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"value": "Notes to the Group consolidated financial statements For the year ended 31 March 2023 Note 1. Presentation of the consolidated financial statements 1.1 General information Wise plc (the \u2018Company\u2019) is a public limited company and is incorporated and domiciled in England. The address of its registered office is 6th Floor Tea Building, 56 Shoreditch High Street, London E1 6JJ. The principal activity of the Company and its subsidiaries (the \u2018Group\u2019) is the provision of cross-border money transfer services. Further information on the Group\u2019s operations and principal activities is presented in the Strategic Report. 1.2 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the UK-adopted International Accounting Standards in conformity with the applicable legal requirements of the Companies Act 2006. The financial statements are prepared on a going concern basis. All financial information is presented in millions of pounds sterling (\u2018\u00a3\u2019), which is the Group\u2019s presentation currency, rounded to the nearest \u00a30.1m, unless otherwise stated. The financial statements have been prepared under the historical cost convention modified to include the fair valuation of particular financial instruments, to the extent required or permitted under IFRS as set out in the relevant accounting policies. The principal accounting policies applied in the preparation of these consolidated financial statements are set out in note 2. These policies have been consistently applied to all the years presented, unless otherwise stated. Preparation of financial statements requires significant accounting judgements and estimates, which have been laid out in note 3. Going concern The Group\u2019s business activities together with the factors likely to affect its future development and position are set out in the Strategic report. The financial statements are prepared on a going concern basis as the Directors are satisfied that the Group has the available resources to continue in business for the foreseeable future. The going concern assessment is based on the detailed forecast prepared by management and approved by the Board (base plan). As part of the going concern review, the Directors have considered severe, but plausible, downside scenarios to stress test the viability of the business. These downside scenarios covered reduction in revenues, profitability, cash position and liquidity as well as the Group\u2019s ability to meet its regulatory capital and liquidity requirements. Appropriate assumptions have been made in respect to revenue growth and profitability, based on the economic outlook over the forecast period. Appropriate sensitivities have been applied in order to stress test the base plan, considering situations with lower revenue growth and profitability compared to the base plan, where future trading is less than forecasted. Management expects that sufficient liquidity and regulatory capital requirement headroom are maintained throughout the forecast period. The Directors have made inquiries of management and considered forecasts for the Group and have, at the time of approving these financial statements, a reasonable expectation that the Group has adequate resources to continue in operations for the foreseeable future. Further details are contained in the Viability Statement of the Strategic Report. 1.3 Basis of consolidation The financial statements comprise the consolidated financial statements of Wise plc and its subsidiaries as at 31 March 2023. Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained by the Group and are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between companies within the Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Group accounting policies are consistently applied to all entities and transactions. Note 2. Summary of significant accounting policies 2.1 Changes in accounting policies and disclosures Adoption of new or revised standards and interpretations The following new or revised standards and interpretations became effective for the Group from 1 April 2022: \u2022 Amendments to IAS 16 \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework \u2022 Amendments to IAS 37 \u2013 Onerous Contracts: Cost of Fulfilling a Contract \u2022 Annual Improvements to IFRS standards (2018-2020 cycle) The adoption of the above amendments did not have a material impact on the Group. There are no other new or revised standards or interpretations that are effective for the first time for the financial year beginning on or after 1 April 2022 that would be expected to have a material impact on the Group. New standards, amendments and interpretations not yet adopted The following amendments have been published by the IASB and are effective for annual periods beginning on or after 1 January 2023; the amendments have not been early-adopted by the Group: a. Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments, as issued in 2020, aim to clarify the requirements on determining whether a liability is current or non-current, and apply for annual reporting periods beginning on or after 1 January 2023. The IASB has subsequently proposed further amendments to IAS 1 and the deferral of the effective date of the 2020 amendments to no earlier than 1 January 2024. It is anticipated that the application of this amendment may have an impact in the Group's consolidated financial statements in future periods. b. Other amendments: \u2022 IFRS 17 \u2013 Insurance Contracts \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Policies \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale of contribution of assets between an investor and its associate or joint venture None of these amendments are expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions. 2.2 Changes in presentation Interest income and expense on customer balances and benefits paid relating to customer balances In preparing these financial statements, the Group has made certain presentational changes to better align the relevant IFRS financial statement captions and reflect the underlying nature of the transactions and operations of Wise. During the financial year, the balances our customers hold with us have continued to increase. These increasing balances, coupled with the increase in interest rates globally, has meant that Wise has started generating material interest income on customer balances, whilst ensuring that they remain safeguarded and available to our customers. As a result of this increased income, Wise has begun to offer new benefits to its customers for holding their balances in Wise accounts. As the results associated with the interest income and the benefits paid relating to customer balances are now material, we have changed our presentation in the income statement to include within gross profit the revenue (as previously defined) and the results from customer balances, which includes the interest income and interest expense on customer balances along with benefits paid relating to customer balances. Benefits paid relating to customer balances was nil in the prior year and so are not included in the change in presentation table. The net interest income from operating assets will remain unchanged in terms of presentation, refer to note 2.13. This change in presentation has been applied retrospectively. The comparative information has been re-presented to reflect this change in classification for all instances. This change in presentation has no overall impact on operating profit or profit before tax. Year ended 31 March 2022 As reported Change in the presentation Re presented \u00a3m \u00a3m \u00a3m Revenue 559.9 \u2013 559.9 Interest income on customer balances \u2013 3.9 3.9 Interest expense on customer balances \u2013 (6.7) (6.7) Cost of sales (185.8) \u2013 (185.8) Net credit losses on financial assets (2.2) \u2013 (2.2) Gross profit 371.9 (2.8) 369.1 Administrative expenses (321.4) \u2013 (321.4) Interest income from investments and operating assets 3.9 (3.9) \u2013 Interest expense from operating assets (6.7) 6.7 \u2013 Other operating income 5.8 \u2013 5.8 Other operating expenses (4.8) \u2013 (4.8) Operating profit 48.7 \u2013 48.7 Finance expense (4.8) \u2013 (4.8) Profit before tax 43.9 \u2013 43.9 Income tax expense (11.0) \u2013 (11.0) Profit for the year 32.9 \u2013 32.9 The new accounting policies are as follows: Interest income on customer balances is earned from holding customer funds (Wise accounts) as cash and cash equivalents or investing them into permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method. Benefits paid relating to customer balances include incentives and other benefits provided to customers for holding their balances in Wise accounts. These are recognised in the income statement in line with the balances held in Wise accounts and apportioned over the same period of time. Interest expense incurred from holding customer balances relate to negative interest rates on euro denominated balances for some Wise accounts. Interest expense on customer balances is recognised in the income statement using the effective interest rate method. 2.3 Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current or non-current classification. An asset is current when it satisfies any of the following criteria: \u2022 expected to be realised or intended to be sold or consumed in the normal operating cycle; \u2022 held primarily for the purpose of trading; \u2022 expected to be realised within 12 months after the reporting period; \u2022 cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is current when it satisfies any of the following criteria: \u2022 it is expected to be settled in the normal operating cycle; \u2022 it is held primarily for the purpose of trading; \u2022 it is due to be settled within 12 months after the reporting period; \u2022 there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. 2.4 Foreign currencies translation The Group\u2019s consolidated financial statements are presented in pounds sterling. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the transaction is recognised. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in profit or loss (either as cost of sales or administrative expenses). Non-monetary assets and liabilities are translated at historical exchange rates if held at historical cost, or year-end exchange rates if held at fair value, and the resulting foreign exchange gains or losses are recognised in either the income statement or shareholders\u2019 equity depending on the treatment of the gain or loss on the asset or liability. Group companies On consolidation, the results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) are translated into pounds sterling as follows: \u2022 assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the reporting date; \u2022 income and expenses are translated at average monthly exchange rates; and \u2022 all resulting exchange differences are recognised in other comprehensive income. 2.5 Cash and cash equivalents Cash and cash equivalents include cash on hand, on-demand deposits, money market funds (MMFs) and other short-term high\u202fquality liquid investments with original maturities of 3 months or less, and e-money held with payment processing partners. Cash that has been paid out from the Group bank account but has not been delivered to the bank account of the beneficiary is classified as cash in transit. Cash collateral deposits the Group holds with its counterparties are recognised under Trade and other receivables in the statement of financial position. Customer deposits The Group recognises financial assets and liabilities for the funds customers hold on their accounts (\u2018Wise accounts\u2019) and the funds collected from customers, as part of the money transfer settlement process, that have not yet been processed. The liability is recognised upon receipt of cash or capture confirmation (depending on pay-in method), and is derecognised when cash is delivered to the beneficiary. Additionally, pursuant to IAS 32, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis, or to settle them simultaneously. Principles to determine the point of delivery are the same as applied in revenue recognition, see note 2.11. The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. As safeguarding requirements may vary across the different jurisdictions in which the Group operates, the Group holds customer funds in segregated accounts and other high quality liquid assets such as MMFs and investment grade bonds, as allowed by local regulations. 2.6 Financial assets Investments and other financial assets The Group classifies its financial assets, at initial recognition, and subsequently measures them at amortised cost, fair value through profit or loss (FVTPL), and fair value through other comprehensive income (FVOCI). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flows and the Group\u2019s business model for managing them. In order for a financial asset to be classified and measured at amortised cost or FVOCI, 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. Financial assets with cash flows that are not SPPI are classified and measured at FVOCI, irrespective of the business model. The Group\u2019s business model for managing financial assets refers to how they are used 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. Financial assets classified and measured at amortised cost are held with the objective to collect contractual cash flows, while financial assets classified and measured at fair value through OCI are held with the objective of both holding to collect contractual cash flows and selling. The Group classifies debt securities (e.g. bonds) as FVOCI pursuant to the above policy as the contractual cash flows are solely payments of principal and interest, and the objective of the Group\u2019s business model is achieved both by collecting contractual cash flows and selling financial assets. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss. Recognition and derecognition Purchases and sales of financial assets are recognised on the settlement date according to market conventions. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Cash flows in relation to purchase or sale of these instruments are classified as investing activities in the consolidated cash flow statement. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Financial assets at amortised costs are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the profit or loss when the asset is derecognised, modified or impaired. Impairment The Group recognises an allowance for expected credit losses (ECLs) for trade receivables and uses 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. For debt instruments held at FVOCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether or not the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group\u2019s debt instruments held at FVOCI consist solely of quoted bonds that are graded in the top investment categories by Moody\u2019s credit rating agency and, therefore, are considered to be low credit risk investments. It is the Group\u2019s policy to measure ECLs on such instruments on a 12-month basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL. The Group uses the ratings from Moody\u2019s both to determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs. Refer to notes 2.20 and 4.2 for further information on trade receivables and ECLs. 2.7 Derivative financial instruments Derivative financial instruments are used to manage exposure to market risks. The principal derivative instruments used by the Group are foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit and loss at each reporting date. All derivative instruments are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The Group enters into derivatives that are due to be realised or settled within 12 months; consequently they are presented as current assets or current liabilities. Fair value of a derivative financial instrument is determined by reference to a quoted market price for that instrument. When quoted prices are not available, valuation techniques, that utilise observable inputs, are used to estimate fair value. The key inputs in the valuation model are the relevant forward exchange rates for the currencies involved. 2.8 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Right-of-use assets are depreciated over the lease term (1-7 years). Capitalised reconstruction and internal design costs of leased office space (shown as \u2019Leased office improvements\u2019 in the notes to the Group consolidated financial statements) are depreciated over the lease term (typically 2-5 years), and other office equipment over 2 years. Computer equipment is not recorded in property, plant and equipment but expensed as low-value short-lived equipment in the Group. 2.9 Intangible assets Intangible assets predominantly relate to internally generated software, licences and domain purchases. Internally generated software The Group develops software used in provisioning of its services. Development costs that are directly attributable to the design, development and testing of the software controlled by the Group are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the software \u2022 there is an ability to use the software \u2022 it can be demonstrated that the software will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use the software are available, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Costs associated with maintaining computer software are recognised as an expense as incurred. Directly attributable costs that are capitalised as part of the software product comprise the software development employee costs. Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Amortisation Capitalised development costs, domain and licence purchases are recorded as intangible assets and amortised over their estimated useful economic lives. Intangible assets are assessed for impairment whenever there is an indicator that they might be impaired, for example when the assets are no longer in use and need to be decommissioned. The Group amortises intangible assets on a straight-line basis over 3 years, except for mobile applications which are amortised over 2 years and licence purchases that are amortised over a period of 2-10 years. 2.10 Trade and other payables Trade payables consist of obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers on the basis of normal credit terms and do not bear interest. Other payables, which relate to Wise accounts and money transfers that have not been processed by the Group at the reporting date, are non-derivative liabilities to individuals or business customers for money they hold with the Group and do not constitute borrowings. Payables are initially recognised at fair value and subsequently measured at amortised cost. 2.11 Revenue recognition The Group primarily generates revenue from money transfers and Wise Account, including conversions and debit card services. The Group recognises revenue according to the principles of IFRS 15 using the five-step model: 1. Identify the contracts with customers 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction to the performance obligations in the contract 5. Recognise the revenue when (or as) the entity satisfies the performance obligation A customer enters into the contract with the Group at the time of opening a Wise Account or initiating a money transfer. Generally, the customer agrees to the contractual terms by formally accepting, on Wise\u2019s website or the App, the terms and conditions of the respective service, which detail the Group\u2019s performance obligations and fees. In the case of debit card services, a customer enters into the contract with the Group at the time the card is made available for use and the customer is able to either make a payment or a withdrawal. The transaction price is the amount of consideration expected to be received in exchange for providing services to a customer. The fees charged to customers are shown to them upfront prior to the transaction being initiated. For international transfers, a single upfront fee per transaction is charged, consisting of a fixed and a variable amount. The amount of both the fixed and the variable portion of the fee depends on a number of factors, including the currency route, the transfer size, the type of transaction being undertaken and the payment method used. Wise offers certain rebates in the form of a fee refund for eligible transactions. The refund liability is recognised for the expected future rebates at the time of the transaction and deducted from revenue in accordance with IFRS 15. . The transaction price is allocated to performance obligations of the different revenue streams on the basis of relative standalone selling prices. As there is typically a single performance obligation associated with each type of service provided to a customer, the revenue is recognised at the point in time when the performance obligation has been satisfied. For money transfers it is upon delivery of funds to the recipient. In the case of money conversions it is when a customer balance is converted into a different currency and for debit card services it is upon transaction capture. The timing required for the Group to process the payment to the recipient and, hence, to satisfy its performance obligations largely depends on the processing time its banking partners require to deliver funds to the recipient. Therefore, the revenue is deferred until the funds are delivered. In certain jurisdictions where the Group has settlement accounts with the Central Banks or in the case of transfers between Wise accounts or conversions within a Wise Account, such transactions are fulfilled instantly. Other revenue Wise Assets (\u2018Assets\u2019), an investment product, allows customers to purchase units in funds provided by fund managers using their Wise account balance. The Group generates revenue from charging a fee based on the value of the assets under management. The revenue is accrued on a daily basis and is recognised over time, in line with the period the Group provides its services to Assets customers. The Group acts as a matched principal broker and does not retain control nor benefits from the Assets, thus it does not recognise the financial assets and the respective liabilities for the Assets, and derecognises customer funds on purchase. As at 31 March the title for the units of three of the funds was held, on the behalf of customers, by a non-dormant Wise entity. Management performed an analysis to assess whether our accounting policy was therefore still appropriate and it was concluded that the policy continued to apply for these funds. 2.12 Other operating income Other operating income relates, predominantly, to other income recognition from contracts with partners and government grants for qualifying research and development (R&D) activities. Other income recognition from contracts with partners Income from contracts with partners is recognised over their contractual terms as the relevant performance conditions are met. The contracts may contain certain performance conditions and milestones. The Group defers any cash consideration received up-front until it is probable that these conditions and milestones are met. Government grants Government grants recognised in other operating income relate to qualifying UK R&D under the research and development expenditure credit (RDEC) scheme for large companies. Such grants are taxable and are presented as other operating income in the consolidated income statement. 2.13 Interest income from operating assets Interest income is recognised using the effective interest rate method on corporate \u2018cash and cash equivalents\u2019. 2.14 Leases A lease is a contract or part of a contract that conveys to the lessee the right to control the use of an identifiable asset for a period of time in exchange for consideration. The Group as lessee Initial measurement At the commencement date, a lessee shall recognise a right-of-use asset and a lease liability. At the commencement date, a lessee shall measure the right-of-use asset at cost. The cost of the right-of-use asset shall comprise: \u2022 the amount of the initial measurement of the lease liability; \u2022 any lease payments made at or before the commencement date, less any lease incentives received; \u2022 any initial direct costs incurred by the lessee; and \u2022 an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. Right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and are\u202fmeasured at an amount equal to the lease liability; they are\u202fpredominantly related to office spaces leased in various locations. The lease liability is measured at the present value of\u202fthe lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the\u202flease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee shall use the lessee\u2019s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. At the commencement date, the lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date: \u2022 fixed payments, less any lease incentives receivable; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. Variable lease payments that depend on an index or a rate include, for example, payments linked to a consumer price index; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. Subsequent measurement After the commencement date, a lessee measures the right-of-use asset estimated by applying a cost model. To apply a cost model, a lessee measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses and adjust for any remeasurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s estimated useful life and the lease term, on a straight- line basis. Otherwise, the lessee shall depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If there are changes in lease payments, there may be a need to remeasure the lease liability. A lessee shall recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of- use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, a lessee shall recognise any remaining amount of the remeasurement in profit or loss. The Group has elected not to apply the requirements of IFRS 16 to short-term leases and leases for which the underlying asset is of low value. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT and office equipment. The total expense, relating to short-term leases to which the lessee recognition and measurement requirement have not been applied, for the year ended 31 March 2023 is \u00a31.4m (2022: \u00a3nil). The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows. Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The extension and termination options held are exercisable only by the Group and not by the lessors. At the reporting date, the Group is exposed to future cash outflows that are not reflected in the measurement of lease liabilities. These arise from extension options and a termination option available to the Group for a number of lease agreements for office spaces. The Group initially assesses at lease commencement whether it is reasonably certain it will exercise the options and subsequently reassesses if there is a significant event or significant changes in circumstances within its control. The Group has concluded it is not reasonably certain that the options will be exercised. 2.15 Cost of sales Cost of sales comprises the costs that are directly associated with the Group\u2019s principal revenue stream of money transfer, conversion services and debit card services. This includes: \u2022 banking and customer related fees, including any applicable discounts, incurred in processing customer transfers, as well as the card production costs; \u2022 net foreign exchange costs generated due to customer transactions and costs related to the difference between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency as required. Net foreign exchange differences from the revaluation of customer balances at period end are also included. Other product costs include product losses that are directly generated from consumer transactions, including chargeback losses, as well as taxes directly attributable to customer activity. 2.16 Current and deferred tax The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or\u202fsubstantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised,\u202for the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets on share-based payments are recognised for the share options not exercised at the balance sheet date. The deferred tax assets on share-based payments are determined based on the share price at the balance sheet date. The impact of recognition is split between income tax expense in profit or\u202floss for the year, for the element up to the cumulative remuneration expense; and the share-based payment reserve, recognised directly in equity, for the element in excess of the related cumulative remuneration expense. Refer to note 11 for further details. The impact of the recognition of deferred tax assets on losses is split between the share-based payment reserve, for the element of the tax deduction on exercise in excess of the related cumulative remuneration expense, and the income tax expense in\u202fprofit or loss for the balance of the loss. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis. 2.17 Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating annual leave, that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Long-term obligations Employee entitlement for long-term leave is recognised as a liability using probability of staff departures and leave utilisation. Share-based payments The Group operates a number of employee equity-settled schemes as part of its reward strategy. The fair value of the employee services received in exchange for the grant of the options and awards is recognised in employee benefit expenses together with a corresponding increase in equity (share-based payment reserves), over the period in which the service and the performance conditions are fulfilled (the vesting period). The total amount to be expensed is determined by reference to the fair value of the options granted and it is recognised over the vesting period. For non-market-based awards, vesting conditions are included in the assumptions of the number of options and awards that are expected to vest. At each reporting date, the entity revises its estimates of the number of options and awards that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income, with a corresponding adjustment to the share-based payment reserve. For awards subject to a market-based performance condition, no subsequent adjustments may be made. Upon exercise of share options, the impact is recognised in retained earnings. 2.18 Employee share trust The Group provides finance to the Employee Share Ownership Plan (ESOP) Trust to either purchase Company\u2019s shares on the open market, or to subscribe for newly issued share capital, to meet the Group\u2019s obligation to provide shares when employees exercise their options or awards. Costs of running the ESOP Trust are charged to the consolidated income statement. Shares held by the ESOP Trust are deducted from reserves and presented in equity as own shares until such time that employees exercise their awards. Where any Group company purchases the Company\u2019s equity instruments, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity. 2.19 Segment reporting The Group is managed on the basis of a single segment. This is consistent with the internal reporting provided to, and regularly reviewed by, the Chief Operating Decision Maker (\u2018CODM\u2019), which is currently the Board of Directors of the Group. The Group has therefore determined that it has only one reportable segment under IFRS 8, which is the \u2018cross border payment services\u2019. Refer to note 5. 2.20 Trade and other receivables Trade and other receivables primarily consist of amounts due from payment processors and collateral deposits the Group holds with its counterparts. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost less impairment for expected credit losses. The Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime credit losses to be recognised from the initial recognition of the receivables. Refer to note 2.6 above for further information on expected credit losses. 2.21 Earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of the Group by the weighted average number of ordinary shares outstanding during the financial year, after deducting shares held by the ESOP Trust. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: \u2022 the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and \u2022 the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares. For the purposes of diluted earnings per share it is assumed that any performance conditions attached to the schemes have been met at the balance sheet date. 2.22 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised as interest expense, within the finance expense, in the income statement over the term of the borrowing, using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred and treated as a transaction cost when the draw-down occurs. The Group presents the impact of transaction costs as part of financing cash flows. 2.23 Provisions Provisions are liabilities where the exact timing and amount of the obligation are uncertain. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of past events, when an outflow of resources is probable to settle the obligation and when an amount can be reliably estimated. Where the time value of money is material, provisions are discounted to current values using appropriate rates of interest. The unwinding of the discounts is recorded in net finance income or expense. 2.24 Specific allowance for expected credit losses The Group may recognise specific allowance for individually material financial assets for which credit quality deteriorates significantly. The Group takes into account specific facts and circumstances that might indicate impairment, such as litigation risk, credit rating and financial results of the counterparty. The Group also uses the weighted probability method to assess the\u202frecoverability of the amounts and monitors subsequent changes in the assumptions and estimates on a regular basis. 2.25 Legal provisions and contingent liabilities The Group may become party to litigation proceedings from time to time and recognises a legal provision when a) it has a present obligation as the result of a past event, b) it is probable the outflow of economic resources will be required to settle the obligation and c) a reliable estimate of such amount can be made. If these conditions are not met, the Group discloses contingent liabilities; unless the likelihood of the outflow of the\u202feconomic benefit is remote. Note 3. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: 3.1 Customer balances The Group recognises financial assets and corresponding liabilities for the funds customers hold on their Wise accounts and the funds the Group receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the Group becomes party to a contract and has a\u202fright and an ability to control the economic benefit from the cash flows associated with this balance. Additionally, pursuant to IAS 32, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or\u202fan intention to settle them on a net basis or settle them simultaneously. Therefore, Management has concluded that the recognition of the financial assets and their respective liabilities on the balance sheet is appropriate. 3.2 Net gains and losses from foreign exchange differences The Group classifies net foreign exchange gains and losses from customer transactions, including the costs related to the difference between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency as required, as cost of sales. The Group considers these costs as directly related to and incurred as part of providing services to customers. The total net foreign exchange differences recognised in cost of sales for the year ended 31 March 2023 is \u00a324.5m (2022: \u00a313.3m). Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Management has concluded that there are no critical accounting areas of estimation. Note 4. Financial risk and capital management
4.1 Liquidity risk
4.2 Credit risk
This note further explains the Group\u2019s exposure to financial risks and how these risks could affect the Group\u2019s future financial
performance. Current year profit and loss information has been included where relevant to add context.
In the course of its business, the Group is exposed to the main financial risks: liquidity, credit, and market risk from its use of financial
instruments. The Group\u2019s financial risk management programme seeks to minimise potential adverse effects on the Group\u2019s
financial performance.
The Group actively monitors its liquidity risk using cash flow forecasting. Management monitors rolling forecasts of the Group\u2019s
liquidity requirements to make sure it has sufficient cash to meet operational needs. The Group\u2019s objective is to maintain a balance
between continuity of funding and flexibility through the use of external working capital funding and corporate funds.
The Group\u2019s approach to managing liquidity risk is to ensure, that it always has enough liquid resources to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s
position. The Group utilises an internal liquidity adequacy assessment process, incorporating micro- and macro-economic stress
testing to ensure the Group maintains prudent levels of liquid resources at all times to meet both regulatory requirements and the
internal liquidity risk appetite.
The Group assessed the concentration of risk with respect to refinancing its debt and concluded to be low. The Group has access to a
\u00a3300.0m multi-currency revolving facility.
The breakdowns of trade payables and borrowings into current and non-current are shown in notes 18 and 19. See also note 4.5 for
the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations.
Credit risk is managed at Group level and comes mainly from the Group\u2019s cash and cash equivalents held in banks and investments in
bonds. The impairment provisions for financial assets disclosed in note 15 are based on assumptions about risk of default and
expected loss rates.
If a bank or other financial institution has no independent credit rating, the Group evaluates its credit quality by analysing its financial
position, past experience, and other factors.
The Group\u2019s maximum exposure to credit risk by class of financial asset is as follows:
Cash and cash equivalents
Short-term financial investments
Trade and other receivables
Total assets subject to credit risk
Due to the short duration of the cash and cash equivalents (less than 3 months), the fair value approximates the carrying value at
each reporting period.
Credit risk is mitigated as financial assets subject to credit risk are held with reputable institutions or in highly rated
financial investments.
The Group\u2019s financial assets breakdown by credit rating of institution is as follows: 4.3 Market risk Cash flow and fair value interest rate risk Foreign exchange risk 2023 \u00a3m 2022 \u00a3m External credit rating (Moody's) Cash and cash equivalents Aa 4,500.6 4,249.5 A 2,715.5 1,519.0 Baa, Ba, B 111.8 62.4 Caa 3.1 0.8 No rating * 76.0 36.3 Cash in transit 272.4 188.3 Total cash and cash equivalents subject to credit risk 7,679.4 6,056.30 Short-term financial investments Aa, A 3,804.5 1,192.4 Total short-term financial investments subject to credit risk 3,804.5 1,192.4 Trade and other receivables Aa 12.4 36.3 A 85.9 26.8 Baa, Ba, B 44.3 20.8 No rating * 90.5 46.2 Total trade and other receivables subject to credit risk 233.1 130.1 * \u2018No rating\u2019 includes payment providers and banks with no public credit rating. The Group is exposed to interest rate risk from floating interest rate borrowings, refer to note 19, and manages the potential that financial expenses increase when interest rates increase. Sensitivity analysis is used to assess the interest rate risk. In a stressed scenario a change of 10 basis points in the interest rates of interest-bearing liabilities at the reporting date would have changed profit and equity by \u00a30.1m (2022: \u00a30.1m). The Group is exposed to foreign exchange rate movement from holding assets and liabilities in different currencies and guaranteeing customers a foreign exchange rate on their international transfers for a limited period of time. Wise actively monitors foreign exchange risk, and exposures are managed through a combination of natural hedging and treasury products hedging. At the reporting date, there are open treasury positions of notional contract amounts of \u00a3366.2m (2022: \u00a3139.7m), with remaining maturity between 3 to 11 days. The total fair value of those derivative contracts, at the reporting date, is not materially different from their total fair value at the date those derivative contracts were entered into. Consequently, no derivative financial instrument is presented in the financial assets or liabilities as at 31 March 2023 (31 March 2022: no derivative financial instrument is presented in the financial assets or liabilities). The notional contract amounts of those derivatives held to manage the foreign exchange exposure indicate the nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk. Post balance sheet date all open treasury positions have been realised or settled. The table below presents the Group\u2019s net position (difference between financial assets and liabilities) across its main currencies and the Group\u2019s exposure to foreign exchange risk at the end of each reporting period. The Group\u2019s exposure to foreign exchange risk by currency is as follows: The Group\u2019s sensitivity to foreign exchange fluctuations by currency is as follows: 4.4 Capital risk 2023 \u00a3m 2022 \u00a3m Net exposure by currency EUR (56.8) (10.5) CHF (24.5) (0.8) BRL 22.6 10.8 USD 18.0 (27.8) JPY (17.0) (3.4) THB 17.0 2.1 PHP 16.9 3.0 PLN (16.8) 0.2 SGD 13.6 (1.0) INR 12.2 14.7 Other currencies (19.9) (1.4) 2023 \u00a3m 2022 \u00a3m Sensitivity to 5% exchange rate change EUR (2.8) (0.5) CHF (1.2) \u2013 BRL 1.1 0.5 USD 0.9 (1.4) JPY (0.9) (0.2) THB 0.9 0.1 PHP 0.8 0.2 PLN (0.8) \u2013 SGD 0.7 (0.1) INR 0.6 0.7 Other currencies (1.0) (0.1) A 5% strengthening or weakening of GBP against all other currencies, with all other variables being constant, would result in a foreign exchange loss or gain of \u00a31.7m (2022: \u00a30.8m), excluding the tax effect. The Group considers a 5% strengthening or weakening of the functional currency against the non-functional currency of its subsidiaries as a reasonably possible change in foreign exchange rates. Capital risk is the risk that the Group has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements, both under normal operating environments and stressed conditions. The Group\u2019s capital comprises ordinary share capital, other reserves and retained earnings. The Group\u2019s objectives when managing capital risk are to: \u2022 safeguard the Group\u2019s ability to continue as a going concern, so that the Group can continue to provide returns for shareholders and benefits for other stakeholders; \u2022 maintain an optimal capital structure to reduce the cost of capital; \u2022 adhere to regulatory requirements in each jurisdiction; and \u2022 fund an orderly wind-down in an adverse reverse scenario. Overall own funds requirement 4.5 Carrying amounts and fair values of financial instruments Financial assets and liabilities by measurement basis: Further information on the Group\u2019s policies and processes for managing capital along with the disclosure requirements under MIFIDPRU 8, can be found on our Owner relations website: https://wise.com/owners/. The Group is subject to prudential regulatory consolidation which follows the rules in the sourcebook for MIFID investment firms (\u2018MIFIDPRU\u2019). This is due to the existence of TINV Ltd, a group UK FCA-regulated investment firm subject to these rules. Both TINV Ltd (a MIFID investment firm) and the Group (a MIFID investment group) are classified as Non-small and Non-interconnected investment firms (\u2018non-SNI\u2019). The Group own funds requirement is subject to the variable own funds requirement that is the highest of: 1. its permanent minimum capital requirement (i.e. its initial capital requirement); 2. its fixed overheads requirement (\u2018FOR\u2019); and 3. its K-factor requirement (\u2018KFR\u2019). The Group also follows and adheres to the Overall Own Funds Threshold Requirement as this is derived by the Group\u2019s Internal Capital Adequacy Assessment (\u2018ICARA\u2019) and approved by the Board. ICARA is a continuous risk assessment process which considers the business model implication on capital and liquidity on an ongoing basis pursuant to the guidance of MIFIDPRU 7. The Group\u2019s financial assets mainly consist of cash, short-term trade and other receivables and listed bonds. Its financial liabilities include trade liabilities and obligations towards financial institutions. All purchases and sales of financial assets are recognised on the settlement date according to market conventions. The Group classifies its financial assets at amortised cost only if both of the following criteria are met: \u2022 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 the contractual terms give rise to cash flows that are solely payments of principal and interest. Financial assets at fair value through other comprehensive income (FVOCI) comprise investments into highly liquid bonds with the objective of both collecting contractual cash flows and selling financial assets. 2023 \u00a3m 2022 \u00a3m Financial assets at amortised cost Long-term receivables 2.4 0.9 Short-term trade and other receivables 230.7 129.2 Cash and cash equivalents 7,679.4 6,056.3 Total financial assets at amortised cost 7,912.5 6,186.4 Financial liabilities at amortised cost Non-current lease liabilities (7.8) (11.7) Non-current borrowings \u2013 (78.5) Non-current trade and other payables (0.1) (0.1) Current lease liabilities (6.7) (5.5) Current borrowings (249.9) \u2013 Current trade and other payables (10,979.6) (6,997.7) Total financial liabilities at amortised cost (11,244.1)(7,093.5) Financial assets at FVOCI Short-term financial investments 3,804.5 1,192.4 Total financial assets at FVOCI 3,804.5 1,192.4 Financial liabilities at FVPL total \u2013 \u2013 Fair value hierarchy The following table presents the Group\u2019s assets and liabilities that are measured at fair value by the level in the fair value hierarchy as at the reporting date: Financial instruments in level 1 Financial instruments in level 2 and 3 Contractual maturity of financial liabilities based on undiscounted cash flows: The Group estimates that the fair values of assets and liabilities reported at amortised cost in the statement of financial position as at 31 March 2023 and 31 March 2022 do not materially differ from the carrying amounts reported in the consolidated financial statements. The carrying amount of current accounts receivable and payable less impairments is estimated to be approximately equal to their fair value. IFRS 13 has sought to make measurements at fair value more consistent and comparable by categorising fair value according to the hierarchy of the inputs used to measure them. These are categorised from Level 1 to Level 3 as follows: \u2022 Level 1 - Quoted prices in active markets for identical assets or liabilities which the Group can access at the date of measurement. \u2022 Level 2 - Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly. \u2022 Level 3 - Inputs that are not based on observable market data. 2023 \u00a3m 2022 \u00a3m Measurement Level 1 Financial assets Short-term financial investments 3,804.5 1,192.4 Level 1 financial assets total 3,804.5 1,192.4 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date. If the fair value of the short-term financial assets would change by 1% at the reporting date, that would result in a \u00a338.0m (2022: \u00a311.9m) increase or decrease in the balances and the corresponding impact on the comprehensive income. Throughout and at the end of the reporting year, the Group had no financial instruments in level 2 and 3, consistent with the prior year. 2023 \u00a3m 2022 \u00a3m Less than 1 year Current lease liabilities (7.3) (6.1) Current borrowings (256.6) (3.3) Current trade and other payables (10,979.6) (6,997.7) Total financial liabilities (11,243.5) (7,007.1) Between 1 and 5 years Non-current lease liabilities (8.2) (12.4) Non-current borrowings (2.9) (83.3) Non-current trade and other payables (0.1) (0.1) Total financial liabilities (11.2) (95.8) Current and non-current borrowings include principal and interest. Note 5. Segment information Description of segment Note 6. Revenue Disaggregation of revenues The information regularly reported to the Board of Directors, who are considered to be the CODM, for the purposes of resource allocation and the assessment of performance, is based wholly on the overall activities of the Group. Based on the Group\u2019s business model, the Group has determined that it has only one reportable segment under IFRS 8, which is \u2018Cross-border payment services\u2019. The Group\u2019s revenue, assets and liabilities for this one reportable segment can be determined by reference to the statement of comprehensive income and the statement of financial position. The analysis of revenue by type of customer and geographical region, is set out in note 6. At the end of each reporting period, the majority of the non-current assets were carried by Wise Payments Ltd in the UK. Based on the location of the non-current assets, the following geographical breakdown of non-current assets is prepared: 2023 \u00a3m 2022 Restated* \u00a3m Non-current assets by geographical region United Kingdom 34.8 41.8 Rest of the world 13.2 14.5 Total non-current assets 48.0 56.3 * Comparative figures have been restated to exclude financial instruments and deferred tax assets. Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue by customer type Personal 656.3 433.2 Business 189.8 126.7 Total revenue 846.1 559.9 The revenue split by customer type, personal or business, reflects the underlying users of Wise products. Wise Account is attributed to personal, Wise Business to business, and Wise Platform is attributed to either, depending on the customers of the business Wise is contracted with. In the following table revenue from contracts with customers is disaggregated by major geographical market based on customer address: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue by geographical region Europe (excluding UK) 269.6 185.7 United Kingdom 170.1 124.3 North America 179.0 117.0 Asia-Pacific 161.6 101.3 Rest of the world 65.8 31.6 Total revenue 846.1 559.9 No individual customer contributed more than 10% to the total revenue in 2023 or 2022. Note 7. Interest income on customer balances
Note 8. Cost of sales and administrative expenses
Breakdown of expenses by nature:
Interest income from cash at banks
Interest income from investments in MMFs and listed bonds
Banking and customer-related fees
Net foreign exchange loss and other product costs
Net credit losses on financial assets
Amounts charged to credit losses on financial assets
Expected credit losses are presented as net credit losses within gross profit and subsequent recoveries of amounts previously written
off are credited against the same line item.
Subsequent recoveries of amounts previously written off are negligible in both current and prior year.
Employee benefit expenses
Technology and development
Consultancy and outsourced services
Other administrative expenses
Depreciation and amortisation
Less: Capitalisation of staff costs
Total administrative expenses
Refer to note 9 for details on employee benefit expenses.
During the year, the Group (including its overseas subsidiaries) obtained the following
services from the Company\u2019s auditors:
Note 9. Employee benefit expenses
Note 10. Finance expense
Fees payable to the Company\u2019s auditors and its associates
for the audit of Company and Group consolidated Financial
Audit of the financial statements of the Company\u2019s
subsidiaries
* Other services include assurance related fees and other regulatory services.
Share-based payment compensation expense
Other employment taxes and insurance cost
Total employee benefit expense
Refer to note 23 for details on share options granted to employees.
Remuneration of key management personnel is disclosed in note 26.
The monthly average number of employees during the year ended 31 March 2023 was as follows:
Number of
Number of
Total average number of employees
Interest expense related to revolving credit facility
Interest on lease liabilities
Note 11. Tax
Tax expense:
Factors affecting tax expense for the year:
Current income tax for the year
Adjustment in respect of prior years
Total current tax expense for the year
Deferred income tax for the year
Adjustment in respect of prior years
Total deferred tax credit for the year
Total tax expense for the year
Profit multiplied by the UK tax rate of 19% (2022: 19%)
Adjustments in respect of prior periods
Effect of expenses not deductible
Movement in tax provisions
Difference in overseas tax rates
Change in rate of recognition of deferred tax
Total tax expense for the year
The Group\u2019s effective tax rate (ETR) before other comprehensive income (OCI) is a 22% charge (2022: 25% charge).
This equates to the applicable UK corporation tax rate of 19%, adjusted for a number of factors such as the change in the rate of
recognition of deferred tax as a result of the UK corporation tax rate change, non-deductible employee option plan costs, movement
in tax provisions and higher overseas tax rates.
On 10 June 2021, an increase in the UK corporation tax rate from 19% to 25% applicable from 1 April 2023 was enacted. Therefore, the
UK deferred tax assets and liabilities, which are expected to unwind after 1 April 2023, have been measured in the current reporting
period based on the increased UK corporation tax rate (25%) and reflected accordingly in the statement of profit and loss and equity.
Amounts recognised in other comprehensive income:
Amounts recognised directly in equity:
Deferred tax assets and liabilities
Movements during the year
Year ended 31 March 2023
Recognition of current tax liability on listed bonds
Recognition of deferred tax asset on listed bonds
Total amounts recognised in other comprehensive income
Deduction for exercised options
Recognition of deferred tax asset on share-based payments*
Total amounts recognised directly in equity
* Recognition of deferred tax on share based payments consists of future share based payments deductions and carry forward losses generated by
share based payments.
The deferred tax asset in relation to share-based payments was recognised based on the share price at the balance sheet date which
was \u00a35.4 (2022: \u00a35.0).
1 April 2022
income
equity/OCI
FX
31 March 2023
Property, plant and equipment
Closing deferred tax asset
Note 13. Property, plant and equipment
Right of use
improvements
equipment
construction
Total
Foreign currency translation differences
Foreign currency translation differences
Refer to note 19 for disclosure of security.
Note 14. Intangible assets Software \u00a3m Other intangible assets \u00a3m Total \u00a3m At 31 March 2021 Cost 45.8 1.6 47.4 Accumulated amortisation (19.7) (0.2) (19.9) Net book value 26.1 1.4 27.5 Additions 4.7 3.3 8.0 Amortisation charge (14.8) (0.4) (15.2) Currency translation differences \u2013 0.1 0.1 At 31 March 2022 Cost 39.0 4.9 43.9 Accumulated amortisation (23.0) (0.6) (23.6) Net book value 16.0 4.3 20.3 Additions 4.6 0.1 4.7 Amortisation charge (11.4) (2.2) (13.6) Currency translation differences \u2013 \u2013 \u2013 At 31 March 2023 Cost 28.3 5.0 33.3 Accumulated amortisation (19.1) (2.8) (21.9) Net book value 9.2 2.2 11.4 Software is internally generated intangible asset which consists of capitalised development costs. Other intangible assets primarily include licences and domain purchases. In addition to capitalised amounts as software intangible, the Group expensed \u00a391.8m of product engineering costs for the year ended 31 March 2023 (2022: \u00a359.8m). These costs directly relate to the development of the Group's product offerings and primarily comprise employee costs of the engineering and product teams, that do not meet the capitalisation criteria. Note 15. Trade and other receivables Note 16. Financial assets at fair value through other comprehensive income 2023 \u00a3m 2022 \u00a3m Non-current trade and other receivables Office lease deposits 2.4 0.7 Other non-current receivables 15.5 13.6 Total non-current trade and other receivables 17.9 14.3 Current trade and other receivables Receivables from payment processors 86.8 69.5 Receivable from partners 41.0 9.6 Collateral deposits 44.8 33.6 Prepayments 19.4 8.3 Other receivables * 58.0 16.6 Total current trade and other receivables 250.0 137.6 * Net of expected credit loss provision of \u00a331.5m as at 31 March 2023 (2022: \u00a319.8m). The movement in the year is predominantly related to increased activity and the corresponding increase in customer balances; this resulted in the increase of overdrawn customer\u2019s balances older than 30 days. Customer chargebacks increased by \u00a31.2m to \u00a34.1m at 31 March 2023 (31 March 2022: \u00a32.9m) and overdrawn accounts increased by \u00a317.9m to \u00a327.4m (31 March 2022: \u00a39.5m). During the year, the recognised specific provision for the receivables with MS Bank S.A. Banco de C\u00e2mbio was utilised (2022: specific provision of \u00a37.4m). The carrying values of current trade receivables approximate their fair values because these balances are expected to be cash- settled in the near future unless a provision is made. Short-term financial investments are recognised as debt investments at FVOCI and comprise the following investments in listed bonds: 2023 \u00a3m 2022 \u00a3m Short-term financial investments - level 1 Listed bonds 3,804.5 1,192.4 Total short-term financial investments 3,804.5 1,192.4 During the year, the following losses were recognised in other comprehensive income: 2023 \u00a3m 2022 \u00a3m Debt investments at FVOCI Fair value losses recognised in other comprehensive income (7.9) (22.6) Tax on listed bonds 2.4 5.4 Total fair value losses in other comprehensive income (5.5) (17.2) Note 17. Cash and cash equivalents Note 18. Trade and other payables 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents Cash at banks, in hand and in transit between Group bank accounts 4,827.8 5,618.8 Cash in transit to customers* 182.0 154.6 Investment into money market funds 2,669.6 282.9 Total cash and cash equivalents 7,679.4 6,056.3 * Cash in transit to customers represents cash that has been paid out from the Group bank accounts but has not been delivered to the bank account of the beneficiary. Of the \u00a37,679.4m (2022: \u00a36,056.3m) cash and cash equivalents at the year end, \u00a3671.1m (2022: \u00a3357.8m) is considered corporate cash balance, not related to customer funds, which is held in Wise accounts or collected from customers as part of the money transfer settlement process. Customer funds are subject to various regulatory safeguarding compliance requirements. Such requirements may vary across the different jurisdictions in which the Group operates. As at 31 March 2023, the Group held \u00a33,832.9m (2022: \u00a34,930.2m) of customer funds as cash in segregated, safeguarding bank accounts at investment grade banking institutions. The remainder of safeguarded customer deposits were held across highly liquid global money market funds (MMFs), treasury bonds and investment grade corporate paper. 2023 \u00a3m 2022 \u00a3m Non-current trade and other payables Accounts payable and accrued expenses 4.6 3.7 Other payables 25.1 12.0 Total non-current trade and other payables 29.7 15.7 Current trade and other payables Outstanding money transmission liabilities* 191.3 170.6 Wise accounts 10,676.4 6,783.2 Accounts payable 8.2 10.4 Accrued expenses 52.2 26.5 Deferred revenue 8.0 5.6 Payables to payment processors 53.6 16.4 Other taxes 11.1 9.6 Other payables 22.1 11.9 Total current trade and other payables 11,022.9 7,034.2 * Money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient. Trade and other payables are unsecured unless otherwise indicated; due to the short-term nature of current payables, their carrying values approximate their fair value. Note 19. Borrowings Debt movement reconciliation: Revolving credit facility (RCF) 2023 \u00a3m 2022 \u00a3m Current Revolving credit facility 249.9 \u2013 Lease liabilities 6.7 5.5 Total current borrowings 256.6 5.5 Non-current Revolving credit facility \u2013 78.5 Lease liabilities 7.8 11.7 Total non-current borrowings 7.8 90.2 Total borrowings 264.4 95.7 Revolving credit facility \u00a3m Lease liabilities \u00a3m Total \u00a3m As at 31 March 2021 78.6 20.1 98.7 Cash flows: Proceeds 43.0 \u2013 43.0 Transaction costs related to revolving credit facility (0.8) \u2013 (0.8) Repayments (43.0) (3.8) (46.8) Interest expense paid (2.8) (0.9) (3.7) Non-cash flows: New leases \u2013 2.8 2.8 Interest expense 3.5 0.9 4.4 Foreign currency translation differences \u2013 0.1 0.1 Other lease movements \u2013 (2.0) (2.0) As at 31 March 2022 78.5 17.2 95.7 Cash flows: Proceeds 529.0 \u2013 529.0 Transaction costs related to revolving credit facility (1.5) \u2013 (1.5) Repayments (359.0) (5.9) (364.9) Interest expense paid (6.4) (0.7) (7.1) Non-cash flows: New leases \u2013 3.2 3.2 Interest expense 9.3 0.7 10.0 As at 31 March 2023 249.9 14.5 264.4 The interest expense accrued is recognised within finance expense in the consolidated statement of profit or loss. The Group has access to a multi-currency debt facility of \u00a3300.0m with a maturity date in 2025 and 2 1-year, extension options. The RCF is a multi-bank facility with Silicon Valley Bank UK Limited (\u2018SVB UK\u2019), Citibank N.A., JP Morgan Chase Bank N.A., National Westminster Bank plc, Barclays Bank plc, Goldman Sachs Lending Partners LLC and Morgan Stanley Senior Funding. The facility bears interest at a rate per annum equal to SONIA plus a margin determined by reference to adjusted leverage (calculated as a ratio of debt to adjusted EBITDA). The agreement contains certain customary covenants, including to maintain a maximum total net leverage ratio not in excess of 3:1 and interest cover (calculated as a ratio of adjusted EBITDA to finance charges in accordance with the terms of the agreement) not less than a ratio of 4:1 in respect of any relevant period. Lease liabilities Note 20. Share capital Note 21. Equity merger reserve and other reserves Equity merger reserve Other reserves The Group monitors compliance with the covenants throughout the reporting period. On 31 March 2023, the Group was in breach of a representation in the RCF Agreement, which meant that further draw-downs and roll-overs of credit were temporarily suspended. This technical breach was waived by lenders before the date of signing these financial statements and the facility was fully resumed. As a result of this technical breach on 31 March and the future intention of the Group to use the facility primarily for short-term funding, the facility has been recorded as a current liability on the balance sheet. The Group has complied with all financial covenants for this and all reporting periods. The undrawn amount of the facility as at 31 March 2023 was \u00a350.0m (2022: \u00a3132.0m). The facility is secured by certain customary security interests and pledges including over shares in certain Group entities (Wise plc, Wise Financial Holdings Ltd, Wise Payments Limited, Wise US Inc., Wise Europe SA and Wise Australia Pty Ltd), and fixed and floating pledges over assets and undertakings of Wise Payments Ltd, excluding customer and partner funds, share capital or equity contributions maintained for regulatory purposes, cash paid into a bank or collateral account in connection with, and for the benefit of, relevant card scheme providers and assets held in safeguarded accounts or otherwise segregated for regulatory purposes. As at 31 March 2023, the lease liabilities are \u00a314.5m (2022 \u00a317.2m) and relate to the expected terms remaining on UK, US, Estonia, Hungary, Singapore, Belgium and Brazil office space leases discounted at between 2.21% and 15.75%. The leases expire between 2023-2029. The Group has an extension option in an office lease, which has not been exercised as at 31 March 2023. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of \u00a31.0m. The Group has a termination option in an office lease, which has not been exercised as at 31 March 2023. The potential future lease\u202fpayments, should the Group exercise the termination option, would result in a decrease in the lease liability of \u00a31.4m. As at 31 March 2023 As at 31 March 2022 Class Nominal value, \u00a3 Number of shares Share capital, \u00a3 Nominal value, \u00a3 Number of shares Share capital, \u00a3 Class A Ordinary 0.01 1,024,677,252 10,246,773 0.01 1,024,589,856 10,245,899 Class B Ordinary 0.000 000 001 398,889,814 \u2013 0.000 000 001 398,889,814 0.40 Total 1,423,567,066 10,246,773 1,423,479,670 10,245,899 During the year, the Group allotted 87,396 class A Ordinary Shares of \u00a30.01 related to customer shareholder programme (2022: 82,736,034 class A Ordinary Shares of \u00a30.01 related to employee share options awards). Each Class A Ordinary shareholder is entitled to one vote for each Class A Ordinary Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class A Ordinary shareholders are entitled to interim or annual dividends to the extent declared and do not hold any preferential rights to dividends. Class A Ordinary Shares are non-redeemable. Each Class B shareholder is entitled to nine votes for each Class B Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class B Shares carry no rights to distributions of dividends except on distribution of assets, up to their nominal value, on a liquidation or winding up. Class B Shares are strictly non-transferable, non-tradable and non- distributable to any person or entity whatsoever. As disclosed in the 2022 Annual Report and Accounts, the Class A Shares of the Company were admitted to trading on the London Stock Exchange on 7 July 2021. The merger reserve arises from the Group pre-listing reorganisation accounted for as a capital reorganisation. Upon the reorganisation, the Group's Ordinary Shares have been represented as those of Wise plc. The difference between Wise Payments Ltd net assets and the nominal value of the shares in issue is recorded in the merger reserve. Other reserves predominantly relate to investments into highly liquid bonds measured at FVOCI. For these investments, changes in fair value are accumulated within the FVOCI reserve within equity. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss. Comparative figures include \u00a34.8m net loss on disposal of a number of listed bonds, that was transferred from other reserves in equity to other operating expenses in the consolidated income statement. No debt investments were disposed during the year. Note 22. Own share reserve Note 23. Share-based employee compensation In January 2023, Wise announced the intention of the Employee Benefit Trust to acquire up to \u00a310.0m of Wise shares in the market in order to reduce the impact of dilution from stock-based compensation. As of 31 March 2023, a total of 1,776,098 shares were purchased from the market at an average of \u00a35.63 per share. Directly attributable costs of \u00a30.1m have been expensed to equity. The employee share schemes are designed to provide long-term incentives for all employees to deliver long-term shareholder returns. Under the plans, participants are granted share awards in the Company, which vest gradually over a 4-year period and are equity settled for shares within Wise plc. The awards are subject to service conditions, i.e. the requirement for recipients of awards to remain in employment with the Group over the vesting period. During the year, an award was granted that its vesting is conditional on achievement of the relative total shareholder return (TSR) compared to the FTSE 250 and volume growth performance measures over the 3-year performance period. Transactions on the share schemes for employees during the year were as follows: As at 31 March 2023 As at 31 March 2022 Weighted average exercise price per award, \u00a3 Number of awards Weighted average exercise price per award, \u00a3 Number of awards Beginning of year 0.11 58,305,023 0.1100 97,252,168 Granted during the year 0.00 19,229,526 0.0100 8,373,106 Exercised during the year 0.07 8,694,892 0.0800 42,170,404 Forfeited during the year 0.03 3,190,799 0.1600 5,149,847 End of year 0.08 65,648,858 0.1100 58,305,023 Vested and exercisable as at end of year 0.14 38,644,818 0.1500 36,294,247 The share-based payment compensation expense for the year ended 31 March 2023 is \u00a358.2m (2022: \u00a342.2m) for employees directly employed by the Group and \u00a30.1m (2022: \u00a30.3m) for outsourced personnel. During the year \u00a319.1m (2022: \u00a325.2m) of share-based payments were exercised, forfeited or vested and were recycled to retained earnings. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date range 12 months ended 31 March Expiry date range 12 months ended 31 March Weighted average exercise price Number of awards as at 31 March 2023 Number of awards as at 31 March 2022 2013 2023 0.00 \u2013 275,126 2014 2024 0.00 232,310 232,310 2015 2025 0.11 1,256,199 1,443,678 2016 2026 0.15 1,678,385 2,031,776 2017 2027 0.10 2,690,444 3,258,130 2018 2028 0.07 4,275,362 4,988,593 2019 2029 0.12 9,288,573 11,429,400 2020 2030 0.13 13,051,895 15,262,193 2021 2031 0.00 7,490,612 8,810,346 2022 2032 0.00 8,123,460 10,573,471 2023 2033 0.00 17,561,618 \u2013 Total 65,648,858 58,305,023 Weighted average remaining contractual life of options outstanding at end of year 7.1 years 7.2 years The weighted average share price at the date of exercise for share options exercised in 2023 was \u00a34.98p (2022: \u00a38.76). Valuation of share awards Share trust Note 24. Cash generated from operating activities The assessed fair value at the grant date of share awards granted during the year ended 31 March 2023 was \u00a35.12 per option on average (2022: \u00a39.51). The fair value of the share awards granted is calculated using the closing share price at the grant date. The fair value of the share options granted prior to the listing was independently determined using the Black-Scholes model that takes into account the exercise price, the term of the share option, the share price at grant date and expected price volatility of the underlying share, the risk-free interest rate for the term of the share option and the correlations and volatilities of the peer group companies. The Black-Scholes model inputs included: \u2022 Options are granted for no consideration and vest over the 4-year period according to the vesting conditions \u2022 Average exercise price: \u00a30.01 \u2022 No dividends are expected to be paid \u2022 Expected price volatility of the Company\u2019s shares: 48% \u2022 Risk-free interest rate: 1.44% \u2022 Expected price volatility is based on the comparative information of the peer-group companies Risk-free interest rate is based on the UK 5-year government bond yield. The Group consolidates one share trust. The Group\u2019s own share reserve represents the weighted average cost of shares in the Wise Group Employee Benefit Trust (Ocorian) which are held for the purposes of fulfilling obligations in respect of the Group\u2019s share awards. Note(s) 2023 \u00a3m 2022 \u00a3m Cash generated from operations Profit for the year 114.0 32.9 Adjustments for: Depreciation and amortisation 8,13,14 23.2 22.9 Non-cash share-based payments expense 58.2 42.2 Foreign currency exchange differences (61.5) 18.3 Current tax expense 11 32.5 11.0 Adjustment for interest income and expense (129.4) 7.3 Fair value loss on financial assets at FVOCI \u2013 4.8 Effect of other non-monetary transactions 1.7 (1.5) Changes in operating assets and liabilities: Increase in prepayments and receivables (66.8) (16.7) Increase in trade and other payables 23.8 16.8 Increase in receivables from customers and payment processors (29.1) (34.0) Increase in liabilities to customers, payment processors and deferred revenue 78.7 46.2 Increase in Wise accounts 3,801.8 2,983.9 Cash generated from operations 3,847.1 3,134.1 Note 25. Commitments and contingencies
The Group\u2019s minimum future payments from non-cancellable agreements as at year end are detailed below:
Infrastructure subscriptions
Later than 1 year and no later than 5 years
Significant capital expenditure contracted
Later than 1 year and no later than 5 years
During the financial year, the Group has entered into a contract to lease a new office facility with commencement date on
30 September 2024, for a specified term of 10 years. The lease liability and the right-of-use assets have not been recognised
in the financial year to 31 March 2023.
The Group did not have any other material commitments, capital commitments or contingencies as at 31 March 2023 and
31 March 2022.
Note 26. Transactions with related parties Note 27. Post balance sheet events Related parties of the Group and Wise plc include subsidiaries, key management personnel (\u2018KMP\u2019), close family members of KMP and entities that are controlled or jointly controlled by KMP or their close family members. Wise identifies the Board of Directors as KMP. Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Details of the Directors remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration report. Additional information for key management compensation and particulars of transactions with related parties are tabulated below, in accordance with IAS 24 Related party disclosures requirements. 2023 \u00a3m 2022 \u00a3m Compensation of KMP of the Group Short-term employee benefits 0.5 0.5 Share-based payment expense 2.1 3.1 Non-Executive Director\u2019s fees 0.3 \u2013 Total compensation paid to key management personnel 2.9 3.6 Short-term employee benefits include salaries for KMP. Refer to the Directors\u2019 Remuneration report for the remuneration of each Director. Share-based payment expense is related to employee share option plans (more information about the plans are provided in note 23). 2023 \u00a3m 2022 \u00a3m Transactions and balances with KMP of the Group Deposits 0.9 1.8 Other transactions \u2013 0.7 Total transactions and balances with KMP of the Group 0.9 2.5 No other material transactions with related parties of the Group incurred during the financial years ended 31 March 2023 and 31 March 2022. In the comparative year, other transactions referred to contributions received from related parties at the time of the listing. No post balance sheet events have occurred since 31 March 2023. ",
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"fact-323": {
"value": "1.1 General information Wise plc (the \u2018Company\u2019) is a public limited company and is incorporated and domiciled in England. The address of its registered office is 6th Floor Tea Building, 56 Shoreditch High Street, London E1 6JJ. The principal activity of the Company and its subsidiaries (the \u2018Group\u2019) is the provision of cross-border money transfer services. Further information on the Group\u2019s operations and principal activities is presented in the Strategic Report. ",
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"value": "Wise plc (the \u2018Company\u2019) is a public limited company and is incorporated and domiciled in England. The address of its registered office ",
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"fact-4": {
"value": "6th Floor Tea Building, 56 Shoreditch High Street, London E1 6JJ",
"dimensions": {
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"value": "The principal activity of the Company and its subsidiaries (the \u2018Group\u2019) is the provision of cross-border money transfer services",
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"fact-324": {
"value": "1.2 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the UK-adopted International Accounting Standards in conformity with the applicable legal requirements of the Companies Act 2006. The financial statements are prepared on a going concern basis. All financial information is presented in millions of pounds sterling (\u2018\u00a3\u2019), which is the Group\u2019s presentation currency, rounded to the nearest \u00a30.1m, unless otherwise stated. The financial statements have been prepared under the historical cost convention modified to include the fair valuation of particular financial instruments, to the extent required or permitted under IFRS as set out in the relevant accounting policies. The principal accounting policies applied in the preparation of these consolidated financial statements are set out in note 2. These policies have been consistently applied to all the years presented, unless otherwise stated. Preparation of financial statements requires significant accounting judgements and estimates, which have been laid out in note 3. Going concern The Group\u2019s business activities together with the factors likely to affect its future development and position are set out in the Strategic report. The financial statements are prepared on a going concern basis as the Directors are satisfied that the Group has the available resources to continue in business for the foreseeable future. The going concern assessment is based on the detailed forecast prepared by management and approved by the Board (base plan). As part of the going concern review, the Directors have considered severe, but plausible, downside scenarios to stress test the viability of the business. These downside scenarios covered reduction in revenues, profitability, cash position and liquidity as well as the Group\u2019s ability to meet its regulatory capital and liquidity requirements. Appropriate assumptions have been made in respect to revenue growth and profitability, based on the economic outlook over the forecast period. Appropriate sensitivities have been applied in order to stress test the base plan, considering situations with lower revenue growth and profitability compared to the base plan, where future trading is less than forecasted. Management expects that sufficient liquidity and regulatory capital requirement headroom are maintained throughout the forecast period. The Directors have made inquiries of management and considered forecasts for the Group and have, at the time of approving these financial statements, a reasonable expectation that the Group has adequate resources to continue in operations for the foreseeable future. Further details are contained in the Viability Statement of the Strategic Report. ",
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"fact-375": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with the UK-adopted International Accounting Standards in conformity with the applicable legal requirements of the Companies Act 2006. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
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"fact-374": {
"value": "Going concern The Group\u2019s business activities together with the factors likely to affect its future development and position are set out in the Strategic report. The financial statements are prepared on a going concern basis as the Directors are satisfied that the Group has the available resources to continue in business for the foreseeable future. The going concern assessment is based on the detailed forecast prepared by management and approved by the Board (base plan). As part of the going concern review, the Directors have considered severe, but plausible, downside scenarios to stress test the viability of the business. These downside scenarios covered reduction in revenues, profitability, cash position and liquidity as well as the Group\u2019s ability to meet its regulatory capital and liquidity requirements. Appropriate assumptions have been made in respect to revenue growth and profitability, based on the economic outlook over the forecast period. Appropriate sensitivities have been applied in order to stress test the base plan, considering situations with lower revenue growth and profitability compared to the base plan, where future trading is less than forecasted. Management expects that sufficient liquidity and regulatory capital requirement headroom are maintained throughout the forecast period. The Directors have made inquiries of management and considered forecasts for the Group and have, at the time of approving these financial statements, a reasonable expectation that the Group has adequate resources to continue in operations for the foreseeable future. Further details are contained in the Viability Statement of the Strategic Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-325": {
"value": "1.3 Basis of consolidation The financial statements comprise the consolidated financial statements of Wise plc and its subsidiaries as at 31 March 2023. Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained by the Group and are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between companies within the Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Group accounting policies are consistently applied to all entities and transactions. ",
"dimensions": {
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"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-322": {
"value": "Note 2. Summary of significant accounting policies
2.1 Changes in accounting policies and disclosures
Adoption of new or revised standards and interpretations
The following new or revised standards and interpretations became effective for the Group from 1 April 2022:
\u2022 Amendments to IAS 16 \u2013 Property, Plant and Equipment: Proceeds before Intended Use
This change in presentation has been applied retrospectively. The comparative information has been re-presented to reflect this change in classification for all instances. This change in presentation has no overall impact on operating profit or profit before tax. Year ended 31 March 2022 As reported Change in the presentation Re presented \u00a3m \u00a3m \u00a3m Revenue 559.9 \u2013 559.9 Interest income on customer balances \u2013 3.9 3.9 Interest expense on customer balances \u2013 (6.7) (6.7) Cost of sales (185.8) \u2013 (185.8) Net credit losses on financial assets (2.2) \u2013 (2.2) Gross profit 371.9 (2.8)369.1 Administrative expenses (321.4) \u2013 (321.4) Interest income from investments and operating assets 3.9 (3.9) \u2013 Interest expense from operating assets (6.7) 6.7 \u2013 Other operating income 5.8 \u2013 5.8 Other operating expenses (4.8) \u2013 (4.8) Operating profit 48.7 \u2013 48.7 Finance expense (4.8) \u2013 (4.8) Profit before tax 43.9 \u2013 43.9 Income tax expense (11.0) \u2013 (11.0) Profit for the year 32.9 \u2013 32.9 The new accounting policies are as follows: Interest income on customer balances is earned from holding customer funds (Wise accounts) as cash and cash equivalents or investing them into permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method. Benefits paid relating to customer balances include incentives and other benefits provided to customers for holding their balances in Wise accounts. These are recognised in the income statement in line with the balances held in Wise accounts and apportioned over the same period of time. Interest expense incurred from holding customer balances relate to negative interest rates on euro denominated balances for some Wise accounts. Interest expense on customer balances is recognised in the income statement using the effective interest rate method. 2.3 Current versus non-current classification
The Group presents assets and liabilities in the statement of financial position based on current or non-current classification.
An asset is current when it satisfies any of the following criteria:
\u2022 expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 held primarily for the purpose of trading;
\u2022 expected to be realised within 12 months after the reporting period;
\u2022 cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the
2.5 Cash and cash equivalents
Cash and cash equivalents include cash on hand, on-demand deposits, money market funds (MMFs) and other short-term high\u202fquality
liquid investments with original maturities of 3 months or less, and e-money held with payment processing partners. Cash that has
been paid out from the Group bank account but has not been delivered to the bank account of the beneficiary is classified as cash in
transit. Cash collateral deposits the Group holds with its counterparties are recognised under Trade and other receivables in the
statement of financial position.
Customer deposits
The Group recognises financial assets and liabilities for the funds customers hold on their accounts (\u2018Wise accounts\u2019) and the funds
collected from customers, as part of the money transfer settlement process, that have not yet been processed. The liability is
recognised upon receipt of cash or capture confirmation (depending on pay-in method), and is derecognised when cash is delivered
to the beneficiary. Additionally, pursuant to IAS 32, the Group considers it does not have a legally enforceable right to set off these
financial assets and liabilities, or an intention to settle them on a net basis, or to settle them simultaneously.
Principles to determine the point of delivery are the same as applied in revenue recognition, see note 2.11.
The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. As safeguarding
requirements may vary across the different jurisdictions in which the Group operates, the Group holds customer funds in segregated
accounts and other high quality liquid assets such as MMFs and investment grade bonds, as allowed by local regulations.
2.6 Financial assets
Investments and other financial assets
The Group classifies its financial assets, at initial recognition, and subsequently measures them at amortised cost, fair value through
profit or loss (FVTPL), and fair value through other comprehensive income (FVOCI).
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flows and the Group\u2019s
business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or FVOCI, 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. Financial assets with cash flows that are not SPPI are classified and measured at FVOCI,
irrespective of the business model.
The Group\u2019s business model for managing financial assets refers to how they are used 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. Financial
assets classified and measured at amortised cost are held with the objective to collect contractual cash flows, while financial assets
classified and measured at fair value through OCI are held with the objective of both holding to collect contractual cash flows
and selling.
The Group classifies debt securities (e.g. bonds) as FVOCI pursuant to the above policy as the contractual cash flows are solely
payments of principal and interest, and the objective of the Group\u2019s business model is achieved both by collecting contractual cash
flows and selling financial assets. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified
to profit or loss.
Recognition and derecognition
Purchases and sales of financial assets are recognised on the settlement date according to market conventions. Financial assets are
derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group
has transferred substantially all the risks and rewards of ownership. Cash flows in relation to purchase or sale of these instruments are
classified as investing activities in the consolidated cash flow statement.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL,
transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at
FVTPL are expensed in profit or loss. Financial assets at amortised costs are subsequently measured using the effective interest
method and are subject to impairment. Gains and losses are recognised in the profit or loss when the asset is derecognised, modified
or impaired.
2.7 Derivative financial instruments
Derivative financial instruments are used to manage exposure to market risks. The principal derivative instruments used by the Group
are foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards. Such derivative financial
instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at fair value through profit and loss at each reporting date.
All derivative instruments are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is
negative. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The Group enters into
derivatives that are due to be realised or settled within 12 months; consequently they are presented as current assets or
current liabilities.
Fair value of a derivative financial instrument is determined by reference to a quoted market price for that instrument. When quoted
prices are not available, valuation techniques, that utilise observable inputs, are used to estimate fair value. The key inputs in the
valuation model are the relevant forward exchange rates for the currencies involved.
2.8 Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to
be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the
straight-line method. Right-of-use assets are depreciated over the lease term (1-7 years). Capitalised reconstruction and internal
design costs of leased office space (shown as \u2019Leased office improvements\u2019 in the notes to the Group consolidated financial
statements) are depreciated over the lease term (typically 2-5 years), and other office equipment over 2 years.
Computer equipment is not recorded in property, plant and equipment but expensed as low-value short-lived equipment in the Group.
2.9 Intangible assets
Intangible assets predominantly relate to internally generated software, licences and domain purchases.
Internally generated software
The Group develops software used in provisioning of its services. Development costs that are directly attributable to the design,
development and testing of the software controlled by the Group are recognised as intangible assets when the following criteria
are met:
\u2022 it is technically feasible to complete the software so that it will be available for use
\u2022 management intends to complete the software
\u2022 there is an ability to use the software
\u2022 it can be demonstrated that the software will generate probable future economic benefits
\u2022 adequate technical, financial and other resources to complete the development and to use the software are available, and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Costs associated with maintaining computer software are recognised as an expense as incurred.
Directly attributable costs that are capitalised as part of the software product comprise the software development employee costs.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs
previously recognised as an expense are not recognised as an asset in a subsequent period.
Amortisation
Capitalised development costs, domain and licence purchases are recorded as intangible assets and amortised over their estimated
useful economic lives. Intangible assets are assessed for impairment whenever there is an indicator that they might be impaired, for
example when the assets are no longer in use and need to be decommissioned.
The Group amortises intangible assets on a straight-line basis over 3 years, except for mobile applications which are amortised over 2
years and licence purchases that are amortised over a period of 2-10 years.
2.10 Trade and other payables
Trade payables consist of obligations to pay for goods and services that have been acquired in the ordinary course of business from
suppliers on the basis of normal credit terms and do not bear interest. Other payables, which relate to Wise accounts and money
transfers that have not been processed by the Group at the reporting date, are non-derivative liabilities to individuals or business
customers for money they hold with the Group and do not constitute borrowings.
Payables are initially recognised at fair value and subsequently measured at amortised cost.
2.11 Revenue recognition
2.12 Other operating income
Other operating income relates, predominantly, to other income recognition from contracts with partners and government grants for
qualifying research and development (R&D) activities.
Other income recognition from contracts with partners
Income from contracts with partners is recognised over their contractual terms as the relevant performance conditions are met.
The contracts may contain certain performance conditions and milestones. The Group defers any cash consideration received
up-front until it is probable that these conditions and milestones are met.
Government grants
Government grants recognised in other operating income relate to qualifying UK R&D under the research and development
expenditure credit (RDEC) scheme for large companies. Such grants are taxable and are presented as other operating income in the
consolidated income statement.
2.13 Interest income from operating assets
Interest income is recognised using the effective interest rate method on corporate \u2018cash and cash equivalents\u2019.
2.14 Leases
A lease is a contract or part of a contract that conveys to the lessee the right to control the use of an identifiable asset for a period of
time in exchange for consideration.
The Group as lessee
Initial measurement
At the commencement date, a lessee shall recognise a right-of-use asset and a lease liability. At the commencement date, a lessee
shall measure the right-of-use asset at cost. The cost of the right-of-use asset shall comprise:
\u2022 the amount of the initial measurement of the lease liability;
\u2022 any lease payments made at or before the commencement date, less any lease incentives received;
\u2022 any initial direct costs incurred by the lessee; and
\u2022 an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is
located or restoring the underlying asset to the condition required by the terms and conditions of the lease.
Right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and
are\u202fmeasured at an amount equal to the lease liability; they are\u202fpredominantly related to office spaces leased in various locations.
The lease liability is measured at the present value of\u202fthe lease payments that are not paid at that date. The lease payments are
discounted using the interest rate implicit in the\u202flease, if that rate can be readily determined.
If that rate cannot be readily determined, the lessee shall use the lessee\u2019s incremental borrowing rate, being the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a
similar economic environment with similar terms, security and conditions.
At the commencement date, the lease payments included in the measurement of the lease liability comprise the following payments
for the right to use the underlying asset during the lease term that are not paid at the commencement date:
\u2022 fixed payments, less any lease incentives receivable;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.
Variable lease payments that depend on an index or a rate include, for example, payments linked to a consumer price index;
\u2022 amounts expected to be payable by the lessee under residual value guarantees;
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.
Subsequent measurement
After the commencement date, a lessee measures the right-of-use asset estimated by applying a cost model. To apply a cost model,
a lessee measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses and
adjust for any remeasurement of the lease liability.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s estimated useful life and the lease term, on a straight-
line basis.
Otherwise, the lessee shall depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life
of the right-of-use asset or the end of the lease term.
If there are changes in lease payments, there may be a need to remeasure the lease liability. A lessee shall recognise the amount of
the remeasurement of the lease liability as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of-
use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, a lessee shall recognise any
remaining amount of the remeasurement in profit or loss.
The Group has elected not to apply the requirements of IFRS 16 to short-term leases and leases for which the underlying asset is of
low value. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts
in the Group financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or\u202fsubstantively
enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised,\u202for the deferred tax
liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the
temporary differences can be utilised.
Deferred tax assets on share-based payments are recognised for the share options not exercised at the balance sheet date. The
deferred tax assets on share-based payments are determined based on the share price at the balance sheet date. The impact of
recognition is split between income tax expense in profit or\u202floss for the year, for the element up to the cumulative remuneration
expense; and the share-based payment reserve, recognised directly in equity, for the element in excess of the related cumulative
remuneration expense. Refer to note 11 for further details.
The impact of the recognition of deferred tax assets on losses is split between the share-based payment reserve, for the element of
the tax deduction on exercise in excess of the related cumulative remuneration expense, and the income tax expense in\u202fprofit or loss
for the balance of the loss.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax
liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis.
2.17 Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulating annual leave, that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of
employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.
Long-term obligations
Employee entitlement for long-term leave is recognised as a liability using probability of staff departures and leave utilisation.
Share-based payments
The Group operates a number of employee equity-settled schemes as part of its reward strategy. The fair value of the employee
services received in exchange for the grant of the options and awards is recognised in employee benefit expenses together with a
corresponding increase in equity (share-based payment reserves), over the period in which the service and the performance
conditions are fulfilled (the vesting period).
The total amount to be expensed is determined by reference to the fair value of the options granted and it is recognised over the
vesting period. For non-market-based awards, vesting conditions are included in the assumptions of the number of options and
awards that are expected to vest. At each reporting date, the entity revises its estimates of the number of options and awards that
are expected to vest. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income,
with a corresponding adjustment to the share-based payment reserve. For awards subject to a market-based performance condition,
no subsequent adjustments may be made. Upon exercise of share options, the impact is recognised in retained earnings.
2.18 Employee share trust
The Group provides finance to the Employee Share Ownership Plan (ESOP) Trust to either purchase Company\u2019s shares on the open
market, or to subscribe for newly issued share capital, to meet the Group\u2019s obligation to provide shares when employees exercise
their options or awards. Costs of running the ESOP Trust are charged to the consolidated income statement. Shares held by the ESOP
Trust are deducted from reserves and presented in equity as own shares until such time that employees exercise their awards.
Where any Group company purchases the Company\u2019s equity instruments, the consideration paid, including any directly attributable
incremental costs (net of income taxes), is deducted from equity.
2.19 Segment reporting
The Group is managed on the basis of a single segment. This is consistent with the internal reporting provided to, and regularly
reviewed by, the Chief Operating Decision Maker (\u2018CODM\u2019), which is currently the Board of Directors of the Group. The Group has
therefore determined that it has only one reportable segment under IFRS 8, which is the \u2018cross border payment services\u2019. Refer to
note 5.
2.20 Trade and other receivables
Trade and other receivables primarily consist of amounts due from payment processors and collateral deposits the Group holds with
its counterparts. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost less
impairment for expected credit losses. The Group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime credit losses to be recognised from the initial recognition of the receivables. Refer to note 2.6 above for further information on
expected credit losses.
2.21 Earnings per share
2.24 Specific allowance for expected credit losses
The Group may recognise specific allowance for individually material financial assets for which credit quality deteriorates significantly.
The Group takes into account specific facts and circumstances that might indicate impairment, such as litigation risk, credit rating and
financial results of the counterparty. The Group also uses the weighted probability method to assess the\u202frecoverability of the amounts
and monitors subsequent changes in the assumptions and estimates on a regular basis.
2.25 Legal provisions and contingent liabilities
The Group may become party to litigation proceedings from time to time and recognises a legal provision when a) it has a present
obligation as the result of a past event, b) it is probable the outflow of economic resources will be required to settle the obligation and
c) a reliable estimate of such amount can be made. If these conditions are not met, the Group discloses contingent liabilities; unless
the likelihood of the outflow of the\u202feconomic benefit is remote.
",
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"fact-376": {
"value": "2.1 Changes in accounting policies and disclosures Adoption of new or revised standards and interpretations The following new or revised standards and interpretations became effective for the Group from 1 April 2022: \u2022 Amendments to IAS 16 \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework \u2022 Amendments to IAS 37 \u2013 Onerous Contracts: Cost of Fulfilling a Contract \u2022 Annual Improvements to IFRS standards (2018-2020 cycle) The adoption of the above amendments did not have a material impact on the Group. There are no other new or revised standards or interpretations that are effective for the first time for the financial year beginning on or after 1 April 2022 that would be expected to have a material impact on the Group. New standards, amendments and interpretations not yet adopted The following amendments have been published by the IASB and are effective for annual periods beginning on or after 1 January 2023; the amendments have not been early-adopted by the Group: a. Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments, as issued in 2020, aim to clarify the requirements on determining whether a liability is current or non-current, and apply for annual reporting periods beginning on or after 1 January 2023. The IASB has subsequently proposed further amendments to IAS 1 and the deferral of the effective date of the 2020 amendments to no earlier than 1 January 2024. It is anticipated that the application of this amendment may have an impact in the Group's consolidated financial statements in future periods. b. Other amendments: \u2022 IFRS 17 \u2013 Insurance Contracts \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Policies \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale of contribution of assets between an investor and its associate or joint venture None of these amendments are expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions. The new accounting policies are as follows: Interest income on customer balances is earned from holding customer funds (Wise accounts) as cash and cash equivalents or investing them into permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method. Benefits paid relating to customer balances include incentives and other benefits provided to customers for holding their balances in Wise accounts. These are recognised in the income statement in line with the balances held in Wise accounts and apportioned over the same period of time. Interest expense incurred from holding customer balances relate to negative interest rates on euro denominated balances for some Wise accounts. Interest expense on customer balances is recognised in the income statement using the effective interest rate method. ",
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"fact-328": {
"value": "Adoption of new or revised standards and interpretations The following new or revised standards and interpretations became effective for the Group from 1 April 2022: \u2022 Amendments to IAS 16 \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2022 Amendments to IFRS 3 \u2013 Reference to the Conceptual Framework \u2022 Amendments to IAS 37 \u2013 Onerous Contracts: Cost of Fulfilling a Contract \u2022 Annual Improvements to IFRS standards (2018-2020 cycle) The adoption of the above amendments did not have a material impact on the Group. There are no other new or revised standards or interpretations that are effective for the first time for the financial year beginning on or after 1 April 2022 that would be expected to have a material impact on the Group. ",
"dimensions": {
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"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-327": {
"value": "New standards, amendments and interpretations not yet adopted The following amendments have been published by the IASB and are effective for annual periods beginning on or after 1 January 2023; the amendments have not been early-adopted by the Group: a. Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current The amendments, as issued in 2020, aim to clarify the requirements on determining whether a liability is current or non-current, and apply for annual reporting periods beginning on or after 1 January 2023. The IASB has subsequently proposed further amendments to IAS 1 and the deferral of the effective date of the 2020 amendments to no earlier than 1 January 2024. It is anticipated that the application of this amendment may have an impact in the Group's consolidated financial statements in future periods. b. Other amendments: \u2022 IFRS 17 \u2013 Insurance Contracts \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies \u2022 Amendments to IAS 8 \u2013 Definition of Accounting Policies \u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale of contribution of assets between an investor and its associate or joint venture None of these amendments are expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-326": {
"value": "2.2 Changes in presentation Interest income and expense on customer balances and benefits paid relating to customer balances In preparing these financial statements, the Group has made certain presentational changes to better align the relevant IFRS financial statement captions and reflect the underlying nature of the transactions and operations of Wise. During the financial year, the balances our customers hold with us have continued to increase. These increasing balances, coupled with the increase in interest rates globally, has meant that Wise has started generating material interest income on customer balances, whilst ensuring that they remain safeguarded and available to our customers. As a result of this increased income, Wise has begun to offer new benefits to its customers for holding their balances in Wise accounts. As the results associated with the interest income and the benefits paid relating to customer balances are now material, we have changed our presentation in the income statement to include within gross profit the revenue (as previously defined) and the results from customer balances, which includes the interest income and interest expense on customer balances along with benefits paid relating to customer balances. Benefits paid relating to customer balances was nil in the prior year and so are not included in the change in presentation table. The net interest income from operating assets will remain unchanged in terms of presentation, refer to note 2.13. This change in presentation has been applied retrospectively. The comparative information has been re-presented to reflect this change in classification for all instances. This change in presentation has no overall impact on operating profit or profit before tax. Year ended 31 March 2022 As reported Change in the presentation Re presented \u00a3m \u00a3m \u00a3m Revenue 559.9 \u2013 559.9 Interest income on customer balances \u2013 3.9 3.9 Interest expense on customer balances \u2013 (6.7) (6.7) Cost of sales (185.8) \u2013 (185.8) Net credit losses on financial assets (2.2) \u2013 (2.2) Gross profit 371.9 (2.8) 369.1 Administrative expenses (321.4) \u2013 (321.4) Interest income from investments and operating assets 3.9 (3.9) \u2013 Interest expense from operating assets (6.7) 6.7 \u2013 Other operating income 5.8 \u2013 5.8 Other operating expenses (4.8) \u2013 (4.8) Operating profit 48.7 \u2013 48.7 Finance expense (4.8) \u2013 (4.8) Profit before tax 43.9 \u2013 43.9 Income tax expense (11.0) \u2013 (11.0) Profit for the year 32.9 \u2013 32.9 The new accounting policies are as follows: Interest income on customer balances is earned from holding customer funds (Wise accounts) as cash and cash equivalents or investing them into permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method. Benefits paid relating to customer balances include incentives and other benefits provided to customers for holding their balances in Wise accounts. These are recognised in the income statement in line with the balances held in Wise accounts and apportioned over the same period of time. Interest expense incurred from holding customer balances relate to negative interest rates on euro denominated balances for some Wise accounts. Interest expense on customer balances is recognised in the income statement using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-329": {
"value": "2.3 Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current or non-current classification. An asset is current when it satisfies any of the following criteria: \u2022 expected to be realised or intended to be sold or consumed in the normal operating cycle; \u2022 held primarily for the purpose of trading; \u2022 expected to be realised within 12 months after the reporting period; \u2022 cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is current when it satisfies any of the following criteria: \u2022 it is expected to be settled in the normal operating cycle; \u2022 it is held primarily for the purpose of trading; \u2022 it is due to be settled within 12 months after the reporting period; \u2022 there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. ",
"dimensions": {
"concept": "wiseplc:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassification",
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"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-330": {
"value": "2.4 Foreign currencies translation The Group\u2019s consolidated financial statements are presented in pounds sterling. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the transaction is recognised. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in profit or loss (either as cost of sales or administrative expenses). Non-monetary assets and liabilities are translated at historical exchange rates if held at historical cost, or year-end exchange rates if held at fair value, and the resulting foreign exchange gains or losses are recognised in either the income statement or shareholders\u2019 equity depending on the treatment of the gain or loss on the asset or liability. Group companies On consolidation, the results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) are translated into pounds sterling as follows: \u2022 assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the reporting date; \u2022 income and expenses are translated at average monthly exchange rates; and \u2022 all resulting exchange differences are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-377": {
"value": "The Group\u2019s consolidated financial statements are presented in pounds sterling. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-331": {
"value": "2.5 Cash and cash equivalents Cash and cash equivalents include cash on hand, on-demand deposits, money market funds (MMFs) and other short-term high\u202fquality liquid investments with original maturities of 3 months or less, and e-money held with payment processing partners. Cash that has been paid out from the Group bank account but has not been delivered to the bank account of the beneficiary is classified as cash in transit. Cash collateral deposits the Group holds with its counterparties are recognised under Trade and other receivables in the statement of financial position. Customer deposits The Group recognises financial assets and liabilities for the funds customers hold on their accounts (\u2018Wise accounts\u2019) and the funds collected from customers, as part of the money transfer settlement process, that have not yet been processed. The liability is recognised upon receipt of cash or capture confirmation (depending on pay-in method), and is derecognised when cash is delivered to the beneficiary. Additionally, pursuant to IAS 32, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or an intention to settle them on a net basis, or to settle them simultaneously. Principles to determine the point of delivery are the same as applied in revenue recognition, see note 2.11. The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. As safeguarding requirements may vary across the different jurisdictions in which the Group operates, the Group holds customer funds in segregated accounts and other high quality liquid assets such as MMFs and investment grade bonds, as allowed by local regulations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-332": {
"value": "2.6 Financial assets Investments and other financial assets The Group classifies its financial assets, at initial recognition, and subsequently measures them at amortised cost, fair value through profit or loss (FVTPL), and fair value through other comprehensive income (FVOCI). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flows and the Group\u2019s business model for managing them. In order for a financial asset to be classified and measured at amortised cost or FVOCI, 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. Financial assets with cash flows that are not SPPI are classified and measured at FVOCI, irrespective of the business model. The Group\u2019s business model for managing financial assets refers to how they are used 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. Financial assets classified and measured at amortised cost are held with the objective to collect contractual cash flows, while financial assets classified and measured at fair value through OCI are held with the objective of both holding to collect contractual cash flows and selling. The Group classifies debt securities (e.g. bonds) as FVOCI pursuant to the above policy as the contractual cash flows are solely payments of principal and interest, and the objective of the Group\u2019s business model is achieved both by collecting contractual cash flows and selling financial assets. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss. Recognition and derecognition Purchases and sales of financial assets are recognised on the settlement date according to market conventions. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Cash flows in relation to purchase or sale of these instruments are classified as investing activities in the consolidated cash flow statement. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Financial assets at amortised costs are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the profit or loss when the asset is derecognised, modified or impaired. Impairment The Group recognises an allowance for expected credit losses (ECLs) for trade receivables and uses 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. For debt instruments held at FVOCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether or not the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group\u2019s debt instruments held at FVOCI consist solely of quoted bonds that are graded in the top investment categories by Moody\u2019s credit rating agency and, therefore, are considered to be low credit risk investments. It is the Group\u2019s policy to measure ECLs on such instruments on a 12-month basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL. The Group uses the ratings from Moody\u2019s both to determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs. Refer to notes 2.20 and 4.2 for further information on trade receivables and ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-378": {
"value": "Recognition and derecognition Purchases and sales of financial assets are recognised on the settlement date according to market conventions. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Cash flows in relation to purchase or sale of these instruments are classified as investing activities in the consolidated cash flow statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-379": {
"value": "Impairment The Group recognises an allowance for expected credit losses (ECLs) for trade receivables and uses 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. For debt instruments held at FVOCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether or not the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group\u2019s debt instruments held at FVOCI consist solely of quoted bonds that are graded in the top investment categories by Moody\u2019s credit rating agency and, therefore, are considered to be low credit risk investments. It is the Group\u2019s policy to measure ECLs on such instruments on a 12-month basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL. The Group uses the ratings from Moody\u2019s both to determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs. Refer to notes 2.20 and 4.2 for further information on trade receivables and ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-333": {
"value": "2.7 Derivative financial instruments Derivative financial instruments are used to manage exposure to market risks. The principal derivative instruments used by the Group are foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value through profit and loss at each reporting date. All derivative instruments are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The Group enters into derivatives that are due to be realised or settled within 12 months; consequently they are presented as current assets or current liabilities. Fair value of a derivative financial instrument is determined by reference to a quoted market price for that instrument. When quoted prices are not available, valuation techniques, that utilise observable inputs, are used to estimate fair value. The key inputs in the valuation model are the relevant forward exchange rates for the currencies involved. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-334": {
"value": "2.8 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Right-of-use assets are depreciated over the lease term (1-7 years). Capitalised reconstruction and internal design costs of leased office space (shown as \u2019Leased office improvements\u2019 in the notes to the Group consolidated financial statements) are depreciated over the lease term (typically 2-5 years), and other office equipment over 2 years. Computer equipment is not recorded in property, plant and equipment but expensed as low-value short-lived equipment in the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-380": {
"value": "2.8 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Right-of-use assets are depreciated over the lease term (1-7 years). Capitalised reconstruction and internal design costs of leased office space (shown as \u2019Leased office improvements\u2019 in the notes to the Group consolidated financial statements) are depreciated over the lease term (typically 2-5 years), and other office equipment over 2 years. Computer equipment is not recorded in property, plant and equipment but expensed as low-value short-lived equipment in the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-335": {
"value": "2.9 Intangible assets Intangible assets predominantly relate to internally generated software, licences and domain purchases. Internally generated software The Group develops software used in provisioning of its services. Development costs that are directly attributable to the design, development and testing of the software controlled by the Group are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the software \u2022 there is an ability to use the software \u2022 it can be demonstrated that the software will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use the software are available, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Costs associated with maintaining computer software are recognised as an expense as incurred. Directly attributable costs that are capitalised as part of the software product comprise the software development employee costs. Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Amortisation Capitalised development costs, domain and licence purchases are recorded as intangible assets and amortised over their estimated useful economic lives. Intangible assets are assessed for impairment whenever there is an indicator that they might be impaired, for example when the assets are no longer in use and need to be decommissioned. The Group amortises intangible assets on a straight-line basis over 3 years, except for mobile applications which are amortised over 2 years and licence purchases that are amortised over a period of 2-10 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-336": {
"value": "2.10 Trade and other payables Trade payables consist of obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers on the basis of normal credit terms and do not bear interest. Other payables, which relate to Wise accounts and money transfers that have not been processed by the Group at the reporting date, are non-derivative liabilities to individuals or business customers for money they hold with the Group and do not constitute borrowings. Payables are initially recognised at fair value and subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-337": {
"value": "2.11 Revenue recognition The Group primarily generates revenue from money transfers and Wise Account, including conversions and debit card services. The Group recognises revenue according to the principles of IFRS 15 using the five-step model: 1. Identify the contracts with customers 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction to the performance obligations in the contract 5. Recognise the revenue when (or as) the entity satisfies the performance obligation A customer enters into the contract with the Group at the time of opening a Wise Account or initiating a money transfer. Generally, the customer agrees to the contractual terms by formally accepting, on Wise\u2019s website or the App, the terms and conditions of the respective service, which detail the Group\u2019s performance obligations and fees. In the case of debit card services, a customer enters into the contract with the Group at the time the card is made available for use and the customer is able to either make a payment or a withdrawal. The transaction price is the amount of consideration expected to be received in exchange for providing services to a customer. The fees charged to customers are shown to them upfront prior to the transaction being initiated. For international transfers, a single upfront fee per transaction is charged, consisting of a fixed and a variable amount. The amount of both the fixed and the variable portion of the fee depends on a number of factors, including the currency route, the transfer size, the type of transaction being undertaken and the payment method used. Wise offers certain rebates in the form of a fee refund for eligible transactions. The refund liability is recognised for the expected future rebates at the time of the transaction and deducted from revenue in accordance with IFRS 15. . The transaction price is allocated to performance obligations of the different revenue streams on the basis of relative standalone selling prices. As there is typically a single performance obligation associated with each type of service provided to a customer, the revenue is recognised at the point in time when the performance obligation has been satisfied. For money transfers it is upon delivery of funds to the recipient. In the case of money conversions it is when a customer balance is converted into a different currency and for debit card services it is upon transaction capture. The timing required for the Group to process the payment to the recipient and, hence, to satisfy its performance obligations largely depends on the processing time its banking partners require to deliver funds to the recipient. Therefore, the revenue is deferred until the funds are delivered. In certain jurisdictions where the Group has settlement accounts with the Central Banks or in the case of transfers between Wise accounts or conversions within a Wise Account, such transactions are fulfilled instantly. Other revenue Wise Assets (\u2018Assets\u2019), an investment product, allows customers to purchase units in funds provided by fund managers using their Wise account balance. The Group generates revenue from charging a fee based on the value of the assets under management. The revenue is accrued on a daily basis and is recognised over time, in line with the period the Group provides its services to Assets customers. The Group acts as a matched principal broker and does not retain control nor benefits from the Assets, thus it does not recognise the financial assets and the respective liabilities for the Assets, and derecognises customer funds on purchase. As at 31 March the title for the units of three of the funds was held, on the behalf of customers, by a non-dormant Wise entity. Management performed an analysis to assess whether our accounting policy was therefore still appropriate and it was concluded that the policy continued to apply for these funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-338": {
"value": "2.12 Other operating income Other operating income relates, predominantly, to other income recognition from contracts with partners and government grants for qualifying research and development (R&D) activities. Other income recognition from contracts with partners Income from contracts with partners is recognised over their contractual terms as the relevant performance conditions are met. The contracts may contain certain performance conditions and milestones. The Group defers any cash consideration received up-front until it is probable that these conditions and milestones are met. Government grants Government grants recognised in other operating income relate to qualifying UK R&D under the research and development expenditure credit (RDEC) scheme for large companies. Such grants are taxable and are presented as other operating income in the consolidated income statement. ",
"dimensions": {
"concept": "wiseplc:DescriptionOfAccountingPolicyForOtherOperatingIncome",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-381": {
"value": "Government grants Government grants recognised in other operating income relate to qualifying UK R&D under the research and development expenditure credit (RDEC) scheme for large companies. Such grants are taxable and are presented as other operating income in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-339": {
"value": "2.13 Interest income from operating assets Interest income is recognised using the effective interest rate method on corporate \u2018cash and cash equivalents\u2019. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-340": {
"value": "2.14 Leases A lease is a contract or part of a contract that conveys to the lessee the right to control the use of an identifiable asset for a period of time in exchange for consideration. The Group as lessee Initial measurement At the commencement date, a lessee shall recognise a right-of-use asset and a lease liability. At the commencement date, a lessee shall measure the right-of-use asset at cost. The cost of the right-of-use asset shall comprise: \u2022 the amount of the initial measurement of the lease liability; \u2022 any lease payments made at or before the commencement date, less any lease incentives received; \u2022 any initial direct costs incurred by the lessee; and \u2022 an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. Right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and are\u202fmeasured at an amount equal to the lease liability; they are\u202fpredominantly related to office spaces leased in various locations. The lease liability is measured at the present value of\u202fthe lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the\u202flease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee shall use the lessee\u2019s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. At the commencement date, the lease payments included in the measurement of the lease liability comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date: \u2022 fixed payments, less any lease incentives receivable; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. Variable lease payments that depend on an index or a rate include, for example, payments linked to a consumer price index; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. Subsequent measurement After the commencement date, a lessee measures the right-of-use asset estimated by applying a cost model. To apply a cost model, a lessee measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses and adjust for any remeasurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s estimated useful life and the lease term, on a straight- line basis. Otherwise, the lessee shall depreciate the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If there are changes in lease payments, there may be a need to remeasure the lease liability. A lessee shall recognise the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of- use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, a lessee shall recognise any remaining amount of the remeasurement in profit or loss. The Group has elected not to apply the requirements of IFRS 16 to short-term leases and leases for which the underlying asset is of low value. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT and office equipment. The total expense, relating to short-term leases to which the lessee recognition and measurement requirement have not been applied, for the year ended 31 March 2023 is \u00a31.4m (2022: \u00a3nil). The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows. Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The extension and termination options held are exercisable only by the Group and not by the lessors. At the reporting date, the Group is exposed to future cash outflows that are not reflected in the measurement of lease liabilities. These arise from extension options and a termination option available to the Group for a number of lease agreements for office spaces. The Group initially assesses at lease commencement whether it is reasonably certain it will exercise the options and subsequently reassesses if there is a significant event or significant changes in circumstances within its control. The Group has concluded it is not reasonably certain that the options will be exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-342": {
"value": "2.15 Cost of sales Cost of sales comprises the costs that are directly associated with the Group\u2019s principal revenue stream of money transfer, conversion services and debit card services. This includes: \u2022 banking and customer related fees, including any applicable discounts, incurred in processing customer transfers, as well as the card production costs; \u2022 net foreign exchange costs generated due to customer transactions and costs related to the difference between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency as required. Net foreign exchange differences from the revaluation of customer balances at period end are also included. Other product costs include product losses that are directly generated from consumer transactions, including chargeback losses, as well as taxes directly attributable to customer activity. Note 8. Cost of sales and administrative expenses Breakdown of expenses by nature: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Cost of sales Banking and customer-related fees 225.5 146.4 Net foreign exchange loss and other product costs 82.7 39.4 Total cost of sales 308.2 185.8 Net credit losses on financial assets Amounts charged to credit losses on financial assets 17.8 2.2 Total net credit losses 17.8 2.2 Expected credit losses are presented as net credit losses within gross profit and subsequent recoveries of amounts previously written off are credited against the same line item. Subsequent recoveries of amounts previously written off are negligible in both current and prior year. Year ended 31 March 2023 \u00a3m 2022 \u00a3m Administrative expenses Employee benefit expenses 294.8 184.8 Marketing 37.4 28.2 Technology and development 42.7 25.0 Consultancy and outsourced services 70.4 42.3 Other administrative expenses 30.6 22.9 Depreciation and amortisation 23.2 22.9 Less: Capitalisation of staff costs (4.6) (4.7) Total administrative expenses 494.5 321.4 Refer to note 9 for details on employee benefit expenses. During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditors: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Audit fees Fees payable to the Company\u2019s auditors and its associates for the audit of Company and Group consolidated Financial Statements 2.8 1.7 Audit of the financial statements of the Company\u2019s subsidiaries 1.5 0.8 Total audit fees 4.3 2.5 Non-audit fees Other services* 0.5 0.5 Total non-audit fees 0.5 0.5 * Other services include assurance related fees and other regulatory services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-341": {
"value": "2.16 Current and deferred tax The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or\u202fsubstantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised,\u202for the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets on share-based payments are recognised for the share options not exercised at the balance sheet date. The deferred tax assets on share-based payments are determined based on the share price at the balance sheet date. The impact of recognition is split between income tax expense in profit or\u202floss for the year, for the element up to the cumulative remuneration expense; and the share-based payment reserve, recognised directly in equity, for the element in excess of the related cumulative remuneration expense. Refer to note 11 for further details. The impact of the recognition of deferred tax assets on losses is split between the share-based payment reserve, for the element of the tax deduction on exercise in excess of the related cumulative remuneration expense, and the income tax expense in\u202fprofit or loss for the balance of the loss. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-382": {
"value": "2.16 Current and deferred tax The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or\u202fsubstantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised,\u202for the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets on share-based payments are recognised for the share options not exercised at the balance sheet date. The deferred tax assets on share-based payments are determined based on the share price at the balance sheet date. The impact of recognition is split between income tax expense in profit or\u202floss for the year, for the element up to the cumulative remuneration expense; and the share-based payment reserve, recognised directly in equity, for the element in excess of the related cumulative remuneration expense. Refer to note 11 for further details. The impact of the recognition of deferred tax assets on losses is split between the share-based payment reserve, for the element of the tax deduction on exercise in excess of the related cumulative remuneration expense, and the income tax expense in\u202fprofit or loss for the balance of the loss. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-343": {
"value": "2.17 Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating annual leave, that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Long-term obligations Employee entitlement for long-term leave is recognised as a liability using probability of staff departures and leave utilisation. Share-based payments The Group operates a number of employee equity-settled schemes as part of its reward strategy. The fair value of the employee services received in exchange for the grant of the options and awards is recognised in employee benefit expenses together with a corresponding increase in equity (share-based payment reserves), over the period in which the service and the performance conditions are fulfilled (the vesting period). The total amount to be expensed is determined by reference to the fair value of the options granted and it is recognised over the vesting period. For non-market-based awards, vesting conditions are included in the assumptions of the number of options and awards that are expected to vest. At each reporting date, the entity revises its estimates of the number of options and awards that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income, with a corresponding adjustment to the share-based payment reserve. For awards subject to a market-based performance condition, no subsequent adjustments may be made. Upon exercise of share options, the impact is recognised in retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-383": {
"value": "Share-based payments The Group operates a number of employee equity-settled schemes as part of its reward strategy. The fair value of the employee services received in exchange for the grant of the options and awards is recognised in employee benefit expenses together with a corresponding increase in equity (share-based payment reserves), over the period in which the service and the performance conditions are fulfilled (the vesting period). The total amount to be expensed is determined by reference to the fair value of the options granted and it is recognised over the vesting period. For non-market-based awards, vesting conditions are included in the assumptions of the number of options and awards that are expected to vest. At each reporting date, the entity revises its estimates of the number of options and awards that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income, with a corresponding adjustment to the share-based payment reserve. For awards subject to a market-based performance condition, no subsequent adjustments may be made. Upon exercise of share options, the impact is recognised in retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-344": {
"value": "2.18 Employee share trust The Group provides finance to the Employee Share Ownership Plan (ESOP) Trust to either purchase Company\u2019s shares on the open market, or to subscribe for newly issued share capital, to meet the Group\u2019s obligation to provide shares when employees exercise their options or awards. Costs of running the ESOP Trust are charged to the consolidated income statement. Shares held by the ESOP Trust are deducted from reserves and presented in equity as own shares until such time that employees exercise their awards. Where any Group company purchases the Company\u2019s equity instruments, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity. ",
"dimensions": {
"concept": "wiseplc:DescriptionOfAccountingPolicyForEmployeeShareTrust",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-345": {
"value": "2.19 Segment reporting The Group is managed on the basis of a single segment. This is consistent with the internal reporting provided to, and regularly reviewed by, the Chief Operating Decision Maker (\u2018CODM\u2019), which is currently the Board of Directors of the Group. The Group has therefore determined that it has only one reportable segment under IFRS 8, which is the \u2018cross border payment services\u2019. Refer to note 5. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-346": {
"value": "2.20 Trade and other receivables Trade and other receivables primarily consist of amounts due from payment processors and collateral deposits the Group holds with its counterparts. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost less impairment for expected credit losses. The Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime credit losses to be recognised from the initial recognition of the receivables. Refer to note 2.6 above for further information on expected credit losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-347": {
"value": "2.21 Earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of the Group by the weighted average number of ordinary shares outstanding during the financial year, after deducting shares held by the ESOP Trust. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: \u2022 the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and \u2022 the weighted average number of additional ordinary shares that would have been outstanding, assuming the conversion of all dilutive potential ordinary shares. For the purposes of diluted earnings per share it is assumed that any performance conditions attached to the schemes have been met at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-348": {
"value": "2.22 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised as interest expense, within the finance expense, in the income statement over the term of the borrowing, using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred and treated as a transaction cost when the draw-down occurs. The Group presents the impact of transaction costs as part of financing cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-349": {
"value": "2.23 Provisions Provisions are liabilities where the exact timing and amount of the obligation are uncertain. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of past events, when an outflow of resources is probable to settle the obligation and when an amount can be reliably estimated. Where the time value of money is material, provisions are discounted to current values using appropriate rates of interest. The unwinding of the discounts is recorded in net finance income or expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-350": {
"value": "2.24 Specific allowance for expected credit losses The Group may recognise specific allowance for individually material financial assets for which credit quality deteriorates significantly. The Group takes into account specific facts and circumstances that might indicate impairment, such as litigation risk, credit rating and financial results of the counterparty. The Group also uses the weighted probability method to assess the\u202frecoverability of the amounts and monitors subsequent changes in the assumptions and estimates on a regular basis. ",
"dimensions": {
"concept": "wiseplc:DescriptionOfAccountingPolicyForSpecificAllowanceForExpectedCreditLosses",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-351": {
"value": "2.25 Legal provisions and contingent liabilities The Group may become party to litigation proceedings from time to time and recognises a legal provision when a) it has a present obligation as the result of a past event, b) it is probable the outflow of economic resources will be required to settle the obligation and c) a reliable estimate of such amount can be made. If these conditions are not met, the Group discloses contingent liabilities; unless the likelihood of the outflow of the\u202feconomic benefit is remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-352": {
"value": "Note 3. Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: 3.1 Customer balances The Group recognises financial assets and corresponding liabilities for the funds customers hold on their Wise accounts and the funds the Group receives as part of the money transfer settlement process. At the point that the cash is received from the customer, the Group becomes party to a contract and has a\u202fright and an ability to control the economic benefit from the cash flows associated with this balance. Additionally, pursuant to IAS 32, the Group considers it does not have a legally enforceable right to set off these financial assets and liabilities, or\u202fan intention to settle them on a net basis or settle them simultaneously. Therefore, Management has concluded that the recognition of the financial assets and their respective liabilities on the balance sheet is appropriate. 3.2 Net gains and losses from foreign exchange differences The Group classifies net foreign exchange gains and losses from customer transactions, including the costs related to the difference between the published mid-market rate offered to customers and the rate obtained by the Group in acquiring currency as required, as cost of sales. The Group considers these costs as directly related to and incurred as part of providing services to customers. The total net foreign exchange differences recognised in cost of sales for the year ended 31 March 2023 is \u00a324.5m (2022: \u00a313.3m). Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Management has concluded that there are no critical accounting areas of estimation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-353": {
"value": "Note 4. Financial risk and capital management 4.1 Liquidity risk 4.2 Credit risk This note further explains the Group\u2019s exposure to financial risks and how these risks could affect the Group\u2019s future financial performance. Current year profit and loss information has been included where relevant to add context. In the course of its business, the Group is exposed to the main financial risks: liquidity, credit, and market risk from its use of financial instruments. The Group\u2019s financial risk management programme seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group actively monitors its liquidity risk using cash flow forecasting. Management monitors rolling forecasts of the Group\u2019s liquidity requirements to make sure it has sufficient cash to meet operational needs. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of external working capital funding and corporate funds. The Group\u2019s approach to managing liquidity risk is to ensure, that it always has enough liquid resources to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s position. The Group utilises an internal liquidity adequacy assessment process, incorporating micro- and macro-economic stress testing to ensure the Group maintains prudent levels of liquid resources at all times to meet both regulatory requirements and the internal liquidity risk appetite. The Group assessed the concentration of risk with respect to refinancing its debt and concluded to be low. The Group has access to a \u00a3300.0m multi-currency revolving facility. The breakdowns of trade payables and borrowings into current and non-current are shown in notes 18 and 19. See also note 4.5 for the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk is managed at Group level and comes mainly from the Group\u2019s cash and cash equivalents held in banks and investments in bonds. The impairment provisions for financial assets disclosed in note 15 are based on assumptions about risk of default and expected loss rates. If a bank or other financial institution has no independent credit rating, the Group evaluates its credit quality by analysing its financial position, past experience, and other factors. The Group\u2019s maximum exposure to credit risk by class of financial asset is as follows: 2023 \u00a3m 2022 \u00a3m Asset category Cash and cash equivalents 7,679.4 6,056.3 Short-term financial investments 3,804.5 1,192.4 Trade and other receivables 233.1 130.1 Total assets subject to credit risk 11,717.0 7,378.8 Due to the short duration of the cash and cash equivalents (less than 3 months), the fair value approximates the carrying value at each reporting period. Credit risk is mitigated as financial assets subject to credit risk are held with reputable institutions or in highly rated financial investments. The Group\u2019s financial assets breakdown by credit rating of institution is as follows: 4.3 Market risk Cash flow and fair value interest rate risk Foreign exchange risk 2023 \u00a3m 2022 \u00a3m External credit rating (Moody's) Cash and cash equivalents Aa 4,500.6 4,249.5 A 2,715.5 1,519.0 Baa, Ba, B 111.8 62.4 Caa 3.1 0.8 No rating * 76.0 36.3 Cash in transit 272.4 188.3 Total cash and cash equivalents subject to credit risk 7,679.4 6,056.30 Short-term financial investments Aa, A 3,804.5 1,192.4 Total short-term financial investments subject to credit risk 3,804.5 1,192.4 Trade and other receivables Aa 12.4 36.3 A 85.9 26.8 Baa, Ba, B 44.3 20.8 No rating * 90.5 46.2 Total trade and other receivables subject to credit risk 233.1 130.1 * \u2018No rating\u2019 includes payment providers and banks with no public credit rating. The Group is exposed to interest rate risk from floating interest rate borrowings, refer to note 19, and manages the potential that financial expenses increase when interest rates increase. Sensitivity analysis is used to assess the interest rate risk. In a stressed scenario a change of 10 basis points in the interest rates of interest-bearing liabilities at the reporting date would have changed profit and equity by \u00a30.1m (2022: \u00a30.1m). The Group is exposed to foreign exchange rate movement from holding assets and liabilities in different currencies and guaranteeing customers a foreign exchange rate on their international transfers for a limited period of time. Wise actively monitors foreign exchange risk, and exposures are managed through a combination of natural hedging and treasury products hedging. At the reporting date, there are open treasury positions of notional contract amounts of \u00a3366.2m (2022: \u00a3139.7m), with remaining maturity between 3 to 11 days. The total fair value of those derivative contracts, at the reporting date, is not materially different from their total fair value at the date those derivative contracts were entered into. Consequently, no derivative financial instrument is presented in the financial assets or liabilities as at 31 March 2023 (31 March 2022: no derivative financial instrument is presented in the financial assets or liabilities). The notional contract amounts of those derivatives held to manage the foreign exchange exposure indicate the nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk. Post balance sheet date all open treasury positions have been realised or settled. The table below presents the Group\u2019s net position (difference between financial assets and liabilities) across its main currencies and the Group\u2019s exposure to foreign exchange risk at the end of each reporting period. The Group\u2019s exposure to foreign exchange risk by currency is as follows: The Group\u2019s sensitivity to foreign exchange fluctuations by currency is as follows: 4.4 Capital risk 2023 \u00a3m 2022 \u00a3m Net exposure by currency EUR (56.8) (10.5) CHF (24.5) (0.8) BRL 22.6 10.8 USD 18.0 (27.8) JPY (17.0) (3.4) THB 17.0 2.1 PHP 16.9 3.0 PLN (16.8) 0.2 SGD 13.6 (1.0) INR 12.2 14.7 Other currencies (19.9) (1.4) 2023 \u00a3m 2022 \u00a3m Sensitivity to 5% exchange rate change EUR (2.8) (0.5) CHF (1.2) \u2013 BRL 1.1 0.5 USD 0.9 (1.4) JPY (0.9) (0.2) THB 0.9 0.1 PHP 0.8 0.2 PLN (0.8) \u2013 SGD 0.7 (0.1) INR 0.6 0.7 Other currencies (1.0) (0.1) A 5% strengthening or weakening of GBP against all other currencies, with all other variables being constant, would result in a foreign exchange loss or gain of \u00a31.7m (2022: \u00a30.8m), excluding the tax effect. The Group considers a 5% strengthening or weakening of the functional currency against the non-functional currency of its subsidiaries as a reasonably possible change in foreign exchange rates. Capital risk is the risk that the Group has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements, both under normal operating environments and stressed conditions. The Group\u2019s capital comprises ordinary share capital, other reserves and retained earnings. The Group\u2019s objectives when managing capital risk are to: \u2022 safeguard the Group\u2019s ability to continue as a going concern, so that the Group can continue to provide returns for shareholders and benefits for other stakeholders; \u2022 maintain an optimal capital structure to reduce the cost of capital; \u2022 adhere to regulatory requirements in each jurisdiction; and \u2022 fund an orderly wind-down in an adverse reverse scenario. Overall own funds requirement 4.5 Carrying amounts and fair values of financial instruments Financial assets and liabilities by measurement basis: Further information on the Group\u2019s policies and processes for managing capital along with the disclosure requirements under MIFIDPRU 8, can be found on our Owner relations website: https://wise.com/owners/. The Group is subject to prudential regulatory consolidation which follows the rules in the sourcebook for MIFID investment firms (\u2018MIFIDPRU\u2019). This is due to the existence of TINV Ltd, a group UK FCA-regulated investment firm subject to these rules. Both TINV Ltd (a MIFID investment firm) and the Group (a MIFID investment group) are classified as Non-small and Non-interconnected investment firms (\u2018non-SNI\u2019). The Group own funds requirement is subject to the variable own funds requirement that is the highest of: 1. its permanent minimum capital requirement (i.e. its initial capital requirement); 2. its fixed overheads requirement (\u2018FOR\u2019); and 3. its K-factor requirement (\u2018KFR\u2019). The Group also follows and adheres to the Overall Own Funds Threshold Requirement as this is derived by the Group\u2019s Internal Capital Adequacy Assessment (\u2018ICARA\u2019) and approved by the Board. ICARA is a continuous risk assessment process which considers the business model implication on capital and liquidity on an ongoing basis pursuant to the guidance of MIFIDPRU 7. The Group\u2019s financial assets mainly consist of cash, short-term trade and other receivables and listed bonds. Its financial liabilities include trade liabilities and obligations towards financial institutions. All purchases and sales of financial assets are recognised on the settlement date according to market conventions. The Group classifies its financial assets at amortised cost only if both of the following criteria are met: \u2022 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 the contractual terms give rise to cash flows that are solely payments of principal and interest. Financial assets at fair value through other comprehensive income (FVOCI) comprise investments into highly liquid bonds with the objective of both collecting contractual cash flows and selling financial assets. 2023 \u00a3m 2022 \u00a3m Financial assets at amortised cost Long-term receivables 2.4 0.9 Short-term trade and other receivables 230.7 129.2 Cash and cash equivalents 7,679.4 6,056.3 Total financial assets at amortised cost 7,912.5 6,186.4 Financial liabilities at amortised cost Non-current lease liabilities (7.8) (11.7) Non-current borrowings \u2013 (78.5) Non-current trade and other payables (0.1) (0.1) Current lease liabilities (6.7) (5.5) Current borrowings (249.9) \u2013 Current trade and other payables (10,979.6) (6,997.7) Total financial liabilities at amortised cost (11,244.1) (7,093.5) Financial assets at FVOCI Short-term financial investments 3,804.5 1,192.4 Total financial assets at FVOCI 3,804.5 1,192.4 Financial liabilities at FVPL total \u2013 \u2013 Fair value hierarchy The following table presents the Group\u2019s assets and liabilities that are measured at fair value by the level in the fair value hierarchy as at the reporting date: Financial instruments in level 1 Financial instruments in level 2 and 3 Contractual maturity of financial liabilities based on undiscounted cash flows: The Group estimates that the fair values of assets and liabilities reported at amortised cost in the statement of financial position as at 31 March 2023 and 31 March 2022 do not materially differ from the carrying amounts reported in the consolidated financial statements. The carrying amount of current accounts receivable and payable less impairments is estimated to be approximately equal to their fair value. IFRS 13 has sought to make measurements at fair value more consistent and comparable by categorising fair value according to the hierarchy of the inputs used to measure them. These are categorised from Level 1 to Level 3 as follows: \u2022 Level 1 - Quoted prices in active markets for identical assets or liabilities which the Group can access at the date of measurement. \u2022 Level 2 - Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly. \u2022 Level 3 - Inputs that are not based on observable market data. 2023 \u00a3m 2022 \u00a3m Measurement Level 1 Financial assets Short-term financial investments 3,804.5 1,192.4 Level 1 financial assets total 3,804.5 1,192.4 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date. If the fair value of the short-term financial assets would change by 1% at the reporting date, that would result in a \u00a338.0m (2022: \u00a311.9m) increase or decrease in the balances and the corresponding impact on the comprehensive income. Throughout and at the end of the reporting year, the Group had no financial instruments in level 2 and 3, consistent with the prior year. 2023 \u00a3m 2022 \u00a3m Less than 1 year Current lease liabilities (7.3) (6.1) Current borrowings (256.6) (3.3) Current trade and other payables (10,979.6) (6,997.7) Total financial liabilities (11,243.5) (7,007.1) Between 1 and 5 years Non-current lease liabilities (8.2) (12.4) Non-current borrowings (2.9) (83.3) Non-current trade and other payables (0.1) (0.1) Total financial liabilities (11.2) (95.8) Current and non-current borrowings include principal and interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-384": {
"value": "4.1 Liquidity risk The Group actively monitors its liquidity risk using cash flow forecasting. Management monitors rolling forecasts of the Group\u2019s liquidity requirements to make sure it has sufficient cash to meet operational needs. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of external working capital funding and corporate funds. The Group\u2019s approach to managing liquidity risk is to ensure, that it always has enough liquid resources to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s position. The Group utilises an internal liquidity adequacy assessment process, incorporating micro- and macro-economic stress testing to ensure the Group maintains prudent levels of liquid resources at all times to meet both regulatory requirements and the internal liquidity risk appetite. The Group assessed the concentration of risk with respect to refinancing its debt and concluded to be low. The Group has access to a \u00a3300.0m multi-currency revolving facility. The breakdowns of trade payables and borrowings into current and non-current are shown in notes 18 and 19. See also note 4.5 for the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-385": {
"value": "4.2 Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk is managed at Group level and comes mainly from the Group\u2019s cash and cash equivalents held in banks and investments in bonds. The impairment provisions for financial assets disclosed in note 15 are based on assumptions about risk of default and expected loss rates. If a bank or other financial institution has no independent credit rating, the Group evaluates its credit quality by analysing its financial position, past experience, and other factors. The Group\u2019s maximum exposure to credit risk by class of financial asset is as follows: 2023 \u00a3m 2022 \u00a3m Asset category Cash and cash equivalents 7,679.4 6,056.3 Short-term financial investments 3,804.5 1,192.4 Trade and other receivables 233.1 130.1 Total assets subject to credit risk 11,717.0 7,378.8 Due to the short duration of the cash and cash equivalents (less than 3 months), the fair value approximates the carrying value at each reporting period. Credit risk is mitigated as financial assets subject to credit risk are held with reputable institutions or in highly rated financial investments. The Group\u2019s financial assets breakdown by credit rating of institution is as follows: 2023 \u00a3m 2022 \u00a3m External credit rating (Moody's) Cash and cash equivalents Aa 4,500.6 4,249.5 A 2,715.5 1,519.0 Baa, Ba, B 111.8 62.4 Caa 3.1 0.8 No rating * 76.0 36.3 Cash in transit 272.4 188.3 Total cash and cash equivalents subject to credit risk 7,679.4 6,056.30 Short-term financial investments Aa, A 3,804.5 1,192.4 Total short-term financial investments subject to credit risk 3,804.5 1,192.4 Trade and other receivables Aa 12.4 36.3 A 85.9 26.8 Baa, Ba, B 44.3 20.8 No rating * 90.5 46.2 Total trade and other receivables subject to credit risk 233.1 130.1 * \u2018No rating\u2019 includes payment providers and banks with no public credit rating. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-386": {
"value": "4.3 Market risk Cash flow and fair value interest rate risk Foreign exchange risk The Group is exposed to interest rate risk from floating interest rate borrowings, refer to note 19, and manages the potential that financial expenses increase when interest rates increase. Sensitivity analysis is used to assess the interest rate risk. In a stressed scenario a change of 10 basis points in the interest rates of interest-bearing liabilities at the reporting date would have changed profit and equity by \u00a30.1m (2022: \u00a30.1m). The Group is exposed to foreign exchange rate movement from holding assets and liabilities in different currencies and guaranteeing customers a foreign exchange rate on their international transfers for a limited period of time. Wise actively monitors foreign exchange risk, and exposures are managed through a combination of natural hedging and treasury products hedging. At the reporting date, there are open treasury positions of notional contract amounts of \u00a3366.2m (2022: \u00a3139.7m), with remaining maturity between 3 to 11 days. The total fair value of those derivative contracts, at the reporting date, is not materially different from their total fair value at the date those derivative contracts were entered into. Consequently, no derivative financial instrument is presented in the financial assets or liabilities as at 31 March 2023 (31 March 2022: no derivative financial instrument is presented in the financial assets or liabilities). The notional contract amounts of those derivatives held to manage the foreign exchange exposure indicate the nominal value of transactions outstanding at the balance sheet date. They do not represent amounts at risk. Post balance sheet date all open treasury positions have been realised or settled. The table below presents the Group\u2019s net position (difference between financial assets and liabilities) across its main currencies and the Group\u2019s exposure to foreign exchange risk at the end of each reporting period. The Group\u2019s exposure to foreign exchange risk by currency is as follows: The Group\u2019s sensitivity to foreign exchange fluctuations by currency is as follows: 2023 \u00a3m 2022 \u00a3m Net exposure by currency EUR (56.8) (10.5) CHF (24.5) (0.8) BRL 22.6 10.8 USD 18.0 (27.8) JPY (17.0) (3.4) THB 17.0 2.1 PHP 16.9 3.0 PLN (16.8) 0.2 SGD 13.6 (1.0) INR 12.2 14.7 Other currencies (19.9) (1.4) 2023 \u00a3m 2022 \u00a3m Sensitivity to 5% exchange rate change EUR (2.8) (0.5) CHF (1.2) \u2013 BRL 1.1 0.5 USD 0.9 (1.4) JPY (0.9) (0.2) THB 0.9 0.1 PHP 0.8 0.2 PLN (0.8) \u2013 SGD 0.7 (0.1) INR 0.6 0.7 Other currencies (1.0) (0.1) A 5% strengthening or weakening of GBP against all other currencies, with all other variables being constant, would result in a foreign exchange loss or gain of \u00a31.7m (2022: \u00a30.8m), excluding the tax effect. The Group considers a 5% strengthening or weakening of the functional currency against the non-functional currency of its subsidiaries as a reasonably possible change in foreign exchange rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-387": {
"value": "4.4 Capital risk Capital risk is the risk that the Group has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements, both under normal operating environments and stressed conditions. The Group\u2019s capital comprises ordinary share capital, other reserves and retained earnings. The Group\u2019s objectives when managing capital risk are to: \u2022 safeguard the Group\u2019s ability to continue as a going concern, so that the Group can continue to provide returns for shareholders and benefits for other stakeholders; \u2022 maintain an optimal capital structure to reduce the cost of capital; \u2022 adhere to regulatory requirements in each jurisdiction; and \u2022 fund an orderly wind-down in an adverse reverse scenario. Overall own funds requirement Further information on the Group\u2019s policies and processes for managing capital along with the disclosure requirements under MIFIDPRU 8, can be found on our Owner relations website: https://wise.com/owners/. The Group is subject to prudential regulatory consolidation which follows the rules in the sourcebook for MIFID investment firms (\u2018MIFIDPRU\u2019). This is due to the existence of TINV Ltd, a group UK FCA-regulated investment firm subject to these rules. Both TINV Ltd (a MIFID investment firm) and the Group (a MIFID investment group) are classified as Non-small and Non-interconnected investment firms (\u2018non-SNI\u2019). The Group own funds requirement is subject to the variable own funds requirement that is the highest of: 1. its permanent minimum capital requirement (i.e. its initial capital requirement); 2. its fixed overheads requirement (\u2018FOR\u2019); and 3. its K-factor requirement (\u2018KFR\u2019). The Group also follows and adheres to the Overall Own Funds Threshold Requirement as this is derived by the Group\u2019s Internal Capital Adequacy Assessment (\u2018ICARA\u2019) and approved by the Board. ICARA is a continuous risk assessment process which considers the business model implication on capital and liquidity on an ongoing basis pursuant to the guidance of MIFIDPRU 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-388": {
"value": "4.5 Carrying amounts and fair values of financial instruments Financial assets and liabilities by measurement basis: The Group\u2019s financial assets mainly consist of cash, short-term trade and other receivables and listed bonds. Its financial liabilities include trade liabilities and obligations towards financial institutions. All purchases and sales of financial assets are recognised on the settlement date according to market conventions. The Group classifies its financial assets at amortised cost only if both of the following criteria are met: \u2022 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 the contractual terms give rise to cash flows that are solely payments of principal and interest. Financial assets at fair value through other comprehensive income (FVOCI) comprise investments into highly liquid bonds with the objective of both collecting contractual cash flows and selling financial assets. 2023 \u00a3m 2022 \u00a3m Financial assets at amortised cost Long-term receivables 2.4 0.9 Short-term trade and other receivables 230.7 129.2 Cash and cash equivalents 7,679.4 6,056.3 Total financial assets at amortised cost 7,912.5 6,186.4 Financial liabilities at amortised cost Non-current lease liabilities (7.8) (11.7) Non-current borrowings \u2013 (78.5) Non-current trade and other payables (0.1) (0.1) Current lease liabilities (6.7) (5.5) Current borrowings (249.9) \u2013 Current trade and other payables (10,979.6) (6,997.7) Total financial liabilities at amortised cost (11,244.1)(7,093.5) Financial assets at FVOCI Short-term financial investments 3,804.5 1,192.4 Total financial assets at FVOCI 3,804.5 1,192.4 Financial liabilities at FVPL total \u2013 \u2013 Fair value hierarchy The following table presents the Group\u2019s assets and liabilities that are measured at fair value by the level in the fair value hierarchy as at the reporting date: Financial instruments in level 1 Financial instruments in level 2 and 3 Contractual maturity of financial liabilities based on undiscounted cash flows: The Group estimates that the fair values of assets and liabilities reported at amortised cost in the statement of financial position as at 31 March 2023 and 31 March 2022 do not materially differ from the carrying amounts reported in the consolidated financial statements. The carrying amount of current accounts receivable and payable less impairments is estimated to be approximately equal to their fair value. IFRS 13 has sought to make measurements at fair value more consistent and comparable by categorising fair value according to the hierarchy of the inputs used to measure them. These are categorised from Level 1 to Level 3 as follows: \u2022 Level 1 - Quoted prices in active markets for identical assets or liabilities which the Group can access at the date of measurement. \u2022 Level 2 - Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly. \u2022 Level 3 - Inputs that are not based on observable market data. 2023 \u00a3m 2022 \u00a3m Measurement Level 1 Financial assets Short-term financial investments 3,804.5 1,192.4 Level 1 financial assets total 3,804.5 1,192.4 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date. If the fair value of the short-term financial assets would change by 1% at the reporting date, that would result in a \u00a338.0m (2022: \u00a311.9m) increase or decrease in the balances and the corresponding impact on the comprehensive income. Throughout and at the end of the reporting year, the Group had no financial instruments in level 2 and 3, consistent with the prior year. 2023 \u00a3m 2022 \u00a3m Less than 1 year Current lease liabilities (7.3) (6.1) Current borrowings (256.6) (3.3) Current trade and other payables (10,979.6) (6,997.7) Total financial liabilities (11,243.5) (7,007.1) Between 1 and 5 years Non-current lease liabilities (8.2) (12.4) Non-current borrowings (2.9) (83.3) Non-current trade and other payables (0.1) (0.1) Total financial liabilities (11.2) (95.8) Current and non-current borrowings include principal and interest. Note 16. Financial assets at fair value through other comprehensive income Short-term financial investments are recognised as debt investments at FVOCI and comprise the following investments in listed bonds: 2023 \u00a3m 2022 \u00a3m Short-term financial investments - level 1 Listed bonds 3,804.5 1,192.4 Total short-term financial investments 3,804.5 1,192.4 During the year, the following losses were recognised in other comprehensive income: 2023 \u00a3m 2022 \u00a3m Debt investments at FVOCI Fair value losses recognised in other comprehensive income (7.9) (22.6) Tax on listed bonds 2.4 5.4 Total fair value losses in other comprehensive income (5.5) (17.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-398": {
"value": "Fair value hierarchy The Group estimates that the fair values of assets and liabilities reported at amortised cost in the statement of financial position as at 31 March 2023 and 31 March 2022 do not materially differ from the carrying amounts reported in the consolidated financial statements. The carrying amount of current accounts receivable and payable less impairments is estimated to be approximately equal to their fair value. IFRS 13 has sought to make measurements at fair value more consistent and comparable by categorising fair value according to the hierarchy of the inputs used to measure them. These are categorised from Level 1 to Level 3 as follows: \u2022 Level 1 - Quoted prices in active markets for identical assets or liabilities which the Group can access at the date of measurement. \u2022 Level 2 - Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly. \u2022 Level 3 - Inputs that are not based on observable market data. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-354": {
"value": "Note 5. Segment information Description of segment The information regularly reported to the Board of Directors, who are considered to be the CODM, for the purposes of resource allocation and the assessment of performance, is based wholly on the overall activities of the Group. Based on the Group\u2019s business model, the Group has determined that it has only one reportable segment under IFRS 8, which is \u2018Cross-border payment services\u2019. The Group\u2019s revenue, assets and liabilities for this one reportable segment can be determined by reference to the statement of comprehensive income and the statement of financial position. The analysis of revenue by type of customer and geographical region, is set out in note 6. At the end of each reporting period, the majority of the non-current assets were carried by Wise Payments Ltd in the UK. Based on the location of the non-current assets, the following geographical breakdown of non-current assets is prepared: 2023 \u00a3m 2022 Restated* \u00a3m Non-current assets by geographical region United Kingdom 34.8 41.8 Rest of the world 13.2 14.5 Total non-current assets 48.0 56.3 * Comparative figures have been restated to exclude financial instruments and deferred tax assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-355": {
"value": "Note 6. Revenue Disaggregation of revenues Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue by customer type Personal 656.3 433.2 Business 189.8 126.7 Total revenue 846.1 559.9 The revenue split by customer type, personal or business, reflects the underlying users of Wise products. Wise Account is attributed to personal, Wise Business to business, and Wise Platform is attributed to either, depending on the customers of the business Wise is contracted with. In the following table revenue from contracts with customers is disaggregated by major geographical market based on customer address: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue by geographical region Europe (excluding UK) 269.6 185.7 United Kingdom 170.1 124.3 North America 179.0 117.0 Asia-Pacific 161.6 101.3 Rest of the world 65.8 31.6 Total revenue 846.1 559.9 No individual customer contributed more than 10% to the total revenue in 2023 or 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-356": {
"value": "Note 7. Interest income on customer balances Year ended 31 March 2023 \u00a3m 2022 \u00a3m Interest income Interest income from cash at banks 53.0 0.7 Interest income from investments in MMFs and listed bonds 87.2 3.2 Total interest income 140.2 3.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-389": {
"value": "Note 7. Interest income on customer balances Year ended 31 March 2023 \u00a3m 2022 \u00a3m Interest income Interest income from cash at banks 53.0 0.7 Interest income from investments in MMFs and listed bonds 87.2 3.2 Total interest income 140.2 3.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-399": {
"value": "Note 7. Interest income on customer balances Year ended 31 March 2023 \u00a3m 2022 \u00a3m Interest income Interest income from cash at banks 53.0 0.7 Interest income from investments in MMFs and listed bonds 87.2 3.2 Total interest income 140.2 3.9 Note 10. Finance expense Finance expense 2023 \u00a3m 2022 \u00a3m Interest expense related to revolving credit facility 9.3 3.5 Interest on lease liabilities 0.7 0.9 Other financial expenses 0.7 0.4 Total finance expense 10.7 4.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-402": {
"value": "Note 7. Interest income on customer balances Year ended 31 March 2023 \u00a3m 2022 \u00a3m Interest income Interest income from cash at banks 53.0 0.7 Interest income from investments in MMFs and listed bonds 87.2 3.2 Total interest income 140.2 3.9 Note 10. Finance expense Finance expense 2023 \u00a3m 2022 \u00a3m Interest expense related to revolving credit facility 9.3 3.5 Interest on lease liabilities 0.7 0.9 Other financial expenses 0.7 0.4 Total finance expense 10.7 4.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-390": {
"value": "Note 8. Cost of sales and administrative expenses Breakdown of expenses by nature: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Cost of sales Banking and customer-related fees 225.5 146.4 Net foreign exchange loss and other product costs 82.7 39.4 Total cost of sales 308.2 185.8 Net credit losses on financial assets Amounts charged to credit losses on financial assets 17.8 2.2 Total net credit losses 17.8 2.2 Expected credit losses are presented as net credit losses within gross profit and subsequent recoveries of amounts previously written off are credited against the same line item. Subsequent recoveries of amounts previously written off are negligible in both current and prior year. Year ended 31 March 2023 \u00a3m 2022 \u00a3m Administrative expenses Employee benefit expenses 294.8 184.8 Marketing 37.4 28.2 Technology and development 42.7 25.0 Consultancy and outsourced services 70.4 42.3 Other administrative expenses 30.6 22.9 Depreciation and amortisation 23.2 22.9 Less: Capitalisation of staff costs (4.6) (4.7) Total administrative expenses 494.5 321.4 Refer to note 9 for details on employee benefit expenses. During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditors: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Audit fees Fees payable to the Company\u2019s auditors and its associates for the audit of Company and Group consolidated Financial Statements 2.8 1.7 Audit of the financial statements of the Company\u2019s subsidiaries 1.5 0.8 Total audit fees 4.3 2.5 Non-audit fees Other services* 0.5 0.5 Total non-audit fees 0.5 0.5 * Other services include assurance related fees and other regulatory services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-400": {
"value": "During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditors: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Audit fees Fees payable to the Company\u2019s auditors and its associates for the audit of Company and Group consolidated Financial Statements 2.8 1.7 Audit of the financial statements of the Company\u2019s subsidiaries 1.5 0.8 Total audit fees 4.3 2.5 Non-audit fees Other services* 0.5 0.5 Total non-audit fees 0.5 0.5 * Other services include assurance related fees and other regulatory services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-357": {
"value": "Note 9. Employee benefit expenses Year ended 31 March 2023 \u00a3m 2022 \u00a3m Salaries and wages 194.6 117.6 Share-based payment compensation expense 58.2 42.2 Social security costs 29.6 17.8 Pension costs 6.3 3.6 Other employment taxes and insurance cost 6.1 3.6 Total employee benefit expense 294.8 184.8 Refer to note 23 for details on share options granted to employees. Remuneration of key management personnel is disclosed in note 26. The monthly average number of employees during the year ended 31 March 2023 was as follows: Year ended 31 March 2023 Number of employees 2022 Number of employees Product development 1,170 879 Servicing 2,593 1,571 Other functions 648 469 Total average number of employees 4,411 2,919 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-358": {
"value": "Note 10. Finance expense Finance expense 2023 \u00a3m 2022 \u00a3m Interest expense related to revolving credit facility 9.3 3.5 Interest on lease liabilities 0.7 0.9 Other financial expenses 0.7 0.4 Total finance expense 10.7 4.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-391": {
"value": "Note 10. Finance expense Finance expense 2023 \u00a3m 2022 \u00a3m Interest expense related to revolving credit facility 9.3 3.5 Interest on lease liabilities 0.7 0.9 Other financial expenses 0.7 0.4 Total finance expense 10.7 4.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-359": {
"value": "Note 11. Tax Tax expense: Factors affecting tax expense for the year: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Current income tax for the year UK corporation tax 17.7 15.4 Foreign corporation tax 9.0 6.6 Adjustment in respect of prior years (1.3) (0.8) Total current tax expense for the year 25.4 21.2 Deferred income tax for the year Increase in deferred tax 6.9 (10.5) Adjustment in respect of prior years 0.2 0.3 Total deferred tax credit for the year 7.1 (10.2) Total tax expense for the year 32.5 11.0 Year ended 31 March 2023 \u00a3m 2022 \u00a3m Profit before taxation 146.5 43.9 Profit multiplied by the UK tax rate of 19% (2022: 19%) 27.8 8.3 Adjustments in respect of prior periods (1.1) (0.5) Effect of expenses not deductible 0.7 2.4 Movement in tax provisions 1.5 1.2 Employee option plan 1.2 1.8 Difference in overseas tax rates 3.7 2.2 Change in rate of recognition of deferred tax (1.3) (4.4) Total tax expense for the year 32.5 11.0 The Group\u2019s effective tax rate (ETR) before other comprehensive income (OCI) is a 22% charge (2022: 25% charge). This equates to the applicable UK corporation tax rate of 19%, adjusted for a number of factors such as the change in the rate of recognition of deferred tax as a result of the UK corporation tax rate change, non-deductible employee option plan costs, movement in tax provisions and higher overseas tax rates. On 10 June 2021, an increase in the UK corporation tax rate from 19% to 25% applicable from 1 April 2023 was enacted. Therefore, the UK deferred tax assets and liabilities, which are expected to unwind after 1 April 2023, have been measured in the current reporting period based on the increased UK corporation tax rate (25%) and reflected accordingly in the statement of profit and loss and equity. Amounts recognised in other comprehensive income: Amounts recognised directly in equity: Deferred tax assets and liabilities Movements during the year Year ended 31 March 2023 2023 \u00a3m 2022 \u00a3m Current tax Recognition of current tax liability on listed bonds (0.1) \u2013 Deferred tax 2.5 5.4 Recognition of deferred tax asset on listed bonds Total amounts recognised in other comprehensive income 2.4 5.4 2023 \u00a3m 2022 \u00a3m Current tax Deduction for exercised options 5.0 16.0 Deferred tax Recognition of deferred tax asset on share-based payments* 3.0 42.7 Total amounts recognised directly in equity 8.0 58.7 * Recognition of deferred tax on share based payments consists of future share based payments deductions and carry forward losses generated by share based payments. The deferred tax asset in relation to share-based payments was recognised based on the share price at the balance sheet date which was \u00a35.4 (2022: \u00a35.0). 1 April 2022 \u00a3m Recognised in income \u00a3m Recognised in equity/OCI \u00a3m FX \u00a3m 31 March 2023 \u00a3m Property, plant and equipment 0.1 0.4 \u2013 (0.2) 0.3 Share-based payments 49.9 8.4 3.1 0.2 61.6 Intangibles (2.2) 1.2 \u2013 \u2013 (1.0) Provisions 2.7 0.3 \u2013 \u2013 3.0 Tax losses 57.2 (17.5) \u2013 0.5 40.2 Other 5.4 0.1 2.5 \u2013 8.0 Closing deferred tax asset 113.1 (7.1) 5.6 0.5 112.1 Represented by: Deferred tax assets 113.6 113.2 Deferred tax liabilities (0.5) (1.1) Total 113.1 112.1 Year ended 31 March 2022 1 April 2021 \u00a3m Recognised in income \u00a3m Recognised in equity/OCI \u00a3m FX \u00a3m 31 March 2022 \u00a3m Property, plant and equipment 0.2 (0.2) \u2013 0.1 0.1 Share-based payments 54.9 7.1 (12.0) (0.1) 49.9 Intangibles (2.7) 0.5 \u2013 \u2013 (2.2) Provisions 1.9 0.8 \u2013 \u2013 2.7 Tax losses 2.4 0.5 54.2 0.1 57.2 Other (2.0) 1.5 5.9 \u2013 5.4 Closing deferred tax asset 54.7 10.2 48.1 0.1 113.1 Represented by: Deferred tax assets 113.6 Deferred tax liabilities (0.5) Total 113.1 The deferred tax asset is predominantly generated in the UK and the US and mainly comprises unexercised share options and losses generated by share-based payment deductions. The deferred tax assets are reviewed at each reporting date to determine recoverability and to determine a reasonable time frame for utilisation. To determine this, the Group uses the approved Group forecast used for the Viability Statement and going concern analysis. There is no time limit for utilisation of UK or US tax losses. In addition, the UK and the US have sufficient taxable profits in FY2023 to commence utilisation of brought forward losses. In light of this analysis, the Group considers it is probable that there will be sufficient taxable profits in the next 6 years to realise the deferred tax asset. Consequently, the Group has unrecognised deductible temporary differences of \u00a3nil (2022: \u00a3nil) and the asset has been recognised in\u202ffull as at 31 March 2022 and 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-392": {
"value": "Note 11. Tax Tax expense: Factors affecting tax expense for the year: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Current income tax for the year UK corporation tax 17.7 15.4 Foreign corporation tax 9.0 6.6 Adjustment in respect of prior years (1.3) (0.8) Total current tax expense for the year 25.4 21.2 Deferred income tax for the year Increase in deferred tax 6.9 (10.5) Adjustment in respect of prior years 0.2 0.3 Total deferred tax credit for the year 7.1 (10.2) Total tax expense for the year 32.5 11.0 Year ended 31 March 2023 \u00a3m 2022 \u00a3m Profit before taxation 146.5 43.9 Profit multiplied by the UK tax rate of 19% (2022: 19%) 27.8 8.3 Adjustments in respect of prior periods (1.1) (0.5) Effect of expenses not deductible 0.7 2.4 Movement in tax provisions 1.5 1.2 Employee option plan 1.2 1.8 Difference in overseas tax rates 3.7 2.2 Change in rate of recognition of deferred tax (1.3) (4.4) Total tax expense for the year 32.5 11.0 The Group\u2019s effective tax rate (ETR) before other comprehensive income (OCI) is a 22% charge (2022: 25% charge). This equates to the applicable UK corporation tax rate of 19%, adjusted for a number of factors such as the change in the rate of recognition of deferred tax as a result of the UK corporation tax rate change, non-deductible employee option plan costs, movement in tax provisions and higher overseas tax rates. On 10 June 2021, an increase in the UK corporation tax rate from 19% to 25% applicable from 1 April 2023 was enacted. Therefore, the UK deferred tax assets and liabilities, which are expected to unwind after 1 April 2023, have been measured in the current reporting period based on the increased UK corporation tax rate (25%) and reflected accordingly in the statement of profit and loss and equity. Amounts recognised in other comprehensive income: Amounts recognised directly in equity: Deferred tax assets and liabilities Movements during the year Year ended 31 March 2023 2023 \u00a3m 2022 \u00a3m Current tax Recognition of current tax liability on listed bonds (0.1) \u2013 Deferred tax 2.5 5.4 Recognition of deferred tax asset on listed bonds Total amounts recognised in other comprehensive income 2.4 5.4 2023 \u00a3m 2022 \u00a3m Current tax Deduction for exercised options 5.0 16.0 Deferred tax Recognition of deferred tax asset on share-based payments* 3.0 42.7 Total amounts recognised directly in equity 8.0 58.7 * Recognition of deferred tax on share based payments consists of future share based payments deductions and carry forward losses generated by share based payments. The deferred tax asset in relation to share-based payments was recognised based on the share price at the balance sheet date which was \u00a35.4 (2022: \u00a35.0). 1 April 2022 \u00a3m Recognised in income \u00a3m Recognised in equity/OCI \u00a3m FX \u00a3m 31 March 2023 \u00a3m Property, plant and equipment 0.1 0.4 \u2013 (0.2) 0.3 Share-based payments 49.9 8.4 3.1 0.2 61.6 Intangibles (2.2) 1.2 \u2013 \u2013 (1.0) Provisions 2.7 0.3 \u2013 \u2013 3.0 Tax losses 57.2 (17.5) \u2013 0.5 40.2 Other 5.4 0.1 2.5 \u2013 8.0 Closing deferred tax asset 113.1 (7.1) 5.6 0.5 112.1 Represented by: Deferred tax assets 113.6 113.2 Deferred tax liabilities (0.5) (1.1) Total 113.1 112.1 Year ended 31 March 2022 1 April 2021 \u00a3m Recognised in income \u00a3m Recognised in equity/OCI \u00a3m FX \u00a3m 31 March 2022 \u00a3m Property, plant and equipment 0.2 (0.2) \u2013 0.1 0.1 Share-based payments 54.9 7.1 (12.0) (0.1) 49.9 Intangibles (2.7) 0.5 \u2013 \u2013 (2.2) Provisions 1.9 0.8 \u2013 \u2013 2.7 Tax losses 2.4 0.5 54.2 0.1 57.2 Other (2.0) 1.5 5.9 \u2013 5.4 Closing deferred tax asset 54.7 10.2 48.1 0.1 113.1 Represented by: Deferred tax assets 113.6 Deferred tax liabilities (0.5) Total 113.1 The deferred tax asset is predominantly generated in the UK and the US and mainly comprises unexercised share options and losses generated by share-based payment deductions. The deferred tax assets are reviewed at each reporting date to determine recoverability and to determine a reasonable time frame for utilisation. To determine this, the Group uses the approved Group forecast used for the Viability Statement and going concern analysis. There is no time limit for utilisation of UK or US tax losses. In addition, the UK and the US have sufficient taxable profits in FY2023 to commence utilisation of brought forward losses. In light of this analysis, the Group considers it is probable that there will be sufficient taxable profits in the next 6 years to realise the deferred tax asset. Consequently, the Group has unrecognised deductible temporary differences of \u00a3nil (2022: \u00a3nil) and the asset has been recognised in\u202ffull as at 31 March 2022 and 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-360": {
"value": "Note 12. Earnings per share The following table reflects the income and share data used in the basic and diluted earnings per share (EPS) calculations: 2023 2022 Profit for the year (\u00a3m) 114.0 32.9 Weighted average number of Ordinary Shares for basic EPS (in millions of shares) 988.6 967.2 Plus the effect of dilution from share options (in millions of shares) 53.8 66.8 Weighted average number of Ordinary Shares adjusted for the effect of dilution (in millions of shares) 1042.4 1,034.0 Basic EPS, in pence 11.53 3.40 Diluted EPS, in pence 10.94 3.18 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-361": {
"value": "Note 13. Property, plant and equipment Right of use assets \u00a3m Leased office improvements \u00a3m Office equipment \u00a3m Assets under construction \u00a3m Total \u00a3m At 31 March 2021 Cost 26.4 7.5 4.0 0.4 38.3 Accumulated depreciation (7.7) (4.6) (2.0) \u2013 (14.3) Net book value 18.7 2.9 2.0 0.4 24.0 Additions 2.8 4.1 1.5 0.2 8.6 Reclassifications \u2013 0.4 \u2013 (0.4) \u2013 Depreciation charge (4.9) (1.7) (1.1) \u2013 (7.7) Write-offs (2.4) \u2013 \u2013 \u2013 (2.4) Foreign currency translation differences \u2013 \u2013 0.1 \u2013 0.1 At 31 March 2022 Cost 25.8 10.5 4.9 0.2 41.4 Accumulated depreciation (11.6) (4.8) (2.4) \u2013 (18.8) Net book value 14.2 5.7 2.5 0.2 22.6 Additions 3.3 0.9 1.5 1.7 7.4 Reclassifications \u2013 1.4 \u2013 (1.4) \u2013 Depreciation charge (5.7) (2.3) (1.6) \u2013 (9.6) Write-offs \u2013 (0.1) \u2013 \u2013 (0.1) Foreign currency translation differences 0.1 0.2 0.5 \u2013 0.8 At 31 March 2023 Cost 29.4 13.0 6.6 0.5 49.5 Accumulated depreciation (17.5) (7.2) (3.7) \u2013 (28.4) Net book value 11.9 5.8 2.9 0.5 21.1 Refer to note 19 for disclosure of security. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-362": {
"value": "Note 14. Intangible assets Software \u00a3m Other intangible assets \u00a3m Total \u00a3m At 31 March 2021 Cost 45.8 1.6 47.4 Accumulated amortisation (19.7) (0.2) (19.9) Net book value 26.1 1.4 27.5 Additions 4.7 3.3 8.0 Amortisation charge (14.8) (0.4) (15.2) Currency translation differences \u2013 0.1 0.1 At 31 March 2022 Cost 39.0 4.9 43.9 Accumulated amortisation (23.0) (0.6) (23.6) Net book value 16.0 4.3 20.3 Additions 4.6 0.1 4.7 Amortisation charge (11.4) (2.2) (13.6) Currency translation differences \u2013 \u2013 \u2013 At 31 March 2023 Cost 28.3 5.0 33.3 Accumulated amortisation (19.1) (2.8) (21.9) Net book value 9.2 2.2 11.4 Software is internally generated intangible asset which consists of capitalised development costs. Other intangible assets primarily include licences and domain purchases. In addition to capitalised amounts as software intangible, the Group expensed \u00a391.8m of product engineering costs for the year ended 31 March 2023 (2022: \u00a359.8m). These costs directly relate to the development of the Group's product offerings and primarily comprise employee costs of the engineering and product teams, that do not meet the capitalisation criteria. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-363": {
"value": "Note 15. Trade and other receivables 2023 \u00a3m 2022 \u00a3m Non-current trade and other receivables Office lease deposits 2.4 0.7 Other non-current receivables 15.5 13.6 Total non-current trade and other receivables 17.9 14.3 Current trade and other receivables Receivables from payment processors 86.8 69.5 Receivable from partners 41.0 9.6 Collateral deposits 44.8 33.6 Prepayments 19.4 8.3 Other receivables * 58.0 16.6 Total current trade and other receivables 250.0 137.6 * Net of expected credit loss provision of \u00a331.5m as at 31 March 2023 (2022: \u00a319.8m). The movement in the year is predominantly related to increased activity and the corresponding increase in customer balances; this resulted in the increase of overdrawn customer\u2019s balances older than 30 days. Customer chargebacks increased by \u00a31.2m to \u00a34.1m at 31 March 2023 (31 March 2022: \u00a32.9m) and overdrawn accounts increased by \u00a317.9m to \u00a327.4m (31 March 2022: \u00a39.5m). During the year, the recognised specific provision for the receivables with MS Bank S.A. Banco de C\u00e2mbio was utilised (2022: specific provision of \u00a37.4m). The carrying values of current trade receivables approximate their fair values because these balances are expected to be cash- settled in the near future unless a provision is made. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-364": {
"value": "Note 16. Financial assets at fair value through other comprehensive income Short-term financial investments are recognised as debt investments at FVOCI and comprise the following investments in listed bonds: 2023 \u00a3m 2022 \u00a3m Short-term financial investments - level 1 Listed bonds 3,804.5 1,192.4 Total short-term financial investments 3,804.5 1,192.4 During the year, the following losses were recognised in other comprehensive income: 2023 \u00a3m 2022 \u00a3m Debt investments at FVOCI Fair value losses recognised in other comprehensive income (7.9) (22.6) Tax on listed bonds 2.4 5.4 Total fair value losses in other comprehensive income (5.5) (17.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-365": {
"value": "Note 17. Cash and cash equivalents 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents Cash at banks, in hand and in transit between Group bank accounts 4,827.8 5,618.8 Cash in transit to customers* 182.0 154.6 Investment into money market funds 2,669.6 282.9 Total cash and cash equivalents 7,679.4 6,056.3 * Cash in transit to customers represents cash that has been paid out from the Group bank accounts but has not been delivered to the bank account of the beneficiary. Of the \u00a37,679.4m (2022: \u00a36,056.3m) cash and cash equivalents at the year end, \u00a3671.1m (2022: \u00a3357.8m) is considered corporate cash balance, not related to customer funds, which is held in Wise accounts or collected from customers as part of the money transfer settlement process. Customer funds are subject to various regulatory safeguarding compliance requirements. Such requirements may vary across the different jurisdictions in which the Group operates. As at 31 March 2023, the Group held \u00a33,832.9m (2022: \u00a34,930.2m) of customer funds as cash in segregated, safeguarding bank accounts at investment grade banking institutions. The remainder of safeguarded customer deposits were held across highly liquid global money market funds (MMFs), treasury bonds and investment grade corporate paper. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-366": {
"value": "Note 18. Trade and other payables 2023 \u00a3m 2022 \u00a3m Non-current trade and other payables Accounts payable and accrued expenses 4.6 3.7 Other payables 25.1 12.0 Total non-current trade and other payables 29.7 15.7 Current trade and other payables Outstanding money transmission liabilities* 191.3 170.6 Wise accounts 10,676.4 6,783.2 Accounts payable 8.2 10.4 Accrued expenses 52.2 26.5 Deferred revenue 8.0 5.6 Payables to payment processors 53.6 16.4 Other taxes 11.1 9.6 Other payables 22.1 11.9 Total current trade and other payables 11,022.9 7,034.2 * Money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient. Trade and other payables are unsecured unless otherwise indicated; due to the short-term nature of current payables, their carrying values approximate their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-367": {
"value": "Note 19. Borrowings Debt movement reconciliation: Revolving credit facility (RCF) 2023 \u00a3m 2022 \u00a3m Current Revolving credit facility 249.9 \u2013 Lease liabilities 6.7 5.5 Total current borrowings 256.6 5.5 Non-current Revolving credit facility \u2013 78.5 Lease liabilities 7.8 11.7 Total non-current borrowings 7.8 90.2 Total borrowings 264.4 95.7 Revolving credit facility \u00a3m Lease liabilities \u00a3m Total \u00a3m As at 31 March 2021 78.6 20.1 98.7 Cash flows: Proceeds 43.0 \u2013 43.0 Transaction costs related to revolving credit facility (0.8) \u2013 (0.8) Repayments (43.0) (3.8) (46.8) Interest expense paid (2.8) (0.9) (3.7) Non-cash flows: New leases \u2013 2.8 2.8 Interest expense 3.5 0.9 4.4 Foreign currency translation differences \u2013 0.1 0.1 Other lease movements \u2013 (2.0) (2.0) As at 31 March 2022 78.5 17.2 95.7 Cash flows: Proceeds 529.0 \u2013 529.0 Transaction costs related to revolving credit facility (1.5) \u2013 (1.5) Repayments (359.0) (5.9) (364.9) Interest expense paid (6.4) (0.7) (7.1) Non-cash flows: New leases \u2013 3.2 3.2 Interest expense 9.3 0.7 10.0 As at 31 March 2023 249.9 14.5 264.4 The interest expense accrued is recognised within finance expense in the consolidated statement of profit or loss. The Group has access to a multi-currency debt facility of \u00a3300.0m with a maturity date in 2025 and 2 1-year, extension options. The RCF is a multi-bank facility with Silicon Valley Bank UK Limited (\u2018SVB UK\u2019), Citibank N.A., JP Morgan Chase Bank N.A., National Westminster Bank plc, Barclays Bank plc, Goldman Sachs Lending Partners LLC and Morgan Stanley Senior Funding. The facility bears interest at a rate per annum equal to SONIA plus a margin determined by reference to adjusted leverage (calculated as a ratio of debt to adjusted EBITDA). The agreement contains certain customary covenants, including to maintain a maximum total net leverage ratio not in excess of 3:1 and interest cover (calculated as a ratio of adjusted EBITDA to finance charges in accordance with the terms of the agreement) not less than a ratio of 4:1 in respect of any relevant period. Lease liabilities The Group monitors compliance with the covenants throughout the reporting period. On 31 March 2023, the Group was in breach of a representation in the RCF Agreement, which meant that further draw-downs and roll-overs of credit were temporarily suspended. This technical breach was waived by lenders before the date of signing these financial statements and the facility was fully resumed. As a result of this technical breach on 31 March and the future intention of the Group to use the facility primarily for short-term funding, the facility has been recorded as a current liability on the balance sheet. The Group has complied with all financial covenants for this and all reporting periods. The undrawn amount of the facility as at 31 March 2023 was \u00a350.0m (2022: \u00a3132.0m). The facility is secured by certain customary security interests and pledges including over shares in certain Group entities (Wise plc, Wise Financial Holdings Ltd, Wise Payments Limited, Wise US Inc., Wise Europe SA and Wise Australia Pty Ltd), and fixed and floating pledges over assets and undertakings of Wise Payments Ltd, excluding customer and partner funds, share capital or equity contributions maintained for regulatory purposes, cash paid into a bank or collateral account in connection with, and for the benefit of, relevant card scheme providers and assets held in safeguarded accounts or otherwise segregated for regulatory purposes. As at 31 March 2023, the lease liabilities are \u00a314.5m (2022 \u00a317.2m) and relate to the expected terms remaining on UK, US, Estonia, Hungary, Singapore, Belgium and Brazil office space leases discounted at between 2.21% and 15.75%. The leases expire between 2023-2029. The Group has an extension option in an office lease, which has not been exercised as at 31 March 2023. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of \u00a31.0m. The Group has a termination option in an office lease, which has not been exercised as at 31 March 2023. The potential future lease\u202fpayments, should the Group exercise the termination option, would result in a decrease in the lease liability of \u00a31.4m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-393": {
"value": "Lease liabilities As at 31 March 2023, the lease liabilities are \u00a314.5m (2022 \u00a317.2m) and relate to the expected terms remaining on UK, US, Estonia, Hungary, Singapore, Belgium and Brazil office space leases discounted at between 2.21% and 15.75%. The leases expire between 2023-2029. The Group has an extension option in an office lease, which has not been exercised as at 31 March 2023. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of \u00a31.0m. The Group has a termination option in an office lease, which has not been exercised as at 31 March 2023. The potential future lease\u202fpayments, should the Group exercise the termination option, would result in a decrease in the lease liability of \u00a31.4m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-394": {
"value": "Note 20. Share capital As at 31 March 2023 As at 31 March 2022 Class Nominal value, \u00a3 Number of shares Share capital, \u00a3 Nominal value, \u00a3 Number of shares Share capital, \u00a3 Class A Ordinary 0.01 1,024,677,252 10,246,773 0.01 1,024,589,856 10,245,899 Class B Ordinary 0.000 000 001 398,889,814 \u2013 0.000 000 001 398,889,814 0.40 Total 1,423,567,066 10,246,773 1,423,479,670 10,245,899 During the year, the Group allotted 87,396 class A Ordinary Shares of \u00a30.01 related to customer shareholder programme (2022: 82,736,034 class A Ordinary Shares of \u00a30.01 related to employee share options awards). Each Class A Ordinary shareholder is entitled to one vote for each Class A Ordinary Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class A Ordinary shareholders are entitled to interim or annual dividends to the extent declared and do not hold any preferential rights to dividends. Class A Ordinary Shares are non-redeemable. Each Class B shareholder is entitled to nine votes for each Class B Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class B Shares carry no rights to distributions of dividends except on distribution of assets, up to their nominal value, on a liquidation or winding up. Class B Shares are strictly non-transferable, non-tradable and non- distributable to any person or entity whatsoever. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-368": {
"value": "Note 20. Share capital Note 21. Equity merger reserve and other reserves Equity merger reserve Other reserves As at 31 March 2023 As at 31 March 2022 Class Nominal value, \u00a3 Number of shares Share capital, \u00a3 Nominal value, \u00a3 Number of shares Share capital, \u00a3 Class A Ordinary 0.01 1,024,677,252 10,246,773 0.01 1,024,589,856 10,245,899 Class B Ordinary 0.000 000 001 398,889,814 \u2013 0.000 000 001 398,889,814 0.40 Total 1,423,567,066 10,246,773 1,423,479,670 10,245,899 During the year, the Group allotted 87,396 class A Ordinary Shares of \u00a30.01 related to customer shareholder programme (2022: 82,736,034 class A Ordinary Shares of \u00a30.01 related to employee share options awards). Each Class A Ordinary shareholder is entitled to one vote for each Class A Ordinary Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class A Ordinary shareholders are entitled to interim or annual dividends to the extent declared and do not hold any preferential rights to dividends. Class A Ordinary Shares are non-redeemable. Each Class B shareholder is entitled to nine votes for each Class B Share held, subject to any restrictions on total voting rights as set out in the Company's Articles of Association. Class B Shares carry no rights to distributions of dividends except on distribution of assets, up to their nominal value, on a liquidation or winding up. Class B Shares are strictly non-transferable, non-tradable and non- distributable to any person or entity whatsoever. As disclosed in the 2022 Annual Report and Accounts, the Class A Shares of the Company were admitted to trading on the London Stock Exchange on 7 July 2021. The merger reserve arises from the Group pre-listing reorganisation accounted for as a capital reorganisation. Upon the reorganisation, the Group's Ordinary Shares have been represented as those of Wise plc. The difference between Wise Payments Ltd net assets and the nominal value of the shares in issue is recorded in the merger reserve. Other reserves predominantly relate to investments into highly liquid bonds measured at FVOCI. For these investments, changes in fair value are accumulated within the FVOCI reserve within equity. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss. Comparative figures include \u00a34.8m net loss on disposal of a number of listed bonds, that was transferred from other reserves in equity to other operating expenses in the consolidated income statement. No debt investments were disposed during the year. Note 22. Own share reserve In January 2023, Wise announced the intention of the Employee Benefit Trust to acquire up to \u00a310.0m of Wise shares in the market in order to reduce the impact of dilution from stock-based compensation. As of 31 March 2023, a total of 1,776,098 shares were purchased from the market at an average of \u00a35.63 per share. Directly attributable costs of \u00a30.1m have been expensed to equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-395": {
"value": "Note 21. Equity merger reserve and other reserves Equity merger reserve Other reserves As disclosed in the 2022 Annual Report and Accounts, the Class A Shares of the Company were admitted to trading on the London Stock Exchange on 7 July 2021. The merger reserve arises from the Group pre-listing reorganisation accounted for as a capital reorganisation. Upon the reorganisation, the Group's Ordinary Shares have been represented as those of Wise plc. The difference between Wise Payments Ltd net assets and the nominal value of the shares in issue is recorded in the merger reserve. Other reserves predominantly relate to investments into highly liquid bonds measured at FVOCI. For these investments, changes in fair value are accumulated within the FVOCI reserve within equity. On disposal of these debt investments, any related balance within the FVOCI reserve is reclassified to profit or loss. Comparative figures include \u00a34.8m net loss on disposal of a number of listed bonds, that was transferred from other reserves in equity to other operating expenses in the consolidated income statement. No debt investments were disposed during the year. Note 22. Own share reserve In January 2023, Wise announced the intention of the Employee Benefit Trust to acquire up to \u00a310.0m of Wise shares in the market in order to reduce the impact of dilution from stock-based compensation. As of 31 March 2023, a total of 1,776,098 shares were purchased from the market at an average of \u00a35.63 per share. Directly attributable costs of \u00a30.1m have been expensed to equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-369": {
"value": "Note 23. Share-based employee compensation The employee share schemes are designed to provide long-term incentives for all employees to deliver long-term shareholder returns. Under the plans, participants are granted share awards in the Company, which vest gradually over a 4-year period and are equity settled for shares within Wise plc. The awards are subject to service conditions, i.e. the requirement for recipients of awards to remain in employment with the Group over the vesting period. During the year, an award was granted that its vesting is conditional on achievement of the relative total shareholder return (TSR) compared to the FTSE 250 and volume growth performance measures over the 3-year performance period. Transactions on the share schemes for employees during the year were as follows: As at 31 March 2023 As at 31 March 2022 Weighted average exercise price per award, \u00a3 Number of awards Weighted average exercise price per award, \u00a3 Number of awards Beginning of year 0.11 58,305,023 0.1100 97,252,168 Granted during the year 0.00 19,229,526 0.0100 8,373,106 Exercised during the year 0.07 8,694,892 0.0800 42,170,404 Forfeited during the year 0.03 3,190,799 0.1600 5,149,847 End of year 0.08 65,648,858 0.1100 58,305,023 Vested and exercisable as at end of year 0.14 38,644,818 0.1500 36,294,247 The share-based payment compensation expense for the year ended 31 March 2023 is \u00a358.2m (2022: \u00a342.2m) for employees directly employed by the Group and \u00a30.1m (2022: \u00a30.3m) for outsourced personnel. During the year \u00a319.1m (2022: \u00a325.2m) of share-based payments were exercised, forfeited or vested and were recycled to retained earnings. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date range 12 months ended 31 March Expiry date range 12 months ended 31 March Weighted average exercise price Number of awards as at 31 March 2023 Number of awards as at 31 March 2022 2013 2023 0.00 \u2013 275,126 2014 2024 0.00 232,310 232,310 2015 2025 0.11 1,256,199 1,443,678 2016 2026 0.15 1,678,385 2,031,776 2017 2027 0.10 2,690,444 3,258,130 2018 2028 0.07 4,275,362 4,988,593 2019 2029 0.12 9,288,573 11,429,400 2020 2030 0.13 13,051,895 15,262,193 2021 2031 0.00 7,490,612 8,810,346 2022 2032 0.00 8,123,460 10,573,471 2023 2033 0.00 17,561,618 \u2013 Total 65,648,858 58,305,023 Weighted average remaining contractual life of options outstanding at end of year 7.1 years 7.2 years The weighted average share price at the date of exercise for share options exercised in 2023 was \u00a34.98p (2022: \u00a38.76). Valuation of share awards Share trust The assessed fair value at the grant date of share awards granted during the year ended 31 March 2023 was \u00a35.12 per option on average (2022: \u00a39.51). The fair value of the share awards granted is calculated using the closing share price at the grant date. The fair value of the share options granted prior to the listing was independently determined using the Black-Scholes model that takes into account the exercise price, the term of the share option, the share price at grant date and expected price volatility of the underlying share, the risk-free interest rate for the term of the share option and the correlations and volatilities of the peer group companies. The Black-Scholes model inputs included: \u2022 Options are granted for no consideration and vest over the 4-year period according to the vesting conditions \u2022 Average exercise price: \u00a30.01 \u2022 No dividends are expected to be paid \u2022 Expected price volatility of the Company\u2019s shares: 48% \u2022 Risk-free interest rate: 1.44% \u2022 Expected price volatility is based on the comparative information of the peer-group companies Risk-free interest rate is based on the UK 5-year government bond yield. The Group consolidates one share trust. The Group\u2019s own share reserve represents the weighted average cost of shares in the Wise Group Employee Benefit Trust (Ocorian) which are held for the purposes of fulfilling obligations in respect of the Group\u2019s share awards. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-370": {
"value": "Note 24. Cash generated from operating activities Note(s) 2023 \u00a3m 2022 \u00a3m Cash generated from operations Profit for the year 114.0 32.9 Adjustments for: Depreciation and amortisation 8,13,14 23.2 22.9 Non-cash share-based payments expense 58.2 42.2 Foreign currency exchange differences (61.5) 18.3 Current tax expense 11 32.5 11.0 Adjustment for interest income and expense (129.4) 7.3 Fair value loss on financial assets at FVOCI \u2013 4.8 Effect of other non-monetary transactions 1.7 (1.5) Changes in operating assets and liabilities: Increase in prepayments and receivables (66.8) (16.7) Increase in trade and other payables 23.8 16.8 Increase in receivables from customers and payment processors (29.1) (34.0) Increase in liabilities to customers, payment processors and deferred revenue 78.7 46.2 Increase in Wise accounts 3,801.8 2,983.9 Cash generated from operations 3,847.1 3,134.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-371": {
"value": "Note 25. Commitments and contingencies The Group\u2019s minimum future payments from non-cancellable agreements as at year end are detailed below: 2023 \u00a3m 2022 \u00a3m Infrastructure subscriptions No later than 1 year 1.7 1.4 Later than 1 year and no later than 5 years 0.3 0.7 Total 2.0 2.1 Significant capital expenditure contracted No later than 1 year \u2013 \u2013 Later than 1 year and no later than 5 years 16.1 \u2013 Later than 5 years 23.3 \u2013 Total 39.4 \u2013 During the financial year, the Group has entered into a contract to lease a new office facility with commencement date on 30 September 2024, for a specified term of 10 years. The lease liability and the right-of-use assets have not been recognised in the financial year to 31 March 2023. The Group did not have any other material commitments, capital commitments or contingencies as at 31 March 2023 and 31 March 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-396": {
"value": "Note 25. Commitments and contingencies The Group\u2019s minimum future payments from non-cancellable agreements as at year end are detailed below: 2023 \u00a3m 2022 \u00a3m Infrastructure subscriptions No later than 1 year 1.7 1.4 Later than 1 year and no later than 5 years 0.3 0.7 Total 2.0 2.1 Significant capital expenditure contracted No later than 1 year \u2013 \u2013 Later than 1 year and no later than 5 years 16.1 \u2013 Later than 5 years 23.3 \u2013 Total 39.4 \u2013 During the financial year, the Group has entered into a contract to lease a new office facility with commencement date on 30 September 2024, for a specified term of 10 years. The lease liability and the right-of-use assets have not been recognised in the financial year to 31 March 2023. The Group did not have any other material commitments, capital commitments or contingencies as at 31 March 2023 and 31 March 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-401": {
"value": "Note 25. Commitments and contingencies The Group\u2019s minimum future payments from non-cancellable agreements as at year end are detailed below: 2023 \u00a3m 2022 \u00a3m Infrastructure subscriptions No later than 1 year 1.7 1.4 Later than 1 year and no later than 5 years 0.3 0.7 Total 2.0 2.1 Significant capital expenditure contracted No later than 1 year \u2013 \u2013 Later than 1 year and no later than 5 years 16.1 \u2013 Later than 5 years 23.3 \u2013 Total 39.4 \u2013 During the financial year, the Group has entered into a contract to lease a new office facility with commencement date on 30 September 2024, for a specified term of 10 years. The lease liability and the right-of-use assets have not been recognised in the financial year to 31 March 2023. The Group did not have any other material commitments, capital commitments or contingencies as at 31 March 2023 and 31 March 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-372": {
"value": "Note 26. Transactions with related parties Related parties of the Group and Wise plc include subsidiaries, key management personnel (\u2018KMP\u2019), close family members of KMP and entities that are controlled or jointly controlled by KMP or their close family members. Wise identifies the Board of Directors as KMP. Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Details of the Directors remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration report. Additional information for key management compensation and particulars of transactions with related parties are tabulated below, in accordance with IAS 24 Related party disclosures requirements. 2023 \u00a3m 2022 \u00a3m Compensation of KMP of the Group Short-term employee benefits 0.5 0.5 Share-based payment expense 2.1 3.1 Non-Executive Director\u2019s fees 0.3 \u2013 Total compensation paid to key management personnel 2.9 3.6 Short-term employee benefits include salaries for KMP. Refer to the Directors\u2019 Remuneration report for the remuneration of each Director. Share-based payment expense is related to employee share option plans (more information about the plans are provided in note 23). 2023 \u00a3m 2022 \u00a3m Transactions and balances with KMP of the Group Deposits 0.9 1.8 Other transactions \u2013 0.7 Total transactions and balances with KMP of the Group 0.9 2.5 No other material transactions with related parties of the Group incurred during the financial years ended 31 March 2023 and 31 March 2022. In the comparative year, other transactions referred to contributions received from related parties at the time of the listing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-397": {
"value": "Note 26. Transactions with related parties Related parties of the Group and Wise plc include subsidiaries, key management personnel (\u2018KMP\u2019), close family members of KMP and entities that are controlled or jointly controlled by KMP or their close family members. Wise identifies the Board of Directors as KMP. Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Details of the Directors remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration report. Additional information for key management compensation and particulars of transactions with related parties are tabulated below, in accordance with IAS 24 Related party disclosures requirements. 2023 \u00a3m 2022 \u00a3m Compensation of KMP of the Group Short-term employee benefits 0.5 0.5 Share-based payment expense 2.1 3.1 Non-Executive Director\u2019s fees 0.3 \u2013 Total compensation paid to key management personnel 2.9 3.6 Short-term employee benefits include salaries for KMP. Refer to the Directors\u2019 Remuneration report for the remuneration of each Director. Share-based payment expense is related to employee share option plans (more information about the plans are provided in note 23). 2023 \u00a3m 2022 \u00a3m Transactions and balances with KMP of the Group Deposits 0.9 1.8 Other transactions \u2013 0.7 Total transactions and balances with KMP of the Group 0.9 2.5 No other material transactions with related parties of the Group incurred during the financial years ended 31 March 2023 and 31 March 2022. In the comparative year, other transactions referred to contributions received from related parties at the time of the listing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-373": {
"value": "Note 27. Post balance sheet events No post balance sheet events have occurred since 31 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800LD9XCHIC1C4V71",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}