lease payments receivable \u2013 \u2013 Income from sub-lease in the year 0.5 0.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-294": { "value": "18. Deferred income tax The provision for deferred tax consists of the following deferred tax assets/(liabilities) relating to accelerated capital allowances and short-term timing differences in relation to accruals and share-based payments. \u00a3m 2022 2021 Balance as at 1 January 1.8 1.8 Effect of changes in tax rates \u2013 0.2 Adjustments in respect of prior period (0.1) (0.6) Deferred income taxes recognised in the consolidated statement of profit or loss and comprehensive income (0.2) 0.1 Deferred tax on share-based payments recognised in reserves 0.1 0.3 Balance as at 31 December 1.6 1.8 Consisting of: Depreciation in excess of capital allowances (0.1) \u2013 Other timing differences 1.7 1.8 Balance as at 31 December 1.6 1.8 Deferred income tax liabilities have not been recognised for the withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries as the Group is able to control the timing of these temporary differences and it is probable that they will not reverse in the foreseeable future. Unremitted earnings totalled \u00a34.1m at 31 December 2022 (2021: \u00a33.4m). At the reporting date, 75% (2021: 72%) of the provision for deferred tax relates to the UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-338": { "value": "19. Interests in joint venture At the beginning of May 2020, the Group formed Alfa iQ, a joint venture established to greatly enhance Alfa\u2019s ability to develop artificial intelligence solutions for the auto and equipment finance industry. The joint venture was set up 51:49 between Alfa and Bitfount, a company founded by Blaise Thomson. The financial and operating activities of the Group\u2019s joint venture are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint venture through their equity shareholdings. The interest in the joint venture consists of part investment and part loan to joint venture accounted for as set out in note 1.2. Investment \u00a3m 2022 2021 Carrying amount as at 1 January 0.2 0.3 Share of net loss from the joint venture (0.1) (0.1) Carrying amount as at 31 December 0.1 0.2 Loan to joint venture \u00a3m 2022 2021 Carrying amount as at 1 January 0.1 0.1 Interest \u2013 \u2013 Carrying amount as at 31 December 0.1 0.1 The total loss from interest in joint venture is \u00a30.1m (2021: \u00a30.1m) and the total interest in the joint venture is \u00a30.2m (2021: \u00a3 0.3m) 32.2 Basis of consolidation The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are consolidated within the Group\u2019s financial statements. Registered address and country of incorporation Principal activity Held by Company 2022 Held by Group 2022 Held by Company 2021 Held by Group 2021 Alfa Financial Software Group Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Holding company 100% 100% 100% 100% Alfa Financial Software Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 100% \u2013 100% Alfa Financial Software Inc 124 E Hudson Ave, Royal Oak, MI 48067, United States Software and services \u2013 100% \u2013 100% Alfa Financial Software Australia Pty Limited Lisgar House, Level 3, 32 Carrington Street, Sydney, NSW, 2000, Australia Services \u2013 100% \u2013 100% Alfa Financial Software NZ Limited Level 1 Building B, 600 Great South Road, Greenlane, Auckland 1051, New Zealand Services \u2013 100% \u2013 100% Alfa Financial Software GmbH Bockenheimer Landstra\u00dfe 20, 60323 Frankfurt am Main, Germany Software and services \u2013 100% \u2013 100% Alfa Financial Software International Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 100% \u2013 \u2013 Alfa iQ Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 51% \u2013 51% Alfa Financial Software International Limited was established in February 2022 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-295": { "value": "20. Trade receivables \u00a3m 2022 2021 Trade receivables 8.9 6.0 Provision for impairment \u2013 \u2013 Trade receivables \u2013 net 8.9 6.0 Ageing of trade receivables Ageing of net trade receivables \u00a3m 2022 2021 Within agreed terms 6.4 4.1 Past due 1-30 days 2.4 1.2 Past due 31-90 days 0.1 0.6 Past due 91+ days \u2013 0.1 Trade receivables \u2013 net 8.9 6.0 The Group believes that the unimpaired amounts that are past due are fully recoverable as there are no indicators of future delinquency or potential litigation. Currency of trade receivables \u00a3m 2022 2021* GBP 4.5 3.4 USD 2.7 2.4 Other 1.7 0.2 Trade receivables \u2013 net 8.9 6.0 * The 2021 USD figure was originally stated to be \u00a30.9m and included only USD balances held in the US subsidiary. This has been restated to \u00a32.4m to include USD balances within UK subsidiaries as well with a corresponding reduction in the GBP balances, and so has no impact on the overall total. Trade receivables due from significant customers Customers with revenue accounting for more than 10% of total revenue in the current year have outstanding trade receivables as follows: \u00a3m 2022 2021 Customer A 0.7 0.8 As at issuance of these financial statements, all amounts relating to customers accounting for more than 10% of total revenue had been collected. Impairment and risk exposure Information about the impairment of trade receivables and the Group\u2019s exposure to market risk (specifically foreign currency risk) and credit risk can be found in note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-296": { "value": "21. Other receivables held at amortised cost \u00a3m 2022 2021 Accrued income 6.5 6.3 Prepayments 4.5 3.2 Corporation tax recoverable 0.2 \u2013 Other receivables 0.2 1.0 Total other receivables held at amortised cost 11.4 10.5 Accrued income represents fees earned but not yet invoiced at the reporting date which has no right of offset with contract liabilities \u2013 deferred licence amounts. Accrued income increased by \u00a30.2m. The current year balance represents unbilled professional fees for work in progress, and \u00a30.5m of one-off licence revenue items where there is contractual agreement to invoice in subsequent periods. Prepayments include \u00a31.7m (2021: \u00a31.1m) of deferred costs in relation to costs to fulfil contracts \u2013 see note 1.5. During the year \u00a30.3m (2021: \u00a30.2m) relating to costs to fulfil contracts has been recognised within cost of sales. ", "dimensions": { "concept": "alfafinancial:DisclosureOfOtherReceivablesHeldAtAmortisedCost", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-297": { "value": "22. Cash and cash equivalents \u00a3m 2022 2021 Cash at bank and in hand 18.7 23.1 Cash and cash equivalents 18.7 23.1 Currency of cash and cash equivalents \u00a3m 2022 2021 GBP 10.0 14.9 USD 4.3 4.4 AUD 2.1 1.3 EUR 1.9 2.0 Other 0.4 0.5 Cash and cash equivalents 18.7 23.1 Cash and cash equivalents are all held with banks and other financial instructions which must fulfil credit rating and investment criteria approved by the Board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-332": { "value": "23. Current and non-current liabilities \u00a3m 2022 2021 Trade payables 0.8 0.8 Other payables 8.7 8.5 Corporation tax \u2013 1.8 Contract liabilities \u2013 deferred licence 8.6 5.3 Contract liabilities \u2013 deferred maintenance 6.2 5.7 Lease liabilities (note 24) 9.3 17.1 Provisions for other liabilities 0.9 1.4 Total current and non-current liabilities 34.5 40.6 Less non-current portion (8.9) (16.6) Total current liabilities 25.6 24.0 Other payables includes amounts relating to other tax and social security of \u00a31.9m (2021: \u00a32.4m). Of the remainder, \u00a35.3m (2021: \u00a34.1m) relates to amounts due as part of payroll. The corporation tax payable of \u00a31.8m in 2021 is a receivable in 2022 (see note 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-298": { "value": "23. Current and non-current liabilities \u00a3m 2022 2021 Trade payables 0.8 0.8 Other payables 8.7 8.5 Corporation tax \u2013 1.8 Contract liabilities \u2013 deferred licence 8.6 5.3 Contract liabilities \u2013 deferred maintenance 6.2 5.7 Lease liabilities (note 24) 9.3 17.1 Provisions for other liabilities 0.9 1.4 Total current and non-current liabilities 34.5 40.6 Less non-current portion (8.9) (16.6) Total current liabilities 25.6 24.0 Other payables includes amounts relating to other tax and social security of \u00a31.9m (2021: \u00a32.4m). Of the remainder, \u00a35.3m (2021: \u00a34.1m) relates to amounts due as part of payroll. The corporation tax payable of \u00a31.8m in 2021 is a receivable in 2022 (see note 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-299": { "value": "24. Lease liabilities The following table sets out the reconciliation of the lease liabilities from 1 January to the amount disclosed at 31 December: \u00a3m 2022 2021 Lease liabilities recognised at 1 January 17.1 17.5 Additions 0.1 1.5 Disposals (6.3) \u2013 Interest charge 0.6 0.8 Payments made on lease liabilities (2.2) (2.7) At 31 December 9.3 17.1 Additions to lease liabilities include extensions to existing lease agreements. Refer to note 32.3 for more information on the disposal. Total lease payments in 2022 were \u00a32.4m (2021: \u00a32.9m). Below is the maturity analysis of the lease liabilities: \u00a3m 2022 2021 Non-current 8.0 15.2 Current 1.3 1.9 Total lease liabilities 9.3 17.1 No later than one year 1.8 2.7 Between one year and five years 6.2 10.1 Later than five years 2.9 7.5 Total future lease payments 10.9 20.3 Total future interest payments (1.6) (3.2) Total lease liabilities 9.3 17.1 The Group\u2019s net debt is made up of cash and cash equivalents and lease liabilities. The movement during the year in lease liabilities is set out above. Movements in cash and cash equivalents are set out in the Cash flow statement. These are the only changes in liabilities arising from financing activities in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-300": { "value": "25. Provision for other liabilities \u00a3m At 1 January 2021 1.4 Provided in the period 0.7 Utilised in the period (0.1) Released in the period (0.6) At 31 December 2021 1.4 Provided in the period 0.3 Utilised in the period (0.3) Released in the period (0.5) At 31 December 2022 0.9 Provisions for other liabilities comprise amounts for office dilapidations, employer taxes on share-based payments and legal matters. It is expected that these will be utilised by as follows: \u00a30.2m in 2030 and \u00a30.7m over various years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-333": { "value": "26. Share capital 2022 2021 Issued and fully paid Shares \u00a3m Shares \u00a3m Ordinary shares \u2013 0.1 pence 300,000,000 0.3 300,000,000 0.3 Balance as at 31 December 300,000,000 0.3 300,000,000 0.3 No additional shares have been issued or cancelled in the year ended 31 December 2022. 27. Translation reserve \u00a3m 2022 2021 At 1 January \u2013 0.1 Currency translation of subsidiaries 0.4 (0.1) At 31 December 0.4 \u2013 28. Own shares \u00a3m 2022 2021 Balance at 1 January 3.4 \u2013 Acquired in the year 5.6 4.6 Distributed on exercise of options (1.5) (1.2) Balance at 31 December 7.5 3.4 On 18 January 2022 the Group announced the launch of a share buyback programme. Refer to the Company website for more details. The own shares reserve represents the cost of shares in Alfa Financial Software Holdings PLC that have been: \u2022 Purchased in the market and held by the Group\u2019s employee benefit trust to satisfy options under the Group\u2019s share options plans. The number of shares held at 31 December 2022 were 2,163,952 (2021: 2,590,260); and \u2022 Purchased in the market and held by the Group as a result of the share buyback programme that was launched on 18 January 2022. The number of shares held at 31 December 2022 were 2,832,073 (2021: nil). Own shares distributed relate to shares distributed to employees from the employee benefit trust for bonus awards under share schemes. As at 31 December 2022, the Group held 1.67% (2021: 0.86%) of its own called-up share capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-301": { "value": "26. Share capital 2022 2021 Issued and fully paid Shares \u00a3m Shares \u00a3m Ordinary shares \u2013 0.1 pence 300,000,000 0.3 300,000,000 0.3 Balance as at 31 December 300,000,000 0.3 300,000,000 0.3 No additional shares have been issued or cancelled in the year ended 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-302": { "value": "27. Translation reserve \u00a3m 2022 2021 At 1 January \u2013 0.1 Currency translation of subsidiaries 0.4 (0.1) At 31 December 0.4 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-303": { "value": "28. Own shares \u00a3m 2022 2021 Balance at 1 January 3.4 \u2013 Acquired in the year 5.6 4.6 Distributed on exercise of options (1.5) (1.2) Balance at 31 December 7.5 3.4 On 18 January 2022 the Group announced the launch of a share buyback programme. Refer to the Company website for more details. The own shares reserve represents the cost of shares in Alfa Financial Software Holdings PLC that have been: \u2022 Purchased in the market and held by the Group\u2019s employee benefit trust to satisfy options under the Group\u2019s share options plans. The number of shares held at 31 December 2022 were 2,163,952 (2021: 2,590,260); and \u2022 Purchased in the market and held by the Group as a result of the share buyback programme that was launched on 18 January 2022. The number of shares held at 31 December 2022 were 2,832,073 (2021: nil). Own shares distributed relate to shares distributed to employees from the employee benefit trust for bonus awards under share schemes. As at 31 December 2022, the Group held 1.67% (2021: 0.86%) of its own called-up share capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-304": { "value": "29. Share awards The Group recognised total expenses relating to share-based payment of \u00a31.8m (2021: \u00a31.5m) in the current year. Of this, \u00a31.6m (2021: \u00a31.5m) relates to equity-settled LTIP schemes and \u00a30.2m (2021: \u00a30.0) relates to Employee Share Save schemes. See further detail below. The outstanding share schemes are made up of the following: Grant date Condition Type Plan Vesting date Exercise price Share options 31 December 2022 Share options 31 December 2021 November 2019 Service Only LTIP November 2022 0p \u2013 1,113,909 June 2020 Service and Performance LTIP June 2023 0p 2,322,473 2,322,473 April 2021 Service and Performance LTIP April 2024 0p 1,070,668 1,121,104 November 2021 Service Only LTIP October 2024 0p 60,872 60,872 November 2021 Service Only UK Employee ShareSave January 2025 153.6p 397,228 774,659 November 2021 Service Only US Employee ShareSave January 2024 167.0p 70,515 77,724 April 2022 Service and Performance LTIP April 2025 0p 741,162 \u2013 April 2022 Service Only LTIP April 2025 0p 237,965 \u2013 April 2022 Service Only US Employee ShareSave December 2024 141.1p 36,731 \u2013 May 2022 Service Only UK Employee ShareSave December 2025 132.8p 530,320 \u2013 September 2022 Service Only LTIP September 2025 0p 5,917 \u2013 The weighted average share price at the date of exercise for share options exercised during the period was 150.0p (2021: 130.4p). The options outstanding at 31 December 2022 had a weighted average exercise price of 27.1p (2021: 24.1p), and a weighted average remaining contractual life of 1.2 years (2021: 1.7 years). The opening weighted average exercise price at 1 January 2022 was 24.1p (1 January 2021: nil). The weighted average exercise price of options forfeited and exercised during the year was 128.5p (31 December 2021: nil). The expected price volatility is based on the historical volatility adjusted for any expected changes to future volatility due to publicly available information. The total share-based payment charge relating to Alfa Financial Software Holdings PLC shares for the year is split as follows: \u00a3m 2022 2021 Employee share schemes \u2013 value of services 1.5 1.1 Expense in relation to fair value of social security liability on employee share schemes 0.3 0.4 Total cost of employee share schemes 1.8 1.5 Details of the share options outstanding during the year are as follows: 2022 2021 Outstanding at 1 January 5,470,741 6,139,161 Conditionally awarded in year 1,552,095 2,034,359 Exercised (1,032,382) (2,575,681) Forfeited or expired in year (516,603) (127,098) Outstanding at 31 December 5,473,851 5,470,741 Exercisable at the end of the year \u2013 \u2013 29.1 LTIPs The 2019 November LTIP awards vested during the year. The exercise of these awards had a net impact of \u00a30.4m on own shares and \u00a31.3m on retained earnings. The 2020 June LTIP and 2021 April LTIP awards (service and performance conditions) are conditional on performance conditions, 50% based on EPS performance (non-market condition) and 50% on TSR (market condition) as well as a three-year employment fulfilment. The fair value of these awards has been determined using the Monte Carlo model / Black Scholes model at the grant date. The 2021 November LTIP awards are conditional on employment only. The fair value of these awards is equal to the closing share price on the date of grant, discounted by the expected 12-month dividend yield to reflect the lack of dividend accrual over the vesting period (three years). The expected price volatility is based on the historical volatility (based on the remaining life of the scheme), adjusted for any expected changes to future volatility due to publicly available information. The 2022 April LTIP awards (service and performance conditions plan) are granted conditional on performance conditions, 50% based on EPS performance (non-market condition) and 50% on TSR (market condition) as well as a three-year employment fulfilment. For those share schemes with market-related vesting conditions, the fair value has been determined using the Black Scholes at the grant date. For share options issued with EPS (non-market) performance vesting conditions, the fair value of the underlying option is equal to the grant date share price. The following table lists the inputs to the model used for the awards granted in the year ended 31 December 2022 based on information at the date of grant: LTIP awards (granted in April) TSR element EPS element Share price at date of grant 164p 164p Award price 0p 0p Volatility 57.8% 0.0% Embedded TSR 13.9% \u2013 Average correlation 39.3% \u2013 Life of award 3 years 3 years Risk-free rate 1.53% \u2013 Fair value per award 88p 147p In April and September 2022, the Group awarded to certain employees a LTIP conditional on employment only. The fair value of these awards on the date of grant is 147p, discounted by the expected 12-month dividend yield to reflect the lack of dividend accrual over the vesting period (three years). All of these Company schemes, as well as any non-cyclical awards, are equity-settled by award of ordinary shares. 29. Share awards continued 29.2 Employee ShareSave Scheme The Group has in place an Employee ShareSave Scheme \u2013 the Save As You Earn (SAYE) scheme in the UK and Employee Stock Purchase Plan (ESPP) scheme in the US. The scheme started in 2021 but there were new grants in 2022 as well. Under these schemes, eligible employees can save up to a set limit each month. At the end of the savings period (three years for SAYE and two years for ESPP), employees can choose whether or not they wish to buy the shares at the option price or take back their savings as cash. The option price is the share price at the start of the plan with a 20% discount for the UK scheme and 15% discount for the US scheme. The fair value of these awards have been determined using the Black Scholes model at the grant date. 31 December 2022 SAYE ESPP Number of share options Exercise price Number of share options Exercise price Outstanding at beginning of year 774,659 154p 77,724 167p Conditionally awarded in year 530,320 138p 36,731 141p Forfeited or expired in year (243,732) 154p (7,209) 167p Replaced in year (i.e. left the 2021 plan to join the 2022 plan) (133,699) 154p \u2013 \u2013 Outstanding at the end of the year* 927,548 145p 107,246 158p Exercisable at the end of the year \u2013 \u2013 \u2013 \u2013 * The exercise price is a weighted average. The inputs used in the calculation of the fair value of options granted in the year were as follows: SAYE 31 December 2022 ESPP 31 December 2022 Share price 184p 164p Exercise price 138p 141p Expected volatility 56.8% 58.5% Expected life 36 months 24 months Risk-free rate 1.67% 1.51% Expected dividend yields 3.40% 3.40% ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-339": { "value": "30.1 Contingencies and commitments The Group has no capital commitments, no material contingent liabilities and no contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-334": { "value": "30.1 Contingencies and commitments The Group has no capital commitments, no material contingent liabilities and no contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-305": { "value": "30.1 Contingencies and commitments The Group has no capital commitments, no material contingent liabilities and no contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-306": { "value": "30.2 Events occurring after the reporting period As part of the share buyback programme, the Company has acquired shares in Alfa Financial Software Holdings PLC in the period between 1 January 2023 and 1 March 2023. See alfasystems.com/investors. There have been no other reportable subsequent events. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-307": { "value": "31. Dividends A 2021 ordinary dividend of 1.1 pence per share was paid on 24 June 2022 amounting to \u00a33.3m (2021: \u00a33.0m). A special dividend of 3.0 pence per share was paid on 16 June 2022 amounting to \u00a38.9m (2021: \u00a329.7m). A 2022 special dividend of 3.5 pence per share was paid on 7 October 2022 amounting to \u00a310.3m (2021: \u00a3nil). Subject to approval at the Annual General Meeting on 26 April 2023, a 2022 final dividend of 1.2 pence per share will be paid on 26 June 2023 to holders on the register on 26 May 2023. The ordinary shares will be quoted ex-dividend on 25 May 2023. In addition, the Board has decided to declare a special dividend of 1.5 pence per share, with an ex-dividend date of 13 April 2023, a record date of 14 April 2023 and a payment date of 9 May 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-308": { "value": "32. Related parties 32.1 Controlling shareholder The ultimate parent undertaking is CHP Software and Consulting Limited (the \u2018Ultimate Parent\u2019), which is the parent undertaking of the smallest and largest group in relation to these consolidated financial statements. The ultimate controlling party is Andrew Page. 32.2 Basis of consolidation The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are consolidated within the Group\u2019s financial statements. Registered address and country of incorporation Principal activity Held by Company 2022 Held by Group 2022 Held by Company 2021 Held by Group 2021 Alfa Financial Software Group Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Holding company 100% 100% 100% 100% Alfa Financial Software Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 100% \u2013 100% Alfa Financial Software Inc 124 E Hudson Ave, Royal Oak, MI 48067, United States Software and services \u2013 100% \u2013 100% Alfa Financial Software Australia Pty Limited Lisgar House, Level 3, 32 Carrington Street, Sydney, NSW, 2000, Australia Services \u2013 100% \u2013 100% Alfa Financial Software NZ Limited Level 1 Building B, 600 Great South Road, Greenlane, Auckland 1051, New Zealand Services \u2013 100% \u2013 100% Alfa Financial Software GmbH Bockenheimer Landstra\u00dfe 20, 60323 Frankfurt am Main, Germany Software and services \u2013 100% \u2013 100% Alfa Financial Software International Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 100% \u2013 \u2013 Alfa iQ Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 51% \u2013 51% Alfa Financial Software International Limited was established in February 2022 . 32. Related parties continued 32.3 Transactions with related parties Full details of the Directors\u2019 compensation and interests are set out in the Directors\u2019 Remuneration Report on pages 97 to 120. See note 8 for further detail on remuneration of key management (including Directors). Dividends to the amount of \u00a315.0m were paid to the Ultimate Parent (2021: \u00a321.7m). Dividends of 3 pence, 1.1 pence and 3.5 pence per share were paid to all shareholders in 2022 (2021: 1 pence and 10 pence per share). Directors and other key management received dividends based on their beneficial interest in the shares of the Company. Directors\u2019 beneficial interests in the shares of the Company are disclosed in the Remuneration Report on page 117. The balances outstanding from the Ultimate Parent at 31 December 2022 and 2021 were \u00a3nil and \u00a3nil respectively. In 2020 the Group invested \u00a30.4m in Alfa IQ consisting of: a capital contribution of \u00a30.3m; and an interest-free loan fair valued at \u00a30.1m. At 31 December 2022 the value of the investment is carried at \u00a30.1m (2021: \u00a30.2m) and the loan fair valued at \u00a30.1m (2021: \u00a30.1m). On 9 February 2022, the Company entered into a short-term rental agreement with the Ultimate Parent for rental of the 9th Floor of Moor Place. The resulting rental income for 2022 was \u00a30.4m (2021: \u00a3nil). The Company also received rental income of \u00a33,718 (2021: \u00a334,610) in the year relating to its prior arrangement with the Ultimate Parent for the rental of a meeting room on the 9th Floor of Moor Place. On 29 July 2022 the Group reached an agreement for the assignment of its lease to the 9th floor of Moor Place, 1 Fore Street Avenue, London to the Ultimate Parent. There is no consideration for the transaction, with the Ultimate Parent taking on all the rights and liabilities for the 9th floor from Alfa. The assignment of the lease resulted in the de-recognition of the right to use asset and lease liability, which resulted in a one-off gain of \u00a30.6m which was fully recognised in the year. There were no other outstanding receivable balances from related parties at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": " CHP Software and Consulting Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-255": { "value": "CHP Software and Consulting Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-335": { "value": "32.2 Basis of consolidation The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are consolidated within the Group\u2019s financial statements. Registered address and country of incorporation Principal activity Held by Company 2022 Held by Group 2022 Held by Company 2021 Held by Group 2021 Alfa Financial Software Group Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Holding company 100% 100% 100% 100% Alfa Financial Software Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 100% \u2013 100% Alfa Financial Software Inc 124 E Hudson Ave, Royal Oak, MI 48067, United States Software and services \u2013 100% \u2013 100% Alfa Financial Software Australia Pty Limited Lisgar House, Level 3, 32 Carrington Street, Sydney, NSW, 2000, Australia Services \u2013 100% \u2013 100% Alfa Financial Software NZ Limited Level 1 Building B, 600 Great South Road, Greenlane, Auckland 1051, New Zealand Services \u2013 100% \u2013 100% Alfa Financial Software GmbH Bockenheimer Landstra\u00dfe 20, 60323 Frankfurt am Main, Germany Software and services \u2013 100% \u2013 100% Alfa Financial Software International Limited Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 100% \u2013 \u2013 Alfa iQ Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK Software and services \u2013 51% \u2013 51% Alfa Financial Software International Limited was established in February 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-336": { "value": "32.3 Transactions with related parties Full details of the Directors\u2019 compensation and interests are set out in the Directors\u2019 Remuneration Report on pages 97 to 120. See note 8 for further detail on remuneration of key management (including Directors). Dividends to the amount of \u00a315.0m were paid to the Ultimate Parent (2021: \u00a321.7m). Dividends of 3 pence, 1.1 pence and 3.5 pence per share were paid to all shareholders in 2022 (2021: 1 pence and 10 pence per share). Directors and other key management received dividends based on their beneficial interest in the shares of the Company. Directors\u2019 beneficial interests in the shares of the Company are disclosed in the Remuneration Report on page 117. The balances outstanding from the Ultimate Parent at 31 December 2022 and 2021 were \u00a3nil and \u00a3nil respectively. In 2020 the Group invested \u00a30.4m in Alfa IQ consisting of: a capital contribution of \u00a30.3m; and an interest-free loan fair valued at \u00a30.1m. At 31 December 2022 the value of the investment is carried at \u00a30.1m (2021: \u00a30.2m) and the loan fair valued at \u00a30.1m (2021: \u00a30.1m). On 9 February 2022, the Company entered into a short-term rental agreement with the Ultimate Parent for rental of the 9th Floor of Moor Place. The resulting rental income for 2022 was \u00a30.4m (2021: \u00a3nil). The Company also received rental income of \u00a33,718 (2021: \u00a334,610) in the year relating to its prior arrangement with the Ultimate Parent for the rental of a meeting room on the 9th Floor of Moor Place. On 29 July 2022 the Group reached an agreement for the assignment of its lease to the 9th floor of Moor Place, 1 Fore Street Avenue, London to the Ultimate Parent. There is no consideration for the transaction, with the Ultimate Parent taking on all the rights and liabilities for the 9th floor from Alfa. The assignment of the lease resulted in the de-recognition of the right to use asset and lease liability, which resulted in a one-off gain of \u00a30.6m which was fully recognised in the year. There were no other outstanding receivable balances from related parties at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-309": { "value": "33. Offsetting assets and liabilities Assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position where Alfa currently has a legally enforceable right to offset the recognised amounts, and there is an intention to realise the asset and settle the liability simultaneously. The following table presents the recognised assets and liabilities that are offset as at 31 December 2022 and 31 December 2021 in the consolidated statement of financial position. 31 December 2022 \u00a3m Gross amounts Amounts offset Net amounts presented Accrued income 15.6 (9.1) 6.5 Contract liabilities \u2013 deferred licence (17.7 ) 9.1 (8.6) 31 December 2021 \u00a3m Gross amounts Amounts offset Net amounts presented Accrued income 14.0 ( 7.7) 6.3 Contract liabilities \u2013 deferred licence (13.0) 7.7 (5.3) ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }