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"fact-339": {
"value": "NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 1. SIGNIFICANT ACCOUNTING POLICIES Statement of compliance PageGroup plc is a company incorporated in the United Kingdom under the Companies Act. Under that law the Directors have elected to prepare the Group and parent company financial statements in accordance with UK- adopted international accounting standards (\u201cIFRSs\u201d). Basis of preparation The financial statements of PageGroup plc consolidate the results of the Company and all its subsidiary undertakings. As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the Company has not been included as part of these financial statements. The Company\u2019s profit for the financial year amounted to \u00a3150.8m (2021: \u00a367.2m). The Group\u2019s consolidated financial statements have been prepared on an accruals basis and under the historical cost convention, except for the revaluation of derivatives. The Group\u2019s financials are presented in Sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000) except when otherwise indicated. Based on review of historic practices and future plans, management has made certain restatements to the parent company\u2019s comparative disclosures. Refer to Note 23 for further details. Basis of consolidation
(i) Subsidiaries
The consolidated financial statements
comprise the financial statements of
the Group and its subsidiaries as at 31
December 2022. Control is achieved when
the Group is exposed, or has rights, to
variable returns from its involvement with the
investee and has the ability to affect those
returns through its power over the investee.
(ii) Transactions eliminated on
consolidation
Intragroup balances and any unrealised
gains and losses or income and expenses
arising from intragroup transactions, are
eliminated in preparing the consolidated
financial statements. Unrealised losses are
eliminated in the same way as unrealised
gains, but only to the extent that there is no
evidence of impairment.
(iii) Employee Benefit Trust
Shares in PageGroup plc held by the trust
are shown as a reduction in Shareholders\u2019
funds.
(iv) Changes in accounting policy \u2013 new
accounting standards, interpretations
and amendments
The accounting policies adopted are
consistent with those of the previous
financial years except for the following
amendments to IFRS effective as of
1 January 2022:
\u2022 Annual Improvements to IFRS
Standards 2018-2020
The adoption of these accounting standards
or interpretations did not have any impact on
the accounting policies, financial position or
performance of the Group.
Standards issued but not yet effective
The standards and interpretations that
are issued, but not yet effective, up to the
date of issuance of the Group\u2019s financial
statements are disclosed below. The
Group intends to adopt these standards, if
applicable, when they become effective.
\u2022 Amendments to IAS 1: Classification
of Liabilities as Current or Non-current;
effective date 1 January 2024
\u2022 Amendments to IAS 1: Non-current
liabilities with Covenants; effective date
1 January 2024
\u2022 Amendments to IAS 12: Deferred Tax
related to Assets and Liabilities arising
from a single transaction; effective date
1 January 2023
\u2022 Amendments to IAS 1 and IFRS
Practices Statement 2 - Disclosure of
accounting policies; effective date
1 January 2023
The amendments are not expected to have
a material impact on the Group.
Going concern
The Board has undertaken a review of the
Group\u2019s forecasts and associated risks and
sensitivities, in the period from the date of
approval of the financial statements to March
2024 (review period).
The Group had \u00a3131.5m of cash as at
31 December 2022, with no debt except
for IFRS 16 lease liabilities of \u00a3109.8m.
Debt facilities relevant to the review period
comprise a committed \u00a380m RCF maturing
December 2027, an uncommitted UK
trade debtor discounting facility (up to
\u00a350m depending on debtor levels) and
an uncommitted \u00a320m UK bank overdraft
facility.
Despite the macroeconomic and political
uncertainty that currently exists, and its
inherent risk and impact on the business,
based on the analysis performed there are
no plausible downside scenarios that the
Board believes would cause a liquidity issue.
As a result, given the strength of
performance in 2022, the level of cash
in the business and Group\u2019s borrowing
facilities, the geographical and discipline
diversification, limited Customer
concentration risk, as well as the ability
to manage the cost base, the Board has
concluded that the Group has adequate
resources to continue in operational
existence for the period through to 31 March
2024.
a) Revenue and income recognition
Revenue, which excludes value added
tax (VAT), constitutes the value of services
undertaken by the Group from its principal
activities, which are recruitment consultancy
and other ancillary services. These consist
of:
\u2022 revenue from temporary placements,
which represents amounts billed for the
services of temporary staff, including
the salary cost of these staff. This is
recognised when the service has been
provided;
\u2022 revenue from permanent placements
is typically based on a percentage of
the candidate\u2019s remuneration package
and is derived from both retained
assignments (income recognised on
completion of defined stages of work)
and non-retained assignments (income
recognised at the date an offer is
accepted by a candidate and where a
start date has been determined). The
latter includes revenue anticipated,
but not invoiced, at the balance
sheet date, which is correspondingly
accrued on the balance sheet within
accrued income. A provision is made
against accrued income for possible
cancellations of placements prior to,
or shortly after, the commencement of
employment; and
\u2022 revenue from amounts billed to
clients for expenses incurred on their
behalf (principally advertisements)
is recognised when the expense is
incurred.
The present value of revenue recognised
is equal to the cash funds receivable as
invoices are settled within a year of initial
recognition. Interest income is accrued on
a time basis, by reference to the principal
outstanding and at the effective interest rate
applicable.
b) Cost of sales
Cost of sales consists of the salary cost of
temporary staff and costs incurred on behalf
of clients, principally advertising costs.
c) Gross profit
Gross profit represents revenue less cost
of sales and consists of the total placement
fees of permanent candidates, the margin
earned on the placement of temporary
candidates and the margin on advertising
income.
d) Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of
each of the Group\u2019s entities are measured
using the currency of the primary economic
environment in which the entity operates
(\u201cthe functional currency\u201d). The consolidated
financial statements are presented in
Sterling, which is the Company\u2019s functional
and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated
into the respective functional currency using
the exchange rates prevailing at the dates of
the transactions.
Foreign exchange gains and losses resulting
from the settlement of such transactions and
from the translation at year end exchange
rates of monetary assets and liabilities
denominated in foreign currencies are
recognised in the income statement.
(iii) Group companies
The results and financial position of all
the Group entities (none of which has the
currency of a hyperinflationary economy) that
have a functional currency different from the
presentation currency are translated into the
presentation currency as follows:
\u2022 assets and liabilities for each balance
sheet presented are translated at the
closing rate at the date of that balance
sheet;
\u2022 income and expenses for each income is amortised at 20% per annum unless it is the default (a lifetime ECL). income statement, except when it relates to In calculating the present value of lease recorded and allocated on an arms-length statement are translated at average considered to have a shorter life, in which items charged or credited directly to OCI or payments, the Group uses the incremental basis. For trade receivables and contract assets, exchange rates; and case the period of amortisation is reduced. equity, in which case the deferred tax is also borrowing rate at the lease commencement the Group applies a simplified approach m) Dividend distribution The cumulative amount of goodwill written dealt with in OCI or equity. date if the interest rate implicit in the \u2022 all resulting exchange differences are in calculating ECLs. Therefore, the Group off directly to retained earnings in respect of lease is not readily determinable. After the Dividend distribution to the Company\u2019s recognised in other comprehensive does not track changes in credit risk, but Deferred tax assets and liabilities are offset acquisitions prior to 31 December 1997 is commencement date, the amount of lease Shareholders is recognised as a liability in income. instead recognises a loss allowance based when there is a legally enforceable right to \u00a3311.7m (2021: \u00a3311.7m). liabilities is increased to reflect the accretion the Group\u2019s financial statements in on lifetime ECLs at each reporting date. The set off current tax assets against current tax e) Intangible assets of interest and reduced for the lease the period in which the dividends are f) Property, plant and equipment Group has established a provision matrix liabilities and when they relate to income payments made. approved by (for final dividends) or paid (i) Goodwill that is based on its historical credit loss taxes levied by the same taxation authority Property, plant and equipment are stated at to (for interim dividends) the Company\u2019s experience, adjusted for forward-looking and the Group intends to settle its current In addition, the carrying amount of lease Goodwill represents the excess of the cost original cost less accumulated depreciation. Shareholders. factors specific to the debtors and the tax assets and liabilities on a net basis. liabilities is remeasured if there is a of an acquisition over the fair value of the Depreciation is calculated to write off the economic environment as well as potential modification, a change in the lease term, n) Share-based compensation Group\u2019s share of the net identifiable assets cost less estimated residual value of each j) Pension costs cancellations. a change in the in-substance fixed lease of the acquired subsidiary at the date of asset evenly over its expected useful life at The Group operates a number of equity- The Group operates defined contribution payments or a change in the assessment to acquisition. Goodwill on the acquisition the following rates: i) Taxation settled, share-based compensation plans. pension schemes. The assets of the purchase the underlying asset. of subsidiaries is included in intangible The accounting treatments for the Group Leasehold improvements 10% per annum or Income tax expense represents the sum of schemes are held separately from those of assets. Goodwill is stated at cost less any (iii) Short-term leases and leases of low-value and parent company are described below: period of lease if shorter the current tax and deferred tax charges. the Group in independently administered accumulated impairment losses. Goodwill assets The tax currently payable is based on funds. The pension costs charged to (i) Share option schemes is allocated to cash-generating units and is Furniture, fixtures and equipment 10-20% taxable profit for the year. Taxable profit the income statement represent the The Group applies the short-term lease not amortised, but is tested at least annually per annum The fair value of the employee services differs from profit as reported in the income contributions payable by the Group to the recognition exemption to its short-term for impairment (see accounting policy h). received in exchange for the grant of the Motor vehicles 25% per annum statement because it excludes items of funds during each period. leases of machinery and equipment (i.e. Gains and losses on the disposal of an entity options is recognised as an expense in income or expense that are taxable or those leases that have a lease term of 12 include the carrying amount of goodwill g) Investments k) Leases the income statement of the Group with deductible in other years and it further months or less from the commencement relating to the entity sold. a corresponding adjustment to equity. In Fixed asset investments are stated at cost excludes items that are never taxable or (i) Right-of-use assets date and do not contain a purchase option). the parent company, it is capitalised as an (ii) Computer software less provision for impairment. deductible. The Group\u2019s liability for current It also applies the lease of low-value assets The Group recognises right-of-use assets at investment, with a corresponding adjustment tax is calculated using tax rates that have recognition exemption to leases of office Computer software acquired separately h) Impairment of assets the commencement date of the lease (i.e. to equity. The total amount to be expensed been enacted or substantively enacted by equipment that are considered of low value is measured on initial recognition at cost. the date the underlying asset is available over the vesting period is determined by Computer software developed by the Group (i) Non-financial assets the balance sheet date. (i.e. below \u00a35,000). Lease payments on for use). Right-of-use assets are measured reference to the fair value of the options short-term leases and leases of low-value is measured at the cost incurred in relation Assets that have an indefinite useful life are Deferred tax is recognised on differences at cost, less any accumulated depreciation granted, excluding the impact of any non- assets are recognised as expense on a to the development of software and related not subject to amortisation and are tested between the carrying amounts of assets and impairment losses, and adjusted for any market vesting conditions (for example, straight-line basis over the lease term. applications. Costs are capitalised when annually for impairment. An impairment and liabilities in the financial statements remeasurement of lease liabilities. The cost earnings per share). Non-market vesting they fulfil the criteria in IAS 38 regarding loss is recognised for the amount by which and the corresponding tax bases used in of right-of-use assets includes the amount iv) Judgement in determining the lease term conditions are included in assumptions internally developed intangible assets. The the asset\u2019s carrying amount exceeds its the computation of taxable profit and is of lease liabilities recognised, initial direct of contracts with renewal options about the number of options that are Group applies judgement, which is not recoverable amount. accounted for using the balance sheet costs incurred, and lease payments made at expected to become exercisable. The Group determines the lease term as the considered as significant, in capitalising liability method. or before the commencement date less any non-cancellable term of the lease, together At each balance sheet date, the estimate the development cost by assessing if it will The recoverable amount is the higher of lease incentives received. Unless the Group Deferred tax liabilities are generally with any periods covered by an option to generate probable future economic benefits. an asset\u2019s fair value less costs to sell and of the number of options that are expected is reasonably certain to obtain ownership Costs which are incurred after the release of value in use. For the purposes of assessing recognised for all taxable temporary extend the lease if it is reasonably certain to become exercisable is revised. The of the leased asset at the end of the lease software or costs which are incurred in order impairment, assets are grouped at the differences and deferred tax assets are to be exercised, or any periods covered Group recognises the impact of the term, the recognised right-of-use assets are lowest levels for which there are separately recognised to the extent that it is probable by an option to terminate the lease, if it is revision of original estimates, if any, in the to enhance existing products are expensed depreciated on a straight-line basis over the identifiable cash flows (cash-generating that taxable profits will be available against reasonably certain not to be exercised. income statement, and the corresponding in the period in which they are incurred. shorter of its estimated useful life and the units). which deductible temporary differences can adjustment to equity over the remaining lease term. Right-of-use assets are subject The Group has the option, under some of (iii) Software under construction be utilised. Such assets and liabilities are not vesting period. (ii) Financial assets to impairment. its leases to lease the assets for additional recognised if the temporary difference arises Software under construction relates to cost terms of three to ten years. The Group (ii) Management Incentive Plan from goodwill or from the initial recognition (ii) Lease liabilities capitalised in relation to the development The Company and Group recognises an applies judgement in evaluating whether it allowance for expected credit losses (ECLs) (other than in a business combination) of Where deferred awards are made to of a new operating system and related At the commencement date of the lease, the is reasonably certain to exercise the option for all debt instruments not held at fair value other assets and liabilities in a transaction Directors and senior executives under the applications. Costs are capitalised when they Group recognises lease liabilities measured to renew. That is, it considers all relevant through profit or loss. ECLs are based on that affects neither the taxable profit nor the Management Incentive Plan, to reflect that fulfil the criteria in IAS 38 regarding internally at the present value of lease payments to be factors that create an economic incentive the difference between the contractual accounting profit. the awards are for services over a longer developed intangible assets. While still under made over the lease term. for it to exercise the renewal. After the cash flows due in accordance with the period, the value of the expected award construction, assets are tested for impairment Deferred tax liabilities are recognised for commencement date, the Group reassesses contract and all the cash flows that the The lease payments include fixed payments is charged to the income statement of the annually. Assets are moved from software taxable temporary differences arising on the lease term if there is a significant event Group on a straight-line basis over the under construction to computer software Group expects to receive, discounted at an (including in-substance fixed payments) less investments in subsidiaries, except where or change in circumstances that is within its vesting period to which the award relates. In when they become available for use. approximation of the original effective any lease incentives receivable, variable the Group is able to control the reversal of control and affects its ability to exercise (or interest rate. lease payments that depend on an index or the Parent Company, it is capitalised as an the temporary difference and it is probable not to exercise) the option to renew (iv) Trademark a rate, and amounts expected to be paid investment in the subsidiary that is receiving ECLs are recognised in two stages. For that the temporary difference will not reverse (e.g. a change in business strategy). under residual value guarantees. The lease the employee service, with a corresponding Acquired trademarks are stated at cost credit exposures for which there has not in the foreseeable future. The carrying payments also include the exercise price of l) Segment reporting adjustment to equity. and are written down over five years on a been a significant increase in credit risk amount of deferred tax assets is reviewed a purchase option reasonably certain to be straight-line basis, which represents the since initial recognition, ECLs are provided at each balance sheet date and reduced to IFRS 8 requires operating segments to be (iii) Employee Single Incentive Plan (ESIP) exercised by the Group and payments of estimated useful life of the intangible. for credit losses that result from default the extent that it is no longer probable that identified on the basis of internal reports Awards under the ESIP are paid in cash penalties for terminating a lease, if the lease sufficient taxable profits will be available. about components of the Group that are (v) Amortisation events that are possible within the next (40%) and Shares (60%), which vest in 3 term reflects the Group exercising the option 12 months (a 12-month ECL). For those regularly reviewed by the Board to allocate Deferred tax is calculated at the tax rates tranches over a 3 year period. The value of to terminate. The variable lease payments Amortisation is charged to the income credit exposures for which there has been a resources to the segments and to assess that are expected to apply in the period expected award is charged to the income that do not depend on an index or a rate statement on a straight-line basis over the significant increase in credit risk since initial their performance. Information provided to when the liability is settled or the asset statement of the Group relative to these are recognised as expense in the period on estimated useful lives of intangible assets recognition, a loss allowance is required for the Board is focused on regions and as a realised. vesting periods. which the event or condition that triggers the unless such lives are indefinite. Goodwill has credit losses expected over the remaining life result, reportable segments are on a regional payment occurs. an indefinite useful life. Computer software of the exposure, irrespective of the timing of Deferred tax is charged or credited to the basis. Transactions between segments are it becomes probable that the tax losses and deductible temporary differences will be utilised. In making assessments regarding deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, the availability to carry back losses and tax planning strategies. At 31 December 2022, based upon the projections for future taxable income over the periods in which deferred tax assets are deductible, management believes that it is more likely than not that PageGroup will realise the benefits of these deductible differences. The amount of deferred tax assets considered realisable could however be reduced in subsequent years if estimates of future taxable income during their carry forward periods are reduced, or rulings by the tax authorities are unfavourable. Estimates are therefore subject to change due to both market-related and government- related uncertainties, as well as PageGroup\u2019s own future decisions. (iii) Uncertain tax positions Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate using management\u2019s estimate of the most likely outcome. Where management determines that a greater than 50% probability exists that the tax authorities would accept the position taken in the tax return, amounts are recognised in the consolidated financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability or asset based on either: management\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability weighted average approach. The Group recognises interest on late paid taxes as part of financing costs. The Group recognises penalties, if applicable, as part of administrative and other expenses. These estimates include significant management judgements about the probable outcome of uncertain tax positions. Management base their judgements on the latest information available about the positions expected to be taken by each tax authority. Actual outcomes and settlements may differ significantly from the estimates recorded in these consolidated financial statements. This may affect income tax expense reported in future years\u2019 consolidated income statements. The uncertain tax position provision recognised as at 31 December 2022 is \u00a33.0m (2021: \u00a33.4m). t) Employee Benefit Trust The Employee Benefit Trust is considered a separate legal entity and not an extension of the parent company. It is included in the consolidated results of the Group as it is deemed to have control of the entity. 2. SEGMENT REPORTING All revenues disclosed are derived from external Customers. The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in Note 1. Segment operating profit represents the profit earned by each segment including allocation of central administration costs. This is the measure reported to the Group\u2019s Board, the chief operating decision maker, for the purpose of resource allocation and assessment of segment performance. Segments are aggregated in accordance with management ownership, determined by the possession of similar characteristics such as geography, market maturity and economic environment. No judgements were applied to identify the reportable segments. (a) Revenue, gross profit and operating profit by reportable segment 2022 Revenue \u00a3\u2019000 Gross profit \u00a3\u2019000 Operating profit \u00a3\u2019000 EMEA 1,069,346 538,488 122,079 Asia Pacific 318,359 195,276 35,244 Americas 282,942 193,397 17,885 United Kingdom 319,640 149,133 20,871 Operating profit \u2013 \u2013 196,079 Net financial expense \u2013 \u2013 (1,713) 1,990,287 1,076,294 194,366 2021 Revenue \u00a3\u2019000 Gross profit \u00a3\u2019000 Operating profit \u00a3\u2019000 EMEA 869,574 431,960 93,435 Asia Pacific 282,008 179,296 39,004 Americas 220,671 138,520 19,163 United Kingdom 271,487 127,944 16,908 Operating profit \u2013 \u2013 168,510 Net financial expense \u2013 \u2013 (1,865) 1,643,740 877,720 166,645 The above analysis by destination is not materially different to the analysis by origin. (iv) Tax on share schemes Where options or shares are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to local tax authorities are accounted for as a deduction from equity for the shares withheld. o) Deferred cash bonus The Group operates a bonus scheme for some members of staff whereby bonuses are deferred for three years from date of award. The bonuses are paid in full if the employee remains employed for the entire three-year period. p) Repurchase of share capital When share capital recognised as equity is repurchased, the amount of the consideration paid, including any directly attributable costs, is recognised as a change in equity. q) Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material. r) Financial assets and liabilities Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. The Group\u2019s financial assets at amortised cost includes trade and other receivables. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Cash and cash equivalents includes cash-in- hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Prepayments and Accrued Income are held at amortised cost. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and derivative financial instruments. Financial liabilities are classified, at initial recognition, as financial liabilities through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has derivative contracts at the balance sheet date that have been valued at fair value through the income statement. s) Areas of accounting estimation The preparation of financial statements in conformity with IFRS requires the use of certain accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the Company\u2019s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures on pages 43 to 48 this year and the stated net zero targets. These considerations did not have a material impact on the financial reporting judgements and estimates. In particular, management has considered the impact of climate change in respect of the following areas: \u2022 the Group\u2019s going concern assessment to March 2024 and viability of the Group over the next three years; \u2022 cash flow forecasts used in the impairment assessment of non-current assets including goodwill; \u2022 carrying value and useful economic lives of plant, property and equipment and intangibles. Whilst there is no medium-term impact expected from climate change, management is aware of the ever-evolving risks associated with climate change and will continue to monitor these and their impact on the judgements and estimates made in the Group\u2019s Consolidated Financial Statements. The following are areas where appropriate accounting necessarily involves management judgement and estimation. However, none of the estimates described are considered to have a significant risk of resulting in a material adjustment to the carrying amount of the related assets and liabilities within the next financial year. Accordingly, they are not considered to be major sources of estimation uncertainty. (i) Trade and other receivables There is uncertainty regarding Customers who may not be able to pay as their invoices fall due as at 31 December 2022. In total the Group holds \u00a3320.8m of Gross Trade Receivables (2021: \u00a3265.7m). A provision for \u00a313.0m (2021: \u00a311.1m) has been recognised based on the expected credit losses, cancellations or balances which are in litigation. In reviewing the appropriateness of the provisions in respect of recoverability of trade receivables, consideration has been given to the economic climate in the respective markets, the ageing of the debt and the potential likelihood of default. If the economic climate were to deteriorate across a number of countries the portfolio could be impaired by an amount greater than materiality. This scenario is however considered sufficiently remote such that no reasonably possible changes in assumptions are likely to cause material further impairment next year. Please see note 21 for an analysis of expected credit losses and cancellations. (ii) Deferred Tax At 31 December 2022, PageGroup\u2019s deferred tax assets are \u00a318.6m (2021: \u00a319.3m). The ultimate realisation of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or in which tax losses can be utilised. The tax effect of deductible temporary differences and unused tax losses are recognised as a deferred tax asset when The analysis below is of the carrying amount of reportable segment assets, liabilities and non-current assets. Segment assets and liabilities (c) Revenue and gross profit generated from permanent and temporary placements include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Revenue Gross profit The individual reportable segments exclude income tax assets and liabilities. Non-current assets include property, plant and equipment, 2022 2021 2022 2021 computer software, goodwill and other intangibles. \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 (b) Segment assets, liabilities, non-current assets and capital expenditure by reportable segment Permanent 832,014 682,233 826,321 676,099 Total assets Total liabilities Temporary 1,158,273 961,507 249,973 201,621 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1,990,287 1,643,740 1,076,294 877,720 EMEA 338,251 285,573 248,585 201,748 Asia Pacific 128,299 132,995 69,995 64,405 d) Revenue generated by permanent and temporary placements by reportable segment Americas 116,647 94,581 60,635 43,789 Permanent Temporary Year ended Year ended Year ended Year ended United Kingdom 194,514 198,096 45,476 52,171 31 December 31 December 31 December 31 December 2022 2021 2022 2021 Segment assets/liabilities 777,711 711,245 424,691 362,113 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Income tax 17,233 13,214 18,050 22,241 EMEA 380,002 303,762 689,344 565,812 794,944 724,459 442,741 384,354 Asia Pacific 170,029 158,329 148,330 123,679 Americas 170,970 123,545 111,972 97,126 Property, plant and United Kingdom 111,013 96,597 208,627 174,890 equipment Intangible assets 832,014 682,233 1,158,273 961,507 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 The analyses in notes (e) revenue and gross profit by discipline (being the professions of candidates placed) and (f) revenue and gross profit by EMEA 14,072 10,571 2,296 2,247 strategic market have been included as additional disclosure over and above the requirements of IFRS 8 \u201cOperating Segments\u201d. Strategic markets are defined in the Strategic Review on pages 15 to 16. Asia Pacific 6,194 4,318 110 279 (e) Revenue and gross profit by discipline Americas 7,378 5,325 5 \u2013 Revenue Gross profit United Kingdom 8,479 4,622 37,589 46,639 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 36,123 24,836 40,000 49,165 Accounting and Financial Services 720,783 609,012 343,659 281,549 Legal, Technology, HR, Secretarial and other 667,543 511,466 334,772 260,819 Right-of-use assets Lease liabilities Engineering, Property & Construction, Procurement & Supply Chain 400,959 349,770 251,686 207,200 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Marketing, Sales and Retail 201,002 173,492 146,177 128,152 EMEA 61,760 54,413 65,136 57,143 1,990,287 1,643,740 1,076,294 877,720 Asia Pacific 17,415 16,132 20,042 17,154 (f) Revenue and gross profit by strategic market Americas 11,950 10,692 14,434 13,432 Revenue Gross profit 2022 2021 2022 2021 United Kingdom 9,871 13,719 10,220 14,611 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 100,996 94,956 109,832 102,340 Large, Proven markets 1,015,599 867,634 483,627 406,618 Large, High Potential markets 688,925 551,547 417,296 332,539 Medium and Small, High Margin markets 285,763 224,559 175,371 138,563 The below analysis in note (c) and (d) relates to the requirement of IFRS 15 to disclose disaggregated revenue by streams and region. 1,990,287 1,643,740 1,076,294 877,720 3. PROFIT FOR THE YEAR
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Profit for the year is stated after charging:
Employment costs (Note 4) 682,467 554,753
Net exchange losses 3,184 6,891
Depreciation of property, plant and equipment \u2013 owned (Note 10) 11,230 8,213
Amortisation of intangibles (Note 12) 13,509 10,217
Expected credit losses (Note 22) 25,265 17,920
Expected credit losses recovered / reversed (Note 22) (20,477) (15,862)
Loss/(Profit) on sale of property, plant and equipment and computer software 4,398 (59)
Depreciation of right-of-use assets (Note 11) 35,853 35,298
Fees payable to the Company\u2019s auditor:
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 860 433
Fees payable to the Company\u2019s auditor and associates for other services:
\u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation 802 755
Total audit fees 1,662 1,188
\u2013 Audit related assurance services 58 52
\u2013 Other non-audit services 7 7
Total non-audit fees 65 59
Total fees 1,727 1,247
4. EMPLOYEE INFORMATION
The average number of employees (including Executive Directors) during the year and total number of employees (including Executive
Directors) at 31 December 2022 were as follows:
2022
Average
No.
2021
Average
No.
At 31 Dec
2022
No.
At 31 Dec
2021
No.
Management
416 356 445 376
Client services
6,341 5,220 6,498 5,705
Administration
1,952 1,643 2,077 1,757
8,709 7,219 9,020 7,838
Employment costs (including Directors\u2019 emoluments) comprised:
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Wages and salaries 583,683 471,918
Social security costs 64,077 51,523
Pension costs \u2013 defined contribution plans 24,252 18,736
Share-based payments and deferred cash plan 10,455 12,576
682,467 554,753
No staff are employed by the parent company (2021: none) hence no remuneration has been disclosed for the Company. Remuneration for
Directors for their services on behalf of the parent company are included in the Directors\u2019 Remuneration Report on pages 99 to 126.
5. FINANCIAL INCOME/(EXPENSES)
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Financial income
Interest receivable 1,104 290
1,104 290
Financial expenses
Interest payable (1,213) (841)
Interest on lease liabilities (1,604) (1,314)
(2,817) (2,155)
6. INCOME TAX EXPENSE
The charge for taxation is based on the effective annual tax rate of 28.5% on profit before tax (2021: 29.0%).
Analysis of charge in the year
2022
\u00a3\u2019000
2021
\u00a3\u2019000
UK income tax at 19.00% (2021: 19.00%) for year 15,425 11,776
Overseas income tax 39,501 42,303
Adjustments in respect of prior years (1,861) (3,214)
53,065 50,865
Deferred tax
Adjustment in respect of prior years 1,341 (1,673)
Origination and reversal of temporary differences (3,622) (6,684)
Derecognition of losses and other tax attributes 4,688 5,481
Impact of tax rate changes (118) 300
Deferred tax income 2,289 (2,576)
Total tax expense in the income statement 55,354 48,289
Reconciliation of effective tax rate
2022
\u00a3\u2019000 %
2021
\u00a3\u2019000 %
Profit before taxation 194,366 166,645
Profit before tax multiplied by the standard rate of corporation tax in the UK 36,930 19.0 31,663 19.0
Effects of:
Disallowable items and other permanent differences 2,193 1.1 2,395 1.4
Unrelieved overseas losses 895 0.5 1,855 1.1
Derecognition/(recognition) of overseas losses and other tax attributes 3,792 2.0 3,626 2.2
Other tax movements (790) (0.4) 392 0.2
Higher tax rates on overseas earnings 5,141 2.6 6,139 3.7
Other tax overseas 7,831 4.0 6,805 4.1
Movement of rate difference (118) (0.1) 301 0.2
Adjustment to tax charge in respect of prior periods (520) (0.3) (4,887) (2.9)
Tax expense and effective rate for the year 55,354 28.5 48,289 29.0
Tax recognised directly in equity
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Relating to settled transactions (706) 1,387
We have generated profits in overseas countries which have higher tax rates and are subject to additional taxes on profits which have contributed
6.7% to the tax rate in 2022. Disallowable and other permanent differences are broadly in line with prior years and net derecognition of overseas
losses and other tax attributes that we could not recognise due to the requirement to have profits against which to offset in the foreseeable future
increase the rate by 2.4%. Adjustments in respect of prior periods are one-off in nature and had a negligible impact. These factors add to the basic
UK rate of 19% to give the total effective tax rate of 28.5%.
The corporation tax rate will increase to 25% (from 19%) on 1 April 2023. This was previously enacted in 2021 and UK deferred taxes at the
balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
7. CURRENT TAX ASSETS AND LIABILITIES
The current tax asset of \u00a317.2m (2021: \u00a313.2m), and current tax liability of \u00a318.1m (2021: \u00a322.2m) for the Group, and current tax asset and liability
of \u00a3nil (2021: \u00a3nil) for the parent company, represent the amount of income taxes recoverable and payable in respect of current and prior periods.
The Group maintains a provision in relation to disputes and uncertain tax positions, including transfer pricing, which is included in the current tax
liability.
8. DIVIDENDS
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2021 of 10.30p per Ordinary share (2020: 0.00p)
32,740 \u2013
Interim dividend for the year ended 31 December 2022 of 4.91p per Ordinary share (2021: 4.70p)
15,607 14,998
Special dividend for the year ended 31 December 2022 of 26.71p per Ordinary share (2021: 26.71p)
84,900 85,232
133,247 100,230
Amounts proposed as distributions to equity holders in the year:
Proposed final dividend for the year ended 31 December 2022 of 10.76p per Ordinary share (2021: 10.30p)
34,207 32,912
The proposed final dividend had not been approved by the Board at 31 December and therefore has not been included as a liability.
The proposed final dividend of 10.76p (2021: 10.30p) per ordinary share will be paid on 19 June 2023 to Shareholders on the register at close of
business on 19 May 2023.
9. EARNINGS PER ORDINARY SHARE
The calculation of the basic and diluted earnings per share is based on the following data:
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Earnings
Earnings for basic and diluted earnings per share (\u00a3\u2019000) 139,012 118,356
Number of shares number number
Weighted average number of shares used for basic earnings per share (\u2018000) 318,166 318,237
Dilutive effect of share plans (\u2018000) 1,204 1,232
Diluted weighted average number of shares used for diluted earnings per share (\u2018000) 319,370 319,469
pence pence
Basic earnings per share 43.7 37.2
Diluted earnings per share 43.5 37.0
The above results relate to continuing operations.
Basic
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of
Ordinary shares in issue during the year, excluding unallocated Ordinary shares purchased by the Employee Benefit Trust and held in the reserve.
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares outstanding to assume conversion of all
dilutive potential Ordinary shares. This calculation determines the number of shares that could have been acquired at fair value (determined as the
average market price of the Company\u2019s shares) based on the monetary value of the subscription rights attached to the outstanding share options.
The number of shares calculated in the basic earnings per share is then adjusted to reflect the number of shares deemed to be issued for nil
consideration as a result of the potential exercise of existing share options.
The remaining share options that are currently not dilutive and hence excluded from the dilutive earnings per share calculation remain potentially
dilutive until they are either exercised or they lapse.
10. PROPERTY, PLANT AND EQUIPMENT
Group
2022
Leasehold
improve-
ments
\u00a3\u2019000
Furniture,
fixtures and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 January
46,802 44,061 2,049 92,912
Additions
5,980 13,387 2,615 21,982
Disposals
(6,694) (10,534) (823) (18,051)
Effect of movements in foreign exchange
2,413 1,254 10 3,677
At 31 December
48,501 48,168 3,851 100,520
Depreciation
At 1 January
34,493 32,557 1,026 68,076
Charge for the year
4,592 6,079 559 11,230
Disposals
(5,990) (10,361) (600) (16,951)
Effect of movements in foreign exchange
1,778 245 19 2,042
At 31 December
34,873 28,520 1,004 64,397
Net book value
At 31 December
13,628 19,648 2,847 36,123
2021
Leasehold
improve-
ments
\u00a3\u2019000
Furniture,
fixtures and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 January
48,125 41,050 1,639 90,814
Additions
2,696 6,778 759 10,233
Disposals
(2,379) (1,965) (284) (4,628)
Effect of movements in foreign exchange
(1,640) (1,802) (65) (3,507)
At 31 December
46,802 44,061 2,049 92,912
Depreciation
At 1 January
33,055 30,389 969 64,413
Charge for the year
4,097 3,759 357 8,213
Disposals
(1,916) (273) (246) (2,435)
Effect of movements in foreign exchange
(743) (1,318) (54) (2,115)
At 31 December
34,493 32,557 1,026 68,076
Net book value
At 31 December
12,309 11,504 1,023 24,836
11. LEASES
Group
Property
\u00a3\u2019000
Motor Vehicles
\u00a3\u2019000
Other assets
\u00a3\u2019000
Total
\u00a3\u2019000
Right-of-use assets
At 1 January 2021
87,599 6,717 1,098 95,414
Additions
35,548 8,542 513 44,603
Disposals
(5,861) (336) \u2013 (6,197)
Depreciation expense
(27,785) (6,906) (607) (35,298)
Effect of movements in foreign exchange
(3,245) (321) \u2013 (3,566)
At 31 December 2021 and 1 January 2022
86,256 7,696 1,004 94,956
Additions
27,979 9,629 666 38,274
Disposals
(2,034) (37) \u2013 (2,071)
Depreciation expense
(28,352) (6,891) (610) (35,853)
Effect of movements in foreign exchange
5,323 327 40 5,690
At 31 December 2022
89,172 10,724 1,100 100,996
Lease liabilities
2022
\u00a3\u2019000
2021
\u00a3\u2019000
As at 1 January
(102,340) (103,469)
Additions
(38,274) (45,155)
Disposals
2,201 6,387
Interest expense
(1,604) (1,314)
Payments
36,433 37,294
Effect of movements in foreign exchange
(6,248) 3,917
As at 31 December
(109,832) (102,340)
The following are the undiscounted contractual maturities for lease liabilities:
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Less than a year
33,482 27,640
Between 1 and 2 years
28,524 23,412
Between 2 and 5 years
38,071 38,633
Over 5 years
15,090 12,916
115,167 102,600
There was \u00a30.3m (2021: \u00a32.4m) of low value and short term leases expensed directly to the statement of profit or loss. A further \u00a31.1m was
expensed in the year relating to exit payments on early terminations of leases (2021: \u00a3nil). Combined with the payments above, a total of \u00a337.8m
(2021: \u00a339.7m) in lease payments have been made during the year.
12. INTANGIBLE ASSETS
Group
2022
Computer
software
\u00a3\u2019000
Computer
software,
assets under
construction
\u00a3\u2019000
Subtotal
\u00a3\u2019000
Goodwill
\u00a3\u2019000
Trademark
\u00a3\u2019000
Subtotal
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 January
72,769 5,286 78,055 1,539 1,611 3,150 81,205
Additions
9,601 \u2013 9,601 \u2013 92 92 9,693
Disposals
(8,391) \u2013 (8,391) \u2013 \u2013 \u2013 (8,391)
Transfers
4,130 (4,130) \u2013 \u2013 \u2013 \u2013 \u2013
Effect of movements in
foreign exchange
434 (3) 431 \u2013 (12) (12) 419
At 31 December
78,543 1,153 79,696 1,539 1,691 3,230 82,926
Amortisation
At 1 January
30,955 \u2013 30,955 \u2013 1,085 1,085 32,040
Charge for the year
13,319 \u2013 13,319 \u2013 190 190 13,509
Disposals
(3,060) \u2013 (3,060) \u2013 \u2013 \u2013 (3,060)
Effect of movements in
foreign exchange
437 \u2013 437 \u2013 \u2013 \u2013 437
At 31 December
41,651 \u2013 41,651 \u2013 1,275 1,275 42,926
Net book value
At 31 December
36,892 1,153 38,045 1,539 416 1,955 40,000
The Group has one individually material intangible asset (Customer Connect) which is the Group\u2019s CRM platform. The net book value at
31 December 2022 is \u00a329.7m (2021: \u00a335.1m). The useful economic life is seven years in line with the expected life of the asset.
2021
Computer
software
\u00a3\u2019000
Computer
software,
assets under
construction
\u00a3\u2019000
Subtotal
\u00a3\u2019000
Goodwill
\u00a3\u2019000
Trademark
\u00a3\u2019000
Subtotal
\u00a3\u2019000
Total
\u00a3000
Cost
At 1 January
59,133 2,787 61,920 1,539 1,460 2,999 64,919
Additions
15,479 2,500 17,979 \u2013 151 151 18,130
Disposals
(1,330) \u2013 (1,330) \u2013 \u2013 \u2013 (1,330)
Effect of movements in
foreign exchange
(513) (1) (514) \u2013 \u2013 \u2013 (514)
At 31 December
72,769 5,286 78,055 1,539 1,611 3,150 81,205
Amortisation
At 1 January
22,212 \u2013 22,212 \u2013 902 902 23,114
Charge for the year
10,034 \u2013 10,034 \u2013 183 183 10,217
Disposals
(953) \u2013 (953) \u2013 \u2013 \u2013 (953)
Effect of movements in
foreign exchange
(338) \u2013 (338) \u2013 \u2013 \u2013 (338)
At 31 December
30,955 \u2013 30,955 \u2013 1,085 1,085 32,040
Net book value
At 31 December
41,814 5,286 47,100 1,539 526 2,065 49,165
IMPAIRMENT TESTS FOR GOODWILL Country of Principal Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) identified according to the country of operation. A summary of the goodwill Name of undertaking incorporation activity Registered office allocation is presented below: Michael Page International Canada Limited Canada Recruitment Consultancy Suite 515, Bay Adelaide Centre, 333 Bay St., Toronto, ON, M5H 2R2, Canada 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Michael Page International Chile Ltda Chile Recruitment Consultancy Magdelana 181, Piso 1, Depto. 1601, Las Condes, UK 1,274 1,274 Santiago 7550055, Chile USA 214 214 Singapore 51 51 Page Personnel International Chile Ltda Chile Recruitment Consultancy Magdelana 181, Piso 1, Depto 101, Las Condes, Santiago 7550055, Chile 1,539 1,539 Page Consulting Chile Ltda Chile Recruitment Consultancy Av. El Bosque Norte 0177, Office 602, Santiago, 755- In assessing value in use, the estimated future cash flows are calculated by preparing cash flow forecasts derived from the most recent financial 0100, Chile budget, management projections for five years, followed by an assumed growth rate of 0% (2021: 0%), which does not exceed the long-term average growth rate of the relevant markets and reflects long-term wage inflation fee growth. Management applied a discount rate of 8% (2021: Empresa de Servicios Transitorios Page Interim Chile Recruitment Consultancy Magdelana181, Piso 1, Depto 101, Las Condes, 8%), representing the weighted average cost of capital for the Group, to the estimated future cash flows to calculate the terminal value of those Chile Limitada Santiago 7550055, Chile cash flows. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense. Management believes that no reasonably possible change in any of the Michael Page (Beijing) Recruitment Co., Ltd China Recruitment Consultancy Room 1009 1012, 10/F, West Tower, World Financial above key assumptions would cause the carrying value of goodwill allocated to any CGU to materially exceed its recoverable amount. Centre, No.1 East 3rd Ring Middle Road, Chaoyang District, Beijing, China 100020 The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. It is the opinion of the Directors that at 31 December 2022 there was no impairment of goodwill. Michael Page (Shanghai) Recruitment Co., Ltd China Recruitment Consultancy Level 18, HKRI Taikoo Hui Tower2, 288 Shimen Yi Road, JingAn District, Shanghai 200041, China 13. INVESTMENTS Michael Page International (Shanghai) China Non-Trading 602 Kerry Centre Phase 1, 1515 Nanjing Road West, Consulting Limited Shanghai, China Subsidiary undertakings Company \u00a3\u2019000 Page Contracting (Shanghai) Co. Ltd China Recruitment Consultancy Room 1812 1801-1811, /18, HKRI Taikoo Hui, No.288 Cost at 1 January 2022 Shimen Yi Road, Jing\u2019An, Shanghai, 200041, China 541,848 Transactions relating to share plans for subsidiaries\u2019 employees 5,989 Michael Page International Colombia SAS Colombia Recruitment Consultancy Calle 81 # 11 \u2013 08 Piso 11, Bogot\u00e1, D.C., Colombia Cost at 31 December 2022 547,837 Page Interim Colombia SAS Colombia Non-Trading Calle 81 # 11 \u2013 08 Piso 11, Bogot\u00e1, D.C., Colombia The Company\u2019s subsidiary undertakings at 31 December 2022, their principal activities and countries of incorporation are set out below: Country of Principal Name of undertaking incorporation activity Registered office Michael Page Czech Republic s.r.o Czech Republic Recruitment Consultancy Pob\u0159e\u017en\u00ed 249/46, Karl\u00edn, Praha 8, 186 00, Czech Republic Michael Page International Argentina Recruitment Consultancy Cordoba 883, Piso 9, Ciudad de Buenos Aires, Argentina SA C1054AAH, Argentina Michael Page Partnership Limited England and Non-Trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Page Personnel Argentina Servicios Argentina Recruitment Consultancy Cordoba 883, Piso 9, Ciudad de Buenos Aires, Eventuales SA C1054AAH, Argentina Michael Page Employment Services Limited England and Recruitment Consultancy 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Michael Page International (Australia) Australia Recruitment Consultancy Level 21, 9 Castlereagh Street, Sydney, NSW 2000, Pty Limited Australia LPM (Professional Recruitment) Limited England and Holding company 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Michael Page International Austria GmbH Austria Recruitment Consultancy QBC4, Karl Popper-Stra\u00dfe 4/1.OG Top 3, Wien, 1100 Austria Accountancy Additions Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Michael Page International (Belgium) NV/SA Belgium Recruitment Consultancy Place du Champ de Mars 5 , 1050 Brussels, Belgium Slamway Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Page Interim (Belgium) NV/SA Belgium Recruitment Consultancy Place du Champ de Mars 5 , 1050 Brussels, Belgium Assessment Centre Limited (The) England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Michael Page International Do Brasil - Brazil Recruitment Consultancy Rua Olimp\u00edadas n\u00ba 205, sala: 111, 112, 113 e 114 - 11\u00ba Recrutamento Especializado Ltda andar, Vila Ol\u00edmpia, Sao Paulo, 04551-000 - SP, Brasil LPM (Group Services) Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Page Interim Do Brasil - Recrutamento Brazil Recruitment Consultancy Rua Olimp\u00edadas n\u00ba 205, sala: 111, 112, 113 e 114 - 11\u00ba Especializado Ltda andar, Vila Ol\u00edmpia, Sao Paulo, 04551-000 - SP, Brasil Page Partnership Limited (The) England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Page Personnel do Brasil - Recrutamento Brazil Recruitment Consultancy Rua Olimp\u00edadas n\u00ba 205, sala: 111, 112, 113 e 114 - 11\u00ba Especializado e servicos corporativos Ltda andar, Vila Ol\u00edmpia, Sao Paulo, 04551-000 - SP, Brasil Sales Recruitment Specialists Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Name of undertaking incorporation activity Registered office Name of undertaking incorporation activity Registered office Michael Page International Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business MP Advertising SAS France Support Services 164 Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, France Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International 1982 Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Page Consulting SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, France Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International Investment Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business MP EDP SARL France Support Services 164 Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, France Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International Finance Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Michael Page International France Recruitment Consultancy 7 Rue de l\u2019Industrie, 98000 Monaco Wales Park, Addlestone, Surrey KT15 2NX, UK Monaco SARL Page Personnel (UK) Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Michael Page International Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK (Deutschland) GmbH Michael Page Holdings Limited England and Support services 200 Dashwood Lang Road, Bourne Business Page Personnel Services GmbH Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International Holdings Limited England and Holding company 200 Dashwood Lang Road, Bourne Business Page Personnel (Deutschland) Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK GmbH Michael Page International Recruitment Limited* England and Recruitment Consultancy 200 Dashwood Lang Road, Bourne Business Michael Page Interim GmbH Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Michael Page International Hong Kong Recruitment Consultancy Suite 1701, 17F Central Tower, 28 Queen\u2019s Road Central, Wales Park, Addlestone, Surrey KT15 2NX, UK (Hong Kong) Limited Central Hong Kong Michael Page International Southern Europe Limited* England and Holding company 200 Dashwood Lang Road, Bourne Business Michael Page International India Recruitment Consultancy 5th Floor, 2 North Avenue, Maker Maxity, Bandra-Kurla Complex, Wales Park, Addlestone, Surrey KT15 2NX, UK Recruitment Pvt Ltd Bandra (E), Mumbai 400051, India Michael Page UK Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business PT Michael Page Internasional Indonesia Recruitment Consultancy One Pacific Place, Suites B-F, Level 12, Sudirman Central Wales Park, Addlestone, Surrey KT15 2NX, UK Indonesia Business District, Jl. Jend. Sudirman Kav 52-53, Jakarta 12190, Indonesia Michael Page Recruitment Group Limited England and Holding company 200 Dashwood Lang Road, Bourne Business Michael Page International Ireland Recruitment Consultancy 6th Floor, Southbank House, Barrow Street, Dublin 4, Ireland Wales Park, Addlestone, Surrey KT15 2NX, UK (Ireland) Limited Page Outsourcing UK Limited England and Recruitment Consultancy 2nd Floor 61 Aldwych, London, United Kingdom, Michael Page International Italy Recruitment Consultancy Galleria Passarella, 2, Milan, 20122, Italy Wales WC2B 4AE, UK Italia Srl Michael Page International France SAS France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Page Personnel Italia SpA Italy Recruitment Consultancy Galleria Passarella, 2, Milan, 20122, Italy Seine, Paris, France MP Financial Services France SAS France Support services 164 Avenue Achille Peretti, 92522 Neuilly-sur- Michael Page International Japan Recruitment Consultancy 6F Hulic Kamiyacho Building, 4-3-13 Toranomon, Minato-ku, Seine, Paris, France (Japan) K.K. Tokyo 105-0001, Japan Page Personnel SAS France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Agensi Pekerjaan Michael Page Malaysia Recruitment Consultancy Level 27, Integra Tower, The intermark, 348 Jalan Tun Razak, Seine, Paris, France International (Malaysia) SDN BHD Kuala Lumpur, 50400, Malaysia Michael Page Business Services SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Page Contracting (Malaysia) Malaysia Contracting/Temporary Suite Teal PV, 16F The Pavillion Tower, Jalan Raja Chulan, Kuala Seine, Paris, France Sdn Bhd placements Lumpur, Malaysia Michael Page Ing\u00e9nieurs et Informatique SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Michael Page (Mauritius) Limited Mauritius Recruitment Consultancy 5th Floor Atchia Building, Cnr of Suffren and Eugene Laurent Seine, Paris, France Streets, Port Louis, Republic of Mauritius Michael Page Tertiaire SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Michael Page International Mauritius Recruitment Consultancy 5th Floor Atchia Building, Cnr of Suffren and Eugene Laurent Seine, Paris, France (Mauritius) Limited Streets, Port Louis, Republic of Mauritius Michael Page Nord SARL France Recruitment Consultancy 14 place du G\u00e9n\u00e9ral de Gaulle \u2013 59000 LILLE Michael Page International Mexico Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Reclutamiento Especializado, S.A. Hidalgo, Z.C., CDMX, 11570, Mexico de C.V. Michael Page Sud SARL France Recruitment Consultancy 48, Rue de la R\u00e9publique, 69002 Lyon, France Michael Page International Mexico Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Servicios Corporativos SA de CV Hidalgo, Z.C., CDMX, 11570, Mexico Country of Principal Country of Principal Name of undertaking incorporation activity Registered office Name of undertaking incorporation activity Registered office Page Interim Mexico Servicios Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Michael Page Holding Espa\u00f1a SL Spain Holding company Paseo De La Castellana 130, 8\u00ba Planta, Madrid, 28046, Spain SA de CV Hidalgo, Z.C., CDMX, 11570, Mexico Page M\u00e9xico Operaciones Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel PageGroup Technology Services SL Spain IT consultancy services Paseo De La Castellana 130, 8\u00ba Planta, Madrid, 28046, Spain PG S.A. DE C.V. Hidalgo, Z.C., CDMX, 11570, Mexico Page Consulting M\u00e9xico S.A. DE C.V. Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Page Group Europe SL Spain Support Services Plaza Europa 21-23 P. 5, 08908 L\u2019Hospitalet de Llobregat, 08908, Hidalgo, Z.C., CDMX, 11570, Mexico Spain Page Resourcing Process S.A. DE C.V. Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Page Group Spain Recursos Humanos Spain Recruitment Consultancy Paseo De La Castellana 130, 8\u00ba Planta, Madrid, 28046, Spain Hidalgo, Z.C., CDMX, 11570, Mexico ETT SA Page Internacional ADM S.A. DE C.V. Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Michael Page International (Sweden) AB Sweden Recruitment Consultancy M\u00e4ster Samuelsgatan 42, Stockholm 111 57, Sweden Hidalgo, Z.C., CDMX, 11570, Mexico Michael Page International (Maroc) Morocco Recruitment Consultancy Angle rue Mahassine Arrouyani et Ali Abderrazak, 4e \u00e9tage, Michael Page International Switzerland Recruitment Consultancy 12, Quai de la Poste, Geneva, 1204, Switzerland SARL AU Quartier Racine 20100 Casablanca, Morocco Switzerland SA Michael Page International (Nederland) B.V. Netherlands Recruitment Consultancy Strawinskylaan 421, 107XX, Amsterdam, Netherlands Taiwan Michael Page International Taiwan Recruitment Consultancy 8F-1 Shin Kong Xin Yi Financial Building, Co Ltd 36-1 Songren Road Xin-Yi District, Taipei City, Taiwan 110 Page Interim B.V. Netherlands Recruitment Consultancy Strawinskylaan 421, 107XX, Amsterdam, Netherlands Michael Page Limited Thailand Holding company 689 Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108-4109, Sukhumvit Road, North Klongtong, Vadhana, Bangkok, 10110, Thailand Michael Page International Panama S.A. Panama Recruitment Consultancy Punta Pacifica, Blvrd Pacifica Oceania Business Plaza, Michael Page International Recruitment Thailand Recruitment Consultancy 689 Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108-4109, Torre 2000, Piso 43, Panama (Thailand) Limited Sukhumvit Road, North Klongtong, Vadhana, Bangkok, 10110, Thailand Michael Page International Peru S.R.L Peru Recruitment Consultancy Calle Las Orqu\u00eddeas 675 esq. Andr\u00e9s Reyes - Piso 5, Michael Page International Nem Istihdam Turkey Recruitment Consultancy B\u00fcy\u00fckdere Cad. Kanyon Ofis Binas\u0131 No: 185 K: 21 Levent, Istanbul, Oficina 501, San Isidro 15046, Peru Dan\u0131\u015fmanl\u0131\u011f\u0131 Limited \u015eirketi 34394, Turkey Page Personnel Servicios Temporales Peru Recruitment Consultancy Calle Las Orqu\u00eddeas 675 esq. Andr\u00e9s Reyes - Piso 5, MPI Y\u00f6netim Servisleri ve Dan. Ltd. \u015eti. Turkey Recruitment Consultancy B\u00fcy\u00fckdere Cad. Kanyon Ofis Binas\u0131 No: 185 K: 21 Levent, Istanbul, Peru S.R.L Oficina 501, San Isidro 15046, Peru 34394, Turkey Michael Page International Recruitment Philippines Recruitment Consultancy 15th Floor, Citibank Center Building, 8741 Paseo de Roxas, Michael Page International (Vietnam) Vietnam Recruitment Consultancy Level 9, Saigon Centre, Tower 2, 67 Le Loi Street, Ben Nhge Ward, (Philippines) Inc. Bel-Air, City of Makati, NCR, Fourth District, Philippines Co. Limited District 1, Ho Chi Minh City, Vietnam PageGroup Corporate Services Philippines Support services 24th Floor, Philam Life Tower, 8767 Paseo De Roxas Avenue, Michael Page International United Arab Recruitment Consultancy 202 & 204, Level 2, Currency House - Building 1, Dubai International (Philippines) Inc. Bel-Air, Makati City 1226, Philippines (UAE) Limited Emirates Financial Centre, Dubai, 506702, United Arab Emirates Michael Page International (Poland) Sp.z.o.o Poland Recruitment Consultancy Zlota 59, 00-120 Warsaw, Poland Michael Page International Inc.* United States Recruitment Consultancy 622 Third Avenue, 29th Floor, New York, NY10017, USA Michael Page International Portugal - Portugal Recruitment Consultancy Av. Liberdade n\u00ba 180 A, 3\u00ba andar, Lisboa, 1250-146, Page Outsourcing Inc. United States Recruitment Consultancy 251 Little Falls Drive, Wilmington, New Castle County, Delaware Empressa de Trabalho Temporario e Servicos Portugal 19801, USA de Consultadoria Lda MICPAGE Services Lda Portugal Recruitmeht Consultancy Av. Liberdade n\u00ba 180 A, 3\u00ba andar, Lisboa, 1250-146, Portugal *The equity of these subsidiary undertakings is held directly by PageGroup plc. All companies have been included in the consolidation and operate principally in their country of incorporation. Michael Page International (UAE) Limited \u2013 UAE Recruitment Consultancy Morison Menon Chartered Accountants & Partners LLC, QFC Branch Office No. 4, 4th floor, Shoumoukh Towers, Tower A, Al The percentage of the issued share capital held is equivalent to the percentage of voting rights held. The Group holds 100% of all classes of Sadd, Doha, Qatar issued share capital. The share capital of all the subsidiary undertakings comprise Ordinary shares. PageGroup International Recruitment S.R.L. Romania Recruitment Consultancy 169A Calea Floreasca, Building A, Floor 4, Office 2007, The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 479A Register 02, Sector 1, Bucharest, Romania of the Act: Michael Page International Pte Limited* Singapore Recruitment Consultancy One Raffles Place, #09-61 Office Tower Two, Singapore \u2022 Michael Page International Southern Europe Limited \u2022 Michael Page Partnership Limited 048616 \u2022 Michael Page International Holdings Limited \u2022 Michael Page Employment Services Limited Page Personnel Recruitment Pte Ltd Singapore Recruitment Consultancy One Raffles Place, #09-61 Office Tower Two, Singapore \u2022 LPM (Professional Recruitment) Limited 048616 Michael Page International (SA) (Pty) Limited South Africa Recruitment Consultancy 2 Maude Street, The Forum, 5th Floor, Sandton City, Johannesburg, 2196, South Africa 14. TRADE AND OTHER RECEIVABLES 16. PROVISION Group Company Dilapidations NI on Share Schemes Other Total Re-presented At 1 January 2021 6,355 1,362 968 8,685 2022 2021 2022 2021 Foreign exchange (162) - (24) (186) \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Provided 1,051 2,253 2,005 5,309 Current Utilised (18) (1,272) (423) (1,713) Trade receivables 320,794 265,727 \u2013 \u2013 Released (259) - (1,131) (1,390) Less allowance for expected credit losses (12,960) (11,086) \u2013 \u2013 At 31 December 2021 and January 2022 6,967 2,343 1,395 10,705 Net trade receivables Foreign exchange 724 83 25 832 307,834 254,641 \u2013 \u2013 Provided 1,302 (499) 1,467 2,270 Other receivables 21,535 7,018 \u2013 \u2013 Utilised (262) (1,083) (247) (1,592) Accrued Income (net of revenue reversals) 88,951 81,186 \u2013 \u2013 Released (1,603) - (1,157) (2,760) Prepayments 18,927 12,952 \u2013 \u2013 At 31 December 2022 7,128 844 1,483 9,455 437,247 355,797 \u2013 \u2013 2022 (\u00a3\u2019000) 2021 (\u00a3\u2019000) Current 2,772 6,755 Non-current Non-current 6,683 3,950 Amounts due from Group companies \u2013 \u2013 1,081,498 970,375 Total provisions 9,455 10,705 Other receivables 13,224 12,849 \u2013 \u2013 Dilapidation 13,224 12,849 1,081,498 970,375 A provision has been recognised for dilapidation costs associated with our office portfolio, where the Group is committed to make good on the property sites on lease termination. The fair values of trade and other receivables are not materially different to those disclosed above. Social security contributions on share options The Group\u2019s exposure to credit and currency risks and impairment losses related to trade and other receivables is disclosed in Note 22. The entire accrued income balance of \u00a393.7m (2021: \u00a385.8m) is not past due. A provision of \u00a34.7m (2021: \u00a34.6m) has been provided for at year end for The provision for social security contributions on share options is calculated based on the number of options outstanding at the reporting date that potential future revenue reversals. are expected to be exercised. The provision is based on market price of the shares at the reporting date which is the best estimate of the market price at the date of exercise. It is expected that the costs will be incurred during the exercise period of 1 January 2023 to 31 December 2024. All amounts due from Group undertakings are unsecured, interest-free and repayable on demand. The Company has recognised an impairment in the receivable balance at 31 December 2022. The total recognised in the Company income statement is \u00a312.5m (2021: nil). There is no impact on 17. BANK OVERDRAFTS the Group\u2019s consolidated results. At 31 December 2022, the Group had available an \u00a380m committed RCF facility maturing 9 December 2027, uncommitted Bank Overdraft facilities of \u00a321m (2021: \u00a321m), and an uncommitted \u00a350m, Invoicing discounting arrangement with HSBC Limited to the carrying of valid trade receivables 15. TRADE AND OTHER PAYABLES of \u00a322.4m (2021: \u00a37.3m). None of the facilities was drawn at year end (2021: \u00a3nil). Group Company All uncommitted facilities are repayable on demand. The Group\u2019s exposure to interest rate, foreign currency and liquidity risk for financial assets and 2022 2021 2022 2021 liabilities is disclosed in Note 22. \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 18. DEFERRED TAX Current The following are the major deferred tax assets/(liabilities) recognised by the Group, and the movements thereon, during the current and prior Trade payables 11,101 5,908 \u2013 \u2013 reporting periods. Amounts owed to Group companies \u2013 \u2013 1,314,866 1,221,283 Share-based Related party payments Tax losses Provisions transactions Other Total Other tax and social security 61,079 46,946 \u2013 \u2013 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Other payables 36,629 34,698 \u2013 \u2013 At 1 January 2022 2,077 1,253 4,458 7,520 3,997 19,305 Recognised in equity for the year (824) \u2013 \u2013 \u2013 \u2013 (824) Accruals 180,299 142,830 140 140 Recognised in profit or loss for the year (191) (443) 5,198 (3,458) (3,395) (2,289) 289,108 230,382 1,315,006 1,221,423 Exchange differences 2 71 289 615 127 1,104 Non-current At 31 December 2022 1,064 881 9,945 4,677 729 17,296 Other tax and social security 422 2,022 At 1 January 2021 490 2,188 4,702 2,746 5,973 16,099 Accruals 14,529 16,310 \u2013 \u2013 Recognised in equity for the year 1,241 \u2013 \u2013 \u2013 \u2013 1,241 14,951 18,332 \u2013 \u2013 Transfers \u2013 268 485 514 (1,267) \u2013 Recognised in profit or loss for the year 346 (1,132) (511) 4,193 (321) 2,575 The fair values of trade and other payables are not materially different to those disclosed above. Exchange differences \u2013 (71) (218) 67 (388) (610) All amounts due to Group undertakings are unsecured, interest-free and repayable on demand. The Group\u2019s exposure to currency and liquidity risk At 31 December 2021 2,077 1,253 4,458 7,520 3,997 19,305 related to trade and other payables is disclosed in Note 22. Certain deferred tax assets and liabilities have been offset where permissible in accordance with the Group\u2019s accounting policy. The following is the analysis of the deferred tax balances (after offset) for balance sheet purposes: 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Deferred tax assets 18,641 19,659 Deferred tax liabilities (1,345) (354) 17,296 19,305 The Group\u2019s overseas subsidiaries have net unremitted earnings of \u00a3188.7m (2021: \u00a3177.3m), resulting in temporary differences of \u00a333.9m (2021: Note 1 \u00a333.7m). No deferred tax has been provided in respect of these differences since the timing of the reversals can be controlled and it is probable Share Option Scheme that the temporary differences will not reverse in the foreseeable future. The timing differences shown under \u201cOther\u201d of \u00a30.7m (2021: \u00a34.0m) predominantly includes such differences in relation to fixed assets \u00a30.8m (2021: \u00a31.7m), differences between the Group GAAP, IFRS, and the local Executive Directors of the Company are not eligible to participate in this plan. Any exercises of awards made under this plan are settled by shares GAAP of each country in which PageGroup operates and differences between recognition of income and expense for accounting and tax purposes held in the Employee Benefit Trust. and other items of \u00a33.4m (2021: \u00a31.9m), IFRS 16 of \u00a31.1m (2021: \u00a30.4m) and other items of \u00a32.2m (2021: \u00a3nil). The realisation of the deferred tax This share option scheme was created in 2009 to provide an effective plan under which to grant awards from 2009 onwards. It was the Board\u2019s asset in respect of losses is dependent upon generating future taxable profits in the territories in which the deferred tax assets have arisen. At 31 view that grants made under the existing ESOS, which would have required an increase over the 2008 base earnings per share of at least 3% per December 2022, \u00a340.8m (2021: \u00a335.0m) of deductible temporary differences, unused tax losses and tax credits have not been recognised due to annum above the growth in the UK Retail Price Index by 2011, would not be achievable due to the impact of the global downturn on the Group\u2019s uncertainty over the taxable profits available to support the realisation of these attributes. The tax effected balances are \u00a312.3m (2021: \u00a310.5m). EPS and thus would not provide the required retention incentive. Further grants under the SOS have been made in each year from 2011. The The Group has gross unrecognised tax losses which expire of \u00a39m of which \u00a32.9m will expire at various dates before 31 December 2027 and a performance conditions for these grants are also linked directly to the Group\u2019s Operating Profit. further \u00a36.1m will expire by 31 December 2032. For grants between 2012 and 2015, if Operating Profit is in excess of \u00a350m, a proportion of the award equivalent to the amount of Operating Profit The net deferred tax asset of \u00a317.3m (2021: \u00a319.3m) includes \u00a30.6m of deferred tax assets in relation to entities that have incurred an accounting achieved will vest up to a maximum of 100% if the Operating Profit is \u00a3100m or more. As Operating Profit of \u00a3118.3m was achieved in 2017, loss in either 2022 and 2021. In line with the most recent budgets which forecast profits for these entities, management expects these losses to be the performance criteria have been fully achieved and these awards have fully vested. substantially recovered within three years. For the 2016 grant, if Operating Profit is in excess of \u00a375m, 2% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to 19. CALLED-UP SHARE CAPITAL a maximum of 100% at Operating Profit of \u00a3125m or more. As Operating Profit of \u00a3142.5m was achieved in 2018, the performance criteria have 2022 2021 been fully achieved and these awards have fully vested. Number of Number of For the 2017 grant, if Operating Profit is in excess of \u00a350m, 25% of the award will vest, 1% of the award will vest for every additional \u00a31m of \u00a3\u2019000 shares \u00a3\u2019000 shares Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3125m or more. As Operating Profit of \u00a3146.7m was achieved in 2019 Allotted, called-up and fully paid Ordinary shares of 1p each the performance criteria have been fully achieved and these awards have fully vested. At 1 January 3,286 328,618,774 3,286 328,618,774 For the 2018 grant, if Operating Profit is in excess of \u00a375m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of Shares issued \u2013 \u2013 \u2013 \u2013 Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3150m or more. As Operating Profit of \u00a3168.5m was achieved in 2021 At 31 December 3,286 328,618,774 3,286 328,618,774 the performance criteria have been fully achieved and these awards have fully vested. At the last AGM held on 31 May 2022, the Company\u2019s Directors were authorised to allot shares up to a nominal value of \u00a31,095,396, so a total For the 2019 grant, if Operating Profit is in excess of \u00a3100m, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to authorised capital of 438,158,365 shares representing a nominal value of \u00a34,381,584. a maximum of 100% at Operating Profit of \u00a3200m or more. As Operating Profit of \u00a3196.1m was achieved in 2022, 96% of the performance criteria have been achieved and these awards have partially vested. For the 2020 grant, if Operating Profit is in excess of \u00a3100m, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to Share option plans a maximum of 100% at Operating Profit of \u00a3200m or more. As Operating Profit of \u00a3196.1m was achieved in 2022, 96% of the performance criteria The Group has share option awards currently outstanding under a Share Option Scheme (SOS). These plans are described below. have been achieved and these awards have partially vested. At 31 December 2022 the following options had been granted and remained outstanding in respect of the Company\u2019s Ordinary shares of 1p under For the 2021 grant, if Operating Profit is in excess of \u00a375m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of the Michael Page Share Option Scheme. The Group has no legal or constructive obligation to repurchase or settle the options in cash. Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3150m or more. No. of For the 2022 grant, if Operating Profit is in excess of \u00a3125m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of options Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3200m or more. outstand- Balance at ing at 31 Other share-based payment plans 1 January Granted Exercised Lapsed December Base EPS/ Exercise price \u2020 The Company also operates a Management Incentive Plan for the Executive Directors and senior employees and a Long-Term Incentive Plan for Year of grant 2022 in year in year in year 2022 OP range per share Exercise period the Chief Executive Officer, Chief Financial Officer and other senior employees. Details of these plans are disclosed in the Directors\u2019 Remuneration 2012 (Note 1)* 71,582 \u2013 (51,580) (20,002) \u2013 OP range 477.0p March 2015 \u2013 March 2022 Report and are settled by the physical delivery of shares, currently satisfied by shares held in the Employee Benefit Trust, to the extent that service 2013 (Note 1)* 196,795 \u2013 (47,295) \u2013 149,500 OP range 442.0p March 2016 \u2013 March 2023 and performance conditions are met. Movements on these plans are shown below: 2014 (Note 1)* 403,333 \u2013 \u2013 \u2013 403,333 OP range 484.0p March 2017 \u2013 March 2024 LTIP/ESIP MIP 2015 (Note 1)* 295,000 \u2013 \u2013 \u2013 295,000 OP range 526.0p-534.0p March 2018 \u2013 March 2025 As at 1 January 2022 574,492 2,187,931 2016 (Note 1)* 145,000 \u2013 \u2013 \u2013 145,000 OP range 406.0p-427.0p March 2019 \u2013 March 2026 2017 (Note 1)* 188,205 \u2013 (13,205) \u2013 175,000 OP range 435.44p March 2020 \u2013 March 2027 Granted 326,080 833,256 2018 (Note 1)* 1,369,865 \u2013 \u2013 (20,000) 1,349,865 OP range 529.0p March 2021 \u2013 March 2028 Lapsed - (29,040) 2019 (Note 1) 1,637,778 \u2013 (9,208) (15,000) 1,613,570 OP range 458.2-473.80p March 2022 \u2013 March 2029 2020 (Note 1) 1,711,111 \u2013 \u2013 (35,000) 1,676,111 OP range 332.0-387.47p March 2023 \u2013 March 2030 Exercised (292,582) (622,882) 2021 (Note 1) 1,868,192 \u2013 \u2013 (30,000) 1,838,192 OP range 480.1p March 2024 \u2013 March 2031 As at 31 December 2022 607,990 2,369,265 2022 (Note 1) \u2013 2,185,000 \u2013 \u2013 2,185,000 OP range 492.8p-509p March 2025 \u2013 March 2032 Total 2022 7,886,861 2,185,000 (121,288) (120,002) 9,830,751 Weighted average exercise price 2022 (\u00a3) 4.52 4.94 4.57 4.42 4.61 Total 2021 11,432,610 1,958,748 (3,519,304) (1,985,193) 7,886,861 Weighted average exercise price 2021 (\u00a3) 4.55 4.80 4.60 4.81 4.52 * These options have fully vested \u2020 The Operating Profit ranges for each award are fully disclosed in Note 2 of this Note. 5,675,792 options were exercisable at the end of 2022 at a weighted average exercise price of \u00a34.42 (2021: \u00a34.88). The weighted average share price at the date of exercise was \u00a34.57. Share option valuation and measurement 22. FINANCIAL RISK MANAGEMENT In 2022, options were granted on 15 March with the estimated fair value of \u00a30.97 (2021: granted on 15 March with the estimated fair value of The Group has exposure to the following risks from its use of financial instruments: \u00a30.84). Share options are granted under service and non-market performance conditions. These conditions are not taken into account in the (i) credit risk fair value measurement at grant date. There are no market conditions associated with the share option grants. The options outstanding at 31 December 2022 have an exercise price in the range of 332p to 534p and a weighted average contractual life of 6.8 years. The fair values of options (ii) liquidity risk and other share awards granted during the year were calculated using the Black-Scholes option pricing model. The inputs into the model were as (iii) market risk follows: This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring Share Option Plans Management Incentive Plan and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated financial 2022 2021 2022 2021 statements. Share price (\u00a3) 4.92 4.80 4.92 4.80 The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Average exercise price (\u00a3) 4.92 4.80 Nil Nil The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and Weighted average fair value (\u00a3) 0.97 0.84 3.93 4.11 controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined Expected volatility 38.14% 34.87% 38.14% 34.87% and constructive control environment in which all employees understand their roles and obligations. Expected life 5 years 5 years 3 years 3 years The Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews Risk free rate 1.76% 0.47% 1.76% 0.47% the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are Expected dividend yield 5.82% 5.15% 5.82% 5.15% reported to the Audit Committee. Expected volatility was determined by reference to historical volatility of the Company\u2019s share price in the last 36 months. The expected life used (i) Credit risk in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations, and considerations. Expectations of early exercise are incorporated into the Black-Scholes option pricing model. arises principally from the Group\u2019s receivables from clients. Management has a credit policy in place and the exposure to credit risk is monitored on The Group recognised total expenses of \u00a36.0m, including social security, (2021: \u00a37.8m) related to share-based payment transactions during the year. an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the 20. RESERVES carrying amount of each financial asset in the balance sheet. Share premium Trade and other receivables The share premium account has been established to represent the excess of proceeds over the nominal value for all share issues, including the Total trade receivables (net of allowances) held by the Group at 31 December 2022 amounted to \u00a3307.8m (2021: \u00a3254.6m). excess of the exercise share price over the nominal value of the shares on the exercise of share options. An initial credit period is made available on invoices. No interest is charged on trade receivables from the date of the invoice during this credit Capital redemption reserve period. An impairment analysis is performed at each reporting date using a provision matrix to measure the expected credit losses. The Group has The capital redemption reserve relates to the cancellation of the Company\u2019s own shares. established a provision matrix that is based on its historical credit loss experience adjusted for forward-looking factors specific to the debtors and the economic environment. Reserve for shares held in the Employee Benefit Trust Included in the Group\u2019s trade receivables balance are debtors with a carrying amount of \u00a3127.3m (2021: \u00a396.0m) that are past due at the reporting At 31 December 2022, the reserve for shares held in the employee benefit trust consisted of 12,359,110 Ordinary shares (2021: 10,563,022 date for which the Group has not provided as the amounts are still considered recoverable. The Group does not hold any collateral over these Ordinary shares) held for the purpose of satisfying awards made under the Management Incentive Share Plan, the ESIP and the SOS, representing balances. The days\u2019 sales of these receivables at the year end is 45 days in excess of the initial credit period (2021: 41 days). 3.3% of the called-up share capital with a market value of \u00a357.0m (2021: \u00a366.9m). In the table below, the provision includes expected credit losses. There are 10,712,614 (2021: 9,084,233) of these shares held in the trust on which dividends are waived. The ageing of trade receivables at the reporting date was: Currency translation reserve 2022 2021 Since first-time adoption of the International Financial Reporting Standards, the currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations that are integral to the operations of the Company. Gross trade Net trade Gross trade Net trade receivables Provision receivables receivables Provision receivables \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 21. CASH AND CASH EQUIVALENTS Not past due 181,728 (1,155) 180.573 159,682 (1,015) 158,667 Group Company 2022 2021 2022 2021 Past due 0-30 days 71,646 (456) 71,190 57,473 (366) 57,107 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Past due 31-150 days 53,350 (339) 53,011 36,641 (233) 36,408 Cash at bank and in hand 131,480 153,983 \u2013 \u2013 More than 150 days 14,070 (11,010) 3,060 11,931 (9,472) 2,459 Short-term deposits \u2013 \u2013 \u2013 \u2013 320,794 (12,960) 307,834 265,727 (11,086) 254,641 Cash and cash equivalents 131,480 153,983 \u2013 \u2013 Cash and cash equivalents in the statement of cash flows 131,480 153,983 \u2013 \u2013 Net funds 131,480 153,983 \u2013 \u2013 The Group operates multi-currency cash concentration and notional cash pools, and an interest enhancement facility. The Eurozone subsidiaries and the UK-based Group Treasury subsidiary participate in the cash concentration arrangement, the Group Treasury subsidiary retains the notional cash pool and the Asia Pacific subsidiaries operate the interest enhancement facility. The structures facilitate interest compensation of cash whilst supporting working capital requirements. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each client. The demographics of the Group\u2019s client Capital is equity attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to ensure that it base, including the country in which clients operate, also has an influence on credit risk. The geographic diversification of the Group\u2019s revenue also maintains a strong credit rating and healthy capital ratios to support the business and maximise Shareholder value. The Group manages its capital reduces the concentration of credit risk. structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders through share repurchases with subsequent cancellation, or issue new The majority of the Group\u2019s clients have been transacting with the Group for several years, with losses rarely occurring. In monitoring client credit shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2022 and risk, clients are grouped according to their credit characteristics, including geographic location, industry, ageing profile, maturity and existence of 31 December 2021. previous financial difficulties. (iii) Market risk and sensitivity analysis Movement in the allowance for expected credit losses The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates, but these risks are 2022 2021 \u00a3\u2019000 \u00a3\u2019000 not deemed to be material. However, a sensitivity analysis showing hypothetical fluctuations in Pounds Sterling against the Group\u2019s main exposure currencies is shown on the next page. There has been no material change in the Group\u2019s exposure to market risks or the manner in which it Balance at beginning of the year 11,086 11,061 manages and measures the risk. Expected credit losses recognised on receivables 25,265 17,920 Interest rate risk management Amounts written off as uncollectable (2,914) (2,033) Borrowings are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. The Group does not consider this risk as Amounts recovered/reversed during the year (20,477) (15,862) significant. The benchmark rates for determining floating rate liabilities are based on relevant national LIBOR equivalents. Balance at end of the year 12,960 11,086 Currency rate risk The allowance for expected credit losses represents a provision for debts which the Group estimate may be irrecoverable, including \u00a36.7m (2021: The Group publishes its results in Pounds Sterling and conducts its business in many foreign currencies. As a result, the Group is subject to foreign \u00a36.3m) of debts in litigation. currency exchange risk due to exchange rate movements. The Group is exposed to foreign currency exchange risk as a result of transactions in The impairment recognised represents the difference between the carrying amount of these trade receivables and the present value of the expected currencies other than the functional currencies of some of its subsidiaries and the translation of the results and underlying net assets of foreign liquidation proceeds. The Group does not hold any collateral over these balances. subsidiaries. Exposure to credit risk The main functional currencies of the Group are Sterling, Euro, Chinese Renminbi, Swiss Franc, Singapore Dollar, Hong Kong Dollar, Australian Dollar and US Dollar. The Group does not have material transactional currency exposures. The Group is exposed to foreign currency translation The maximum exposure to credit risk for receivables at the reporting date by geographic region was: differences in accounting for its overseas operations. The Group policy is not to hedge translation exposure. Net trade receivables In certain cases, where the Company gives or receives short-term loans to and from other Group companies with different reporting currencies, 2022 2021 it may use foreign exchange rate derivatives to manage the currency exposure that arises on these loans. It is the Group\u2019s policy not to seek to \u00a3\u2019000 \u00a3\u2019000 designate these derivatives as hedges. EMEA 191.699 153,919 All derivative financial instruments are classified as derivatives at fair value through the income statement. The Group does not use derivatives United Kingdom 45,101 36,745 for speculative purposes. All transactions in derivative financial instruments are undertaken to manage the risks arising from underlying business Asia Pacific 32,027 31,005 activities. Americas 39,007 32,972 Information on the fair value of derivative financial instruments held at the balance sheet date is shown in the table below. Net gains of \u00a33.4m (2021: gains of \u00a31.1m) have been included as part of the foreign exchange gains / losses for the year (Note 3). 307,834 254,641 Fair values are not adjusted for credit risk, as required by IFRS 13, because credit impact is not material given the low fair value levels. All derivative The fair values of trade and other receivables are not materially different to those disclosed above and in note 14. There is no material effect on pre- instruments are classified as level 2 instruments. tax profit if the instruments are accounted for at fair value or amortised cost. (ii) Liquidity risk management Derivative financial instruments Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework that aims to ensure that the Group has sufficient cash or credit facilities at all times to meet all current and forecast liabilities as they fall due. It is the Derivatives at fair value Directors\u2019 intention to continue to finance the activities and development of the Group from retained earnings. 2022 2021 Cash surpluses were invested in short-term deposits, with any working capital requirements being provided from Group cash resources, Group \u00a3m \u00a3m facilities, or by local overdraft facilities. The Group also operates a multi-currency notional cash pool to facilitate interest and balance compensation Derivative assets 3.2 1.2 of cash and bank overdrafts. Derivative liabilities (0.4) (1.8) The following are the contractual maturities of financial liabilities: Net derivative assets / (liabilities) 2.8 (0.6) Less than More than 1 month 1-3 months 3-12 months 12 months Sensitivity analysis \u2013 currency risk 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Lease liabilities 3,432 5,503 24,547 81,685 A 10% strengthening of Sterling against the following currencies at 31 December 2022 would have increased/(decreased) equity and profit or loss by the amounts shown over the page. This is reflective of the exchange rates movements experienced by the Group over the last 3 years. Trade payables 10,547 349 191 \u2013 This analysis is applied currency by currency in isolation, i.e. ignoring the impact of currency correlation, and assumes that all other variables, Accruals and other payables 154,942 26,657 34,969 14,259 in particular interest rates, remain constant. The analysis is performed on the same basis for 2021. The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market conditions occur. Actual results in the future may differ materially from those projected, due to developments in the global financial markets which may cause fluctuations in interest and exchange rates Less than More than to vary from the hypothetical amounts disclosed in the table over the page, which therefore should not be considered a projection of likely future 1 month 1-3 months 3-12 months 12 months 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 events and losses. Lease liabilities 2,639 5,355 22,131 72,215 Trade payables 5,829 63 16 \u2013 Accruals and other payables 123,431 21,957 52,000 5,340 The above are the contractual cashflows before discounting at the incremental borrowing rate. Equity Profit before tax 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Euro (12,682) (9,902) (2,102) (136) Australian Dollar (1,741) (1,448) (356) (254) Swiss Franc (597) (460) (76) (113) Chinese Renminbi (1,016) (1,128) 169 (326) Hong Kong Dollar (720) (862) 292 (17) Singapore Dollar (1,560) (1,562) 274 (67) United States Dollar (1,741) (594) (973) 93 Other (3,184) (2,529) (246) (711) A 10% weakening of Sterling against the above currencies at 31 December would have had a similar but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. 23. COMPARATIVE RESULTS Following a review of the Company\u2019s historic practice and future plans not to call on all intercompany receivables in the short term, \u00a3970,375k of current intercompany receivables at 31 December 2021 have been reclassified to non-current in line with IAS 1. These balances remain repayable on demand, and can be called upon at the sole discretion of the Company if required. This reclassification has no impact on net assets, result for the year or cash flows. The impact on the 31 December 2020 balance sheet would be to reclassify \u00a3808,610k of current intercompany receivables to non-current intercompany receivables. To ensure the requirements of IAS 7 and consistency of presentation is achieved in respect of cashflows related to the payment of dividends and associated movements in intercompany balances the Company has reclassified \u00a3100,230k of increases in intercompany payables from operating activities to financing activities. A third balance sheet has not been disclosed on the basis that the above are not material. The restatements have no impact on the net assets, total assets, total liabilities, result for the year or the net movement in cash and cash equivalents of the Parent Company balance sheet. 24. COMMITMENTS AND CONTINGENT LIABILITIES Capital Commitments The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to property, plant and equipment (2021:\u00a3nil). The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to computer software (2021:\u00a3nil). Guarantees The Company has provided guarantees to other Group undertakings amounting to \u00a34.0m (2021: \u00a33.8m) in the ordinary course of business. It is not anticipated that any material liabilities will arise from the contingent liabilities. VAT Group registration As a result of Group registration for UK VAT purposes, the Company is contingently liable for VAT liabilities arising in other companies within the VAT group which at 31 December 2022 amounted to \u00a36.7m (2021: \u00a36.3m). 25. EVENTS AFTER THE BALANCE SHEET DATE There have been no material events after the balance sheet date that require disclosure. 26. RELATED PARTY TRANSACTIONS Identity of related parties The Company has a related party relationship with its Directors and members of the Executive Committee, and subsidiaries (Note 13). Transactions with key management personnel Key management personnel are deemed to be the Directors and members of the Executive Committee as detailed in the biographies on pages 78 to 84. The remuneration of Directors and members of the Executive Committee is determined by the Remuneration Committee having regard to the performance of individuals and market trends. The transactions for the year were: Related party transactions 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 8,608 8,578 Social security costs 860 884 Short-term benefits 525 613 Pension costs \u2013 defined contribution plans 230 288 Share-based payments 3,152 3,926 13,376 14,289 Company Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details of transactions between the parent company and subsidiary undertakings are shown below. Dividends received Amounts owed by related parties Amounts owed to related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Transactions 163,331 67,178 1,081,498 970,375 1,314,866 1,221,283",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-340": {
"value": "1. SIGNIFICANT ACCOUNTING POLICIES Statement of compliance PageGroup plc is a company incorporated in the United Kingdom under the Companies Act. Under that law the Directors have elected to prepare the Group and parent company financial statements in accordance with UK- adopted international accounting standards (\u201cIFRSs\u201d). Basis of preparation The financial statements of PageGroup plc consolidate the results of the Company and all its subsidiary undertakings. As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the Company has not been included as part of these financial statements. The Company\u2019s profit for the financial year amounted to \u00a3150.8m (2021: \u00a367.2m). The Group\u2019s consolidated financial statements have been prepared on an accruals basis and under the historical cost convention, except for the revaluation of derivatives. The Group\u2019s financials are presented in Sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000) except when otherwise indicated. Based on review of historic practices and future plans, management has made certain restatements to the parent company\u2019s comparative disclosures. Refer to Note 23 for further details. Basis of consolidation (i) Subsidiaries The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. (ii) Transactions eliminated on consolidation Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (iii) Employee Benefit Trust Shares in PageGroup plc held by the trust are shown as a reduction in Shareholders\u2019 funds. (iv) Changes in accounting policy \u2013 new accounting standards, interpretations and amendments The accounting policies adopted are consistent with those of the previous financial years except for the following amendments to IFRS effective as of 1 January 2022: \u2022 Annual Improvements to IFRS Standards 2018-2020 The adoption of these accounting standards or interpretations did not have any impact on the accounting policies, financial position or performance of the Group. Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. \u2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current; effective date 1 January 2024 \u2022 Amendments to IAS 1: Non-current liabilities with Covenants; effective date 1 January 2024 \u2022 Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a single transaction; effective date 1 January 2023 \u2022 Amendments to IAS 1 and IFRS Practices Statement 2 - Disclosure of accounting policies; effective date 1 January 2023 The amendments are not expected to have a material impact on the Group. Going concern The Board has undertaken a review of the Group\u2019s forecasts and associated risks and sensitivities, in the period from the date of approval of the financial statements to March 2024 (review period). The Group had \u00a3131.5m of cash as at 31 December 2022, with no debt except for IFRS 16 lease liabilities of \u00a3109.8m. Debt facilities relevant to the review period comprise a committed \u00a380m RCF maturing December 2027, an uncommitted UK trade debtor discounting facility (up to \u00a350m depending on debtor levels) and an uncommitted \u00a320m UK bank overdraft facility. Despite the macroeconomic and political uncertainty that currently exists, and its inherent risk and impact on the business, based on the analysis performed there are no plausible downside scenarios that the Board believes would cause a liquidity issue. As a result, given the strength of performance in 2022, the level of cash in the business and Group\u2019s borrowing facilities, the geographical and discipline diversification, limited Customer concentration risk, as well as the ability to manage the cost base, the Board has concluded that the Group has adequate resources to continue in operational existence for the period through to 31 March 2024. a) Revenue and income recognition Revenue, which excludes value added tax (VAT), constitutes the value of services undertaken by the Group from its principal activities, which are recruitment consultancy and other ancillary services. These consist of: \u2022 revenue from temporary placements, which represents amounts billed for the services of temporary staff, including the salary cost of these staff. This is recognised when the service has been provided; \u2022 revenue from permanent placements is typically based on a percentage of the candidate\u2019s remuneration package and is derived from both retained assignments (income recognised on completion of defined stages of work) and non-retained assignments (income recognised at the date an offer is accepted by a candidate and where a start date has been determined). The latter includes revenue anticipated, but not invoiced, at the balance sheet date, which is correspondingly accrued on the balance sheet within accrued income. A provision is made against accrued income for possible cancellations of placements prior to, or shortly after, the commencement of employment; and \u2022 revenue from amounts billed to clients for expenses incurred on their behalf (principally advertisements) is recognised when the expense is incurred. The present value of revenue recognised is equal to the cash funds receivable as invoices are settled within a year of initial recognition. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. b) Cost of sales Cost of sales consists of the salary cost of temporary staff and costs incurred on behalf of clients, principally advertising costs. c) Gross profit Gross profit represents revenue less cost of sales and consists of the total placement fees of permanent candidates, the margin earned on the placement of temporary candidates and the margin on advertising income. d) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the respective functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. (iii) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; \u2022 income and expenses for each income is amortised at 20% per annum unless it is the default (a lifetime ECL). income statement, except when it relates to In calculating the present value of lease recorded and allocated on an arms-length statement are translated at average considered to have a shorter life, in which items charged or credited directly to OCI or payments, the Group uses the incremental basis. For trade receivables and contract assets, exchange rates; and case the period of amortisation is reduced. equity, in which case the deferred tax is also borrowing rate at the lease commencement the Group applies a simplified approach m) Dividend distribution The cumulative amount of goodwill written dealt with in OCI or equity. date if the interest rate implicit in the \u2022 all resulting exchange differences are in calculating ECLs. Therefore, the Group off directly to retained earnings in respect of lease is not readily determinable. After the Dividend distribution to the Company\u2019s recognised in other comprehensive does not track changes in credit risk, but Deferred tax assets and liabilities are offset acquisitions prior to 31 December 1997 is commencement date, the amount of lease Shareholders is recognised as a liability in income. instead recognises a loss allowance based when there is a legally enforceable right to \u00a3311.7m (2021: \u00a3311.7m). liabilities is increased to reflect the accretion the Group\u2019s financial statements in on lifetime ECLs at each reporting date. The set off current tax assets against current tax e) Intangible assets of interest and reduced for the lease the period in which the dividends are f) Property, plant and equipment Group has established a provision matrix liabilities and when they relate to income payments made. approved by (for final dividends) or paid (i) Goodwill that is based on its historical credit loss taxes levied by the same taxation authority Property, plant and equipment are stated at to (for interim dividends) the Company\u2019s experience, adjusted for forward-looking and the Group intends to settle its current In addition, the carrying amount of lease Goodwill represents the excess of the cost original cost less accumulated depreciation. Shareholders. factors specific to the debtors and the tax assets and liabilities on a net basis. liabilities is remeasured if there is a of an acquisition over the fair value of the Depreciation is calculated to write off the economic environment as well as potential modification, a change in the lease term, n) Share-based compensation Group\u2019s share of the net identifiable assets cost less estimated residual value of each j) Pension costs cancellations. a change in the in-substance fixed lease of the acquired subsidiary at the date of asset evenly over its expected useful life at The Group operates a number of equity- The Group operates defined contribution payments or a change in the assessment to acquisition. Goodwill on the acquisition the following rates: i) Taxation settled, share-based compensation plans. pension schemes. The assets of the purchase the underlying asset. of subsidiaries is included in intangible The accounting treatments for the Group Leasehold improvements 10% per annum or Income tax expense represents the sum of schemes are held separately from those of assets. Goodwill is stated at cost less any (iii) Short-term leases and leases of low-value and parent company are described below: period of lease if shorter the current tax and deferred tax charges. the Group in independently administered accumulated impairment losses. Goodwill assets The tax currently payable is based on funds. The pension costs charged to (i) Share option schemes is allocated to cash-generating units and is Furniture, fixtures and equipment 10-20% taxable profit for the year. Taxable profit the income statement represent the The Group applies the short-term lease not amortised, but is tested at least annually per annum The fair value of the employee services differs from profit as reported in the income contributions payable by the Group to the recognition exemption to its short-term for impairment (see accounting policy h). received in exchange for the grant of the Motor vehicles 25% per annum statement because it excludes items of funds during each period. leases of machinery and equipment (i.e. Gains and losses on the disposal of an entity options is recognised as an expense in income or expense that are taxable or those leases that have a lease term of 12 include the carrying amount of goodwill g) Investments k) Leases the income statement of the Group with deductible in other years and it further months or less from the commencement relating to the entity sold. a corresponding adjustment to equity. In Fixed asset investments are stated at cost excludes items that are never taxable or (i) Right-of-use assets date and do not contain a purchase option). the parent company, it is capitalised as an (ii) Computer software less provision for impairment. deductible. The Group\u2019s liability for current It also applies the lease of low-value assets The Group recognises right-of-use assets at investment, with a corresponding adjustment tax is calculated using tax rates that have recognition exemption to leases of office Computer software acquired separately h) Impairment of assets the commencement date of the lease (i.e. to equity. The total amount to be expensed been enacted or substantively enacted by equipment that are considered of low value is measured on initial recognition at cost. the date the underlying asset is available over the vesting period is determined by Computer software developed by the Group (i) Non-financial assets the balance sheet date. (i.e. below \u00a35,000). Lease payments on for use). Right-of-use assets are measured reference to the fair value of the options short-term leases and leases of low-value is measured at the cost incurred in relation Assets that have an indefinite useful life are Deferred tax is recognised on differences at cost, less any accumulated depreciation granted, excluding the impact of any non- assets are recognised as expense on a to the development of software and related not subject to amortisation and are tested between the carrying amounts of assets and impairment losses, and adjusted for any market vesting conditions (for example, straight-line basis over the lease term. applications. Costs are capitalised when annually for impairment. An impairment and liabilities in the financial statements remeasurement of lease liabilities. The cost earnings per share). Non-market vesting they fulfil the criteria in IAS 38 regarding loss is recognised for the amount by which and the corresponding tax bases used in of right-of-use assets includes the amount iv) Judgement in determining the lease term conditions are included in assumptions internally developed intangible assets. The the asset\u2019s carrying amount exceeds its the computation of taxable profit and is of lease liabilities recognised, initial direct of contracts with renewal options about the number of options that are Group applies judgement, which is not recoverable amount. accounted for using the balance sheet costs incurred, and lease payments made at expected to become exercisable. The Group determines the lease term as the considered as significant, in capitalising liability method. or before the commencement date less any non-cancellable term of the lease, together At each balance sheet date, the estimate the development cost by assessing if it will The recoverable amount is the higher of lease incentives received. Unless the Group Deferred tax liabilities are generally with any periods covered by an option to generate probable future economic benefits. an asset\u2019s fair value less costs to sell and of the number of options that are expected is reasonably certain to obtain ownership Costs which are incurred after the release of value in use. For the purposes of assessing recognised for all taxable temporary extend the lease if it is reasonably certain to become exercisable is revised. The of the leased asset at the end of the lease software or costs which are incurred in order impairment, assets are grouped at the differences and deferred tax assets are to be exercised, or any periods covered Group recognises the impact of the term, the recognised right-of-use assets are lowest levels for which there are separately recognised to the extent that it is probable by an option to terminate the lease, if it is revision of original estimates, if any, in the to enhance existing products are expensed depreciated on a straight-line basis over the identifiable cash flows (cash-generating that taxable profits will be available against reasonably certain not to be exercised. income statement, and the corresponding in the period in which they are incurred. shorter of its estimated useful life and the units). which deductible temporary differences can adjustment to equity over the remaining lease term. Right-of-use assets are subject The Group has the option, under some of (iii) Software under construction be utilised. Such assets and liabilities are not vesting period. (ii) Financial assets to impairment. its leases to lease the assets for additional recognised if the temporary difference arises Software under construction relates to cost terms of three to ten years. The Group (ii) Management Incentive Plan from goodwill or from the initial recognition (ii) Lease liabilities capitalised in relation to the development The Company and Group recognises an applies judgement in evaluating whether it allowance for expected credit losses (ECLs) (other than in a business combination) of Where deferred awards are made to of a new operating system and related At the commencement date of the lease, the is reasonably certain to exercise the option for all debt instruments not held at fair value other assets and liabilities in a transaction Directors and senior executives under the applications. Costs are capitalised when they Group recognises lease liabilities measured to renew. That is, it considers all relevant through profit or loss. ECLs are based on that affects neither the taxable profit nor the Management Incentive Plan, to reflect that fulfil the criteria in IAS 38 regarding internally at the present value of lease payments to be factors that create an economic incentive the difference between the contractual accounting profit. the awards are for services over a longer developed intangible assets. While still under made over the lease term. for it to exercise the renewal. After the cash flows due in accordance with the period, the value of the expected award construction, assets are tested for impairment Deferred tax liabilities are recognised for commencement date, the Group reassesses contract and all the cash flows that the The lease payments include fixed payments is charged to the income statement of the annually. Assets are moved from software taxable temporary differences arising on the lease term if there is a significant event Group on a straight-line basis over the under construction to computer software Group expects to receive, discounted at an (including in-substance fixed payments) less investments in subsidiaries, except where or change in circumstances that is within its vesting period to which the award relates. In when they become available for use. approximation of the original effective any lease incentives receivable, variable the Group is able to control the reversal of control and affects its ability to exercise (or interest rate. lease payments that depend on an index or the Parent Company, it is capitalised as an the temporary difference and it is probable not to exercise) the option to renew (iv) Trademark a rate, and amounts expected to be paid investment in the subsidiary that is receiving ECLs are recognised in two stages. For that the temporary difference will not reverse (e.g. a change in business strategy). under residual value guarantees. The lease the employee service, with a corresponding Acquired trademarks are stated at cost credit exposures for which there has not in the foreseeable future. The carrying payments also include the exercise price of l) Segment reporting adjustment to equity. and are written down over five years on a been a significant increase in credit risk amount of deferred tax assets is reviewed a purchase option reasonably certain to be straight-line basis, which represents the since initial recognition, ECLs are provided at each balance sheet date and reduced to IFRS 8 requires operating segments to be (iii) Employee Single Incentive Plan (ESIP) exercised by the Group and payments of estimated useful life of the intangible. for credit losses that result from default the extent that it is no longer probable that identified on the basis of internal reports Awards under the ESIP are paid in cash penalties for terminating a lease, if the lease sufficient taxable profits will be available. about components of the Group that are (v) Amortisation events that are possible within the next (40%) and Shares (60%), which vest in 3 term reflects the Group exercising the option 12 months (a 12-month ECL). For those regularly reviewed by the Board to allocate Deferred tax is calculated at the tax rates tranches over a 3 year period. The value of to terminate. The variable lease payments Amortisation is charged to the income credit exposures for which there has been a resources to the segments and to assess that are expected to apply in the period expected award is charged to the income that do not depend on an index or a rate statement on a straight-line basis over the significant increase in credit risk since initial their performance. Information provided to when the liability is settled or the asset statement of the Group relative to these are recognised as expense in the period on estimated useful lives of intangible assets recognition, a loss allowance is required for the Board is focused on regions and as a realised. vesting periods. which the event or condition that triggers the unless such lives are indefinite. Goodwill has credit losses expected over the remaining life result, reportable segments are on a regional payment occurs. an indefinite useful life. Computer software of the exposure, irrespective of the timing of Deferred tax is charged or credited to the basis. Transactions between segments are (iv) Tax on share schemes Where options or shares are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to local tax authorities are accounted for as a deduction from equity for the shares withheld. o) Deferred cash bonus The Group operates a bonus scheme for some members of staff whereby bonuses are deferred for three years from date of award. The bonuses are paid in full if the employee remains employed for the entire three-year period. p) Repurchase of share capital When share capital recognised as equity is repurchased, the amount of the consideration paid, including any directly attributable costs, is recognised as a change in equity. q) Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material. r) Financial assets and liabilities Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. The Group\u2019s financial assets at amortised cost includes trade and other receivables. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Cash and cash equivalents includes cash-in- hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Prepayments and Accrued Income are held at amortised cost. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and derivative financial instruments. Financial liabilities are classified, at initial recognition, as financial liabilities through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has derivative contracts at the balance sheet date that have been valued at fair value through the income statement. s) Areas of accounting estimation The preparation of financial statements in conformity with IFRS requires the use of certain accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the Company\u2019s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures on pages 43 to 48 this year and the stated net zero targets. These considerations did not have a material impact on the financial reporting judgements and estimates. In particular, management has considered the impact of climate change in respect of the following areas: \u2022 the Group\u2019s going concern assessment to March 2024 and viability of the Group over the next three years; \u2022 cash flow forecasts used in the impairment assessment of non-current assets including goodwill; \u2022 carrying value and useful economic lives of plant, property and equipment and intangibles. Whilst there is no medium-term impact expected from climate change, management is aware of the ever-evolving risks associated with climate change and will continue to monitor these and their impact on the judgements and estimates made in the Group\u2019s Consolidated Financial Statements. The following are areas where appropriate accounting necessarily involves management judgement and estimation. However, none of the estimates described are considered to have a significant risk of resulting in a material adjustment to the carrying amount of the related assets and liabilities within the next financial year. Accordingly, they are not considered to be major sources of estimation uncertainty. (i) Trade and other receivables There is uncertainty regarding Customers who may not be able to pay as their invoices fall due as at 31 December 2022. In total the Group holds \u00a3320.8m of Gross Trade Receivables (2021: \u00a3265.7m). A provision for \u00a313.0m (2021: \u00a311.1m) has been recognised based on the expected credit losses, cancellations or balances which are in litigation. In reviewing the appropriateness of the provisions in respect of recoverability of trade receivables, consideration has been given to the economic climate in the respective markets, the ageing of the debt and the potential likelihood of default. If the economic climate were to deteriorate across a number of countries the portfolio could be impaired by an amount greater than materiality. This scenario is however considered sufficiently remote such that no reasonably possible changes in assumptions are likely to cause material further impairment next year. Please see note 21 for an analysis of expected credit losses and cancellations. (ii) Deferred Tax At 31 December 2022, PageGroup\u2019s deferred tax assets are \u00a318.6m (2021: \u00a319.3m). The ultimate realisation of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or in which tax losses can be utilised. The tax effect of deductible temporary differences and unused tax losses are recognised as a deferred tax asset when it becomes probable that the tax losses and deductible temporary differences will be utilised. In making assessments regarding deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, the availability to carry back losses and tax planning strategies. At 31 December 2022, based upon the projections for future taxable income over the periods in which deferred tax assets are deductible, management believes that it is more likely than not that PageGroup will realise the benefits of these deductible differences. The amount of deferred tax assets considered realisable could however be reduced in subsequent years if estimates of future taxable income during their carry forward periods are reduced, or rulings by the tax authorities are unfavourable. Estimates are therefore subject to change due to both market-related and government- related uncertainties, as well as PageGroup\u2019s own future decisions. (iii) Uncertain tax positions Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate using management\u2019s estimate of the most likely outcome. Where management determines that a greater than 50% probability exists that the tax authorities would accept the position taken in the tax return, amounts are recognised in the consolidated financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability or asset based on either: management\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability weighted average approach. The Group recognises interest on late paid taxes as part of financing costs. The Group recognises penalties, if applicable, as part of administrative and other expenses. These estimates include significant management judgements about the probable outcome of uncertain tax positions. Management base their judgements on the latest information available about the positions expected to be taken by each tax authority. Actual outcomes and settlements may differ significantly from the estimates recorded in these consolidated financial statements. This may affect income tax expense reported in future years\u2019 consolidated income statements. The uncertain tax position provision recognised as at 31 December 2022 is \u00a33.0m (2021: \u00a33.4m). t) Employee Benefit Trust The Employee Benefit Trust is considered a separate legal entity and not an extension of the parent company. It is included in the consolidated results of the Group as it is deemed to have control of the entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "Statement of compliance PageGroup plc is a company incorporated in the United Kingdom under the Companies Act. Under that law the Directors have elected to prepare the Group and parent company financial statements in accordance with UK- adopted international accounting standards (\u201cIFRSs\u201d). ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "PageGroup plc is a company incorporated ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "PageGroup plc ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "Basis of preparation The financial statements of PageGroup plc consolidate the results of the Company and all its subsidiary undertakings. As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the Company has not been included as part of these financial statements. The Company\u2019s profit for the financial year amounted to \u00a3150.8m (2021: \u00a367.2m). The Group\u2019s consolidated financial statements have been prepared on an accruals basis and under the historical cost convention, except for the revaluation of derivatives. The Group\u2019s financials are presented in Sterling and all values are rounded to the nearest thousand pounds (\u00a3\u2019000) except when otherwise indicated. Based on review of historic practices and future plans, management has made certain restatements to the parent company\u2019s comparative disclosures. Refer to Note 23 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "m) Dividend distribution Dividend distribution to the Company\u2019s Shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by (for final dividends) or paid to (for interim dividends) the Company\u2019s Shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "e) Intangible assets (i) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on the acquisition of subsidiaries is included in intangible assets. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised, but is tested at least annually for impairment (see accounting policy h). Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. (ii) Computer software Computer software acquired separately is measured on initial recognition at cost. Computer software developed by the Group is measured at the cost incurred in relation to the development of software and related applications. Costs are capitalised when they fulfil the criteria in IAS 38 regarding internally developed intangible assets. The Group applies judgement, which is not considered as significant, in capitalising the development cost by assessing if it will generate probable future economic benefits. Costs which are incurred after the release of software or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred. (iii) Software under construction Software under construction relates to cost capitalised in relation to the development of a new operating system and related applications. Costs are capitalised when they fulfil the criteria in IAS 38 regarding internally developed intangible assets. While still under construction, assets are tested for impairment annually. Assets are moved from software under construction to computer software when they become available for use. (iv) Trademark Acquired trademarks are stated at cost and are written down over five years on a straight-line basis, which represents the estimated useful life of the intangible. (v) Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill has an indefinite useful life. Computer software is amortised at 20% per annum unless it is considered to have a shorter life, in which case the period of amortisation is reduced. The cumulative amount of goodwill written off directly to retained earnings in respect of acquisitions prior to 31 December 1997 is \u00a3311.7m (2021: \u00a3311.7m). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "f) Property, plant and equipment Property, plant and equipment are stated at original cost less accumulated depreciation. Depreciation is calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life at the following rates: Leasehold improvements 10% per annum or period of lease if shorter Furniture, fixtures and equipment 10-20% per annum Motor vehicles 25% per annum ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "(i) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on the acquisition of subsidiaries is included in intangible assets. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised, but is tested at least annually for impairment (see accounting policy h). Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "n) Share-based compensation The Group operates a number of equity- settled, share-based compensation plans. The accounting treatments for the Group and parent company are described below: (i) Share option schemes The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the income statement of the Group with a corresponding adjustment to equity. In the parent company, it is capitalised as an investment, with a corresponding adjustment to equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non- market vesting conditions (for example, earnings per share). Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. At each balance sheet date, the estimate of the number of options that are expected to become exercisable is revised. The Group recognises the impact of the revision of original estimates, if any, in the income statement, and the corresponding adjustment to equity over the remaining vesting period. (ii) Management Incentive Plan Where deferred awards are made to Directors and senior executives under the Management Incentive Plan, to reflect that the awards are for services over a longer period, the value of the expected award is charged to the income statement of the Group on a straight-line basis over the vesting period to which the award relates. In the Parent Company, it is capitalised as an investment in the subsidiary that is receiving the employee service, with a corresponding adjustment to equity. (iii) Employee Single Incentive Plan (ESIP) Awards under the ESIP are paid in cash (40%) and Shares (60%), which vest in 3 tranches over a 3 year period. The value of expected award is charged to the income statement of the Group relative to these vesting periods. (iv) Tax on share schemes Where options or shares are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to local tax authorities are accounted for as a deduction from equity for the shares withheld. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "j) Pension costs The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension costs charged to the income statement represent the contributions payable by the Group to the funds during each period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "i) Taxation Income tax expense represents the sum of the current tax and deferred tax charges. The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 balance sheet date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet 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 goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to OCI or equity, in which case the deferred tax is also dealt with in OCI or equity. 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:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "g) Investments Fixed asset investments are stated at cost less provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "k) Leases (i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. (ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e. below \u00a35,000). Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. iv) Judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has the option, under some of its leases to lease the assets for additional terms of three to ten years. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g. a change in business strategy). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "(ii) Computer software Computer software acquired separately is measured on initial recognition at cost. Computer software developed by the Group is measured at the cost incurred in relation to the development of software and related applications. Costs are capitalised when they fulfil the criteria in IAS 38 regarding internally developed intangible assets. The Group applies judgement, which is not considered as significant, in capitalising the development cost by assessing if it will generate probable future economic benefits. Costs which are incurred after the release of software or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred. (iii) Software under construction Software under construction relates to cost capitalised in relation to the development of a new operating system and related applications. Costs are capitalised when they fulfil the criteria in IAS 38 regarding internally developed intangible assets. While still under construction, assets are tested for impairment annually. Assets are moved from software under construction to computer software when they become available for use. (iv) Trademark Acquired trademarks are stated at cost and are written down over five years on a straight-line basis, which represents the estimated useful life of the intangible. (v) Amortisation Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill has an indefinite useful life. Computer software is amortised at 20% per annum unless it is considered to have a shorter life, in which case the period of amortisation is reduced. The cumulative amount of goodwill written off directly to retained earnings in respect of acquisitions prior to 31 December 1997 is \u00a3311.7m (2021: \u00a3311.7m). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "h) Impairment of assets (i) Non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). (ii) Financial assets The Company and Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment as well as potential cancellations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "(i) Non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet 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 goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to OCI or equity, in which case the deferred tax is also dealt with in OCI or equity. 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:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "(ii) Financial assets The Company and Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment as well as potential cancellations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "l) Segment reporting IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board to allocate resources to the segments and to assess their performance. Information provided to the Board is focused on regions and as a result, reportable segments are on a regional basis. Transactions between segments are recorded and allocated on an arms-length basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "t) Employee Benefit Trust The Employee Benefit Trust is considered a separate legal entity and not an extension of the parent company. It is included in the consolidated results of the Group as it is deemed to have control of the entity. ",
"dimensions": {
"concept": "pagegroupplc:DescriptionOfAccountingPolicyForEmployeeBenefitTrust",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "2. SEGMENT REPORTING
All revenues disclosed are derived from external Customers.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in Note 1. Segment operating
profit represents the profit earned by each segment including allocation of central administration costs. This is the measure reported to the
Group\u2019s Board, the chief operating decision maker, for the purpose of resource allocation and assessment of segment performance. Segments
are aggregated in accordance with management ownership, determined by the possession of similar characteristics such as geography, market
maturity and economic environment. No judgements were applied to identify the reportable segments.
(a) Revenue, gross profit and operating profit by reportable segment
2022
Revenue
\u00a3\u2019000
Gross
profit
\u00a3\u2019000
Operating
profit
\u00a3\u2019000
EMEA 1,069,346 538,488 122,079
Asia Pacific 318,359 195,276 35,244
Americas 282,942 193,397 17,885
United Kingdom 319,640 149,133 20,871
Operating profit \u2013 \u2013 196,079
Net financial expense \u2013 \u2013 (1,713)
1,990,287 1,076,294 194,366
2021
Revenue
\u00a3\u2019000
Gross
profit
\u00a3\u2019000
Operating
profit
\u00a3\u2019000
EMEA 869,574 431,960 93,435
Asia Pacific 282,008 179,296 39,004
Americas 220,671 138,520 19,163
United Kingdom 271,487 127,944 16,908
Operating profit \u2013 \u2013 168,510
Net financial expense \u2013 \u2013 (1,865)
1,643,740 877,720 166,645
The above analysis by destination is not materially different to the analysis by origin.
The analysis below is of the carrying amount of reportable segment assets, liabilities and non-current assets. Segment assets and liabilities
(c) Revenue and gross profit generated from permanent and temporary placements
include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Revenue Gross profit
The individual reportable segments exclude income tax assets and liabilities. Non-current assets include property, plant and equipment,
2022
2021
2022
2021
computer software, goodwill and other intangibles.
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
(b) Segment assets, liabilities, non-current assets and capital expenditure by reportable segment
Permanent 832,014 682,233 826,321 676,099
Total assets Total liabilities
Temporary 1,158,273 961,507 249,973 201,621
2022
2021
2022
2021
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
1,990,287 1,643,740 1,076,294 877,720
EMEA 338,251 285,573 248,585 201,748
Asia Pacific 128,299 132,995 69,995 64,405
d) Revenue generated by permanent and temporary placements by reportable segment
Americas 116,647 94,581 60,635 43,789
Permanent Temporary
Year ended
Year ended
Year ended
Year ended
United Kingdom 194,514 198,096 45,476 52,171
31 December
31 December
31 December
31 December
2022
2021
2022
2021
Segment assets/liabilities 777,711 711,245 424,691 362,113
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Income tax 17,233 13,214 18,050 22,241
EMEA 380,002 303,762 689,344 565,812
794,944 724,459 442,741 384,354
Asia Pacific 170,029 158,329 148,330 123,679
Americas 170,970 123,545 111,972 97,126
Property, plant and
United Kingdom 111,013 96,597 208,627 174,890
equipment Intangible assets
832,014 682,233 1,158,273 961,507
2022
2021
2022
2021
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
The analyses in notes (e) revenue and gross profit by discipline (being the professions of candidates placed) and (f) revenue and gross profit by
EMEA 14,072 10,571 2,296 2,247
strategic market have been included as additional disclosure over and above the requirements of IFRS 8 \u201cOperating Segments\u201d. Strategic markets
are defined in the Strategic Review on pages 15 to 16.
Asia Pacific 6,194 4,318 110 279
(e) Revenue and gross profit by discipline
Americas 7,378 5,325 5 \u2013
Revenue Gross profit
United Kingdom 8,479 4,622 37,589 46,639
2022
2021
2022
2021
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
36,123 24,836 40,000 49,165
Accounting and Financial Services 720,783 609,012 343,659 281,549
Legal, Technology, HR, Secretarial and other 667,543 511,466 334,772 260,819
Right-of-use assets Lease liabilities
Engineering, Property & Construction, Procurement & Supply Chain 400,959 349,770 251,686 207,200
2022
2021
2022
2021
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Marketing, Sales and Retail 201,002 173,492 146,177 128,152
EMEA 61,760 54,413 65,136 57,143
1,990,287 1,643,740 1,076,294 877,720
Asia Pacific 17,415 16,132 20,042 17,154
(f) Revenue and gross profit by strategic market
Americas 11,950 10,692 14,434 13,432
Revenue Gross profit
2022
2021
2022
2021
United Kingdom 9,871 13,719 10,220 14,611
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
100,996 94,956 109,832 102,340
Large, Proven markets 1,015,599 867,634 483,627 406,618
Large, High Potential markets 688,925 551,547 417,296 332,539
Medium and Small, High Margin markets 285,763 224,559 175,371 138,563
The below analysis in note (c) and (d) relates to the requirement of IFRS 15 to disclose disaggregated revenue by streams and region.
1,990,287 1,643,740 1,076,294 877,720
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"value": "o) Deferred cash bonus The Group operates a bonus scheme for some members of staff whereby bonuses are deferred for three years from date of award. The bonuses are paid in full if the employee remains employed for the entire three-year period. ",
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"value": "p) Repurchase of share capital When share capital recognised as equity is repurchased, the amount of the consideration paid, including any directly attributable costs, is recognised as a change in equity. ",
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"value": "q) Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material. ",
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"fact-410": {
"value": "r) Financial assets and liabilities Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. The Group\u2019s financial assets at amortised cost includes trade and other receivables. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Cash and cash equivalents includes cash-in- hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Prepayments and Accrued Income are held at amortised cost. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and derivative financial instruments. Financial liabilities are classified, at initial recognition, as financial liabilities through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has derivative contracts at the balance sheet date that have been valued at fair value through the income statement. ",
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"fact-397": {
"value": "r) Financial assets and liabilities Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. The Group\u2019s financial assets at amortised cost includes trade and other receivables. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Cash and cash equivalents includes cash-in- hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Prepayments and Accrued Income are held at amortised cost. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and derivative financial instruments. Financial liabilities are classified, at initial recognition, as financial liabilities through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has derivative contracts at the balance sheet date that have been valued at fair value through the income statement. ",
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"fact-363": {
"value": "r) Financial assets and liabilities Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. The Group\u2019s financial assets at amortised cost includes trade and other receivables. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Cash and cash equivalents includes cash-in- hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Prepayments and Accrued Income are held at amortised cost. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables and derivative financial instruments. Financial liabilities are classified, at initial recognition, as financial liabilities through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group has derivative contracts at the balance sheet date that have been valued at fair value through the income statement. ",
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"fact-366": {
"value": "s) Areas of accounting estimation The preparation of financial statements in conformity with IFRS requires the use of certain accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the Company\u2019s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing the Consolidated Financial Statements management has considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures on pages 43 to 48 this year and the stated net zero targets. These considerations did not have a material impact on the financial reporting judgements and estimates. In particular, management has considered the impact of climate change in respect of the following areas: \u2022 the Group\u2019s going concern assessment to March 2024 and viability of the Group over the next three years; \u2022 cash flow forecasts used in the impairment assessment of non-current assets including goodwill; \u2022 carrying value and useful economic lives of plant, property and equipment and intangibles. Whilst there is no medium-term impact expected from climate change, management is aware of the ever-evolving risks associated with climate change and will continue to monitor these and their impact on the judgements and estimates made in the Group\u2019s Consolidated Financial Statements. The following are areas where appropriate accounting necessarily involves management judgement and estimation. However, none of the estimates described are considered to have a significant risk of resulting in a material adjustment to the carrying amount of the related assets and liabilities within the next financial year. Accordingly, they are not considered to be major sources of estimation uncertainty. ",
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"fact-367": {
"value": "(i) Trade and other receivables There is uncertainty regarding Customers who may not be able to pay as their invoices fall due as at 31 December 2022. In total the Group holds \u00a3320.8m of Gross Trade Receivables (2021: \u00a3265.7m). A provision for \u00a313.0m (2021: \u00a311.1m) has been recognised based on the expected credit losses, cancellations or balances which are in litigation. In reviewing the appropriateness of the provisions in respect of recoverability of trade receivables, consideration has been given to the economic climate in the respective markets, the ageing of the debt and the potential likelihood of default. If the economic climate were to deteriorate across a number of countries the portfolio could be impaired by an amount greater than materiality. This scenario is however considered sufficiently remote such that no reasonably possible changes in assumptions are likely to cause material further impairment next year. Please see note 21 for an analysis of expected credit losses and cancellations. (ii) Deferred Tax At 31 December 2022, PageGroup\u2019s deferred tax assets are \u00a318.6m (2021: \u00a319.3m). The ultimate realisation of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or in which tax losses can be utilised. The tax effect of deductible temporary differences and unused tax losses are recognised as a deferred tax asset when it becomes probable that the tax losses and deductible temporary differences will be utilised. In making assessments regarding deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, the availability to carry back losses and tax planning strategies. At 31 December 2022, based upon the projections for future taxable income over the periods in which deferred tax assets are deductible, management believes that it is more likely than not that PageGroup will realise the benefits of these deductible differences. The amount of deferred tax assets considered realisable could however be reduced in subsequent years if estimates of future taxable income during their carry forward periods are reduced, or rulings by the tax authorities are unfavourable. Estimates are therefore subject to change due to both market-related and government- related uncertainties, as well as PageGroup\u2019s own future decisions. (iii) Uncertain tax positions Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate using management\u2019s estimate of the most likely outcome. Where management determines that a greater than 50% probability exists that the tax authorities would accept the position taken in the tax return, amounts are recognised in the consolidated financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability or asset based on either: management\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability weighted average approach. The Group recognises interest on late paid taxes as part of financing costs. The Group recognises penalties, if applicable, as part of administrative and other expenses. These estimates include significant management judgements about the probable outcome of uncertain tax positions. Management base their judgements on the latest information available about the positions expected to be taken by each tax authority. Actual outcomes and settlements may differ significantly from the estimates recorded in these consolidated financial statements. This may affect income tax expense reported in future years\u2019 consolidated income statements. The uncertain tax position provision recognised as at 31 December 2022 is \u00a33.0m (2021: \u00a33.4m). ",
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"fact-398": {
"value": "(c) Revenue and gross profit generated from permanent and temporary placements Revenue Gross profit 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Permanent 832,014 682,233 826,321 676,099 Temporary 1,158,273 961,507 249,973 201,621 1,990,287 1,643,740 1,076,294 877,720 d) Revenue generated by permanent and temporary placements by reportable segment Permanent Temporary Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 EMEA 380,002 303,762 689,344 565,812 Asia Pacific 170,029 158,329 148,330 123,679 Americas 170,970 123,545 111,972 97,126 United Kingdom 111,013 96,597 208,627 174,890 832,014 682,233 1,158,273 961,507 The analyses in notes (e) revenue and gross profit by discipline (being the professions of candidates placed) and (f) revenue and gross profit by strategic market have been included as additional disclosure over and above the requirements of IFRS 8 \u201cOperating Segments\u201d. Strategic markets are defined in the Strategic Review on pages 15 to 16. (e) Revenue and gross profit by discipline Revenue Gross profit 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Accounting and Financial Services 720,783 609,012 343,659 281,549 Legal, Technology, HR, Secretarial and other 667,543 511,466 334,772 260,819 Engineering, Property & Construction, Procurement & Supply Chain 400,959 349,770 251,686 207,200 Marketing, Sales and Retail 201,002 173,492 146,177 128,152 1,990,287 1,643,740 1,076,294 877,720 (f) Revenue and gross profit by strategic market Revenue Gross profit 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Large, Proven markets 1,015,599 867,634 483,627 406,618 Large, High Potential markets 688,925 551,547 417,296 332,539 Medium and Small, High Margin markets 285,763 224,559 175,371 138,563 1,990,287 1,643,740 1,076,294 877,720 ",
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"fact-368": {
"value": "3. PROFIT FOR THE YEAR 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Profit for the year is stated after charging: Employment costs (Note 4) 682,467 554,753 Net exchange losses 3,184 6,891 Depreciation of property, plant and equipment \u2013 owned (Note 10) 11,230 8,213 Amortisation of intangibles (Note 12) 13,509 10,217 Expected credit losses (Note 22) 25,265 17,920 Expected credit losses recovered / reversed (Note 22) (20,477) (15,862) Loss/(Profit) on sale of property, plant and equipment and computer software 4,398 (59) Depreciation of right-of-use assets (Note 11) 35,853 35,298 Fees payable to the Company\u2019s auditor: Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 860 433 Fees payable to the Company\u2019s auditor and associates for other services: \u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation 802 755 Total audit fees 1,662 1,188 \u2013 Audit related assurance services 58 52 \u2013 Other non-audit services 7 7 Total non-audit fees 65 59 Total fees 1,727 1,247 ",
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"fact-399": {
"value": "Fees payable to the Company\u2019s auditor: Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 860 433 Fees payable to the Company\u2019s auditor and associates for other services: \u2013 The audit of the Company\u2019s subsidiaries pursuant to legislation 802 755 Total audit fees 1,662 1,188 \u2013 Audit related assurance services 58 52 \u2013 Other non-audit services 7 7 Total non-audit fees 65 59 Total fees 1,727 1,247 ",
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"fact-369": {
"value": "4. EMPLOYEE INFORMATION The average number of employees (including Executive Directors) during the year and total number of employees (including Executive Directors) at 31 December 2022 were as follows: 2022 Average No. 2021 Average No. At 31 Dec 2022 No. At 31 Dec 2021 No. Management 416 356 445 376 Client services 6,341 5,220 6,498 5,705 Administration 1,952 1,643 2,077 1,757 8,709 7,219 9,020 7,838 Employment costs (including Directors\u2019 emoluments) comprised: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 583,683 471,918 Social security costs 64,077 51,523 Pension costs \u2013 defined contribution plans 24,252 18,736 Share-based payments and deferred cash plan 10,455 12,576 682,467 554,753 No staff are employed by the parent company (2021: none) hence no remuneration has been disclosed for the Company. Remuneration for Directors for their services on behalf of the parent company are included in the Directors\u2019 Remuneration Report on pages 99 to 126. ",
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"fact-411": {
"value": "5. FINANCIAL INCOME/(EXPENSES) 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Financial income Interest receivable 1,104 290 1,104 290 Financial expenses Interest payable (1,213) (841) Interest on lease liabilities (1,604) (1,314) (2,817) (2,155) ",
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"fact-400": {
"value": "5. FINANCIAL INCOME/(EXPENSES) 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Financial income Interest receivable 1,104 290 1,104 290 Financial expenses Interest payable (1,213) (841) Interest on lease liabilities (1,604) (1,314) (2,817) (2,155) ",
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"fact-370": {
"value": "5. FINANCIAL INCOME/(EXPENSES) 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Financial income Interest receivable 1,104 290 1,104 290 Financial expenses Interest payable (1,213) (841) Interest on lease liabilities (1,604) (1,314) (2,817) (2,155) ",
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"fact-401": {
"value": "6. INCOME TAX EXPENSE The charge for taxation is based on the effective annual tax rate of 28.5% on profit before tax (2021: 29.0%). Analysis of charge in the year 2022 \u00a3\u2019000 2021 \u00a3\u2019000 UK income tax at 19.00% (2021: 19.00%) for year 15,425 11,776 Overseas income tax 39,501 42,303 Adjustments in respect of prior years (1,861) (3,214) 53,065 50,865 Deferred tax Adjustment in respect of prior years 1,341 (1,673) Origination and reversal of temporary differences (3,622) (6,684) Derecognition of losses and other tax attributes 4,688 5,481 Impact of tax rate changes (118) 300 Deferred tax income 2,289 (2,576) Total tax expense in the income statement 55,354 48,289 Reconciliation of effective tax rate 2022 \u00a3\u2019000 % 2021 \u00a3\u2019000 % Profit before taxation 194,366 166,645 Profit before tax multiplied by the standard rate of corporation tax in the UK 36,930 19.0 31,663 19.0 Effects of: Disallowable items and other permanent differences 2,193 1.1 2,395 1.4 Unrelieved overseas losses 895 0.5 1,855 1.1 Derecognition/(recognition) of overseas losses and other tax attributes 3,792 2.0 3,626 2.2 Other tax movements (790) (0.4) 392 0.2 Higher tax rates on overseas earnings 5,141 2.6 6,139 3.7 Other tax overseas 7,831 4.0 6,805 4.1 Movement of rate difference (118) (0.1) 301 0.2 Adjustment to tax charge in respect of prior periods (520) (0.3) (4,887) (2.9) Tax expense and effective rate for the year 55,354 28.5 48,289 29.0 Tax recognised directly in equity 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Relating to settled transactions (706) 1,387 We have generated profits in overseas countries which have higher tax rates and are subject to additional taxes on profits which have contributed 6.7% to the tax rate in 2022. Disallowable and other permanent differences are broadly in line with prior years and net derecognition of overseas losses and other tax attributes that we could not recognise due to the requirement to have profits against which to offset in the foreseeable future increase the rate by 2.4%. Adjustments in respect of prior periods are one-off in nature and had a negligible impact. These factors add to the basic UK rate of 19% to give the total effective tax rate of 28.5%. The corporation tax rate will increase to 25% (from 19%) on 1 April 2023. This was previously enacted in 2021 and UK deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. 18. DEFERRED TAX The following are the major deferred tax assets/(liabilities) recognised by the Group, and the movements thereon, during the current and prior reporting periods. Share-based Related party payments Tax losses Provisions transactions Other Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 At 1 January 2022 2,077 1,253 4,458 7,520 3,997 19,305 Recognised in equity for the year (824) \u2013 \u2013 \u2013 \u2013 (824) Recognised in profit or loss for the year (191) (443) 5,198 (3,458) (3,395) (2,289) Exchange differences 2 71 289 615 127 1,104 At 31 December 2022 1,064 881 9,945 4,677 729 17,296 At 1 January 2021 490 2,188 4,702 2,746 5,973 16,099 Recognised in equity for the year 1,241 \u2013 \u2013 \u2013 \u2013 1,241 Transfers \u2013 268 485 514 (1,267) \u2013 Recognised in profit or loss for the year 346 (1,132) (511) 4,193 (321) 2,575 Exchange differences \u2013 (71) (218) 67 (388) (610) At 31 December 2021 2,077 1,253 4,458 7,520 3,997 19,305 Certain deferred tax assets and liabilities have been offset where permissible in accordance with the Group\u2019s accounting policy. The following is the analysis of the deferred tax balances (after offset) for balance sheet purposes: 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Deferred tax assets 18,641 19,659 Deferred tax liabilities (1,345) (354) 17,296 19,305 The Group\u2019s overseas subsidiaries have net unremitted earnings of \u00a3188.7m (2021: \u00a3177.3m), resulting in temporary differences of \u00a333.9m (2021: \u00a333.7m). No deferred tax has been provided in respect of these differences since the timing of the reversals can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The timing differences shown under \u201cOther\u201d of \u00a30.7m (2021: \u00a34.0m) predominantly includes such differences in relation to fixed assets \u00a30.8m (2021: \u00a31.7m), differences between the Group GAAP, IFRS, and the local GAAP of each country in which PageGroup operates and differences between recognition of income and expense for accounting and tax purposes and other items of \u00a33.4m (2021: \u00a31.9m), IFRS 16 of \u00a31.1m (2021: \u00a30.4m) and other items of \u00a32.2m (2021: \u00a3nil). The realisation of the deferred tax asset in respect of losses is dependent upon generating future taxable profits in the territories in which the deferred tax assets have arisen. At 31 December 2022, \u00a340.8m (2021: \u00a335.0m) of deductible temporary differences, unused tax losses and tax credits have not been recognised due to uncertainty over the taxable profits available to support the realisation of these attributes. The tax effected balances are \u00a312.3m (2021: \u00a310.5m). The Group has gross unrecognised tax losses which expire of \u00a39m of which \u00a32.9m will expire at various dates before 31 December 2027 and a further \u00a36.1m will expire by 31 December 2032. The net deferred tax asset of \u00a317.3m (2021: \u00a319.3m) includes \u00a30.6m of deferred tax assets in relation to entities that have incurred an accounting loss in either 2022 and 2021. In line with the most recent budgets which forecast profits for these entities, management expects these losses to be substantially recovered within three years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "6. INCOME TAX EXPENSE The charge for taxation is based on the effective annual tax rate of 28.5% on profit before tax (2021: 29.0%). Analysis of charge in the year 2022 \u00a3\u2019000 2021 \u00a3\u2019000 UK income tax at 19.00% (2021: 19.00%) for year 15,425 11,776 Overseas income tax 39,501 42,303 Adjustments in respect of prior years (1,861) (3,214) 53,065 50,865 Deferred tax Adjustment in respect of prior years 1,341 (1,673) Origination and reversal of temporary differences (3,622) (6,684) Derecognition of losses and other tax attributes 4,688 5,481 Impact of tax rate changes (118) 300 Deferred tax income 2,289 (2,576) Total tax expense in the income statement 55,354 48,289 Reconciliation of effective tax rate 2022 \u00a3\u2019000 % 2021 \u00a3\u2019000 % Profit before taxation 194,366 166,645 Profit before tax multiplied by the standard rate of corporation tax in the UK 36,930 19.0 31,663 19.0 Effects of: Disallowable items and other permanent differences 2,193 1.1 2,395 1.4 Unrelieved overseas losses 895 0.5 1,855 1.1 Derecognition/(recognition) of overseas losses and other tax attributes 3,792 2.0 3,626 2.2 Other tax movements (790) (0.4) 392 0.2 Higher tax rates on overseas earnings 5,141 2.6 6,139 3.7 Other tax overseas 7,831 4.0 6,805 4.1 Movement of rate difference (118) (0.1) 301 0.2 Adjustment to tax charge in respect of prior periods (520) (0.3) (4,887) (2.9) Tax expense and effective rate for the year 55,354 28.5 48,289 29.0 Tax recognised directly in equity 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Relating to settled transactions (706) 1,387 We have generated profits in overseas countries which have higher tax rates and are subject to additional taxes on profits which have contributed 6.7% to the tax rate in 2022. Disallowable and other permanent differences are broadly in line with prior years and net derecognition of overseas losses and other tax attributes that we could not recognise due to the requirement to have profits against which to offset in the foreseeable future increase the rate by 2.4%. Adjustments in respect of prior periods are one-off in nature and had a negligible impact. These factors add to the basic UK rate of 19% to give the total effective tax rate of 28.5%. The corporation tax rate will increase to 25% (from 19%) on 1 April 2023. This was previously enacted in 2021 and UK deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "7. CURRENT TAX ASSETS AND LIABILITIES The current tax asset of \u00a317.2m (2021: \u00a313.2m), and current tax liability of \u00a318.1m (2021: \u00a322.2m) for the Group, and current tax asset and liability of \u00a3nil (2021: \u00a3nil) for the parent company, represent the amount of income taxes recoverable and payable in respect of current and prior periods. The Group maintains a provision in relation to disputes and uncertain tax positions, including transfer pricing, which is included in the current tax liability. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "8. DIVIDENDS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Amounts recognised as distributions to equity holders in the year: Final dividend for the year ended 31 December 2021 of 10.30p per Ordinary share (2020: 0.00p) 32,740 \u2013 Interim dividend for the year ended 31 December 2022 of 4.91p per Ordinary share (2021: 4.70p) 15,607 14,998 Special dividend for the year ended 31 December 2022 of 26.71p per Ordinary share (2021: 26.71p) 84,900 85,232 133,247 100,230 Amounts proposed as distributions to equity holders in the year: Proposed final dividend for the year ended 31 December 2022 of 10.76p per Ordinary share (2021: 10.30p) 34,207 32,912 The proposed final dividend had not been approved by the Board at 31 December and therefore has not been included as a liability. The proposed final dividend of 10.76p (2021: 10.30p) per ordinary share will be paid on 19 June 2023 to Shareholders on the register at close of business on 19 May 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "9. EARNINGS PER ORDINARY SHARE The calculation of the basic and diluted earnings per share is based on the following data: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Earnings Earnings for basic and diluted earnings per share (\u00a3\u2019000) 139,012 118,356 Number of shares number number Weighted average number of shares used for basic earnings per share (\u2018000) 318,166 318,237 Dilutive effect of share plans (\u2018000) 1,204 1,232 Diluted weighted average number of shares used for diluted earnings per share (\u2018000) 319,370 319,469 pence pence Basic earnings per share 43.7 37.2 Diluted earnings per share 43.5 37.0 The above results relate to continuing operations. Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of Ordinary shares in issue during the year, excluding unallocated Ordinary shares purchased by the Employee Benefit Trust and held in the reserve. Diluted Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares outstanding to assume conversion of all dilutive potential Ordinary shares. This calculation determines the number of shares that could have been acquired at fair value (determined as the average market price of the Company\u2019s shares) based on the monetary value of the subscription rights attached to the outstanding share options. The number of shares calculated in the basic earnings per share is then adjusted to reflect the number of shares deemed to be issued for nil consideration as a result of the potential exercise of existing share options. The remaining share options that are currently not dilutive and hence excluded from the dilutive earnings per share calculation remain potentially dilutive until they are either exercised or they lapse. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "10. PROPERTY, PLANT AND EQUIPMENT Group 2022 Leasehold improve- ments \u00a3\u2019000 Furniture, fixtures and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 46,802 44,061 2,049 92,912 Additions 5,980 13,387 2,615 21,982 Disposals (6,694) (10,534) (823) (18,051) Effect of movements in foreign exchange 2,413 1,254 10 3,677 At 31 December 48,501 48,168 3,851 100,520 Depreciation At 1 January 34,493 32,557 1,026 68,076 Charge for the year 4,592 6,079 559 11,230 Disposals (5,990) (10,361) (600) (16,951) Effect of movements in foreign exchange 1,778 245 19 2,042 At 31 December 34,873 28,520 1,004 64,397 Net book value At 31 December 13,628 19,648 2,847 36,123 2021 Leasehold improve- ments \u00a3\u2019000 Furniture, fixtures and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 48,125 41,050 1,639 90,814 Additions 2,696 6,778 759 10,233 Disposals (2,379) (1,965) (284) (4,628) Effect of movements in foreign exchange (1,640) (1,802) (65) (3,507) At 31 December 46,802 44,061 2,049 92,912 Depreciation At 1 January 33,055 30,389 969 64,413 Charge for the year 4,097 3,759 357 8,213 Disposals (1,916) (273) (246) (2,435) Effect of movements in foreign exchange (743) (1,318) (54) (2,115) At 31 December 34,493 32,557 1,026 68,076 Net book value At 31 December 12,309 11,504 1,023 24,836 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "11. LEASES Group Property \u00a3\u2019000 Motor Vehicles \u00a3\u2019000 Other assets \u00a3\u2019000 Total \u00a3\u2019000 Right-of-use assets At 1 January 2021 87,599 6,717 1,098 95,414 Additions 35,548 8,542 513 44,603 Disposals (5,861) (336) \u2013 (6,197) Depreciation expense (27,785) (6,906) (607) (35,298) Effect of movements in foreign exchange (3,245) (321) \u2013 (3,566) At 31 December 2021 and 1 January 2022 86,256 7,696 1,004 94,956 Additions 27,979 9,629 666 38,274 Disposals (2,034) (37) \u2013 (2,071) Depreciation expense (28,352) (6,891) (610) (35,853) Effect of movements in foreign exchange 5,323 327 40 5,690 At 31 December 2022 89,172 10,724 1,100 100,996 Lease liabilities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 As at 1 January (102,340) (103,469) Additions (38,274) (45,155) Disposals 2,201 6,387 Interest expense (1,604) (1,314) Payments 36,433 37,294 Effect of movements in foreign exchange (6,248) 3,917 As at 31 December (109,832) (102,340) The following are the undiscounted contractual maturities for lease liabilities: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Less than a year 33,482 27,640 Between 1 and 2 years 28,524 23,412 Between 2 and 5 years 38,071 38,633 Over 5 years 15,090 12,916 115,167 102,600 There was \u00a30.3m (2021: \u00a32.4m) of low value and short term leases expensed directly to the statement of profit or loss. A further \u00a31.1m was expensed in the year relating to exit payments on early terminations of leases (2021: \u00a3nil). Combined with the payments above, a total of \u00a337.8m (2021: \u00a339.7m) in lease payments have been made during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "11. LEASES Group Property \u00a3\u2019000 Motor Vehicles \u00a3\u2019000 Other assets \u00a3\u2019000 Total \u00a3\u2019000 Right-of-use assets At 1 January 2021 87,599 6,717 1,098 95,414 Additions 35,548 8,542 513 44,603 Disposals (5,861) (336) \u2013 (6,197) Depreciation expense (27,785) (6,906) (607) (35,298) Effect of movements in foreign exchange (3,245) (321) \u2013 (3,566) At 31 December 2021 and 1 January 2022 86,256 7,696 1,004 94,956 Additions 27,979 9,629 666 38,274 Disposals (2,034) (37) \u2013 (2,071) Depreciation expense (28,352) (6,891) (610) (35,853) Effect of movements in foreign exchange 5,323 327 40 5,690 At 31 December 2022 89,172 10,724 1,100 100,996 Lease liabilities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 As at 1 January (102,340) (103,469) Additions (38,274) (45,155) Disposals 2,201 6,387 Interest expense (1,604) (1,314) Payments 36,433 37,294 Effect of movements in foreign exchange (6,248) 3,917 As at 31 December (109,832) (102,340) The following are the undiscounted contractual maturities for lease liabilities: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Less than a year 33,482 27,640 Between 1 and 2 years 28,524 23,412 Between 2 and 5 years 38,071 38,633 Over 5 years 15,090 12,916 115,167 102,600 There was \u00a30.3m (2021: \u00a32.4m) of low value and short term leases expensed directly to the statement of profit or loss. A further \u00a31.1m was expensed in the year relating to exit payments on early terminations of leases (2021: \u00a3nil). Combined with the payments above, a total of \u00a337.8m (2021: \u00a339.7m) in lease payments have been made during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "12. INTANGIBLE ASSETS Group 2022 Computer software \u00a3\u2019000 Computer software, assets under construction \u00a3\u2019000 Subtotal \u00a3\u2019000 Goodwill \u00a3\u2019000 Trademark \u00a3\u2019000 Subtotal \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 72,769 5,286 78,055 1,539 1,611 3,150 81,205 Additions 9,601 \u2013 9,601 \u2013 92 92 9,693 Disposals (8,391) \u2013 (8,391) \u2013 \u2013 \u2013 (8,391) Transfers 4,130 (4,130) \u2013 \u2013 \u2013 \u2013 \u2013 Effect of movements in foreign exchange 434 (3) 431 \u2013 (12) (12) 419 At 31 December 78,543 1,153 79,696 1,539 1,691 3,230 82,926 Amortisation At 1 January 30,955 \u2013 30,955 \u2013 1,085 1,085 32,040 Charge for the year 13,319 \u2013 13,319 \u2013 190 190 13,509 Disposals (3,060) \u2013 (3,060) \u2013 \u2013 \u2013 (3,060) Effect of movements in foreign exchange 437 \u2013 437 \u2013 \u2013 \u2013 437 At 31 December 41,651 \u2013 41,651 \u2013 1,275 1,275 42,926 Net book value At 31 December 36,892 1,153 38,045 1,539 416 1,955 40,000 The Group has one individually material intangible asset (Customer Connect) which is the Group\u2019s CRM platform. The net book value at 31 December 2022 is \u00a329.7m (2021: \u00a335.1m). The useful economic life is seven years in line with the expected life of the asset. 2021 Computer software \u00a3\u2019000 Computer software, assets under construction \u00a3\u2019000 Subtotal \u00a3\u2019000 Goodwill \u00a3\u2019000 Trademark \u00a3\u2019000 Subtotal \u00a3\u2019000 Total \u00a3000 Cost At 1 January 59,133 2,787 61,920 1,539 1,460 2,999 64,919 Additions 15,479 2,500 17,979 \u2013 151 151 18,130 Disposals (1,330) \u2013 (1,330) \u2013 \u2013 \u2013 (1,330) Effect of movements in foreign exchange (513) (1) (514) \u2013 \u2013 \u2013 (514) At 31 December 72,769 5,286 78,055 1,539 1,611 3,150 81,205 Amortisation At 1 January 22,212 \u2013 22,212 \u2013 902 902 23,114 Charge for the year 10,034 \u2013 10,034 \u2013 183 183 10,217 Disposals (953) \u2013 (953) \u2013 \u2013 \u2013 (953) Effect of movements in foreign exchange (338) \u2013 (338) \u2013 \u2013 \u2013 (338) At 31 December 30,955 \u2013 30,955 \u2013 1,085 1,085 32,040 Net book value At 31 December 41,814 5,286 47,100 1,539 526 2,065 49,165 IMPAIRMENT TESTS FOR GOODWILL Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) identified according to the country of operation. A summary of the goodwill allocation is presented below: 2022 2021 \u00a3\u2019000 \u00a3\u2019000 UK 1,274 1,274 USA 214 214 Singapore 51 51 1,539 1,539 In assessing value in use, the estimated future cash flows are calculated by preparing cash flow forecasts derived from the most recent financial budget, management projections for five years, followed by an assumed growth rate of 0% (2021: 0%), which does not exceed the long-term average growth rate of the relevant markets and reflects long-term wage inflation fee growth. Management applied a discount rate of 8% (2021: 8%), representing the weighted average cost of capital for the Group, to the estimated future cash flows to calculate the terminal value of those cash flows. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense. Management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of goodwill allocated to any CGU to materially exceed its recoverable amount. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. It is the opinion of the Directors that at 31 December 2022 there was no impairment of goodwill. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "12. INTANGIBLE ASSETS Group 2022 Computer software \u00a3\u2019000 Computer software, assets under construction \u00a3\u2019000 Subtotal \u00a3\u2019000 Goodwill \u00a3\u2019000 Trademark \u00a3\u2019000 Subtotal \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 72,769 5,286 78,055 1,539 1,611 3,150 81,205 Additions 9,601 \u2013 9,601 \u2013 92 92 9,693 Disposals (8,391) \u2013 (8,391) \u2013 \u2013 \u2013 (8,391) Transfers 4,130 (4,130) \u2013 \u2013 \u2013 \u2013 \u2013 Effect of movements in foreign exchange 434 (3) 431 \u2013 (12) (12) 419 At 31 December 78,543 1,153 79,696 1,539 1,691 3,230 82,926 Amortisation At 1 January 30,955 \u2013 30,955 \u2013 1,085 1,085 32,040 Charge for the year 13,319 \u2013 13,319 \u2013 190 190 13,509 Disposals (3,060) \u2013 (3,060) \u2013 \u2013 \u2013 (3,060) Effect of movements in foreign exchange 437 \u2013 437 \u2013 \u2013 \u2013 437 At 31 December 41,651 \u2013 41,651 \u2013 1,275 1,275 42,926 Net book value At 31 December 36,892 1,153 38,045 1,539 416 1,955 40,000 The Group has one individually material intangible asset (Customer Connect) which is the Group\u2019s CRM platform. The net book value at 31 December 2022 is \u00a329.7m (2021: \u00a335.1m). The useful economic life is seven years in line with the expected life of the asset. 2021 Computer software \u00a3\u2019000 Computer software, assets under construction \u00a3\u2019000 Subtotal \u00a3\u2019000 Goodwill \u00a3\u2019000 Trademark \u00a3\u2019000 Subtotal \u00a3\u2019000 Total \u00a3000 Cost At 1 January 59,133 2,787 61,920 1,539 1,460 2,999 64,919 Additions 15,479 2,500 17,979 \u2013 151 151 18,130 Disposals (1,330) \u2013 (1,330) \u2013 \u2013 \u2013 (1,330) Effect of movements in foreign exchange (513) (1) (514) \u2013 \u2013 \u2013 (514) At 31 December 72,769 5,286 78,055 1,539 1,611 3,150 81,205 Amortisation At 1 January 22,212 \u2013 22,212 \u2013 902 902 23,114 Charge for the year 10,034 \u2013 10,034 \u2013 183 183 10,217 Disposals (953) \u2013 (953) \u2013 \u2013 \u2013 (953) Effect of movements in foreign exchange (338) \u2013 (338) \u2013 \u2013 \u2013 (338) At 31 December 30,955 \u2013 30,955 \u2013 1,085 1,085 32,040 Net book value At 31 December 41,814 5,286 47,100 1,539 526 2,065 49,165 IMPAIRMENT TESTS FOR GOODWILL Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) identified according to the country of operation. A summary of the goodwill allocation is presented below: 2022 2021 \u00a3\u2019000 \u00a3\u2019000 UK 1,274 1,274 USA 214 214 Singapore 51 51 1,539 1,539 In assessing value in use, the estimated future cash flows are calculated by preparing cash flow forecasts derived from the most recent financial budget, management projections for five years, followed by an assumed growth rate of 0% (2021: 0%), which does not exceed the long-term average growth rate of the relevant markets and reflects long-term wage inflation fee growth. Management applied a discount rate of 8% (2021: 8%), representing the weighted average cost of capital for the Group, to the estimated future cash flows to calculate the terminal value of those cash flows. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense. Management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of goodwill allocated to any CGU to materially exceed its recoverable amount. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. It is the opinion of the Directors that at 31 December 2022 there was no impairment of goodwill. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "12. INTANGIBLE ASSETS Group 2022 Computer software \u00a3\u2019000 Computer software, assets under construction \u00a3\u2019000 Subtotal \u00a3\u2019000 Goodwill \u00a3\u2019000 Trademark \u00a3\u2019000 Subtotal \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 72,769 5,286 78,055 1,539 1,611 3,150 81,205 Additions 9,601 \u2013 9,601 \u2013 92 92 9,693 Disposals (8,391) \u2013 (8,391) \u2013 \u2013 \u2013 (8,391) Transfers 4,130 (4,130) \u2013 \u2013 \u2013 \u2013 \u2013 Effect of movements in foreign exchange 434 (3) 431 \u2013 (12) (12) 419 At 31 December 78,543 1,153 79,696 1,539 1,691 3,230 82,926 Amortisation At 1 January 30,955 \u2013 30,955 \u2013 1,085 1,085 32,040 Charge for the year 13,319 \u2013 13,319 \u2013 190 190 13,509 Disposals (3,060) \u2013 (3,060) \u2013 \u2013 \u2013 (3,060) Effect of movements in foreign exchange 437 \u2013 437 \u2013 \u2013 \u2013 437 At 31 December 41,651 \u2013 41,651 \u2013 1,275 1,275 42,926 Net book value At 31 December 36,892 1,153 38,045 1,539 416 1,955 40,000 The Group has one individually material intangible asset (Customer Connect) which is the Group\u2019s CRM platform. The net book value at 31 December 2022 is \u00a329.7m (2021: \u00a335.1m). The useful economic life is seven years in line with the expected life of the asset. 2021 Computer software \u00a3\u2019000 Computer software, assets under construction \u00a3\u2019000 Subtotal \u00a3\u2019000 Goodwill \u00a3\u2019000 Trademark \u00a3\u2019000 Subtotal \u00a3\u2019000 Total \u00a3000 Cost At 1 January 59,133 2,787 61,920 1,539 1,460 2,999 64,919 Additions 15,479 2,500 17,979 \u2013 151 151 18,130 Disposals (1,330) \u2013 (1,330) \u2013 \u2013 \u2013 (1,330) Effect of movements in foreign exchange (513) (1) (514) \u2013 \u2013 \u2013 (514) At 31 December 72,769 5,286 78,055 1,539 1,611 3,150 81,205 Amortisation At 1 January 22,212 \u2013 22,212 \u2013 902 902 23,114 Charge for the year 10,034 \u2013 10,034 \u2013 183 183 10,217 Disposals (953) \u2013 (953) \u2013 \u2013 \u2013 (953) Effect of movements in foreign exchange (338) \u2013 (338) \u2013 \u2013 \u2013 (338) At 31 December 30,955 \u2013 30,955 \u2013 1,085 1,085 32,040 Net book value At 31 December 41,814 5,286 47,100 1,539 526 2,065 49,165 IMPAIRMENT TESTS FOR GOODWILL Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) identified according to the country of operation. A summary of the goodwill allocation is presented below: 2022 2021 \u00a3\u2019000 \u00a3\u2019000 UK 1,274 1,274 USA 214 214 Singapore 51 51 1,539 1,539 In assessing value in use, the estimated future cash flows are calculated by preparing cash flow forecasts derived from the most recent financial budget, management projections for five years, followed by an assumed growth rate of 0% (2021: 0%), which does not exceed the long-term average growth rate of the relevant markets and reflects long-term wage inflation fee growth. Management applied a discount rate of 8% (2021: 8%), representing the weighted average cost of capital for the Group, to the estimated future cash flows to calculate the terminal value of those cash flows. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense. Management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of goodwill allocated to any CGU to materially exceed its recoverable amount. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. It is the opinion of the Directors that at 31 December 2022 there was no impairment of goodwill. ",
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"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "13. INVESTMENTS Subsidiary undertakings Company \u00a3\u2019000 Cost at 1 January 2022 541,848 Transactions relating to share plans for subsidiaries\u2019 employees 5,989 Cost at 31 December 2022 547,837 The Company\u2019s subsidiary undertakings at 31 December 2022, their principal activities and countries of incorporation are set out below: Country of Principal Name of undertaking incorporation activity Registered office Michael Page International Argentina Recruitment Consultancy Cordoba 883, Piso 9, Ciudad de Buenos Aires, Argentina SA C1054AAH, Argentina Page Personnel Argentina Servicios Argentina Recruitment Consultancy Cordoba 883, Piso 9, Ciudad de Buenos Aires, Eventuales SA C1054AAH, Argentina Michael Page International (Australia) Australia Recruitment Consultancy Level 21, 9 Castlereagh Street, Sydney, NSW 2000, Pty Limited Australia Michael Page International Austria GmbH Austria Recruitment Consultancy QBC4, Karl Popper-Stra\u00dfe 4/1.OG Top 3, Wien, 1100 Austria Michael Page International (Belgium) NV/SA Belgium Recruitment Consultancy Place du Champ de Mars 5 , 1050 Brussels, Belgium Page Interim (Belgium) NV/SA Belgium Recruitment Consultancy Place du Champ de Mars 5 , 1050 Brussels, Belgium Michael Page International Do Brasil - Brazil Recruitment Consultancy Rua Olimp\u00edadas n\u00ba 205, sala: 111, 112, 113 e 114 - 11\u00ba Recrutamento Especializado Ltda andar, Vila Ol\u00edmpia, Sao Paulo, 04551-000 - SP, Brasil Page Interim Do Brasil - Recrutamento Brazil Recruitment Consultancy Rua Olimp\u00edadas n\u00ba 205, sala: 111, 112, 113 e 114 - 11\u00ba Especializado Ltda andar, Vila Ol\u00edmpia, Sao Paulo, 04551-000 - SP, Brasil Page Personnel do Brasil - Recrutamento Brazil Recruitment Consultancy Rua Olimp\u00edadas n\u00ba 205, sala: 111, 112, 113 e 114 - 11\u00ba Especializado e servicos corporativos Ltda andar, Vila Ol\u00edmpia, Sao Paulo, 04551-000 - SP, Brasil Country of Principal Name of undertaking incorporation activity Registered office Michael Page International Canada Limited Canada Recruitment Consultancy Suite 515, Bay Adelaide Centre, 333 Bay St., Toronto, ON, M5H 2R2, Canada Michael Page International Chile Ltda Chile Recruitment Consultancy Magdelana 181, Piso 1, Depto. 1601, Las Condes, Santiago 7550055, Chile Page Personnel International Chile Ltda Chile Recruitment Consultancy Magdelana 181, Piso 1, Depto 101, Las Condes, Santiago 7550055, Chile Page Consulting Chile Ltda Chile Recruitment Consultancy Av. El Bosque Norte 0177, Office 602, Santiago, 755- 0100, Chile Empresa de Servicios Transitorios Page Interim Chile Recruitment Consultancy Magdelana181, Piso 1, Depto 101, Las Condes, Chile Limitada Santiago 7550055, Chile Michael Page (Beijing) Recruitment Co., Ltd China Recruitment Consultancy Room 1009 1012, 10/F, West Tower, World Financial Centre, No.1 East 3rd Ring Middle Road, Chaoyang District, Beijing, China 100020 Michael Page (Shanghai) Recruitment Co., Ltd China Recruitment Consultancy Level 18, HKRI Taikoo Hui Tower2, 288 Shimen Yi Road, JingAn District, Shanghai 200041, China Michael Page International (Shanghai) China Non-Trading 602 Kerry Centre Phase 1, 1515 Nanjing Road West, Consulting Limited Shanghai, China Page Contracting (Shanghai) Co. Ltd China Recruitment Consultancy Room 1812 1801-1811, /18, HKRI Taikoo Hui, No.288 Shimen Yi Road, Jing\u2019An, Shanghai, 200041, China Michael Page International Colombia SAS Colombia Recruitment Consultancy Calle 81 # 11 \u2013 08 Piso 11, Bogot\u00e1, D.C., Colombia Page Interim Colombia SAS Colombia Non-Trading Calle 81 # 11 \u2013 08 Piso 11, Bogot\u00e1, D.C., Colombia Michael Page Czech Republic s.r.o Czech Republic Recruitment Consultancy Pob\u0159e\u017en\u00ed 249/46, Karl\u00edn, Praha 8, 186 00, Czech Republic Michael Page Partnership Limited England and Non-Trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Michael Page Employment Services Limited England and Recruitment Consultancy 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK LPM (Professional Recruitment) Limited England and Holding company 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Accountancy Additions Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Slamway Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Assessment Centre Limited (The) England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK LPM (Group Services) Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Page Partnership Limited (The) England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Sales Recruitment Specialists Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Park, Wales Addlestone, Surrey KT15 2NX, UK Country of Principal Country of Principal Name of undertaking incorporation activity Registered office Name of undertaking incorporation activity Registered office Michael Page International Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business MP Advertising SAS France Support Services 164 Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, France Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International 1982 Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Page Consulting SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, France Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International Investment Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business MP EDP SARL France Support Services 164 Avenue Achille Peretti, 92522 Neuilly-sur-Seine, Paris, France Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International Finance Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Michael Page International France Recruitment Consultancy 7 Rue de l\u2019Industrie, 98000 Monaco Wales Park, Addlestone, Surrey KT15 2NX, UK Monaco SARL Page Personnel (UK) Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Michael Page International Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK (Deutschland) GmbH Michael Page Holdings Limited England and Support services 200 Dashwood Lang Road, Bourne Business Page Personnel Services GmbH Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page International Holdings Limited England and Holding company 200 Dashwood Lang Road, Bourne Business Page Personnel (Deutschland) Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK GmbH Michael Page International Recruitment Limited* England and Recruitment Consultancy 200 Dashwood Lang Road, Bourne Business Michael Page Interim GmbH Germany Recruitment Consultancy Carl-Theodor-Str. 1, D\u00fcsseldorf, 40213, Germany Wales Park, Addlestone, Surrey KT15 2NX, UK Michael Page Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business Michael Page International Hong Kong Recruitment Consultancy Suite 1701, 17F Central Tower, 28 Queen\u2019s Road Central, Wales Park, Addlestone, Surrey KT15 2NX, UK (Hong Kong) Limited Central Hong Kong Michael Page International Southern Europe Limited* England and Holding company 200 Dashwood Lang Road, Bourne Business Michael Page International India Recruitment Consultancy 5th Floor, 2 North Avenue, Maker Maxity, Bandra-Kurla Complex, Wales Park, Addlestone, Surrey KT15 2NX, UK Recruitment Pvt Ltd Bandra (E), Mumbai 400051, India Michael Page UK Limited England and Non-trading 200 Dashwood Lang Road, Bourne Business PT Michael Page Internasional Indonesia Recruitment Consultancy One Pacific Place, Suites B-F, Level 12, Sudirman Central Wales Park, Addlestone, Surrey KT15 2NX, UK Indonesia Business District, Jl. Jend. Sudirman Kav 52-53, Jakarta 12190, Indonesia Michael Page Recruitment Group Limited England and Holding company 200 Dashwood Lang Road, Bourne Business Michael Page International Ireland Recruitment Consultancy 6th Floor, Southbank House, Barrow Street, Dublin 4, Ireland Wales Park, Addlestone, Surrey KT15 2NX, UK (Ireland) Limited Page Outsourcing UK Limited England and Recruitment Consultancy 2nd Floor 61 Aldwych, London, United Kingdom, Michael Page International Italy Recruitment Consultancy Galleria Passarella, 2, Milan, 20122, Italy Wales WC2B 4AE, UK Italia Srl Michael Page International France SAS France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Page Personnel Italia SpA Italy Recruitment Consultancy Galleria Passarella, 2, Milan, 20122, Italy Seine, Paris, France MP Financial Services France SAS France Support services 164 Avenue Achille Peretti, 92522 Neuilly-sur- Michael Page International Japan Recruitment Consultancy 6F Hulic Kamiyacho Building, 4-3-13 Toranomon, Minato-ku, Seine, Paris, France (Japan) K.K. Tokyo 105-0001, Japan Page Personnel SAS France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Agensi Pekerjaan Michael Page Malaysia Recruitment Consultancy Level 27, Integra Tower, The intermark, 348 Jalan Tun Razak, Seine, Paris, France International (Malaysia) SDN BHD Kuala Lumpur, 50400, Malaysia Michael Page Business Services SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Page Contracting (Malaysia) Malaysia Contracting/Temporary Suite Teal PV, 16F The Pavillion Tower, Jalan Raja Chulan, Kuala Seine, Paris, France Sdn Bhd placements Lumpur, Malaysia Michael Page Ing\u00e9nieurs et Informatique SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Michael Page (Mauritius) Limited Mauritius Recruitment Consultancy 5th Floor Atchia Building, Cnr of Suffren and Eugene Laurent Seine, Paris, France Streets, Port Louis, Republic of Mauritius Michael Page Tertiaire SARL France Recruitment Consultancy 164 Avenue Achille Peretti, 92522 Neuilly-sur- Michael Page International Mauritius Recruitment Consultancy 5th Floor Atchia Building, Cnr of Suffren and Eugene Laurent Seine, Paris, France (Mauritius) Limited Streets, Port Louis, Republic of Mauritius Michael Page Nord SARL France Recruitment Consultancy 14 place du G\u00e9n\u00e9ral de Gaulle \u2013 59000 LILLE Michael Page International Mexico Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Reclutamiento Especializado, S.A. Hidalgo, Z.C., CDMX, 11570, Mexico de C.V. Michael Page Sud SARL France Recruitment Consultancy 48, Rue de la R\u00e9publique, 69002 Lyon, France Michael Page International Mexico Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel Servicios Corporativos SA de CV Hidalgo, Z.C., CDMX, 11570, Mexico Country of
Principal
Country of
Principal
Name of undertaking
incorporation
activity Registered office
Name of undertaking
incorporation
activity Registered office
Page Interim Mexico Servicios
Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel
Michael Page Holding Espa\u00f1a SL Spain Holding company Paseo De La Castellana 130, 8\u00ba Planta, Madrid, 28046, Spain
SA de CV
Hidalgo, Z.C., CDMX, 11570, Mexico
Page M\u00e9xico Operaciones
Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel
PageGroup Technology Services SL Spain IT consultancy services Paseo De La Castellana 130, 8\u00ba Planta, Madrid, 28046, Spain
PG S.A. DE C.V.
Hidalgo, Z.C., CDMX, 11570, Mexico
Page Consulting M\u00e9xico S.A. DE C.V. Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel
Page Group Europe SL Spain Support Services Plaza Europa 21-23 P. 5, 08908 L\u2019Hospitalet de Llobregat, 08908,
Hidalgo, Z.C., CDMX, 11570, Mexico
Spain
Page Resourcing Process S.A. DE C.V. Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel
Page Group Spain Recursos Humanos
Spain Recruitment Consultancy Paseo De La Castellana 130, 8\u00ba Planta, Madrid, 28046, Spain
Hidalgo, Z.C., CDMX, 11570, Mexico
ETT SA
Page Internacional ADM S.A. DE C.V. Mexico Recruitment Consultancy Newton 293, Piso 3, Col. Polanco , Vseccion, Del. Miguel
Michael Page International (Sweden) AB Sweden Recruitment Consultancy M\u00e4ster Samuelsgatan 42, Stockholm 111 57, Sweden
Hidalgo, Z.C., CDMX, 11570, Mexico
Michael Page International (Maroc)
Morocco Recruitment Consultancy Angle rue Mahassine Arrouyani et Ali Abderrazak, 4e \u00e9tage,
Michael Page International
Switzerland Recruitment Consultancy 12, Quai de la Poste, Geneva, 1204, Switzerland
SARL AU
Quartier Racine 20100 Casablanca, Morocco
Switzerland SA
Michael Page International (Nederland) B.V. Netherlands Recruitment Consultancy Strawinskylaan 421, 107XX, Amsterdam, Netherlands
Taiwan Michael Page International
Taiwan Recruitment Consultancy 8F-1 Shin Kong Xin Yi Financial Building,
Co Ltd
36-1 Songren Road Xin-Yi District, Taipei City, Taiwan 110
Page Interim B.V. Netherlands Recruitment Consultancy Strawinskylaan 421, 107XX, Amsterdam, Netherlands
Michael Page Limited Thailand Holding company 689 Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108-4109,
Sukhumvit Road, North Klongtong, Vadhana, Bangkok, 10110,
Thailand
Michael Page International Panama S.A. Panama Recruitment Consultancy Punta Pacifica, Blvrd Pacifica Oceania Business Plaza,
Michael Page International Recruitment
Thailand Recruitment Consultancy 689 Bhiraji Tower at EmQuartier, 41st Floor, Unit 4108-4109,
Torre 2000, Piso 43, Panama
(Thailand) Limited
Sukhumvit Road, North Klongtong, Vadhana, Bangkok, 10110,
Thailand
Michael Page International Peru S.R.L Peru Recruitment Consultancy Calle Las Orqu\u00eddeas 675 esq. Andr\u00e9s Reyes - Piso 5,
Michael Page International Nem Istihdam
Turkey Recruitment Consultancy B\u00fcy\u00fckdere Cad. Kanyon Ofis Binas\u0131 No: 185 K: 21 Levent, Istanbul,
Oficina 501, San Isidro 15046, Peru
Dan\u0131\u015fmanl\u0131\u011f\u0131 Limited \u015eirketi
34394, Turkey
Page Personnel Servicios Temporales
Peru Recruitment Consultancy Calle Las Orqu\u00eddeas 675 esq. Andr\u00e9s Reyes - Piso 5,
MPI Y\u00f6netim Servisleri ve Dan. Ltd. \u015eti. Turkey Recruitment Consultancy B\u00fcy\u00fckdere Cad. Kanyon Ofis Binas\u0131 No: 185 K: 21 Levent, Istanbul,
Peru S.R.L
Oficina 501, San Isidro 15046, Peru
34394, Turkey
Michael Page International Recruitment
Philippines Recruitment Consultancy 15th Floor, Citibank Center Building, 8741 Paseo de Roxas,
Michael Page International (Vietnam)
Vietnam Recruitment Consultancy Level 9, Saigon Centre, Tower 2, 67 Le Loi Street, Ben Nhge Ward,
(Philippines) Inc.
Bel-Air, City of Makati, NCR, Fourth District, Philippines
Co. Limited
District 1, Ho Chi Minh City, Vietnam
PageGroup Corporate Services
Philippines Support services 24th Floor, Philam Life Tower, 8767 Paseo De Roxas Avenue,
Michael Page International
United Arab
Recruitment Consultancy 202 & 204, Level 2, Currency House - Building 1, Dubai International
(Philippines) Inc.
Bel-Air, Makati City 1226, Philippines
(UAE) Limited
Emirates
Financial Centre, Dubai, 506702, United Arab Emirates
Michael Page International (Poland) Sp.z.o.o Poland Recruitment Consultancy Zlota 59, 00-120 Warsaw, Poland
Michael Page International Inc.* United States Recruitment Consultancy 622 Third Avenue, 29th Floor, New York, NY10017, USA
Michael Page International Portugal -
Portugal Recruitment Consultancy Av. Liberdade n\u00ba 180 A, 3\u00ba andar, Lisboa, 1250-146,
Page Outsourcing Inc. United States Recruitment Consultancy 251 Little Falls Drive, Wilmington, New Castle County, Delaware
Empressa de Trabalho Temporario e Servicos
Portugal
19801, USA
de Consultadoria Lda
MICPAGE Services Lda Portugal Recruitmeht Consultancy Av. Liberdade n\u00ba 180 A, 3\u00ba andar, Lisboa, 1250-146,
Portugal
*The equity of these subsidiary undertakings is held directly by PageGroup plc. All companies have been included in the consolidation and
operate principally in their country of incorporation.
Michael Page International (UAE) Limited \u2013
UAE Recruitment Consultancy Morison Menon Chartered Accountants & Partners LLC,
QFC Branch
Office No. 4, 4th floor, Shoumoukh Towers, Tower A, Al
The percentage of the issued share capital held is equivalent to the percentage of voting rights held. The Group holds 100% of all classes of
Sadd, Doha, Qatar
issued share capital. The share capital of all the subsidiary undertakings comprise Ordinary shares.
PageGroup International Recruitment S.R.L. Romania Recruitment Consultancy 169A Calea Floreasca, Building A, Floor 4, Office 2007,
The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 479A
Register 02, Sector 1, Bucharest, Romania
of the Act:
Michael Page International Pte Limited* Singapore Recruitment Consultancy One Raffles Place, #09-61 Office Tower Two, Singapore
\u2022 Michael Page International Southern Europe Limited
\u2022 Michael Page Partnership Limited
048616
\u2022 Michael Page International Holdings Limited
\u2022 Michael Page Employment Services Limited
Page Personnel Recruitment Pte Ltd Singapore Recruitment Consultancy One Raffles Place, #09-61 Office Tower Two, Singapore
\u2022 LPM (Professional Recruitment) Limited
048616
Michael Page International (SA) (Pty) Limited South Africa Recruitment Consultancy 2 Maude Street, The Forum, 5th Floor, Sandton City,
Johannesburg, 2196, South Africa
",
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"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "14. TRADE AND OTHER RECEIVABLES Group Company Re-presented 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Current Trade receivables 320,794 265,727 \u2013 \u2013 Less allowance for expected credit losses (12,960) (11,086) \u2013 \u2013 Net trade receivables 307,834 254,641 \u2013 \u2013 Other receivables 21,535 7,018 \u2013 \u2013 Accrued Income (net of revenue reversals) 88,951 81,186 \u2013 \u2013 Prepayments 18,927 12,952 \u2013 \u2013 437,247 355,797 \u2013 \u2013 Non-current Amounts due from Group companies \u2013 \u2013 1,081,498 970,375 Other receivables 13,224 12,849 \u2013 \u2013 13,224 12,849 1,081,498 970,375 The fair values of trade and other receivables are not materially different to those disclosed above. The Group\u2019s exposure to credit and currency risks and impairment losses related to trade and other receivables is disclosed in Note 22. The entire accrued income balance of \u00a393.7m (2021: \u00a385.8m) is not past due. A provision of \u00a34.7m (2021: \u00a34.6m) has been provided for at year end for potential future revenue reversals. All amounts due from Group undertakings are unsecured, interest-free and repayable on demand. The Company has recognised an impairment in the receivable balance at 31 December 2022. The total recognised in the Company income statement is \u00a312.5m (2021: nil). There is no impact on the Group\u2019s consolidated results. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "16. PROVISION Dilapidations NI on Share Schemes Other Total At 1 January 2021 6,355 1,362 968 8,685 Foreign exchange (162) - (24) (186) Provided 1,051 2,253 2,005 5,309 Utilised (18) (1,272) (423) (1,713) Released (259) - (1,131) (1,390) At 31 December 2021 and January 2022 6,967 2,343 1,395 10,705 Foreign exchange 724 83 25 832 Provided 1,302 (499) 1,467 2,270 Utilised (262) (1,083) (247) (1,592) Released (1,603) - (1,157) (2,760) At 31 December 2022 7,128 844 1,483 9,455 2022 (\u00a3\u2019000) 2021 (\u00a3\u2019000) Current 2,772 6,755 Non-current 6,683 3,950 Total provisions 9,455 10,705 Dilapidation A provision has been recognised for dilapidation costs associated with our office portfolio, where the Group is committed to make good on the property sites on lease termination. Social security contributions on share options The provision for social security contributions on share options is calculated based on the number of options outstanding at the reporting date that are expected to be exercised. The provision is based on market price of the shares at the reporting date which is the best estimate of the market price at the date of exercise. It is expected that the costs will be incurred during the exercise period of 1 January 2023 to 31 December 2024. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "17. BANK OVERDRAFTS At 31 December 2022, the Group had available an \u00a380m committed RCF facility maturing 9 December 2027, uncommitted Bank Overdraft facilities of \u00a321m (2021: \u00a321m), and an uncommitted \u00a350m, Invoicing discounting arrangement with HSBC Limited to the carrying of valid trade receivables of \u00a322.4m (2021: \u00a37.3m). None of the facilities was drawn at year end (2021: \u00a3nil). All uncommitted facilities are repayable on demand. The Group\u2019s exposure to interest rate, foreign currency and liquidity risk for financial assets and liabilities is disclosed in Note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "15. TRADE AND OTHER PAYABLES Group Company 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Current Trade payables 11,101 5,908 \u2013 \u2013 Amounts owed to Group companies \u2013 \u2013 1,314,866 1,221,283 Other tax and social security 61,079 46,946 \u2013 \u2013 Other payables 36,629 34,698 \u2013 \u2013 Accruals 180,299 142,830 140 140 289,108 230,382 1,315,006 1,221,423 Non-current Other tax and social security 422 2,022 Accruals 14,529 16,310 \u2013 \u2013 14,951 18,332 \u2013 \u2013 The fair values of trade and other payables are not materially different to those disclosed above. All amounts due to Group undertakings are unsecured, interest-free and repayable on demand. The Group\u2019s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "19. CALLED-UP SHARE CAPITAL 2022 2021 Number of Number of \u00a3\u2019000 shares \u00a3\u2019000 shares Allotted, called-up and fully paid Ordinary shares of 1p each At 1 January 3,286 328,618,774 3,286 328,618,774 Shares issued \u2013 \u2013 \u2013 \u2013 At 31 December 3,286 328,618,774 3,286 328,618,774 At the last AGM held on 31 May 2022, the Company\u2019s Directors were authorised to allot shares up to a nominal value of \u00a31,095,396, so a total authorised capital of 438,158,365 shares representing a nominal value of \u00a34,381,584. Share option plans The Group has share option awards currently outstanding under a Share Option Scheme (SOS). These plans are described below. At 31 December 2022 the following options had been granted and remained outstanding in respect of the Company\u2019s Ordinary shares of 1p under the Michael Page Share Option Scheme. The Group has no legal or constructive obligation to repurchase or settle the options in cash. No. of options outstand- Balance at ing at 31 1 January Granted Exercised Lapsed December Base EPS/ Exercise price \u2020 Year of grant 2022 in year in year in year 2022 OP range per share Exercise period 2012 (Note 1)* 71,582 \u2013 (51,580) (20,002) \u2013 OP range 477.0p March 2015 \u2013 March 2022 2013 (Note 1)* 196,795 \u2013 (47,295) \u2013 149,500 OP range 442.0p March 2016 \u2013 March 2023 2014 (Note 1)* 403,333 \u2013 \u2013 \u2013 403,333 OP range 484.0p March 2017 \u2013 March 2024 2015 (Note 1)* 295,000 \u2013 \u2013 \u2013 295,000 OP range 526.0p-534.0p March 2018 \u2013 March 2025 2016 (Note 1)* 145,000 \u2013 \u2013 \u2013 145,000 OP range 406.0p-427.0p March 2019 \u2013 March 2026 2017 (Note 1)* 188,205 \u2013 (13,205) \u2013 175,000 OP range 435.44p March 2020 \u2013 March 2027 2018 (Note 1)* 1,369,865 \u2013 \u2013 (20,000) 1,349,865 OP range 529.0p March 2021 \u2013 March 2028 2019 (Note 1) 1,637,778 \u2013 (9,208) (15,000) 1,613,570 OP range 458.2-473.80p March 2022 \u2013 March 2029 2020 (Note 1) 1,711,111 \u2013 \u2013 (35,000) 1,676,111 OP range 332.0-387.47p March 2023 \u2013 March 2030 2021 (Note 1) 1,868,192 \u2013 \u2013 (30,000) 1,838,192 OP range 480.1p March 2024 \u2013 March 2031 2022 (Note 1) \u2013 2,185,000 \u2013 \u2013 2,185,000 OP range 492.8p-509p March 2025 \u2013 March 2032 Total 2022 7,886,861 2,185,000 (121,288) (120,002) 9,830,751 Weighted average exercise price 2022 (\u00a3) 4.52 4.94 4.57 4.42 4.61 Total 2021 11,432,610 1,958,748 (3,519,304) (1,985,193) 7,886,861 Weighted average exercise price 2021 (\u00a3) 4.55 4.80 4.60 4.81 4.52 * These options have fully vested \u2020 The Operating Profit ranges for each award are fully disclosed in Note 2 of this Note. 5,675,792 options were exercisable at the end of 2022 at a weighted average exercise price of \u00a34.42 (2021: \u00a34.88). The weighted average share price at the date of exercise was \u00a34.57. Note 1 Share Option Scheme Executive Directors of the Company are not eligible to participate in this plan. Any exercises of awards made under this plan are settled by shares held in the Employee Benefit Trust. This share option scheme was created in 2009 to provide an effective plan under which to grant awards from 2009 onwards. It was the Board\u2019s view that grants made under the existing ESOS, which would have required an increase over the 2008 base earnings per share of at least 3% per annum above the growth in the UK Retail Price Index by 2011, would not be achievable due to the impact of the global downturn on the Group\u2019s EPS and thus would not provide the required retention incentive. Further grants under the SOS have been made in each year from 2011. The performance conditions for these grants are also linked directly to the Group\u2019s Operating Profit. For grants between 2012 and 2015, if Operating Profit is in excess of \u00a350m, a proportion of the award equivalent to the amount of Operating Profit achieved will vest up to a maximum of 100% if the Operating Profit is \u00a3100m or more. As Operating Profit of \u00a3118.3m was achieved in 2017, the performance criteria have been fully achieved and these awards have fully vested. For the 2016 grant, if Operating Profit is in excess of \u00a375m, 2% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3125m or more. As Operating Profit of \u00a3142.5m was achieved in 2018, the performance criteria have been fully achieved and these awards have fully vested. For the 2017 grant, if Operating Profit is in excess of \u00a350m, 25% of the award will vest, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3125m or more. As Operating Profit of \u00a3146.7m was achieved in 2019 , the performance criteria have been fully achieved and these awards have fully vested. For the 2018 grant, if Operating Profit is in excess of \u00a375m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3150m or more. As Operating Profit of \u00a3168.5m was achieved in 2021 , the performance criteria have been fully achieved and these awards have fully vested. For the 2019 grant, if Operating Profit is in excess of \u00a3100m, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3200m or more. As Operating Profit of \u00a3196.1m was achieved in 2022, 96% of the performance criteria have been achieved and these awards have partially vested. For the 2020 grant, if Operating Profit is in excess of \u00a3100m, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3200m or more. As Operating Profit of \u00a3196.1m was achieved in 2022, 96% of the performance criteria have been achieved and these awards have partially vested. For the 2021 grant, if Operating Profit is in excess of \u00a375m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3150m or more. For the 2022 grant, if Operating Profit is in excess of \u00a3125m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3200m or more. Other share-based payment plans The Company also operates a Management Incentive Plan for the Executive Directors and senior employees and a Long-Term Incentive Plan for the Chief Executive Officer, Chief Financial Officer and other senior employees. Details of these plans are disclosed in the Directors\u2019 Remuneration Report and are settled by the physical delivery of shares, currently satisfied by shares held in the Employee Benefit Trust, to the extent that service and performance conditions are met. Movements on these plans are shown below: LTIP/ESIP MIP As at 1 January 2022 574,492 2,187,931 Granted 326,080 833,256 Lapsed - (29,040) Exercised (292,582) (622,882) As at 31 December 2022 607,990 2,369,265 Share option valuation and measurement In 2022, options were granted on 15 March with the estimated fair value of \u00a30.97 (2021: granted on 15 March with the estimated fair value of \u00a30.84). Share options are granted under service and non-market performance conditions. These conditions are not taken into account in the fair value measurement at grant date. There are no market conditions associated with the share option grants. The options outstanding at 31 December 2022 have an exercise price in the range of 332p to 534p and a weighted average contractual life of 6.8 years. The fair values of options and other share awards granted during the year were calculated using the Black-Scholes option pricing model. The inputs into the model were as follows: Share Option Plans Management Incentive Plan 2022 2021 2022 2021 Share price (\u00a3) 4.92 4.80 4.92 4.80 Average exercise price (\u00a3) 4.92 4.80 Nil Nil Weighted average fair value (\u00a3) 0.97 0.84 3.93 4.11 Expected volatility 38.14% 34.87% 38.14% 34.87% Expected life 5 years 5 years 3 years 3 years Risk free rate 1.76% 0.47% 1.76% 0.47% Expected dividend yield 5.82% 5.15% 5.82% 5.15% Expected volatility was determined by reference to historical volatility of the Company\u2019s share price in the last 36 months. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Expectations of early exercise are incorporated into the Black-Scholes option pricing model. The Group recognised total expenses of \u00a36.0m, including social security, (2021: \u00a37.8m) related to share-based payment transactions during the year. ",
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"fact-404": {
"value": "Share option plans The Group has share option awards currently outstanding under a Share Option Scheme (SOS). These plans are described below. At 31 December 2022 the following options had been granted and remained outstanding in respect of the Company\u2019s Ordinary shares of 1p under the Michael Page Share Option Scheme. The Group has no legal or constructive obligation to repurchase or settle the options in cash. No. of options outstand- Balance at ing at 31 1 January Granted Exercised Lapsed December Base EPS/ Exercise price \u2020 Year of grant 2022 in year in year in year 2022 OP range per share Exercise period 2012 (Note 1)* 71,582 \u2013 (51,580) (20,002) \u2013 OP range 477.0p March 2015 \u2013 March 2022 2013 (Note 1)* 196,795 \u2013 (47,295) \u2013 149,500 OP range 442.0p March 2016 \u2013 March 2023 2014 (Note 1)* 403,333 \u2013 \u2013 \u2013 403,333 OP range 484.0p March 2017 \u2013 March 2024 2015 (Note 1)* 295,000 \u2013 \u2013 \u2013 295,000 OP range 526.0p-534.0p March 2018 \u2013 March 2025 2016 (Note 1)* 145,000 \u2013 \u2013 \u2013 145,000 OP range 406.0p-427.0p March 2019 \u2013 March 2026 2017 (Note 1)* 188,205 \u2013 (13,205) \u2013 175,000 OP range 435.44p March 2020 \u2013 March 2027 2018 (Note 1)* 1,369,865 \u2013 \u2013 (20,000) 1,349,865 OP range 529.0p March 2021 \u2013 March 2028 2019 (Note 1) 1,637,778 \u2013 (9,208) (15,000) 1,613,570 OP range 458.2-473.80p March 2022 \u2013 March 2029 2020 (Note 1) 1,711,111 \u2013 \u2013 (35,000) 1,676,111 OP range 332.0-387.47p March 2023 \u2013 March 2030 2021 (Note 1) 1,868,192 \u2013 \u2013 (30,000) 1,838,192 OP range 480.1p March 2024 \u2013 March 2031 2022 (Note 1) \u2013 2,185,000 \u2013 \u2013 2,185,000 OP range 492.8p-509p March 2025 \u2013 March 2032 Total 2022 7,886,861 2,185,000 (121,288) (120,002) 9,830,751 Weighted average exercise price 2022 (\u00a3) 4.52 4.94 4.57 4.42 4.61 Total 2021 11,432,610 1,958,748 (3,519,304) (1,985,193) 7,886,861 Weighted average exercise price 2021 (\u00a3) 4.55 4.80 4.60 4.81 4.52 * These options have fully vested \u2020 The Operating Profit ranges for each award are fully disclosed in Note 2 of this Note. 5,675,792 options were exercisable at the end of 2022 at a weighted average exercise price of \u00a34.42 (2021: \u00a34.88). The weighted average share price at the date of exercise was \u00a34.57. Note 1 Share Option Scheme Executive Directors of the Company are not eligible to participate in this plan. Any exercises of awards made under this plan are settled by shares held in the Employee Benefit Trust. This share option scheme was created in 2009 to provide an effective plan under which to grant awards from 2009 onwards. It was the Board\u2019s view that grants made under the existing ESOS, which would have required an increase over the 2008 base earnings per share of at least 3% per annum above the growth in the UK Retail Price Index by 2011, would not be achievable due to the impact of the global downturn on the Group\u2019s EPS and thus would not provide the required retention incentive. Further grants under the SOS have been made in each year from 2011. The performance conditions for these grants are also linked directly to the Group\u2019s Operating Profit. For grants between 2012 and 2015, if Operating Profit is in excess of \u00a350m, a proportion of the award equivalent to the amount of Operating Profit achieved will vest up to a maximum of 100% if the Operating Profit is \u00a3100m or more. As Operating Profit of \u00a3118.3m was achieved in 2017, the performance criteria have been fully achieved and these awards have fully vested. For the 2016 grant, if Operating Profit is in excess of \u00a375m, 2% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3125m or more. As Operating Profit of \u00a3142.5m was achieved in 2018, the performance criteria have been fully achieved and these awards have fully vested. For the 2017 grant, if Operating Profit is in excess of \u00a350m, 25% of the award will vest, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3125m or more. As Operating Profit of \u00a3146.7m was achieved in 2019 , the performance criteria have been fully achieved and these awards have fully vested. For the 2018 grant, if Operating Profit is in excess of \u00a375m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3150m or more. As Operating Profit of \u00a3168.5m was achieved in 2021 , the performance criteria have been fully achieved and these awards have fully vested. For the 2019 grant, if Operating Profit is in excess of \u00a3100m, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3200m or more. As Operating Profit of \u00a3196.1m was achieved in 2022, 96% of the performance criteria have been achieved and these awards have partially vested. For the 2020 grant, if Operating Profit is in excess of \u00a3100m, 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3200m or more. As Operating Profit of \u00a3196.1m was achieved in 2022, 96% of the performance criteria have been achieved and these awards have partially vested. For the 2021 grant, if Operating Profit is in excess of \u00a375m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3150m or more. For the 2022 grant, if Operating Profit is in excess of \u00a3125m, 25% of the award will vest. 1% of the award will vest for every additional \u00a31m of Operating Profit achieved, up to a maximum of 100% at Operating Profit of \u00a3200m or more. Other share-based payment plans The Company also operates a Management Incentive Plan for the Executive Directors and senior employees and a Long-Term Incentive Plan for the Chief Executive Officer, Chief Financial Officer and other senior employees. Details of these plans are disclosed in the Directors\u2019 Remuneration Report and are settled by the physical delivery of shares, currently satisfied by shares held in the Employee Benefit Trust, to the extent that service and performance conditions are met. Movements on these plans are shown below: LTIP/ESIP MIP As at 1 January 2022 574,492 2,187,931 Granted 326,080 833,256 Lapsed - (29,040) Exercised (292,582) (622,882) As at 31 December 2022 607,990 2,369,265 Share option valuation and measurement In 2022, options were granted on 15 March with the estimated fair value of \u00a30.97 (2021: granted on 15 March with the estimated fair value of \u00a30.84). Share options are granted under service and non-market performance conditions. These conditions are not taken into account in the fair value measurement at grant date. There are no market conditions associated with the share option grants. The options outstanding at 31 December 2022 have an exercise price in the range of 332p to 534p and a weighted average contractual life of 6.8 years. The fair values of options and other share awards granted during the year were calculated using the Black-Scholes option pricing model. The inputs into the model were as follows: Share Option Plans Management Incentive Plan 2022 2021 2022 2021 Share price (\u00a3) 4.92 4.80 4.92 4.80 Average exercise price (\u00a3) 4.92 4.80 Nil Nil Weighted average fair value (\u00a3) 0.97 0.84 3.93 4.11 Expected volatility 38.14% 34.87% 38.14% 34.87% Expected life 5 years 5 years 3 years 3 years Risk free rate 1.76% 0.47% 1.76% 0.47% Expected dividend yield 5.82% 5.15% 5.82% 5.15% Expected volatility was determined by reference to historical volatility of the Company\u2019s share price in the last 36 months. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Expectations of early exercise are incorporated into the Black-Scholes option pricing model. The Group recognised total expenses of \u00a36.0m, including social security, (2021: \u00a37.8m) related to share-based payment transactions during the year. ",
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"fact-386": {
"value": "22. FINANCIAL RISK MANAGEMENT The Group has exposure to the following risks from its use of financial instruments: (i) credit risk (ii) liquidity risk (iii) market risk This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. (i) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from clients. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. Trade and other receivables Total trade receivables (net of allowances) held by the Group at 31 December 2022 amounted to \u00a3307.8m (2021: \u00a3254.6m). An initial credit period is made available on invoices. No interest is charged on trade receivables from the date of the invoice during this credit period. An impairment analysis is performed at each reporting date using a provision matrix to measure the expected credit losses. The Group has established a provision matrix that is based on its historical credit loss experience adjusted for forward-looking factors specific to the debtors and the economic environment. Included in the Group\u2019s trade receivables balance are debtors with a carrying amount of \u00a3127.3m (2021: \u00a396.0m) that are past due at the reporting date for which the Group has not provided as the amounts are still considered recoverable. The Group does not hold any collateral over these balances. The days\u2019 sales of these receivables at the year end is 45 days in excess of the initial credit period (2021: 41 days). In the table below, the provision includes expected credit losses. The ageing of trade receivables at the reporting date was: 2022 2021 Gross trade Net trade Gross trade Net trade receivables Provision receivables receivables Provision receivables \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Not past due 181,728 (1,155) 180.573 159,682 (1,015) 158,667 Past due 0-30 days 71,646 (456) 71,190 57,473 (366) 57,107 Past due 31-150 days 53,350 (339) 53,011 36,641 (233) 36,408 More than 150 days 14,070 (11,010) 3,060 11,931 (9,472) 2,459 320,794 (12,960) 307,834 265,727 (11,086) 254,641 The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each client. The demographics of the Group\u2019s client Capital is equity attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to ensure that it base, including the country in which clients operate, also has an influence on credit risk. The geographic diversification of the Group\u2019s revenue also maintains a strong credit rating and healthy capital ratios to support the business and maximise Shareholder value. The Group manages its capital reduces the concentration of credit risk. structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders through share repurchases with subsequent cancellation, or issue new The majority of the Group\u2019s clients have been transacting with the Group for several years, with losses rarely occurring. In monitoring client credit shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2022 and risk, clients are grouped according to their credit characteristics, including geographic location, industry, ageing profile, maturity and existence of 31 December 2021. previous financial difficulties. (iii) Market risk and sensitivity analysis Movement in the allowance for expected credit losses The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates, but these risks are 2022 2021 \u00a3\u2019000 \u00a3\u2019000 not deemed to be material. However, a sensitivity analysis showing hypothetical fluctuations in Pounds Sterling against the Group\u2019s main exposure currencies is shown on the next page. There has been no material change in the Group\u2019s exposure to market risks or the manner in which it Balance at beginning of the year 11,086 11,061 manages and measures the risk. Expected credit losses recognised on receivables 25,265 17,920 Interest rate risk management Amounts written off as uncollectable (2,914) (2,033) Borrowings are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. The Group does not consider this risk as Amounts recovered/reversed during the year (20,477) (15,862) significant. The benchmark rates for determining floating rate liabilities are based on relevant national LIBOR equivalents. Balance at end of the year 12,960 11,086 Currency rate risk The allowance for expected credit losses represents a provision for debts which the Group estimate may be irrecoverable, including \u00a36.7m (2021: The Group publishes its results in Pounds Sterling and conducts its business in many foreign currencies. As a result, the Group is subject to foreign \u00a36.3m) of debts in litigation. currency exchange risk due to exchange rate movements. The Group is exposed to foreign currency exchange risk as a result of transactions in The impairment recognised represents the difference between the carrying amount of these trade receivables and the present value of the expected currencies other than the functional currencies of some of its subsidiaries and the translation of the results and underlying net assets of foreign liquidation proceeds. The Group does not hold any collateral over these balances. subsidiaries. Exposure to credit risk The main functional currencies of the Group are Sterling, Euro, Chinese Renminbi, Swiss Franc, Singapore Dollar, Hong Kong Dollar, Australian Dollar and US Dollar. The Group does not have material transactional currency exposures. The Group is exposed to foreign currency translation The maximum exposure to credit risk for receivables at the reporting date by geographic region was: differences in accounting for its overseas operations. The Group policy is not to hedge translation exposure. Net trade receivables In certain cases, where the Company gives or receives short-term loans to and from other Group companies with different reporting currencies, 2022 2021 it may use foreign exchange rate derivatives to manage the currency exposure that arises on these loans. It is the Group\u2019s policy not to seek to \u00a3\u2019000 \u00a3\u2019000 designate these derivatives as hedges. EMEA 191.699 153,919 All derivative financial instruments are classified as derivatives at fair value through the income statement. The Group does not use derivatives United Kingdom 45,101 36,745 for speculative purposes. All transactions in derivative financial instruments are undertaken to manage the risks arising from underlying business Asia Pacific 32,027 31,005 activities. Americas 39,007 32,972 Information on the fair value of derivative financial instruments held at the balance sheet date is shown in the table below. Net gains of \u00a33.4m (2021: gains of \u00a31.1m) have been included as part of the foreign exchange gains / losses for the year (Note 3). 307,834 254,641 Fair values are not adjusted for credit risk, as required by IFRS 13, because credit impact is not material given the low fair value levels. All derivative The fair values of trade and other receivables are not materially different to those disclosed above and in note 14. There is no material effect on pre- instruments are classified as level 2 instruments. tax profit if the instruments are accounted for at fair value or amortised cost. (ii) Liquidity risk management Derivative financial instruments Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework that aims to ensure that the Group has sufficient cash or credit facilities at all times to meet all current and forecast liabilities as they fall due. It is the Derivatives at fair value Directors\u2019 intention to continue to finance the activities and development of the Group from retained earnings. 2022 2021 Cash surpluses were invested in short-term deposits, with any working capital requirements being provided from Group cash resources, Group \u00a3m \u00a3m facilities, or by local overdraft facilities. The Group also operates a multi-currency notional cash pool to facilitate interest and balance compensation Derivative assets 3.2 1.2 of cash and bank overdrafts. Derivative liabilities (0.4) (1.8) The following are the contractual maturities of financial liabilities: Net derivative assets / (liabilities) 2.8 (0.6) Less than More than 1 month 1-3 months 3-12 months 12 months Sensitivity analysis \u2013 currency risk 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Lease liabilities 3,432 5,503 24,547 81,685 A 10% strengthening of Sterling against the following currencies at 31 December 2022 would have increased/(decreased) equity and profit or loss by the amounts shown over the page. This is reflective of the exchange rates movements experienced by the Group over the last 3 years. Trade payables 10,547 349 191 \u2013 This analysis is applied currency by currency in isolation, i.e. ignoring the impact of currency correlation, and assumes that all other variables, Accruals and other payables 154,942 26,657 34,969 14,259 in particular interest rates, remain constant. The analysis is performed on the same basis for 2021. The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market conditions occur. Actual results in the future may differ materially from those projected, due to developments in the global financial markets which may cause fluctuations in interest and exchange rates Less than More than to vary from the hypothetical amounts disclosed in the table over the page, which therefore should not be considered a projection of likely future 1 month 1-3 months 3-12 months 12 months 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 events and losses. Lease liabilities 2,639 5,355 22,131 72,215 Trade payables 5,829 63 16 \u2013 Accruals and other payables 123,431 21,957 52,000 5,340 The above are the contractual cashflows before discounting at the incremental borrowing rate. Equity Profit before tax 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Euro (12,682) (9,902) (2,102) (136) Australian Dollar (1,741) (1,448) (356) (254) Swiss Franc (597) (460) (76) (113) Chinese Renminbi (1,016) (1,128) 169 (326) Hong Kong Dollar (720) (862) 292 (17) Singapore Dollar (1,560) (1,562) 274 (67) United States Dollar (1,741) (594) (973) 93 Other (3,184) (2,529) (246) (711) A 10% weakening of Sterling against the above currencies at 31 December would have had a similar but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. ",
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},
"fact-405": {
"value": "(i) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from clients. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. Trade and other receivables Total trade receivables (net of allowances) held by the Group at 31 December 2022 amounted to \u00a3307.8m (2021: \u00a3254.6m). An initial credit period is made available on invoices. No interest is charged on trade receivables from the date of the invoice during this credit period. An impairment analysis is performed at each reporting date using a provision matrix to measure the expected credit losses. The Group has established a provision matrix that is based on its historical credit loss experience adjusted for forward-looking factors specific to the debtors and the economic environment. Included in the Group\u2019s trade receivables balance are debtors with a carrying amount of \u00a3127.3m (2021: \u00a396.0m) that are past due at the reporting date for which the Group has not provided as the amounts are still considered recoverable. The Group does not hold any collateral over these balances. The days\u2019 sales of these receivables at the year end is 45 days in excess of the initial credit period (2021: 41 days). In the table below, the provision includes expected credit losses. The ageing of trade receivables at the reporting date was: 2022 2021 Gross trade Net trade Gross trade Net trade receivables Provision receivables receivables Provision receivables \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Not past due 181,728 (1,155) 180.573 159,682 (1,015) 158,667 Past due 0-30 days 71,646 (456) 71,190 57,473 (366) 57,107 Past due 31-150 days 53,350 (339) 53,011 36,641 (233) 36,408 More than 150 days 14,070 (11,010) 3,060 11,931 (9,472) 2,459 320,794 (12,960) 307,834 265,727 (11,086) 254,641 The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each client. The demographics of the Group\u2019s client base, including the country in which clients operate, also has an influence on credit risk. The geographic diversification of the Group\u2019s revenue also reduces the concentration of credit risk. The majority of the Group\u2019s clients have been transacting with the Group for several years, with losses rarely occurring. In monitoring client credit risk, clients are grouped according to their credit characteristics, including geographic location, industry, ageing profile, maturity and existence of previous financial difficulties. Movement in the allowance for expected credit losses 2022 2021 \u00a3\u2019000 \u00a3\u2019000 Balance at beginning of the year 11,086 11,061 Expected credit losses recognised on receivables 25,265 17,920 Amounts written off as uncollectable (2,914) (2,033) Amounts recovered/reversed during the year (20,477) (15,862) Balance at end of the year 12,960 11,086 The allowance for expected credit losses represents a provision for debts which the Group estimate may be irrecoverable, including \u00a36.7m (2021: \u00a36.3m) of debts in litigation. The impairment recognised represents the difference between the carrying amount of these trade receivables and the present value of the expected liquidation proceeds. The Group does not hold any collateral over these balances. Exposure to credit risk The maximum exposure to credit risk for receivables at the reporting date by geographic region was: Net trade receivables 2022 2021 \u00a3\u2019000 \u00a3\u2019000 EMEA 191.699 153,919 United Kingdom 45,101 36,745 Asia Pacific 32,027 31,005 Americas 39,007 32,972 307,834 254,641 The fair values of trade and other receivables are not materially different to those disclosed above and in note 14. There is no material effect on pre- tax profit if the instruments are accounted for at fair value or amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "20. RESERVES Share premium The share premium account has been established to represent the excess of proceeds over the nominal value for all share issues, including the excess of the exercise share price over the nominal value of the shares on the exercise of share options. Capital redemption reserve The capital redemption reserve relates to the cancellation of the Company\u2019s own shares. Reserve for shares held in the Employee Benefit Trust At 31 December 2022, the reserve for shares held in the employee benefit trust consisted of 12,359,110 Ordinary shares (2021: 10,563,022 Ordinary shares) held for the purpose of satisfying awards made under the Management Incentive Share Plan, the ESIP and the SOS, representing 3.3% of the called-up share capital with a market value of \u00a357.0m (2021: \u00a366.9m). There are 10,712,614 (2021: 9,084,233) of these shares held in the trust on which dividends are waived. Currency translation reserve Since first-time adoption of the International Financial Reporting Standards, the currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations that are integral to the operations of the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "21. CASH AND CASH EQUIVALENTS Group Company 2022 2021 2022 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Cash at bank and in hand 131,480 153,983 \u2013 \u2013 Short-term deposits \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 131,480 153,983 \u2013 \u2013 Cash and cash equivalents in the statement of cash flows 131,480 153,983 \u2013 \u2013 Net funds 131,480 153,983 \u2013 \u2013 The Group operates multi-currency cash concentration and notional cash pools, and an interest enhancement facility. The Eurozone subsidiaries and the UK-based Group Treasury subsidiary participate in the cash concentration arrangement, the Group Treasury subsidiary retains the notional cash pool and the Asia Pacific subsidiaries operate the interest enhancement facility. The structures facilitate interest compensation of cash whilst supporting working capital requirements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "(iii) Market risk and sensitivity analysis The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates, but these risks are not deemed to be material. However, a sensitivity analysis showing hypothetical fluctuations in Pounds Sterling against the Group\u2019s main exposure currencies is shown on the next page. There has been no material change in the Group\u2019s exposure to market risks or the manner in which it manages and measures the risk. Interest rate risk management Borrowings are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. The Group does not consider this risk as significant. The benchmark rates for determining floating rate liabilities are based on relevant national LIBOR equivalents. Currency rate risk The Group publishes its results in Pounds Sterling and conducts its business in many foreign currencies. As a result, the Group is subject to foreign currency exchange risk due to exchange rate movements. The Group is exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currencies of some of its subsidiaries and the translation of the results and underlying net assets of foreign subsidiaries. The main functional currencies of the Group are Sterling, Euro, Chinese Renminbi, Swiss Franc, Singapore Dollar, Hong Kong Dollar, Australian Dollar and US Dollar. The Group does not have material transactional currency exposures. The Group is exposed to foreign currency translation differences in accounting for its overseas operations. The Group policy is not to hedge translation exposure. In certain cases, where the Company gives or receives short-term loans to and from other Group companies with different reporting currencies, it may use foreign exchange rate derivatives to manage the currency exposure that arises on these loans. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments are classified as derivatives at fair value through the income statement. The Group does not use derivatives for speculative purposes. All transactions in derivative financial instruments are undertaken to manage the risks arising from underlying business activities. Information on the fair value of derivative financial instruments held at the balance sheet date is shown in the table below. Net gains of \u00a33.4m (2021: gains of \u00a31.1m) have been included as part of the foreign exchange gains / losses for the year (Note 3). Fair values are not adjusted for credit risk, as required by IFRS 13, because credit impact is not material given the low fair value levels. All derivative instruments are classified as level 2 instruments. Derivative financial instruments Derivatives at fair value 2022 2021 \u00a3m \u00a3m Derivative assets 3.2 1.2 Derivative liabilities (0.4) (1.8) Net derivative assets / (liabilities) 2.8 (0.6) Sensitivity analysis \u2013 currency risk A 10% strengthening of Sterling against the following currencies at 31 December 2022 would have increased/(decreased) equity and profit or loss by the amounts shown over the page. This is reflective of the exchange rates movements experienced by the Group over the last 3 years. This analysis is applied currency by currency in isolation, i.e. ignoring the impact of currency correlation, and assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for 2021. The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market conditions occur. Actual results in the future may differ materially from those projected, due to developments in the global financial markets which may cause fluctuations in interest and exchange rates to vary from the hypothetical amounts disclosed in the table over the page, which therefore should not be considered a projection of likely future events and losses. Equity Profit before tax 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Euro (12,682) (9,902) (2,102) (136) Australian Dollar (1,741) (1,448) (356) (254) Swiss Franc (597) (460) (76) (113) Chinese Renminbi (1,016) (1,128) 169 (326) Hong Kong Dollar (720) (862) 292 (17) Singapore Dollar (1,560) (1,562) 274 (67) United States Dollar (1,741) (594) (973) 93 Other (3,184) (2,529) (246) (711) A 10% weakening of Sterling against the above currencies at 31 December would have had a similar but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "(ii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework that aims to ensure that the Group has sufficient cash or credit facilities at all times to meet all current and forecast liabilities as they fall due. It is the Directors\u2019 intention to continue to finance the activities and development of the Group from retained earnings. Cash surpluses were invested in short-term deposits, with any working capital requirements being provided from Group cash resources, Group facilities, or by local overdraft facilities. The Group also operates a multi-currency notional cash pool to facilitate interest and balance compensation of cash and bank overdrafts. The following are the contractual maturities of financial liabilities: Less than More than 1 month 1-3 months 3-12 months 12 months 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Lease liabilities 3,432 5,503 24,547 81,685 Trade payables 10,547 349 191 \u2013 Accruals and other payables 154,942 26,657 34,969 14,259 Less than More than 1 month 1-3 months 3-12 months 12 months 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Lease liabilities 2,639 5,355 22,131 72,215 Trade payables 5,829 63 16 \u2013 Accruals and other payables 123,431 21,957 52,000 5,340 The above are the contractual cashflows before discounting at the incremental borrowing rate. Capital is equity attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios to support the business and maximise Shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to Shareholders, return capital to Shareholders through share repurchases with subsequent cancellation, or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2022 and 31 December 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "23. COMPARATIVE RESULTS Following a review of the Company\u2019s historic practice and future plans not to call on all intercompany receivables in the short term, \u00a3970,375k of current intercompany receivables at 31 December 2021 have been reclassified to non-current in line with IAS 1. These balances remain repayable on demand, and can be called upon at the sole discretion of the Company if required. This reclassification has no impact on net assets, result for the year or cash flows. The impact on the 31 December 2020 balance sheet would be to reclassify \u00a3808,610k of current intercompany receivables to non-current intercompany receivables. To ensure the requirements of IAS 7 and consistency of presentation is achieved in respect of cashflows related to the payment of dividends and associated movements in intercompany balances the Company has reclassified \u00a3100,230k of increases in intercompany payables from operating activities to financing activities. A third balance sheet has not been disclosed on the basis that the above are not material. The restatements have no impact on the net assets, total assets, total liabilities, result for the year or the net movement in cash and cash equivalents of the Parent Company balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "24. COMMITMENTS AND CONTINGENT LIABILITIES Capital Commitments The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to property, plant and equipment (2021:\u00a3nil). The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to computer software (2021:\u00a3nil). Guarantees The Company has provided guarantees to other Group undertakings amounting to \u00a34.0m (2021: \u00a33.8m) in the ordinary course of business. It is not anticipated that any material liabilities will arise from the contingent liabilities. VAT Group registration As a result of Group registration for UK VAT purposes, the Company is contingently liable for VAT liabilities arising in other companies within the VAT group which at 31 December 2022 amounted to \u00a36.7m (2021: \u00a36.3m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "24. COMMITMENTS AND CONTINGENT LIABILITIES Capital Commitments The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to property, plant and equipment (2021:\u00a3nil). The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to computer software (2021:\u00a3nil). Guarantees The Company has provided guarantees to other Group undertakings amounting to \u00a34.0m (2021: \u00a33.8m) in the ordinary course of business. It is not anticipated that any material liabilities will arise from the contingent liabilities. VAT Group registration As a result of Group registration for UK VAT purposes, the Company is contingently liable for VAT liabilities arising in other companies within the VAT group which at 31 December 2022 amounted to \u00a36.7m (2021: \u00a36.3m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "24. COMMITMENTS AND CONTINGENT LIABILITIES Capital Commitments The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to property, plant and equipment (2021:\u00a3nil). The Group had \u00a3nil contractual capital commitments as at 31 December 2022 relating to computer software (2021:\u00a3nil). Guarantees The Company has provided guarantees to other Group undertakings amounting to \u00a34.0m (2021: \u00a33.8m) in the ordinary course of business. It is not anticipated that any material liabilities will arise from the contingent liabilities. VAT Group registration As a result of Group registration for UK VAT purposes, the Company is contingently liable for VAT liabilities arising in other companies within the VAT group which at 31 December 2022 amounted to \u00a36.7m (2021: \u00a36.3m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "25. EVENTS AFTER THE BALANCE SHEET DATE There have been no material events after the balance sheet date that require disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "26. RELATED PARTY TRANSACTIONS Identity of related parties The Company has a related party relationship with its Directors and members of the Executive Committee, and subsidiaries (Note 13). Transactions with key management personnel Key management personnel are deemed to be the Directors and members of the Executive Committee as detailed in the biographies on pages 78 to 84. The remuneration of Directors and members of the Executive Committee is determined by the Remuneration Committee having regard to the performance of individuals and market trends. The transactions for the year were: Related party transactions 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 8,608 8,578 Social security costs 860 884 Short-term benefits 525 613 Pension costs \u2013 defined contribution plans 230 288 Share-based payments 3,152 3,926 13,376 14,289 Company Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details of transactions between the parent company and subsidiary undertakings are shown below. Dividends received Amounts owed by related parties Amounts owed to related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Transactions 163,331 67,178 1,081,498 970,375 1,314,866 1,221,283",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Transactions with key management personnel Key management personnel are deemed to be the Directors and members of the Executive Committee as detailed in the biographies on pages 78 to 84. The remuneration of Directors and members of the Executive Committee is determined by the Remuneration Committee having regard to the performance of individuals and market trends. The transactions for the year were: Related party transactions 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 8,608 8,578 Social security costs 860 884 Short-term benefits 525 613 Pension costs \u2013 defined contribution plans 230 288 Share-based payments 3,152 3,926 13,376 14,289 Company Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details of transactions between the parent company and subsidiary undertakings are shown below. Dividends received Amounts owed by related parties Amounts owed to related parties 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Transactions 163,331 67,178 1,081,498 970,375 1,314,866 1,221,283",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "200 Dashwood Lang Road, Bourne Business Park, Addlestone, Surrey, KT15 2NX",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800JK5ZEQW4AB8G71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}