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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information and basis of preparation
Kainos Group plc (\u2018the Company\u2019) is a public company limited by shares incorporated in the United Kingdom under the
Companies Act 2006 and is registered in England and Wales (company registration number 09579188), having its registered
office at 21 Farringdon Road, 2nd Floor, London EC1M 3HA. The Company is listed on the London Stock Exchange.
The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019).
The parent Company financial statements present information about the Company as a separate entity and not about its
Group.
The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted
International Accounting Standards (\u2018UK-Adopted IFRS\u2019). The Company has elected to prepare its parent Company financial
statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS101\u2019). The financial
statements are presented in Pounds Sterling, generally rounded to the nearest thousand.
The Group financial statements are prepared on a historical cost basis except for the following items which are measured at
fair value or grant date fair value:
\u2022 share-based payment arrangements;
\u2022 investment property;
\u2022 business combinations; and
\u2022 equity investments that are in the scope of IFRS9.
Non-current assets held for sale are stated at the lower of previous carrying amount and fair value less costs to sell.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these
consolidated financial statements and have been applied consistently by the Group other than those detailed in changes in
accounting policies.
The financial statements were authorised for issue by the Directors on 19 May 2023.
2. Adoption of new and revised standards
In the current year, the Group and Company have applied a number of amendments UK-adopted IFRS that are 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.
Amendments to IFRS3: Reference to the Conceptual Framework
Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle
Amendments to IAS37: Onerous Contracts \u2013 Cost of Fulfilling a Contract
Amendments to IAS16: Property, Plant and Equipment \u2013 Proceeds before Intended Use
New and revised UK-adopted IFRS Accounting Standards in issue but not yet effective
The following UK-adopted IFRSs have been issued but have not been applied by the Group and Company in these financial
statements. Their adoption is not expected to have a material effect in the financial statements.
IFRS17 Insurance Contracts, Amendments to IFRS17 and Initial Application of IFRS17 and IFRS9 \u2013 Comparative Information
(effective date 1 January 2023).
Amendments to IAS1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and
Classification of Liabilities as Current or Non-current (effective date 1 January 2024).
Amendments to IAS8 Accounting Policies, Changes in Accounting Estimates and Errors to introduce a new definition for
accounting estimates (effective date 1 January 2023).
Amendments to IFRS16 \u2013 Lease Liability in a Sale and Leaseback (effective date 1 January 2024).
Amendments to IAS1 Presentation of Financial Statements and IFRS Practice Statements 2 Making Materiality Judgements
(effective date 1 January 2023).
Amendments to IAS12 Income Taxes \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction
(effective date 1 January 2023).
3. Significant accounting policies Going concern The financial statements have been prepared on a going concern basis. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are summarised in the Strategic Report. The principal risks, uncertainties and risk management processes are also described in the Strategic Report. The Group\u2019s policies and objectives with regards to financial risk management are further described in note 25 of the financial statements. Having reviewed the future plans and projections for our business and our current financial position, the Directors believe that we are well placed to manage our business risks successfully. We have adequate financial resources, no borrowings, a good level of recurring revenue, and a broad spread of customers. At 31 March 2023, the Directors assessed the Group\u2019s viability over a longer period to March 2026. The review included sensitivity analysis on the future performance and solvency over three years and for the principal and emerging risks facing the business in severe but reasonable scenarios. In performing this assessment, our long-term strategy and focus, the growing demand for our products and services, the increasing level of recurring revenue and low customer attrition, the track record of strong cash generation and a healthy cash balance with no debt from financial institutions were all taken into consideration. Consideration was also given to the risks of regional and political changes in our main markets. Based on the results of this assessment, the Directors had a reasonable expectation that should these risks, either all or in part, manifest themselves, the resulting adverse outcomes can be managed and mitigated such that, the Group and Company will be able to continue in operation and meet their liabilities as they fall due over the period of their assessment. In doing so, we note that such future assessments are subject to a level of uncertainty that increases with time and, therefore, future outcomes cannot be guaranteed or predicted with certainty. As a consequence of these factors and having reviewed the forecasts for the coming year, the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date these financial statements are authorised. For this reason, we continue to adopt the going concern basis of accounting in preparing our financial statements. Functional and presentational currency These consolidated financial statements are presented in Pounds Sterling, which is the Company\u2019s functional currency. Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity when it 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. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS3 Business Combinations are recognised at their fair values at the acquisition date. Any deferred and contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. Deferred and contingent consideration that is assessed as being payment for post-combination services (remuneration) is expensed as incurred in the post-combination period. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred and included in operating expenses. The Group measures goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests in the acquiree; plus
\u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
\u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Identifiable
intangibles are those which can be sold separately, or which arise from contractual or legal rights regardless of whether
those rights are separable.
Goodwill
Goodwill is initially recognised and measured as set out above.
Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill
acquired in a business combination is allocated to the cash-generating unit which represents the lowest level within the Group
at which goodwill is monitored. Cash-generating units to which goodwill has been allocated are tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating
unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each
asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.
Revenue
Revenue is recognised to depict the transfer of promised services to customers in an amount that reflects the consideration to
which the entity expects to be entitled in exchange for those services. The Group has adopted the five-step approach to the
timing of revenue recognition based on performance obligations in customer contracts. This involves identifying the contract
with customers, identifying the performance obligations, determining the transaction price, allocating the price to the
performance obligations within the contract and recognising revenue when the performance obligations are satisfied.
Revenue from the Group\u2019s activities is recognised as detailed below.
The Group recognises a contract asset (accrued income) when the value of the satisfied performance obligations is in excess
of the payment due to the Group or a contract liability (deferred income) when the amount of unconditional consideration is in
excess of the value of satisfied performance obligations. Once a right to receive consideration is unconditional, that amount is
recognised as a receivable.
Contract assets are represented by accrued income (note 16) and contract liabilities are represented by deferred income
(note 20) and onerous contract provisions (note 21).
Service revenue
Time and materials contracts
Contracts for the provision of software-related services generally tend to be \u2018time and materials\u2019 contracts whereby the
customer is contractually bound to pay for services for each hour or day spent in delivering a contractually agreed services
scope. These contracts typically have no payment milestones, refunds or bundling with other services or products. Such
services are recognised as a performance obligation satisfied over time in line with the chargeable \u2018time and materials\u2019 which
are allocated to the contracted project.
Fixed price contracts
Other contracts for the provision of software-related services are contracted on a fixed price basis. The Directors have
assessed that the stage of completion determined as a proportion of the total hours expected for the project that has elapsed
at the end of the reporting period is an appropriate measure of progress towards complete satisfaction of the performance
conditions under IFRS15. This is reviewed on a monthly basis. Payment for services is not due from the customer unless
milestones have been achieved or the project is complete, therefore a contract asset is recognised over the period in which the
services are performed representing the Group\u2019s right to consideration for the services performed to date. Where costs are
anticipated to be in excess of revenues an onerous contract will be recognised.
Support
Revenue relating to support services is recognised over time. The transaction price allocated to these services is recognised as
a contract liability at the time of the initial sales transactions and is released on a straight-line basis over the contracted term
in line with the estimated delivery of performance obligations.
Software as a Service (SaaS)
SaaS is charged on a subscription basis and the revenue is recognised pro-rata over the period that the service is provided.
Managed service subscription
Subscription revenue for the management of software applications for customers in the cloud is recognised pro-rata over the
period the service is provided.
Commission revenue
Commission income is earned when the Group secures orders for end-user access to Workday Adaptive Planning software.
Depending on the terms of the underlying agreement with Workday, Inc., performance obligations are either satisfied at the
point the order is secured or over the subscription period and revenue is recognised accordingly.
Third party goods
Revenue from the sale of goods is recognised when control of the goods has transferred to the customer, usually on delivery
of the goods.
Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use
asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group
continues to recognise the lease payments mainly as an operating 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 of the lease are consumed.
Lease liability
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 when it can be readily determined. If this rate cannot be readily
determined the Group uses its incremental borrowing rate, which is typically applied.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using
the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The lease liability is presented as a separate line in the consolidated statement of financial position.
The Group remeasures 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 significant event or change in circumstances resulting in a change in the
assessment, in which case the lease liability is remeasured by discounting the revised lease payments using a revised
discount rate.
\u2022 The lease payments change due to a change in expected payment under a guaranteed residual value, in which case the
lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate.
\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 remeasured based on the lease term of the modified lease by discounting the revised lease payments using a
revised discount rate at the effective date of the modification.
Right-of-use asset
The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or
before the commencement day, less any lease incentives received and plus any initial direct costs. It is subsequently measured
at cost less accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to restore the underlying asset to the condition required by the terms and
conditions of the lease, a provision is recognised at commencement of the lease and measured under IAS37. These costs are
included in the related right-of-use asset.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The
depreciation starts at the commencement date of the lease. The Group does not have any leases that include purchase
options or that transfer ownership of the underlying asset at the end of the lease term.
The Group applies IAS36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss
as described in the \u2018Property, Plant and Equipment\u2019 policy.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the
exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange
rate at the reporting date. Non-monetary items that are measured based on historical cost in a foreign currency are translated
at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and
presented within operating expenses.
Foreign operations
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are
translated into Pounds Sterling at the exchange rates at the reporting date. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the
exchange rates at the date of transactions are used. Foreign currency differences are recognised in the statement of
comprehensive income and accumulated in the translation reserve until the foreign operation is disposed of, at which point the
relevant proportion of the accumulated amount is recycled to profit or loss.
Government grants
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grants will be received. Government grants that compensate the Group for expenses incurred
are recognised in profit and loss on a systematic basis in the periods in which the related costs for which the grants are
intended to compensate are recognised. The Group has elected to present grants related to income as a reduction to the
related expense within operating expenses.
Research and Development Expenditure Credit
Research and Development Expenditure Credits are accounted for as having the substance of a government grant and
accordingly this income is accounted for under IAS20 Accounting for Government Grants. The grants are recognised on the
basis of the fair value of claims made and are recognised within operating expenses in the profit or loss. A corresponding other
receivable is recognised at the time the grants are earned.
Retirement benefit costs
The Group operates three defined contribution pension schemes and the pension charge represents the amounts payable by
the Group to the funds in respect of the year. Differences between contributions payable in the year and contributions actually
paid are shown as either accruals or prepayments in the statement of financial position.
Taxation
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a
business combination, or items recognised directly in equity or in other comprehensive income.
A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that
there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount
expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported
by previous experience in respect of such activities and in certain cases based on specialist independent tax advice.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets
and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of
taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where
the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such
investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits
against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is
realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in
which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
Property, plant and equipment
Property under construction is carried at cost, less any recognised impairment loss. Cost includes professional fees and, for
qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Depreciation of these assets,
determined on the same basis as other property assets, commences when the assets are ready for their intended use.
Property, plant and equipment assets are stated at cost less accumulated depreciation and accumulated impairment loss.
Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land and property under
construction) less their residual values over their useful lives, using the straight-line method, on the following bases:
Long-term leasehold property 2.5%
Leasehold improvements Over the term of the lease up to five years
Fixtures and fittings 20%
Office equipment 25%-33%
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis.
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated to determine the extent of the impairment loss (if any).
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the
difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.
Investment property
Investment property is initially measured at cost and subsequently at fair value with any change therein recognised in profit or
loss. When the use of a property changes from owner-occupied to investment property, the property is remeasured to fair value
and reclassified accordingly. Any gain arising on this remeasurement is recognised in profit or loss to the extent that it reverses
a previous impairment loss on the specific property, with any remaining gain recognised in OCI and presented in the
revaluation reserve.
Assets held for sale
A non-current asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than
through continuing use, it is available for immediate sale and sale is highly probable within one year.
On initial classification as held for sale, non-current assets are measured at the lower of previous carrying amount and fair
value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent
remeasurement although gains are not recognised in excess of any cumulative impairment loss. Property, plant and equipment
once classified as held for sale or distribution are not amortised or depreciated.
Acquired intangible assets
Separately identified intangible assets acquired in a business combination are initially recognised at their fair value (which is
regarded as their cost). Intangible assets are subsequently stated at fair value or cost less accumulated amortisation and any
accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life of the asset.
The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying
value may not be recoverable.
Estimated useful lives typically applied are as follows:
\u2022 Customer relationships \u2013 over 3-7 years
\u2022 Order backlog \u2013 over 10-15 months
Internally generated intangible assets \u2013 research and development expenditure
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An internally generated intangible asset arising from development (or from the development phase of an internal project)
is recognised if, and only if, all of the following conditions have been demonstrated:
\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2022 the intention to complete the intangible asset and use or sell it;
\u2022 the ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the
intangible asset; and
\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date
when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can
be recognised, development expenditure is recognised in the income statement in the period in which it is incurred.
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation
and accumulated impairment losses.
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes
a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Trade receivables
Trade receivables, which typically have 30-day credit terms, are initially recognised and carried at their original invoice amount.
Given the short lives of the trade receivables, there are generally no material fair value movements between initial recognition
and the derecognition of the receivable and are subsequently stated at cost less expected credit losses. The Group applies the
simplified approach, which requires expected lifetime losses to be recognised from the initial recognition of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.
All of the cash and cash equivalents balance is available for use by the Group.
The Group has not recognised an expected credit loss on cash and cash equivalents as it is deemed not material.
Investments in financial assets
Investments in equity shares, which are all unquoted equity investments, are stated at fair value through profit or loss (FVTPL).
Impairment of financial assets
The Group recognises a loss allowance at an amount equal to lifetime expected credit loss (ECL) on trade receivables and
accrued income in accordance with the simplified approach as set out in IFRS9. The ECL is updated at each reporting date to
reflect changes in credit risk.
The Group measures loss allowances at an amount equal to lifetime ECL, except for bank balances for which credit risk
(i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial
recognition, which are measured as 12-month ECL. Loss allowances for trade receivables and contract assets are always
measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when
estimating ECL, the Group considers any change in credit quality of the amounts owing from the date the credit was initially
granted up to the reporting date. This includes both quantitative and qualitative information and analysis, based on the
Group\u2019s historical experience and informed credit assessment and including forward-looking information.
ECLs are a probability-weighted estimate of credit losses estimated using a provision matrix.
The Group recognises a loss allowance of 100% against all receivables older than six months at the reporting date.
Financial liabilities
Financial liabilities are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured
at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
(including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial liability, or where appropriate, a shorter period, to the
amortised cost of a financial liability.
Derecognition of financial assets and financial liabilities
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have
expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and
payable is recognised in profit or loss.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the
sum of the consideration received and receivable is recognised in profit or loss.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event,
it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount
of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation
at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where
a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value
of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the
receivable can be measured reliably.
Onerous contracts
Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract
is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under
the contract exceed the economic benefits expected to be received under it.
Share-based payments
Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date.
The fair value excludes the effect of non-market-based vesting conditions.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis
over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest.
At each statement of financial position date, the Group revises its estimate of the number of equity instruments expected
to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates,
if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding
adjustment to the share-based payment reserve.
The fair value of the amount payable to employees in respect of share options settled in cash is recognised as an expense
with a corresponding increase in liabilities, over the period during which the employees become unconditionally entitled to
payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the options.
Any changes in the liability are recognised in profit or loss.
4. Material accounting judgements and key sources of estimation uncertainty
In applying the Group\u2019s accounting policies, which are described in note 3, the Directors are required to make judgements
(other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates
and assumptions about the carrying amounts of the assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision
and future periods if the revision affects both current and future periods.
Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements, apart from those involving estimations (which are presented separately below), that
the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect
on the amounts recognised in financial statements.
Product development expenditure
The Group invests on a continual basis in the development of new and enhanced features in the product suite. There is a
continual process of enhancements to and expansion of the overall product suite. Judgement is required in assessing whether
the development costs meet the criteria for capitalisation. These judgements have been applied consistently year to year. In
making this judgement, the Group evaluates, amongst other factors, whether there are future economic benefits beyond the
current period, the stage at which technical feasibility has been achieved, management\u2019s intention to complete and use or sell
the product, the likelihood of success, 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 in
order to capitalise. Such expenditure is therefore recognised as an expense.
Therefore, judgement is required in assessing whether eligible costs meet the relevant capitalisation criteria under IAS38
Intangible assets. The accounting policy for research and product development is in note 3 and in the current year there
are no development expenses that have been capitalised (2022: \u00a3nil). The total product development expenditure in the period
is \u00a39.1 million (2022: \u00a36.2 million). R&D expenditure credit (\u2018RDEC\u2019) grants received from HMRC and product development
expenditure incurred are presented gross in note 6.
Generally, commercial viability of new products is not proven until all high-risk development issues have been resolved
through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the
detailed design phase and formal approval, which occurs just before the products are ready to go to market. Certain
development costs are incurred for specific projects and there is a lack of certainty that the work may have future economic
benefit on future projects. Accordingly, development costs have not been capitalised.
Costs which are incurred after the general release of internally generated software, or costs which are incurred in order to
enhance existing products are expensed in the period in which they are incurred and included within the research and
development expense in the financial statements.
RDEC income
Judgements are made regarding the assessment of the eligibility of product development expenditure incurred for
RDEC claims. The Group\u2019s assessment of eligible expenditure must align with the definition of R&D for RDEC purposes.
This assessment is more difficult in some industries such as software development resulting in judgement over the qualifying
R&D costs and the eligibility of these costs for the RDEC claim. The unrecognised component of RDEC as at 31 March 2023
is \u00a34.8 million (2022: \u00a35.0 million) and represents the Group\u2019s determination of the value subject to this judgement. This portion
is recognised when this judgement has been removed either via formal acceptance of the claim value submitted or the expiry
of the enquiry window. The net value of RDEC receivable as at 31 March 2023 is \u00a33.0 million (2022: \u00a33.2 million) and is included
within other receivables in the statement of financial position.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are discussed below.
Revenue recognition
Service revenue
Kainos charges for its digital services on a time and materials or fixed price basis. Where there are fixed price contracts,
revenue is recognised based on the stage of completion. Stage of completion is measured by reference to costs incurred to
date as a percentage of total estimated costs. The Group estimates costs to complete its contractual obligations by reference
to the current run rate of these costs until contractual completion. The estimation of stage of completion is sensitive to future
uncertainties such as technical challenges, timescale changes and commercial issues. During the year revenue relating to
fixed price project income was \u00a333.8 million (2022: \u00a324.4 million). The associated carrying values of accrued and deferred
income at 31 March 2023 were \u00a310.8 million (2022: \u00a35.1 million) and \u00a32.5 million (2022: \u00a32.1 million) respectively.
5. Segment reporting
All of the Group\u2019s revenue during the year ended 31 March 2023 and for the year ended 31 March 2022 was derived from
continuing operations.
The Group\u2019s Executive Directors are considered to be the Chief Operating Decision Maker (\u2018CODM\u2019) of the Group. They use
internal management reports to assess both performance and strategy of the Group and the three specialist business areas:
Digital Services, Workday Services and Workday Products.
During the year, we opted to amend our divisional reporting structure both internally to our CODM (Executive Directors) and
publicly. In prior years we reported results with respect to our Digital Services and Workday Practice divisions. Due to the
continued growth of our Workday Services and Workday Products businesses, we are now reporting these areas as separate
operating divisions. There is no change in reporting for our Digital Services division.
The tables below present the results for current and prior year in our current reporting structure. As such, the comparative
information below has been represented to reflect the new reporting structure.
The following is an analysis of the Group\u2019s revenue and results by reportable segment:
2023
12 MONTHS TO 31 MARCH
Digital
Services
(\u00a3000s)
Workday
Services
(\u00a3000s)
Workday
Products
(\u00a3000s)
Consolidated
(\u00a3000)
REVENUE 224,384 105,741 44,682 374,807
Cost of sales (138,798) (48,406) (10,448) (197,652)
GROSS PROFIT 85,586 57,335 34,234 177,155
Direct expenses
(22)
(24,326) (36,439) (21,687) (82,452)
CONTRIBUTION 61,260 20,896 12,547 94,703
Central overheads
(22)
(28,536)
Net finance income 1,392
ADJUSTED PRE-TAX PROFIT 67,559
Share-based payments expense and related costs (6,346)
Amortisation of acquired intangible assets (2,642)
Compensation for post-combination remuneration (4,176)
Acquisition-related expenses (57)
PROFIT BEFORE TAX 54,338
2022
12 MONTHS TO 31 MARCH
Digital
Services
(\u00a3000s)
Workday
Services
(\u00a3000s)
Workday
Products
(\u00a3000s)
Consolidated
(\u00a3000s)
REVENUE 199,831 70,868 31,933 302,632
Cost of sales (122,430) (32,388) (7,568) (162,386)
GROSS PROFIT 77,401 38,480 24,365 140,246
Direct expenses
(22)
(21,723) (24,666) (12,932) (59,321)
CONTRIBUTION 55,678 13,814 11,433 80,925
Central overheads
(22)
(22,132)
Net finance expense (22)
ADJUSTED PRE-TAX PROFIT 58,771
Share-based payments expense and related costs (3,727)
Amortisation of acquired intangible assets (1,890)
Compensation for post-combination remuneration (5,520)
Acquisition-related expenses (1,641)
PROFIT BEFORE TAX 45,993
(22) Direct expenses plus central overheads plus share-based payment expense and acquisition related expenses (including amortisation of acquired intangible assets and
compensation for post-combination remuneration) equals the sum of operating expenses plus impairment losses and reversals on trade receivables and accrued income.
Direct expenses are expenses that are directly attributable to each division.
The Group\u2019s revenue from external customers by geographic location is detailed below:
2023
(\u00a3000s)
2022
(\u00a3000s)
United Kingdom & Ireland 242,787 215,606
North America 95,505 58,712
Central Europe 35,262 27,125
Rest of world 1,253 1,189
374,807 302,632
Disaggregation of revenue by type
In line with the change in divisional reporting structure, the Group considers the new revenue types as presented in the table
below to be a more informative representation. Subscription revenue previously classed within \u2018SaaS and related\u2019 has been
presented separately, with related revenues represented as \u2018Services\u2019 or \u2018Third party and other\u2019 as appropriate. The Group has
represented FY22 revenue categories in line with the current reporting period.
Digital
Services
2023
(\u00a3000s)
Workday
Services
2023
(\u00a3000s)
Workday
Products
2023
(\u00a3000s)
Total
2023
(\u00a3000s)
TYPE OF REVENUE
Services 217,490 98,961 1,625 318,076
Subscriptions \u2013 \u2013 43,057 43,057
Third party and other 6,894 6,780 \u2013 13,674
224,384 105,741 44,682 374,807
Digital
Services
2022
(\u00a3000s)
Workday
Services
2022
(\u00a3000s)
Workday
Products
2022
(\u00a3000s)
Total
2022
(\u00a3000s)
TYPE OF REVENUE
Services 192,662 64,475 2,990 260,127
Subscriptions \u2013 \u2013 28,943 28,943
Third party and other 7,169 6,393 \u2013 13,562
199,831 70,868 31,933 302,632
Disaggregation of revenue by sector
2023
(\u00a3000s)
2022
(\u00a3000s)
DIGITAL SERVICES
Public 136,951 108,400
Commercial 37,782 25,120
Healthcare 49,651 66,311
224,384 199,831
WORKDAY SERVICES
Public 167 1,311
Commercial 105,423 68,948
Healthcare 151 609
105,741 70,868
WORKDAY PRODUCTS
Public 891 1,271
Commercial 43,171 29,730
Healthcare 620 932
44,682 31,933
GROUP
Public 138,009 110,982
Commercial 186,376 123,798
Healthcare 50,422 67,852
TOTAL 374,807 302,632
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 3.
Segment assets and liabilities are not reported to the CODM on a segmental basis and are therefore not disclosed.
The following table provides information about receivables, accrued income and deferred income from contracts with customers.
Note
2023
(\u00a3000s)
2022
(\u00a3000s)
Trade receivables 16 35,693 35,228
Accrued income 16 38,808 39,462
Deferred income 20 (37,087) (30,966)
Accrued income relates to the Group\u2019s right to consideration for work completed and delivered but not invoiced as at year
end and is transferred to trade receivables when an invoice is issued to the customer. Customers are typically invoiced on
a monthly basis and consideration is payable when invoiced. The majority of the accrued income balance as at 31 March 2022
(\u00a339.5 million) was invoiced during the period. Any amounts written-off were small and considered immaterial in the context of
these financial statements.
Deferred income relates to advance consideration received from customers, where revenue is recognised over time as the
services are provided/delivered to customers. During the year, all of the opening deferred revenue balance (2022: all) has been
recognised as revenue.
The aggregate transaction price allocated to unsatisfied or partially satisfied performance obligations at the end of the
reporting period is \u00a3322.9 million (2022: \u00a3259.7 million). The majority of this balance will be recognised within 12 months of the
reporting date.
The Group\u2019s non-current assets (excluding deferred tax assets) are located as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Northern Ireland 16,685 16,318 Rest of UK 2,231 3,815 United States of America 11,366 12,748 Finland 8,822 8,737 Other 948 2,516 Significant customer One customer, a Digital Services client, contributed \u00a338.2 million or 10% to Group revenue for the year ended 31 March 2023. No other single customer contributed more than 10% to Group revenue in the period. No customers contributed more than 10% to revenue for the year ended 31 March 2022 . 6. Profit for the year Profit for the year has been arrived at after charging/(crediting): 2023 (\u00a3000s) 2022 (\u00a3000s) Total staff costs (note 7) 232,033 168,395 Government grants (12) (479) Research and development expensed as incurred 9,061 6,176 Research and Development Expenditure Credit (4,230) (3,205) Depreciation of property, plant and equipment (note 12) 2,249 1,538 Depreciation of right-of-use assets (note 15) 1,163 1,654 Loss on disposal of property, plant and equipment \u2013 8 Net foreign exchange (gain)/loss (873) 62 Amortisation of acquired intangibles (note 11) 2,642 1,890 The analysis of auditor\u2019s remuneration is as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 110 93 Fees payable to the Group\u2019s auditor for the audit of subsidiaries 61 57 TOTAL AUDIT FEES 171 150 Fees payable to the Group\u2019s auditor for other services to the Group: Review of interim report 25 23 TOTAL AUDIT-RELATED FEES 196 173 Non-audit fees \u2013 \u2013 Total audit and non-audit fees 196 173 Total % of non-audit fees 0% 0 7. Staff numbers and costs The average number of employees during the year was: 2023 Number 2022 Number Technical 2,107 1,705 Administration 311 234 Sales 188 158 2,606 2,097 The aggregate payroll costs of these persons were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Wages and salaries 194,210 141,588 Social security costs 20,290 14,120 Contributions to defined contribution plans 7,907 6,010 Share-based payments (note 23) 9,626 6,677 232,033 168,395 The split of remuneration between cost of sales and operating expenses is as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Cost of sales 140,142 99,999 Operating expenses 91,891 68,396 232,033 168,39 5 8. Tax expense The following tax was recognised in recognised in the income statement: 2023 (\u00a3000s) 2022 (\u00a3000s) CURRENT TAX EXPENSE: Current year (UK) 7,793 7,882 Current year (overseas) 5,271 4,011 Adjustments in respect of prior years (385) (1,043) 12,679 10,850 DEFERRED TAX (NOTE 17) Origination and reversal of temporary differences (1,130) (1,187) Adjustments in respect of prior years 1,144 637 Change in tax rate \u2013 (75) 14 (625) TOTAL TAX EXPENSE 12,693 10,22 In addition to the amount charged to the statement of comprehensive income, the following amounts relating to tax have been
recognised directly in equity in relation to share-based payments:
2023
(\u00a3000s)
2022
(\u00a3000s)
CURRENT TAX
Permanent element of share-based payment deduction 237 1,610
DEFERRED TAX
Deferred tax on share-based payments (931) (883)
Effect of rate change \u2013 603
(931) (280)
TOTAL TAX RECOGNISED DIRECTLY IN EQUITY (694) 1,330
UK corporation tax has been calculated at 19% (2022: 19%) of the estimated taxable profit for the year, the prevailing rate
at the balance sheet date. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
The effective tax rate for 2023 was 23% (2022: 22%).
On 24 May 2021, the UK Finance Act 2021 was substantively enacted, increasing the corporate tax rate to 25% effective from
1 April 2023. The change to the main rate of corporation tax was substantively enacted as at 31 March 2022 and therefore
included in the prior year financial statements. Temporary differences were remeasured in the prior year using these enacted
tax rates that are expected to apply when the liability is settled, or the asset realised. The impact of this remeasurement,
recognised in the year ended 31 March 2022 resulted in an uplift in deferred tax assets of \u00a30.9 million.
We envisage our future effective tax rates to be broadly in line with the main UK corporation tax rate.
The Group\u2019s tax charge can be reconciled to the profit in the income statement and effective tax rate as follows:
2023
(\u00a3000s)
2022
(\u00a3000s)
PROFIT BEFORE TAX ON CONTINUING OPERATIONS 54,338 45,993
Tax at the UK corporation tax rate of 19% (2022: 19%) 10,324 8,739
Expenses not deductible for tax purposes 919 1,050
Tax exempt income (3) (35)
Effect of foreign exchange on consolidation (92) 214
Effect of tax rates in foreign jurisdictions 740 671
Adjustments to tax charge in respect of prior years 759 (406)
Change in UK tax rates 46 (8)
TAX EXPENSE FOR THE YEAR 12,693 10,225
EFFECTIVE TAX RATE 23% 22%
9. Dividends
2023
(\u00a3000s)
2022
(\u00a3000s)
AMOUNTS RECOGNISED AS DISTRIBUTIONS TO EQUITY HOLDERS IN THE PERIOD:
Interim dividend for 2023 of 7.8p per share 9,702 \u2013
Final dividend for 2022 of 15.1p per share 18,732 \u2013
Interim dividend for 2022 of 7.1p per share \u2013 8,774
Final dividend for 2021 of 15.1p per share \u2013 18,645
28,434 27,419
The Board has proposed a final dividend in respect of the year ended 31 March 2023 subject to approval by shareholders at
the Annual General Meeting. This dividend has not been recognised as a liability in these financial statements and there are no
tax consequences. The proposed final dividend, if approved by shareholders, will be 16.1p per share (\u00a320.1 million in total) and
payable on 20 October 2023 to all shareholders on the Register of Members on 29 September 2023, and with an ex-dividend
date of 28 September 2023.
10. Earnings per share
Basic
The calculation of basic earnings per share (EPS) has been based on the following profit attributable to ordinary shareholders
and weighted average number of ordinary shares outstanding.
2023
(\u00a3000s)
2022
(\u00a3000s)
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 41,645 35,768
Thousands Thousands
Issued ordinary shares at 1 April 124,078 122,785
Effect of shares held in trust (786) (863)
Effect of share options vested and exercised 392 802
Effect of shares issued related to a business combination 18 31
Effect of shares issued related to free share awards 99 49
Weighted average number of ordinary shares at 31 March 123,801 122,804
BASIC EARNINGS PER SHARE 33.6p 29.1p
Diluted
The calculation of diluted EPS has been based on the following profit attributable to ordinary shareholders and weighted-
average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.
2023
(\u00a3000s)
2022
(\u00a3000s)
PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 41,645 35,768
Thousands Thousands
Weighted average number of ordinary shares (basic) 123,801 122,804
Effect of share options in issue 758 1,256
Effect of shares held in trust 786 863
Effect of potential shares to be issued related to a business combination 299 410
Weighted average number of ordinary shares (diluted) at 31 March 125,644 125,333
DILUTED EARNINGS PER SHARE 33.1p 28.5p
The average market value of the Company\u2019s shares for the purpose of calculating the dilutive effect of share options was
based on quoted market prices for the year during which the options were outstanding.
At 31 March 2023, 159,755 options (2022: 39,451) were excluded from the diluted weighted average number of ordinary shares
calculation because their effect would have been anti-dilutive.
Adjusted (unaudited)
Adjusted basic and adjusted diluted earnings per share is calculated using the adjusted profit for the year measure.
The calculation of adjusted profit for the year is detailed in the Financial Review section of the Strategic Report.
2023
(\u00a3000s)
2022
(\u00a3000s)
ADJUSTED PROFIT FOR THE YEAR 53,406 47,726
Thousands Thousands
Weighted average number of ordinary shares for the purposes of basic earnings per share 123,801 122,804
Weighted average number of ordinary shares for the purposes of diluted earnings per share 125,644 125,333
ADJUSTED BASIC EARNINGS PER SHARE 43.1p 38.9p
ADJUSTED DILUTED EARNINGS PER SHARE 42.5p 38.1p
11. Intangible assets and goodwill
Goodwill
(\u00a3000s)
Order backlog
(\u00a3000s)
Customer
relationships
(\u00a3000s)
Total
(\u00a3000s)
COST
At 1 April 2021 3,121 \u2013 3,717 6,838
Exchange adjustments 11 53 176 240
Acquisitions through business combinations 15,633 1,016 3,378 20,027
At 31 March 2022 18,765 1,069 7,271 27,105
Exchange adjustments 242 29 415 686
AT 31 MARCH 2023 19,007 1,098 7,686 27,791
AMORTISATION AND IMPAIRMENT
At 1 April 2021 \u2013 \u2013 429 429
Charge for the year \u2013 328 1,562 1,890
Exchange adjustments \u2013 5 23 28
At 31 March 2022 \u2013 333 2,014 2,347
Charge for the year \u2013 792 1,850 2,642
Exchange adjustments \u2013 (27) 6 (21)
AT 31 MARCH 2023 \u2013 1,098 3,870 4,968
CARRYING AMOUNT
AT 31 MARCH 2023 19,007 \u2013 3,816 22,823
At 31 March 2022 18,765 736 5,257 24,758
Amortisation of customer relationships is calculated using the straight-line method over a period ranging from 3 to 7 years.
Amortisation of order backlog is calculated using the straight-line method over a period ranging from 10 to 15 months.
Amortisation of acquired intangibles is included within operating expenses in the consolidated income statement.
Impairment testing of goodwill
The carrying amount of goodwill has been allocated to cash-generating units (CGU) as follows:
2023
(\u00a3000s)
2022
(\u00a3000s)
Kainos Workday Adaptive Practice 3,219 3,162
Workday Services North America 7,251 7,375
Workday Services Central Europe 8,537 8,228
TOTAL 19,007 18,765
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired.
For the purpose of impairment testing, goodwill is allocated to the CGU which represents the lowest level within the Group at
which goodwill is monitored.
The recoverable amount of the relevant CGU has been determined based on a value-in-use calculation using cash flows
derived from financial projections covering a three-year period, with cash flows thereafter calculated using a terminal value
methodology. The Group considers the three-year period to be appropriate as it aligns with the period underpinned by
financial budgets and forecasts for the Group.
Key assumptions
The pre-tax discount rates used in the calculations were as follows:
2023
(\u00a3000s)
2022
(\u00a3000s)
Workday Adaptive Practice 11-12% 11-12%
Workday Services North America 11-12% 11-12%
Workday Services Central Europe 12-13% 12-13%
Discount rates represent the Group\u2019s pre-tax discount rate adjusted for the risk profiles of the individual CGUs.
The terminal value growth rates used in the calculations were as follows:
2023
(\u00a3000s)
2022
(\u00a3000s)
Workday Adaptive Practice 2% 2%
Workday Services North America 2% 2%
Workday Services Central Europe 2% 2%
Projected cash flows are most sensitive to assumptions regarding future growth of the CGU and its profitability. The values
applied to these key assumptions are derived from a combination of external and internal factors, based on past experience
together with management\u2019s future expectations about business performance.
Summary of results
As a result of this review, no impairment has been identified.
Sensitivity analysis
The Group conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions. Management
concluded that no reasonably possible change in any of the key assumptions would reduce the recoverable amount below
its carrying value.
12. Property, plant and equipment Property under construction (\u00a3000s) Property and leasehold improvements (\u00a3000s) Office equipment (\u00a3000s) Fixtures and fittings (\u00a3000s) Total (\u00a3000s) COST At 1 April 2021 8,030 1,591 5,079 604 15,304 Acquisition through business combinations \u2013 223 69 15 307 Additions 177 733 3,939 970 5,819 Disposals \u2013 \u2013 (1,270) (14) (1,284) At 31 March 2022 8,207 2,547 7,817 1,575 20,146 Impact of foreign exchange \u2013 (103) (8) (9) (120) Reclassification to investment property (note 13) (5,160) \u2013 \u2013 \u2013 (5,160) Reclassification to assets held for sale \u2013 (1,436) \u2013 \u2013 (1,436) Additions 811 45 1,515 128 2,499 Disposals \u2013 \u2013 (718) (215) (933) AT 31 MARCH 2023 3,858 1,053 8,606 1,479 14,996 ACCUMULATED DEPRECIATION At 1 April 2021 \u2013 1,170 3,336 511 5,017 Charge for the year \u2013 185 1,266 87 1,538 Eliminated on disposals \u2013 \u2013 (1,262) (14) (1,276) At 31 March 2022 \u2013 1,355 3,340 584 5,279 Impact of foreign exchange \u2013 (30) 27 (6) (9) Charge for the year \u2013 250 1,751 248 2,249 Reclassification to assets held for sale \u2013 (1,126) \u2013 \u2013 (1,126) Eliminated on disposals \u2013 \u2013 (691) (215) (906) AT 31 MARCH 2023 \u2013 449 4,427 611 5,487 CARRYING AMOUNT AT 31 MARCH 2023 3,858 604 4,179 868 9,509 At 31 March 2022 8,207 1,192 4,477 991 14,867 Property under construction During the year ended 31 March 2020, the Group acquired a site for development of Kainos\u2019 future Belfast headquarters at a purchase price of \u00a37.4 million. Costs incurred since purchase (\u00a30.8 million) relate to legal and professional fees and demolition works. During the period, \u00a35.2 million was transferred to investment property, reflecting the Group\u2019s agreement to sell part of this site. Immediately before the transfer, the Group internally remeasured the relevant portion of the site to fair value with no gain or loss arising. No capital commitments exist at 31 March 2023 (2022: nil) relating to the property under construction. Assets held for sale In February 2023, the Group committed to selling a number of properties located in Belfast and actively listed these for sale. Subsequent to 31 March 2023, the Group has accepted an offer for all of these properties and expects the transaction to complete in FY24. Accordingly, the Group has classified this property as an asset held for sale at 31 March 2023. The assets held for sale are measured at their carrying amount of \u00a30.3 million. 13. Investment property
(\u00a3000s)
At 1 April 2022 \u2013
Transferred from property, plant and equipment 5,160
AT 31 MARCH 2023 5,160
Transfer from property, plant and equipment
As described in note 12, \u00a35.2 million was transferred during the period from property, plant and equipment to investment
property. Immediately before the transfer, the Group internally remeasured the relevant portion of the site to fair value with
no gain or loss arising.
The fair value of the property as at 31 March 2023 is based on an agreed contract for sale, discounted at the market rate of
interest. The sale is subject to planning permission and is expected to complete during FY25.
The fair value measurement of the investment property has been categorised as level 3 fair value based on the input for the
risk-adjusted discount rate applied, which is considered to be an unobservable input. The estimated fair value would increase
(decrease) if the risk-adjusted discount was lower (higher).
14. Subsidiaries
The subsidiary undertakings at 31 March 2023 are in the table below. All principally operate in their country of incorporation.
Subsidiary undertakings Incorporated Registered office Principal activity
Proportion of
ordinary share
capital held
Kainos Software Limited Northern Ireland Kainos House,
4-6 Upper Crescent,
Belfast, BT7 1NT, Northern Ireland
Software
development
100%
Kainos Software Ireland Limited Republic of Ireland Glandore, Fitzwilliam Court,
Suite 103, Leeson Close,
Dublin 2, D02 YW24, Ireland
Software
development
100%
Kainos Software Poland Sp\u00f3lka z.o.o Poland Tryton Business House, ul.
Jana z Kolna 11,
80-864 Gda\u0144sk, Poland
Software
development
100%
Kainos Poland Services Sp\u00f3lka z.o.o Poland Jana z Kolna 11
80-864 Gda\u0144sk, Poland
Software
services
100%
Kainos Trustees Limited Northern Ireland Kainos House,
4-6 Upper Crescent,
Belfast, BT7 1NT, Northern Ireland
Share Scheme
Trustee
100%
Kainos Managers Limited Northern Ireland Kainos House,
4-6 Upper Crescent,
Belfast, BT7 1NT, Northern Ireland
Property
company
100%
Kainos Evolve Limited Northern Ireland Kainos House,
4-6 Upper Crescent,
Belfast, BT7 1NT, Northern Ireland
Software
development
100%
Kainos WorkSmart Limited Northern Ireland Kainos House,
4-6 Upper Crescent,
Belfast, BT7 1NT, Northern Ireland
Software
development
100%
Kainos WorkSmart Inc. US WeWork Tower Place 100,
3340 Peachtree Road NE,
Atlanta, Georgia, 30326, USA
Software
development
100%
Kainos Evolve Inc. US WeWork Terminus,
3280 Peachtree Road NE,
Atlanta, Georgia, 30305, USA
Software
development
100%
Kainos WorkSmart GmbH Germany The Squaire 12, Am Flughafen
Hessen, Frankfurt 60549, Germany
Software
development
100%
Subsidiary undertakings Incorporated Registered office Principal activity Proportion of ordinary share capital held Kainos WorkSmart ApS Denmark Office no. 280110080 Harsdorffs Hus Office Club Kongens Nytorv 5 1050 Copenhagen, Denmark Software development 100% Kainos Canada Inc. Canada 20 Wellington Street East, Suite 500, Toronto, ON, M5E 1C5, Canada Software development 100% Kainos WorkSmart SAS France 3-5 Rue Saint Georges TMF Pole 75009, Paris, France Software development 100% Kainos WorkSmart Oy Finland c/o TMF Finland Oy, Erottajankatu 15-17, 00130 Helsinki, Finland Software development 100% Formulate Kainos Limited England 2nd Floor, 21 Farringdon Road, London, EC1M 3HA, England Software services 100% Kainos Planning, LLC US 355 S. Teller Street, Suite 200, Lakewood, Colorado, 80226, USA Software services 100% KW Software Oy Finland c/o TMF Finland Oy, Erottajankatu 15-17 00130 Helsinki, Finland Software services 100% Kainos AB Sweden Vasagatan 11 111 20 Stockholm, Sweden Software services 100% Kainos the Netherlands B.V. Netherlands Hogebrinkerweg 15 b, 3871KM, Hoevelaken, Netherlands Software services 100% Kainos Belgium BV Denmark 2060 Wommelgem Nijverheidsstraat 70, Belgium Software services 100% Kainos O\u00dc Estonia Harju maakond, Tallinn, Lasnam\u00e4e linnaosa, Valukoja tn 8/1, 11415 Estonia Software services 100% Kainos Worksmart S.R.L. Romania Bucure\u015fti Sectorul 4, Calea V\u0103c\u0103re\u015fti, Nr. 391, Intrarea A, Etaj 3, Sector 4, Bucuresti, Romania Software services 100% Kainos AS Norway c/o Azets Insigt AS, Drammensveien, 151, 0277 Oslo, Norway Software services 100% Blackline Group, Inc. US 522 W Riverside Avenue, Suite 4197, Spokane, WA 99201, USA Software services 100% Kainos Argentina S.A.U. Argentina Av. del Libertador 498, 13th floor, \u2018South\u2019, Buenos Aires, Argentina Software services 100% Kainos (Philippines) Inc. Philippines 24/Floor Philam Life Tower, 8767 Paseo de Roxas Avenue, Brgy. Bel-Air, Makati City, NCR, Philippines 1226 Software services 100% There are no significant restrictions on the ability of the Group to access or use assets and settle liabilities. 15. Right-of-use-assets
Property
(\u00a3000s)
Other
(\u00a3000s)
Total
(\u00a3000s)
COST
1 April 2021 7,258 113 7,371
Additions 1,025 \u2013 1,025
Acquisitions through business combinations 358 \u2013 358
Disposals (2,099) (26) (2,125)
Exchange adjustments 13 \u2013 13
At 31 March 2022 6,555 87 6,642
Additions 751 \u2013 751
Disposals (4,546) \u2013 (4,546)
Exchange adjustments 77 \u2013 77
AT 31 MARCH 2023 2,837 87 2,924
ACCUMULATED DEPRECIATION
1 April 2021 3,447 67 3,514
Charge for the year 1,639 15 1,654
Elimination on disposal (1,666) (26) (1,692)
Exchange adjustments \u2013 \u2013 \u2013
At 31 March 2022 3,420 56 3,476
Charge for the year 1,154 9 1,163
Elimination on disposal (3,074) \u2013 (3,074)
Exchange adjustments 96 2 98
AT 31 MARCH 2023 1,596 67 1,663
CARRYING AMOUNT
AT 31 MARCH 2023 1,241 20 1,261
At 31 March 2022 3,135 31 3,166
The Group leases several assets including buildings and vehicles. The average lease term is 4.3 years (2022: 4.2 years) with an
option to renew the lease after the end of lease term. The Group is committed to \u00a35.8 million for leases not yet commenced and
therefore not reflected as at 31 March 2023. The maturity analysis of lease liabilities is presented in note 19.
Amounts recognised in profit or loss
2023
(\u00a3000s)
2022
(\u00a3000s)
Depreciation expense on right-of use assets 1,163 1,654
Interest expense on lease liabilities 64 66
Expense relating to short-term and low value leases 722 877
Amounts recognised in statement of cash flows
2023
(\u00a3000s)
2022
(\u00a3000s)
TOTAL CASH OUTFLOW FOR LEASES 1,861 2,352
At 31 March 2023, the Group is committed to \u00a30.4 million (2022: \u00a30.5 million) for short-term leases.
16. Trade and other receivables 2023 (\u00a3000s) 2022 (\u00a3000s) Trade receivables 35,693 35,228 Other receivables 3,277 3,130 38,970 38,358 Prepayments 3,656 4,377 Accrued income 38,808 39,462 81,434 82,197 The Group\u2019s accrued income (contract asset) balance solely relates to revenue from contracts with customers. Movements in the accrued income balance were driven by transactions entered into by the Group within the normal course of business in the year. Trade receivables is net of a loss allowance for impairment. Further information is disclosed in note 25. 17. Deferred tax The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period. Accelerated capital allowances (\u00a3000s) Share-based payment (\u00a3000s) Tax losses (\u00a3000s) Short-term temporary differences (\u00a3000s) Deferred tax on acquisitions (\u00a3000s) Total (\u00a3000s) At 1 April 2021 (147) 2,214 14 2,215 (276) 4,020 Foreign exchange differences \u2013 \u2013 \u2013 52 \u2013 52 Arising on acquisition \u2013 \u2013 \u2013 \u2013 (135) (135) Adjustment for prior years 6 \u2013 (9) (705) 71 (637) Rate change (46) (96) 1 216 \u2013 75 Rate change (OCI) \u2013 603 \u2013 \u2013 \u2013 603 Debit to retained earnings \u2013 (883) \u2013 \u2013 \u2013 (883) (Debit)/credit to profit (177) 90 (6) 1,143 137 1,187 At 31 March 2022 (364) 1,928 \u2013 2,921 (203) 4,282 Foreign exchange \u2013 \u2013 \u2013 78 \u2013 78 Adjustment for prior years (778) \u2013 \u2013 (366) \u2013 (1,144) Reclassification from corporation tax \u2013 (312) \u2013 \u2013 \u2013 (312) Debit to retained earnings \u2013 (931) \u2013 \u2013 \u2013 (931) (Debit)/credit to profit 135 (206) \u2013 1,201 \u2013 1,130 AT 31 MARCH 2023 (1,007) 479 \u2013 3,834 (203) 3,103 Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so. The following is the
analysis of the deferred tax balances (after offset):
2023
(\u00a3000s)
2022
(\u00a3000s)
Deferred tax asset 3,103 4,282
3,103 4,282
Deferred tax assets have been recognised in respect of all temporary differences giving rise to deferred tax assets where the
Directors believe it is probable that these assets will be recovered.
18. Cash and cash equivalents
2023
(\u00a3000s)
2022
(\u00a3000s)
Cash at bank and in hand 42,431 61,385
Short-term deposits 65,871 15,224
CASH AND CASH EQUIVALENTS 108,302 76,609
Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash
requirements of the Group, and earn interest at the respective fixed short-term deposit rates.
19. Lease liabilities
2023
(\u00a3000s)
2022
(\u00a3000s)
Less than one year 640 1,141
One to five years 835 2,329
1,475 3,470
Less: unearned interest (96) (109)
1,379 3,361
ANALYSED AS:
Non-current 585 2,268
Current 794 1,093
The Group does not have a significant liquidity risk with regard to its lease liabilities.
Reconciliation of movement of liabilities to cash flows arising from financing activities
2023
(\u00a3000s)
2022
(\u00a3000s)
1 April 3,361 3,643
New leases 751 1,025
Acquisition through business combinations \u2013 358
Cash flow on principal (1,075) (1,409)
Cash flow on interest (64) (66)
Termination of lease agreements (1,496) \u2013
Non-cash movement (98) (190)
31 MARCH 1,379 3,361
20. Trade and other payables 2023 (\u00a3000s) 2022 (\u00a3000s) Trade payables and accruals 52,348 49,199 Deferred income 37,087 30,966 Current tax liabilities \u2013 1,959 Other tax and social security 12,068 11,917 101,503 94,041 Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs, including payroll. For most suppliers, no interest is charged on payables. The deferred income can arise in respect of support contracts billed quarterly or annually in advance and SaaS agreements which are billed annually in advance, with revenue being recognised for both over the contracted period. The period end deferred income balance will be recognised within 12 months. The Directors consider that the carrying amount of trade payables approximates to their fair value. 21. Provisions Other provisions are analysed as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Property-related provision 1,372 1,391 Onerous contract provision \u2013 739 1,372 2,130 2023 (\u00a3000s) 2022 (\u00a3000s) Current 341 872 Non-current 1,031 1,258 1,372 2,130 Property- related (\u00a3000s) Onerous contract (\u00a3000s) Total (\u00a3000s) At 1 April 2022 1,391 739 2,130 Utilisation of provision (19) (739) (758) AT 31 MARCH 2023 1,372 \u2013 1,372 Property-related provision The property-related provision represents management\u2019s best estimate of the Group\u2019s liability for future contractual repair works at the end of the lease period recognised at the commencement of the lease. The relevant properties have lease end dates ranging from July 2023 to September 2026. 22. Share capital and reserves Share capital 2023 (\u00a3000s) 2022 (\u00a3000s) ISSUED AND FULLY PAID: ORDINARY SHARES Opening balance 619 614 Issued during the year 4 5 TOTAL SHARE CAPITAL 623 619 The Company has one class of ordinary share which carries no right to fixed income. The Company\u2019s Articles of Association do not specify any limit on the total authorised share capital of the Company. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. At 31 March 2023, the Company had 124,628,176 issued ordinary shares (2022: 124,078,432) with a nominal value of \u00a30.005 each. During the year the Group issued 420,574 shares due to the exercise of vested options and the award of shares under the UK SIP and ROI Restricted share schemes. The exercise price of options exercised during the year ranged from \u00a30.005 per share to \u00a37.35 per share. The Group issued 129,170 ordinary shares in respect of post-acquisition remuneration. Nature and purpose of reserves Share-based payment reserve The share option reserve comprises the charge for share options and equity-settled compensation for post-combination services. Capital reserve account The capital reserve arises from the capital reorganisation which occurred in 2015, together with the fair value of consideration given in excess of the nominal value of the ordinary shares issued on the acquisition of subsidiaries (interest of at least 90%) on share for share exchange, in accordance with requirements of Section 612 of the Companies Act 2006. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. 23. Share-based payments Share-based payments The Group has the following equity-settled share-based payment arrangements: Kainos Group Performance Share Plan (PSP) Share options are granted to employees as determined by the Remuneration Committee and will only vest in accordance with the performance conditions established by the Committee. The options cannot generally be exercised within three years and have a maximum life of 10 years. The options will be settled by the issue of new shares and there are no cash settlement alternatives. Options ordinarily are forfeited if the employee leaves the Group before the options vest. The specific performance conditions relating to the Group Performance Share Plan are described in further detail as part of the Directors\u2019 Remuneration Report. Company Share Option Plan (CSOP) Share options are granted to employees as determined by the Remuneration Committee. The CSOP is a sub-plan of the PSP and permits the Company to grant CSOP options which have tax advantages pursuant to the provisions of Schedule 4 to the Income Tax (Earnings & Pensions) Act 2003 (\u2018Schedule 4\u2019). The options cannot be ordinarily exercised within three years and have a maximum life of 10 years. Exercise of the options will be settled by the issue of shares and there are no cash alternatives. Options ordinarily are forfeited if the employee leaves the Group before the options vest . Save as you Earn (SAYE) Scheme
The Group has an all-employee share plan open to UK employees. Employees who participate enter into a savings contract
under which they agree to save between \u00a35 and \u00a3150 per month (or such limit as may be permitted by the tax legislation
governing SAYE schemes from time to time) for three years. Options cannot be ordinarily exercised within three years and must
be exercised within six months of the end of the three-year period. Options ordinarily are forfeited if the employee leaves the
Group before the options vest. There are no cash settlement alternatives.
Republic of Ireland Share Option Scheme
The Group has a share option scheme for employees of Kainos Software Ireland Limited. This scheme utilised the PSP Scheme
to grant options to all eligible employees. Options cannot be ordinarily exercised within three years and must be exercised
within six months of the end of the three-year period. The options will be settled by shares and there are no cash alternatives.
Options ordinarily are forfeited if the employee leaves the Group before the options vest.
UK Share Incentive Plan (SIP)
The Group has established a Share Incentive Plan for UK employees. Under this scheme all eligible employees are awarded a
number of shares determined by length of service of each employee at a specified date for each respective grant. The shares
are held in trust for each employee by Equiniti Share Plan Trustees Limited, which also administers the scheme. A minimum
period of three years is imposed before the employee can withdraw. There are no cash settlement alternatives.
Republic of Ireland Restricted Share Scheme
The Group introduced a Restricted Share Scheme for all eligible employees of Kainos Software Ireland Limited. Under this
scheme all eligible employees were awarded a number of shares determined by length of service of each employee. A minimum
period of five years and one week is imposed before the employee can withdraw any free shares. The shares are held in trust
for the employees until they vest. There are no cash settlement alternatives.
Kainos Group plc Poland Share Plans
In order to replicate the share-based awards available to staff in the UK and Ireland, the Group implemented the Kainos Group
plc Poland Share Plan. The Remuneration Committee may grant Share Options or Conditional Share Awards (CSA) to
employees of the Group\u2019s Polish subsidiary. Share options will not generally be exercisable within three years and have a
maximum life of 3.5 years. Conditional Share Awards may be granted for free or at a purchase price determined by the
Committee. Conditional Share Awards will generally be subject to a minimum three-year vesting period. All options and awards
will be satisfied out of newly issued shares and there are no cash settlement alternatives. Options and awards ordinarily are
forfeited if the employee leaves the Group before vesting occurs.
Kainos Group plc US Share Plans
In order to replicate the share-based awards available to staff in the UK and Ireland, the Group implemented the US
Conditional Share Award (CSA) which applies to US employees only. The Remuneration Committee may grant Share Options or
Conditional Share Awards (CSA) to employees of the Group\u2019s US subsidiaries. Share options will not generally be exercisable
within three years and have a maximum life of 3.5 years. Conditional Share Awards may be granted for free or at a purchase
price determined by the Committee. Conditional Share Awards will generally be subject to a minimum three-year vesting
period. All options and awards will be satisfied out of newly issued shares and there are no cash settlement alternatives.
Options and awards ordinarily are forfeited if the employee leaves the Group before vesting occurs.
Fair values and awards outstanding
The fair value of shares awarded under the UK SIP scheme and the Republic of Ireland Restricted Share scheme is calculated
using the average middle market closing share price for the five days prior to award date. The total charge is adjusted for
attrition and recognised on a straight-line basis over the three-year vesting period.
For share awards under the PSP, SAYE, CSOP, Republic of Ireland (ROI), US and Poland share option schemes, the fair value
has been measured using the Black-Scholes model. During the year options were granted on 28 June 2022, 18 November 2022
and 2 December 2022 (2022: 29 June 2021 and 10 December 2021) under the PSP, CSOP and SAYE option schemes, and
under the US and Poland CSA schemes. The aggregate of the estimated fair values of the options granted on those dates is
\u00a34.4 million (2022: \u00a35.7 million). The following table lists the key inputs to the model used in the year of grant. Expected volatility
was determined by calculating the historical volatility of the Group\u2019s share price over an appropriate period to the period
assessed at grant date.
PSP
Granted
during year
to 31 March
2023
Granted
during year
to 31 March
2022
Weighted-average exercise price \u00a30.01 \u00a30.01
Fair value at grant date \u00a38.92-\u00a310.49 \u00a38.79-\u00a313.96
Share price at grant \u00a311.29 \u00a314.66
Expected volatility 47% 47%
Expected life (years) 4.0 4.0
Risk-free interest rate 2.1% 0.4%
Expected dividends per annum 1.7% 1.1%
CSOP
Granted
during year
to 31 March
2023
Granted
during year
to 31 March
2022
Weighted-average exercise price \u00a310.81 \u00a314.66
Fair value \u00a32.69 \u00a33.11
Share price at grant \u00a311.29 \u00a314.66
Expected volatility 47% 47%
Expected life (years) 4.0 4.0
Risk-free interest rate 2.1% 0.4%
Expected dividends per annum 1.7% 1.1%
UK SAYE
Granted
during year
to 31 March
2023
Granted
during year
to 31 March
2022
Weighted-average exercise price \u00a39.92 \u2013
Fair value \u00a32.86 \u2013
Share price at grant \u00a311.29 \u2013
Expected volatility 47% \u2013
Expected life (years) 3.25 \u2013
Risk-free interest rate 2.1% \u2013
Expected dividends per annum 1.7% \u2013
ROI share options
Granted
during year
to 31 March
2023
Granted
during year
to 31 March
2022
Weighted-average exercise price \u00a39.92 \u2013
Fair value \u00a32.86 \u2013
Share price at grant \u00a311.29 \u2013
Expected volatility 47% \u2013
Expected life (years) 3.25 \u2013
Risk-free interest rate 2.1% \u2013
Expected dividends per annum 1.7% \u2013
Poland share options
Granted
during year
to 31 March
2023
Granted
during year
to 31 March
2022
Weighted-average exercise price \u00a39.92 \u2013
Fair value \u00a32.86 \u2013
Share price at grant \u00a311.29 \u2013
Expected volatility 47% \u2013
Expected life (years) 3.25 \u2013
Risk-free interest rate 2.1% \u2013
Expected dividends per annum 1.7% \u2013
Poland CSA
Granted
during year
to 31 March
2023
Granted
during year
to 31 March
2022
Weighted-average exercise price \u00a30.01 \u00a30.01
Fair value \u00a314.70 \u00a317.36
Share price at grant \u00a315.62 \u00a318.09
Expected volatility 47% 48%
Expected life (years) 3.25 3.5
Risk-free interest rate 3.3% 0.5%
Expected dividends per annum 1.7% 1.1%
US CSA
Granted
during year
to 31 March
2023
Granted
during year
to 31 March
2022
Weighted-average exercise price \u00a30.01 \u2013
Fair value \u00a315.15 \u2013
Share price at grant \u00a316.10 \u2013
Expected volatility 47% \u2013
Expected life (years) 3.25 \u2013
Risk-free interest rate 3.3% \u2013
Expected dividends per annum 1.7% \u2013
Reconciliation of outstanding share options and share awards
Number of share options 2022/2023
PSP
(000s)
UK SAYE
(000s)
CSOP
(000s)
US
(000s)
ROI
(000s)
Poland
(000s)
Total
(000s)
Outstanding at 31 March 2022 599 350 284 \u2013 10 307 1,550
Granted during period 104 465 41 43 12 199 864
Exercised during the period (46) (1) (27) \u2013 \u2013 (67) (141)
Forfeited during the period (12) (35) (7) (1) \u2013 (60) (115)
OUTSTANDING AT 31 MARCH 2023 645 779 291 42 22 379 2,158
EXERCISABLE AT THE END OF THE YEAR 337 \u2013 180 \u2013 \u2013 \u2013 517
Weighted average exercise price 2022/2023
PSP
\u00a3
UK SAYE
\u00a3
CSOP
\u00a3
US
\u00a3
ROI
\u00a3
Poland
\u00a3
Outstanding at 31 March 2022 0.005 6.20 4.76 \u2013 6.20 2.56
Granted during period 0.005 9.92 10.81 0.005 9.92 4.45
Exercised during the period 0.005 6.20 5.80 \u2013 \u2013 0.005
Forfeited during the period 0.005 8.39 11.15 0.005 \u2013 4.74
OUTSTANDING AT 31 MARCH 2023 0.005 8.36 5.43 0.005 8.36 5.17
EXERCISABLE AT THE END OF THE YEAR 0.005 \u2013 2.65 \u2013 \u2013 \u2013
Number of share options 2021/2022
PSP
(000s)
UK SAYE
(000s)
CSOP
(000s)
ROI
(000s)
Poland
(000s)
Total
(000s)
Outstanding at 31 March 2021 645 822 421 28 539 2,455
Granted during period 89 \u2013 28 \u2013 42 159
Exercised during the period (124) (413) (135) (17) (237) (926)
Forfeited during the period (11) (59) (30) (1) (37) (138)
OUTSTANDING AT 31 MARCH 2022 599 350 284 10 307 1,550
EXERCISABLE AT THE END OF THE YEAR 236 \u2013 170 \u2013 \u2013 406
Weighted average exercise price 2021/2022
PSP
\u00a3
UK SAYE
\u00a3
CSOP
\u00a3
ROI
\u00a3
Poland
\u00a3
Outstanding at 31 March 2021 0.005 4.72 3.26 4.40 2.74
Granted during period 0.005 \u2013 14.66 \u2013 0.005
Exercised during the period 0.005 3.36 1.87 3.36 2.52
Forfeited during the period 0.005 5.59 6.11 6.20 2.56
OUTSTANDING AT 31 MARCH 2022 0.005 6.20 4.76 6.20 2.56
EXERCISABLE AT THE END OF THE YEAR 0.005 \u2013 2.16 \u2013 \u2013
The weighted average share price at the date of exercise of share options exercised during the year was \u00a321.99 (2022: \u00a317.43).
The options outstanding at 31 March 2023 had an exercise price in the range of \u00a30.005 to \u00a314.66 (2022: \u00a30.005 to \u00a314.66) and
a weighted-average contractual life of 6.32 years (2022: 4.48 years).
Restricted shares
UK SIP
(000s)
ROI
(000s)
Total
(000s)
Outstanding at 31 March 2022 1,417 25 1,442
Granted during period 345 5 350
Released during the period (155) (5) (160)
Forfeited during the period (72) (1) (73)
OUTSTANDING AT 31 MARCH 2023 1,535 24 1,559
Restricted shares
UK SIP
(000s)
ROI
(000s)
Total
(000s)
Outstanding at 31 March 2021 1,398 32 1,430
Granted during period 212 3 215
Released during the period (62) (9) (71)
Forfeited during the period (131) (1) (132)
OUTSTANDING AT 31 MARCH 2022 1,417 25 1,442
Cash-settled share-based payment arrangements
The fair value of the amount payable to employees in respect of share options, which are settled in cash, is recognised as an
expense with a corresponding increase in liabilities, over the period during which the employees become unconditionally
entitled to payment. Based on share price information, the liability is remeasured at each reporting date and at the settlement
date. At 31 March 2023 the liability recognised was \u00a32.8 million (2022: \u00a31.9 million).
Expense recognised in the profit or loss
The Group recognised a total expense of \u00a39.5 million related to share-based payment transactions during the year
(2022: \u00a36.7 million). Of this amount \u00a38.2 million (2022: \u00a36.1 million) has been recognised as an employee benefit expense
in the share-based payment reserve. The remaining charge relates to cash-settled share-based payment arrangements
and national insurance contributions associated with share-based payment arrangements.
Compensation for post-combination services
Of the total expense recognised above, \u00a33.2 million (2022: \u00a33.0 million) relates to compensation for post-combination
remuneration. In connection with the Group\u2019s acquisitions there are contingent consideration arrangements in place,
which are subject to future service conditions being met and are settled through the allotment of shares. This equity-settled
share-based payment expense is recognised over the service periods based on the grant date fair value.
24. Pensions
The Group operates three defined contribution retirement benefit schemes. The assets of the schemes are held separately
from those of the Group in independently administered funds under the control of trustees. The total cost charged to the
income statement of \u00a37.9 million (2022: \u00a36.0 million) represents contributions payable to these funds by the Group at rates
specified in the rules of the schemes. As at 31 March 2023, contributions of \u00a30.1 million (2022: \u00a30.1 million) were payable to the
funds and are included in trade creditors and accruals (note 20).
25. Financial instruments
Accounting classifications and fair values
The following table shows the carrying amounts and fair values of financial assets and liabilities. The carrying amount of all
financial assets and liabilities not measured at fair value are considered to be a reasonable approximation of fair value.
31 MARCH 2023
FVPL
(\u00a3000s)
Financial
assets at
amortised
cost
(\u00a3000s)
Other
financial
liabilities
(\u00a3000s)
Total
(\u00a3000s)
Fair value
(\u00a3000s) Level
FINANCIAL ASSETS MEASURED AT FAIR VALUE:
Investments in equity instruments 1,299 \u2013 \u2013 1,299 1,299 3
FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE:
Trade and other receivables \u2013 38,970 \u2013 38,970 \u2013 \u2013
Cash and cash equivalents \u2013 108,302 \u2013 108,302 \u2013 \u2013
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE:
Cash settled share-based payments 2,771 \u2013 \u2013 2,771 2,771 1
FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE:
Trade payables \u2013 \u2013 3,860 3,860 \u2013 \u2013
Other tax and social security \u2013 \u2013 12,068 12,068 \u2013 \u2013
31 MARCH 2022
FVPL
(\u00a3000s)
Financial
assets at
amortised
cost
(\u00a3000s)
Other
financial
liabilities
(\u00a3000s)
Total
(\u00a3000s)
Fair value
(\u00a3000s) Level
FINANCIAL ASSETS MEASURED AT FAIR VALUE:
Investments in equity instruments 1,343 \u2013 \u2013 1,343 1,343 3
FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE:
Trade and other receivables \u2013 38,358 \u2013 38,358 \u2013 \u2013
Cash and cash equivalents \u2013 76,609 \u2013 76,609 \u2013 \u2013
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE:
Cash settled share-based payments 1,947 \u2013 \u2013 1,947 1,947 1
FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE:
Trade payables \u2013 \u2013 3,803 3,803 \u2013 \u2013
Other tax and social security \u2013 \u2013 11,917 11,917 \u2013 \u2013
Measurement of level 3 fair values
Investment in equity instruments
The Group continues to hold an investment in equity instruments in an unlisted company. The fair value of the investment
is considered to be consistent with initial cost as there has been no material change in the underlying business and its
environment since initial investment.
Financial risk management objectives
The Group\u2019s Corporate Treasury function provides services to the business, manages and forecasts cash balances on each
bank account held and researches available facilities and reports to the CFO on the financial risks relating to the operations of
the Group. These risks include market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk.
The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial
instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the CFO and
the Finance function on a continuous basis. The Group does not enter into or trade financial instruments, including derivative
financial instruments, for speculative purposes. There are no financial derivatives held at year end (2022: nil).
The Finance function provides updates to the Audit Committee so it can monitor risk and policies implemented to mitigate risk
exposures.
Market risk
The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest
rates. This risk is measured through the Group\u2019s budgeting and cash flow forecasting processes, which identify net foreign
currency exposures in Polish Z\u0142oty, Euro and US Dollars. The Finance function quantifies and suggests risk mitigation
measures to manage the risk in accordance with Group policies and obtains CFO approval for implementation of these risk
mitigation procedures.
There has been no change to the nature of market risk which the Group was exposed to during the year.
Foreign currency risk management
The Group considers currency risk to relate to the sales and purchases made by Group subsidiaries in a currency other than
their functional currency, resulting in foreign currency trade receivables and trade payables balances. The table below details
this exposure:
Liabilities Assets
2023
(\u00a3000s)
2022
(\u00a3000s)
2023
(\u00a3000s)
2022
(\u00a3000s)
Polish Z\u0142oty \u2013 2,577 48 3,126
Euro 146 184 4,375 2,210
US Dollar 583 706 537 3,752
Canadian Dollar 1 517 3,300 \u2013
Danish Krone \u2013 \u2013 \u2013 170
Swedish Krona 2 204 20 76
Foreign currency sensitivity analysis
The following exchanges rates were applied at the reporting date.
2023 2022
Polish Z\u0142oty 5.312 5.481
Euro 1.136 1.179
US Dollar 1.238 1.314
Canadian Dollar 1.676 1.642
Danish Krone 8.464 8.773
Swedish Krona 12.829 12.184
The following table details the Group\u2019s sensitivity to a 1% increase in Sterling units (GBP) against the relevant foreign
currencies. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items and adjusts
their translation at the year end for a 1% change in foreign currency rates. A positive number below indicates an increase
in profit and other equity where Sterling strengthens 1% against the relevant currency. For a 1% weakening of Sterling against
the relevant currency, there would be a comparable impact on the profit and other equity and the balances below would
be opposite:
Euro impact PLN impact USD impact
2023
(\u00a3000s)
2022
(\u00a3000s)
2023
(\u00a3000s)
2022
(\u00a3000s)
2023
(\u00a3000s)
2022
(\u00a3000s)
1% increase in strength of GBP (42) (20) (0) (5) 0 (30)
Forward foreign exchange contracts
The Group may enter into forward foreign exchange contracts to manage the risk associated with anticipated costs for
a period up to 12 months.
There were no forward contracts entered into during the year and subsequently there are no outstanding forward contracts
at 31 March 2023 (2022: nil).
The Group does not currently hedge expected future revenue denominated in Euro or US Dollars. The Finance function
minimises exposure to currency risk by converting surplus foreign currency balances into Pounds Sterling on a regular basis
while ensuring the balance remaining in foreign currency is sufficient to meet working capital requirements.
Interest rate risk management
The Group has no borrowings and therefore the exposure to interest rate risk is limited to the rates received as interest
income on cash deposits. Bank deposit interest income amounted to \u00a31.5 million during the year ended 31 March 2023
(2022: \u00a30.1 million). Due to the limited exposure to interest rate risk no sensitivity analysis has been performed.
Credit risk management
Trade receivables and accrued income
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties
and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from default. The
concentration of credit risk is limited due to the customer base consisting largely of public sector bodies, state agencies and
blue-chip corporates. The Group uses publicly available financial information and its own trading records to rate its major
customers.
The typical credit period extended to customers is 30 days. Generally, no interest is charged on outstanding trade receivables.
The maximum exposure on trade receivables and accrued income, as at the reporting date, is their carrying value.
Credit approvals and other monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue
debts on an ongoing basis. Furthermore, the Group reviews the recoverable amount of each trade debt and accrued income
balance on an individual basis at the end of the reporting period to ensure that an adequate loss allowance is made for
irrecoverable amounts.
Expected credit losses are measured using a provisioning matrix, applying a simplified approach based on the Group\u2019s
historical experience and informed credit assessment, and adjusted, when required, to take into account current macro-
economic factors. The provision matrix is calculated separately for exposures based on the industry in which the customer
operates. For certain significant customers the Group applies credit judgement that is determined to be predictive of the risk
of expected credit loss, taking into account external ratings, financial statements and other available information before
applying a provision matrix to the residual population.
Accrued income relates to contractual revenue recognised not yet invoiced and is assessed for recoverability at the reporting
date. At 31 March 2023, accrued income of \u00a338.8 million (2022: \u00a339.5 million).
The following table provides information about the exposure to credit risk and ECLs.
31 MARCH 2023
Expected
loss rate
%
Gross carrying
amount
(\u00a3000s)
Loss
allowance
(\u00a3000s)
Accrued income <1 38,946 138
Not past due 1 24,297 254
Past due 1-90 days 4 11,572 489
Past due 91 + 57 1,307 740
BALANCE AT 31 MARCH 2023 76,122 1,621
31 MARCH 2022
Expected
loss rate
%
Gross carrying
amount
(\u00a3000s)
Loss
allowance
(\u00a3000s)
Accrued income <1 39,614 152
Not past due 2 22,979 562
Past due 1-90 days 5 12,817 613
Past due 91 + 52 1,315 708
BALANCE AT 31 MARCH 2022 76,725 2,035
The movement in the allowance for impairment during the year was as follows:
2023
(\u00a3000s)
2022
(\u00a3000s)
BALANCE AT THE BEGINNING OF THE PERIOD 2,035 1,551
Remeasurement of loss allowance (91) 1,669
Amounts recovered during the year (297) (1,063)
Amounts written off (26) (122)
BALANCE AT THE END OF THE PERIOD 1,621 2,035
Trade receivable and accrued income concentration risk
The Group has evaluated the concentration of risk with respect to its trade receivables and accrued income balance and
considers it to be low. One customer (customer A) represents more than 10% of the accrued income and trade receivables
balances at 31 March 2023. At 31 March 2022, no single customer represented more than 10% of either the trade receivables
balance or the accrued income balance).
The table below presents the combined trade receivables and accrued income balances by geographic region at 31 March:
2023
(\u00a3000s)
2022
(\u00a3000s)
United Kingdom & Ireland 41,277 47,941
North America 23,652 18,064
Central Europe 9,347 8,225
Rest of world 225 460
74,501 74,690
Cash and cash equivalents
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by
international credit rating agencies. As at 31 March 2023, all of the Group\u2019s funds were held in counterparty banks with ratings
of \u2018A\u2019 and above (2022: 'A' or above), as assessed by Fitch or Moody\u2019s.
The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of
transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that
are reviewed and approved by the CFO in line with Group policies.
The ECL in respect of cash and cash equivalents is deemed not to be material.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate
liquidity risk management framework for the management of the Group\u2019s short-, medium- and long-term funding and liquidity
management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities, by
continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and
liabilities.
Cash and cash equivalents comprise cash and short-term bank deposits. The interest rates obtained on the Group\u2019s bank
deposits during the year attracted interest rates ranging between 0.05% to 4.2% per annum. The carrying amount of these
assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the
consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position.
The Group expects to meet its obligations from existing cash balances and future operating cash flows.
The Group has a strong period end cash and treasury deposit balance of \u00a3108.3 million (2022: \u00a376.6 million) and no borrowings.
The Group does not anticipate requiring additional credit facilities to manage liquidity.
Note 19 details the contractual maturity analysis for lease liabilities. There is no difference between the carrying value of trade
creditors and accruals and the contractual cash flows in relation to these amounts. The financial liabilities of the Group, with
the exception of lease liabilities (note 19), will be settled within 12 months of the financial year end.
Capital risk management
The Group manages its capital to ensure that all Group entities will be able to continue as going concerns while maximising the
return to shareholders. The Group\u2019s overall strategy remained unchanged throughout the period 1 April 2022 to 31 March 2023.
The capital structure of the Group consists of Company equity only (comprising issued capital, reserves and retained
earnings). The Group is not subject to any externally imposed capital requirements and has no borrowings.
26. Related party transactions Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Remuneration of key management personnel The remuneration of the Executive and Non-Executive Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS24 Related Party Disclosures. 2023 (\u00a3000s) 2022 (\u00a3000s) Short-term employee benefits (emoluments) 1,165 1,432 Post-employment benefits (pension contributions) \u2013 12 Gains on exercise of share options \u2013 656 Share-based payments charge 139 153 1,304 2,253 Pension No Directors are a member of the Group\u2019s defined contribution pension schemes (2022: one). Two Directors receive additional salary in lieu of pension contributions. Share options No Directors exercised options over shares in the Group (2022: two). Highest paid director Remuneration of the highest paid Director was \u00a30.5 million (2022: \u00a30.4 million), including pension contributions of \u00a3nil (2022: \u00a3nil). The highest paid Director exercised no share options in the year (2022: nil). Further information about the remuneration of individual Directors is provided in the Directors\u2019 Remuneration Report. Aggregate Executive Directors\u2019 remuneration 2023 (\u00a3000s) 2022 (\u00a3000s) Short-term employee benefits (emoluments) 890 1,094 Post-employment benefits (pension contributions) \u2013 12 Gains on exercise of share options \u2013 656 Share-based payments charge 139 153 1,029 1,915 27. Acquisitions
There were no acquisitions during the year ended 31 March 2023.
Prior year acquisitions
Cloudator
On 1 June 2021, Kainos acquired the entire share capital of Cloudator OY and its five subsidiaries.
Founded in 2011 in Helsinki, Finland, Cloudator offers services for the full suite of Workday enterprise cloud applications,
including Workday Financial Management, Workday Human Capital Management and Workday Adaptive Planning.
Cloudator is one of the most experienced Workday Services Partners in the Nordics with projects spanning the globe.
The acquisition of Cloudator's Workday division further increases Kainos' Workday presence in Europe.
From 1 June 2021 to 31 March 2022, Cloudator has contributed revenue of \u00a33.9 million and a profit of \u00a30.7 million. If the
acquisition had incurred on 1 April 2021, management estimates that revenue for the 12 months ended 31 March 2022
would have been \u00a34.6 million and \u00a30.9 million profit would have been recognised for this period.
The following table summarises the recognised amounts of assets and liabilities assumed at the acquisition date.
The purchase price adjustment with respect to the final working capital statement was included on a provisional pending
in the prior year financial statements but is now finalised.
Fair value
(\u00a3000s)
Right-of-use asset 358
Trade and other receivables 778
Accrued income 201
Cash and cash equivalents 1,551
Trade and other payables (2,572)
Lease liabilities (358)
Deferred tax liabilities (135)
Deferred revenue (191)
Intangible assets 675
FAIR VALUE OF IDENTIFIABLE NET LIABILITIES 307
Goodwill 8,351
TOTAL CONSIDERATION 8,658
SATISFIED BY: (\u00a3000s)
Cash 8,782
Purchase price adjustment (124)
TOTAL CONSIDERATION 8,658
OUTFLOW OF CASH AND CASH EQUIVALENTS (\u00a3000s)
Cash consideration 8,782
Less cash and equivalents acquired (1,551)
NET CASH OUTFLOW 7,231
Goodwill
Goodwill arising on the acquisition reflects the future economic benefits arising from assets that are not capable of being
identified individually and recognised as separate assets. The goodwill reflects the skilled and assembled workforce of the
acquired entity and the anticipated profitability and synergistic benefits arising from the combination. None of the goodwill
recognised is expected to be deductible for tax purposes.
Acquisition-related costs
The Group incurred acquisition-related costs of \u00a30.5 million on legal and due diligence costs. These costs have been included
in operating expenses in the year ended 31 March 2022.
Une Consulting
On 1 September 2021, the Group acquired 100% of the share capital of Argentina-based Une Consulting SRL and the trade
and assets of Une Consulting LLC (\u2018Une\u2019).
Une has an experienced team of consultants who are working across multiple international projects in the Americas, as well as
Europe and Asia. The acquisition adds to Kainos' growing presence in North and South America, whilst enhancing the Group\u2019s
ability to bring value to its customers.
From 1 September 2021 to 31 March 2022, Une has contributed revenue of \u00a31.6 million and \u00a30.8 million profit for the period.
If the acquisition had incurred on 1 April 2021, management estimates that revenue for the 12 months ended 31 March 2022
would have been \u00a32.8 million and profit for that period would have been \u00a31.3 million.
The following table summarises the recognised amounts of assets and liabilities assumed at the acquisition date.
Fair value
(\u00a3000s)
Property, plant and equipment 275
Cash and cash equivalents 76
Trade and other receivables 159
Trade and other payables (128)
FAIR VALUE OF NET IDENTIFIABLE ASSETS 382
Goodwill 1,916
TOTAL CONSIDERATION 2,298
SATISFIED BY: (\u00a3000s)
Cash 1,012
Shares issued (64,767 ordinary shares) 1,286
TOTAL CONSIDERATION 2,298
(\u00a3000s)
Cash consideration 1,012
Less cash and equivalents acquired (76)
NET CASH OUTFLOW 936
Shares issued
The fair value of ordinary shares issued was based on the listed share price on 1 September 2021, the effective date of control
(\u00a319.86 per share).
Goodwill
Goodwill has arisen on the acquisition and reflects the future economic benefits arising from assets that are not capable of
being identified individually and recognised as separate assets. The goodwill reflects the skilled and assembled workforce of
the acquired entity and the anticipated profitability and synergistic benefits arising from the combination. None of the goodwill
recognised is expected to be deductible for tax purposes.
Acquisition-related costs
The Group incurred acquisition-related costs of \u00a30.2 million on legal and due diligence costs. These costs have been included
in operating expenses in the year ended 31 March 2022.
Blackline Group Inc.
On 1 January 2022, the Group acquired 100% of the share capital of United States-based Blackline Group.
Established in 2009 and headquartered in Washington state, Blackline Group is a speciality services firm that focuses on
procurement and is an experienced advisory partner for Workday Strategic Sourcing (formerly Scout RFP). The acquisition of
Blackline Group further strengthens Kainos' capabilities in the Workday, Inc.\u2019s ecosystem and will allow Kainos to offer best-in-
class Workday Strategic Sourcing advisory services to its customers, complementing its already deep expertise across
Workday Financial Management, Workday Human Capital Management and Workday Adaptive Planning. The acquisition will
further enhance Kainos' Workday presence in North America and Europe by adding over 50 spend management and
procurement consultants from Blackline Group who will support the expansion of Kainos' Workday capabilities, client base, and
expertise.
From 1 January 2022 to 31 March 2022, Blackline Group has contributed revenue of \u00a32.2 million and \u00a30.4 million profit for the
period. If the acquisition had incurred on 1 April 2021, management estimates that revenue for the 12 months ended 31 March
2022 would have been \u00a38.7 million and profit for that period would have been \u00a31.7 million.
The following table summarises the recognised amounts of assets and liabilities assumed at the acquisition date. The
purchase price adjustment with respect to the final working capital statement was included on a provisional pending in the
prior year financial statements but can now be considered final.
Fair value
(\u00a3000s)
Property, plant and equipment 32
Cash and cash equivalents 328
Trade and other receivables 226
Deferred income (239)
Trade and other payables (405)
Intangible assets 3,719
FAIR VALUE OF NET IDENTIFIABLE ASSETS 3,661
Goodwill 5,366
TOTAL CONSIDERATION 9,027
Satisfied by: (\u00a3000s)
Cash 8,929
Purchase price adjustment 98
TOTAL CONSIDERATION 9,027
OUTFLOW OF CASH AND CASH EQUIVALENTS (\u00a3000s)
Cash consideration 8,929
Less cash and equivalents acquired (328)
NET CASH OUTFLOW 8,601
Goodwill
Goodwill has arisen on the acquisition and reflects the future economic benefits arising from assets that are not capable
of being identified individually and recognised as separate assets. The goodwill reflects the skilled and assembled workforce
of the acquired entity and the anticipated profitability and synergistic benefits arising from the combination. None of the
goodwill recognised is expected to be deductible for tax purposes.
Acquisition-related costs
The Group incurred acquisition-related costs of \u00a30.3 million on legal and due diligence costs. These costs have been included
in operating expenses.
Planalyse
On 9 February 2022, Kainos BV entered into a customer referral agreement with Planalyse BV (\u2018Planalyse\u2019), a Netherlands-
based Workday Adaptive Planning partner. As part of the agreement, Planalyse referred all existing customers to Kainos BV,
and the Group welcomed their six existing employees. Although not a material transaction in the context of the prior year
financial statements, it is worthy of note given this transaction further strengthened Kainos\u2019 Workday Adaptive Planning
delivery capabilities across Europe.
Compensation for post-combination services
In respect of previous acquisitions of the Group, additional compensation for post-combination services of up to \u00a33.7 million
(2022: \u00a38.6 million) will be payable in future periods to January 2025, subject to future service conditions being met. Amounts
relating to compensation for post-combination services are recognised as an expense over the service period. During the year,
a charge of \u00a34.2 million (2022: \u00a35.5 million) has been recognised for compensation for post-combination services in operating
expenses. Of this amount \u00a33.2 million (2022: \u00a33.0 million) relates to share-based payment arrangements and has been credited
to equity.
28. Subsequent events
There have been no significant events subsequent to year end that would require adjustment or disclosure in these
consolidated financial statements.
",
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"value": "1. General information and basis of preparation Kainos Group plc (\u2018the Company\u2019) is a public company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (company registration number 09579188), having its registered office at 21 Farringdon Road, 2nd Floor, London EC1M 3HA. The Company is listed on the London Stock Exchange. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The parent Company financial statements present information about the Company as a separate entity and not about its Group. The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (\u2018UK-Adopted IFRS\u2019). The Company has elected to prepare its parent Company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS101\u2019). The financial statements are presented in Pounds Sterling, generally rounded to the nearest thousand. The Group financial statements are prepared on a historical cost basis except for the following items which are measured at fair value or grant date fair value: \u2022 share-based payment arrangements; \u2022 investment property; \u2022 business combinations; and \u2022 equity investments that are in the scope of IFRS9. Non-current assets held for sale are stated at the lower of previous carrying amount and fair value less costs to sell. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by the Group other than those detailed in changes in accounting policies. The financial statements were authorised for issue by the Directors on 19 May 2023. ",
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"fact-322": {
"value": "1. General information and basis of preparation Kainos Group plc (\u2018the Company\u2019) is a public company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (company registration number 09579188), having its registered office at 21 Farringdon Road, 2nd Floor, London EC1M 3HA. The Company is listed on the London Stock Exchange. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The parent Company financial statements present information about the Company as a separate entity and not about its Group. The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (\u2018UK-Adopted IFRS\u2019). The Company has elected to prepare its parent Company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS101\u2019). The financial statements are presented in Pounds Sterling, generally rounded to the nearest thousand. The Group financial statements are prepared on a historical cost basis except for the following items which are measured at fair value or grant date fair value: \u2022 share-based payment arrangements; \u2022 investment property; \u2022 business combinations; and \u2022 equity investments that are in the scope of IFRS9. Non-current assets held for sale are stated at the lower of previous carrying amount and fair value less costs to sell. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by the Group other than those detailed in changes in accounting policies. The financial statements were authorised for issue by the Directors on 19 May 2023. ",
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"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-5": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-6": {
"value": "21 Farringdon Road, 2nd Floor, London EC1M 3HA",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-391": {
"value": "The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (\u2018UK-Adopted IFRS\u2019). The Company has elected to prepare its parent Company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS101\u2019). The financial statements are presented in Pounds Sterling, generally rounded to the nearest thousand. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-323": {
"value": "2. Adoption of new and revised standards In the current year, the Group and Company have applied a number of amendments UK-adopted IFRS that are 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. Amendments to IFRS3: Reference to the Conceptual Framework Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle Amendments to IAS37: Onerous Contracts \u2013 Cost of Fulfilling a Contract Amendments to IAS16: Property, Plant and Equipment \u2013 Proceeds before Intended Use New and revised UK-adopted IFRS Accounting Standards in issue but not yet effective The following UK-adopted IFRSs have been issued but have not been applied by the Group and Company in these financial statements. Their adoption is not expected to have a material effect in the financial statements. IFRS17 Insurance Contracts, Amendments to IFRS17 and Initial Application of IFRS17 and IFRS9 \u2013 Comparative Information (effective date 1 January 2023). Amendments to IAS1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current (effective date 1 January 2024). Amendments to IAS8 Accounting Policies, Changes in Accounting Estimates and Errors to introduce a new definition for accounting estimates (effective date 1 January 2023). Amendments to IFRS16 \u2013 Lease Liability in a Sale and Leaseback (effective date 1 January 2024). Amendments to IAS1 Presentation of Financial Statements and IFRS Practice Statements 2 Making Materiality Judgements (effective date 1 January 2023). Amendments to IAS12 Income Taxes \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (effective date 1 January 2023). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-321": {
"value": "3. Significant accounting policies Going concern The financial statements have been prepared on a going concern basis. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are summarised in the Strategic Report. The principal risks, uncertainties and risk management processes are also described in the Strategic Report. The Group\u2019s policies and objectives with regards to financial risk management are further described in note 25 of the financial statements. Having reviewed the future plans and projections for our business and our current financial position, the Directors believe that we are well placed to manage our business risks successfully. We have adequate financial resources, no borrowings, a good level of recurring revenue, and a broad spread of customers. At 31 March 2023, the Directors assessed the Group\u2019s viability over a longer period to March 2026. The review included sensitivity analysis on the future performance and solvency over three years and for the principal and emerging risks facing the business in severe but reasonable scenarios. In performing this assessment, our long-term strategy and focus, the growing demand for our products and services, the increasing level of recurring revenue and low customer attrition, the track record of strong cash generation and a healthy cash balance with no debt from financial institutions were all taken into consideration. Consideration was also given to the risks of regional and political changes in our main markets. Based on the results of this assessment, the Directors had a reasonable expectation that should these risks, either all or in part, manifest themselves, the resulting adverse outcomes can be managed and mitigated such that, the Group and Company will be able to continue in operation and meet their liabilities as they fall due over the period of their assessment. In doing so, we note that such future assessments are subject to a level of uncertainty that increases with time and, therefore, future outcomes cannot be guaranteed or predicted with certainty. As a consequence of these factors and having reviewed the forecasts for the coming year, the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date these financial statements are authorised. For this reason, we continue to adopt the going concern basis of accounting in preparing our financial statements. Functional and presentational currency These consolidated financial statements are presented in Pounds Sterling, which is the Company\u2019s functional currency. Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity when it 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. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS3 Business Combinations are recognised at their fair values at the acquisition date. Any deferred and contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. Deferred and contingent consideration that is assessed as being payment for post-combination services (remuneration) is expensed as incurred in the post-combination period. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred and included in operating expenses. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Identifiable intangibles are those which can be sold separately, or which arise from contractual or legal rights regardless of whether those rights are separable. Goodwill Goodwill is initially recognised and measured as set out above. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the cash-generating unit which represents the lowest level within the Group at which goodwill is monitored. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. Revenue Revenue is recognised to depict the transfer of promised services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. The Group has adopted the five-step approach to the timing of revenue recognition based on performance obligations in customer contracts. This involves identifying the contract with customers, identifying the performance obligations, determining the transaction price, allocating the price to the performance obligations within the contract and recognising revenue when the performance obligations are satisfied. Revenue from the Group\u2019s activities is recognised as detailed below. The Group recognises a contract asset (accrued income) when the value of the satisfied performance obligations is in excess of the payment due to the Group or a contract liability (deferred income) when the amount of unconditional consideration is in excess of the value of satisfied performance obligations. Once a right to receive consideration is unconditional, that amount is recognised as a receivable. Contract assets are represented by accrued income (note 16) and contract liabilities are represented by deferred income (note 20) and onerous contract provisions (note 21). Service revenue Time and materials contracts Contracts for the provision of software-related services generally tend to be \u2018time and materials\u2019 contracts whereby the customer is contractually bound to pay for services for each hour or day spent in delivering a contractually agreed services scope. These contracts typically have no payment milestones, refunds or bundling with other services or products. Such services are recognised as a performance obligation satisfied over time in line with the chargeable \u2018time and materials\u2019 which are allocated to the contracted project. Fixed price contracts Other contracts for the provision of software-related services are contracted on a fixed price basis. The Directors have assessed that the stage of completion determined as a proportion of the total hours expected for the project that has elapsed at the end of the reporting period is an appropriate measure of progress towards complete satisfaction of the performance conditions under IFRS15. This is reviewed on a monthly basis. Payment for services is not due from the customer unless milestones have been achieved or the project is complete, therefore a contract asset is recognised over the period in which the services are performed representing the Group\u2019s right to consideration for the services performed to date. Where costs are anticipated to be in excess of revenues an onerous contract will be recognised. Support Revenue relating to support services is recognised over time. The transaction price allocated to these services is recognised as a contract liability at the time of the initial sales transactions and is released on a straight-line basis over the contracted term in line with the estimated delivery of performance obligations. Software as a Service (SaaS) SaaS is charged on a subscription basis and the revenue is recognised pro-rata over the period that the service is provided. Managed service subscription Subscription revenue for the management of software applications for customers in the cloud is recognised pro-rata over the period the service is provided. Commission revenue Commission income is earned when the Group secures orders for end-user access to Workday Adaptive Planning software. Depending on the terms of the underlying agreement with Workday, Inc., performance obligations are either satisfied at the point the order is secured or over the subscription period and revenue is recognised accordingly. Third party goods Revenue from the sale of goods is recognised when control of the goods has transferred to the customer, usually on delivery of the goods. Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group continues to recognise the lease payments mainly as an operating 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 of the lease are consumed. Lease liability 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 when it can be readily determined. If this rate cannot be readily determined the Group uses its incremental borrowing rate, which is typically applied. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as a separate line in the consolidated statement of financial position. The Group remeasures 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 significant event or change in circumstances resulting in a change in the assessment, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate. \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 remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Right-of-use asset The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and plus any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised at commencement of the lease and measured under IAS37. These costs are included in the related right-of-use asset. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group does not have any leases that include purchase options or that transfer ownership of the underlying asset at the end of the lease term. The Group applies IAS36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. Foreign currency Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within operating expenses. Foreign operations For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at the exchange rates at the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Foreign currency differences are recognised in the statement of comprehensive income and accumulated in the translation reserve until the foreign operation is disposed of, at which point the relevant proportion of the accumulated amount is recycled to profit or loss. Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants that compensate the Group for expenses incurred are recognised in profit and loss on a systematic basis in the periods in which the related costs for which the grants are intended to compensate are recognised. The Group has elected to present grants related to income as a reduction to the related expense within operating expenses. Research and Development Expenditure Credit Research and Development Expenditure Credits are accounted for as having the substance of a government grant and accordingly this income is accounted for under IAS20 Accounting for Government Grants. The grants are recognised on the basis of the fair value of claims made and are recognised within operating expenses in the profit or loss. A corresponding other receivable is recognised at the time the grants are earned. Retirement benefit costs The Group operates three defined contribution pension schemes and the pension charge represents the amounts payable by the Group to the funds in respect of the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of financial position. Taxation Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Property, plant and equipment Property under construction is carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Depreciation of these assets, determined on the same basis as other property assets, commences when the assets are ready for their intended use. Property, plant and equipment assets are stated at cost less accumulated depreciation and accumulated impairment loss. Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land and property under construction) less their residual values over their useful lives, using the straight-line method, on the following bases: Long-term leasehold property 2.5% Leasehold improvements Over the term of the lease up to five years Fixtures and fittings 20% Office equipment 25%-33% The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. Investment property Investment property is initially measured at cost and subsequently at fair value with any change therein recognised in profit or loss. When the use of a property changes from owner-occupied to investment property, the property is remeasured to fair value and reclassified accordingly. Any gain arising on this remeasurement is recognised in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised in OCI and presented in the revaluation reserve. Assets held for sale A non-current asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly probable within one year. On initial classification as held for sale, non-current assets are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement although gains are not recognised in excess of any cumulative impairment loss. Property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated. Acquired intangible assets Separately identified intangible assets acquired in a business combination are initially recognised at their fair value (which is regarded as their cost). Intangible assets are subsequently stated at fair value or cost less accumulated amortisation and any accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life of the asset. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Estimated useful lives typically applied are as follows: \u2022 Customer relationships \u2013 over 3-7 years \u2022 Order backlog \u2013 over 10-15 months Internally generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following conditions have been demonstrated: \u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale; \u2022 the intention to complete the intangible asset and use or sell it; \u2022 the ability to use or sell the intangible asset; \u2022 how the intangible asset will generate probable future economic benefits; \u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in the income statement in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Trade receivables Trade receivables, which typically have 30-day credit terms, are initially recognised and carried at their original invoice amount. Given the short lives of the trade receivables, there are generally no material fair value movements between initial recognition and the derecognition of the receivable and are subsequently stated at cost less expected credit losses. The Group applies the simplified approach, which requires expected lifetime losses to be recognised from the initial recognition of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. All of the cash and cash equivalents balance is available for use by the Group. The Group has not recognised an expected credit loss on cash and cash equivalents as it is deemed not material. Investments in financial assets Investments in equity shares, which are all unquoted equity investments, are stated at fair value through profit or loss (FVTPL). Impairment of financial assets The Group recognises a loss allowance at an amount equal to lifetime expected credit loss (ECL) on trade receivables and accrued income in accordance with the simplified approach as set out in IFRS9. The ECL is updated at each reporting date to reflect changes in credit risk. The Group measures loss allowances at an amount equal to lifetime ECL, except for bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition, which are measured as 12-month ECL. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECL. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers any change in credit quality of the amounts owing from the date the credit was initially granted up to the reporting date. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. ECLs are a probability-weighted estimate of credit losses estimated using a provision matrix. The Group recognises a loss allowance of 100% against all receivables older than six months at the reporting date. Financial liabilities Financial liabilities are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or where appropriate, a shorter period, to the amortised cost of a financial liability. Derecognition of financial assets and financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Share-based payments Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each statement of financial position date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based payment reserve. The fair value of the amount payable to employees in respect of share options settled in cash is recognised as an expense with a corresponding increase in liabilities, over the period during which the employees become unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the options. Any changes in the liability are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-324": {
"value": "Going concern The financial statements have been prepared on a going concern basis. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are summarised in the Strategic Report. The principal risks, uncertainties and risk management processes are also described in the Strategic Report. The Group\u2019s policies and objectives with regards to financial risk management are further described in note 25 of the financial statements. Having reviewed the future plans and projections for our business and our current financial position, the Directors believe that we are well placed to manage our business risks successfully. We have adequate financial resources, no borrowings, a good level of recurring revenue, and a broad spread of customers. At 31 March 2023, the Directors assessed the Group\u2019s viability over a longer period to March 2026. The review included sensitivity analysis on the future performance and solvency over three years and for the principal and emerging risks facing the business in severe but reasonable scenarios. In performing this assessment, our long-term strategy and focus, the growing demand for our products and services, the increasing level of recurring revenue and low customer attrition, the track record of strong cash generation and a healthy cash balance with no debt from financial institutions were all taken into consideration. Consideration was also given to the risks of regional and political changes in our main markets. Based on the results of this assessment, the Directors had a reasonable expectation that should these risks, either all or in part, manifest themselves, the resulting adverse outcomes can be managed and mitigated such that, the Group and Company will be able to continue in operation and meet their liabilities as they fall due over the period of their assessment. In doing so, we note that such future assessments are subject to a level of uncertainty that increases with time and, therefore, future outcomes cannot be guaranteed or predicted with certainty. As a consequence of these factors and having reviewed the forecasts for the coming year, the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date these financial statements are authorised. For this reason, we continue to adopt the going concern basis of accounting in preparing our financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-325": {
"value": "Functional and presentational currency These consolidated financial statements are presented in Pounds Sterling, which is the Company\u2019s functional currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-326": {
"value": "Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity when it 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. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-375": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity when it 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. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-327": {
"value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS3 Business Combinations are recognised at their fair values at the acquisition date. Any deferred and contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. Deferred and contingent consideration that is assessed as being payment for post-combination services (remuneration) is expensed as incurred in the post-combination period. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred and included in operating expenses. The Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Identifiable intangibles are those which can be sold separately, or which arise from contractual or legal rights regardless of whether those rights are separable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-328": {
"value": "Goodwill Goodwill is initially recognised and measured as set out above. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the cash-generating unit which represents the lowest level within the Group at which goodwill is monitored. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-329": {
"value": "Revenue Revenue is recognised to depict the transfer of promised services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those services. The Group has adopted the five-step approach to the timing of revenue recognition based on performance obligations in customer contracts. This involves identifying the contract with customers, identifying the performance obligations, determining the transaction price, allocating the price to the performance obligations within the contract and recognising revenue when the performance obligations are satisfied. Revenue from the Group\u2019s activities is recognised as detailed below. The Group recognises a contract asset (accrued income) when the value of the satisfied performance obligations is in excess of the payment due to the Group or a contract liability (deferred income) when the amount of unconditional consideration is in excess of the value of satisfied performance obligations. Once a right to receive consideration is unconditional, that amount is recognised as a receivable. Contract assets are represented by accrued income (note 16) and contract liabilities are represented by deferred income (note 20) and onerous contract provisions (note 21). Service revenue Time and materials contracts Contracts for the provision of software-related services generally tend to be \u2018time and materials\u2019 contracts whereby the customer is contractually bound to pay for services for each hour or day spent in delivering a contractually agreed services scope. These contracts typically have no payment milestones, refunds or bundling with other services or products. Such services are recognised as a performance obligation satisfied over time in line with the chargeable \u2018time and materials\u2019 which are allocated to the contracted project. Fixed price contracts Other contracts for the provision of software-related services are contracted on a fixed price basis. The Directors have assessed that the stage of completion determined as a proportion of the total hours expected for the project that has elapsed at the end of the reporting period is an appropriate measure of progress towards complete satisfaction of the performance conditions under IFRS15. This is reviewed on a monthly basis. Payment for services is not due from the customer unless milestones have been achieved or the project is complete, therefore a contract asset is recognised over the period in which the services are performed representing the Group\u2019s right to consideration for the services performed to date. Where costs are anticipated to be in excess of revenues an onerous contract will be recognised. Support Revenue relating to support services is recognised over time. The transaction price allocated to these services is recognised as a contract liability at the time of the initial sales transactions and is released on a straight-line basis over the contracted term in line with the estimated delivery of performance obligations. Software as a Service (SaaS) SaaS is charged on a subscription basis and the revenue is recognised pro-rata over the period that the service is provided. Managed service subscription Subscription revenue for the management of software applications for customers in the cloud is recognised pro-rata over the period the service is provided. Commission revenue Commission income is earned when the Group secures orders for end-user access to Workday Adaptive Planning software. Depending on the terms of the underlying agreement with Workday, Inc., performance obligations are either satisfied at the point the order is secured or over the subscription period and revenue is recognised accordingly. Third party goods Revenue from the sale of goods is recognised when control of the goods has transferred to the customer, usually on delivery of the goods",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-330": {
"value": "Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group continues to recognise the lease payments mainly as an operating 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 of the lease are consumed. Lease liability 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 when it can be readily determined. If this rate cannot be readily determined the Group uses its incremental borrowing rate, which is typically applied. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is presented as a separate line in the consolidated statement of financial position. The Group remeasures 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 significant event or change in circumstances resulting in a change in the assessment, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate. \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 remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Right-of-use asset The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and plus any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised at commencement of the lease and measured under IAS37. These costs are included in the related right-of-use asset. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group does not have any leases that include purchase options or that transfer ownership of the underlying asset at the end of the lease term. The Group applies IAS36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-331": {
"value": "Foreign currency Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within operating expenses. Foreign operations For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at the exchange rates at the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Foreign currency differences are recognised in the statement of comprehensive income and accumulated in the translation reserve until the foreign operation is disposed of, at which point the relevant proportion of the accumulated amount is recycled to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-332": {
"value": "Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants that compensate the Group for expenses incurred are recognised in profit and loss on a systematic basis in the periods in which the related costs for which the grants are intended to compensate are recognised. The Group has elected to present grants related to income as a reduction to the related expense within operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-333": {
"value": "Research and Development Expenditure Credit Research and Development Expenditure Credits are accounted for as having the substance of a government grant and accordingly this income is accounted for under IAS20 Accounting for Government Grants. The grants are recognised on the basis of the fair value of claims made and are recognised within operating expenses in the profit or loss. A corresponding other receivable is recognised at the time the grants are earned. ",
"dimensions": {
"concept": "kainosgroupplc:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenditureCredit",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-334": {
"value": "Retirement benefit costs The Group operates three defined contribution pension schemes and the pension charge represents the amounts payable by the Group to the funds in respect of the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-335": {
"value": "Taxation Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-376": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-336": {
"value": "Property, plant and equipment Property under construction is carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Depreciation of these assets, determined on the same basis as other property assets, commences when the assets are ready for their intended use. Property, plant and equipment assets are stated at cost less accumulated depreciation and accumulated impairment loss. Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land and property under construction) less their residual values over their useful lives, using the straight-line method, on the following bases: Long-term leasehold property 2.5% Leasehold improvements Over the term of the lease up to five years Fixtures and fittings 20% Office equipment 25%-33% The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-337": {
"value": "Investment property Investment property is initially measured at cost and subsequently at fair value with any change therein recognised in profit or loss. When the use of a property changes from owner-occupied to investment property, the property is remeasured to fair value and reclassified accordingly. Any gain arising on this remeasurement is recognised in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised in OCI and presented in the revaluation reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-338": {
"value": "Assets held for sale A non-current asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly probable within one year. On initial classification as held for sale, non-current assets are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement although gains are not recognised in excess of any cumulative impairment loss. Property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-339": {
"value": "Acquired intangible assets Separately identified intangible assets acquired in a business combination are initially recognised at their fair value (which is regarded as their cost). Intangible assets are subsequently stated at fair value or cost less accumulated amortisation and any accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life of the asset. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Estimated useful lives typically applied are as follows: \u2022 Customer relationships \u2013 over 3-7 years \u2022 Order backlog \u2013 over 10-15 months Internally generated intangible assets \u2013 research and development expenditure Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following conditions have been demonstrated: \u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale; \u2022 the intention to complete the intangible asset and use or sell it; \u2022 the ability to use or sell the intangible asset; \u2022 how the intangible asset will generate probable future economic benefits; \u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in the income statement in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-340": {
"value": "Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-341": {
"value": "Trade receivables Trade receivables, which typically have 30-day credit terms, are initially recognised and carried at their original invoice amount. Given the short lives of the trade receivables, there are generally no material fair value movements between initial recognition and the derecognition of the receivable and are subsequently stated at cost less expected credit losses. The Group applies the simplified approach, which requires expected lifetime losses to be recognised from the initial recognition of the receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-342": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. All of the cash and cash equivalents balance is available for use by the Group. The Group has not recognised an expected credit loss on cash and cash equivalents as it is deemed not material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-343": {
"value": "Investments in financial assets Investments in equity shares, which are all unquoted equity investments, are stated at fair value through profit or loss (FVTPL). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-344": {
"value": "Impairment of financial assets The Group recognises a loss allowance at an amount equal to lifetime expected credit loss (ECL) on trade receivables and accrued income in accordance with the simplified approach as set out in IFRS9. The ECL is updated at each reporting date to reflect changes in credit risk. The Group measures loss allowances at an amount equal to lifetime ECL, except for bank balances for which credit risk (i.e., the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition, which are measured as 12-month ECL. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECL. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers any change in credit quality of the amounts owing from the date the credit was initially granted up to the reporting date. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. ECLs are a probability-weighted estimate of credit losses estimated using a provision matrix. The Group recognises a loss allowance of 100% against all receivables older than six months at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-345": {
"value": "Financial liabilities Financial liabilities are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or where appropriate, a shorter period, to the amortised cost of a financial liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-346": {
"value": "Derecognition of financial assets and financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-347": {
"value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-348": {
"value": "Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. ",
"dimensions": {
"concept": "kainosgroupplc:DescriptionOfAccountingPolicyForOnerousContracts",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-349": {
"value": "Share-based payments Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each statement of financial position date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share-based payment reserve. The fair value of the amount payable to employees in respect of share options settled in cash is recognised as an expense with a corresponding increase in liabilities, over the period during which the employees become unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the options. Any changes in the liability are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-350": {
"value": "4. Material accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies, which are described in note 3, the Directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in financial statements. Product development expenditure The Group invests on a continual basis in the development of new and enhanced features in the product suite. There is a continual process of enhancements to and expansion of the overall product suite. Judgement is required in assessing whether the development costs meet the criteria for capitalisation. These judgements have been applied consistently year to year. In making this judgement, the Group evaluates, amongst other factors, whether there are future economic benefits beyond the current period, the stage at which technical feasibility has been achieved, management\u2019s intention to complete and use or sell the product, the likelihood of success, 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 in order to capitalise. Such expenditure is therefore recognised as an expense. Therefore, judgement is required in assessing whether eligible costs meet the relevant capitalisation criteria under IAS38 Intangible assets. The accounting policy for research and product development is in note 3 and in the current year there are no development expenses that have been capitalised (2022: \u00a3nil). The total product development expenditure in the period is \u00a39.1 million (2022: \u00a36.2 million). R&D expenditure credit (\u2018RDEC\u2019) grants received from HMRC and product development expenditure incurred are presented gross in note 6. Generally, commercial viability of new products is not proven until all high-risk development issues have been resolved through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the detailed design phase and formal approval, which occurs just before the products are ready to go to market. Certain development costs are incurred for specific projects and there is a lack of certainty that the work may have future economic benefit on future projects. Accordingly, development costs have not been capitalised. Costs which are incurred after the general release of internally generated software, or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred and included within the research and development expense in the financial statements. RDEC income Judgements are made regarding the assessment of the eligibility of product development expenditure incurred for RDEC claims. The Group\u2019s assessment of eligible expenditure must align with the definition of R&D for RDEC purposes. This assessment is more difficult in some industries such as software development resulting in judgement over the qualifying R&D costs and the eligibility of these costs for the RDEC claim. The unrecognised component of RDEC as at 31 March 2023 is \u00a34.8 million (2022: \u00a35.0 million) and represents the Group\u2019s determination of the value subject to this judgement. This portion is recognised when this judgement has been removed either via formal acceptance of the claim value submitted or the expiry of the enquiry window. The net value of RDEC receivable as at 31 March 2023 is \u00a33.0 million (2022: \u00a33.2 million) and is included within other receivables in the statement of financial position. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Revenue recognition Service revenue Kainos charges for its digital services on a time and materials or fixed price basis. Where there are fixed price contracts, revenue is recognised based on the stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs. The Group estimates costs to complete its contractual obligations by reference to the current run rate of these costs until contractual completion. The estimation of stage of completion is sensitive to future uncertainties such as technical challenges, timescale changes and commercial issues. During the year revenue relating to fixed price project income was \u00a333.8 million (2022: \u00a324.4 million). The associated carrying values of accrued and deferred income at 31 March 2023 were \u00a310.8 million (2022: \u00a35.1 million) and \u00a32.5 million (2022: \u00a32.1 million) respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-351": {
"value": "5. Segment reporting All of the Group\u2019s revenue during the year ended 31 March 2023 and for the year ended 31 March 2022 was derived from continuing operations. The Group\u2019s Executive Directors are considered to be the Chief Operating Decision Maker (\u2018CODM\u2019) of the Group. They use internal management reports to assess both performance and strategy of the Group and the three specialist business areas: Digital Services, Workday Services and Workday Products. During the year, we opted to amend our divisional reporting structure both internally to our CODM (Executive Directors) and publicly. In prior years we reported results with respect to our Digital Services and Workday Practice divisions. Due to the continued growth of our Workday Services and Workday Products businesses, we are now reporting these areas as separate operating divisions. There is no change in reporting for our Digital Services division. The tables below present the results for current and prior year in our current reporting structure. As such, the comparative information below has been represented to reflect the new reporting structure. The following is an analysis of the Group\u2019s revenue and results by reportable segment: 2023 12 MONTHS TO 31 MARCH Digital Services (\u00a3000s) Workday Services (\u00a3000s) Workday Products (\u00a3000s) Consolidated (\u00a3000) REVENUE 224,384 105,741 44,682 374,807 Cost of sales (138,798) (48,406) (10,448) (197,652) GROSS PROFIT 85,586 57,335 34,234 177,155 Direct expenses (22) (24,326) (36,439) (21,687) (82,452) CONTRIBUTION 61,260 20,896 12,547 94,703 Central overheads(22) (28,536) Net finance income 1,392 ADJUSTED PRE-TAX PROFIT 67,559 Share-based payments expense and related costs (6,346) Amortisation of acquired intangible assets (2,642) Compensation for post-combination remuneration (4,176) Acquisition-related expenses (57) PROFIT BEFORE TAX 54,338 2022 12 MONTHS TO 31 MARCH Digital Services (\u00a3000s) Workday Services (\u00a3000s) Workday Products (\u00a3000s) Consolidated (\u00a3000s) REVENUE 199,831 70,868 31,933 302,632 Cost of sales (122,430) (32,388) (7,568) (162,386) GROSS PROFIT 77,401 38,480 24,365 140,246 Direct expenses (22) (21,723) (24,666) (12,932) (59,321) CONTRIBUTION 55,678 13,814 11,433 80,925 Central overheads(22) (22,132) Net finance expense (22) ADJUSTED PRE-TAX PROFIT 58,771 Share-based payments expense and related costs (3,727) Amortisation of acquired intangible assets (1,890) Compensation for post-combination remuneration (5,520) Acquisition-related expenses (1,641) PROFIT BEFORE TAX 45,993 The Group\u2019s revenue from external customers by geographic location is detailed below: 2023 (\u00a3000s) 2022 (\u00a3000s) United Kingdom & Ireland 242,787 215,606 North America 95,505 58,712 Central Europe 35,262 27,125 Rest of world 1,253 1,189 374,807 302,632 Disaggregation of revenue by type In line with the change in divisional reporting structure, the Group considers the new revenue types as presented in the table below to be a more informative representation. Subscription revenue previously classed within \u2018SaaS and related\u2019 has been presented separately, with related revenues represented as \u2018Services\u2019 or \u2018Third party and other\u2019 as appropriate. The Group has represented FY22 revenue categories in line with the current reporting period. Digital Services 2023 (\u00a3000s) Workday Services 2023 (\u00a3000s) Workday Products 2023 (\u00a3000s) Total 2023 (\u00a3000s) TYPE OF REVENUE Services 217,490 98,961 1,625 318,076 Subscriptions \u2013 \u2013 43,057 43,057 Third party and other 6,894 6,780 \u2013 13,674 224,384 105,741 44,682 374,807 Digital Services 2022 (\u00a3000s) Workday Services 2022 (\u00a3000s) Workday Products 2022 (\u00a3000s) Total 2022 (\u00a3000s) TYPE OF REVENUE Services 192,662 64,475 2,990 260,127 Subscriptions \u2013 \u2013 28,943 28,943 Third party and other 7,169 6,393 \u2013 13,562 199,831 70,868 31,933 302,632 Disaggregation of revenue by sector 2023 (\u00a3000s) 2022 (\u00a3000s) DIGITAL SERVICES Public 136,951 108,400 Commercial 37,782 25,120 Healthcare 49,651 66,311 224,384 199,831 WORKDAY SERVICES Public 167 1,311 Commercial 105,423 68,948 Healthcare 151 609 105,741 70,868 WORKDAY PRODUCTS Public 891 1,271 Commercial 43,171 29,730 Healthcare 620 932 44,682 31,933 GROUP Public 138,009 110,982 Commercial 186,376 123,798 Healthcare 50,422 67,852 TOTAL 374,807 302,632 The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 3. Segment assets and liabilities are not reported to the CODM on a segmental basis and are therefore not disclosed. The following table provides information about receivables, accrued income and deferred income from contracts with customers. Note 2023 (\u00a3000s) 2022 (\u00a3000s) Trade receivables 16 35,693 35,228 Accrued income 16 38,808 39,462 Deferred income 20 (37,087) (30,966) Accrued income relates to the Group\u2019s right to consideration for work completed and delivered but not invoiced as at year end and is transferred to trade receivables when an invoice is issued to the customer. Customers are typically invoiced on a monthly basis and consideration is payable when invoiced. The majority of the accrued income balance as at 31 March 2022 (\u00a339.5 million) was invoiced during the period. Any amounts written-off were small and considered immaterial in the context of these financial statements. Deferred income relates to advance consideration received from customers, where revenue is recognised over time as the services are provided/delivered to customers. During the year, all of the opening deferred revenue balance (2022: all) has been recognised as revenue. The aggregate transaction price allocated to unsatisfied or partially satisfied performance obligations at the end of the reporting period is \u00a3322.9 million (2022: \u00a3259.7 million). The majority of this balance will be recognised within 12 months of the reporting date. The Group\u2019s non-current assets (excluding deferred tax assets) are located as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Northern Ireland 16,685 16,318 Rest of UK 2,231 3,815 United States of America 11,366 12,748 Finland 8,822 8,737 Other 948 2,516 Significant customer One customer, a Digital Services client, contributed \u00a338.2 million or 10% to Group revenue for the year ended 31 March 2023. No other single customer contributed more than 10% to Group revenue in the period. No customers contributed more than 10% to revenue for the year ended 31 March 2022 ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-352": {
"value": "6. Profit for the year Profit for the year has been arrived at after charging/(crediting): 2023 (\u00a3000s) 2022 (\u00a3000s) Total staff costs (note 7) 232,033 168,395 Government grants (12) (479) Research and development expensed as incurred 9,061 6,176 Research and Development Expenditure Credit (4,230) (3,205) Depreciation of property, plant and equipment (note 12) 2,249 1,538 Depreciation of right-of-use assets (note 15) 1,163 1,654 Loss on disposal of property, plant and equipment \u2013 8 Net foreign exchange (gain)/loss (873) 62 Amortisation of acquired intangibles (note 11) 2,642 1,890 The analysis of auditor\u2019s remuneration is as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 110 93 Fees payable to the Group\u2019s auditor for the audit of subsidiaries 61 57 TOTAL AUDIT FEES 171 150 Fees payable to the Group\u2019s auditor for other services to the Group: Review of interim report 25 23 TOTAL AUDIT-RELATED FEES 196 173 Non-audit fees \u2013 \u2013 Total audit and non-audit fees 196 173 Total % of non-audit fees 0% 0 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-377": {
"value": "The analysis of auditor\u2019s remuneration is as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 110 93 Fees payable to the Group\u2019s auditor for the audit of subsidiaries 61 57 TOTAL AUDIT FEES 171 150 Fees payable to the Group\u2019s auditor for other services to the Group: Review of interim report 25 23 TOTAL AUDIT-RELATED FEES 196 173 Non-audit fees \u2013 \u2013 Total audit and non-audit fees 196 173 Total % of non-audit fees 0% 0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-353": {
"value": "7. Staff numbers and costs The average number of employees during the year was: 2023 Number 2022 Number Technical 2,107 1,705 Administration 311 234 Sales 188 158 2,606 2,097 The aggregate payroll costs of these persons were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Wages and salaries 194,210 141,588 Social security costs 20,290 14,120 Contributions to defined contribution plans 7,907 6,010 Share-based payments (note 23) 9,626 6,677 232,033 168,395 The split of remuneration between cost of sales and operating expenses is as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Cost of sales 140,142 99,999 Operating expenses 91,891 68,396 232,033 168,39 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-354": {
"value": "8. Tax expense The following tax was recognised in recognised in the income statement: 2023 (\u00a3000s) 2022 (\u00a3000s) CURRENT TAX EXPENSE: Current year (UK) 7,793 7,882 Current year (overseas) 5,271 4,011 Adjustments in respect of prior years (385) (1,043) 12,679 10,850 DEFERRED TAX (NOTE 17) Origination and reversal of temporary differences (1,130) (1,187) Adjustments in respect of prior years 1,144 637 Change in tax rate \u2013 (75) 14 (625) TOTAL TAX EXPENSE 12,693 10,22 5 In addition to the amount charged to the statement of comprehensive income, the following amounts relating to tax have been recognised directly in equity in relation to share-based payments: 2023 (\u00a3000s) 2022 (\u00a3000s) CURRENT TAX Permanent element of share-based payment deduction 237 1,610 DEFERRED TAX Deferred tax on share-based payments (931) (883) Effect of rate change \u2013 603 (931) (280) TOTAL TAX RECOGNISED DIRECTLY IN EQUITY (694) 1,330 UK corporation tax has been calculated at 19% (2022: 19%) of the estimated taxable profit for the year, the prevailing rate at the balance sheet date. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The effective tax rate for 2023 was 23% (2022: 22%). On 24 May 2021, the UK Finance Act 2021 was substantively enacted, increasing the corporate tax rate to 25% effective from 1 April 2023. The change to the main rate of corporation tax was substantively enacted as at 31 March 2022 and therefore included in the prior year financial statements. Temporary differences were remeasured in the prior year using these enacted tax rates that are expected to apply when the liability is settled, or the asset realised. The impact of this remeasurement, recognised in the year ended 31 March 2022 resulted in an uplift in deferred tax assets of \u00a30.9 million. We envisage our future effective tax rates to be broadly in line with the main UK corporation tax rate. The Group\u2019s tax charge can be reconciled to the profit in the income statement and effective tax rate as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) PROFIT BEFORE TAX ON CONTINUING OPERATIONS 54,338 45,993 Tax at the UK corporation tax rate of 19% (2022: 19%) 10,324 8,739 Expenses not deductible for tax purposes 919 1,050 Tax exempt income (3) (35) Effect of foreign exchange on consolidation (92) 214 Effect of tax rates in foreign jurisdictions 740 671 Adjustments to tax charge in respect of prior years 759 (406) Change in UK tax rates 46 (8) TAX EXPENSE FOR THE YEAR 12,693 10,225 EFFECTIVE TAX RATE 23% 22% 17. Deferred tax The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period. Accelerated capital allowances (\u00a3000s) Share-based payment (\u00a3000s) Tax losses (\u00a3000s) Short-term temporary differences (\u00a3000s) Deferred tax on acquisitions (\u00a3000s) Total (\u00a3000s) At 1 April 2021 (147) 2,214 14 2,215 (276) 4,020 Foreign exchange differences \u2013 \u2013 \u2013 52 \u2013 52 Arising on acquisition \u2013 \u2013 \u2013 \u2013 (135) (135) Adjustment for prior years 6 \u2013 (9) (705) 71 (637) Rate change (46) (96) 1 216 \u2013 75 Rate change (OCI) \u2013 603 \u2013 \u2013 \u2013 603 Debit to retained earnings \u2013 (883) \u2013 \u2013 \u2013 (883) (Debit)/credit to profit (177) 90 (6) 1,143 137 1,187 At 31 March 2022 (364) 1,928 \u2013 2,921 (203) 4,282 Foreign exchange \u2013 \u2013 \u2013 78 \u2013 78 Adjustment for prior years (778) \u2013 \u2013 (366) \u2013 (1,144) Reclassification from corporation tax \u2013 (312) \u2013 \u2013 \u2013 (312) Debit to retained earnings \u2013 (931) \u2013 \u2013 \u2013 (931) (Debit)/credit to profit 135 (206) \u2013 1,201 \u2013 1,130 AT 31 MARCH 2023 (1,007) 479 \u2013 3,834 (203) 3,103 Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset): 2023 (\u00a3000s) 2022 (\u00a3000s) Deferred tax asset 3,103 4,282 3,103 4,282 Deferred tax assets have been recognised in respect of all temporary differences giving rise to deferred tax assets where the Directors believe it is probable that these assets will be recovered. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-378": {
"value": "8. Tax expense The following tax was recognised in recognised in the income statement: 2023 (\u00a3000s) 2022 (\u00a3000s) CURRENT TAX EXPENSE: Current year (UK) 7,793 7,882 Current year (overseas) 5,271 4,011 Adjustments in respect of prior years (385) (1,043) 12,679 10,850 DEFERRED TAX (NOTE 17) Origination and reversal of temporary differences (1,130) (1,187) Adjustments in respect of prior years 1,144 637 Change in tax rate \u2013 (75) 14 (625) TOTAL TAX EXPENSE 12,693 10,22 In addition to the amount charged to the statement of comprehensive income, the following amounts relating to tax have been recognised directly in equity in relation to share-based payments: 2023 (\u00a3000s) 2022 (\u00a3000s) CURRENT TAX Permanent element of share-based payment deduction 237 1,610 DEFERRED TAX Deferred tax on share-based payments (931) (883) Effect of rate change \u2013 603 (931) (280) TOTAL TAX RECOGNISED DIRECTLY IN EQUITY (694) 1,330 UK corporation tax has been calculated at 19% (2022: 19%) of the estimated taxable profit for the year, the prevailing rate at the balance sheet date. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The effective tax rate for 2023 was 23% (2022: 22%). On 24 May 2021, the UK Finance Act 2021 was substantively enacted, increasing the corporate tax rate to 25% effective from 1 April 2023. The change to the main rate of corporation tax was substantively enacted as at 31 March 2022 and therefore included in the prior year financial statements. Temporary differences were remeasured in the prior year using these enacted tax rates that are expected to apply when the liability is settled, or the asset realised. The impact of this remeasurement, recognised in the year ended 31 March 2022 resulted in an uplift in deferred tax assets of \u00a30.9 million. We envisage our future effective tax rates to be broadly in line with the main UK corporation tax rate. The Group\u2019s tax charge can be reconciled to the profit in the income statement and effective tax rate as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) PROFIT BEFORE TAX ON CONTINUING OPERATIONS 54,338 45,993 Tax at the UK corporation tax rate of 19% (2022: 19%) 10,324 8,739 Expenses not deductible for tax purposes 919 1,050 Tax exempt income (3) (35) Effect of foreign exchange on consolidation (92) 214 Effect of tax rates in foreign jurisdictions 740 671 Adjustments to tax charge in respect of prior years 759 (406) Change in UK tax rates 46 (8) TAX EXPENSE FOR THE YEAR 12,693 10,225 EFFECTIVE TAX RATE 23% 22% ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-355": {
"value": "9. Dividends 2023 (\u00a3000s) 2022 (\u00a3000s) AMOUNTS RECOGNISED AS DISTRIBUTIONS TO EQUITY HOLDERS IN THE PERIOD: Interim dividend for 2023 of 7.8p per share 9,702 \u2013 Final dividend for 2022 of 15.1p per share 18,732 \u2013 Interim dividend for 2022 of 7.1p per share \u2013 8,774 Final dividend for 2021 of 15.1p per share \u2013 18,645 28,434 27,419 The Board has proposed a final dividend in respect of the year ended 31 March 2023 subject to approval by shareholders at the Annual General Meeting. This dividend has not been recognised as a liability in these financial statements and there are no tax consequences. The proposed final dividend, if approved by shareholders, will be 16.1p per share (\u00a320.1 million in total) and payable on 20 October 2023 to all shareholders on the Register of Members on 29 September 2023, and with an ex-dividend date of 28 September 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-356": {
"value": "10. Earnings per share Basic The calculation of basic earnings per share (EPS) has been based on the following profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding. 2023 (\u00a3000s) 2022 (\u00a3000s) PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 41,645 35,768 Thousands Thousands Issued ordinary shares at 1 April 124,078 122,785 Effect of shares held in trust (786) (863) Effect of share options vested and exercised 392 802 Effect of shares issued related to a business combination 18 31 Effect of shares issued related to free share awards 99 49 Weighted average number of ordinary shares at 31 March 123,801 122,804 BASIC EARNINGS PER SHARE 33.6p 29.1p Diluted The calculation of diluted EPS has been based on the following profit attributable to ordinary shareholders and weighted- average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. 2023 (\u00a3000s) 2022 (\u00a3000s) PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 41,645 35,768 Thousands Thousands Weighted average number of ordinary shares (basic) 123,801 122,804 Effect of share options in issue 758 1,256 Effect of shares held in trust 786 863 Effect of potential shares to be issued related to a business combination 299 410 Weighted average number of ordinary shares (diluted) at 31 March 125,644 125,333 DILUTED EARNINGS PER SHARE 33.1p 28.5p The average market value of the Company\u2019s shares for the purpose of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding. At 31 March 2023, 159,755 options (2022: 39,451) were excluded from the diluted weighted average number of ordinary shares calculation because their effect would have been anti-dilutive. Adjusted (unaudited) Adjusted basic and adjusted diluted earnings per share is calculated using the adjusted profit for the year measure. The calculation of adjusted profit for the year is detailed in the Financial Review section of the Strategic Report. 2023 (\u00a3000s) 2022 (\u00a3000s) ADJUSTED PROFIT FOR THE YEAR 53,406 47,726 Thousands Thousands Weighted average number of ordinary shares for the purposes of basic earnings per share 123,801 122,804 Weighted average number of ordinary shares for the purposes of diluted earnings per share 125,644 125,333 ADJUSTED BASIC EARNINGS PER SHARE 43.1p 38.9p ADJUSTED DILUTED EARNINGS PER SHARE 42.5p 38.1p ",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-392": {
"value": "11. Intangible assets and goodwill Goodwill (\u00a3000s) Order backlog (\u00a3000s) Customer relationships (\u00a3000s) Total (\u00a3000s) COST At 1 April 2021 3,121 \u2013 3,717 6,838 Exchange adjustments 11 53 176 240 Acquisitions through business combinations 15,633 1,016 3,378 20,027 At 31 March 2022 18,765 1,069 7,271 27,105 Exchange adjustments 242 29 415 686 AT 31 MARCH 2023 19,007 1,098 7,686 27,791 AMORTISATION AND IMPAIRMENT At 1 April 2021 \u2013 \u2013 429 429 Charge for the year \u2013 328 1,562 1,890 Exchange adjustments \u2013 5 23 28 At 31 March 2022 \u2013 333 2,014 2,347 Charge for the year \u2013 792 1,850 2,642 Exchange adjustments \u2013 (27) 6 (21) AT 31 MARCH 2023 \u2013 1,098 3,870 4,968 CARRYING AMOUNT AT 31 MARCH 2023 19,007 \u2013 3,816 22,823 At 31 March 2022 18,765 736 5,257 24,758 Amortisation of customer relationships is calculated using the straight-line method over a period ranging from 3 to 7 years. Amortisation of order backlog is calculated using the straight-line method over a period ranging from 10 to 15 months. Amortisation of acquired intangibles is included within operating expenses in the consolidated income statement. Impairment testing of goodwill The carrying amount of goodwill has been allocated to cash-generating units (CGU) as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Kainos Workday Adaptive Practice 3,219 3,162 Workday Services North America 7,251 7,375 Workday Services Central Europe 8,537 8,228 TOTAL 19,007 18,765 The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. For the purpose of impairment testing, goodwill is allocated to the CGU which represents the lowest level within the Group at which goodwill is monitored. The recoverable amount of the relevant CGU has been determined based on a value-in-use calculation using cash flows derived from financial projections covering a three-year period, with cash flows thereafter calculated using a terminal value methodology. The Group considers the three-year period to be appropriate as it aligns with the period underpinned by financial budgets and forecasts for the Group. Key assumptions The pre-tax discount rates used in the calculations were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Workday Adaptive Practice 11-12% 11-12% Workday Services North America 11-12% 11-12% Workday Services Central Europe 12-13% 12-13% Discount rates represent the Group\u2019s pre-tax discount rate adjusted for the risk profiles of the individual CGUs. The terminal value growth rates used in the calculations were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Workday Adaptive Practice 2% 2% Workday Services North America 2% 2% Workday Services Central Europe 2% 2% Projected cash flows are most sensitive to assumptions regarding future growth of the CGU and its profitability. The values applied to these key assumptions are derived from a combination of external and internal factors, based on past experience together with management\u2019s future expectations about business performance. Summary of results As a result of this review, no impairment has been identified. Sensitivity analysis The Group conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions. Management concluded that no reasonably possible change in any of the key assumptions would reduce the recoverable amount below its carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-379": {
"value": "11. Intangible assets and goodwill Goodwill (\u00a3000s) Order backlog (\u00a3000s) Customer relationships (\u00a3000s) Total (\u00a3000s) COST At 1 April 2021 3,121 \u2013 3,717 6,838 Exchange adjustments 11 53 176 240 Acquisitions through business combinations 15,633 1,016 3,378 20,027 At 31 March 2022 18,765 1,069 7,271 27,105 Exchange adjustments 242 29 415 686 AT 31 MARCH 2023 19,007 1,098 7,686 27,791 AMORTISATION AND IMPAIRMENT At 1 April 2021 \u2013 \u2013 429 429 Charge for the year \u2013 328 1,562 1,890 Exchange adjustments \u2013 5 23 28 At 31 March 2022 \u2013 333 2,014 2,347 Charge for the year \u2013 792 1,850 2,642 Exchange adjustments \u2013 (27) 6 (21) AT 31 MARCH 2023 \u2013 1,098 3,870 4,968 CARRYING AMOUNT AT 31 MARCH 2023 19,007 \u2013 3,816 22,823 At 31 March 2022 18,765 736 5,257 24,758 Amortisation of customer relationships is calculated using the straight-line method over a period ranging from 3 to 7 years. Amortisation of order backlog is calculated using the straight-line method over a period ranging from 10 to 15 months. Amortisation of acquired intangibles is included within operating expenses in the consolidated income statement. Impairment testing of goodwill The carrying amount of goodwill has been allocated to cash-generating units (CGU) as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Kainos Workday Adaptive Practice 3,219 3,162 Workday Services North America 7,251 7,375 Workday Services Central Europe 8,537 8,228 TOTAL 19,007 18,765 The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. For the purpose of impairment testing, goodwill is allocated to the CGU which represents the lowest level within the Group at which goodwill is monitored. The recoverable amount of the relevant CGU has been determined based on a value-in-use calculation using cash flows derived from financial projections covering a three-year period, with cash flows thereafter calculated using a terminal value methodology. The Group considers the three-year period to be appropriate as it aligns with the period underpinned by financial budgets and forecasts for the Group. Key assumptions The pre-tax discount rates used in the calculations were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Workday Adaptive Practice 11-12% 11-12% Workday Services North America 11-12% 11-12% Workday Services Central Europe 12-13% 12-13% Discount rates represent the Group\u2019s pre-tax discount rate adjusted for the risk profiles of the individual CGUs. The terminal value growth rates used in the calculations were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Workday Adaptive Practice 2% 2% Workday Services North America 2% 2% Workday Services Central Europe 2% 2% Projected cash flows are most sensitive to assumptions regarding future growth of the CGU and its profitability. The values applied to these key assumptions are derived from a combination of external and internal factors, based on past experience together with management\u2019s future expectations about business performance. Summary of results As a result of this review, no impairment has been identified. Sensitivity analysis The Group conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions. Management concluded that no reasonably possible change in any of the key assumptions would reduce the recoverable amount below its carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-357": {
"value": "11. Intangible assets and goodwill Goodwill (\u00a3000s) Order backlog (\u00a3000s) Customer relationships (\u00a3000s) Total (\u00a3000s) COST At 1 April 2021 3,121 \u2013 3,717 6,838 Exchange adjustments 11 53 176 240 Acquisitions through business combinations 15,633 1,016 3,378 20,027 At 31 March 2022 18,765 1,069 7,271 27,105 Exchange adjustments 242 29 415 686 AT 31 MARCH 2023 19,007 1,098 7,686 27,791 AMORTISATION AND IMPAIRMENT At 1 April 2021 \u2013 \u2013 429 429 Charge for the year \u2013 328 1,562 1,890 Exchange adjustments \u2013 5 23 28 At 31 March 2022 \u2013 333 2,014 2,347 Charge for the year \u2013 792 1,850 2,642 Exchange adjustments \u2013 (27) 6 (21) AT 31 MARCH 2023 \u2013 1,098 3,870 4,968 CARRYING AMOUNT AT 31 MARCH 2023 19,007 \u2013 3,816 22,823 At 31 March 2022 18,765 736 5,257 24,758 Amortisation of customer relationships is calculated using the straight-line method over a period ranging from 3 to 7 years. Amortisation of order backlog is calculated using the straight-line method over a period ranging from 10 to 15 months. Amortisation of acquired intangibles is included within operating expenses in the consolidated income statement. Impairment testing of goodwill The carrying amount of goodwill has been allocated to cash-generating units (CGU) as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Kainos Workday Adaptive Practice 3,219 3,162 Workday Services North America 7,251 7,375 Workday Services Central Europe 8,537 8,228 TOTAL 19,007 18,765 The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. For the purpose of impairment testing, goodwill is allocated to the CGU which represents the lowest level within the Group at which goodwill is monitored. The recoverable amount of the relevant CGU has been determined based on a value-in-use calculation using cash flows derived from financial projections covering a three-year period, with cash flows thereafter calculated using a terminal value methodology. The Group considers the three-year period to be appropriate as it aligns with the period underpinned by financial budgets and forecasts for the Group. Key assumptions The pre-tax discount rates used in the calculations were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Workday Adaptive Practice 11-12% 11-12% Workday Services North America 11-12% 11-12% Workday Services Central Europe 12-13% 12-13% Discount rates represent the Group\u2019s pre-tax discount rate adjusted for the risk profiles of the individual CGUs. The terminal value growth rates used in the calculations were as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Workday Adaptive Practice 2% 2% Workday Services North America 2% 2% Workday Services Central Europe 2% 2% Projected cash flows are most sensitive to assumptions regarding future growth of the CGU and its profitability. The values applied to these key assumptions are derived from a combination of external and internal factors, based on past experience together with management\u2019s future expectations about business performance. Summary of results As a result of this review, no impairment has been identified. Sensitivity analysis The Group conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions. Management concluded that no reasonably possible change in any of the key assumptions would reduce the recoverable amount below its carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-358": {
"value": "12. Property, plant and equipment Property under construction (\u00a3000s) Property and leasehold improvements (\u00a3000s) Office equipment (\u00a3000s) Fixtures and fittings (\u00a3000s) Total (\u00a3000s) COST At 1 April 2021 8,030 1,591 5,079 604 15,304 Acquisition through business combinations \u2013 223 69 15 307 Additions 177 733 3,939 970 5,819 Disposals \u2013 \u2013 (1,270) (14) (1,284) At 31 March 2022 8,207 2,547 7,817 1,575 20,146 Impact of foreign exchange \u2013 (103) (8) (9) (120) Reclassification to investment property (note 13) (5,160) \u2013 \u2013 \u2013 (5,160) Reclassification to assets held for sale \u2013 (1,436) \u2013 \u2013 (1,436) Additions 811 45 1,515 128 2,499 Disposals \u2013 \u2013 (718) (215) (933) AT 31 MARCH 2023 3,858 1,053 8,606 1,479 14,996 ACCUMULATED DEPRECIATION At 1 April 2021 \u2013 1,170 3,336 511 5,017 Charge for the year \u2013 185 1,266 87 1,538 Eliminated on disposals \u2013 \u2013 (1,262) (14) (1,276) At 31 March 2022 \u2013 1,355 3,340 584 5,279 Impact of foreign exchange \u2013 (30) 27 (6) (9) Charge for the year \u2013 250 1,751 248 2,249 Reclassification to assets held for sale \u2013 (1,126) \u2013 \u2013 (1,126) Eliminated on disposals \u2013 \u2013 (691) (215) (906) AT 31 MARCH 2023 \u2013 449 4,427 611 5,487 CARRYING AMOUNT AT 31 MARCH 2023 3,858 604 4,179 868 9,509 At 31 March 2022 8,207 1,192 4,477 991 14,867 Property under construction During the year ended 31 March 2020, the Group acquired a site for development of Kainos\u2019 future Belfast headquarters at a purchase price of \u00a37.4 million. Costs incurred since purchase (\u00a30.8 million) relate to legal and professional fees and demolition works. During the period, \u00a35.2 million was transferred to investment property, reflecting the Group\u2019s agreement to sell part of this site. Immediately before the transfer, the Group internally remeasured the relevant portion of the site to fair value with no gain or loss arising. No capital commitments exist at 31 March 2023 (2022: nil) relating to the property under construction. Assets held for sale In February 2023, the Group committed to selling a number of properties located in Belfast and actively listed these for sale. Subsequent to 31 March 2023, the Group has accepted an offer for all of these properties and expects the transaction to complete in FY24. Accordingly, the Group has classified this property as an asset held for sale at 31 March 2023. The assets held for sale are measured at their carrying amount of \u00a30.3 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-359": {
"value": "13. Investment property (\u00a3000s) At 1 April 2022 \u2013 Transferred from property, plant and equipment 5,160 AT 31 MARCH 2023 5,160 Transfer from property, plant and equipment As described in note 12, \u00a35.2 million was transferred during the period from property, plant and equipment to investment property. Immediately before the transfer, the Group internally remeasured the relevant portion of the site to fair value with no gain or loss arising. The fair value of the property as at 31 March 2023 is based on an agreed contract for sale, discounted at the market rate of interest. The sale is subject to planning permission and is expected to complete during FY25. The fair value measurement of the investment property has been categorised as level 3 fair value based on the input for the risk-adjusted discount rate applied, which is considered to be an unobservable input. The estimated fair value would increase (decrease) if the risk-adjusted discount was lower (higher). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-360": {
"value": "14. Subsidiaries The subsidiary undertakings at 31 March 2023 are in the table below. All principally operate in their country of incorporation. Subsidiary undertakings Incorporated Registered office Principal activity Proportion of ordinary share capital held Kainos Software Limited Northern Ireland Kainos House, 4-6 Upper Crescent, Belfast, BT7 1NT, Northern Ireland Software development 100% Kainos Software Ireland Limited Republic of Ireland Glandore, Fitzwilliam Court, Suite 103, Leeson Close, Dublin 2, D02 YW24, Ireland Software development 100% Kainos Software Poland Sp\u00f3lka z.o.o Poland Tryton Business House, ul. Jana z Kolna 11, 80-864 Gda\u0144sk, Poland Software development 100% Kainos Poland Services Sp\u00f3lka z.o.o Poland Jana z Kolna 11 80-864 Gda\u0144sk, Poland Software services 100% Kainos Trustees Limited Northern Ireland Kainos House, 4-6 Upper Crescent, Belfast, BT7 1NT, Northern Ireland Share Scheme Trustee 100% Kainos Managers Limited Northern Ireland Kainos House, 4-6 Upper Crescent, Belfast, BT7 1NT, Northern Ireland Property company 100% Kainos Evolve Limited Northern Ireland Kainos House, 4-6 Upper Crescent, Belfast, BT7 1NT, Northern Ireland Software development 100% Kainos WorkSmart Limited Northern Ireland Kainos House, 4-6 Upper Crescent, Belfast, BT7 1NT, Northern Ireland Software development 100% Kainos WorkSmart Inc. US WeWork Tower Place 100, 3340 Peachtree Road NE, Atlanta, Georgia, 30326, USA Software development 100% Kainos Evolve Inc. US WeWork Terminus, 3280 Peachtree Road NE, Atlanta, Georgia, 30305, USA Software development 100% Kainos WorkSmart GmbH Germany The Squaire 12, Am Flughafen Hessen, Frankfurt 60549, Germany Software development 100% Subsidiary undertakings Incorporated Registered office Principal activity Proportion of ordinary share capital held Kainos WorkSmart ApS Denmark Office no. 280110080 Harsdorffs Hus Office Club Kongens Nytorv 5 1050 Copenhagen, Denmark Software development 100% Kainos Canada Inc. Canada 20 Wellington Street East, Suite 500, Toronto, ON, M5E 1C5, Canada Software development 100% Kainos WorkSmart SAS France 3-5 Rue Saint Georges TMF Pole 75009, Paris, France Software development 100% Kainos WorkSmart Oy Finland c/o TMF Finland Oy, Erottajankatu 15-17, 00130 Helsinki, Finland Software development 100% Formulate Kainos Limited England 2nd Floor, 21 Farringdon Road, London, EC1M 3HA, England Software services 100% Kainos Planning, LLC US 355 S. Teller Street, Suite 200, Lakewood, Colorado, 80226, USA Software services 100% KW Software Oy Finland c/o TMF Finland Oy, Erottajankatu 15-17 00130 Helsinki, Finland Software services 100% Kainos AB Sweden Vasagatan 11 111 20 Stockholm, Sweden Software services 100% Kainos the Netherlands B.V. Netherlands Hogebrinkerweg 15 b, 3871KM, Hoevelaken, Netherlands Software services 100% Kainos Belgium BV Denmark 2060 Wommelgem Nijverheidsstraat 70, Belgium Software services 100% Kainos O\u00dc Estonia Harju maakond, Tallinn, Lasnam\u00e4e linnaosa, Valukoja tn 8/1, 11415 Estonia Software services 100% Kainos Worksmart S.R.L. Romania Bucure\u015fti Sectorul 4, Calea V\u0103c\u0103re\u015fti, Nr. 391, Intrarea A, Etaj 3, Sector 4, Bucuresti, Romania Software services 100% Kainos AS Norway c/o Azets Insigt AS, Drammensveien, 151, 0277 Oslo, Norway Software services 100% Blackline Group, Inc. US 522 W Riverside Avenue, Suite 4197, Spokane, WA 99201, USA Software services 100% Kainos Argentina S.A.U. Argentina Av. del Libertador 498, 13th floor, \u2018South\u2019, Buenos Aires, Argentina Software services 100% Kainos (Philippines) Inc. Philippines 24/Floor Philam Life Tower, 8767 Paseo de Roxas Avenue, Brgy. Bel-Air, Makati City, NCR, Philippines 1226 Software services 100% There are no significant restrictions on the ability of the Group to access or use assets and settle liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-361": {
"value": "15. Right-of-use-assets Property (\u00a3000s) Other (\u00a3000s) Total (\u00a3000s) COST 1 April 2021 7,258 113 7,371 Additions 1,025 \u2013 1,025 Acquisitions through business combinations 358 \u2013 358 Disposals (2,099) (26) (2,125) Exchange adjustments 13 \u2013 13 At 31 March 2022 6,555 87 6,642 Additions 751 \u2013 751 Disposals (4,546) \u2013 (4,546) Exchange adjustments 77 \u2013 77 AT 31 MARCH 2023 2,837 87 2,924 ACCUMULATED DEPRECIATION 1 April 2021 3,447 67 3,514 Charge for the year 1,639 15 1,654 Elimination on disposal (1,666) (26) (1,692) Exchange adjustments \u2013 \u2013 \u2013 At 31 March 2022 3,420 56 3,476 Charge for the year 1,154 9 1,163 Elimination on disposal (3,074) \u2013 (3,074) Exchange adjustments 96 2 98 AT 31 MARCH 2023 1,596 67 1,663 CARRYING AMOUNT AT 31 MARCH 2023 1,241 20 1,261 At 31 March 2022 3,135 31 3,166 The Group leases several assets including buildings and vehicles. The average lease term is 4.3 years (2022: 4.2 years) with an option to renew the lease after the end of lease term. The Group is committed to \u00a35.8 million for leases not yet commenced and therefore not reflected as at 31 March 2023. The maturity analysis of lease liabilities is presented in note 19. Amounts recognised in profit or loss 2023 (\u00a3000s) 2022 (\u00a3000s) Depreciation expense on right-of use assets 1,163 1,654 Interest expense on lease liabilities 64 66 Expense relating to short-term and low value leases 722 877 Amounts recognised in statement of cash flows 2023 (\u00a3000s) 2022 (\u00a3000s) TOTAL CASH OUTFLOW FOR LEASES 1,861 2,352 At 31 March 2023, the Group is committed to \u00a30.4 million (2022: \u00a30.5 million) for short-term leases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-362": {
"value": "16. Trade and other receivables 2023 (\u00a3000s) 2022 (\u00a3000s) Trade receivables 35,693 35,228 Other receivables 3,277 3,130 38,970 38,358 Prepayments 3,656 4,377 Accrued income 38,808 39,462 81,434 82,197 The Group\u2019s accrued income (contract asset) balance solely relates to revenue from contracts with customers. Movements in the accrued income balance were driven by transactions entered into by the Group within the normal course of business in the year. Trade receivables is net of a loss allowance for impairment. Further information is disclosed in note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-363": {
"value": "18. Cash and cash equivalents 2023 (\u00a3000s) 2022 (\u00a3000s) Cash at bank and in hand 42,431 61,385 Short-term deposits 65,871 15,224 CASH AND CASH EQUIVALENTS 108,302 76,609 Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective fixed short-term deposit rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-364": {
"value": "19. Lease liabilities 2023 (\u00a3000s) 2022 (\u00a3000s) Less than one year 640 1,141 One to five years 835 2,329 1,475 3,470 Less: unearned interest (96) (109) 1,379 3,361 ANALYSED AS: Non-current 585 2,268 Current 794 1,093 The Group does not have a significant liquidity risk with regard to its lease liabilities. Reconciliation of movement of liabilities to cash flows arising from financing activities 2023 (\u00a3000s) 2022 (\u00a3000s) 1 April 3,361 3,643 New leases 751 1,025 Acquisition through business combinations \u2013 358 Cash flow on principal (1,075) (1,409) Cash flow on interest (64) (66) Termination of lease agreements (1,496) \u2013 Non-cash movement (98) (190) 31 MARCH 1,379 3,361 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-366": {
"value": "20. Trade and other payables 2023 (\u00a3000s) 2022 (\u00a3000s) Trade payables and accruals 52,348 49,199 Deferred income 37,087 30,966 Current tax liabilities \u2013 1,959 Other tax and social security 12,068 11,917 101,503 94,041 Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs, including payroll. For most suppliers, no interest is charged on payables. The deferred income can arise in respect of support contracts billed quarterly or annually in advance and SaaS agreements which are billed annually in advance, with revenue being recognised for both over the contracted period. The period end deferred income balance will be recognised within 12 months. The Directors consider that the carrying amount of trade payables approximates to their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-380": {
"value": "20. Trade and other payables 2023 (\u00a3000s) 2022 (\u00a3000s) Trade payables and accruals 52,348 49,199 Deferred income 37,087 30,966 Current tax liabilities \u2013 1,959 Other tax and social security 12,068 11,917 101,503 94,041 Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs, including payroll. For most suppliers, no interest is charged on payables. The deferred income can arise in respect of support contracts billed quarterly or annually in advance and SaaS agreements which are billed annually in advance, with revenue being recognised for both over the contracted period. The period end deferred income balance will be recognised within 12 months. The Directors consider that the carrying amount of trade payables approximates to their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-365": {
"value": "21. Provisions Other provisions are analysed as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) Property-related provision 1,372 1,391 Onerous contract provision \u2013 739 1,372 2,130 2023 (\u00a3000s) 2022 (\u00a3000s) Current 341 872 Non-current 1,031 1,258 1,372 2,130 Property- related (\u00a3000s) Onerous contract (\u00a3000s) Total (\u00a3000s) At 1 April 2022 1,391 739 2,130 Utilisation of provision (19) (739) (758) AT 31 MARCH 2023 1,372 \u2013 1,372 Property-related provision The property-related provision represents management\u2019s best estimate of the Group\u2019s liability for future contractual repair works at the end of the lease period recognised at the commencement of the lease. The relevant properties have lease end dates ranging from July 2023 to September 2026. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-367": {
"value": "22. Share capital and reserves Share capital 2023 (\u00a3000s) 2022 (\u00a3000s) ISSUED AND FULLY PAID: ORDINARY SHARES Opening balance 619 614 Issued during the year 4 5 TOTAL SHARE CAPITAL 623 619 The Company has one class of ordinary share which carries no right to fixed income. The Company\u2019s Articles of Association do not specify any limit on the total authorised share capital of the Company. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. At 31 March 2023, the Company had 124,628,176 issued ordinary shares (2022: 124,078,432) with a nominal value of \u00a30.005 each. During the year the Group issued 420,574 shares due to the exercise of vested options and the award of shares under the UK SIP and ROI Restricted share schemes. The exercise price of options exercised during the year ranged from \u00a30.005 per share to \u00a37.35 per share. The Group issued 129,170 ordinary shares in respect of post-acquisition remuneration. Nature and purpose of reserves Share-based payment reserve The share option reserve comprises the charge for share options and equity-settled compensation for post-combination services. Capital reserve account The capital reserve arises from the capital reorganisation which occurred in 2015, together with the fair value of consideration given in excess of the nominal value of the ordinary shares issued on the acquisition of subsidiaries (interest of at least 90%) on share for share exchange, in accordance with requirements of Section 612 of the Companies Act 2006. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800H2PQMIF3OVZY47",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-381": {
"value": "22. Share capital and reserves Share capital 2023 (\u00a3000s) 2022 (\u00a3000s) ISSUED AND FULLY PAID: ORDINARY SHARES Opening balance 619 614 Issued during the year 4 5 TOTAL SHARE CAPITAL 623 619 The Company has one class of ordinary share which carries no right to fixed income. The Company\u2019s Articles of Association do not specify any limit on the total authorised share capital of the Company. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. At 31 March 2023, the Company had 124,628,176 issued ordinary shares (2022: 124,078,432) with a nominal value of \u00a30.005 each. During the year the Group issued 420,574 shares due to the exercise of vested options and the award of shares under the UK SIP and ROI Restricted share schemes. The exercise price of options exercised during the year ranged from \u00a30.005 per share to \u00a37.35 per share. The Group issued 129,170 ordinary shares in respect of post-acquisition remuneration. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-382": {
"value": "Nature and purpose of reserves Share-based payment reserve The share option reserve comprises the charge for share options and equity-settled compensation for post-combination services. Capital reserve account The capital reserve arises from the capital reorganisation which occurred in 2015, together with the fair value of consideration given in excess of the nominal value of the ordinary shares issued on the acquisition of subsidiaries (interest of at least 90%) on share for share exchange, in accordance with requirements of Section 612 of the Companies Act 2006. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-368": {
"value": "23. Share-based payments Share-based payments The Group has the following equity-settled share-based payment arrangements: Kainos Group Performance Share Plan (PSP) Share options are granted to employees as determined by the Remuneration Committee and will only vest in accordance with the performance conditions established by the Committee. The options cannot generally be exercised within three years and have a maximum life of 10 years. The options will be settled by the issue of new shares and there are no cash settlement alternatives. Options ordinarily are forfeited if the employee leaves the Group before the options vest. The specific performance conditions relating to the Group Performance Share Plan are described in further detail as part of the Directors\u2019 Remuneration Report. Company Share Option Plan (CSOP) Share options are granted to employees as determined by the Remuneration Committee. The CSOP is a sub-plan of the PSP and permits the Company to grant CSOP options which have tax advantages pursuant to the provisions of Schedule 4 to the Income Tax (Earnings & Pensions) Act 2003 (\u2018Schedule 4\u2019). The options cannot be ordinarily exercised within three years and have a maximum life of 10 years. Exercise of the options will be settled by the issue of shares and there are no cash alternatives. Options ordinarily are forfeited if the employee leaves the Group before the options vest Save as you Earn (SAYE) Scheme The Group has an all-employee share plan open to UK employees. Employees who participate enter into a savings contract under which they agree to save between \u00a35 and \u00a3150 per month (or such limit as may be permitted by the tax legislation governing SAYE schemes from time to time) for three years. Options cannot be ordinarily exercised within three years and must be exercised within six months of the end of the three-year period. Options ordinarily are forfeited if the employee leaves the Group before the options vest. There are no cash settlement alternatives. Republic of Ireland Share Option Scheme The Group has a share option scheme for employees of Kainos Software Ireland Limited. This scheme utilised the PSP Scheme to grant options to all eligible employees. Options cannot be ordinarily exercised within three years and must be exercised within six months of the end of the three-year period. The options will be settled by shares and there are no cash alternatives. Options ordinarily are forfeited if the employee leaves the Group before the options vest. UK Share Incentive Plan (SIP) The Group has established a Share Incentive Plan for UK employees. Under this scheme all eligible employees are awarded a number of shares determined by length of service of each employee at a specified date for each respective grant. The shares are held in trust for each employee by Equiniti Share Plan Trustees Limited, which also administers the scheme. A minimum period of three years is imposed before the employee can withdraw. There are no cash settlement alternatives. Republic of Ireland Restricted Share Scheme The Group introduced a Restricted Share Scheme for all eligible employees of Kainos Software Ireland Limited. Under this scheme all eligible employees were awarded a number of shares determined by length of service of each employee. A minimum period of five years and one week is imposed before the employee can withdraw any free shares. The shares are held in trust for the employees until they vest. There are no cash settlement alternatives. Kainos Group plc Poland Share Plans In order to replicate the share-based awards available to staff in the UK and Ireland, the Group implemented the Kainos Group plc Poland Share Plan. The Remuneration Committee may grant Share Options or Conditional Share Awards (CSA) to employees of the Group\u2019s Polish subsidiary. Share options will not generally be exercisable within three years and have a maximum life of 3.5 years. Conditional Share Awards may be granted for free or at a purchase price determined by the Committee. Conditional Share Awards will generally be subject to a minimum three-year vesting period. All options and awards will be satisfied out of newly issued shares and there are no cash settlement alternatives. Options and awards ordinarily are forfeited if the employee leaves the Group before vesting occurs. Kainos Group plc US Share Plans In order to replicate the share-based awards available to staff in the UK and Ireland, the Group implemented the US Conditional Share Award (CSA) which applies to US employees only. The Remuneration Committee may grant Share Options or Conditional Share Awards (CSA) to employees of the Group\u2019s US subsidiaries. Share options will not generally be exercisable within three years and have a maximum life of 3.5 years. Conditional Share Awards may be granted for free or at a purchase price determined by the Committee. Conditional Share Awards will generally be subject to a minimum three-year vesting period. All options and awards will be satisfied out of newly issued shares and there are no cash settlement alternatives. Options and awards ordinarily are forfeited if the employee leaves the Group before vesting occurs. Fair values and awards outstanding The fair value of shares awarded under the UK SIP scheme and the Republic of Ireland Restricted Share scheme is calculated using the average middle market closing share price for the five days prior to award date. The total charge is adjusted for attrition and recognised on a straight-line basis over the three-year vesting period. For share awards under the PSP, SAYE, CSOP, Republic of Ireland (ROI), US and Poland share option schemes, the fair value has been measured using the Black-Scholes model. During the year options were granted on 28 June 2022, 18 November 2022 and 2 December 2022 (2022: 29 June 2021 and 10 December 2021) under the PSP, CSOP and SAYE option schemes, and under the US and Poland CSA schemes. The aggregate of the estimated fair values of the options granted on those dates is \u00a34.4 million (2022: \u00a35.7 million). The following table lists the key inputs to the model used in the year of grant. Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over an appropriate period to the period assessed at grant date. PSP Granted during year to 31 March 2023 Granted during year to 31 March 2022 Weighted-average exercise price \u00a30.01 \u00a30.01 Fair value at grant date \u00a38.92-\u00a310.49 \u00a38.79-\u00a313.96 Share price at grant \u00a311.29 \u00a314.66 Expected volatility 47% 47% Expected life (years) 4.0 4.0 Risk-free interest rate 2.1% 0.4% Expected dividends per annum 1.7% 1.1% CSOP Granted during year to 31 March 2023 Granted during year to 31 March 2022 Weighted-average exercise price \u00a310.81 \u00a314.66 Fair value \u00a32.69 \u00a33.11 Share price at grant \u00a311.29 \u00a314.66 Expected volatility 47% 47% Expected life (years) 4.0 4.0 Risk-free interest rate 2.1% 0.4% Expected dividends per annum 1.7% 1.1% UK SAYE Granted during year to 31 March 2023 Granted during year to 31 March 2022 Weighted-average exercise price \u00a39.92 \u2013 Fair value \u00a32.86 \u2013 Share price at grant \u00a311.29 \u2013 Expected volatility 47% \u2013 Expected life (years) 3.25 \u2013 Risk-free interest rate 2.1% \u2013 Expected dividends per annum 1.7% \u2013 ROI share options Granted during year to 31 March 2023 Granted during year to 31 March 2022 Weighted-average exercise price \u00a39.92 \u2013 Fair value \u00a32.86 \u2013 Share price at grant \u00a311.29 \u2013 Expected volatility 47% \u2013 Expected life (years) 3.25 \u2013 Risk-free interest rate 2.1% \u2013 Expected dividends per annum 1.7% \u2013 Poland share options Granted during year to 31 March 2023 Granted during year to 31 March 2022 Weighted-average exercise price \u00a39.92 \u2013 Fair value \u00a32.86 \u2013 Share price at grant \u00a311.29 \u2013 Expected volatility 47% \u2013 Expected life (years) 3.25 \u2013 Risk-free interest rate 2.1% \u2013 Expected dividends per annum 1.7% \u2013 Poland CSA Granted during year to 31 March 2023 Granted during year to 31 March 2022 Weighted-average exercise price \u00a30.01 \u00a30.01 Fair value \u00a314.70 \u00a317.36 Share price at grant \u00a315.62 \u00a318.09 Expected volatility 47% 48% Expected life (years) 3.25 3.5 Risk-free interest rate 3.3% 0.5% Expected dividends per annum 1.7% 1.1% US CSA Granted during year to 31 March 2023 Granted during year to 31 March 2022 Weighted-average exercise price \u00a30.01 \u2013 Fair value \u00a315.15 \u2013 Share price at grant \u00a316.10 \u2013 Expected volatility 47% \u2013 Expected life (years) 3.25 \u2013 Risk-free interest rate 3.3% \u2013 Expected dividends per annum 1.7% \u2013 Reconciliation of outstanding share options and share awards Number of share options 2022/2023 PSP (000s) UK SAYE (000s) CSOP (000s) US (000s) ROI (000s) Poland (000s) Total (000s) Outstanding at 31 March 2022 599 350 284 \u2013 10 307 1,550 Granted during period 104 465 41 43 12 199 864 Exercised during the period (46) (1) (27) \u2013 \u2013 (67) (141) Forfeited during the period (12) (35) (7) (1) \u2013 (60) (115) OUTSTANDING AT 31 MARCH 2023 645 779 291 42 22 379 2,158 EXERCISABLE AT THE END OF THE YEAR 337 \u2013 180 \u2013 \u2013 \u2013 517 Weighted average exercise price 2022/2023 PSP \u00a3 UK SAYE \u00a3 CSOP \u00a3 US \u00a3 ROI \u00a3 Poland \u00a3 Outstanding at 31 March 2022 0.005 6.20 4.76 \u2013 6.20 2.56 Granted during period 0.005 9.92 10.81 0.005 9.92 4.45 Exercised during the period 0.005 6.20 5.80 \u2013 \u2013 0.005 Forfeited during the period 0.005 8.39 11.15 0.005 \u2013 4.74 OUTSTANDING AT 31 MARCH 2023 0.005 8.36 5.43 0.005 8.36 5.17 EXERCISABLE AT THE END OF THE YEAR 0.005 \u2013 2.65 \u2013 \u2013 \u2013 Number of share options 2021/2022 PSP (000s) UK SAYE (000s) CSOP (000s) ROI (000s) Poland (000s) Total (000s) Outstanding at 31 March 2021 645 822 421 28 539 2,455 Granted during period 89 \u2013 28 \u2013 42 159 Exercised during the period (124) (413) (135) (17) (237) (926) Forfeited during the period (11) (59) (30) (1) (37) (138) OUTSTANDING AT 31 MARCH 2022 599 350 284 10 307 1,550 EXERCISABLE AT THE END OF THE YEAR 236 \u2013 170 \u2013 \u2013 406 Weighted average exercise price 2021/2022 PSP \u00a3 UK SAYE \u00a3 CSOP \u00a3 ROI \u00a3 Poland \u00a3 Outstanding at 31 March 2021 0.005 4.72 3.26 4.40 2.74 Granted during period 0.005 \u2013 14.66 \u2013 0.005 Exercised during the period 0.005 3.36 1.87 3.36 2.52 Forfeited during the period 0.005 5.59 6.11 6.20 2.56 OUTSTANDING AT 31 MARCH 2022 0.005 6.20 4.76 6.20 2.56 EXERCISABLE AT THE END OF THE YEAR 0.005 \u2013 2.16 \u2013 \u2013 The weighted average share price at the date of exercise of share options exercised during the year was \u00a321.99 (2022: \u00a317.43). The options outstanding at 31 March 2023 had an exercise price in the range of \u00a30.005 to \u00a314.66 (2022: \u00a30.005 to \u00a314.66) and a weighted-average contractual life of 6.32 years (2022: 4.48 years). Restricted shares UK SIP (000s) ROI (000s) Total (000s) Outstanding at 31 March 2022 1,417 25 1,442 Granted during period 345 5 350 Released during the period (155) (5) (160) Forfeited during the period (72) (1) (73) OUTSTANDING AT 31 MARCH 2023 1,535 24 1,559 Restricted shares UK SIP (000s) ROI (000s) Total (000s) Outstanding at 31 March 2021 1,398 32 1,430 Granted during period 212 3 215 Released during the period (62) (9) (71) Forfeited during the period (131) (1) (132) OUTSTANDING AT 31 MARCH 2022 1,417 25 1,442 Cash-settled share-based payment arrangements The fair value of the amount payable to employees in respect of share options, which are settled in cash, is recognised as an expense with a corresponding increase in liabilities, over the period during which the employees become unconditionally entitled to payment. Based on share price information, the liability is remeasured at each reporting date and at the settlement date. At 31 March 2023 the liability recognised was \u00a32.8 million (2022: \u00a31.9 million). Expense recognised in the profit or loss The Group recognised a total expense of \u00a39.5 million related to share-based payment transactions during the year (2022: \u00a36.7 million). Of this amount \u00a38.2 million (2022: \u00a36.1 million) has been recognised as an employee benefit expense in the share-based payment reserve. The remaining charge relates to cash-settled share-based payment arrangements and national insurance contributions associated with share-based payment arrangements. Compensation for post-combination services Of the total expense recognised above, \u00a33.2 million (2022: \u00a33.0 million) relates to compensation for post-combination remuneration. In connection with the Group\u2019s acquisitions there are contingent consideration arrangements in place, which are subject to future service conditions being met and are settled through the allotment of shares. This equity-settled share-based payment expense is recognised over the service periods based on the grant date fair value. ",
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"fact-383": {
"value": "24. Pensions The Group operates three defined contribution retirement benefit schemes. The assets of the schemes are held separately from those of the Group in independently administered funds under the control of trustees. The total cost charged to the income statement of \u00a37.9 million (2022: \u00a36.0 million) represents contributions payable to these funds by the Group at rates specified in the rules of the schemes. As at 31 March 2023, contributions of \u00a30.1 million (2022: \u00a30.1 million) were payable to the funds and are included in trade creditors and accruals (note 20). ",
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"fact-369": {
"value": "24. Pensions The Group operates three defined contribution retirement benefit schemes. The assets of the schemes are held separately from those of the Group in independently administered funds under the control of trustees. The total cost charged to the income statement of \u00a37.9 million (2022: \u00a36.0 million) represents contributions payable to these funds by the Group at rates specified in the rules of the schemes. As at 31 March 2023, contributions of \u00a30.1 million (2022: \u00a30.1 million) were payable to the funds and are included in trade creditors and accruals (note 20). ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-370": {
"value": "25. Financial instruments Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and liabilities. The carrying amount of all financial assets and liabilities not measured at fair value are considered to be a reasonable approximation of fair value. 31 MARCH 2023 FVPL (\u00a3000s) Financial assets at amortised cost (\u00a3000s) Other financial liabilities (\u00a3000s) Total (\u00a3000s) Fair value (\u00a3000s) Level FINANCIAL ASSETS MEASURED AT FAIR VALUE: Investments in equity instruments 1,299 \u2013 \u2013 1,299 1,299 3 FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE: Trade and other receivables \u2013 38,970 \u2013 38,970 \u2013 \u2013 Cash and cash equivalents \u2013 108,302 \u2013 108,302 \u2013 \u2013 FINANCIAL LIABILITIES MEASURED AT FAIR VALUE: Cash settled share-based payments 2,771 \u2013 \u2013 2,771 2,771 1 FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE: Trade payables \u2013 \u2013 3,860 3,860 \u2013 \u2013 Other tax and social security \u2013 \u2013 12,068 12,068 \u2013 \u2013 31 MARCH 2022 FVPL (\u00a3000s) Financial assets at amortised cost (\u00a3000s) Other financial liabilities (\u00a3000s) Total (\u00a3000s) Fair value (\u00a3000s) Level FINANCIAL ASSETS MEASURED AT FAIR VALUE: Investments in equity instruments 1,343 \u2013 \u2013 1,343 1,343 3 FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE: Trade and other receivables \u2013 38,358 \u2013 38,358 \u2013 \u2013 Cash and cash equivalents \u2013 76,609 \u2013 76,609 \u2013 \u2013 FINANCIAL LIABILITIES MEASURED AT FAIR VALUE: Cash settled share-based payments 1,947 \u2013 \u2013 1,947 1,947 1 FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE: Trade payables \u2013 \u2013 3,803 3,803 \u2013 \u2013 Other tax and social security \u2013 \u2013 11,917 11,917 \u2013 \u2013 Measurement of level 3 fair values Investment in equity instruments The Group continues to hold an investment in equity instruments in an unlisted company. The fair value of the investment is considered to be consistent with initial cost as there has been no material change in the underlying business and its environment since initial investment. Financial risk management objectives The Group\u2019s Corporate Treasury function provides services to the business, manages and forecasts cash balances on each bank account held and researches available facilities and reports to the CFO on the financial risks relating to the operations of the Group. These risks include market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the CFO and the Finance function on a continuous basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. There are no financial derivatives held at year end (2022: nil). The Finance function provides updates to the Audit Committee so it can monitor risk and policies implemented to mitigate risk exposures. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. This risk is measured through the Group\u2019s budgeting and cash flow forecasting processes, which identify net foreign currency exposures in Polish Z\u0142oty, Euro and US Dollars. The Finance function quantifies and suggests risk mitigation measures to manage the risk in accordance with Group policies and obtains CFO approval for implementation of these risk mitigation procedures. There has been no change to the nature of market risk which the Group was exposed to during the year. Foreign currency risk management The Group considers currency risk to relate to the sales and purchases made by Group subsidiaries in a currency other than their functional currency, resulting in foreign currency trade receivables and trade payables balances. The table below details this exposure: Liabilities Assets 2023 (\u00a3000s) 2022 (\u00a3000s) 2023 (\u00a3000s) 2022 (\u00a3000s) Polish Z\u0142oty \u2013 2,577 48 3,126 Euro 146 184 4,375 2,210 US Dollar 583 706 537 3,752 Canadian Dollar 1 517 3,300 \u2013 Danish Krone \u2013 \u2013 \u2013 170 Swedish Krona 2 204 20 76 Foreign currency sensitivity analysis The following exchanges rates were applied at the reporting date. 2023 2022 Polish Z\u0142oty 5.312 5.481 Euro 1.136 1.179 US Dollar 1.238 1.314 Canadian Dollar 1.676 1.642 Danish Krone 8.464 8.773 Swedish Krona 12.829 12.184 The following table details the Group\u2019s sensitivity to a 1% increase in Sterling units (GBP) against the relevant foreign currencies. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items and adjusts their translation at the year end for a 1% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where Sterling strengthens 1% against the relevant currency. For a 1% weakening of Sterling against the relevant currency, there would be a comparable impact on the profit and other equity and the balances below would be opposite: Euro impact PLN impact USD impact 2023 (\u00a3000s) 2022 (\u00a3000s) 2023 (\u00a3000s) 2022 (\u00a3000s) 2023 (\u00a3000s) 2022 (\u00a3000s) 1% increase in strength of GBP (42) (20) (0) (5) 0 (30) Forward foreign exchange contracts The Group may enter into forward foreign exchange contracts to manage the risk associated with anticipated costs for a period up to 12 months. There were no forward contracts entered into during the year and subsequently there are no outstanding forward contracts at 31 March 2023 (2022: nil). The Group does not currently hedge expected future revenue denominated in Euro or US Dollars. The Finance function minimises exposure to currency risk by converting surplus foreign currency balances into Pounds Sterling on a regular basis while ensuring the balance remaining in foreign currency is sufficient to meet working capital requirements. Interest rate risk management The Group has no borrowings and therefore the exposure to interest rate risk is limited to the rates received as interest income on cash deposits. Bank deposit interest income amounted to \u00a31.5 million during the year ended 31 March 2023 (2022: \u00a30.1 million). Due to the limited exposure to interest rate risk no sensitivity analysis has been performed. Credit risk management Trade receivables and accrued income Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from default. The concentration of credit risk is limited due to the customer base consisting largely of public sector bodies, state agencies and blue-chip corporates. The Group uses publicly available financial information and its own trading records to rate its major customers. The typical credit period extended to customers is 30 days. Generally, no interest is charged on outstanding trade receivables. The maximum exposure on trade receivables and accrued income, as at the reporting date, is their carrying value. Credit approvals and other monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts on an ongoing basis. Furthermore, the Group reviews the recoverable amount of each trade debt and accrued income balance on an individual basis at the end of the reporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Expected credit losses are measured using a provisioning matrix, applying a simplified approach based on the Group\u2019s historical experience and informed credit assessment, and adjusted, when required, to take into account current macro- economic factors. The provision matrix is calculated separately for exposures based on the industry in which the customer operates. For certain significant customers the Group applies credit judgement that is determined to be predictive of the risk of expected credit loss, taking into account external ratings, financial statements and other available information before applying a provision matrix to the residual population. Accrued income relates to contractual revenue recognised not yet invoiced and is assessed for recoverability at the reporting date. At 31 March 2023, accrued income of \u00a338.8 million (2022: \u00a339.5 million). The following table provides information about the exposure to credit risk and ECLs. 31 MARCH 2023 Expected loss rate % Gross carrying amount (\u00a3000s) Loss allowance (\u00a3000s) Accrued income <1 38,946 138 Not past due 1 24,297 254 Past due 1-90 days 4 11,572 489 Past due 91 + 57 1,307 740 BALANCE AT 31 MARCH 2023 76,122 1,621 31 MARCH 2022 Expected loss rate % Gross carrying amount (\u00a3000s) Loss allowance (\u00a3000s) Accrued income <1 39,614 152 Not past due 2 22,979 562 Past due 1-90 days 5 12,817 613 Past due 91 + 52 1,315 708 BALANCE AT 31 MARCH 2022 76,725 2,035 The movement in the allowance for impairment during the year was as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) BALANCE AT THE BEGINNING OF THE PERIOD 2,035 1,551 Remeasurement of loss allowance (91) 1,669 Amounts recovered during the year (297) (1,063) Amounts written off (26) (122) BALANCE AT THE END OF THE PERIOD 1,621 2,035 Trade receivable and accrued income concentration risk The Group has evaluated the concentration of risk with respect to its trade receivables and accrued income balance and considers it to be low. One customer (customer A) represents more than 10% of the accrued income and trade receivables balances at 31 March 2023. At 31 March 2022, no single customer represented more than 10% of either the trade receivables balance or the accrued income balance). The table below presents the combined trade receivables and accrued income balances by geographic region at 31 March: 2023 (\u00a3000s) 2022 (\u00a3000s) United Kingdom & Ireland 41,277 47,941 North America 23,652 18,064 Central Europe 9,347 8,225 Rest of world 225 460 74,501 74,690 Cash and cash equivalents The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. As at 31 March 2023, all of the Group\u2019s funds were held in counterparty banks with ratings of \u2018A\u2019 and above (2022: 'A' or above), as assessed by Fitch or Moody\u2019s. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the CFO in line with Group policies. The ECL in respect of cash and cash equivalents is deemed not to be material. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Group\u2019s short-, medium- and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Cash and cash equivalents comprise cash and short-term bank deposits. The interest rates obtained on the Group\u2019s bank deposits during the year attracted interest rates ranging between 0.05% to 4.2% per annum. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position. The Group expects to meet its obligations from existing cash balances and future operating cash flows. The Group has a strong period end cash and treasury deposit balance of \u00a3108.3 million (2022: \u00a376.6 million) and no borrowings. The Group does not anticipate requiring additional credit facilities to manage liquidity. Note 19 details the contractual maturity analysis for lease liabilities. There is no difference between the carrying value of trade creditors and accruals and the contractual cash flows in relation to these amounts. The financial liabilities of the Group, with the exception of lease liabilities (note 19), will be settled within 12 months of the financial year end. Capital risk management The Group manages its capital to ensure that all Group entities will be able to continue as going concerns while maximising the return to shareholders. The Group\u2019s overall strategy remained unchanged throughout the period 1 April 2022 to 31 March 2023. The capital structure of the Group consists of Company equity only (comprising issued capital, reserves and retained earnings). The Group is not subject to any externally imposed capital requirements and has no borrowings. ",
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},
"fact-384": {
"value": "Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and liabilities. The carrying amount of all financial assets and liabilities not measured at fair value are considered to be a reasonable approximation of fair value. 31 MARCH 2023 FVPL (\u00a3000s) Financial assets at amortised cost (\u00a3000s) Other financial liabilities (\u00a3000s) Total (\u00a3000s) Fair value (\u00a3000s) Level FINANCIAL ASSETS MEASURED AT FAIR VALUE: Investments in equity instruments 1,299 \u2013 \u2013 1,299 1,299 3 FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE: Trade and other receivables \u2013 38,970 \u2013 38,970 \u2013 \u2013 Cash and cash equivalents \u2013 108,302 \u2013 108,302 \u2013 \u2013 FINANCIAL LIABILITIES MEASURED AT FAIR VALUE: Cash settled share-based payments 2,771 \u2013 \u2013 2,771 2,771 1 FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE: Trade payables \u2013 \u2013 3,860 3,860 \u2013 \u2013 Other tax and social security \u2013 \u2013 12,068 12,068 \u2013 \u2013 31 MARCH 2022 FVPL (\u00a3000s) Financial assets at amortised cost (\u00a3000s) Other financial liabilities (\u00a3000s) Total (\u00a3000s) Fair value (\u00a3000s) Level FINANCIAL ASSETS MEASURED AT FAIR VALUE: Investments in equity instruments 1,343 \u2013 \u2013 1,343 1,343 3 FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE: Trade and other receivables \u2013 38,358 \u2013 38,358 \u2013 \u2013 Cash and cash equivalents \u2013 76,609 \u2013 76,609 \u2013 \u2013 FINANCIAL LIABILITIES MEASURED AT FAIR VALUE: Cash settled share-based payments 1,947 \u2013 \u2013 1,947 1,947 1 FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE: Trade payables \u2013 \u2013 3,803 3,803 \u2013 \u2013 Other tax and social security \u2013 \u2013 11,917 11,917 \u2013 \u2013 Measurement of level 3 fair values Investment in equity instruments The Group continues to hold an investment in equity instruments in an unlisted company. The fair value of the investment is considered to be consistent with initial cost as there has been no material change in the underlying business and its environment since initial investment. ",
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"fact-385": {
"value": "Financial risk management objectives The Group\u2019s Corporate Treasury function provides services to the business, manages and forecasts cash balances on each bank account held and researches available facilities and reports to the CFO on the financial risks relating to the operations of the Group. These risks include market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the CFO and the Finance function on a continuous basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. There are no financial derivatives held at year end (2022: nil). The Finance function provides updates to the Audit Committee so it can monitor risk and policies implemented to mitigate risk exposures. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-386": {
"value": "Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. This risk is measured through the Group\u2019s budgeting and cash flow forecasting processes, which identify net foreign currency exposures in Polish Z\u0142oty, Euro and US Dollars. The Finance function quantifies and suggests risk mitigation measures to manage the risk in accordance with Group policies and obtains CFO approval for implementation of these risk mitigation procedures. There has been no change to the nature of market risk which the Group was exposed to during the year. Foreign currency risk management The Group considers currency risk to relate to the sales and purchases made by Group subsidiaries in a currency other than their functional currency, resulting in foreign currency trade receivables and trade payables balances. The table below details this exposure: Liabilities Assets 2023 (\u00a3000s) 2022 (\u00a3000s) 2023 (\u00a3000s) 2022 (\u00a3000s) Polish Z\u0142oty \u2013 2,577 48 3,126 Euro 146 184 4,375 2,210 US Dollar 583 706 537 3,752 Canadian Dollar 1 517 3,300 \u2013 Danish Krone \u2013 \u2013 \u2013 170 Swedish Krona 2 204 20 76 Foreign currency sensitivity analysis The following exchanges rates were applied at the reporting date. 2023 2022 Polish Z\u0142oty 5.312 5.481 Euro 1.136 1.179 US Dollar 1.238 1.314 Canadian Dollar 1.676 1.642 Danish Krone 8.464 8.773 Swedish Krona 12.829 12.184 The following table details the Group\u2019s sensitivity to a 1% increase in Sterling units (GBP) against the relevant foreign currencies. The sensitivity analysis includes only outstanding foreign currency-denominated monetary items and adjusts their translation at the year end for a 1% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where Sterling strengthens 1% against the relevant currency. For a 1% weakening of Sterling against the relevant currency, there would be a comparable impact on the profit and other equity and the balances below would be opposite: Euro impact PLN impact USD impact 2023 (\u00a3000s) 2022 (\u00a3000s) 2023 (\u00a3000s) 2022 (\u00a3000s) 2023 (\u00a3000s) 2022 (\u00a3000s) 1% increase in strength of GBP (42) (20) (0) (5) 0 (30) Forward foreign exchange contracts The Group may enter into forward foreign exchange contracts to manage the risk associated with anticipated costs for a period up to 12 months. There were no forward contracts entered into during the year and subsequently there are no outstanding forward contracts at 31 March 2023 (2022: nil). The Group does not currently hedge expected future revenue denominated in Euro or US Dollars. The Finance function minimises exposure to currency risk by converting surplus foreign currency balances into Pounds Sterling on a regular basis while ensuring the balance remaining in foreign currency is sufficient to meet working capital requirements. Interest rate risk management The Group has no borrowings and therefore the exposure to interest rate risk is limited to the rates received as interest income on cash deposits. Bank deposit interest income amounted to \u00a31.5 million during the year ended 31 March 2023 (2022: \u00a30.1 million). Due to the limited exposure to interest rate risk no sensitivity analysis has been performed. ",
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"fact-387": {
"value": "Credit risk management Trade receivables and accrued income Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from default. The concentration of credit risk is limited due to the customer base consisting largely of public sector bodies, state agencies and blue-chip corporates. The Group uses publicly available financial information and its own trading records to rate its major customers. The typical credit period extended to customers is 30 days. Generally, no interest is charged on outstanding trade receivables. The maximum exposure on trade receivables and accrued income, as at the reporting date, is their carrying value. Credit approvals and other monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts on an ongoing basis. Furthermore, the Group reviews the recoverable amount of each trade debt and accrued income balance on an individual basis at the end of the reporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Expected credit losses are measured using a provisioning matrix, applying a simplified approach based on the Group\u2019s historical experience and informed credit assessment, and adjusted, when required, to take into account current macro- economic factors. The provision matrix is calculated separately for exposures based on the industry in which the customer operates. For certain significant customers the Group applies credit judgement that is determined to be predictive of the risk of expected credit loss, taking into account external ratings, financial statements and other available information before applying a provision matrix to the residual population. Accrued income relates to contractual revenue recognised not yet invoiced and is assessed for recoverability at the reporting date. At 31 March 2023, accrued income of \u00a338.8 million (2022: \u00a339.5 million). The following table provides information about the exposure to credit risk and ECLs. 31 MARCH 2023 Expected loss rate % Gross carrying amount (\u00a3000s) Loss allowance (\u00a3000s) Accrued income <1 38,946 138 Not past due 1 24,297 254 Past due 1-90 days 4 11,572 489 Past due 91 + 57 1,307 740 BALANCE AT 31 MARCH 2023 76,122 1,621 31 MARCH 2022 Expected loss rate % Gross carrying amount (\u00a3000s) Loss allowance (\u00a3000s) Accrued income <1 39,614 152 Not past due 2 22,979 562 Past due 1-90 days 5 12,817 613 Past due 91 + 52 1,315 708 BALANCE AT 31 MARCH 2022 76,725 2,035 The movement in the allowance for impairment during the year was as follows: 2023 (\u00a3000s) 2022 (\u00a3000s) BALANCE AT THE BEGINNING OF THE PERIOD 2,035 1,551 Remeasurement of loss allowance (91) 1,669 Amounts recovered during the year (297) (1,063) Amounts written off (26) (122) BALANCE AT THE END OF THE PERIOD 1,621 2,035 Trade receivable and accrued income concentration risk The Group has evaluated the concentration of risk with respect to its trade receivables and accrued income balance and considers it to be low. One customer (customer A) represents more than 10% of the accrued income and trade receivables balances at 31 March 2023. At 31 March 2022, no single customer represented more than 10% of either the trade receivables balance or the accrued income balance). The table below presents the combined trade receivables and accrued income balances by geographic region at 31 March: 2023 (\u00a3000s) 2022 (\u00a3000s) United Kingdom & Ireland 41,277 47,941 North America 23,652 18,064 Central Europe 9,347 8,225 Rest of world 225 460 74,501 74,690 Cash and cash equivalents The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. As at 31 March 2023, all of the Group\u2019s funds were held in counterparty banks with ratings of \u2018A\u2019 and above (2022: 'A' or above), as assessed by Fitch or Moody\u2019s. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the CFO in line with Group policies. The ECL in respect of cash and cash equivalents is deemed not to be material. ",
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"fact-388": {
"value": "Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Group\u2019s short-, medium- and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Cash and cash equivalents comprise cash and short-term bank deposits. The interest rates obtained on the Group\u2019s bank deposits during the year attracted interest rates ranging between 0.05% to 4.2% per annum. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position. The Group expects to meet its obligations from existing cash balances and future operating cash flows. The Group has a strong period end cash and treasury deposit balance of \u00a3108.3 million (2022: \u00a376.6 million) and no borrowings. The Group does not anticipate requiring additional credit facilities to manage liquidity. Note 19 details the contractual maturity analysis for lease liabilities. There is no difference between the carrying value of trade creditors and accruals and the contractual cash flows in relation to these amounts. The financial liabilities of the Group, with the exception of lease liabilities (note 19), will be settled within 12 months of the financial year end. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-389": {
"value": "Capital risk management The Group manages its capital to ensure that all Group entities will be able to continue as going concerns while maximising the return to shareholders. The Group\u2019s overall strategy remained unchanged throughout the period 1 April 2022 to 31 March 2023. The capital structure of the Group consists of Company equity only (comprising issued capital, reserves and retained earnings). The Group is not subject to any externally imposed capital requirements and has no borrowings. ",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-371": {
"value": "26. Related party transactions Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Remuneration of key management personnel The remuneration of the Executive and Non-Executive Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS24 Related Party Disclosures. 2023 (\u00a3000s) 2022 (\u00a3000s) Short-term employee benefits (emoluments) 1,165 1,432 Post-employment benefits (pension contributions) \u2013 12 Gains on exercise of share options \u2013 656 Share-based payments charge 139 153 1,304 2,253 Pension No Directors are a member of the Group\u2019s defined contribution pension schemes (2022: one). Two Directors receive additional salary in lieu of pension contributions. Share options No Directors exercised options over shares in the Group (2022: two). Highest paid director Remuneration of the highest paid Director was \u00a30.5 million (2022: \u00a30.4 million), including pension contributions of \u00a3nil (2022: \u00a3nil). The highest paid Director exercised no share options in the year (2022: nil). Further information about the remuneration of individual Directors is provided in the Directors\u2019 Remuneration Report. Aggregate Executive Directors\u2019 remuneration 2023 (\u00a3000s) 2022 (\u00a3000s) Short-term employee benefits (emoluments) 890 1,094 Post-employment benefits (pension contributions) \u2013 12 Gains on exercise of share options \u2013 656 Share-based payments charge 139 153 1,029 1,915 ",
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"fact-390": {
"value": "Remuneration of key management personnel The remuneration of the Executive and Non-Executive Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS24 Related Party Disclosures. 2023 (\u00a3000s) 2022 (\u00a3000s) Short-term employee benefits (emoluments) 1,165 1,432 Post-employment benefits (pension contributions) \u2013 12 Gains on exercise of share options \u2013 656 Share-based payments charge 139 153 1,304 2,253 Pension No Directors are a member of the Group\u2019s defined contribution pension schemes (2022: one). Two Directors receive additional salary in lieu of pension contributions. Share options No Directors exercised options over shares in the Group (2022: two). Highest paid director Remuneration of the highest paid Director was \u00a30.5 million (2022: \u00a30.4 million), including pension contributions of \u00a3nil (2022: \u00a3nil). The highest paid Director exercised no share options in the year (2022: nil). Further information about the remuneration of individual Directors is provided in the Directors\u2019 Remuneration Report. Aggregate Executive Directors\u2019 remuneration 2023 (\u00a3000s) 2022 (\u00a3000s) Short-term employee benefits (emoluments) 890 1,094 Post-employment benefits (pension contributions) \u2013 12 Gains on exercise of share options \u2013 656 Share-based payments charge 139 153 1,029 1,915 ",
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"fact-372": {
"value": "27. Acquisitions There were no acquisitions during the year ended 31 March 2023. Prior year acquisitions Cloudator On 1 June 2021, Kainos acquired the entire share capital of Cloudator OY and its five subsidiaries. Founded in 2011 in Helsinki, Finland, Cloudator offers services for the full suite of Workday enterprise cloud applications, including Workday Financial Management, Workday Human Capital Management and Workday Adaptive Planning. Cloudator is one of the most experienced Workday Services Partners in the Nordics with projects spanning the globe. The acquisition of Cloudator's Workday division further increases Kainos' Workday presence in Europe. From 1 June 2021 to 31 March 2022, Cloudator has contributed revenue of \u00a33.9 million and a profit of \u00a30.7 million. If the acquisition had incurred on 1 April 2021, management estimates that revenue for the 12 months ended 31 March 2022 would have been \u00a34.6 million and \u00a30.9 million profit would have been recognised for this period. The following table summarises the recognised amounts of assets and liabilities assumed at the acquisition date. The purchase price adjustment with respect to the final working capital statement was included on a provisional pending in the prior year financial statements but is now finalised. Fair value (\u00a3000s) Right-of-use asset 358 Trade and other receivables 778 Accrued income 201 Cash and cash equivalents 1,551 Trade and other payables (2,572) Lease liabilities (358) Deferred tax liabilities (135) Deferred revenue (191) Intangible assets 675 FAIR VALUE OF IDENTIFIABLE NET LIABILITIES 307 Goodwill 8,351 TOTAL CONSIDERATION 8,658 SATISFIED BY: (\u00a3000s) Cash 8,782 Purchase price adjustment (124) TOTAL CONSIDERATION 8,658 OUTFLOW OF CASH AND CASH EQUIVALENTS (\u00a3000s) Cash consideration 8,782 Less cash and equivalents acquired (1,551) NET CASH OUTFLOW 7,231 Goodwill Goodwill arising on the acquisition reflects the future economic benefits arising from assets that are not capable of being identified individually and recognised as separate assets. The goodwill reflects the skilled and assembled workforce of the acquired entity and the anticipated profitability and synergistic benefits arising from the combination. None of the goodwill recognised is expected to be deductible for tax purposes. Acquisition-related costs The Group incurred acquisition-related costs of \u00a30.5 million on legal and due diligence costs. These costs have been included in operating expenses in the year ended 31 March 2022. Une Consulting On 1 September 2021, the Group acquired 100% of the share capital of Argentina-based Une Consulting SRL and the trade and assets of Une Consulting LLC (\u2018Une\u2019). Une has an experienced team of consultants who are working across multiple international projects in the Americas, as well as Europe and Asia. The acquisition adds to Kainos' growing presence in North and South America, whilst enhancing the Group\u2019s ability to bring value to its customers. From 1 September 2021 to 31 March 2022, Une has contributed revenue of \u00a31.6 million and \u00a30.8 million profit for the period. If the acquisition had incurred on 1 April 2021, management estimates that revenue for the 12 months ended 31 March 2022 would have been \u00a32.8 million and profit for that period would have been \u00a31.3 million. The following table summarises the recognised amounts of assets and liabilities assumed at the acquisition date. Fair value (\u00a3000s) Property, plant and equipment 275 Cash and cash equivalents 76 Trade and other receivables 159 Trade and other payables (128) FAIR VALUE OF NET IDENTIFIABLE ASSETS 382 Goodwill 1,916 TOTAL CONSIDERATION 2,298 SATISFIED BY: (\u00a3000s) Cash 1,012 Shares issued (64,767 ordinary shares) 1,286 TOTAL CONSIDERATION 2,298 (\u00a3000s) Cash consideration 1,012 Less cash and equivalents acquired (76) NET CASH OUTFLOW 936 Shares issued The fair value of ordinary shares issued was based on the listed share price on 1 September 2021, the effective date of control (\u00a319.86 per share). Goodwill Goodwill has arisen on the acquisition and reflects the future economic benefits arising from assets that are not capable of being identified individually and recognised as separate assets. The goodwill reflects the skilled and assembled workforce of the acquired entity and the anticipated profitability and synergistic benefits arising from the combination. None of the goodwill recognised is expected to be deductible for tax purposes. Acquisition-related costs The Group incurred acquisition-related costs of \u00a30.2 million on legal and due diligence costs. These costs have been included in operating expenses in the year ended 31 March 2022. Blackline Group Inc. On 1 January 2022, the Group acquired 100% of the share capital of United States-based Blackline Group. Established in 2009 and headquartered in Washington state, Blackline Group is a speciality services firm that focuses on procurement and is an experienced advisory partner for Workday Strategic Sourcing (formerly Scout RFP). The acquisition of Blackline Group further strengthens Kainos' capabilities in the Workday, Inc.\u2019s ecosystem and will allow Kainos to offer best-in- class Workday Strategic Sourcing advisory services to its customers, complementing its already deep expertise across Workday Financial Management, Workday Human Capital Management and Workday Adaptive Planning. The acquisition will further enhance Kainos' Workday presence in North America and Europe by adding over 50 spend management and procurement consultants from Blackline Group who will support the expansion of Kainos' Workday capabilities, client base, and expertise. From 1 January 2022 to 31 March 2022, Blackline Group has contributed revenue of \u00a32.2 million and \u00a30.4 million profit for the period. If the acquisition had incurred on 1 April 2021, management estimates that revenue for the 12 months ended 31 March 2022 would have been \u00a38.7 million and profit for that period would have been \u00a31.7 million. The following table summarises the recognised amounts of assets and liabilities assumed at the acquisition date. The purchase price adjustment with respect to the final working capital statement was included on a provisional pending in the prior year financial statements but can now be considered final. Fair value (\u00a3000s) Property, plant and equipment 32 Cash and cash equivalents 328 Trade and other receivables 226 Deferred income (239) Trade and other payables (405) Intangible assets 3,719 FAIR VALUE OF NET IDENTIFIABLE ASSETS 3,661 Goodwill 5,366 TOTAL CONSIDERATION 9,027 Satisfied by: (\u00a3000s) Cash 8,929 Purchase price adjustment 98 TOTAL CONSIDERATION 9,027 OUTFLOW OF CASH AND CASH EQUIVALENTS (\u00a3000s) Cash consideration 8,929 Less cash and equivalents acquired (328) NET CASH OUTFLOW 8,601 Goodwill Goodwill has arisen on the acquisition and reflects the future economic benefits arising from assets that are not capable of being identified individually and recognised as separate assets. The goodwill reflects the skilled and assembled workforce of the acquired entity and the anticipated profitability and synergistic benefits arising from the combination. None of the goodwill recognised is expected to be deductible for tax purposes. Acquisition-related costs The Group incurred acquisition-related costs of \u00a30.3 million on legal and due diligence costs. These costs have been included in operating expenses. Planalyse On 9 February 2022, Kainos BV entered into a customer referral agreement with Planalyse BV (\u2018Planalyse\u2019), a Netherlands- based Workday Adaptive Planning partner. As part of the agreement, Planalyse referred all existing customers to Kainos BV, and the Group welcomed their six existing employees. Although not a material transaction in the context of the prior year financial statements, it is worthy of note given this transaction further strengthened Kainos\u2019 Workday Adaptive Planning delivery capabilities across Europe. Compensation for post-combination services In respect of previous acquisitions of the Group, additional compensation for post-combination services of up to \u00a33.7 million (2022: \u00a38.6 million) will be payable in future periods to January 2025, subject to future service conditions being met. Amounts relating to compensation for post-combination services are recognised as an expense over the service period. During the year, a charge of \u00a34.2 million (2022: \u00a35.5 million) has been recognised for compensation for post-combination services in operating expenses. Of this amount \u00a33.2 million (2022: \u00a33.0 million) relates to share-based payment arrangements and has been credited to equity. ",
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"fact-373": {
"value": "28. Subsequent events There have been no significant events subsequent to year end that would require adjustment or disclosure in these consolidated financial statements.",
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}