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"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "136600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "10479200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "7679400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "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 6
th
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 and domestic financial services. Further information on the Group\u2019s
operations and principal activities is presented in the Strategic Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-6": { "value": "Wise plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-7": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-8": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-337": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-9": { "value": "6 th Floor, Tea Building, 56 Shoreditch High Street, London E1 6JJ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-10": { "value": "The principal activity of the Company and its subsidiaries (the \u2018Group\u2019) is the provision of cross-border and domestic financial services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-338": { "value": "
1.2 Accounting information and policies
Introduction
This section describes the basis of preparation of the consolidated financial statements and the Group\u2019s accounting policies
that are applicable to the financial statements as a whole. The Group\u2019s material accounting policies and critical accounting
estimates and judgements specific to a note, are included in the note to which they relate. Furthermore, the section details
new accounting standards, amendments and interpretations, that the Group has adopted in the current financial year or
will adopt in subsequent years.
(a) 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 accounting policies
applied are consistent with those of the preceding financial year, unless otherwise stated.
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.
(b) 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 of 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.
(c) Basis of consolidation
The financial statements comprise the consolidated financial statements of Wise plc and its subsidiaries as at 31 March 2024.
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.
(d) 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. (e) Foreign currency translation The Group\u2019s consolidated financial statements are presented in pounds sterling. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). 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. (f) Changes in material 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 2023: a. Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of \u2018material\u2019, rather than \u2018significant\u2019, accounting policies. Management reviewed the accounting policies and made updates to the information disclosed in the Annual Report in line with the amendments. b. Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The Group has applied a temporary mandatory exception from deferred tax accounting for the impacts of the top-up taxes and accounts for it as a current tax when it is incurred. The Group has performed an initial assessment of the potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the initial assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications. 131Wise Annual Report and Accounts
c. Other amendments:
\u2022 IFRS 17 \u2013 Insurance Contracts
\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
The adoption of the other 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 2023 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
2024; the amendments have not been early-adopted by the Group:
a. Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
The amendments, as issued in 2020, aim to clarify the requirements on determining whether a liability is current or non-current,
and apply retrospectively for annual reporting periods beginning on or after 1 January 2024. It is anticipated that the application
of those amendments may have an impact in the Group\u2019s consolidated financial statements in future periods.
b. New standard issue \u2013 IFRS 18 Primary financial statements
The new standard will become effective, in the consolidated Group financial statements, for annual reporting periods beginning
on or after 1 January 2027 and its impact is under assessment.
c. Other amendments:
\u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements
\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability
\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 the other amendments are expected to have a material impact on the Group in the current or future reporting periods or
on foreseeable future transactions.
Accounting policy
The Group is managed on the basis of a single segment. The information regularly reported to the Chief Operating
Decision Maker (\u2018CODM\u2019), which is currently the Board of Directors of the Group, 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 provision of
cross-border and domestic financial services.
Accounting policy
The Group primarily generates revenue from money transfers, conversion services and debit card services.
A customer enters into the contract with the Group at the time of opening a Wise Account or initiating a money transfer.
The customer agrees to the contractual terms by formally accepting the terms and conditions of the respective
service, on Wise\u2019s website or the App. For debit card services, a customer enters into the contract with the Group at
the time the card, either virtual or physical, is made available for use and the customer is able to either make a
payment or a withdrawal.
The fees charged to customers for Wise\u2019s services are shown to them upfront prior to a transaction, or conversion
being initiated. The applicable fees depend on a number of factors, including the currency route, the transaction size,
the type of transaction being undertaken and the payment method used. The fees for card transactions are in
accordance with the agreed terms and conditions.
The revenue is recognised at the point in time the performance obligation has been satisfied. For money transfers, the
revenue is recognised upon delivery of funds to the recipient and for money conversions, when a customer balance is
converted into a different currency in their account. For cards, the revenue is recognised upon transaction capture,
unless it relates to the provision or replacement of physical cards, in which case the revenue is recognised over time
throughout the period the debit card services are provided.
The time required for the Group to process the payment to the recipient and, therefore, to satisfy its performance
obligations, largely depends on the processing time its banking partners require to deliver funds to the recipient. As
such the revenue is deferred until the funds are delivered. Transactions in certain jurisdictions, where the Group has
settlement accounts with Central Banks, transfers between Wise accounts or conversions within a Wise Account, are
generally fulfilled instantly.
Rebates
Wise offers certain rebates in the form of a fee refund or cashback for eligible revenue generating transactions. The
rebate is recognised as a liability at the time of completion of the eligible transaction and is deducted from revenue.
Other \u2013 Assets revenue
The Group also generates revenue from its multi-currency investment feature, Wise Assets (\u2018Assets\u2019). This feature
allows customers to purchase units in investment 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 custody. 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.
Accounting policy Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid 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
eligible balances in their Wise accounts. These are calculated as a percentage of those eligible balances and they are
recognised in the income statement in the period for which the customer receives the benefit.
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 other fees, net of applicable rebates, incurred in processing customer transfers and the costs of
providing cards to customers;
\u2022 net foreign exchange costs generated due to customer transactions. Within the same line are included the net
foreign exchange differences from the revaluation of customer balances at period end. 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.
Critical accounting judgement
Net gains and losses from foreign exchange differences
Management applied judgement in classifying 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 cost of sales. The Group considers these costs as directly related to
and incurred as part of providing services to customers.
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 substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or 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 loss 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. 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 profit 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 . Accounting policy Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate that discounts the estimated future cash payments through the expected life of the revolving credit facility.
Year ended 31 March
2024 2023
Finance expense \u00a3m \u00a3m
Interest expense related to revolving credit facility
19.2
9.3
Interest on lease liabilities
1.1
0.7
Other financial expenses
0.2
0.7
Total finance expense
20.5
10.7
Note 10. Tax 137Wise Annual Report and Accounts 2024
Accounting policy
Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Items of property, plant and equipment are derecognised on disposal or when no future economic
benefits are expected to arise from the continued use of the asset.
Computer equipment is not recorded in property, plant and equipment, but expensed as low-value, short-lived
equipment in the Group.
The accounting policy for right-of-use assets is included in note 17.
Depreciation
Depreciation is charged on a straight-line basis from the time the asset is available for use, so as to allocate the cost of
assets less their residual value over their estimated useful lives. The estimated useful lives assigned to principal
categories of assets are as follows:
\u2022 Right-of-use assets: lease term (1-7 years)
\u2022 Leased office improvements: shorter of 5 years or lease term
\u2022 Office equipment: 2 years
Impairment of property, plant and equipment
Reviews are carried out if there is an indication that assets may be impaired, to ensure that property, plant and
equipment are not carried at above their recoverable amounts.
Accounting policy
Intangible assets predominantly relate to internally generated software and other intangible assets and are stated at
cost less accumulated amortisation.
Internally generated software
The Group develops software used in the provisioning of its services. Only the development costs that are
directly attributable to the design, development and testing of the software controlled by the Group are capitalised.
Other development expenditures that do not meet the recognition criteria under IAS 38 are recognised as an
expense as incurred. Development costs previously recognised as an expense are not recognised as an asset
in a subsequent period.
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 software development employee costs.
Other intangible assets
Other intangible assets primarily include licences and domain purchases. They are amortised on a straight-line basis
over their useful economic life or the term of the contract.
Amortisation
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.
Impairment of intangible assets
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.
Accounting policy
Trade and other receivables primarily consist of amounts due from payment processors, partners, customers 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 carrying values of
current trade receivables approximate their fair values due to their short maturity.
The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are
measured at amortised cost. The Group\u2019s receivables are considered to qualify for the simplified approach, which
requires expected lifetime credit losses to be recognised from the initial recognition of the receivables.
Refer to note 18 for further information on expected credit losses.
The impairment loss allowance recognised during the year relates to chargebacks and negative customer balances. For
chargebacks, 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 negative customer
balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is
perceived as an indication of a significant increase in credit risk and the receivable is provided in full.
Accounting policy Cash and cash equivalents include cash on hand, on-demand deposits, term deposits used for meeting short-term cash commitments, money market funds (MMFs) and other short-term high-quality liquid investments with original maturities of 3 months or less, and e-money held with payment processing partners. 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. As the Government bonds which we hold have original maturities of greater than 3 months they are regarded as Short Term Investments, rather than cash and cash equivalents, see Note 18 for further detail. 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. Cash collateral deposits the Group holds with its counterparties are recognised under \u2018Trade and other receivables\u2019 in the statement of financial position. Customer deposits As disclosed above, the Group recognises financial assets and liabilities for the funds customers hold in their Wise accounts 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. Principles to determine the point of delivery are the same as applied in revenue recognition; refer to note 3 . Critical accounting judgements Customer balances The Group recognises financial assets and corresponding liabilities for the funds customers hold in 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 right 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 an 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 .
Accounts payable 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.
Wise Accounts relate to the funds customers hold in their Wise accounts and the funds the Group receives as part of
the money transfer settlement process. They are non-derivative liabilities to individuals or business customers for
money they hold with the Group and do not constitute borrowings. Refer to note 15 for details of the judgement
Management has exercised in relation to customers\u2019 balances and the recognition of the financial assets and their
respective liabilities on the balance sheet.
Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient.
Payables are initially recognised at fair value and subsequently measured at amortised cost.
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.
2024 2023
\u00a3m \u00a3m
Current
Revolving credit facility
202.7
249.9
Lease liabilities
6.7
6.7
Total current borrowings
209.4
256.6
Non-current
Lease liabilities
14.8
7.8
Total non-current borrowings
14.8
7.8
Total borrowings
224.2
264.4
Accounting policy
Revolving credit facility (RCF)
The RCF is recognised initially at fair value, net of transaction costs incurred, and is subsequently carried at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised as
interest expense using the effective interest method over the term of the borrowing. 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.
The Group uses the facility primarily for short-term funding, as such the facility has been recorded as a current liability
on the balance sheet.
Leases
Where the Group is the lessee, the right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the
statement of financial position and are measured at an amount equal to the lease liability. They are related to office spaces
leased in various locations and depreciated on a straight-line basis with the charge recognised in administrative expenses.
The liability, recognised as part of borrowings, is measured at a discounted value and any interest is charged to finance
charges. The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows.
The Group has elected not to apply the requirements of IFRS 16 to short-term leases (leases with a lease term of
12 months or less) and leases for which the underlying asset is of low value. Low-value assets comprise IT and office
equipment with a purchase price under \u00a35,000. Payments associated with short-term and low-value assets are
recognised on a straight-line basis as an expense in profit or loss.
Extension and termination options are included in a number of property and equipment leases across the Group and
they are exercisable only by the Group and not by the lessors. 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.
145Wise Annual Report and Accounts 2024
The Group\u2019s remaining trade and other receivables qualify for the simplified approach in calculating ECLs, as they do
not contain a significant financing component. Therefore, the Group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. To measure the ECLs, trade receivables
have been grouped based on shared credit risk characteristics and the days past due. The Group\u2019s expected credit
loss policy is to reassess all trade receivables over 30 days past due, and provide an ECL allowance if the balance is
deemed to be at risk.
In calculating the ECL on the receivable recognised for chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days
past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the
receivable is provided in full.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairments were
required to be recognised on these financial assets as they are subject to an insignificant risk of changes in value.
Financial liabilities
Financial liabilities are measured at amortised cost, except for the derivative liabilities, which are classified as financial
liabilities measured at fair value through profit or loss.
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. The Group
does not hold or issue derivative financial instruments for trading or speculative purposes.
The fair values of the derivative financial instruments are determined by mark-to-market valuation technique. The key
inputs in the valuation model are the observable foreign exchange rates for the currencies involved. These inputs are
considered level 2 within the fair value hierarchy, as they are observable, but may not be quoted directly for the
specific instruments.
Accounting policy Own share reserve Own share reserve represents the weighted average cost of shares of Wise plc that are held by the employee share trust for the purpose of fulfilling obligations in respect of various employee share plans. Own shares are treated as a deduction from equity and, on exercising of employee awards, are transferred from own shares to retained earnings at their weighted average cost. Employee share trust The Group provides financing to the Employee Share Ownership Plan (ESOP) Trust to either purchase the 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. The Group consolidates this share trust. 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. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of Company\u2019s equity instruments is deducted from equity. Accounting policy The Group operates a number of employee equity-settled schemes as part of its reward strategy, which are designed to provide long-term incentives for all employees to deliver long-term shareholder returns. Under the plans, participants are granted share awards of the Company, which vest gradually over the vesting period and are equity settled for shares within Wise plc. The total amount to be expensed is determined by reference to the fair value of the awards granted and it is calculated using the closing share price at the grant date. It is recognised in employee benefit expenses together with a corresponding increase in equity (share-based payment reserve), over the period in which the service and the performance conditions are fulfilled (the vesting period). Upon exercise of share options, the impact is recognised in retained earnings. 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. Employee share award plans 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, which typically is 4 years. For the market-based award For the market-based award, the 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-341": { "value": "(a) 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 accounting policies applied are consistent with those of the preceding financial year, unless otherwise stated. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-366": { "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. The accounting policies applied are consistent with those of the preceding financial year, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-342": { "value": "(b) 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 of 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-343": { "value": "(c) Basis of consolidation The financial statements comprise the consolidated financial statements of Wise plc and its subsidiaries as at 31 March 2024. 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": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-344": { "value": "
(d) 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", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-345": { "value": "
(e) Foreign currency translation
The Group\u2019s consolidated financial statements are presented in pounds sterling. Items included in the financial statements of
each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates
(\u2018the functional currency\u2019).
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-367": { "value": "The Group\u2019s consolidated financial statements are presented in pounds sterling. Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-346": { "value": "
(f) Changes in material 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 2023:
a. Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting
policy information disclosed in the financial statements. The amendments require the disclosure of \u2018material\u2019, rather than
\u2018significant\u2019, accounting policies. Management reviewed the accounting policies and made updates to the information disclosed
in the Annual Report in line with the amendments.
b. Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The Group
has applied a temporary mandatory exception from deferred tax accounting for the impacts of the top-up taxes and accounts
for it as a current tax when it is incurred. The Group has performed an initial assessment of the potential exposure to Pillar Two
income taxes. This assessment is based on the most recent information available regarding the financial performance of the
constituent entities in the Group. Based on the initial assessment performed, the Group does not expect any material top-up
taxes. The Group is continuing to monitor potential future implications.
131Wise Annual Report and Accounts 2024
c. Other amendments: \u2022 IFRS 17 \u2013 Insurance Contracts \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 The adoption of the other 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 2023 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 2024; the amendments have not been early-adopted by the Group: a. Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants The amendments, as issued in 2020, aim to clarify the requirements on determining whether a liability is current or non-current, and apply retrospectively for annual reporting periods beginning on or after 1 January 2024. It is anticipated that the application of those amendments may have an impact in the Group\u2019s consolidated financial statements in future periods. b. New standard issue \u2013 IFRS 18 Primary financial statements The new standard will become effective, in the consolidated Group financial statements, for annual reporting periods beginning on or after 1 January 2027 and its impact is under assessment. c. Other amendments: \u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \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 the other 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:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-368": { "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 2023: a. Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of \u2018material\u2019, rather than \u2018significant\u2019, accounting policies. Management reviewed the accounting policies and made updates to the information disclosed in the Annual Report in line with the amendments. b. Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The Group has applied a temporary mandatory exception from deferred tax accounting for the impacts of the top-up taxes and accounts for it as a current tax when it is incurred. The Group has performed an initial assessment of the potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the initial assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications. 131Wise Annual Report and Accounts c. Other amendments: \u2022 IFRS 17 \u2013 Insurance Contracts \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 The adoption of the other 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 2023 that would be expected to have a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-369": { "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 2024; the amendments have not been early-adopted by the Group: a. Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants The amendments, as issued in 2020, aim to clarify the requirements on determining whether a liability is current or non-current, and apply retrospectively for annual reporting periods beginning on or after 1 January 2024. It is anticipated that the application of those amendments may have an impact in the Group\u2019s consolidated financial statements in future periods. b. New standard issue \u2013 IFRS 18 Primary financial statements The new standard will become effective, in the consolidated Group financial statements, for annual reporting periods beginning on or after 1 January 2027 and its impact is under assessment. c. Other amendments: \u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback \u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements \u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability \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 the other 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-339": { "value": "
1.3. Critical accounting judgements and key sources of estimation uncertainty
Details of critical judgements which the Directors consider could have a significant impact on these financial statements are set
out in the following notes:
\u2022 Customer balances (recognition of the financial assets and their respective liabilities on the balance sheet) \u2013 note 15 and note 16
\u2022 Net gains and losses from foreign exchange differences (accounting) \u2013 note 6
Management has concluded that there are no critical accounting areas of estimation.
Critical accounting judgements
Customer balances
The Group recognises financial assets and corresponding liabilities for the funds customers hold in 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 right 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 an 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 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-404": { "value": "Accounting policy The Group is managed on the basis of a single segment. The information regularly reported to the Chief Operating Decision Maker (\u2018CODM\u2019), which is currently the Board of Directors of the Group, 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 provision of cross-border and domestic financial services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-370": { "value": "Note 3. Revenue Accounting policy The Group primarily generates revenue from money transfers, conversion services and debit card services. A customer enters into the contract with the Group at the time of opening a Wise Account or initiating a money transfer. The customer agrees to the contractual terms by formally accepting the terms and conditions of the respective service, on Wise\u2019s website or the App. For debit card services, a customer enters into the contract with the Group at the time the card, either virtual or physical, is made available for use and the customer is able to either make a payment or a withdrawal. The fees charged to customers for Wise\u2019s services are shown to them upfront prior to a transaction, or conversion being initiated. The applicable fees depend on a number of factors, including the currency route, the transaction size, the type of transaction being undertaken and the payment method used. The fees for card transactions are in accordance with the agreed terms and conditions. The revenue is recognised at the point in time the performance obligation has been satisfied. For money transfers, the revenue is recognised upon delivery of funds to the recipient and for money conversions, when a customer balance is converted into a different currency in their account. For cards, the revenue is recognised upon transaction capture, unless it relates to the provision or replacement of physical cards, in which case the revenue is recognised over time throughout the period the debit card services are provided. The time required for the Group to process the payment to the recipient and, therefore, to satisfy its performance obligations, largely depends on the processing time its banking partners require to deliver funds to the recipient. As such the revenue is deferred until the funds are delivered. Transactions in certain jurisdictions, where the Group has settlement accounts with Central Banks, transfers between Wise accounts or conversions within a Wise Account, are generally fulfilled instantly. Rebates Wise offers certain rebates in the form of a fee refund or cashback for eligible revenue generating transactions. The rebate is recognised as a liability at the time of completion of the eligible transaction and is deducted from revenue. Other \u2013 Assets revenue The Group also generates revenue from its multi-currency investment feature, Wise Assets (\u2018Assets\u2019). This feature allows customers to purchase units in investment 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 custody. 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.
Below is the revenue split by customer type: Year ended 31 March
2024 2023
\u00a3m \u00a3m
Revenue by customer type
Personal
815.3
656.3
Business
236.7
189.8
Total revenue
1,052.0
846.1
The revenue split by customer type, personal or business, represents the underlying users of Wise products. Wise Account and standalone money transfers are attributed to personal, Wise Business to business, and Wise Platform is attributed to either, based on the ultimate customers of the partner that Wise is contracted with. Disaggregation of revenues In the following table, revenue is disaggregated by major geographical market:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Revenue by geographical region
Europe (excluding UK)
323.9
269.6
United Kingdom
202.5
170.1
North America
214.5
179.0
Asia-Pacific
216.2
161.6
Rest of the world
94.9
65.8
Total revenue
1,052.0
846.1
The geographical market depends on the type of the service provided and is based either on customer address or the source currency. No individual customer contributed more than 10% to the total revenue in 2024 and 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-347": { "value": "Note 3. Revenue Accounting policy The Group primarily generates revenue from money transfers, conversion services and debit card services. A customer enters into the contract with the Group at the time of opening a Wise Account or initiating a money transfer. The customer agrees to the contractual terms by formally accepting the terms and conditions of the respective service, on Wise\u2019s website or the App. For debit card services, a customer enters into the contract with the Group at the time the card, either virtual or physical, is made available for use and the customer is able to either make a payment or a withdrawal. The fees charged to customers for Wise\u2019s services are shown to them upfront prior to a transaction, or conversion being initiated. The applicable fees depend on a number of factors, including the currency route, the transaction size, the type of transaction being undertaken and the payment method used. The fees for card transactions are in accordance with the agreed terms and conditions. The revenue is recognised at the point in time the performance obligation has been satisfied. For money transfers, the revenue is recognised upon delivery of funds to the recipient and for money conversions, when a customer balance is converted into a different currency in their account. For cards, the revenue is recognised upon transaction capture, unless it relates to the provision or replacement of physical cards, in which case the revenue is recognised over time throughout the period the debit card services are provided. The time required for the Group to process the payment to the recipient and, therefore, to satisfy its performance obligations, largely depends on the processing time its banking partners require to deliver funds to the recipient. As such the revenue is deferred until the funds are delivered. Transactions in certain jurisdictions, where the Group has settlement accounts with Central Banks, transfers between Wise accounts or conversions within a Wise Account, are generally fulfilled instantly. Rebates Wise offers certain rebates in the form of a fee refund or cashback for eligible revenue generating transactions. The rebate is recognised as a liability at the time of completion of the eligible transaction and is deducted from revenue. Other \u2013 Assets revenue The Group also generates revenue from its multi-currency investment feature, Wise Assets (\u2018Assets\u2019). This feature allows customers to purchase units in investment 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 custody. 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.
Below is the revenue split by customer type: Year ended 31 March
2024 2023
\u00a3m \u00a3m
Revenue by customer type
Personal
815.3
656.3
Business
236.7
189.8
Total revenue
1,052.0
846.1
The revenue split by customer type, personal or business, represents the underlying users of Wise products. Wise Account and
standalone money transfers are attributed to personal, Wise Business to business, and Wise Platform is attributed to either,
based on the ultimate customers of the partner that Wise is contracted with.
Disaggregation of revenues
In the following table, revenue is disaggregated by major geographical market:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Revenue by geographical region
Europe (excluding UK)
323.9
269.6
United Kingdom
202.5
170.1
North America
214.5
179.0
Asia-Pacific
216.2
161.6
Rest of the world
94.9
65.8
Total revenue
1,052.0
846.1
The geographical market depends on the type of the service provided and is based either on customer address or the
source currency.
No individual customer contributed more than 10% to the total revenue in 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-405": { "value": "Accounting policy The Group primarily generates revenue from money transfers, conversion services and debit card services. A customer enters into the contract with the Group at the time of opening a Wise Account or initiating a money transfer. The customer agrees to the contractual terms by formally accepting the terms and conditions of the respective service, on Wise\u2019s website or the App. For debit card services, a customer enters into the contract with the Group at the time the card, either virtual or physical, is made available for use and the customer is able to either make a payment or a withdrawal. The fees charged to customers for Wise\u2019s services are shown to them upfront prior to a transaction, or conversion being initiated. The applicable fees depend on a number of factors, including the currency route, the transaction size, the type of transaction being undertaken and the payment method used. The fees for card transactions are in accordance with the agreed terms and conditions. The revenue is recognised at the point in time the performance obligation has been satisfied. For money transfers, the revenue is recognised upon delivery of funds to the recipient and for money conversions, when a customer balance is converted into a different currency in their account. For cards, the revenue is recognised upon transaction capture, unless it relates to the provision or replacement of physical cards, in which case the revenue is recognised over time throughout the period the debit card services are provided. The time required for the Group to process the payment to the recipient and, therefore, to satisfy its performance obligations, largely depends on the processing time its banking partners require to deliver funds to the recipient. As such the revenue is deferred until the funds are delivered. Transactions in certain jurisdictions, where the Group has settlement accounts with Central Banks, transfers between Wise accounts or conversions within a Wise Account, are generally fulfilled instantly. Rebates Wise offers certain rebates in the form of a fee refund or cashback for eligible revenue generating transactions. The rebate is recognised as a liability at the time of completion of the eligible transaction and is deducted from revenue. Other \u2013 Assets revenue The Group also generates revenue from its multi-currency investment feature, Wise Assets (\u2018Assets\u2019). This feature allows customers to purchase units in investment 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 custody. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-348": { "value": "
Note 4. Interest income on customer balances
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Interest income
Interest income from cash at banks
162.2
53.0
Interest income from investments in money market funds (MMFs)
153.7
16.2
Interest income from investments in listed bonds
169.3
71.0
Total interest income
485.2
140.2
Accounting policy
Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing
them into highly liquid permitted financial assets. These amounts are recognised in the income statement using the
effective interest rate method .
Note 9. Finance expense Accounting policy Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate that discounts the estimated future cash payments through the expected life of the revolving credit facility.
Year ended 31 March
2024 2023
Finance expense \u00a3m \u00a3m
Interest expense related to revolving credit facility
19.2
9.3
Interest on lease liabilities
1.1
0.7
Other financial expenses
0.2
0.7
Total finance expense
20.5
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-399": { "value": "Note 4. Interest income on customer balances
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Interest income
Interest income from cash at banks
162.2
53.0
Interest income from investments in money market funds (MMFs)
153.7
16.2
Interest income from investments in listed bonds
169.3
71.0
Total interest income
485.2
140.2
Accounting policy Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-386": { "value": "Note 4. Interest income on customer balances
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Interest income
Interest income from cash at banks
162.2
53.0
Interest income from investments in money market funds (MMFs)
153.7
16.2
Interest income from investments in listed bonds
169.3
71.0
Total interest income
485.2
140.2
Accounting policy Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method balances on a net basis . Accounting policy Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate that discounts the estimated future cash payments through the expected life of the revolving credit facility.
Year ended 31 March
2024 2023
Finance expense \u00a3m \u00a3m
Interest expense related to revolving credit facility
19.2
9.3
Interest on lease liabilities
1.1
0.7
Other financial expenses
0.2
0.7
Total finance expense
20.5
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-371": { "value": "Note 4. Interest income on customer balances
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Interest income
Interest income from cash at banks
162.2
53.0
Interest income from investments in money market funds (MMFs)
153.7
16.2
Interest income from investments in listed bonds
169.3
71.0
Total interest income
485.2
140.2
Accounting policy Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-416": { "value": "Accounting policy Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method
Accounting policy
Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility
using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate
that discounts the estimated future cash payments through the expected life of the revolving credit facility.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-406": { "value": "Accounting policy Interest income on customer balances is earned from holding customer funds as cash and cash equivalents or investing them into highly liquid permitted financial assets. These amounts are recognised in the income statement using the effective interest rate method . Accounting policy Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate that discounts the estimated future cash payments through the expected life of the revolving credit facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-349": { "value": "
Note 5. Benefits paid relating to customer balances
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Benefits paid relating to customer balances
Cashback (EU)
107.9
18.1
Interest (US)
17.0
0.3
Total benefits paid relating to customer balances
124.9
18.4
", "dimensions": { "concept": "wiseplc:DisclosureOfBenefitsPaidRelatingToCustomerBalances", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-350": { "value": "Note 6. Cost of sales and net credit losses on financial assets Accounting policy Benefits paid relating to customer balances include incentives and other benefits provided to customers for holding eligible balances in their Wise accounts. These are calculated as a percentage of those eligible balances and they are recognised in the income statement in the period for which the customer receives the benefit. Accounting policy 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 other fees, net of applicable rebates, incurred in processing customer transfers and the costs of providing cards to customers; \u2022 net foreign exchange costs generated due to customer transactions. Within the same line are included the net foreign exchange differences from the revaluation of customer balances at period end. 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. Critical accounting judgement Net gains and losses from foreign exchange differences Management applied judgement in classifying 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 cost of sales. The Group considers these costs as directly related to and incurred as part of providing services to customers. Breakdown of expenses by nature:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Cost of sales
Banking and customer related fees
252.5
225.5
Net foreign exchange loss and other product costs
54.9
82.7
Total cost of sales
307.4
308.2
Net credit losses on financial assets
Amounts charged to credit losses on financial assets
12.5
17.8
Total net credit losses
12.5
17.8
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 immaterial in both current and prior year. Within cost of sales are included \u00a34.6m of net losses arising from changes in foreign exchange rates related to the translation of customer balances (2023: \u00a324.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-351": { "value": "
Note 7. Administrative expenses
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Administrative expenses
Employee benefit expenses
377.3
294.8
Marketing
36.5
37.4
Technology
53.5
42.7
Consultancy and outsourced services
90.4
70.4
Other administrative expenses
42.0
30.6
Depreciation and amortisation
18.3
23.2
Less: Capitalisation of staff costs
(2.1)
(4.6)
Total administrative expenses
615.9
494.5
1
1. For further details on employee benefit expenses including accounting policies, refer to note 8.
During the year, the Group (including its subsidiaries) obtained the following
services from the Company\u2019s auditors:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Audit fees
Fees payable to the Company\u2019s auditors and its associates for the audit of Company and Group
consolidated financial statements
2.7
2.8
Audit of the financial statements of the Company\u2019s subsidiaries
1.8
1.5
Total audit fees
4.5
4.3
Non-audit fees
Assurance services other than the auditing of the Company\u2019s accounts
0.8
0.5
Total non-audit fees
0.8
0.5
Note 8. Employee benefit expenses
The aggregate remuneration of employees for the year ended 31 March 2024 was as follows:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Salaries and wages
248.9
194.6
Share-based payment compensation expense
72.5
58.2
Social security costs
37.7
29.6
Pension costs
8.6
6.3
Other employment taxes and insurance cost
9.6
6.1
Total employee benefit expense
377.3
294.8
Refer to note 21 for details on awards granted to employees and the accounting policy for share-based payments.
Remuneration of key management personnel is disclosed in note 24.
The monthly average number of employees during the year ended 31 March 2024 was as follows:
2024 2023
Number of Number of
employees employees
Product development
1,341
1,170
Servicing
3,396
2,593
Marketing
270
212
Other functions
492
436
Total average number of employees
5,499
4,411
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-372": { "value": "Note 7. Administrative expenses
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Administrative expenses
Employee benefit expenses
377.3
294.8
Marketing
36.5
37.4
Technology
53.5
42.7
Consultancy and outsourced services
90.4
70.4
Other administrative expenses
42.0
30.6
Depreciation and amortisation
18.3
23.2
Less: Capitalisation of staff costs
(2.1)
(4.6)
Total administrative expenses
615.9
494.5
1 1. For further details on employee benefit expenses including accounting policies, refer to note 8. During the year, the Group (including its subsidiaries) obtained the following services from the Company\u2019s auditors:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Audit fees
Fees payable to the Company\u2019s auditors and its associates for the audit of Company and Group
consolidated financial statements
2.7
2.8
Audit of the financial statements of the Company\u2019s subsidiaries
1.8
1.5
Total audit fees
4.5
4.3
Non-audit fees
Assurance services other than the auditing of the Company\u2019s accounts
0.8
0.5
Total non-audit fees
0.8
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-387": { "value": "During the year, the Group (including its subsidiaries) obtained the following services from the Company\u2019s auditors:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Audit fees
Fees payable to the Company\u2019s auditors and its associates for the audit of Company and Group
consolidated financial statements
2.7
2.8
Audit of the financial statements of the Company\u2019s subsidiaries
1.8
1.5
Total audit fees
4.5
4.3
Non-audit fees
Assurance services other than the auditing of the Company\u2019s accounts
0.8
0.5
Total non-audit fees
0.8
0.5
Note 8. Employee benefit expenses The aggregate remuneration of employees for the year ended 31 March 2024 was as follows: ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-373": { "value": "Note 8. Employee benefit expenses The aggregate remuneration of employees for the year ended 31 March 2024 was as follows:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Salaries and wages
248.9
194.6
Share-based payment compensation expense
72.5
58.2
Social security costs
37.7
29.6
Pension costs
8.6
6.3
Other employment taxes and insurance cost
9.6
6.1
Total employee benefit expense
377.3
294.8
Refer to note 21 for details on awards granted to employees and the accounting policy for share-based payments. Remuneration of key management personnel is disclosed in note 24. The monthly average number of employees during the year ended 31 March 2024 was as follows:
2024 2023
Number of Number of
employees employees
Product development
1,341
1,170
Servicing
3,396
2,593
Marketing
270
212
Other functions
492
436
Total average number of employees
5,499
4,411
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-417": { "value": "
Accounting policy
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 substantively enacted by the balance sheet date and are expected to apply when the related deferred
tax asset is realised, or 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 loss 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.
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 profit 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-407": { "value": "Accounting policy 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 substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or 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 loss 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. 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 profit 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-352": { "value": "Accounting policy 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 substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised, or 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 loss 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. 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 profit 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 . Note 10. Tax
Tax expense:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Current income tax for the year
UK corporation tax
78.5
17.7
Foreign corporation tax
13.4
9.0
Adjustment in respect of prior years
2.3
(1.3)
Total current tax expense for the year
94.2
25.4
Deferred income tax for the year
Increase in deferred tax
36.4
6.9
Adjustment in respect of prior years
(3.8)
0.2
Total deferred tax expense for the year
32.6
7.1
Total tax expense for the year
126.8
32.5
Factors affecting tax expense for the year:
Year ended 31 March
2024 2023
\u00a3m \u00a3m
Profit before taxation
481.4
146.5
Profit multiplied by the UK tax rate of 25% (2023: 19%)
120.4
27.8
Adjustments in respect of prior periods
(1.5)
(1.1)
Effect of expenses not deductible
0.4
0.7
Movement in tax provisions
3.1
1.5
Employee option plan
0.8
1.2
Difference in overseas tax rates
3.7
3.7
Change in rate of recognition of deferred tax
(0.1)
(1.3)
Total tax expense for the year
126.8
32.5
The Group\u2019s effective tax rate (ETR) before other comprehensive income (OCI) is a 26% charge (2023: 22% charge).
This equates to the applicable UK corporation tax rate of 25%, adjusted for a number of factors such as non-deductible
employee option plans, movements in provisions and higher overseas tax rates. The prior year ETR can be explained by the
same key factors, but was lower for the year ended 31 March 2023 as the applicable UK corporate tax rate was 19%.
Amounts recognised in other comprehensive income:
2024 2023
\u00a3m \u00a3m
Current tax
Recognition of current tax liability on listed bonds
0.1
(0.1)
Deferred tax
Recognition of deferred tax asset on listed bonds
(3.6)
2.5
Total amounts recognised in other comprehensive income
(3.5)
2.4
Amounts recognised directly in equity:
2024 2023
\u00a3m \u00a3m
Current tax
Deduction for exercised options
15.7
5.0
Deferred tax
Recognition of deferred tax asset on share-based payments
25.1
3.0
Total amounts recognised directly in equity
40.8
8.0
1
1. 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 \u00a39.29 (2023: \u00a35.40).
Deferred tax assets and liabilities
Movements during the year
Year ended 31 March 2024
Recognised in Recognised in
1 April 2023 income equity/OCI FX 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.3
0.8
\u2013
\u2013
1.1
Share-based payments
61.6
6.1
25.1
(0.2)
92.6
Intangibles
(1.0)
(0.6)
\u2013
\u2013
(1.6)
Provisions
3.0
2.0
\u2013
\u2013
5.0
Tax losses
40.2
(38.9)
\u2013
\u2013
1.3
Other
8.0
(2.1)
(3.6)
(0.1)
2.2
Closing deferred tax asset
112.1
(32.7)
21.5
(0.3)
100.6
Represented by:
Deferred tax assets
113.2
\u2013
\u2013
\u2013
103.0
Deferred tax liabilities
(1.1)
\u2013
\u2013
\u2013
(2.4)
Total
112.1
\u2013
\u2013
\u2013
100.6
Year ended 31 March 2023
Recognised in Recognised in
1 April 2022 income equity/OCI FX 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013
\u2013
\u2013
113.2
Deferred tax liabilities
(0.5)
\u2013
\u2013
\u2013
(1.1)
Total
113.1
\u2013
\u2013
\u2013
112.1
The deferred tax asset is predominantly generated in the UK and US and mainly comprises unexercised share options which are
forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts.
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. The Group considers it is probable that there will be sufficient taxable profits in the coming years to realise the
deferred tax asset. Consequently, the Group has unrecognised deductible temporary differences of \u00a3nil (2023: \u00a3nil), with the
net deferred tax asset being recognised in full as at 31 March 2023 and 2024.
Both the UK and the US utilised brought forward losses in FY2023 and in FY2024, with the UK taxable losses fully utilised as at
31 March 2024. Therefore, there are no deferred tax assets in respect of losses recognised in the UK as at 31 March 2024. The
Group expects deferred tax assets of \u00a330.1m to unwind within 12 months which will predominantly relate to exercised share
options in the UK and US. The deferred tax asset on share options will also be impacted by the future share price.
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit
Shifting published on 20 December 2021 the Pillar Two model rules designed to address the tax challenges arising from the
digitalisation of the global economy.The Group operates in the United Kingdom (amongst other locations), which has enacted or
substantively enacted new legislation to implement the global minimum top-up taxes by 31 March 2024. The earliest period for
which substantively enacted legislation is effective for the Group is the year ended 31 March 2025, therefore there is no current
tax impact of Pillar Two income taxes for the year ended 31 March 2024. The Group has performed an assessment of the
Group\u2019s potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available
regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Group
does not expect any material top-up taxes. The Group is continuing to monitor potential future implications .
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-400": { "value": "balances on a net basis . Accounting policy Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate that discounts the estimated future cash payments through the expected life of the revolving credit facility.
Year ended 31 March
2024 2023
Finance expense \u00a3m \u00a3m
Interest expense related to revolving credit facility
19.2
9.3
Interest on lease liabilities
1.1
0.7
Other financial expenses
0.2
0.7
Total finance expense
20.5
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-374": { "value": "balances on a net basis . Accounting policy Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate that discounts the estimated future cash payments through the expected life of the revolving credit facility.
Year ended 31 March
2024 2023
Finance expense \u00a3m \u00a3m
Interest expense related to revolving credit facility
19.2
9.3
Interest on lease liabilities
1.1
0.7
Other financial expenses
0.2
0.7
Total finance expense
20.5
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-423": { "value": "Accounting policy Interest expense related to the revolving credit facility is recognised in finance expense over the term of the facility using the effective interest method. The effective interest rate represents the true cost of borrowing and is the rate that discounts the estimated future cash payments through the expected life of the revolving credit facility. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-403": { "value": "Deferred tax assets and liabilities Movements during the year Year ended 31 March 2024
Recognised in Recognised in
1 April 2023 income equity/OCI FX 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.3
0.8
\u2013
\u2013
1.1
Share-based payments
61.6
6.1
25.1
(0.2)
92.6
Intangibles
(1.0)
(0.6)
\u2013
\u2013
(1.6)
Provisions
3.0
2.0
\u2013
\u2013
5.0
Tax losses
40.2
(38.9)
\u2013
\u2013
1.3
Other
8.0
(2.1)
(3.6)
(0.1)
2.2
Closing deferred tax asset
112.1
(32.7)
21.5
(0.3)
100.6
Represented by:
Deferred tax assets
113.2
\u2013
\u2013
\u2013
103.0
Deferred tax liabilities
(1.1)
\u2013
\u2013
\u2013
(2.4)
Total
112.1
\u2013
\u2013
\u2013
100.6
Year ended 31 March 2023
Recognised in Recognised in
1 April 2022 income equity/OCI FX 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013
\u2013
\u2013
113.2
Deferred tax liabilities
(0.5)
\u2013
\u2013
\u2013
(1.1)
Total
113.1
\u2013
\u2013
\u2013
112.1
The deferred tax asset is predominantly generated in the UK and US and mainly comprises unexercised share options which are forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts. 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. The Group considers it is probable that there will be sufficient taxable profits in the coming years to realise the deferred tax asset. Consequently, the Group has unrecognised deductible temporary differences of \u00a3nil (2023: \u00a3nil), with the net deferred tax asset being recognised in full as at 31 March 2023 and 2024. Both the UK and the US utilised brought forward losses in FY2023 and in FY2024, with the UK taxable losses fully utilised as at 31 March 2024. Therefore, there are no deferred tax assets in respect of losses recognised in the UK as at 31 March 2024. The Group expects deferred tax assets of \u00a330.1m to unwind within 12 months which will predominantly relate to exercised share options in the UK and US. The deferred tax asset on share options will also be impacted by the future share price. The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published on 20 December 2021 the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy.The Group operates in the United Kingdom (amongst other locations), which has enacted or substantively enacted new legislation to implement the global minimum top-up taxes by 31 March 2024. The earliest period for which substantively enacted legislation is effective for the Group is the year ended 31 March 2025, therefore there is no current tax impact of Pillar Two income taxes for the year ended 31 March 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications . Note 16. Trade and other payables Accounting policy Accounts payable 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. Wise Accounts relate to the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. They are non-derivative liabilities to individuals or business customers for money they hold with the Group and do not constitute borrowings. Refer to note 15 for details of the judgement Management has exercised in relation to customers\u2019 balances and the recognition of the financial assets and their respective liabilities on the balance sheet. Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient. Payables are initially recognised at fair value and subsequently measured at amortised cost. 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. As at 31 March As at 31 March 2024 2023 \u00a3m \u00a3m on-current trade and other payables ccounts payable and accrued expenses 7.4 4.6 ther payables 38.7 25.1 otal non-current trade and other payables 46.1 29.7 urrent trade and other payables utstanding money transmission liabilities 235.9 191.3 Wise Accounts 13,261.0 10,676.4 ccounts payable 7.9 8.2 ccrued expenses 76.3 52.2 eferred revenue 12.9 8.0 ayables to payment processors 216.8 53.6 ther taxes 22.7 11.1 ther payables 39.2 22.1 otal current trade and other payables 13,872.7 11,022.9 Wise Accounts The Group recognises a financial liability for the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. The table below summarises the Group\u2019s exposure to foreign exchange risk at the end of the reporting period. The table below illustrates the currencies in which Wise Accounts are held:
2024 2023
\u00a3m \u00a3m
Wise accounts
USD
4,881.8
3,892.6
EUR
4,717.6
3,571.8
GBP
2,092.2
2,058.4
AUD
338.0
222.8
CAD
205.1
155.6
CHF
183.9
183.2
JPY
182.7
83.0
Other
659.7
509.0
Total
13,261.0
10,676.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-401": { "value": "Deferred tax assets and liabilities Movements during the year Year ended 31 March 2024
Recognised in Recognised in
1 April 2023 income equity/OCI FX 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.3
0.8
\u2013
\u2013
1.1
Share-based payments
61.6
6.1
25.1
(0.2)
92.6
Intangibles
(1.0)
(0.6)
\u2013
\u2013
(1.6)
Provisions
3.0
2.0
\u2013
\u2013
5.0
Tax losses
40.2
(38.9)
\u2013
\u2013
1.3
Other
8.0
(2.1)
(3.6)
(0.1)
2.2
Closing deferred tax asset
112.1
(32.7)
21.5
(0.3)
100.6
Represented by:
Deferred tax assets
113.2
\u2013
\u2013
\u2013
103.0
Deferred tax liabilities
(1.1)
\u2013
\u2013
\u2013
(2.4)
Total
112.1
\u2013
\u2013
\u2013
100.6
Year ended 31 March 2023
Recognised in Recognised in
1 April 2022 income equity/OCI FX 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013
\u2013
\u2013
113.2
Deferred tax liabilities
(0.5)
\u2013
\u2013
\u2013
(1.1)
Total
113.1
\u2013
\u2013
\u2013
112.1
The deferred tax asset is predominantly generated in the UK and US and mainly comprises unexercised share options which are forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts. 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. The Group considers it is probable that there will be sufficient taxable profits in the coming years to realise the deferred tax asset. Consequently, the Group has unrecognised deductible temporary differences of \u00a3nil (2023: \u00a3nil), with the net deferred tax asset being recognised in full as at 31 March 2023 and 2024. Both the UK and the US utilised brought forward losses in FY2023 and in FY2024, with the UK taxable losses fully utilised as at 31 March 2024. Therefore, there are no deferred tax assets in respect of losses recognised in the UK as at 31 March 2024. The Group expects deferred tax assets of \u00a330.1m to unwind within 12 months which will predominantly relate to exercised share options in the UK and US. The deferred tax asset on share options will also be impacted by the future share price. The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published on 20 December 2021 the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy.The Group operates in the United Kingdom (amongst other locations), which has enacted or substantively enacted new legislation to implement the global minimum top-up taxes by 31 March 2024. The earliest period for which substantively enacted legislation is effective for the Group is the year ended 31 March 2025, therefore there is no current tax impact of Pillar Two income taxes for the year ended 31 March 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications Accounting policy Trade and other receivables primarily consist of amounts due from payment processors, partners, customers 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 carrying values of current trade receivables approximate their fair values due to their short maturity. The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are measured at amortised cost. The Group\u2019s receivables are considered to qualify for the simplified approach, which requires expected lifetime credit losses to be recognised from the initial recognition of the receivables. Refer to note 18 for further information on expected credit losses. The impairment loss allowance recognised during the year relates to chargebacks and negative customer balances. For chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-388": { "value": "Deferred tax assets and liabilities Movements during the year Year ended 31 March 2024
Recognised in Recognised in
1 April 2023 income equity/OCI FX 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.3
0.8
\u2013
\u2013
1.1
Share-based payments
61.6
6.1
25.1
(0.2)
92.6
Intangibles
(1.0)
(0.6)
\u2013
\u2013
(1.6)
Provisions
3.0
2.0
\u2013
\u2013
5.0
Tax losses
40.2
(38.9)
\u2013
\u2013
1.3
Other
8.0
(2.1)
(3.6)
(0.1)
2.2
Closing deferred tax asset
112.1
(32.7)
21.5
(0.3)
100.6
Represented by:
Deferred tax assets
113.2
\u2013
\u2013
\u2013
103.0
Deferred tax liabilities
(1.1)
\u2013
\u2013
\u2013
(2.4)
Total
112.1
\u2013
\u2013
\u2013
100.6
Year ended 31 March 2023
Recognised in Recognised in
1 April 2022 income equity/OCI FX 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013
\u2013
\u2013
113.2
Deferred tax liabilities
(0.5)
\u2013
\u2013
\u2013
(1.1)
Total
113.1
\u2013
\u2013
\u2013
112.1
The deferred tax asset is predominantly generated in the UK and US and mainly comprises unexercised share options which are forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts. 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. The Group considers it is probable that there will be sufficient taxable profits in the coming years to realise the deferred tax asset. Consequently, the Group has unrecognised deductible temporary differences of \u00a3nil (2023: \u00a3nil), with the net deferred tax asset being recognised in full as at 31 March 2023 and 2024. Both the UK and the US utilised brought forward losses in FY2023 and in FY2024, with the UK taxable losses fully utilised as at 31 March 2024. Therefore, there are no deferred tax assets in respect of losses recognised in the UK as at 31 March 2024. The Group expects deferred tax assets of \u00a330.1m to unwind within 12 months which will predominantly relate to exercised share options in the UK and US. The deferred tax asset on share options will also be impacted by the future share price. The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published on 20 December 2021 the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy.The Group operates in the United Kingdom (amongst other locations), which has enacted or substantively enacted new legislation to implement the global minimum top-up taxes by 31 March 2024. The earliest period for which substantively enacted legislation is effective for the Group is the year ended 31 March 2025, therefore there is no current tax impact of Pillar Two income taxes for the year ended 31 March 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-375": { "value": "Deferred tax assets and liabilities Movements during the year Year ended 31 March 2024
Recognised in Recognised in
1 April 2023 income equity/OCI FX 31 March 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Property, plant and equipment
0.3
0.8
\u2013
\u2013
1.1
Share-based payments
61.6
6.1
25.1
(0.2)
92.6
Intangibles
(1.0)
(0.6)
\u2013
\u2013
(1.6)
Provisions
3.0
2.0
\u2013
\u2013
5.0
Tax losses
40.2
(38.9)
\u2013
\u2013
1.3
Other
8.0
(2.1)
(3.6)
(0.1)
2.2
Closing deferred tax asset
112.1
(32.7)
21.5
(0.3)
100.6
Represented by:
Deferred tax assets
113.2
\u2013
\u2013
\u2013
103.0
Deferred tax liabilities
(1.1)
\u2013
\u2013
\u2013
(2.4)
Total
112.1
\u2013
\u2013
\u2013
100.6
Year ended 31 March 2023
Recognised in Recognised in
1 April 2022 income equity/OCI FX 31 March 2023
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013
\u2013
\u2013
113.2
Deferred tax liabilities
(0.5)
\u2013
\u2013
\u2013
(1.1)
Total
113.1
\u2013
\u2013
\u2013
112.1
The deferred tax asset is predominantly generated in the UK and US and mainly comprises unexercised share options which are forecast to be exercised within four years and as such are less sensitive to changes in long-term profit forecasts. 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. The Group considers it is probable that there will be sufficient taxable profits in the coming years to realise the deferred tax asset. Consequently, the Group has unrecognised deductible temporary differences of \u00a3nil (2023: \u00a3nil), with the net deferred tax asset being recognised in full as at 31 March 2023 and 2024. Both the UK and the US utilised brought forward losses in FY2023 and in FY2024, with the UK taxable losses fully utilised as at 31 March 2024. Therefore, there are no deferred tax assets in respect of losses recognised in the UK as at 31 March 2024. The Group expects deferred tax assets of \u00a330.1m to unwind within 12 months which will predominantly relate to exercised share options in the UK and US. The deferred tax asset on share options will also be impacted by the future share price. The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published on 20 December 2021 the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy.The Group operates in the United Kingdom (amongst other locations), which has enacted or substantively enacted new legislation to implement the global minimum top-up taxes by 31 March 2024. The earliest period for which substantively enacted legislation is effective for the Group is the year ended 31 March 2025, therefore there is no current tax impact of Pillar Two income taxes for the year ended 31 March 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. Based on the assessment performed, the Group does not expect any material top-up taxes. The Group is continuing to monitor potential future implications . ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-353": { "value": "
Note 11. Earnings per share
Basic earnings per share has been 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 Employee Share
Ownership Plan (ESOP) Trust.
Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic
calculation to assume the conversion of all potentially dilutive 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.
Year ended 31 March
2024
2023
Profit for the year (\u00a3m)
354.6
114.0
Weighted average number of Ordinary Shares for basic EPS (in millions of shares)
1,036.7
1,029.4
Plus the effect of dilution from share options (in millions of shares)
14.7
13.0
Weighted average number of Ordinary Shares adjusted for the effect of dilution (in millions of shares)
1,051.4
1,042.4
Basic EPS, in pence
34.20
11.07
Diluted EPS, in pence
33.73
10.94
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-354": { "value": "Note 12. Property, plant and equipment Accounting policy Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of property, plant and equipment are derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. Computer equipment is not recorded in property, plant and equipment, but expensed as low-value, short-lived equipment in the Group. The accounting policy for right-of-use assets is included in note 17. Depreciation Depreciation is charged on a straight-line basis from the time the asset is available for use, so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives assigned to principal categories of assets are as follows: \u2022 Right-of-use assets: lease term (1-7 years) \u2022 Leased office improvements: shorter of 5 years or lease term \u2022 Office equipment: 2 years Impairment of property, plant and equipment Reviews are carried out if there is an indication that assets may be impaired, to ensure that property, plant and equipment are not carried at above their recoverable amounts.
Right-of-use Leased office Assets under
assets improvements Office equipment construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 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
Additions
15.3
0.1
\u2013
10.3
25.7
Reclassifications
\u2013
3.4
2.0
(5.4)
\u2013
Depreciation charge
(7.3)
(2.5)
(1.6)
\u2013
(11.4)
Write-offs
\u2013
(0.8)
\u2013
\u2013
(0.8)
Foreign currency translation differences
(0.4)
\u2013
0.2
(0.1)
(0.3)
At 31 March 2024
Cost
39.0
15.4
8.1
5.3
67.8
Accumulated depreciation
(19.5)
(9.4)
(4.6)
\u2013
(33.5)
Net book value
19.5
6.0
3.5
5.3
34.3
Refer to note 17 for disclosure of security", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-408": { "value": "Accounting policy Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of property, plant and equipment are derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. Computer equipment is not recorded in property, plant and equipment, but expensed as low-value, short-lived equipment in the Group. The accounting policy for right-of-use assets is included in note 17. Depreciation Depreciation is charged on a straight-line basis from the time the asset is available for use, so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives assigned to principal categories of assets are as follows: \u2022 Right-of-use assets: lease term (1-7 years) \u2022 Leased office improvements: shorter of 5 years or lease term \u2022 Office equipment: 2 years Impairment of property, plant and equipment Reviews are carried out if there is an indication that assets may be impaired, to ensure that property, plant and equipment are not carried at above their recoverable amounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-418": { "value": "Depreciation Depreciation is charged on a straight-line basis from the time the asset is available for use, so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives assigned to principal categories of assets are as follows: \u2022 Right-of-use assets: lease term (1-7 years) \u2022 Leased office improvements: shorter of 5 years or lease term \u2022 Office equipment: 2 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-424": { "value": "Impairment of property, plant and equipment Reviews are carried out if there is an indication that assets may be impaired, to ensure that property, plant and equipment are not carried at above their recoverable amounts. Impairment of intangible assets 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-431": { "value": "Impairment of property, plant and equipment Reviews are carried out if there is an indication that assets may be impaired, to ensure that property, plant and equipment are not carried at above their recoverable amounts. Impairment of intangible assets 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.
Impairment of financial assets
The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are
measured at amortised cost or fair value through other comprehensive income. The ECL assessment considers both
the 12-month ECL and the lifetime ECL, as per IFRS 9 requirements.
For debt instruments held at FVOCI, collateral deposits the Group holds with its counterparties and receivables from
payment processors, the Group applies the low credit risk simplification. The Group\u2019s policy only allows exposures to
financial institutions with sound credit quality rating and limits the exposure to a maximum amount. Furthermore, as per
Group\u2019s investment policy, the debt instruments held at FVOCI consist solely of quoted bonds that are graded in the
top investment categories (rated A- and above) and, therefore, are considered to be low credit risk investments.
ECLs on such instruments are measured on a 12-month basis; nevertheless, when there has been a significant increase
in credit risk since initial recognition, the allowance will be based on the lifetime ECL. At every reporting date, the
Group evaluates whether or not these financial instruments are considered to have low credit risk using all reasonable
and supportable information that is available without undue cost or effort. The Group uses external credit ratings if
available both to determine whether the financial instrument has significantly increased in credit risk and to estimate
ECLs. If a bank or other financial institution has no external credit rating, the Group evaluates its credit quality, where
necessary, by analysing its financial position, past experience, and other factors.
The Group\u2019s remaining trade and other receivables qualify for the simplified approach in calculating ECLs, as they do not contain a significant financing component. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group\u2019s expected credit loss policy is to reassess all trade receivables over 30 days past due, and provide an ECL allowance if the balance is deemed to be at risk. In calculating the ECL on the receivable recognised for chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairments were required to be recognised on these financial assets as they are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-376": { "value": "Note 13. Intangible assets Accounting policy Intangible assets predominantly relate to internally generated software and other intangible assets and are stated at cost less accumulated amortisation. Internally generated software The Group develops software used in the provisioning of its services. Only the development costs that are directly attributable to the design, development and testing of the software controlled by the Group are capitalised. Other development expenditures that do not meet the recognition criteria under IAS 38 are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. 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 software development employee costs. Other intangible assets Other intangible assets primarily include licences and domain purchases. They are amortised on a straight-line basis over their useful economic life or the term of the contract. Amortisation 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. Impairment of intangible assets 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.
Other intangible
Software assets Total
\u00a3m \u00a3m \u00a3m
At 1 April 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)
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
Additions
2.0
\u2013
2.0
Amortisation charge
(6.5)
(0.4)
(6.9)
At 31 March 2024
Cost
11.0
4.6
15.6
Accumulated amortisation
(6.3)
(2.8)
(9.1)
Net book value
4.7
1.8
6.5
In addition to the capitalised amounts as software, the Group expensed \u00a3115.8m of product engineering costs for the year ended 31 March 2024 (2023: \u00a391.8m). These costs directly relate to the development of the Group\u2019s 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-355": { "value": "Note 13. Intangible assets Accounting policy Intangible assets predominantly relate to internally generated software and other intangible assets and are stated at cost less accumulated amortisation. Internally generated software The Group develops software used in the provisioning of its services. Only the development costs that are directly attributable to the design, development and testing of the software controlled by the Group are capitalised. Other development expenditures that do not meet the recognition criteria under IAS 38 are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. 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 software development employee costs. Other intangible assets Other intangible assets primarily include licences and domain purchases. They are amortised on a straight-line basis over their useful economic life or the term of the contract. Amortisation 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. Impairment of intangible assets 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.
Other intangible
Software assets Total
\u00a3m \u00a3m \u00a3m
At 1 April 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)
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
Additions
2.0
\u2013
2.0
Amortisation charge
(6.5)
(0.4)
(6.9)
At 31 March 2024
Cost
11.0
4.6
15.6
Accumulated amortisation
(6.3)
(2.8)
(9.1)
Net book value
4.7
1.8
6.5
In addition to the capitalised amounts as software, the Group expensed \u00a3115.8m of product engineering costs for the year
ended 31 March 2024 (2023: \u00a391.8m). These costs directly relate to the development of the Group\u2019s product offerings and
primarily comprise employee costs of the engineering and product teams that do not meet the capitalisation criteria.
During the year, the Group removed from the asset register intangible assets with a total cost of \u00a319.7m (2023: \u00a315.3m), that
have been fully amortised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-429": { "value": "Accounting policy Intangible assets predominantly relate to internally generated software and other intangible assets and are stated at cost less accumulated amortisation. Internally generated software The Group develops software used in the provisioning of its services. Only the development costs that are directly attributable to the design, development and testing of the software controlled by the Group are capitalised. Other development expenditures that do not meet the recognition criteria under IAS 38 are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. 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 software development employee costs. Other intangible assets Other intangible assets primarily include licences and domain purchases. They are amortised on a straight-line basis over their useful economic life or the term of the contract. Amortisation 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. Impairment of intangible assets 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-409": { "value": "Accounting policy Intangible assets predominantly relate to internally generated software and other intangible assets and are stated at cost less accumulated amortisation. Internally generated software The Group develops software used in the provisioning of its services. Only the development costs that are directly attributable to the design, development and testing of the software controlled by the Group are capitalised. Other development expenditures that do not meet the recognition criteria under IAS 38 are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. 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 software development employee costs. Other intangible assets Other intangible assets primarily include licences and domain purchases. They are amortised on a straight-line basis over their useful economic life or the term of the contract. Amortisation 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. Impairment of intangible assets 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-410": { "value": "Accounting policy Trade and other receivables primarily consist of amounts due from payment processors, partners, customers 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 carrying values of current trade receivables approximate their fair values due to their short maturity. The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are measured at amortised cost. The Group\u2019s receivables are considered to qualify for the simplified approach, which requires expected lifetime credit losses to be recognised from the initial recognition of the receivables. Refer to note 18 for further information on expected credit losses. The impairment loss allowance recognised during the year relates to chargebacks and negative customer balances. For chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-356": { "value": "Accounting policy Trade and other receivables primarily consist of amounts due from payment processors, partners, customers 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 carrying values of current trade receivables approximate their fair values due to their short maturity. The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are measured at amortised cost. The Group\u2019s receivables are considered to qualify for the simplified approach, which requires expected lifetime credit losses to be recognised from the initial recognition of the receivables. Refer to note 18 for further information on expected credit losses. The impairment loss allowance recognised during the year relates to chargebacks and negative customer balances. For chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full.
Note 14. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current trade and other receivables
Office lease deposits
2.8
2.4
Other non-current receivables
29.3
15.5
Total non-current trade and other receivables
32.1
17.9
Current trade and other receivables
Receivables from payment processors
95.6
86.8
Receivables from partners
93.6
41.0
Collateral deposits
25.0
44.8
Prepayments
30.1
19.4
Receivables from customers
131.6
23.9
Receivables from broker
19.9
15.2
Interest receivables
30.9
11.7
Other receivables
16.1
7.2
Total current trade and other receivables
442.8
250.0
1
1. Receivables from customers are net of expected credit loss provision of \u00a341.3m as at 31 March 2024 (2023: \u00a331.5m). The movement in the year
is predominantly related to increased activity and the related increase in customer balances, which resulted in the increase of negative
customers\u2019 balances older than 30 days. Customer chargebacks decreased by \u00a31.6m to \u00a32.5m at 31 March 2024 (31 March 2023: \u00a34.1m) and
overdrawn accounts increased by \u00a311.5m to \u00a338.9m (31 March 2023: \u00a327.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-357": { "value": "Note 15. Cash and cash equivalents Accounting policy Cash and cash equivalents include cash on hand, on-demand deposits, term deposits used for meeting short-term cash commitments, money market funds (MMFs) and other short-term high-quality liquid investments with original maturities of 3 months or less, and e-money held with payment processing partners. 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. As the Government bonds which we hold have original maturities of greater than 3 months they are regarded as Short Term Investments, rather than cash and cash equivalents, see Note 18 for further detail. 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. Cash collateral deposits the Group holds with its counterparties are recognised under \u2018Trade and other receivables\u2019 in the statement of financial position. Customer deposits As disclosed above, the Group recognises financial assets and liabilities for the funds customers hold in their Wise accounts 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. Principles to determine the point of delivery are the same as applied in revenue recognition; refer to note 3 . Critical accounting judgements Customer balances The Group recognises financial assets and corresponding liabilities for the funds customers hold in 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 right 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 an 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 .
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
Cash at banks, in hand and in transit between Group bank accounts
6,570.3
4,827.8
Cash in transit to customers
132.8
182.0
Investment into money market funds
3,776.1
2,669.6
Total cash and cash equivalents
10,479.2
7,679.4
Cash at banks, in hand and in transit between Group bank accounts include term deposits of \u00a3285.8m (2023: \u00a3nil). Their
settlement date is three months or less.
Of the \u00a310,479.2m (2023: \u00a37,679.4m) cash and cash equivalents at the year end, \u00a31,061.1m (2023: \u00a3671.1m) is the corporate
cash balance of the Group. This balance is not related to customer funds, which are held in Wise accounts, or collected from
customers as part of the money transfer settlement process.
The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. Such
requirements may vary across the different jurisdictions in which the Group operates. As at 31 March 2024, the Group held
\u00a35,290.5m (2023: \u00a33,832.9m) of customer funds as cash in segregated, safeguarding bank accounts at investment grade
banking institutions and term deposits. The remainder of safeguarded customer deposits were held across highly liquid global
money market funds (MMFs), treasury bonds and investment grade corporate paper, as allowed by local regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-411": { "value": "Accounting policy Cash and cash equivalents include cash on hand, on-demand deposits, term deposits used for meeting short-term cash commitments, money market funds (MMFs) and other short-term high-quality liquid investments with original maturities of 3 months or less, and e-money held with payment processing partners. 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. As the Government bonds which we hold have original maturities of greater than 3 months they are regarded as Short Term Investments, rather than cash and cash equivalents, see Note 18 for further detail. 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. Cash collateral deposits the Group holds with its counterparties are recognised under \u2018Trade and other receivables\u2019 in the statement of financial position. Customer deposits As disclosed above, the Group recognises financial assets and liabilities for the funds customers hold in their Wise accounts 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. Principles to determine the point of delivery are the same as applied in revenue recognition; refer to note 3 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-378": { "value": "Accounting policy Cash and cash equivalents include cash on hand, on-demand deposits, term deposits used for meeting short-term cash commitments, money market funds (MMFs) and other short-term high-quality liquid investments with original maturities of 3 months or less, and e-money held with payment processing partners. 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. As the Government bonds which we hold have original maturities of greater than 3 months they are regarded as Short Term Investments, rather than cash and cash equivalents, see Note 18 for further detail. 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. Cash collateral deposits the Group holds with its counterparties are recognised under \u2018Trade and other receivables\u2019 in the statement of financial position. Customer deposits As disclosed above, the Group recognises financial assets and liabilities for the funds customers hold in their Wise accounts 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. Principles to determine the point of delivery are the same as applied in revenue recognition; refer to note 3 . Critical accounting judgements Customer balances The Group recognises financial assets and corresponding liabilities for the funds customers hold in 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 right 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 an 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
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
Cash at banks, in hand and in transit between Group bank accounts
6,570.3
4,827.8
Cash in transit to customers
132.8
182.0
Investment into money market funds
3,776.1
2,669.6
Total cash and cash equivalents
10,479.2
7,679.4
Cash at banks, in hand and in transit between Group bank accounts include term deposits of \u00a3285.8m (2023: \u00a3nil). Their settlement date is three months or less. Of the \u00a310,479.2m (2023: \u00a37,679.4m) cash and cash equivalents at the year end, \u00a31,061.1m (2023: \u00a3671.1m) is the corporate cash balance of the Group. This balance is not related to customer funds, which are held in Wise accounts, or collected from customers as part of the money transfer settlement process. The Group is subject to various regulatory safeguarding compliance requirements with respect to customer funds. Such requirements may vary across the different jurisdictions in which the Group operates. As at 31 March 2024, the Group held \u00a35,290.5m (2023: \u00a33,832.9m) of customer funds as cash in segregated, safeguarding bank accounts at investment grade banking institutions and term deposits. The remainder of safeguarded customer deposits were held across highly liquid global money market funds (MMFs), treasury bonds and investment grade corporate paper, as allowed by local regulations.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-377": { "value": "Note 14. Trade and other receivables
2024 2023
\u00a3m \u00a3m
Non-current trade and other receivables
Office lease deposits
2.8
2.4
Other non-current receivables
29.3
15.5
Total non-current trade and other receivables
32.1
17.9
Current trade and other receivables
Receivables from payment processors
95.6
86.8
Receivables from partners
93.6
41.0
Collateral deposits
25.0
44.8
Prepayments
30.1
19.4
Receivables from customers
131.6
23.9
Receivables from broker
19.9
15.2
Interest receivables
30.9
11.7
Other receivables
16.1
7.2
Total current trade and other receivables
442.8
250.0
1 1. Receivables from customers are net of expected credit loss provision of \u00a341.3m as at 31 March 2024 (2023: \u00a331.5m). The movement in the year is predominantly related to increased activity and the related increase in customer balances, which resulted in the increase of negative customers\u2019 balances older than 30 days. Customer chargebacks decreased by \u00a31.6m to \u00a32.5m at 31 March 2024 (31 March 2023: \u00a34.1m) and overdrawn accounts increased by \u00a311.5m to \u00a338.9m (31 March 2023: \u00a327.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-358": { "value": "Note 16. Trade and other payables Accounting policy Accounts payable 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. Wise Accounts relate to the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. They are non-derivative liabilities to individuals or business customers for money they hold with the Group and do not constitute borrowings. Refer to note 15 for details of the judgement Management has exercised in relation to customers\u2019 balances and the recognition of the financial assets and their respective liabilities on the balance sheet. Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient. Payables are initially recognised at fair value and subsequently measured at amortised cost. 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.
As at 31 March As at 31 March
2024 2023
\u00a3m \u00a3m
Non-current trade and other payables
Accounts payable and accrued expenses
7.4
4.6
Other payables
38.7
25.1
Total non-current trade and other payables
46.1
29.7
Current trade and other payables
Outstanding money transmission liabilities
235.9
191.3
Wise Accounts
13,261.0
10,676.4
Accounts payable
7.9
8.2
Accrued expenses
76.3
52.2
Deferred revenue
12.9
8.0
Payables to payment processors
216.8
53.6
Other taxes
22.7
11.1
Other payables
39.2
22.1
Total current trade and other payables
13,872.7
11,022.9
Wise Accounts
The Group recognises a financial liability for the funds customers hold in their Wise accounts and the funds the Group receives
as part of the money transfer settlement process. The table below summarises the Group\u2019s exposure to foreign exchange risk at
the end of the reporting period.
The table below illustrates the currencies in which Wise Accounts are held:
2024 2023
\u00a3m \u00a3m
Wise accounts
USD
4,881.8
3,892.6
EUR
4,717.6
3,571.8
GBP
2,092.2
2,058.4
AUD
338.0
222.8
CAD
205.1
155.6
CHF
183.9
183.2
JPY
182.7
83.0
Other
659.7
509.0
Total
13,261.0
10,676.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-379": { "value": "Note 16. Trade and other payables Accounting policy Accounts payable 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. Wise Accounts relate to the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. They are non-derivative liabilities to individuals or business customers for money they hold with the Group and do not constitute borrowings. Refer to note 15 for details of the judgement Management has exercised in relation to customers\u2019 balances and the recognition of the financial assets and their respective liabilities on the balance sheet. Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient. Payables are initially recognised at fair value and subsequently measured at amortised cost. 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.
As at 31 March As at 31 March
2024 2023
\u00a3m \u00a3m
Non-current trade and other payables
Accounts payable and accrued expenses
7.4
4.6
Other payables
38.7
25.1
Total non-current trade and other payables
46.1
29.7
Current trade and other payables
Outstanding money transmission liabilities
235.9
191.3
Wise Accounts
13,261.0
10,676.4
Accounts payable
7.9
8.2
Accrued expenses
76.3
52.2
Deferred revenue
12.9
8.0
Payables to payment processors
216.8
53.6
Other taxes
22.7
11.1
Other payables
39.2
22.1
Total current trade and other payables
13,872.7
11,022.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-389": { "value": "Note 16. Trade and other payables Accounting policy Accounts payable 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. Wise Accounts relate to the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. They are non-derivative liabilities to individuals or business customers for money they hold with the Group and do not constitute borrowings. Refer to note 15 for details of the judgement Management has exercised in relation to customers\u2019 balances and the recognition of the financial assets and their respective liabilities on the balance sheet. Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient. Payables are initially recognised at fair value and subsequently measured at amortised cost. 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.
As at 31 March As at 31 March
2024 2023
\u00a3m \u00a3m
Non-current trade and other payables
Accounts payable and accrued expenses
7.4
4.6
Other payables
38.7
25.1
Total non-current trade and other payables
46.1
29.7
Current trade and other payables
Outstanding money transmission liabilities
235.9
191.3
Wise Accounts
13,261.0
10,676.4
Accounts payable
7.9
8.2
Accrued expenses
76.3
52.2
Deferred revenue
12.9
8.0
Payables to payment processors
216.8
53.6
Other taxes
22.7
11.1
Other payables
39.2
22.1
Total current trade and other payables
13,872.7
11,022.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-412": { "value": "Accounts payable 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. Wise Accounts relate to the funds customers hold in their Wise accounts and the funds the Group receives as part of the money transfer settlement process. They are non-derivative liabilities to individuals or business customers for money they hold with the Group and do not constitute borrowings. Refer to note 15 for details of the judgement Management has exercised in relation to customers\u2019 balances and the recognition of the financial assets and their respective liabilities on the balance sheet. Outstanding money transmission liabilities represent transfers that have not yet been paid out or delivered to a recipient. Payables are initially recognised at fair value and subsequently measured at amortised cost. 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:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-359": { "value": "Note 17. Borrowings
2024 2023
\u00a3m \u00a3m
Current
Revolving credit facility
202.7
249.9
Lease liabilities
6.7
6.7
Total current borrowings
209.4
256.6
Non-current
Lease liabilities
14.8
7.8
Total non-current borrowings
14.8
7.8
Total borrowings
224.2
264.4
Accounting policy Revolving credit facility (RCF) The RCF is recognised initially at fair value, net of transaction costs incurred, and is subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised as interest expense using the effective interest method over the term of the borrowing. 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. The Group uses the facility primarily for short-term funding, as such the facility has been recorded as a current liability on the balance sheet. Leases Where the Group is the lessee, the right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and are measured at an amount equal to the lease liability. They are related to office spaces leased in various locations and depreciated on a straight-line basis with the charge recognised in administrative expenses. The liability, recognised as part of borrowings, is measured at a discounted value and any interest is charged to finance charges. The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows. The Group has elected not to apply the requirements of IFRS 16 to short-term leases (leases with a lease term of 12 months or less) and leases for which the underlying asset is of low value. Low-value assets comprise IT and office equipment with a purchase price under \u00a35,000. Payments associated with short-term and low-value assets are recognised on a straight-line basis as an expense in profit or loss. Extension and termination options are included in a number of property and equipment leases across the Group and they are exercisable only by the Group and not by the lessors. 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. Debt movement reconciliation:
Revolving credit
facility Lease liabilities Total
\u00a3m \u00a3m \u00a3m
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
Cash flows:
Proceeds
420.0
\u2013
420.0
Transaction costs related to revolving credit facility
(0.5)
\u2013
(0.5)
Repayments
(470.0)
(7.1)
(477.1)
Interest expense paid
(15.8)
(1.1)
(16.9)
Non-cash flows:
New leases
\u2013
15.3
15.3
Interest expense
19.2
1.1
20.3
Foreign currency translation differences
(0.1)
(0.2)
(0.3)
Other lease movements
\u2013
(1.0)
(1.0)
As at 31 March 2024
202.7
21.5
224.2
Revolving credit facility (RCF) The Group has access to a multi-currency revolving facility offered by a syndicate of eight lenders, namely: HSBC Innovation Banking Limited, National Westminster Bank Plc, Citibank N.A., London Branch, JP Morgan Chase Bank N.A., London Branch, Goldman Sachs Lending Partners LLC, Barclays Bank Plc, Morgan Stanley Senior Funding Inc., and The Governor and Company of the Bank of Ireland. In December 2023, the Group exercised an accordion feature within the agreement to increase the total available committed funding capacity by an additional \u00a3100.0m, increasing the total facility size from \u00a3300.0m to \u00a3400.0m. The maturity date of the facility is in August 2025, and the agreement offers two one-year, extension options. 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. The Group monitors compliance with the covenants throughout the reporting period and has complied with all financial covenants for this and all reporting periods. The undrawn available committed funds as at 31 March 2024 was \u00a3200.0m (2023: \u00a350.0m). 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 Limited, 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. Lease liabilities As at 31 March 2024, the lease liabilities are \u00a321.5m (2023: \u00a314.5m) 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 2024-2030. 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 2024 is \u00a31.0m (2023: \u00a31.4m). The Group has extension options in office leases, which has not been exercised as at 31 March 2024. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of \u00a33.6m. The Group has a termination option in an office lease, which has not been exercised as at 31 March 2024. The potential future lease\u202fpayments, should the Group exercise the termination option, would result in a decrease in the lease liability of \u00a30.5m Note 18. Financial instruments and risk management Accounting policy Financial assets The Group classifies its financial assets, at initial recognition, and subsequently measures them at: \u2022 amortised cost; \u2022 fair value through profit or loss (FVTPL); and \u2022 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. 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. Cash flows in relation to purchase or sale of these instruments are classified as investing activities in the consolidated cash flow statement. Financial assets at amortised cost 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 amortised cost 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. Financial assets measured at amortised cost are predominantly trade and other receivables and cash and cash equivalents. Financial assets at fair value through other comprehensive income (FVOCI) The Group classifies debt securities (e.g. bonds) as FVOCI, 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. Financial assets through profit or loss (FVTPL) Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Financial assets through profit or loss include derivative assets. Impairment of financial assets The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are measured at amortised cost or fair value through other comprehensive income. The ECL assessment considers both the 12-month ECL and the lifetime ECL, as per IFRS 9 requirements. For debt instruments held at FVOCI, collateral deposits the Group holds with its counterparties and receivables from payment processors, the Group applies the low credit risk simplification. The Group\u2019s policy only allows exposures to financial institutions with sound credit quality rating and limits the exposure to a maximum amount. Furthermore, as per Group\u2019s investment policy, the debt instruments held at FVOCI consist solely of quoted bonds that are graded in the top investment categories (rated A- and above) and, therefore, are considered to be low credit risk investments. ECLs on such instruments are measured on a 12-month basis; nevertheless, when there has been a significant increase in credit risk since initial recognition, the allowance will be based on the lifetime ECL. At every reporting date, the Group evaluates whether or not these financial instruments are considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group uses external credit ratings if available both to determine whether the financial instrument has significantly increased in credit risk and to estimate ECLs. If a bank or other financial institution has no external credit rating, the Group evaluates its credit quality, where necessary, by analysing its financial position, past experience, and other factors. 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. a. Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. Management monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. 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 losses or risking damage to the Group\u2019s position above the Group\u2019s liquidity risk appetite. The Group utilises an internal liquidity adequacy assessment process to assess the Group\u2019s liquid resources; this process includes an assessment of net stressed liquidity outflows over a number of severe yet plausible stress scenarios. This ensures the Group maintains prudent levels of liquid resources at all times to meet both regulatory and the internal liquidity risk requirements. The Group assessed the concentration risk associated with refinancing its debt and concluded that it is low. This conclusion is based on the diverse mix of available liquidity sources available to Wise alongside robust internal cash reserves. The Group has not experienced any difficulties in sourcing additional liquidity over the past twelve months. The breakdowns of trade payables and borrowings into current and non-current are shown in notes 16 and 17. See also note 18 (e) for the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cashflows . b. 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. The credit risk exposure is managed at Group level against the Group\u2019s credit risk appetite. Wise actively manages credit concentration risk and it is Wise\u2019s policy to impose credit limits in order to control the exposure (amount and period) Wise has with each counterparty considering their level of risk. These limits are set based on the credit rating or perceived credit quality of each counterparty and approval must be obtained from the Assets and Liabilities Committee (ALCO). Impairment of financial assets continued The Group\u2019s remaining trade and other receivables qualify for the simplified approach in calculating ECLs, as they do not contain a significant financing component. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group\u2019s expected credit loss policy is to reassess all trade receivables over 30 days past due, and provide an ECL allowance if the balance is deemed to be at risk. In calculating the ECL on the receivable recognised for chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairments were required to be recognised on these financial assets as they are subject to an insignificant risk of changes in value. Financial liabilities Financial liabilities are measured at amortised cost, except for the derivative liabilities, which are classified as financial liabilities measured at fair value through profit or loss. 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. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The fair values of the derivative financial instruments are determined by mark-to-market valuation technique. The key inputs in the valuation model are the observable foreign exchange rates for the currencies involved. These inputs are considered level 2 within the fair value hierarchy, as they are observable, but may not be quoted directly for the specific instruments. The Group\u2019s maximum exposure to credit risk by class of financial asset is as follows:
2024 2023
\u00a3m \u00a3m
Asset category
Cash and cash equivalents
10,479.3
7,679.4
Short-term financial investments
4,033.9
3,804.5
Trade and other receivables
415.4
233.1
Derivative financial assets
1.6
\u2013
Total assets subject to credit risk
14,930.2
11,717.0
Credit risk is mitigated as the majority of these financial assets are held with investment grade financial institutions or invested in highly rated financial instruments with credit ratings assigned by reputable credit rating agencies such as Moody\u2019s, Standard & Poor\u2019s and Fitch Ratings. The Group\u2019s financial assets breakdown by credit ratings is as follows:
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
AAA
3,776.1
2,669.6
AA/Aa
1,978.2
2,887.8
A
4,114.5
1,658.7
BBB/Baa
80.0
83.4
BB/Ba/B
56.0
28.4
CCC/Caa
2.1
3.1
Unrated
201.4
76.0
Cash in transit
271.0
272.4
Total cash and cash equivalents subject to credit risk
10,479.3
7,679.4
Short-term financial investments
Aa, A
4,033.9
3,804.5
Total short-term financial instruments subject to credit risk
4,033.9
3,804.5
Trade and other receivables and derivative financial assets
AA/Aa
130.6
12.4
A
83.4
85.9
BBB/Baa
4.8
2.7
BB/Ba/B
\u2013
41.6
Unrated
198.2
90.5
Total trade and other receivables and derivative financial assets subject to credit risk
417.0
233.1
1. \u2018Unrated\u2019 includes payment providers, banks and customers with no public credit rating .
1 1 c. Market risk Interest rate risk The Group is exposed to interest rate risk from floating interest rate borrowings (refer to note 17) and manages the potential that financial expenses increase when interest rates increase. Sensitivity analysis is used to assess the interest rate risk. The Group is exposed to interest rate risk from fixed rate interest rate assets and liabilities on Wise\u2019s balance sheet. The main fixed interest rate exposure for Wise is driven by the safeguarded assets (mainly sovereign bonds) held as part of the investment portfolio. The interest rate risk is measured and monitored through an interest rate stress (175 basis points move in interest rates) applied on the bond assets, with an impact of \u00a338.4m across all bond holdings. Foreign exchange risk 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 short period of time. Wise actively monitors foreign exchange risk, and exposures are managed through a combination of natural hedging and treasury products hedging. The Group uses a combination of foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards to hedge its exposure to foreign currency risk:
2024
2023
Carrying Carrying Carrying
amount amount Notional Carrying amount amount Notional
assets liabilities amount assets liabilities amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial instruments
Foreign currency swaps
1.2
0.8
494.9
\u2013
0.1
196.0
Foreign exchange forwards
0.4
0.5
486.5
0.2
\u2013
143.3
Non-deliverable foreign exchange forwards
\u2013
0.3
45.6
\u2013
0.1
26.9
Total derivative financial instruments
1.6
1.6
1,027.0
0.2
0.2
366.2
The remaining maturity of all open treasury positions as at 31 March 2024 is between 1 to 19 days (31 March 2023: between 3 to 11 days). 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 Group\u2019s exposure to foreign exchange risk by currency The table below presents the Group\u2019s net position (difference between financial assets and liabilities) across its main currencies at the end of each reporting period. The table does not include the impact of treasury instruments utilised by the Group to mitigate its foreign exchange risk:
2024 2023
\u00a3m \u00a3m
Net exposure by currency
HUF
(96.6)
(2.1)
USD
60.8
18.0
AUD
59.3
(8.2)
BRL
52.6
22.6
EUR
(45.2)
(56.8)
THB
(43.1)
17.0
SGD
37.3
13.6
JPY
(16.5)
(17.0)
PHP
15.2
16.9
CAD
11.1
(7.8)
Other currencies
(4.8)
(30.9)
1 1 1 1 1 1 1 1
2024 2023
\u00a3m \u00a3m
Sensitivity to 5% exchange rate change
HUF
(4.8)
(0.1)
USD
3.0
0.9
AUD
3.0
(0.4)
BRL
2.6
1.1
EUR
(2.3)
(2.8)
THB
(2.2)
0.9
SGD
1.9
0.7
JPY
(0.8)
(0.9)
PHP
0.8
0.8
CAD
0.6
(0.4)
Other currencies
(0.2)
(1.5)
1. The Group mitigates the exposure to foreign exchange risk from movements in these currencies with a combination of treasury products. For further information on the instruments the Group utilises to manage its foreign exchange risk, refer to the \u2019Foreign exchange risk\u2019 section above. The Group\u2019s sensitivity to foreign exchange fluctuations by currency is as follows: 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 \u00a31.6m (2023: \u00a31.7m), 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. d. 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. 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 the case due to the existence of TINV Ltd, a group UK FCA-regulated investment firm subject to the same rules. Both TINV Ltd (MIFID investment firm) and the Group (MIFID investment group) are classified as Non-small and Non- interconnected investment firms (\u2018non-SNI\u2019). Overall own funds requirement 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 (FOR); and 3. its K-factor requirement (KFR). 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 (ICARA) 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
e. Carrying amounts and fair values of financial instruments
The carrying value of the Group\u2019s financial assets and liabilities by measurement basis is presented below:
2024 2023
\u00a3m \u00a3m
Financial assets at amortised cost
Long-term receivables
2.8
2.4
Short-term trade and other receivables
412.6
230.7
Cash and cash equivalents
10,479.3
7,679.4
Total financial assets at amortised cost
10,894.7
7,912.5
Financial liabilities at amortised cost
Non-current lease liabilities
(14.8)
(7.8)
Non-current trade and other payables
\u2013
(0.1)
Current lease liabilities
(6.7)
(6.7)
Current borrowings
(202.7)
(249.9)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities at amortised cost
(14,030.2)
(11,244.1)
Financial assets at FVOCI
Short-term financial investments
4,033.9
3,804.5
Total financial assets at FVOCI
4,033.9
3,804.5
Financial assets at FVTPL
Derivative financial assets
1.6
\u2013
Financial assets at FVTPL total
1.6
\u2013
Financial liabilities at FVTPL
Derivative financial instruments
(1.6)
\u2013
Financial liabilities at FVTPL total
(1.6)
\u2013
Fair value hierarchy
Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to
the quality and reliability of information used to determine the fair values.
\u2022 Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the
reporting period. Products classified as level 1 predominantly comprise treasury bonds and investment grade corporate paper.
The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
with the inputs that are observable either directly or indirectly. The Group classifies foreign exchange contracts as level 2
financial instruments. These instruments are valued by observable foreign exchange rates. There were no changes to the
valuation technique during the period.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
The Group does not currently have any financial instruments in level 3.
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:
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2024
Financial assets measured at fair value
Short-term financial investments
4,033.9
4,033.9
\u2013
\u2013
Derivative financial assets
1.6
\u2013
1.6
\u2013
Total financial assets measured at fair value
4,035.5
4,033.9
1.6
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
(1.6)
\u2013
(1.6)
\u2013
Total financial liabilities measured at fair value
(1.6)
\u2013
(1.6)
\u2013
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
Financial assets measured at fair value
Short-term financial investments
3,804.5
3,804.5
\u2013
\u2013
Derivative financial assets
\u2013
\u2013
\u2013
\u2013
Total financial assets measured at fair value
3,804.5
3,804.5
\u2013
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
Total financial liabilities measured at fair value
\u2013
\u2013
\u2013
\u2013
Contractual maturity of financial liabilities based on undiscounted cash flows:
2024 2023
\u00a3m \u00a3m
Less than 1 year
Current lease liabilities
(8.6)
(7.3)
Current borrowings
(209.9)
(256.6)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities
(14,024.5)
(11,243.5)
Between 1 and 5 years
Non-current lease liabilities
(16.9)
(8.2)
Non-current borrowings
(1.0)
(2.9)
Non-current trade and other payables
\u2013
(0.1)
Total financial liabilities
(17.9)
(11.2)
Current and non-current borrowings include principal and interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-380": { "value": "Note 17. Borrowings
2024 2023
\u00a3m \u00a3m
Current
Revolving credit facility
202.7
249.9
Lease liabilities
6.7
6.7
Total current borrowings
209.4
256.6
Non-current
Lease liabilities
14.8
7.8
Total non-current borrowings
14.8
7.8
Total borrowings
224.2
264.4
Accounting policy Revolving credit facility (RCF) The RCF is recognised initially at fair value, net of transaction costs incurred, and is subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised as interest expense using the effective interest method over the term of the borrowing. 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. The Group uses the facility primarily for short-term funding, as such the facility has been recorded as a current liability on the balance sheet. Leases Where the Group is the lessee, the right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and are measured at an amount equal to the lease liability. They are related to office spaces leased in various locations and depreciated on a straight-line basis with the charge recognised in administrative expenses. The liability, recognised as part of borrowings, is measured at a discounted value and any interest is charged to finance charges. The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows. The Group has elected not to apply the requirements of IFRS 16 to short-term leases (leases with a lease term of 12 months or less) and leases for which the underlying asset is of low value. Low-value assets comprise IT and office equipment with a purchase price under \u00a35,000. Payments associated with short-term and low-value assets are recognised on a straight-line basis as an expense in profit or loss. Extension and termination options are included in a number of property and equipment leases across the Group and they are exercisable only by the Group and not by the lessors. 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. Debt movement reconciliation:
Revolving credit
facility Lease liabilities Total
\u00a3m \u00a3m \u00a3m
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
Cash flows:
Proceeds
420.0
\u2013
420.0
Transaction costs related to revolving credit facility
(0.5)
\u2013
(0.5)
Repayments
(470.0)
(7.1)
(477.1)
Interest expense paid
(15.8)
(1.1)
(16.9)
Non-cash flows:
New leases
\u2013
15.3
15.3
Interest expense
19.2
1.1
20.3
Foreign currency translation differences
(0.1)
(0.2)
(0.3)
Other lease movements
\u2013
(1.0)
(1.0)
As at 31 March 2024
202.7
21.5
224.2
Revolving credit facility (RCF) The Group has access to a multi-currency revolving facility offered by a syndicate of eight lenders, namely: HSBC Innovation Banking Limited, National Westminster Bank Plc, Citibank N.A., London Branch, JP Morgan Chase Bank N.A., London Branch, Goldman Sachs Lending Partners LLC, Barclays Bank Plc, Morgan Stanley Senior Funding Inc., and The Governor and Company of the Bank of Ireland. In December 2023, the Group exercised an accordion feature within the agreement to increase the total available committed funding capacity by an additional \u00a3100.0m, increasing the total facility size from \u00a3300.0m to \u00a3400.0m. The maturity date of the facility is in August 2025, and the agreement offers two one-year, extension options. 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. The Group monitors compliance with the covenants throughout the reporting period and has complied with all financial covenants for this and all reporting periods. The undrawn available committed funds as at 31 March 2024 was \u00a3200.0m (2023: \u00a350.0m). 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 Limited, 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. Lease liabilities As at 31 March 2024, the lease liabilities are \u00a321.5m (2023: \u00a314.5m) 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 2024-2030. 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 2024 is \u00a31.0m (2023: \u00a31.4m). The Group has extension options in office leases, which has not been exercised as at 31 March 2024. The potential future lease payments, should the Group exercise the extension options, would result in an increase in the lease liability of \u00a33.6m. The Group has a termination option in an office lease, which has not been exercised as at 31 March 2024. The potential future lease\u202fpayments, should the Group exercise the termination option, would result in a decrease in the lease liability of \u00a30.5m .", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-413": { "value": "
2024 2023
\u00a3m \u00a3m
Current
Revolving credit facility
202.7
249.9
Lease liabilities
6.7
6.7
Total current borrowings
209.4
256.6
Non-current
Lease liabilities
14.8
7.8
Total non-current borrowings
14.8
7.8
Total borrowings
224.2
264.4
Accounting policy Revolving credit facility (RCF) The RCF is recognised initially at fair value, net of transaction costs incurred, and is subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised as interest expense using the effective interest method over the term of the borrowing. 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. The Group uses the facility primarily for short-term funding, as such the facility has been recorded as a current liability on the balance sheet. Leases Where the Group is the lessee, the right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and are measured at an amount equal to the lease liability. They are related to office spaces leased in various locations and depreciated on a straight-line basis with the charge recognised in administrative expenses. The liability, recognised as part of borrowings, is measured at a discounted value and any interest is charged to finance charges. The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows. The Group has elected not to apply the requirements of IFRS 16 to short-term leases (leases with a lease term of 12 months or less) and leases for which the underlying asset is of low value. Low-value assets comprise IT and office equipment with a purchase price under \u00a35,000. Payments associated with short-term and low-value assets are recognised on a straight-line basis as an expense in profit or loss. Extension and termination options are included in a number of property and equipment leases across the Group and they are exercisable only by the Group and not by the lessors. 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. 145Wise Annual Report and Accounts 2024 Accounting policy Financial assets The Group classifies its financial assets, at initial recognition, and subsequently measures them at: \u2022 amortised cost; \u2022 fair value through profit or loss (FVTPL); and \u2022 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. 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. Cash flows in relation to purchase or sale of these instruments are classified as investing activities in the consolidated cash flow statement. Financial assets at amortised cost 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 amortised cost 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. Financial assets measured at amortised cost are predominantly trade and other receivables and cash and cash equivalents. Financial assets at fair value through other comprehensive income (FVOCI) The Group classifies debt securities (e.g. bonds) as FVOCI, 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. Financial assets through profit or loss (FVTPL) Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Financial assets through profit or loss include derivative assets. Impairment of financial assets The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are measured at amortised cost or fair value through other comprehensive income. The ECL assessment considers both the 12-month ECL and the lifetime ECL, as per IFRS 9 requirements. For debt instruments held at FVOCI, collateral deposits the Group holds with its counterparties and receivables from payment processors, the Group applies the low credit risk simplification. The Group\u2019s policy only allows exposures to financial institutions with sound credit quality rating and limits the exposure to a maximum amount. Furthermore, as per Group\u2019s investment policy, the debt instruments held at FVOCI consist solely of quoted bonds that are graded in the top investment categories (rated A- and above) and, therefore, are considered to be low credit risk investments. ECLs on such instruments are measured on a 12-month basis; nevertheless, when there has been a significant increase in credit risk since initial recognition, the allowance will be based on the lifetime ECL. At every reporting date, the Group evaluates whether or not these financial instruments are considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group uses external credit ratings if available both to determine whether the financial instrument has significantly increased in credit risk and to estimate ECLs. If a bank or other financial institution has no external credit rating, the Group evaluates its credit quality, where necessary, by analysing its financial position, past experience, and other factors. The Group\u2019s remaining trade and other receivables qualify for the simplified approach in calculating ECLs, as they do not contain a significant financing component. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group\u2019s expected credit loss policy is to reassess all trade receivables over 30 days past due, and provide an ECL allowance if the balance is deemed to be at risk. In calculating the ECL on the receivable recognised for chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairments were required to be recognised on these financial assets as they are subject to an insignificant risk of changes in value. Financial liabilities Financial liabilities are measured at amortised cost, except for the derivative liabilities, which are classified as financial liabilities measured at fair value through profit or loss. 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. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The fair values of the derivative financial instruments are determined by mark-to-market valuation technique. The key inputs in the valuation model are the observable foreign exchange rates for the currencies involved. These inputs are considered level 2 within the fair value hierarchy, as they are observable, but may not be quoted directly for the specific instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-425": { "value": "
2024 2023
\u00a3m \u00a3m
Current
Revolving credit facility
202.7
249.9
Lease liabilities
6.7
6.7
Total current borrowings
209.4
256.6
Non-current
Lease liabilities
14.8
7.8
Total non-current borrowings
14.8
7.8
Total borrowings
224.2
264.4
Accounting policy Revolving credit facility (RCF) The RCF is recognised initially at fair value, net of transaction costs incurred, and is subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised as interest expense using the effective interest method over the term of the borrowing. 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. The Group uses the facility primarily for short-term funding, as such the facility has been recorded as a current liability on the balance sheet. Leases Where the Group is the lessee, the right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and are measured at an amount equal to the lease liability. They are related to office spaces leased in various locations and depreciated on a straight-line basis with the charge recognised in administrative expenses. The liability, recognised as part of borrowings, is measured at a discounted value and any interest is charged to finance charges. The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows. The Group has elected not to apply the requirements of IFRS 16 to short-term leases (leases with a lease term of 12 months or less) and leases for which the underlying asset is of low value. Low-value assets comprise IT and office equipment with a purchase price under \u00a35,000. Payments associated with short-term and low-value assets are recognised on a straight-line basis as an expense in profit or loss. Extension and termination options are included in a number of property and equipment leases across the Group and they are exercisable only by the Group and not by the lessors. 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. 145Wise Annual Report and Accounts 2024 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-419": { "value": "Leases Where the Group is the lessee, the right-of-use of assets are recorded within the \u2018Property, plant and equipment\u2019 line in the statement of financial position and are measured at an amount equal to the lease liability. They are related to office spaces leased in various locations and depreciated on a straight-line basis with the charge recognised in administrative expenses. The liability, recognised as part of borrowings, is measured at a discounted value and any interest is charged to finance charges. The Group presents the payments of principal and interest on lease liabilities as part of financing cash flows. The Group has elected not to apply the requirements of IFRS 16 to short-term leases (leases with a lease term of 12 months or less) and leases for which the underlying asset is of low value. Low-value assets comprise IT and office equipment with a purchase price under \u00a35,000. Payments associated with short-term and low-value assets are recognised on a straight-line basis as an expense in profit or loss. Extension and termination options are included in a number of property and equipment leases across the Group and they are exercisable only by the Group and not by the lessors. 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. 145Wise Annual Report and Accounts 2024 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-390": { "value": "
Lease liabilities
As at 31 March 2024, the lease liabilities are \u00a321.5m (2023: \u00a314.5m) 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 2024-2030.
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 2024 is \u00a31.0m (2023: \u00a31.4m).
The Group has extension options in office leases, which has not been exercised as at 31 March 2024. The potential future lease
payments, should the Group exercise the extension options, would result in an increase in the lease liability of \u00a33.6m.
The Group has a termination option in an office lease, which has not been exercised as at 31 March 2024. The potential future
lease\u202fpayments, should the Group exercise the termination option, would result in a decrease in the lease liability of \u00a30.5m .
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-381": { "value": "Note 18. Financial instruments and risk management Accounting policy Financial assets The Group classifies its financial assets, at initial recognition, and subsequently measures them at: \u2022 amortised cost; \u2022 fair value through profit or loss (FVTPL); and \u2022 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. 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. Cash flows in relation to purchase or sale of these instruments are classified as investing activities in the consolidated cash flow statement. Financial assets at amortised cost 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 amortised cost 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. Financial assets measured at amortised cost are predominantly trade and other receivables and cash and cash equivalents. Financial assets at fair value through other comprehensive income (FVOCI) The Group classifies debt securities (e.g. bonds) as FVOCI, 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. Financial assets through profit or loss (FVTPL) Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Financial assets through profit or loss include derivative assets. Impairment of financial assets The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are measured at amortised cost or fair value through other comprehensive income. The ECL assessment considers both the 12-month ECL and the lifetime ECL, as per IFRS 9 requirements. For debt instruments held at FVOCI, collateral deposits the Group holds with its counterparties and receivables from payment processors, the Group applies the low credit risk simplification. The Group\u2019s policy only allows exposures to financial institutions with sound credit quality rating and limits the exposure to a maximum amount. Furthermore, as per Group\u2019s investment policy, the debt instruments held at FVOCI consist solely of quoted bonds that are graded in the top investment categories (rated A- and above) and, therefore, are considered to be low credit risk investments. ECLs on such instruments are measured on a 12-month basis; nevertheless, when there has been a significant increase in credit risk since initial recognition, the allowance will be based on the lifetime ECL. At every reporting date, the Group evaluates whether or not these financial instruments are considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group uses external credit ratings if available both to determine whether the financial instrument has significantly increased in credit risk and to estimate ECLs. If a bank or other financial institution has no external credit rating, the Group evaluates its credit quality, where necessary, by analysing its financial position, past experience, and other factors. 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. a. Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. Management monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. 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 losses or risking damage to the Group\u2019s position above the Group\u2019s liquidity risk appetite. The Group utilises an internal liquidity adequacy assessment process to assess the Group\u2019s liquid resources; this process includes an assessment of net stressed liquidity outflows over a number of severe yet plausible stress scenarios. This ensures the Group maintains prudent levels of liquid resources at all times to meet both regulatory and the internal liquidity risk requirements. The Group assessed the concentration risk associated with refinancing its debt and concluded that it is low. This conclusion is based on the diverse mix of available liquidity sources available to Wise alongside robust internal cash reserves. The Group has not experienced any difficulties in sourcing additional liquidity over the past twelve months. The breakdowns of trade payables and borrowings into current and non-current are shown in notes 16 and 17. See also note 18 (e) for the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cashflows . b. 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. The credit risk exposure is managed at Group level against the Group\u2019s credit risk appetite. Wise actively manages credit concentration risk and it is Wise\u2019s policy to impose credit limits in order to control the exposure (amount and period) Wise has with each counterparty considering their level of risk. These limits are set based on the credit rating or perceived credit quality of each counterparty and approval must be obtained from the Assets and Liabilities Committee (ALCO). Impairment of financial assets continued The Group\u2019s remaining trade and other receivables qualify for the simplified approach in calculating ECLs, as they do not contain a significant financing component. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group\u2019s expected credit loss policy is to reassess all trade receivables over 30 days past due, and provide an ECL allowance if the balance is deemed to be at risk. In calculating the ECL on the receivable recognised for chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairments were required to be recognised on these financial assets as they are subject to an insignificant risk of changes in value. Financial liabilities Financial liabilities are measured at amortised cost, except for the derivative liabilities, which are classified as financial liabilities measured at fair value through profit or loss. 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. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The fair values of the derivative financial instruments are determined by mark-to-market valuation technique. The key inputs in the valuation model are the observable foreign exchange rates for the currencies involved. These inputs are considered level 2 within the fair value hierarchy, as they are observable, but may not be quoted directly for the specific instruments. The Group\u2019s maximum exposure to credit risk by class of financial asset is as follows:
2024 2023
\u00a3m \u00a3m
Asset category
Cash and cash equivalents
10,479.3
7,679.4
Short-term financial investments
4,033.9
3,804.5
Trade and other receivables
415.4
233.1
Derivative financial assets
1.6
\u2013
Total assets subject to credit risk
14,930.2
11,717.0
Credit risk is mitigated as the majority of these financial assets are held with investment grade financial institutions or invested in highly rated financial instruments with credit ratings assigned by reputable credit rating agencies such as Moody\u2019s, Standard & Poor\u2019s and Fitch Ratings. The Group\u2019s financial assets breakdown by credit ratings is as follows:
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
AAA
3,776.1
2,669.6
AA/Aa
1,978.2
2,887.8
A
4,114.5
1,658.7
BBB/Baa
80.0
83.4
BB/Ba/B
56.0
28.4
CCC/Caa
2.1
3.1
Unrated
201.4
76.0
Cash in transit
271.0
272.4
Total cash and cash equivalents subject to credit risk
10,479.3
7,679.4
Short-term financial investments
Aa, A
4,033.9
3,804.5
Total short-term financial instruments subject to credit risk
4,033.9
3,804.5
Trade and other receivables and derivative financial assets
AA/Aa
130.6
12.4
A
83.4
85.9
BBB/Baa
4.8
2.7
BB/Ba/B
\u2013
41.6
Unrated
198.2
90.5
Total trade and other receivables and derivative financial assets subject to credit risk
417.0
233.1
1. \u2018Unrated\u2019 includes payment providers, banks and customers with no public credit rating .
1 1 c. Market risk Interest rate risk The Group is exposed to interest rate risk from floating interest rate borrowings (refer to note 17) and manages the potential that financial expenses increase when interest rates increase. Sensitivity analysis is used to assess the interest rate risk. The Group is exposed to interest rate risk from fixed rate interest rate assets and liabilities on Wise\u2019s balance sheet. The main fixed interest rate exposure for Wise is driven by the safeguarded assets (mainly sovereign bonds) held as part of the investment portfolio. The interest rate risk is measured and monitored through an interest rate stress (175 basis points move in interest rates) applied on the bond assets, with an impact of \u00a338.4m across all bond holdings. Foreign exchange risk 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 short period of time. Wise actively monitors foreign exchange risk, and exposures are managed through a combination of natural hedging and treasury products hedging.
The Group uses a combination of foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange
forwards to hedge its exposure to foreign currency risk:
2024
2023
Carrying Carrying Carrying
amount amount Notional Carrying amount amount Notional
assets liabilities amount assets liabilities amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial instruments
Foreign currency swaps
1.2
0.8
494.9
\u2013
0.1
196.0
Foreign exchange forwards
0.4
0.5
486.5
0.2
\u2013
143.3
Non-deliverable foreign exchange forwards
\u2013
0.3
45.6
\u2013
0.1
26.9
Total derivative financial instruments
1.6
1.6
1,027.0
0.2
0.2
366.2
The remaining maturity of all open treasury positions as at 31 March 2024 is between 1 to 19 days (31 March 2023: between 3 to
11 days).
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 Group\u2019s exposure to foreign exchange risk by currency
The table below presents the Group\u2019s net position (difference between financial assets and liabilities) across its main currencies
at the end of each reporting period. The table does not include the impact of treasury instruments utilised by the Group to
mitigate its foreign exchange risk:
2024 2023
\u00a3m \u00a3m
Net exposure by currency
HUF
(96.6)
(2.1)
USD
60.8
18.0
AUD
59.3
(8.2)
BRL
52.6
22.6
EUR
(45.2)
(56.8)
THB
(43.1)
17.0
SGD
37.3
13.6
JPY
(16.5)
(17.0)
PHP
15.2
16.9
CAD
11.1
(7.8)
Other currencies
(4.8)
(30.9)
1
1
1
1
1
1
1
1
2024 2023
\u00a3m \u00a3m
Sensitivity to 5% exchange rate change
HUF
(4.8)
(0.1)
USD
3.0
0.9
AUD
3.0
(0.4)
BRL
2.6
1.1
EUR
(2.3)
(2.8)
THB
(2.2)
0.9
SGD
1.9
0.7
JPY
(0.8)
(0.9)
PHP
0.8
0.8
CAD
0.6
(0.4)
Other currencies
(0.2)
(1.5)
1. The Group mitigates the exposure to foreign exchange risk from movements in these currencies with a combination of treasury products. For
further information on the instruments the Group utilises to manage its foreign exchange risk, refer to the \u2019Foreign exchange risk\u2019 section above.
The Group\u2019s sensitivity to foreign exchange fluctuations by currency is as follows:
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 \u00a31.6m (2023: \u00a31.7m), 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.
d. 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.
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 the case due to the existence of TINV Ltd, a group UK FCA-regulated investment firm subject to the same
rules.
Both TINV Ltd (MIFID investment firm) and the Group (MIFID investment group) are classified as Non-small and Non-
interconnected investment firms (\u2018non-SNI\u2019).
Overall own funds requirement
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 (FOR); and
3. its K-factor requirement (KFR).
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 (ICARA) 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 .
e. Carrying amounts and fair values of financial instruments The carrying value of the Group\u2019s financial assets and liabilities by measurement basis is presented below:
2024 2023
\u00a3m \u00a3m
Financial assets at amortised cost
Long-term receivables
2.8
2.4
Short-term trade and other receivables
412.6
230.7
Cash and cash equivalents
10,479.3
7,679.4
Total financial assets at amortised cost
10,894.7
7,912.5
Financial liabilities at amortised cost
Non-current lease liabilities
(14.8)
(7.8)
Non-current trade and other payables
\u2013
(0.1)
Current lease liabilities
(6.7)
(6.7)
Current borrowings
(202.7)
(249.9)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities at amortised cost
(14,030.2)
(11,244.1)
Financial assets at FVOCI
Short-term financial investments
4,033.9
3,804.5
Total financial assets at FVOCI
4,033.9
3,804.5
Financial assets at FVTPL
Derivative financial assets
1.6
\u2013
Financial assets at FVTPL total
1.6
\u2013
Financial liabilities at FVTPL
Derivative financial instruments
(1.6)
\u2013
Financial liabilities at FVTPL total
(1.6)
\u2013
Fair value hierarchy Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to the quality and reliability of information used to determine the fair values. \u2022 Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. Products classified as level 1 predominantly comprise treasury bonds and investment grade corporate paper. The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date. \u2022 Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques with the inputs that are observable either directly or indirectly. The Group classifies foreign exchange contracts as level 2 financial instruments. These instruments are valued by observable foreign exchange rates. There were no changes to the valuation technique during the period. \u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. The Group does not currently have any financial instruments in level 3. 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:
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2024
Financial assets measured at fair value
Short-term financial investments
4,033.9
4,033.9
\u2013
\u2013
Derivative financial assets
1.6
\u2013
1.6
\u2013
Total financial assets measured at fair value
4,035.5
4,033.9
1.6
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
(1.6)
\u2013
(1.6)
\u2013
Total financial liabilities measured at fair value
(1.6)
\u2013
(1.6)
\u2013
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
Financial assets measured at fair value
Short-term financial investments
3,804.5
3,804.5
\u2013
\u2013
Derivative financial assets
\u2013
\u2013
\u2013
\u2013
Total financial assets measured at fair value
3,804.5
3,804.5
\u2013
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
Total financial liabilities measured at fair value
\u2013
\u2013
\u2013
\u2013
Contractual maturity of financial liabilities based on undiscounted cash flows:
2024 2023
\u00a3m \u00a3m
Less than 1 year
Current lease liabilities
(8.6)
(7.3)
Current borrowings
(209.9)
(256.6)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities
(14,024.5)
(11,243.5)
Between 1 and 5 years
Non-current lease liabilities
(16.9)
(8.2)
Non-current borrowings
(1.0)
(2.9)
Non-current trade and other payables
\u2013
(0.1)
Total financial liabilities
(17.9)
(11.2)
Current and non-current borrowings include principal and interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-420": { "value": "Accounting policy Financial assets The Group classifies its financial assets, at initial recognition, and subsequently measures them at: \u2022 amortised cost; \u2022 fair value through profit or loss (FVTPL); and \u2022 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. 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. Cash flows in relation to purchase or sale of these instruments are classified as investing activities in the consolidated cash flow statement. Financial assets at amortised cost 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 amortised cost 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. Financial assets measured at amortised cost are predominantly trade and other receivables and cash and cash equivalents. Financial assets at fair value through other comprehensive income (FVOCI) The Group classifies debt securities (e.g. bonds) as FVOCI, 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. Financial assets through profit or loss (FVTPL) Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Financial assets through profit or loss include derivative assets. Impairment of financial assets The Group recognises impairment loss allowances for expected credit losses (ECL) on financial assets that are measured at amortised cost or fair value through other comprehensive income. The ECL assessment considers both the 12-month ECL and the lifetime ECL, as per IFRS 9 requirements. For debt instruments held at FVOCI, collateral deposits the Group holds with its counterparties and receivables from payment processors, the Group applies the low credit risk simplification. The Group\u2019s policy only allows exposures to financial institutions with sound credit quality rating and limits the exposure to a maximum amount. Furthermore, as per Group\u2019s investment policy, the debt instruments held at FVOCI consist solely of quoted bonds that are graded in the top investment categories (rated A- and above) and, therefore, are considered to be low credit risk investments. ECLs on such instruments are measured on a 12-month basis; nevertheless, when there has been a significant increase in credit risk since initial recognition, the allowance will be based on the lifetime ECL. At every reporting date, the Group evaluates whether or not these financial instruments are considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group uses external credit ratings if available both to determine whether the financial instrument has significantly increased in credit risk and to estimate ECLs. If a bank or other financial institution has no external credit rating, the Group evaluates its credit quality, where necessary, by analysing its financial position, past experience, and other factors. The Group\u2019s remaining trade and other receivables qualify for the simplified approach in calculating ECLs, as they do not contain a significant financing component. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group\u2019s expected credit loss policy is to reassess all trade receivables over 30 days past due, and provide an ECL allowance if the balance is deemed to be at risk. In calculating the ECL on the receivable recognised for chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairments were required to be recognised on these financial assets as they are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-426": { "value": "
Financial assets through profit or loss (FVTPL)
Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at
amortised cost or fair value through other comprehensive income. Financial assets through profit or loss include
derivative assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-430": { "value": "Financial assets through profit or loss (FVTPL) Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income. Financial assets through profit or loss include derivative assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-391": { "value": "a. Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. Management monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. 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 losses or risking damage to the Group\u2019s position above the Group\u2019s liquidity risk appetite. The Group utilises an internal liquidity adequacy assessment process to assess the Group\u2019s liquid resources; this process includes an assessment of net stressed liquidity outflows over a number of severe yet plausible stress scenarios. This ensures the Group maintains prudent levels of liquid resources at all times to meet both regulatory and the internal liquidity risk requirements. The Group assessed the concentration risk associated with refinancing its debt and concluded that it is low. This conclusion is based on the diverse mix of available liquidity sources available to Wise alongside robust internal cash reserves. The Group has not experienced any difficulties in sourcing additional liquidity over the past twelve months. The breakdowns of trade payables and borrowings into current and non-current are shown in notes 16 and 17. See also note 18 (e) for the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cashflows ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-392": { "value": "
b. 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. The credit risk exposure is managed at Group level against the Group\u2019s credit risk appetite. Wise actively
manages credit concentration risk and it is Wise\u2019s policy to impose credit limits in order to control the exposure (amount and
period) Wise has with each counterparty considering their level of risk. These limits are set based on the credit rating or
perceived credit quality of each counterparty and approval must be obtained from the Assets and Liabilities Committee (ALCO).
The Group\u2019s maximum exposure to credit risk by class of financial asset is as follows:
2024 2023
\u00a3m \u00a3m
Asset category
Cash and cash equivalents
10,479.3
7,679.4
Short-term financial investments
4,033.9
3,804.5
Trade and other receivables
415.4
233.1
Derivative financial assets
1.6
\u2013
Total assets subject to credit risk
14,930.2
11,717.0
Credit risk is mitigated as the majority of these financial assets are held with investment grade financial institutions or invested in highly rated financial instruments with credit ratings assigned by reputable credit rating agencies such as Moody\u2019s, Standard & Poor\u2019s and Fitch Ratings. The Group\u2019s financial assets breakdown by credit ratings is as follows: 2024 2023 \u00a3m \u00a3m Cash and cash equivalents AAA 3,776.1 2,669.6 AA/Aa 1,978.2 2,887.8 A 4,114.5 1,658.7 BBB/Baa 80.0 83.4 BB/Ba/B 56.0 28.4 CCC/Caa 2.1 3.1 Unrated 201.4 76.0 Cash in transit 271.0 272.4 Total cash and cash equivalents subject to credit risk 10,479.3 7,679.4 Short-term financial investments Aa, A 4,033.9 3,804.5 Total short-term financial instruments subject to credit risk 4,033.9 3,804.5 Trade and other receivables and derivative financial assets AA/Aa 130.6 12.4 A 83.4 85.9 BBB/Baa 4.8 2.7 BB/Ba/B \u2013 41.6 Unrated 198.2 90.5 Total trade and other receivables and derivative financial assets subject to credit risk 417.0 233.1 1. \u2018Unrated\u2019 includes payment providers, banks and customers with no public credit rating 1 1 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-428": { "value": "The Group\u2019s remaining trade and other receivables qualify for the simplified approach in calculating ECLs, as they do not contain a significant financing component. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group\u2019s expected credit loss policy is to reassess all trade receivables over 30 days past due, and provide an ECL allowance if the balance is deemed to be at risk. In calculating the ECL on the receivable recognised for chargebacks, 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 negative customer balances, if an active non-fraudulent account goes more than 30 days past due, according to the Group policy, it is perceived as an indication of a significant increase in credit risk and the receivable is provided in full. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, no impairments were required to be recognised on these financial assets as they are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-421": { "value": "Financial liabilities Financial liabilities are measured at amortised cost, except for the derivative liabilities, which are classified as financial liabilities measured at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-427": { "value": "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. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The fair values of the derivative financial instruments are determined by mark-to-market valuation technique. The key inputs in the valuation model are the observable foreign exchange rates for the currencies involved. These inputs are considered level 2 within the fair value hierarchy, as they are observable, but may not be quoted directly for the specific instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-422": { "value": "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. The Group does not hold or issue derivative financial instruments for trading or speculative purposes. The fair values of the derivative financial instruments are determined by mark-to-market valuation technique. The key inputs in the valuation model are the observable foreign exchange rates for the currencies involved. These inputs are considered level 2 within the fair value hierarchy, as they are observable, but may not be quoted directly for the specific instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-393": { "value": "
c. Market risk
Interest rate risk
The Group is exposed to interest rate risk from floating interest rate borrowings (refer to note 17) and manages the potential that
financial expenses increase when interest rates increase. Sensitivity analysis is used to assess the interest rate risk.
The Group is exposed to interest rate risk from fixed rate interest rate assets and liabilities on Wise\u2019s balance sheet. The main
fixed interest rate exposure for Wise is driven by the safeguarded assets (mainly sovereign bonds) held as part of the
investment portfolio. The interest rate risk is measured and monitored through an interest rate stress (175 basis points move in
interest rates) applied on the bond assets, with an impact of \u00a338.4m across all bond holdings.
Foreign exchange risk
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 short period of time. Wise actively monitors
foreign exchange risk, and exposures are managed through a combination of natural hedging and treasury products hedging.
The Group uses a combination of foreign currency swaps, foreign exchange forwards and non-deliverable foreign exchange forwards to hedge its exposure to foreign currency risk:
2024
2023
Carrying Carrying Carrying
amount amount Notional Carrying amount amount Notional
assets liabilities amount assets liabilities amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial instruments
Foreign currency swaps
1.2
0.8
494.9
\u2013
0.1
196.0
Foreign exchange forwards
0.4
0.5
486.5
0.2
\u2013
143.3
Non-deliverable foreign exchange forwards
\u2013
0.3
45.6
\u2013
0.1
26.9
Total derivative financial instruments
1.6
1.6
1,027.0
0.2
0.2
366.2
The remaining maturity of all open treasury positions as at 31 March 2024 is between 1 to 19 days (31 March 2023: between 3 to 11 days). 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 Group\u2019s exposure to foreign exchange risk by currency The table below presents the Group\u2019s net position (difference between financial assets and liabilities) across its main currencies at the end of each reporting period. The table does not include the impact of treasury instruments utilised by the Group to mitigate its foreign exchange risk:
2024 2023
\u00a3m \u00a3m
Net exposure by currency
HUF
(96.6)
(2.1)
USD
60.8
18.0
AUD
59.3
(8.2)
BRL
52.6
22.6
EUR
(45.2)
(56.8)
THB
(43.1)
17.0
SGD
37.3
13.6
JPY
(16.5)
(17.0)
PHP
15.2
16.9
CAD
11.1
(7.8)
Other currencies
(4.8)
(30.9)
1 1 1 1 1 1 1 1
2024 2023
\u00a3m \u00a3m
Sensitivity to 5% exchange rate change
HUF
(4.8)
(0.1)
USD
3.0
0.9
AUD
3.0
(0.4)
BRL
2.6
1.1
EUR
(2.3)
(2.8)
THB
(2.2)
0.9
SGD
1.9
0.7
JPY
(0.8)
(0.9)
PHP
0.8
0.8
CAD
0.6
(0.4)
Other currencies
(0.2)
(1.5)
1. The Group mitigates the exposure to foreign exchange risk from movements in these currencies with a combination of treasury products. For further information on the instruments the Group utilises to manage its foreign exchange risk, refer to the \u2019Foreign exchange risk\u2019 section above. The Group\u2019s sensitivity to foreign exchange fluctuations by currency is as follows: 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 \u00a31.6m (2023: \u00a31.7m), 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-394": { "value": "d. 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. 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 the case due to the existence of TINV Ltd, a group UK FCA-regulated investment firm subject to the same rules. Both TINV Ltd (MIFID investment firm) and the Group (MIFID investment group) are classified as Non-small and Non- interconnected investment firms (\u2018non-SNI\u2019). Overall own funds requirement 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 (FOR); and 3. its K-factor requirement (KFR). 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 (ICARA) 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-402": { "value": "e. Carrying amounts and fair values of financial instruments The carrying value of the Group\u2019s financial assets and liabilities by measurement basis is presented below:
2024 2023
\u00a3m \u00a3m
Financial assets at amortised cost
Long-term receivables
2.8
2.4
Short-term trade and other receivables
412.6
230.7
Cash and cash equivalents
10,479.3
7,679.4
Total financial assets at amortised cost
10,894.7
7,912.5
Financial liabilities at amortised cost
Non-current lease liabilities
(14.8)
(7.8)
Non-current trade and other payables
\u2013
(0.1)
Current lease liabilities
(6.7)
(6.7)
Current borrowings
(202.7)
(249.9)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities at amortised cost
(14,030.2)
(11,244.1)
Financial assets at FVOCI
Short-term financial investments
4,033.9
3,804.5
Total financial assets at FVOCI
4,033.9
3,804.5
Financial assets at FVTPL
Derivative financial assets
1.6
\u2013
Financial assets at FVTPL total
1.6
\u2013
Financial liabilities at FVTPL
Derivative financial instruments
(1.6)
\u2013
Financial liabilities at FVTPL total
(1.6)
\u2013
Fair value hierarchy Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to the quality and reliability of information used to determine the fair values. \u2022 Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. Products classified as level 1 predominantly comprise treasury bonds and investment grade corporate paper. The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date. \u2022 Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques with the inputs that are observable either directly or indirectly. The Group classifies foreign exchange contracts as level 2 financial instruments. These instruments are valued by observable foreign exchange rates. There were no changes to the valuation technique during the period. \u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. The Group does not currently have any financial instruments in level 3. 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:
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2024
Financial assets measured at fair value
Short-term financial investments
4,033.9
4,033.9
\u2013
\u2013
Derivative financial assets
1.6
\u2013
1.6
\u2013
Total financial assets measured at fair value
4,035.5
4,033.9
1.6
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
(1.6)
\u2013
(1.6)
\u2013
Total financial liabilities measured at fair value
(1.6)
\u2013
(1.6)
\u2013
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
Financial assets measured at fair value
Short-term financial investments
3,804.5
3,804.5
\u2013
\u2013
Derivative financial assets
\u2013
\u2013
\u2013
\u2013
Total financial assets measured at fair value
3,804.5
3,804.5
\u2013
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
Total financial liabilities measured at fair value
\u2013
\u2013
\u2013
\u2013
Contractual maturity of financial liabilities based on undiscounted cash flows:
2024 2023
\u00a3m \u00a3m
Less than 1 year
Current lease liabilities
(8.6)
(7.3)
Current borrowings
(209.9)
(256.6)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities
(14,024.5)
(11,243.5)
Between 1 and 5 years
Non-current lease liabilities
(16.9)
(8.2)
Non-current borrowings
(1.0)
(2.9)
Non-current trade and other payables
\u2013
(0.1)
Total financial liabilities
(17.9)
(11.2)
Current and non-current borrowings include principal and interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-395": { "value": "e. Carrying amounts and fair values of financial instruments The carrying value of the Group\u2019s financial assets and liabilities by measurement basis is presented below:
2024 2023
\u00a3m \u00a3m
Financial assets at amortised cost
Long-term receivables
2.8
2.4
Short-term trade and other receivables
412.6
230.7
Cash and cash equivalents
10,479.3
7,679.4
Total financial assets at amortised cost
10,894.7
7,912.5
Financial liabilities at amortised cost
Non-current lease liabilities
(14.8)
(7.8)
Non-current trade and other payables
\u2013
(0.1)
Current lease liabilities
(6.7)
(6.7)
Current borrowings
(202.7)
(249.9)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities at amortised cost
(14,030.2)
(11,244.1)
Financial assets at FVOCI
Short-term financial investments
4,033.9
3,804.5
Total financial assets at FVOCI
4,033.9
3,804.5
Financial assets at FVTPL
Derivative financial assets
1.6
\u2013
Financial assets at FVTPL total
1.6
\u2013
Financial liabilities at FVTPL
Derivative financial instruments
(1.6)
\u2013
Financial liabilities at FVTPL total
(1.6)
\u2013
Fair value hierarchy Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to the quality and reliability of information used to determine the fair values. \u2022 Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. Products classified as level 1 predominantly comprise treasury bonds and investment grade corporate paper. The quoted market price used for financial assets held by the Group is the current close price at the balance sheet date. \u2022 Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques with the inputs that are observable either directly or indirectly. The Group classifies foreign exchange contracts as level 2 financial instruments. These instruments are valued by observable foreign exchange rates. There were no changes to the valuation technique during the period. \u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. The Group does not currently have any financial instruments in level 3. 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:
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2024
Financial assets measured at fair value
Short-term financial investments
4,033.9
4,033.9
\u2013
\u2013
Derivative financial assets
1.6
\u2013
1.6
\u2013
Total financial assets measured at fair value
4,035.5
4,033.9
1.6
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
(1.6)
\u2013
(1.6)
\u2013
Total financial liabilities measured at fair value
(1.6)
\u2013
(1.6)
\u2013
Total Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 March 2023
Financial assets measured at fair value
Short-term financial investments
3,804.5
3,804.5
\u2013
\u2013
Derivative financial assets
\u2013
\u2013
\u2013
\u2013
Total financial assets measured at fair value
3,804.5
3,804.5
\u2013
\u2013
Financial liabilities measured at fair value
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
Total financial liabilities measured at fair value
\u2013
\u2013
\u2013
\u2013
Contractual maturity of financial liabilities based on undiscounted cash flows:
2024 2023
\u00a3m \u00a3m
Less than 1 year
Current lease liabilities
(8.6)
(7.3)
Current borrowings
(209.9)
(256.6)
Current trade and other payables
(13,806.0)
(10,979.6)
Total financial liabilities
(14,024.5)
(11,243.5)
Between 1 and 5 years
Non-current lease liabilities
(16.9)
(8.2)
Non-current borrowings
(1.0)
(2.9)
Non-current trade and other payables
\u2013
(0.1)
Total financial liabilities
(17.9)
(11.2)
Current and non-current borrowings include principal and interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-382": { "value": "
Note 19. Share capital
Allotted, called up and fully paid
As at 31 March 2024
As at 31 March 2023
Class
Nominal value, \u00a3
Number of shares
Share capital, \u00a3
Nominal value, \u00a3
Number of shares
Share capital, \u00a3
Class A Ordinary
0.01
1,024,777,252
10,247,773
0.01
1,024,677,252
10,246,773
Class B Ordinary
0.000 000 001
398,889,814
\u2013
0.000 000 001
398,889,814
\u2013
Total
1,423,667,066
10,247,773
1,423,567,066
10,246,773
During the year, the Group allotted 100,000 Class A Ordinary Shares of \u00a30.01 related to share options granted under the
Company\u2019s legacy incentive plans prior to the Company\u2019s admission to trading on the London Stock Exchange (2023: 87,396
Class A Ordinary Shares of \u00a30.01 related to customer shareholder programme).
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\u2019s 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\u2019s 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-360": { "value": "Note 19. Share capital Allotted, called up and fully paid
As at 31 March 2024
As at 31 March 2023
Class
Nominal value, \u00a3
Number of shares
Share capital, \u00a3
Nominal value, \u00a3
Number of shares
Share capital, \u00a3
Class A Ordinary
0.01
1,024,777,252
10,247,773
0.01
1,024,677,252
10,246,773
Class B Ordinary
0.000 000 001
398,889,814
\u2013
0.000 000 001
398,889,814
\u2013
Total
1,423,667,066
10,247,773
1,423,567,066
10,246,773
During the year, the Group allotted 100,000 Class A Ordinary Shares of \u00a30.01 related to share options granted under the Company\u2019s legacy incentive plans prior to the Company\u2019s admission to trading on the London Stock Exchange (2023: 87,396 Class A Ordinary Shares of \u00a30.01 related to customer shareholder programme). 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\u2019s 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\u2019s 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. Note 20. Own share reserve Purchase of own shares During the financial year, Wise continued the programme, which commenced in 2023, to purchase Wise shares in the market, through the Trust, in order to reduce the impact of dilution from stock-based compensation. As of 31 March 2024, a total of 9,071,706 shares were purchased from the market at an average of \u00a37.56 per share. Directly attributable costs of \u00a30.5m have been charged to equity. Accounting policy Own share reserve Own share reserve represents the weighted average cost of shares of Wise plc that are held by the employee share trust for the purpose of fulfilling obligations in respect of various employee share plans. Own shares are treated as a deduction from equity and, on exercising of employee awards, are transferred from own shares to retained earnings at their weighted average cost. Employee share trust The Group provides financing to the Employee Share Ownership Plan (ESOP) Trust to either purchase the 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. The Group consolidates this share trust. 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. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of Company\u2019s equity instruments is deducted from equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-383": { "value": "
Note 20. Own share reserve
Purchase of own shares
During the financial year, Wise continued the programme, which commenced in 2023, to purchase Wise shares in the market,
through the Trust, in order to reduce the impact of dilution from stock-based compensation. As of 31 March 2024, a total of
9,071,706 shares were purchased from the market at an average of \u00a37.56 per share. Directly attributable costs of \u00a30.5m have
been charged to equity.
Accounting policy
Own share reserve
Own share reserve represents the weighted average cost of shares of Wise plc that are held by the employee share
trust for the purpose of fulfilling obligations in respect of various employee share plans. Own shares are treated as a
deduction from equity and, on exercising of employee awards, are transferred from own shares to retained earnings at
their weighted average cost.
Employee share trust
The Group provides financing to the Employee Share Ownership Plan (ESOP) Trust to either purchase the 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. The Group consolidates this share trust.
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. The consideration paid, including any directly attributable incremental costs (net of
income taxes), on purchase of Company\u2019s equity instruments is deducted from equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-396": { "value": "Note 20. Own share reserve Purchase of own shares During the financial year, Wise continued the programme, which commenced in 2023, to purchase Wise shares in the market, through the Trust, in order to reduce the impact of dilution from stock-based compensation. As of 31 March 2024, a total of 9,071,706 shares were purchased from the market at an average of \u00a37.56 per share. Directly attributable costs of \u00a30.5m have been charged to equity. Accounting policy Own share reserve Own share reserve represents the weighted average cost of shares of Wise plc that are held by the employee share trust for the purpose of fulfilling obligations in respect of various employee share plans. Own shares are treated as a deduction from equity and, on exercising of employee awards, are transferred from own shares to retained earnings at their weighted average cost. Employee share trust The Group provides financing to the Employee Share Ownership Plan (ESOP) Trust to either purchase the 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. The Group consolidates this share trust. 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. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of Company\u2019s equity instruments is deducted from equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-414": { "value": "Accounting policy Own share reserve Own share reserve represents the weighted average cost of shares of Wise plc that are held by the employee share trust for the purpose of fulfilling obligations in respect of various employee share plans. Own shares are treated as a deduction from equity and, on exercising of employee awards, are transferred from own shares to retained earnings at their weighted average cost. Employee share trust The Group provides financing to the Employee Share Ownership Plan (ESOP) Trust to either purchase the 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. The Group consolidates this share trust. 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. The consideration paid, including any directly attributable incremental costs (net of income taxes), on purchase of Company\u2019s equity instruments is deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-361": { "value": "Note 21. Share-based employee compensation Transactions on the share award plans during the year were as follows:
As at 31 March 2024
As at 31 March 2023
Weighted average Weighted average
exercise price per exercise price per
award, \u00a3
Number of awards
award, \u00a3
Number of awards
Beginning of year
0.08
65,648,858
0.11
58,305,023
Granted during the year
\u2013
11,460,714
\u2013
19,229,526
Exercised during the year
0.06
19,895,709
0.07
8,694,892
Forfeited during the year
0.01
3,623,805
0.03
3,190,799
End of year
0.08
53,590,058
0.08
65,648,858
Vested and exercisable as at end of year
0.15
30,049,308
0.14
38,644,818
The share-based payment compensation expense for the year ended 31 March 2024 is \u00a372.5m (2023: \u00a358.3m). During the year \u00a354.2m (2023: \u00a319.1m) of share-based payments were vested and exercised and were recycled to retained earnings. Accounting policy The Group operates a number of employee equity-settled schemes as part of its reward strategy, which are designed to provide long-term incentives for all employees to deliver long-term shareholder returns. Under the plans, participants are granted share awards of the Company, which vest gradually over the vesting period and are equity settled for shares within Wise plc. The total amount to be expensed is determined by reference to the fair value of the awards granted and it is calculated using the closing share price at the grant date. It is recognised in employee benefit expenses together with a corresponding increase in equity (share-based payment reserve), over the period in which the service and the performance conditions are fulfilled (the vesting period). Upon exercise of share options, the impact is recognised in retained earnings. 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. Employee share award plans 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, which typically is 4 years. For the market-based award For the market-based award, the 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.
Share options outstanding at the end of the year have the following expiry dates and exercise prices:
Expiry date range Weighted Number of Number of
Grant date range 12 months 12 months ended average awards as at awards as at
ended 31 March 31 March exercise price 31 March 2024 31 March 2023
2014
2024
\u2013
\u2013
232,310
2015
2025
\u2013
221,193
1,256,199
2016
2026
0.10
1,267,842
1,678,385
2017
2027
0.15
1,498,924
2,690,444
2018
2028
0.24
2,823,387
4,275,362
2019
2029
0.16
6,430,466
9,288,573
2020
2030
0.19
8,376,895
13,051,895
2021
2031
0.16
5,036,241
7,490,612
2022
2032
\u2013
5,807,083
8,123,460
2023
2033
\u2013
12,120,478
17,561,618
2024
2034
\u2013
10,007,549
\u2013
Total
53,590,058
65,648,858
Weighted average remaining contractual life of options outstanding at end of year
6.8 years
7.1 years
The weighted average share price at the date of exercise for share options exercised in 2024 was \u00a37.15 (2023: \u00a34.98).
Valuation of share awards
The assessed fair value at the grant date of share awards granted during the year ended 31 March 2024 was \u00a36.52 per
option on average (2023: \u00a35.12). The fair value of the share awards granted is calculated using the closing share price at
the grant date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-415": { "value": "
retained earnings.
Accounting policy
The Group operates a number of employee equity-settled schemes as part of its reward strategy, which are designed
to provide long-term incentives for all employees to deliver long-term shareholder returns. Under the plans,
participants are granted share awards of the Company, which vest gradually over the vesting period and are equity
settled for shares within Wise plc.
The total amount to be expensed is determined by reference to the fair value of the awards granted and it is calculated
using the closing share price at the grant date. It is recognised in employee benefit expenses together with a
corresponding increase in equity (share-based payment reserve), over the period in which the service and the
performance conditions are fulfilled (the vesting period). Upon exercise of share options, the impact is recognised in
retained earnings.
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.
Employee share award plans
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, which typically is 4 years.
For the market-based award
For the market-based award, the 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-362": { "value": "
Note 22. Cash generated from operating activities
2024 2023
Note(s) \u00a3m \u00a3m
Cash generated from operations
Profit for the year
354.6
114.0
Adjustments for:
Depreciation and amortisation
7,12,13
18.3
23.2
Non-cash share-based payments expense
72.5
58.2
Foreign currency exchange differences
21.5
(61.5)
Current tax expense
10
126.8
32.5
Interest income and expenses
(484.6)
(129.4)
Fair value loss on financial assets at FVOCI
0.3
\u2013
Effect of other non-monetary transactions
2.1
1.7
Changes in operating assets and liabilities:
Increase in prepayments and receivables
(119.2)
(66.8)
Increase in trade and other payables
58.0
23.8
Increase in receivables from customers and payment processors
(72.7)
(29.1)
Increase in liabilities to customers, payment processors and deferred revenue
228.6
78.7
Increase in Wise accounts
2,788.7
3,801.8
Cash generated from operations
2,994.9
3,847.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-385": { "value": "
Note 23. Commitments and contingencies
The Group\u2019s minimum future payments from non-cancellable agreements as at year end are detailed below:
2024 2023
\u00a3m \u00a3m
Infrastructure subscriptions
No later than 1 year
34.3
1.7
Later than 1 year and no later than 5 years
64.3
0.3
Total
98.6
2.0
Significant capital expenditure contracted
No later than 1 year
0.6
\u2013
Later than 1 year and no later than 5 years
27.7
16.1
Later than 5 years
55.5
23.3
Total
83.8
39.4
The Group does not have any other material commitments, capital commitments or contingencies as at 31 March 2024 and
31 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-398": { "value": "Note 23. Commitments and contingencies The Group\u2019s minimum future payments from non-cancellable agreements as at year end are detailed below:
2024 2023
\u00a3m \u00a3m
Infrastructure subscriptions
No later than 1 year
34.3
1.7
Later than 1 year and no later than 5 years
64.3
0.3
Total
98.6
2.0
Significant capital expenditure contracted
No later than 1 year
0.6
\u2013
Later than 1 year and no later than 5 years
27.7
16.1
Later than 5 years
55.5
23.3
Total
83.8
39.4
The Group does not have any other material commitments, capital commitments or contingencies as at 31 March 2024 and 31 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-365": { "value": "Note 23. Commitments and contingencies The Group\u2019s minimum future payments from non-cancellable agreements as at year end are detailed below:
2024 2023
\u00a3m \u00a3m
Infrastructure subscriptions
No later than 1 year
34.3
1.7
Later than 1 year and no later than 5 years
64.3
0.3
Total
98.6
2.0
Significant capital expenditure contracted
No later than 1 year
0.6
\u2013
Later than 1 year and no later than 5 years
27.7
16.1
Later than 5 years
55.5
23.3
Total
83.8
39.4
The Group does not have any other material commitments, capital commitments or contingencies as at 31 March 2024 and 31 March 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-397": { "value": "
Note 24. Transactions with related parties
Related parties of the Group and Wise plc include subsidiaries, key management personnel (KMP), 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\u2019 remuneration and interest in shares are disclosed in the Remuneration report. Additional information for
key management compensation and particulars of transactions with related parties are presented below, in accordance with IAS
24 Related Party Disclosures requirements.
2024 2023
\u00a3m \u00a3m
Compensation of KMP of the Group
Short-term employee benefits
0.6
0.5
Share-based payment expense
0.8
2.1
Non-Executive Directors\u2019 fees
1.2
0.3
Total compensation paid to key management personnel
2.6
2.9
Short-term employee benefits include salaries for KMP. Refer to the Remuneration report for the remuneration of each Director.
Share-based payment expense is related to employee share option plans (more information about the plans is provided in
note 21).
In the financial year ended 31 March 2024, the KMP of the Group held deposits of \u00a35.6m (financial year ended 2023: 0.9m) in
Wise Accounts or Wise Assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-363": { "value": "Note 24. Transactions with related parties Related parties of the Group and Wise plc include subsidiaries, key management personnel (KMP), 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\u2019 remuneration and interest in shares are disclosed in the Remuneration report. Additional information for key management compensation and particulars of transactions with related parties are presented below, in accordance with IAS 24 Related Party Disclosures requirements.
2024 2023
\u00a3m \u00a3m
Compensation of KMP of the Group
Short-term employee benefits
0.6
0.5
Share-based payment expense
0.8
2.1
Non-Executive Directors\u2019 fees
1.2
0.3
Total compensation paid to key management personnel
2.6
2.9
Short-term employee benefits include salaries for KMP. Refer to the Remuneration report for the remuneration of each Director. Share-based payment expense is related to employee share option plans (more information about the plans is provided in note 21). In the financial year ended 31 March 2024, the KMP of the Group held deposits of \u00a35.6m (financial year ended 2023: 0.9m) in Wise Accounts or Wise Assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-384": { "value": "Note 24. Transactions with related parties Related parties of the Group and Wise plc include subsidiaries, key management personnel (KMP), 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\u2019 remuneration and interest in shares are disclosed in the Remuneration report. Additional information for key management compensation and particulars of transactions with related parties are presented below, in accordance with IAS 24 Related Party Disclosures requirements.
2024 2023
\u00a3m \u00a3m
Compensation of KMP of the Group
Short-term employee benefits
0.6
0.5
Share-based payment expense
0.8
2.1
Non-Executive Directors\u2019 fees
1.2
0.3
Total compensation paid to key management personnel
2.6
2.9
Short-term employee benefits include salaries for KMP. Refer to the Remuneration report for the remuneration of each Director. Share-based payment expense is related to employee share option plans (more information about the plans is provided in note 21). In the financial year ended 31 March 2024, the KMP of the Group held deposits of \u00a35.6m (financial year ended 2023: 0.9m) in Wise Accounts or Wise Assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-364": { "value": "
Note 25. Post balance sheet events
No material post balance sheet events have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LD9XCHIC1C4V71", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }