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"value": "1. Corporate information Foresight Group Holdings Limited (the \u201cCompany\u201d) is a public limited company incorporated and domiciled in Guernsey and whose shares are publicly traded on the Main Market of the London Stock Exchange. The registered office is located at PO Box 650, 1st Floor Royal Chambers, St Julian\u2019s Avenue, St Peter Port, Guernsey, GY1 3JX . The consolidated financial statements (the \u201cGroup financial statements\u201d) comprise the financial statements of the Company and its subsidiaries. Details of subsidiaries are disclosed in the appendices to the financial statements on pages 185 to 197. The Group is principally involved in the provision of the management of infrastructure assets, private equity investments and OEICs on behalf of both institutional and retail investors. Going concern These financial statements have been prepared on the going concern basis. The Directors of the Group have considered the resilience of the Group, taking into account its current financial position and the principal and emerging risks facing the business. The Board reviewed the Group\u2019s cash flow forecasts and trading budgets for a period of 12 months from the date of approval of these accounts as part of its overall review of the Group\u2019s three-year plan, and concluded that, taking into account plausible downside scenarios that could reasonably be anticipated, the Group will have sufficient funds to pay its liabilities as they fall due for that period. Taking into consideration the wider economic environment, the forecasts have been stress tested to ensure that a robust assessment of the Group\u2019s working capital and cash requirements has been performed. The stress test scenarios adopted involved severe but plausible downside scenarios with respect to the Group\u2019s trading performance. Downside scenarios included a material reduction in revenues through 50% lower fundraising, 25% lower deployment and 10% reduction in valuation of the funds managed by the Group. Any mitigating actions available to protect working capital and strengthen the Statement of Financial Position, including deferring non-essential capital expenditure and increased cost control, were also taken into account. In considering the above, the Directors have formed the view that the Group will generate sufficient cash to meet its ongoing liabilities as they fall due for at least the next 12 months; accordingly, the going concern basis of preparation has been adopted. This confirmation should be reviewed alongside the Group\u2019s Viability statement on page 65.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-2": { "value": "Foresight Group Holdings Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-472": { "value": "Foresight Group Holdings Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-4": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-473": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-5": { "value": "PO Box 650, 1st Floor Royal Chambers, St Julian\u2019s Avenue, St Peter Port, Guernsey, GY1 3JX ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-6": { "value": "The Group is principally involved in the provision of the management of infrastructure assets, private equity investments and OEICs on behalf of both institutional and retail investors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-508": { "value": "
Going concern
These financial statements have been prepared on the going concern basis.
The Directors of the Group have considered the resilience of the Group, taking into account its
current financial position and the principal and emerging risks facing the business. The Board
reviewed the Group\u2019s cash flow forecasts and trading budgets for a period of 12 months from
the date of approval of these accounts as part of its overall review of the Group\u2019s three-year
plan, and concluded that, taking into account plausible downside scenarios that could
reasonably be anticipated, the Group will have sufficient funds to pay its liabilities as they fall
due for that period. Taking into consideration the wider economic environment, the forecasts
have been stress tested to ensure that a robust assessment of the Group\u2019s working capital and
cash requirements has been performed. The stress test scenarios adopted involved severe
but plausible downside scenarios with respect to the Group\u2019s trading performance. Downside
scenarios included a material reduction in revenues through 50% lower fundraising, 25% lower
deployment and 10% reduction in valuation of the funds managed by the Group. Any mitigating
actions available to protect working capital and strengthen the Statement of Financial Position,
including deferring non-essential capital expenditure and increased cost control, were also
taken into account.
In considering the above, the Directors have formed the view that the Group will generate
sufficient cash to meet its ongoing liabilities as they fall due for at least the next 12 months;
accordingly, the going concern basis of preparation has been adopted. This confirmation should
be reviewed alongside the Group\u2019s Viability statement on page 65.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-477": { "value": "
2. Basis of preparation and other reporting matters
2a. Basis of preparation
The Group financial statements have been prepared in accordance with International Financial
Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union.
The Company has taken advantage of the exemption in section 244 of the Companies
(Guernsey) Law, 2008 (as amended), not to present its own individual financial statements or
related notes.
The consolidated financial statements have been prepared on a historical cost basis, except
for investments, derivatives and acquisition-related liabilities that have been measured at
fair value.
The financial information is presented in sterling, which is the Company\u2019s functional currency.
All information is given to the nearest thousand (except where specified otherwise).
2b. Alternative performance measures (\u201cAPMs\u201d)
The Group has identified measures that it believes will assist the understanding of the
performance of the business. These APMs are not defined or specified under the requirements
of IFRS. The Group believes that these APMs, which are not considered to be a substitute for,
or superior to, IFRS measures, provide stakeholders with additional useful information on the
underlying trends, performance and position of the Group and are consistent with how business
performance is measured internally. The APMs are not defined by IFRS and therefore may not
be directly comparable with other companies\u2019 APMs.
In line with previous periods, and for comparability, we continue to quote Core EBITDA pre-SBP
to assess the financial performance of the business. This measure was introduced as our key
performance measure because the Group believes this reflects the trading performance of the
underlying business, without distortion from the variability in the fair value measurement of the
share-based payments charge.
The Group also continues to report profit before non-underlying items as an APM, which
excludes non-underlying items from statutory measures. Non-underlying items are described
below (see note 2c). Consequently, the Group calculates earnings per share before
non-underlying items. As profit before non-underlying items include the benefits of major
business combinations but exclude significant costs (such as remuneration for post-combination
services, acquisition-related costs, fair value gains on contingent consideration and gain on
business combination), they may result in profit before non-underlying items being materially
higher or lower than profit after non-underlying items. Other alternative performance measures
include recurring revenues, dividend payout ratio and assets and funds under management
(\u201cAUM\u201d, \u201cFUM\u201d). The APMs are set out in the appendices to the financial statements on
pages 185 to 197, including explanations of how they are calculated and how they are
reconciled to a statutory measure where relevant.
2c. Non\u2011underlying items
The Group has chosen to present a measure of profit and earnings per share which excludes
certain items that are considered non-underlying and exceptional due to their size, nature or
incidence, and are not considered to be part of the normal operations of the Group. This is as
a result of the financial effect of non-underlying items relating to business combinations (more
specifically remuneration for post-combination services), acquisition-related costs, fair value
gains on contingent consideration and gain on business combination. In respect of remuneration
for post-combination services, these are deferred consideration payments to sellers that are
contingent on the recipients remaining employees of the Group which are exceptional due
to both their size and their nature. The Group believes that the separate disclosure of these
items provides additional useful information to users of the financial statements to enable
a better understanding of the Group\u2019s underlying financial performance. Further details of
non-underlying items are provided in note 8. These non-underlying items are also excluded
from Core EBITDA pre-SBP.
2d. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 March 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: \u0219 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) \u0219 Exposure, or rights, to variable returns from its involvement with the investee \u0219 The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u0219 The contractual arrangement(s) with the other vote holders of the investee \u0219 Rights arising from other contractual arrangements \u0219 The Group\u2019s voting rights and potential voting rights The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the parent of the Group. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in the Statement of Comprehensive Income. Any investment retained is recognised at fair value. Details of the investments in related undertakings, comprising subsidiaries, are included in the appendices to the financial statements on pages 185 to 197 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-509": { "value": "The Group financial statements have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-510": { "value": "The financial information is presented in sterling, which is the Company\u2019s functional currency. All information is given to the nearest thousand (except where specified otherwise). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-511": { "value": "
2d. Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries as at 31 March 2024. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. Specifically, the Group controls an investee if, and
only if, the Group has:
\u0219 Power over the investee (i.e. existing rights that give it the current ability to direct the
relevant activities of the investee)
\u0219 Exposure, or rights, to variable returns from its involvement with the investee
\u0219 The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights results in control. To support
this presumption and when the Group has less than a majority of the voting or similar rights of
an investee, the Group considers all relevant facts and circumstances in assessing whether it
has power over an investee, including:
\u0219 The contractual arrangement(s) with the other vote holders of the investee
\u0219 Rights arising from other contractual arrangements
\u0219 The Group\u2019s voting rights and potential voting rights
The Group reassesses whether or not it controls an investee if facts and circumstances indicate
that there are changes to one or more of the three elements of control. Consolidation of a
subsidiary begins when the Group obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the consolidated financial statements
from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the parent of the Group. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in the Statement of Comprehensive Income. Any investment retained is recognised at fair value. Details of the investments in related undertakings, comprising subsidiaries, are included in the appendices to the financial statements on pages 185 to 197 .", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-479": { "value": "2e. Impact of sustainability and climate change on preparation of the financial statements Climate change and sustainability risks have been considered and assessed in the preparation of the consolidated financial statements for the year ended 31 March 2024. No material impact has been identified on the estimates and judgements made, however.", "dimensions": { "concept": "foresightgroup:DisclosureOfImpactOfSustainabilityAndClimateChange", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-478": { "value": "
3. Accounting policies
This section sets out the accounting policies of the Group that relate to the financial statements.
Where an accounting policy is specific to one note, the policy is described in the note to which it
relates. The accounting policies have been applied consistently to all periods presented within
the financial information.
This section also details new accounting standards that have been endorsed in the period and
have either become effective for the financial period beginning on 1 April 2023 or will become
effective in later periods.
New standards, interpretations and amendments adopted from 1 April 2023
The following amendments are effective for the period beginning 1 April 2023:
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial
Statements and IFRS Practice Statement 2 Making Materiality Judgements)
These amendments have had no effect on the measurement or presentation of any items in the
consolidated financial statements of the Group but have affected the disclosure of accounting
policies.
Other mandatory amendments to standards effective from 1 April 2023 had no effect on the
consolidated financial statements of the Group.
New standards not yet effective
There are a number of standards, amendments to standards, and interpretations which have
been issued by the IASB that are effective in future accounting periods that the Group has
decided not to adopt early. The impact on the Group\u2019s financial statements of standards not yet
effective is still being assessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-474": { "value": "3. Accounting policies This section sets out the accounting policies of the Group that relate to the financial statements. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. The accounting policies have been applied consistently to all periods presented within the financial information. This section also details new accounting standards that have been endorsed in the period and have either become effective for the financial period beginning on 1 April 2023 or will become effective in later periods. New standards, interpretations and amendments adopted from 1 April 2023 The following amendments are effective for the period beginning 1 April 2023: Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements) These amendments have had no effect on the measurement or presentation of any items in the consolidated financial statements of the Group but have affected the disclosure of accounting policies. Other mandatory amendments to standards effective from 1 April 2023 had no effect on the consolidated financial statements of the Group. New standards not yet effective There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The impact on the Group\u2019s financial statements of standards not yet effective is still being assessed.
A. Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of
exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies
are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange
differences are taken into account in arriving at the operating result.
The assets and liabilities of Group entities that have a functional currency different from the
presentational currency are translated at the closing rate at the Statement of Financial Position
date, with transactions translated at average monthly exchange rates. Resulting exchange
differences are recognised as a separate component of other comprehensive income and are
also recognised in the foreign exchange reserve within equity. Any differences are recycled to
the income statement on disposal or liquidation of the relevant branch or subsidiary.
B. Use of judgements and estimates
The preparation of the financial statements requires the Directors to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the Statement of
Financial Position date, amounts reported for revenues and expenses during the year, and
the disclosure of contingencies at the reporting date. However, uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to
the carrying amount of the assets or liabilities affected in the future.
Where the estimate or judgement is specific to one note, the judgement is described in the
note to which it relates.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing material adjustment
to the carrying amount of assets and liabilities are as follows:
\u0219 Share-based payments grant date fair value \u2013 see note 10
\u0219 Recognition and measurement of intangible assets arising on acquisitions \u2013 see notes 15
and 32
\u0219 Impairment of intangible assets \u2013 see note 15
\u0219 Contingent consideration \u2013 see note 24
\u0219 Remuneration for post-combinations services \u2013 see note 24
Key judgements
These are as follows:
\u0219 Valuation method for measurement of intangible assets arising on acquisition \u2013 see note 15
and 32
\u0219 Impairment of intangible assets \u2013 see note 15
\u0219 Contract costs \u2013 see note 18
\u0219 Deferred tax assets \u2013 see note 26
Accounting policy: The principal components of revenue which fall within the scope of IFRS 15 comprise management fees, secretarial fees, directors\u2019 fees, marketing fees, arrangement fees and performance incentive fees which are contractual arrangements that the Group operates as principal. Management fees and most secretarial fees are generally based on a percentage of fund Net Asset Value (\u201cNAV\u201d) or committed capital as defined in the funds\u2019 prospectus and/or offering documents, with some secretarial fees being based on an agreed fixed rate. Directors\u2019 fees are based on a specified fixed fee agreed with the customer. Management, secretarial and directors\u2019 fees are recognised over time to the extent that it is probable that there will be economic benefit and income can be reliably measured. This revenue is recognised over time on the basis that the customer simultaneously receives and consumes the economic benefits of the provided asset as the Group performs its obligations. Marketing fees are based on a rate agreed with the customer and recognised at the point in time when the related funds have been allotted or management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Arrangement fees are based on a set rate agreed with the customer and recognised at the point in time when the related service obligations have been achieved. Performance incentive fees are based on the returns achieved over a predetermined threshold as defined in the funds\u2019 prospectus or offering documents and are recognised only at the point in time when management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Other income is based on the contract agreed before services are provided and is recognised in line with the delivery of the services provided. The Group does not provide extended payment terms on its services and therefore no significant financing components are identified by the Group. Limited estimation uncertainty The NAVs which are used to calculate management fees are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager or Valuations team values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. As a result, there is no significant uncertainty or judgement in the amount of revenue to be recognised. Accounting policy: Segment information is provided based on the operating segments which are reviewed by the Executive Committee (\u201cExco\u201d), which is considered to be the Chief Operating Decision Maker. These operating segments, which comprise Infrastructure, Private Equity and Foresight Capital Management (\u201cFCM\u201d) are aggregated if they meet certain criteria. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. No disclosure is made for net assets/liabilities as these are not reported by segment to Exco. Management monitors the performance and strategic priorities of the business from a business unit (\u201cBU\u201d) perspective, and in this regard has identified the following three key \u201creportable segments\u201d: Infrastructure, Private Equity and FCM. The Group\u2019s senior management assesses the performance of the operating segments based on Core EBITDA pre-SBP. See appendices to the financial statements for further explanation. Accounting policy: The Group engages in equity-settled and cash-settled share-based payment transactions in respect of services received from its employees. Equity-settled Equity-settled share-based payments arise in respect of services receivable from certain employees by granting the right to either shares or options over shares, subject to certain vesting conditions and exercise prices. The fair value of the awards granted in the form of shares or share options is recognised as an expense over the appropriate performance and vesting period with a corresponding credit to equity. When appropriate (i.e. Performance Share Plan), the fair value of the awards is calculated using an option pricing model, the principal inputs being the market value on the date of award and an adjustment for expected and actual levels of vesting which includes estimating the number of eligible employees leaving the Group and the number of employees satisfying the relevant performance conditions. Shares and options vest on the occurrence of a specified event under the rules of the relevant plan. Cash-settled For cash-settled share-based payments, a liability is recognised for the services received to the period end date, measured at the fair value of the liability. At each subsequent period end and at the date on which the liability is settled, the fair value of the liability is remeasured with any changes in fair value recognised in the Statement of Comprehensive Income.
Accounting policy:
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs
from profit as reported in the Statement of Comprehensive Income because it excludes
items of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group\u2019s liability for current
tax is calculated using tax rates that have been enacted or substantively enacted by the
balance sheet date.
Accounting policy: continued
Deferred tax
Deferred tax is recognised on differences between the carrying amount of assets
and liabilities in the financial statements and the corresponding tax bases used in the
computation of taxable profit and is accounted for using the Statement of Financial
Position liability method. Deferred tax is calculated using tax rates that have been
enacted or substantively enacted by the reporting date. Deferred tax is charged or
credited to the income statement, except when it relates to items charged or credited
to other comprehensive income or directly to equity, in which case the deferred tax is
also dealt with in the Statement of Other Comprehensive Income or directly in equity.
See note 26 .
Accounting policy: Basic earnings per share is calculated by dividing the profit attributable to the owners of the Parent Company by the weighted average number of shares in issue during the period less the weighted average number of own shares and treasury shares held (see note 28 \u201cOwn share reserve\u201d and \u201cTreasury share reserve\u201d). Diluted earnings per share is calculated by dividing the profit attributable to the owners of the Parent Company by the weighted average number of shares for the purposes of the basic earnings per share plus the weighted average number of shares that would be issued on the conversion of dilutive potential Ordinary Shares into Ordinary Shares (see note 10 for Performance Share Plan). Accounting policy: Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Fixtures and fittings: \u0219 Office equipment over ten years \u0219 Computer equipment over five years \u0219 Short leasehold property over term of lease \u0219 Motor vehicles over four years The carrying values of items of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units (\u201cCGUs\u201d), which represent the lowest level at which goodwill is monitored for internal management purposes. CGUs are identified as the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the Group\u2019s operating segments, as set out in note 5. Intangible assets in respect of customer contracts (acquired) reflect the fair value of the investment management contracts obtained, which is equal to the present value of the earnings they are expected to generate. This is on the basis that it is probable that future economic benefits attributable to the investment management contracts will flow to the Group and the fair value of the intangible asset can be measured reliably. These intangible assets are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives. Computer software (internally generated) represents software licences and development costs to bring software into use. Costs associated with developing or maintaining computer software programmes that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. Computer software is carried at cost less accumulated amortisation. Amortisation is provided, where material, at rates calculated to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Customer contracts over remaining term of investment management contract \u0219 Computer software over four to five years The carrying values of customer contracts (acquired) and computer software (internally generated) are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense in the Statement of Comprehensive Income immediately. The Group is required to test, on an annual basis, whether goodwill has suffered any impairment by estimating the recoverable amount of the CGU or group of CGUs the goodwill is allocated to. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not subsequently reversed. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. Accounting policy: Investments at FVTPL are recognised initially at fair value, which is normally the transaction price. Subsequent to initial recognition, investments at FVTPL are measured at fair value with changes recognised in the Statement of Comprehensive Income. Accounting policy: The Group uses forward currency contracts to mitigate the risks associated with foreign currency fluctuations. 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. Derivative financial instruments are classified as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The forward currency contracts entered into to date have not been designated as hedging instruments and are not subject to hedge accounting. Accounting policy: The Group may enter into placement agency agreements with providers who will seek to raise investor monies. Where placement agency fees are incremental to obtaining, extending or modifying a contract with a customer, these fees are capitalised and then amortised on a systematic basis consistent with the pattern of transfer of the services to which the asset relates. Where placement agency fees are not considered to be incremental, these are expensed as they are incurred. Capitalised placement fees are included within contract costs. Retainer amounts paid to placement agents are recognised as an asset. Where the placement agent is successful in obtaining a contract with a customer, the retainer amounts are offset against the gross placement agency fees when incurred. If unsuccessful, the retainer amounts are expensed.
Accounting policy:
Trade and other receivables are recognised initially at transaction price less attributable
transaction costs. Subsequent to initial recognition they are measured at amortised cost
using the effective interest method, less any impairment losses. For trade receivables
this is because they meet the criteria set out under IFRS 9, being assets held within a
business model that give rise to contractual cash flows and are solely payments of
principal and interest (\u201cSPPI\u201d). If the arrangement constitutes a financing transaction, for
example if payment is deferred beyond normal business terms, then it is measured at the
present value of future payments discounted at a market rate of interest for a similar debt
instrument.
When a trade receivable is credit impaired, it is written off against trade receivables and
the amount of the loss is recognised in the income statement. Subsequent recoveries of
amounts previously written off are credited to the Statement of Comprehensive Income.
In line with the Group\u2019s historical experience, and after consideration of current credit
exposures, the Group does not expect to incur any significant credit losses and has not
recognised any ECLs in the current or previous period. The Group has not incurred a bad
debt expense in the current year. A bad debt expense of \u00a364,000 was incurred in the year
ended 31 March 2023 in relation to directors\u2019 fees, but none for management fees.
Amortised cost
The amortised cost of a financial asset is the amount at which the financial asset is
measured at initial recognition, minus principal repayments, plus or minus the cumulative
amortisation using the effective interest method of any difference between the initial
amount recognised and the maturity amount, minus any reduction for impairment.
Derecognition
The Group derecognises a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all of
the risks and rewards of ownership and does not retain control of the financial asset. On
derecognition of a financial asset, the difference between the carrying amount of the asset
(or the carrying amount allocated to the portion of the asset that is derecognised) and the
consideration received (including any new asset obtained less any new liability assumed) is
recognised in the Statement of Comprehensive Income .
157
Foresight Group Holdings Limited
Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced, and the operating expense is recognised in the Statement of Comprehensive Income. Accounting policy: Cash and cash equivalents comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less. Accounting policy: Trade and other payables are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Amortised cost The amortised cost of a financial liability is the amount at which the financial liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount. Derecognition The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. Accounting policy: Loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Loans and borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statement of Comprehensive Income over the period of the borrowings using the effective interest method. Loans and borrowings are derecognised from the Statement of Financial Position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the Statement of Comprehensive Income as other operating income or finance expenses. Loans and borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Loans and borrowings arose from the acquisition of PiP Manager Limited in the year ended 31 March 2021. Accounting policy: Applying IFRS 16, for all leases, the Group: \u0219 Recognises right-of-use assets and lease liabilities in the Statement of Financial Position, initially measured at the present value of the future lease payments \u0219 Recognises depreciation of right-of-use assets and interest on lease liabilities in the Statement of Comprehensive Income \u0219 Separates the total amount of cash paid into a principal portion and interest (presented within financing activities) in the Cash Flow Statement Right-of-use assets are measured at cost less accumulated depreciation and impairment losses. The carrying value is also adjusted for any remeasurement of the lease liability. The lease liability is measured in subsequent periods using the effective interest rate method and adjusted for lease payments. Lease incentives (e.g. rent-free periods) are recognised as part of the measurement of the right-of-use assets and lease liabilities. Short-term leases (lease term of 12 months or less) and leases of low-value assets are expensed on a straight-line basis over the term of the lease. This expense is presented within administrative expenses in the Statement of Comprehensive Income. The cost of any contractual requirements to dismantle, remove or restore the leased asset, typically dilapidations, are included in the initial recognition of right-of-use assets. The Group\u2019s lease arrangements primarily consist of operating leases relating to office space. The leases are typically of ten years\u2019 duration. Set out below are the carrying amounts of the right-of-use assets recognised and associated lease liabilities (included under current and non-current liabilities) together with their movements over the period. . Accounting policy: Contingent consideration payable is measured at fair value at acquisition and assessed annually with particular reference to the conditions upon which the consideration is contingent. Fair value movements in the year are recognised in the Statement of Comprehensive Income. Remuneration for post-combination services is the liability that arises from accounting for contingent consideration payments to sellers which are subject to forfeiture if the seller ceases to be employed and are payable in cash; this consideration is accounted as long-term employee benefits under IAS19 (see note 32). The liabilities will be expensed over the deferral period and are included in staff costs \u2013 acquisitions. Accounting policy: Deferred tax is recognised based on differences between the carrying value of assets and liabilities for accounting purposes and their tax values (see note 12). Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are only recognised to the extent that the Group considers them to be recoverable, which is determined by reference to estimates that future taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax legislation) that have been enacted or substantively enacted at the Statement of Financial Position date. Accounting policy: The Group operates a defined contribution pension plan under which the Group pays fixed contributions to a third party. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. The amounts charged to the Statement of Comprehensive Income in respect of these schemes represents contributions payable in respect of the accounting period. The total annual pension cost for the defined contribution schemes for the year ended 31 March 2024 was \u00a31,950,000 (2023: \u00a31,245,000). Accounting policy: Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from the proceeds. Accounting policy: Ordinary Shares issued by the Group are recognised at the proceeds or fair value received, with the excess of the amount received over nominal value being credited to the share premium account (net of the direct costs of issue).
Accounting policy:
The Group can issue shares to employees that are subject to forfeiture if the employee
ceases to be employed by the Group for a specified time period. Such shares are
recognised at cost and are presented in the Statement of Financial Position as a
deduction from equity.
Accounting policy: The Group operates a trust for the purpose of satisfying certain share awards to employees. Own shares held are equity shares of the Company acquired and held by this trust. Such shares are recognised at cost and are presented in the Statement of Financial Position as a deduction from equity. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. Accounting policy: Treasury shares held are equity shares of the Company acquired and held by the Company. Such shares are recognised at cost and are presented in the Statement of Financial Position as a deduction from equity. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. Accounting policy: Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s Shareholders. Interim dividends are recorded in the period in which they are approved and paid. Accounting policy: The Group recognises business combinations (including acquisitions) when it considers that it has obtained control over a business, which could be an entity or separate business within an entity (for example acquiring management contracts and hiring the team to service those contracts). The cost of the acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. As per IFRS 3.B55(a) where the cost of acquisition contains payments that are automatically forfeited if employment terminates, these are accounted for as remuneration for post- combination services and not cost of the acquisition. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date. Acquisition-related costs are expensed as incurred and included in the Statement of Comprehensive Income. Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses (see note 15 for further explanation). Where the fair value of the identifiable assets and liabilities exceeds the cost of acquisition, a gain on business combination arises and is credited to the Statement of Comprehensive Income in the year of the acquisition. Accounting policy: Advances to staff (including Partners of Foresight Group LLP) are accounted for as employee benefits under IAS 19. In line with IAS 19, the advance is initially recognised as a financial asset and then as an expense when services are provided, also taking into account the contractual terms of the advances. Staff advances are made to various members of Foresight Group LLP or employees to be expensed over five years in line with the contractual terms of the advances but are repayable if the relevant individuals leave the Group. During the year ended 31 March 2024, a further \u00a3nil (2023: \u00a3nil) of advances were made by Foresight Group LLP and \u00a3740,000 (2023: \u00a3760,000) of the advances were expensed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-512": { "value": "New standards, interpretations and amendments adopted from 1 April 2023 The following amendments are effective for the period beginning 1 April 2023: Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements) These amendments have had no effect on the measurement or presentation of any items in the consolidated financial statements of the Group but have affected the disclosure of accounting policies. Other mandatory amendments to standards effective from 1 April 2023 had no effect on the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-513": { "value": "New standards not yet effective There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The impact on the Group\u2019s financial statements of standards not yet effective is still being assessed.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-480": { "value": "A. Foreign exchange Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. The assets and liabilities of Group entities that have a functional currency different from the presentational currency are translated at the closing rate at the Statement of Financial Position date, with transactions translated at average monthly exchange rates. Resulting exchange differences are recognised as a separate component of other comprehensive income and are also recognised in the foreign exchange reserve within equity. Any differences are recycled to the income statement on disposal or liquidation of the relevant branch or subsidiary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-475": { "value": "B. Use of judgements and estimates The preparation of the financial statements requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the Statement of Financial Position date, amounts reported for revenues and expenses during the year, and the disclosure of contingencies at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in the future. Where the estimate or judgement is specific to one note, the judgement is described in the note to which it relates. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows: \u0219 Share-based payments grant date fair value \u2013 see note 10 \u0219 Recognition and measurement of intangible assets arising on acquisitions \u2013 see notes 15 and 32 \u0219 Impairment of intangible assets \u2013 see note 15 \u0219 Contingent consideration \u2013 see note 24 \u0219 Remuneration for post-combinations services \u2013 see note 24 Key judgements These are as follows: \u0219 Valuation method for measurement of intangible assets arising on acquisition \u2013 see note 15 and 32 \u0219 Impairment of intangible assets \u2013 see note 15 \u0219 Contract costs \u2013 see note 18 \u0219 Deferred tax assets \u2013 see note 26
Limited estimation uncertainty
The NAVs which are used to calculate management fees are subject to the Group\u2019s fund
Valuations Policy which sets out acceptable methodologies that may be applied in valuing
a fund\u2019s investments. Each quarter, each Investment Manager or Valuations team values
their investments in accordance with the guidelines of this policy, typically the International
Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed
by the British Venture Capital Association and other organisations. Where appropriate, these
valuations are also approved by the independent Boards of each fund and by the Group\u2019s
valuation committee. As a result, there is no significant uncertainty or judgement in the
amount of revenue to be recognised.
Estimation uncertainty:
Performance Share Plan grant date fair value
The Group\u2019s Performance Share Plan allows for the grant of nil cost options with vesting
dependent on the performance of the Group and continued service by the participant,
which are both estimations. There have been three annual grants of options under the plan
as approved by the Remuneration Committee. The number of options awarded and the
assumptions used in the Monte-Carlo simulation are described below for the current year
grant of options.
The Group regularly reviews its estimation of the number of eligible employees leaving the Group, but this is not considered to be significant or material. A +/-10% movement to the grant date fair value of the FY24 grant would impact on the Group\u2019s profit before taxation by +/- \u00a343,000 (2023: +/- \u00a384,000) respectively. Infrastructure Capital \u2013 post-combination services As per note 32, contingent consideration to be paid in shares is accounted for at fair value at the date of acquisition (grant date) using estimated outcomes and expected payout of the earn-outs with this fair value reassessed at each reporting period. For the initial share consideration, there is no estimation uncertainty as the shares have already been issued. The fair value was calculated as the share price on grant date. During the period there was one good leaver to whom forfeiture no longer applies and on 30 September 2023, 33.3% of the shares were no longer subject to forfeiture. The expiry date of the remaining shares is detailed in the table below. For the other forms of consideration (earn-out and performance earn-out), the fair value of each consideration on the grant date was the maximum amount for each discounted back to the valuation date multiplied by the expected payout percentage of the earn-outs and forfeiture rate. As such, the number of shares potentially to be issued is not currently known. The earn- out consideration has an expected payout percentage of 54% (2023: 95%) and 0% (2023: 0%) forfeiture rate. The performance earn-out has an expected payout percentage of 13% (2023: 79%) and 0% (2023: 0%) forfeiture rate. The basis of the expected payout assessments was internal forecasts of the appropriate management fee revenue. During the period, there was one good leaver to whom forfeiture no longer applies and the total cost has been expensed based on the relevant expected payout percentage at 31 March 2024. The maximum award for each consideration at the end of the reporting period would result in an additional charge of \u00a32,463,000 (2023: \u00a384,000) and the minimum would result in a reversal of the earn-out of \u00a3899,000 (2023: \u00a3374,000) and performance earn-out of \u00a3255,000 (2023: \u00a3399,000). Estimation uncertainty: Recognition and measurement of intangible assets arising on acquisitions Acquisition of Wellspring The valuation of investment management contracts represents an estimation of the present value of the cash flows that those contracts were expected to generate at the completion date, with reference to the projected profitability of the fund over a useful life of 19.7 years based on the weighted average length of the contracts acquired. A weighted average cost of capital (\u201cWACC\u201d) of 9% has been used and is considered a significant estimate. Should this WACC be increased by 1%, the value of the investment management contracts would reduce by \u00a3445,000, resulting in goodwill arising from the acquisition of \u00a3317,000. If the WACC decreased by 1%, the value of the investment management contracts would increase by \u00a3501,000 and the gain on business combination would increase to \u00a3392,000. See note 32 for further details on the identifiable assets acquired and liabilities assumed. Impairment of intangible assets Customer contracts The Directors have reviewed the intangible assets at 31 March 2024 and concluded there are indicators of impairment for the customer contracts acquired in Downing\u2019s technology ventures business and Infrastructure Capital (2023: no indicators of impairment). The recoverable value was determined based on a value in use calculation using a discounted cash flow (\u201cDCF\u201d) model derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the customer contracts being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the customer contracts, including a sensitivity analysis, are disclosed and further explained in the note below. Goodwill The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations using a DCF model. The cash flows are derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in the note below. Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and VCT investments managed by the Group. Fair value is calculated as the Group\u2019s share of NAVs of these funds and investments. These NAVs are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. While valuations of investments are based on assumptions that the Directors consider are reasonable under the circumstances, the actual realised gains and losses will depend on, amongst other factors, future operating results, the value of the assets and market conditions at the time of disposal, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Further details on the key assumptions made and a sensitivity analysis are set out below. Key judgements: When deciding whether placement agency fees are incremental to obtaining, extending or modifying a contract with a customer, the Group must consider whether an individual investor is the customer or whether the fund that the investor is investing into is the customer. Where the individual investor is the customer, the fees will be incremental. Where the customer is the fund, the fees for the individual investor would not be incremental. Estimation uncertainty: Contingent consideration Contingent consideration reflects the Group\u2019s best estimate of the amounts that are expected to be paid, discounted to their present value arising from the acquisition of Downing\u2019s technology ventures business. The significant unobservable input is the NAV of the two VCT\u2019s whose investment mandates were acquired (see note 32). The first anniversary payment of \u00a31,221,000 was fully paid in October 2023. The potential undiscounted amount of all future payments that the Group could be required to make under the contingent consideration arrangement is between \u00a3nil and \u00a32,784,000 (2023: \u00a3nil and \u00a34,176,000). A change in +/- 5% of the NAV would result in a +/- \u00a3103,000 (2023: +/- \u00a3174,000) change in the fair value. Remuneration for post-combination services The proportion of the deferred payments that are contingent on the recipients remaining employees of the Group for a specific period arising from the acquisition of Infrastructure Capital are accounted for as remuneration for post-combination services. The Group has estimated the amounts which will ultimately become payable, i.e. the expected value of the obligation based on the maximum amount for each consideration discounted back to the valuation date multiplied by the expected payout percentage of the earn-outs and forfeiture rate. The discounting uses high-quality corporate bond rates of 3.3%. The earn-out consideration has an expected payout percentage of 54% (2023: 95%) and 0% (2023: 0%) forfeiture rate. The performance earn-out has an expected payout percentage of 13% (2023: 79%) and 0% (2023: 0%) forfeiture rate. The revenue earn-out has an expected payout percentage of 0% (2023: 47.5%) and 0% (2023: 0%) forfeiture rate. The significant unobservable input of the expected payout assessments is internal forecasts of the appropriate management fee revenue. During the period, there was one additional good leaver to which forfeiture no longer applies and the total cost has been expensed based on the expected payout percentage at 31 March 2024. As a result of the change in expected payout percentage at 31 March 2024 a fair value decrease of \u00a33,888,000 (2023: \u00a32,000) has been recognised. A change in management fee revenue target to the maximum award for each consideration at the end of the reporting period would result in an additional charge of \u00a37,139,000 (2023: \u00a31,858,000) and the minimum would result in a reversal of the respective charge of \u00a32,771,000 (2023: \u00a32,503,000). Key judgements: Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-545": { "value": "4. Revenue Accounting policy: The principal components of revenue which fall within the scope of IFRS 15 comprise management fees, secretarial fees, directors\u2019 fees, marketing fees, arrangement fees and performance incentive fees which are contractual arrangements that the Group operates as principal. Management fees and most secretarial fees are generally based on a percentage of fund Net Asset Value (\u201cNAV\u201d) or committed capital as defined in the funds\u2019 prospectus and/or offering documents, with some secretarial fees being based on an agreed fixed rate. Directors\u2019 fees are based on a specified fixed fee agreed with the customer. Management, secretarial and directors\u2019 fees are recognised over time to the extent that it is probable that there will be economic benefit and income can be reliably measured. This revenue is recognised over time on the basis that the customer simultaneously receives and consumes the economic benefits of the provided asset as the Group performs its obligations. Marketing fees are based on a rate agreed with the customer and recognised at the point in time when the related funds have been allotted or management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Arrangement fees are based on a set rate agreed with the customer and recognised at the point in time when the related service obligations have been achieved. Performance incentive fees are based on the returns achieved over a predetermined threshold as defined in the funds\u2019 prospectus or offering documents and are recognised only at the point in time when management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Other income is based on the contract agreed before services are provided and is recognised in line with the delivery of the services provided. The Group does not provide extended payment terms on its services and therefore no significant financing components are identified by the Group. Limited estimation uncertainty The NAVs which are used to calculate management fees are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager or Valuations team values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. As a result, there is no significant uncertainty or judgement in the amount of revenue to be recognised.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Management fees
115,580
97,373
Secretarial fees
3,152
2,719
Directors\u2019 fees
3,640
3,116
Recurring revenue
122,372
103,208
Marketing fees
9,931
6,129
Arrangement fees
5,139
4,054
Performance incentive fees
3,879
5,740
Other income
5
24
141,326
119,155
The timing of revenue is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Timing of transfer of goods and services:
Point in time
18,954
15,947
Over time
122,372
103,208
141,326
119,155
Contract balances are as follows:
31 March 31 March
2024 2023
Contract Contract
liabilities liabilities
\u00a3000 \u00a3000
At beginning of period
(5,790)
(134)
Amounts included in contract liabilities that were recognised
as revenue during the period
5,790
134
Cash received in advance of performance and not recognised
as revenue during the period
(7,361)
(5,790)
At end of period
(7,361)
(5,790)
The timing of revenue recognition, billings and cash collections results in either trade receivables, accrued income or deferred income in the Statement of Financial Position. For recurring fees, amounts are billed either in advance or in arrears pursuant to a management or advisory agreement. The contract liabilities above reflect the deferred income in trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-481": { "value": "4. Revenue Accounting policy: The principal components of revenue which fall within the scope of IFRS 15 comprise management fees, secretarial fees, directors\u2019 fees, marketing fees, arrangement fees and performance incentive fees which are contractual arrangements that the Group operates as principal. Management fees and most secretarial fees are generally based on a percentage of fund Net Asset Value (\u201cNAV\u201d) or committed capital as defined in the funds\u2019 prospectus and/or offering documents, with some secretarial fees being based on an agreed fixed rate. Directors\u2019 fees are based on a specified fixed fee agreed with the customer. Management, secretarial and directors\u2019 fees are recognised over time to the extent that it is probable that there will be economic benefit and income can be reliably measured. This revenue is recognised over time on the basis that the customer simultaneously receives and consumes the economic benefits of the provided asset as the Group performs its obligations. Marketing fees are based on a rate agreed with the customer and recognised at the point in time when the related funds have been allotted or management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Arrangement fees are based on a set rate agreed with the customer and recognised at the point in time when the related service obligations have been achieved. Performance incentive fees are based on the returns achieved over a predetermined threshold as defined in the funds\u2019 prospectus or offering documents and are recognised only at the point in time when management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Other income is based on the contract agreed before services are provided and is recognised in line with the delivery of the services provided. The Group does not provide extended payment terms on its services and therefore no significant financing components are identified by the Group. Limited estimation uncertainty The NAVs which are used to calculate management fees are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager or Valuations team values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. As a result, there is no significant uncertainty or judgement in the amount of revenue to be recognised.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Management fees
115,580
97,373
Secretarial fees
3,152
2,719
Directors\u2019 fees
3,640
3,116
Recurring revenue
122,372
103,208
Marketing fees
9,931
6,129
Arrangement fees
5,139
4,054
Performance incentive fees
3,879
5,740
Other income
5
24
141,326
119,155
The timing of revenue is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Timing of transfer of goods and services:
Point in time
18,954
15,947
Over time
122,372
103,208
141,326
119,155
Contract balances are as follows:
31 March 31 March
2024 2023
Contract Contract
liabilities liabilities
\u00a3000 \u00a3000
At beginning of period
(5,790)
(134)
Amounts included in contract liabilities that were recognised
as revenue during the period
5,790
134
Cash received in advance of performance and not recognised
as revenue during the period
(7,361)
(5,790)
At end of period
(7,361)
(5,790)
The timing of revenue recognition, billings and cash collections results in either trade
receivables, accrued income or deferred income in the Statement of Financial Position. For
recurring fees, amounts are billed either in advance or in arrears pursuant to a management
or advisory agreement. The contract liabilities above reflect the deferred income in trade and
other payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-514": { "value": "Accounting policy: The principal components of revenue which fall within the scope of IFRS 15 comprise management fees, secretarial fees, directors\u2019 fees, marketing fees, arrangement fees and performance incentive fees which are contractual arrangements that the Group operates as principal. Management fees and most secretarial fees are generally based on a percentage of fund Net Asset Value (\u201cNAV\u201d) or committed capital as defined in the funds\u2019 prospectus and/or offering documents, with some secretarial fees being based on an agreed fixed rate. Directors\u2019 fees are based on a specified fixed fee agreed with the customer. Management, secretarial and directors\u2019 fees are recognised over time to the extent that it is probable that there will be economic benefit and income can be reliably measured. This revenue is recognised over time on the basis that the customer simultaneously receives and consumes the economic benefits of the provided asset as the Group performs its obligations. Marketing fees are based on a rate agreed with the customer and recognised at the point in time when the related funds have been allotted or management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Arrangement fees are based on a set rate agreed with the customer and recognised at the point in time when the related service obligations have been achieved. Performance incentive fees are based on the returns achieved over a predetermined threshold as defined in the funds\u2019 prospectus or offering documents and are recognised only at the point in time when management have certainty as to the receipt of such revenue, such that it is highly probable that a significant reversal in the amount of revenue recognised will not occur and when the fees can be measured reliably. Other income is based on the contract agreed before services are provided and is recognised in line with the delivery of the services provided. The Group does not provide extended payment terms on its services and therefore no significant financing components are identified by the Group. Limited estimation uncertainty The NAVs which are used to calculate management fees are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager or Valuations team values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. As a result, there is no significant uncertainty or judgement in the amount of revenue to be recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-482": { "value": "5. Business segments Accounting policy: Segment information is provided based on the operating segments which are reviewed by the Executive Committee (\u201cExco\u201d), which is considered to be the Chief Operating Decision Maker. These operating segments, which comprise Infrastructure, Private Equity and Foresight Capital Management (\u201cFCM\u201d) are aggregated if they meet certain criteria. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. No disclosure is made for net assets/liabilities as these are not reported by segment to Exco. Management monitors the performance and strategic priorities of the business from a business unit (\u201cBU\u201d) perspective, and in this regard has identified the following three key \u201creportable segments\u201d: Infrastructure, Private Equity and FCM. The Group\u2019s senior management assesses the performance of the operating segments based on Core EBITDA pre-SBP. See appendices to the financial statements for further explanation. 31 March 2024 31 March 2023 Infrastructure \u00a3000
Private Equity FCM Total Infrastructure Private Equity FCM Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue
84,174
47,350
9,802
141,326
73,035
33,411
12,709
119,155
Cost of sales
(4,389)
(981)
(1,934)
(7,304)
(714)
(3,349)
(2,240)
(6,303)
Gross profit
79,785
46,369
7,868
134,022
72,321
30,062
10,469
112,852
Administrative expenses
(64,125)
(29,601)
(7,213)
(100,939)
(56,107)
(19,308)
(7,100)
(82,515)
Acquisition-related costs
\u2014
\u2014
\u2014
\u2014
(415)
(3,295)
(11)
(3,721)
Operating profit
15,660
16,768
655
33,083
15,799
7,459
3,358
26,616
Non-operating items
733
471
25
1,229
430
328
(53)
705
Profit on ordinary activities before taxation
16,393
17,239
680
34,312
16,229
7,787
3,305
27,321
Translation differences on foreign subsidiaries
(1,679)
\u2014
\u2014
(1,679)
(2,720)
\u2014
\u2014
(2,720)
Core EBITDA reconciling items (see appendices \u2013 note A5)
20,378
5,382
904
26,664
16,811
8,149
597
25,557
Core EBITDA pre-SBP
35,092
22,621
1,584
59,297
30,320
15,936
3,902
50,158
The Group has recognised an impairment in respect of intangible assets (customer contracts) \u2013 see note 15. The impairment charge is recorded within administrative expenses in the Private Equity
The Group operates in different geographic regions. Revenue by region is summarised below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
United Kingdom
112,776
100,237
Australia
18,442
11,010
Luxembourg
6,303
5,414
Italy
1,128
1,498
Spain
746
602
Ireland
1,931
394
141,326
119,155
In accordance with IFRS 8 paragraph 34, the Group has a single customer with revenues
which amount to 10% or more of Group revenue. Total revenues from this customer in 2024
were \u00a343,515,000 (2023: \u00a330,758,000), of which \u00a333,346,000 (2023: \u00a323,787,000) was
attributable to Infrastructure, \u00a37,822,000 (2023: \u00a35,443,000) to Private Equity and \u00a32,347,000
(2023: \u00a31,528,000) to FCM.
Non-current assets (excluding derivative assets, deferred tax assets, contract costs and trade
and other receivables) by region are summarised below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
United Kingdom
33,246
32,523
Australia
36,664
39,704
Luxembourg
2,571
2,584
Italy
685
1,353
Spain
453
517
Ireland
569
\u2014
74,188
76,681
The Statement of Financial Position is reported to the Board on a single segment basis.
No further segmental information is provided as this would not aid strategic and financial
management decisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-515": { "value": "
Accounting policy:
Segment information is provided based on the operating segments which are reviewed by the Executive Committee (\u201cExco\u201d), which is considered to be the Chief Operating Decision Maker.
These operating segments, which comprise Infrastructure, Private Equity and Foresight Capital Management (\u201cFCM\u201d) are aggregated if they meet certain criteria. Segment results include items
directly attributable to a segment as well as those that can be allocated on a reasonable basis. No disclosure is made for net assets/liabilities as these are not reported by segment to Exco.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-516": { "value": "The Group operates in different geographic regions. Revenue by region is summarised below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
United Kingdom
112,776
100,237
Australia
18,442
11,010
Luxembourg
6,303
5,414
Italy
1,128
1,498
Spain
746
602
Ireland
1,931
394
141,326
119,155
In accordance with IFRS 8 paragraph 34, the Group has a single customer with revenues which amount to 10% or more of Group revenue. Total revenues from this customer in 2024 were \u00a343,515,000 (2023: \u00a330,758,000), of which \u00a333,346,000 (2023: \u00a323,787,000) was attributable to Infrastructure, \u00a37,822,000 (2023: \u00a35,443,000) to Private Equity and \u00a32,347,000 (2023: \u00a31,528,000) to FCM. Non-current assets (excluding derivative assets, deferred tax assets, contract costs and trade and other receivables) by region are summarised below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
United Kingdom
33,246
32,523
Australia
36,664
39,704
Luxembourg
2,571
2,584
Italy
685
1,353
Spain
453
517
Ireland
569
\u2014
74,188
76,681
The Statement of Financial Position is reported to the Board on a single segment basis. No further segmental information is provided as this would not aid strategic and financial management decisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-483": { "value": "
6. Administrative expenses
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Staff costs (see note 9)
59,407
48,144
Staff costs \u2013 acquisitions (see note 9)
11,947
12,667
Amortisation in relation to intangible assets
(customer contracts) (see note 15)
3,211
2,414
Depreciation and amortisation (excluding amortisation
in relation to intangible assets (customer contracts))
(see note 14, 15 and 23)
3,227
2,800
Impairment of intangible assets
(customer contracts) (see note 15)
2,895
\u2014
Legal and professional
5,908
5,288
Other administration costs
14,344
11,202
100,939
82,515
1
1. Other administration costs mainly relate to irrecoverable VAT, computer maintenance, conferences, bank charges and sundries.
Specific administrative expenses are as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Auditor\u2019s remuneration
641
621
Net foreign exchange losses/(gains)
124
(763)
Low-value and short-term lease expenses
49
95
Bad debt write-offs
\u2014
64
Loss/(profit) on disposal of fixed assets
5
(10)
Auditor\u2019s remuneration is further disclosed as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Audit services
Statutory audit \u2013 Company
114
136
\u2013 Subsidiaries
397
323
Total audit services
511
459
Non\u2011audit services
Regulatory assurance services
22
16
Other assurance services
85
146
Other services
23
\u2014
Total non-audit services
130
162
Total audit and non-audit services
641
621
Non-audit services included the following: \u0219 Regulatory assurance services: These services are for CASS assurance audits for Foresight Group LLP and PiP Manager Limited \u0219 Other assurance services: These services are for the ISAE 3402 assurance report on the internal controls of Foresight Group LLP. No interim review was conducted on the FY24 Half-year Report and this was replaced by the agreed upon procedures below \u0219 Other services: These services are for agreed upon procedures of the Half-year Report and assistance in responding to the letter from the FRC", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-546": { "value": "6. Administrative expenses
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Staff costs (see note 9)
59,407
48,144
Staff costs \u2013 acquisitions (see note 9)
11,947
12,667
Amortisation in relation to intangible assets
(customer contracts) (see note 15)
3,211
2,414
Depreciation and amortisation (excluding amortisation
in relation to intangible assets (customer contracts))
(see note 14, 15 and 23)
3,227
2,800
Impairment of intangible assets
(customer contracts) (see note 15)
2,895
\u2014
Legal and professional
5,908
5,288
Other administration costs
14,344
11,202
100,939
82,515
1 1. Other administration costs mainly relate to irrecoverable VAT, computer maintenance, conferences, bank charges and sundries. Specific administrative expenses are as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Auditor\u2019s remuneration
641
621
Net foreign exchange losses/(gains)
124
(763)
Low-value and short-term lease expenses
49
95
Bad debt write-offs
\u2014
64
Loss/(profit) on disposal of fixed assets
5
(10)
Auditor\u2019s remuneration is further disclosed as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Audit services
Statutory audit \u2013 Company
114
136
\u2013 Subsidiaries
397
323
Total audit services
511
459
Non\u2011audit services
Regulatory assurance services
22
16
Other assurance services
85
146
Other services
23
\u2014
Total non-audit services
130
162
Total audit and non-audit services
641
621
Non-audit services included the following: \u0219 Regulatory assurance services: These services are for CASS assurance audits for Foresight Group LLP and PiP Manager Limited \u0219 Other assurance services: These services are for the ISAE 3402 assurance report on the internal controls of Foresight Group LLP. No interim review was conducted on the FY24 Half-year Report and this was replaced by the agreed upon procedures below \u0219 Other services: These services are for agreed upon procedures of the Half-year Report and assistance in responding to the letter from the FRC", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-517": { "value": "Auditor\u2019s remuneration is further disclosed as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Audit services
Statutory audit \u2013 Company
114
136
\u2013 Subsidiaries
397
323
Total audit services
511
459
Non\u2011audit services
Regulatory assurance services
22
16
Other assurance services
85
146
Other services
23
\u2014
Total non-audit services
130
162
Total audit and non-audit services
641
621
Non-audit services included the following:
\u0219 Regulatory assurance services: These services are for CASS assurance audits for Foresight
Group LLP and PiP Manager Limited
\u0219 Other assurance services: These services are for the ISAE 3402 assurance report on the
internal controls of Foresight Group LLP. No interim review was conducted on the FY24
Half-year Report and this was replaced by the agreed upon procedures below
\u0219 Other services: These services are for agreed upon procedures of the Half-year Report and
assistance in responding to the letter from the FRC
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-484": { "value": "7. Acquisition-related costs The Group has incurred the following legal and professional costs in respect of its acquisitions: 31 March 2024 \u00a3000 31 March 2023 \u00a3000 Acquisition of Infrastructure Capital \u2014 3,121 Acquisition of Downing\u2019s technology ventures business \u2014 452 Other \u2014 148 \u2014 3,721 See note 32 for details on the acquisition-related costs associated to the Wellspring acquisition
24. Acquisition-related liabilities
Acquisition-related liabilities arise from the acquisitions made by the Group during the year ended 31 March 2023 (see note 32).
Accounting policy:
Contingent consideration payable is measured at fair value at acquisition and assessed annually with particular reference to the conditions upon which the consideration is contingent. Fair
value movements in the year are recognised in the Statement of Comprehensive Income.
Remuneration for post-combination services is the liability that arises from accounting for contingent consideration payments to sellers which are subject to forfeiture if the seller ceases to be
employed and are payable in cash; this consideration is accounted as long-term employee benefits under IAS19 (see note 32). The liabilities will be expensed over the deferral period and are
included in staff costs \u2013 acquisitions.
Estimation uncertainty:
Contingent consideration
Contingent consideration reflects the Group\u2019s best estimate of the amounts that are expected
to be paid, discounted to their present value arising from the acquisition of Downing\u2019s
technology ventures business. The significant unobservable input is the NAV of the two VCT\u2019s
whose investment mandates were acquired (see note 32). The first anniversary payment of
\u00a31,221,000 was fully paid in October 2023. The potential undiscounted amount of all future
payments that the Group could be required to make under the contingent consideration
arrangement is between \u00a3nil and \u00a32,784,000 (2023: \u00a3nil and \u00a34,176,000). A change in +/- 5%
of the NAV would result in a +/- \u00a3103,000 (2023: +/- \u00a3174,000) change in the fair value.
Remuneration for post-combination services
The proportion of the deferred payments that are contingent on the recipients remaining
employees of the Group for a specific period arising from the acquisition of Infrastructure
Capital are accounted for as remuneration for post-combination services. The Group has
estimated the amounts which will ultimately become payable, i.e. the expected value of
the obligation based on the maximum amount for each consideration discounted back
to the valuation date multiplied by the expected payout percentage of the earn-outs and
forfeiture rate. The discounting uses high-quality corporate bond rates of 3.3%. The earn-out
consideration has an expected payout percentage of 54% (2023: 95%) and 0% (2023: 0%)
forfeiture rate. The performance earn-out has an expected payout percentage of 13%
(2023: 79%) and 0% (2023: 0%) forfeiture rate. The revenue earn-out has an expected payout
percentage of 0% (2023: 47.5%) and 0% (2023: 0%) forfeiture rate. The significant unobservable
input of the expected payout assessments is internal forecasts of the appropriate
management fee revenue. During the period, there was one additional good leaver to
which forfeiture no longer applies and the total cost has been expensed based on the
expected payout percentage at 31 March 2024. As a result of the change in expected payout
percentage at 31 March 2024 a fair value decrease of \u00a33,888,000 (2023: \u00a32,000) has been
recognised. A change in management fee revenue target to the maximum award for each
consideration at the end of the reporting period would result in an additional charge of
\u00a37,139,000 (2023: \u00a31,858,000) and the minimum would result in a reversal of the respective
charge of \u00a32,771,000 (2023: \u00a32,503,000).
31 March 2024
31 March 2023
Remuneration Remuneration
for post- for post-
Contingent combination Contingent combination
consideration services Total consideration services Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
At beginning of period
3,470
2,503
5,973
\u2014
\u2014
\u2014
Business combinations
\u2014
\u2014
\u2014
3,797
\u2014
3,797
Arising in the period
\u2014
4,182
4,182
\u2014
2,485
2,485
Payments
(1,221)
\u2014
(1,221)
\u2014
\u2014
\u2014
Interest
126
133
259
133
20
153
Fair value movements
(316)
(3,888)
(4,204)
(460)
(2)
(462)
Foreign exchange movement
\u2014
(159)
(159)
\u2014
\u2014
\u2014
At end of period
2,059
2,771
4,830
3,470
2,503
5,973
Current liabilities
1,005
\u2014
1,005
1,104
46
1,150
Non-current liabilities
1,054
2,771
3,825
2,366
2,457
4,823
The following are the amounts recognised in the Statement of Comprehensive Income:
31 March 2024 31 March 2023
Contingent
consideration
\u00a3000
Remuneration
for post-
Remuneration
for post-
combination Contingent combination
services consideration services
\u00a3000 \u00a3000 \u00a3000
Arising in the period
\u2014
4,182
\u2014
2,485
Interest
126
133
133
20
Fair value movements
(316)
(3,888)
(460)
(2)
(190)
427 (327) 2,503
The table below summarises the maturity profile of the Group\u2019s contingent consideration based on contractual undiscounted payments and current assessment of the expected payout at
31 March 2024.
31 March 2024
31 March 2023
Less than One to two Two to five Less than One to two Two to five
Total one year years years Total one year years years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
2,140
1,070
1,070
\u2014
3,687
1,229
1,229
1,229
The table below summarises the maturity profile of the Group\u2019s remuneration for post-combination services based on contractual undiscounted payments and current assessment of the expected
payout at 31 March 2024.
31 March 2024
31 March 2023
Less than One to two Two to five Less than One to two Two to five
Total one year years years Total one year years years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
5,015
\u2014
4,168
847
14,404
66
316
14,022
32. Business combinations Accounting policy: The Group recognises business combinations (including acquisitions) when it considers that it has obtained control over a business, which could be an entity or separate business within an entity (for example acquiring management contracts and hiring the team to service those contracts). The cost of the acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. As per IFRS 3.B55(a) where the cost of acquisition contains payments that are automatically forfeited if employment terminates, these are accounted for as remuneration for post- combination services and not cost of the acquisition. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date. Acquisition-related costs are expensed as incurred and included in the Statement of Comprehensive Income. Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses (see note 15 for further explanation). Where the fair value of the identifiable assets and liabilities exceeds the cost of acquisition, a gain on business combination arises and is credited to the Statement of Comprehensive Income in the year of the acquisition. Acquisitions in the year ended 31 March 2024 Wellspring Finance Company Limited (\u201cWellspring\u201d) On 20 June 2023, the Group completed the acquisition of 100% of the issued share capital of Wellspring Finance Company Limited. The principal activity of the company is that of providing outsourced management services through its 100% owned subsidiary, Wellspring Management Services Limited. Wellspring Management Services Limited holds the asset management contracts for seven operational PFI projects in Scotland. The acquisition allowed the Group to increase recurring revenue at an attractive Core EBITDA margin on contracts that have a final expiry of May 2045. Consideration transferred The following table summarises the acquisition date fair value of each class of consideration transferred:
\u00a3000
Cash consideration
4,870
Total carrying value
4,870
Cash consideration comprises an initial cash payment of \u00a34,800,000 paid on 20 June 2023 and further cash payment of \u00a370,000 that was fully paid by March 2024. Acquisition-related costs Alongside the Group\u2019s acquisition, a Foresight managed fund also acquired the equity of the seven operational PFI projects. Due to the transaction structure and value to the fund, the fund bore all of the transaction and adviser costs so that the Group did not incur any acquisition-related costs. Identifiable assets acquired and liabilities assumed The fair value of the identifiable net assets acquired at the acquisition date were as follows. The Group has now concluded its purchase price allocation for the acquisition having reported provisional fair values in the Half-year Report for the six months ended 30 September 2023 and noted no change to the identifiable net assets acquired.
Carrying Fair Recognised
amounts value amounts
\u00a3000 \u00a3000 \u00a3000
Intangible assets \u2013 customer contracts
3,948
2,474
6,422
Trade and other receivables
70
\u2014
70
Cash and cash equivalents
193
\u2014
193
Trade and other payables
(193)
\u2014
(193)
Deferred tax liability
\u2014
(1,606)
(1,606)
Total net assets acquired
4,018
868
4,886
The fair value of the intangible asset above was derived from cash flow forecasts of the fees
arising from the seven PFI contracts using a 9% discount rate based on the weighted average
cost of capital (\u201cWACC\u201d) derived from a capital asset pricing model (\u201cCAPM\u201d). The intangible
asset is being amortised over 19.7 years. See note 15 for further information including
sensitivity analysis.
The fair value of all other net assets acquired were equal to their carrying value.
The acquisition is reflected in the Cash Flow Statement as follows at 31 March 2024:
\u00a3000
Cash paid
(4,870)
Cash acquired on acquisition
193
Total per Cash Flow Statement
(4,677)
Gain on business combination
The gain on business combination on the acquisition of Wellspring has been recognised as
follows. The Group reported a provisional gain on business combination in the Half-year
Report for the six months ended 30 September 2023 and noted no change to the gain on
business combination at year-end.
\u00a3000
Fair value of net assets acquired
4,886
Less total consideration
(4,870)
Gain on business combination
16
The gain on business combination arises due to the fair value of net assets acquired being
greater than the total consideration. The consideration was negotiated without direct
correlation to the value of the net assets acquired. The gain on business combination
is recognised in the Statement of Comprehensive Income and as a non-underlying item
(see note 8).
Revenue and profits of Wellspring
Amounts that the acquisition contributed to both Group revenue and profit in the
post-acquisition period are as follows:
\u00a3000
Revenue contribution
914
EBITDA contribution
681
Profit on ordinary activities before taxation
521
Had the acquisition occurred at the start of the period, the acquisition would have made the
following contributions to both Group revenue and profit:
\u00a3000
Revenue contribution
1,173
EBITDA contribution
848
Profit on ordinary activities before taxation
634
Acquisitions in the year ended 31 March 2023
Infrastructure Capital Holdings Pty Ltd (\u201cInfrastructure Capital\u201d)
On 8 September 2022, the Group completed the acquisition of 100% of the issued share capital
of Infrastructure Capital. Infrastructure Capital consists of the following companies:
\u0219 Infrastructure Capital Holdings Pty Limited (renamed Foresight Capital Holdings Pty Limited
on 31 October 2022)
\u0219 Infrastructure Capital Group Limited (renamed Foresight Australia Funds Management
Limited on 2 November 2022)
\u0219 Infrastructure Capital Services Pty Ltd
\u0219 Infrastructure Specialist Asset Management Limited
\u0219 Infra Asset Management Pty Limited
The Group acquired this business to deliver a meaningful contribution to the Group\u2019s growth,
increasing AUM by \u00a33 billion. It enables the Group to strengthen its presence in the attractive
Australian infrastructure and renewables market and to diversify its revenue profile, increasingly
positioning the Group internationally. Additional value is expected to be unlocked through
synergies over time.
Consideration transferred
The following table summarises the acquisition date fair value of each class of consideration transferred:
\u00a3000
Initial cash consideration
32,626
Initial share consideration
4,296
Total carrying value
36,922
Initial share consideration comprises 7,937,879 shares in the Company issued on 8 September 2022 to service A$52,500,000 of amounts due to sellers. These shares will be subject to forfeiture if
a seller ceases to be employed or contracted by Infrastructure Capital during the next three years, with 100% of a seller\u2019s shares being forfeited if this occurs prior to 30 September 2023, 66.66%
from 30 September 2023 to 29 September 2024 and 33.33% from 30 September 2024 to 29 September 2025. Forfeiture does not apply to good leavers, of which there were three on completion.
Initial share consideration for these good leavers is included in consideration valued at \u00a34,296,000 (1,107,527 shares) with remaining consideration of \u00a326,496,000 (6,830,352 shares (see note 10))
debited to the Shares held in escrow reserve (see note 28). This is because the initial share consideration payable to non-good leavers is treated as remuneration for post-combination services. This
remuneration expense is charged to the Statement of Comprehensive Income over the vesting period, accounted for as equity-settled share-based payments under IFRS 2. Under IFRS 2, the expense
is measured at the fair value of the shares on the grant date, which was the share price of \u00a34.08 per share converted to Australian dollars at the prevailing exchange rate with a 0% forfeiture rate.
See note 10 for the movement in the initial share consideration and remuneration for post-combination services for the year ended 31 March 2024.
Other deferred payments
The sale and purchase agreement and supplementary management incentive deed details other deferred and contingent payments to be made to sellers for the sale of the shares of Infrastructure
Capital. However, these payments require the sellers to remain in employment with or contracted to the Group for the duration of the respective deferral periods. Hence, they are also being
accounted for as remuneration for post-combination services and the expense charged to the Statement of Comprehensive Income over the respective vesting periods. Details of each of these
elements are as follows:
Gross amount
Grant date fair value
\u00a3000
A$000
Grant date
\u00a3000
A$000
Expected vesting date
Earn-out consideration
17,595
30,000
8 September 2022
17,595
30,000
30 June 2028
Revenue earn-out consideration
2,933
5,000
8 September 2022
1,181
2,013
30 June 2023\u20112026
Performance consideration
14,633
25,000
8 September 2022
10,391
17,716
30 June 2027
The consideration above will be paid in either cash and/or shares as explained below.
Where consideration is paid in shares, these will be accounted for as equity-settled
share-based payments under IFRS 2. Where consideration is paid in cash, these will be
accounted for as long-term employee benefits under IAS 19.
\u0219 Earn-out consideration of up to A$30,000,000 was granted on the date of acquisition and
is payable A$15,000,000 in cash and A$15,000,000 in shares in the Company dependent
on the achievement of management fee revenue targets for the 12-month period ending
30 June 2025 and the sellers being employed or contracted by Infrastructure Capital on
30 June 2025 unless the seller is considered a good leaver. These shares will be subject to
forfeiture if a seller ceases to be employed or contracted by Infrastructure Capital during
the two years that follow, with 100% of a seller\u2019s shares being forfeited if this occurs prior
to 30 June 2026 and 50% from 30 June 2026 to 30 June 2027. There is a further clawback
up to 30 June 2028 if there is a reversal in management fee revenue so that the total vesting
period is to this date.
\u0219 Revenue earn-out consideration of up to A$5,000,000 was granted on the date of acquisition
and is payable A$5,000,000 in cash and is based on a revenue share mechanism for
incremental asset management revenues over the period from acquisition to 30 June 2026
and the sellers being employed or contracted by Infrastructure Capital during this period
unless the seller is considered a good leaver.
\u0219 Performance consideration of up to A$25,000,000 was granted on the date of acquisition
and is payable A$12,500,000 in cash and A$12,500,000 in shares in the Company dependent
on the achievement of management fee revenue targets for the 12-month period ending
30 June 2026 and the sellers being employed or contracted by Infrastructure Capital on
30 June 2026 unless the seller is considered a good leaver. These shares will be subject to
forfeiture if a seller ceases to be employed or contracted by Infrastructure Capital during
the year that follows, with 100% of a seller\u2019s shares being forfeited if this occurs prior to
31 December 2026 and 50% from 31 December 2026 to 30 June 2027.
The fair value of this consideration has been estimated at the date of acquisition (grant date)
using estimated outcomes and the expected payout percentage of those outcomes. The fair
value will be assessed at each reporting period. For further explanation of how fair value is
calculated and the cost recognised in the Statement of Comprehensive Income for the year
ended 31 March 2024, see note 10 for consideration paid in shares under IFRS 2 and note 24
for consideration paid in cash under IAS 19.
Identifiable assets acquired and liabilities assumed
The fair value of the identifiable net assets acquired at the acquisition date were as follows:
Carrying Fair Recognised
amounts value amounts
\u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
73
\u2014
73
Right-of-use assets
560
\u2014
560
Intangible assets \u2013 customer contracts
\u2014
30,551
30,551
Deferred tax assets
239
\u2014
239
Trade and other receivables
3,890
\u2014
3,890
Cash and cash equivalents
1,235
\u2014
1,235
Trade and other payables
(2,706)
\u2014
(2,706)
Lease liabilities
(619)
\u2014
(619)
Deferred tax liability
(3)
(9,165)
(9,168)
Total net assets acquired
2,669
21,386
24,055
The acquisition is reflected in the Cash Flow Statement as follows at 31 March 2023:
\u00a3000
Cash paid
(32,626)
Cash acquired on acquisition of subsidiary
1,235
Total per Cash Flow Statement
(31,391)
Goodwill
The goodwill arising from the acquisition has been recognised as follows:
\u00a3000
Total consideration (see above)
36,922
Fair value of identifiable net assets acquired (see above)
(24,055)
12,867
Goodwill of \u00a312,867,000 arises as a result of the acquired workforce, expected future growth,
as well as operational and revenue synergies arising post-integration. Goodwill arising from the
Infrastructure Capital acquisition is not deductible for tax purposes. The goodwill is subject to
foreign exchange movements as it is deemed to be an Australian dollar asset.
Downing\u2019s technology ventures business
On 4 July 2022, the Group completed the acquisition of the technology ventures division of
Downing LLP.
Through this acquisition, the Group acquired the investment mandates of Downing ONE VCT
Plc (renamed Thames Ventures VCT 1 Plc on 7 September 2022) and Downing FOUR VCT Plc
(renamed Thames Ventures VCT 2 Plc on 7 September 2022) (excluding the Healthcare share
class). As an interim measure, the Group was also appointed sub-manager of Downing Ventures
EIS Scheme (renamed Thames Ventures EIS Fund on 10 March 2023) (see below). These
transactions gave rise to incremental AUM of c.\u00a3275 million deployed across venture capital,
AIM-quoted investee companies and a small number of legacy asset-backed debt investments.
These venture-focused funds, with c.12,000 investors and assets predominantly across the
UK as well as in the US and Israel, are complementary to the existing funds managed by the
Group\u2019s Private Equity Team. At 31 March 2024, the Group has a commitment to complete the
purchase of the Healthcare share class of Thames Ventures VCT 2 Plc. See note 30.
The Group was appointed as sub-manager to the Downing Ventures EIS Scheme because its appointment as manager is subject to regulatory approval from the FCA. Once this regulatory approval is obtained, the Group will be appointed manager and the acquisition of this investment mandate will complete. Consequently, for the purposes for accounting for the acquisition under IFRS 3, the Downing Ventures EIS Scheme is excluded. The consideration for the EIS acquisition is in the form of a fee sharing ratio and therefore, the EIS AUM was not valued in the consideration. At 31 March 2024, the acquisition of this investment mandate is not complete. Consideration transferred The following table summarises the acquisition date fair value of each class of consideration transferred:
\u00a3000
Initial cash consideration
13,425
Contingent cash consideration
3,797
Total carrying value
17,222
Contingent cash consideration with an expected fair value of \u00a33,797,000 is payable in cash over a three-year period conditional on achieving certain AUM targets. The fair value of this consideration has been estimated at the date of acquisition using estimated outcomes, the expected value of those outcomes and discounting this a rate of 4.6% (in line with the cost of debt in our WACC analysis plus an additional premium of 2%). As such, this has been recognised as a liability at 31 March 2023 and the fair value assessed each reporting period. The first payment was made during the current reporting period and the remaining liability fair value has been assessed at 31 March 2024. See note 24
Identifiable assets acquired and liabilities assumed
The fair value of the identifiable net assets acquired at the acquisition date were as follows:
Carrying Fair Recognised
amounts value amounts
\u00a3000 \u00a3000 \u00a3000
Intangible assets \u2013 customer contracts
\u2014
14,247
14,247
Deferred tax liability
\u2014
(3,562)
(3,562)
Total net assets acquired
\u2014
10,685
10,685
Goodwill
The goodwill arising from the acquisition has been recognised as follows:
\u00a3000
Total consideration (see above)
17,222
Fair value of identifiable net assets acquired (see above)
(10,685)
6,537
Goodwill of \u00a36,537,000 arises as a result of the acquired workforce, expected future growth,
as well as operational and revenue synergies arising post-integration. Goodwill arising from the
Downing acquisition is not deductible for tax purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-518": { "value": "7. Acquisition-related costs The Group has incurred the following legal and professional costs in respect of its acquisitions: 31 March 2024 \u00a3000 31 March 2023 \u00a3000 Acquisition of Infrastructure Capital \u2014 3,121 Acquisition of Downing\u2019s technology ventures business \u2014 452 Other \u2014 148 \u2014 3,721 See note 32 for details on the acquisition-related costs associated to the Wellspring acquisition ", "dimensions": { "concept": "foresightgroup:DisclosureOfAcquisitionRelatedCosts", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-485": { "value": "
8. Non\u2011underlying items
Items which are not considered part of the normal operations of the business, are non-recurring or are considered exceptional because of their size, nature or incidence, are treated as
non-underlying items and disclosed separately. Further details of non-underlying items are included in note 2c and in the Strategic Report on page 51.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Administrative expenses (see note 6)
Staff costs \u2013 acquisitions
11,947
12,667
Other administration costs \u2013 foreign exchange
\u2014
(782)
11,947
11,885
Acquisition-related costs (see note 7)
Legal and professional costs in respect of acquisition of Infrastructure Capital
\u2014
3,121
Legal and professional costs in respect of acquisition Downing\u2019s technology ventures business
\u2014
452
Other legal and professional costs
\u2014
148
\u2014
3,721
Fair value gains on contingent consideration (incl. finance expense) (see note 24)
(190)
(327)
Gain on business combination (see note 32)
(16)
\u2014
Total non-underlying items
11,741
15,279
Breakdown of staff costs \u2013 acquisitions
The table below shows the breakdown of staff costs \u2013 acquisitions related to the deferred payments from the acquisition of Infrastructure Capital for the year ended 31 March 2024.
31 March 2024 31 March 2023
Cash settled Share settled Total Cash settled Share settled Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Initial share consideration
\u2014
11,066
11,066
\u2014
8,741
8,741
Earn-out consideration
1,093
564
1,657
1,480
374
1,854
Revenue earn-out consideration
(306)
\u2014
(306)
288
\u2014
288
Performance consideration
(360)
(110)
(470)
735
399
1,134
427
11,520
11,947
2,503
9,514
12,017
For the year ended 31 March 2023, further bonuses of \u00a3246,000 and \u00a3404,000 were recognised for payments to staff who were involved in the acquisitions of Infrastructure Capital and Downing\u2019s
technology ventures business respectively. The costs have been reported as staff costs \u2013 acquisitions within administrative expenses above.
The decrease in cash-settled deferred payments of the revenue earn-out and performance considerations is due to the change in the expected payout of the earn-outs at 31 March 2024.
See note 10 and note 24.
", "dimensions": { "concept": "foresightgroup:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-486": { "value": "
9. Staff costs and Directors\u2019 remuneration
The average number of employees was:
31 March 31 March
2024 2023
Number Number
Operations
207
172
Sales and Marketing
54
56
Administration
121
86
382
314
Their aggregate remuneration comprised:
31 March 2024 31 March 2023
Staff costs \u2013 Staff costs \u2013
Staff costs acquisitions Total Staff costs acquisitions Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Wages and salaries
45,649
\u2014
45,649
39,596
586
40,182
Social security costs
4,876
\u2014
4,876
3,981
64
4,045
Pension costs
1,950
\u2014
1,950
1,245
\u2014
1,245
Redundancy payments
1,615
\u2014
1,615
\u2014
\u2014
\u2014
Other staff costs
3,107
427
3,534
2,177
2,503
4,680
57,197
427
57,624
46,999
3,153
50,152
Share-based payments (see note 10)
2,210
11,520
13,730
1,145
9,514
10,659
Total staff costs
59,407
11,947
71,354
48,144
12,667
60,811
1
1. Other staff costs mainly relate to healthcare insurance, long service leave, recruitment, sub-contractors and staff advances expensed.
Details regarding the total remuneration paid to Directors is disclosed in the Remuneration Committee report (see pages 91 to 105).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-487": { "value": "10. Share-based payments Accounting policy: The Group engages in equity-settled and cash-settled share-based payment transactions in respect of services received from its employees. Equity-settled Equity-settled share-based payments arise in respect of services receivable from certain employees by granting the right to either shares or options over shares, subject to certain vesting conditions and exercise prices. The fair value of the awards granted in the form of shares or share options is recognised as an expense over the appropriate performance and vesting period with a corresponding credit to equity. When appropriate (i.e. Performance Share Plan), the fair value of the awards is calculated using an option pricing model, the principal inputs being the market value on the date of award and an adjustment for expected and actual levels of vesting which includes estimating the number of eligible employees leaving the Group and the number of employees satisfying the relevant performance conditions. Shares and options vest on the occurrence of a specified event under the rules of the relevant plan. Cash-settled For cash-settled share-based payments, a liability is recognised for the services received to the period end date, measured at the fair value of the liability. At each subsequent period end and at the date on which the liability is settled, the fair value of the liability is remeasured with any changes in fair value recognised in the Statement of Comprehensive Income. Estimation uncertainty: Performance Share Plan grant date fair value The Group\u2019s Performance Share Plan allows for the grant of nil cost options with vesting dependent on the performance of the Group and continued service by the participant, which are both estimations. There have been three annual grants of options under the plan as approved by the Remuneration Committee. The number of options awarded and the assumptions used in the Monte-Carlo simulation are described below for the current year grant of options.
The Group regularly reviews its estimation of the number of eligible employees leaving the
Group, but this is not considered to be significant or material. A +/-10% movement to the grant
date fair value of the FY24 grant would impact on the Group\u2019s profit before taxation by +/-
\u00a343,000 (2023: +/- \u00a384,000) respectively.
Infrastructure Capital \u2013 post-combination services
As per note 32, contingent consideration to be paid in shares is accounted for at fair value
at the date of acquisition (grant date) using estimated outcomes and expected payout of
the earn-outs with this fair value reassessed at each reporting period. For the initial share
consideration, there is no estimation uncertainty as the shares have already been issued.
The fair value was calculated as the share price on grant date. During the period there was
one good leaver to whom forfeiture no longer applies and on 30 September 2023, 33.3% of
the shares were no longer subject to forfeiture. The expiry date of the remaining shares is
detailed in the table below.
For the other forms of consideration (earn-out and performance earn-out), the fair value of
each consideration on the grant date was the maximum amount for each discounted back to
the valuation date multiplied by the expected payout percentage of the earn-outs and forfeiture
rate. As such, the number of shares potentially to be issued is not currently known. The earn-
out consideration has an expected payout percentage of 54% (2023: 95%) and 0% (2023: 0%)
forfeiture rate. The performance earn-out has an expected payout percentage of 13% (2023:
79%) and 0% (2023: 0%) forfeiture rate. The basis of the expected payout assessments was
internal forecasts of the appropriate management fee revenue. During the period, there was
one good leaver to whom forfeiture no longer applies and the total cost has been expensed
based on the relevant expected payout percentage at 31 March 2024. The maximum award
for each consideration at the end of the reporting period would result in an additional charge
of \u00a32,463,000 (2023: \u00a384,000) and the minimum would result in a reversal of the earn-out of
\u00a3899,000 (2023: \u00a3374,000) and performance earn-out of \u00a3255,000 (2023: \u00a3399,000).
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Included in staff costs (note 6)
Performance Share Plan (equity-settled)
1,818
840
UK Share Incentive Plan (equity-settled)
337
239
Overseas Phantom Share Plan (cash-settled)
55
66
2,210
1,145
Included in staff costs \u2013 acquisitions (note 6)
Infrastructure Capital \u2013 post-combination services
(see note 32) (equity settled)
11,520
9,514
13,730
10,659
The classification of share-based payments above is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Equity-settled
13,675
10,593
Cash-settled
55
66
13,730
10,659
Performance Share Plan
The Remuneration Committee approved the implementation of the Performance Share Plan
(\u201cPSP\u201d) following the IPO. Options are granted under the plan for no consideration, carry no
dividend or voting rights and are linked to an absolute total shareholder return (\u201cTSR\u201d) of 6%
compound growth per annum over a three-year period. The absolute TSR condition vests over
a range from 0% to 6% compounded over a three-year period.
The exercise price is \u00a3nil. The Group is allowed to issue new shares to satisfy the share
schemes which must not exceed 10% of the issued share capital in any rolling ten-year period.
The Group\u2019s position against the dilution limits at 31 March 2024 since Admission was 3%
(2023: 2%).
Details of movements in the number of shares are as follows:
31 March 2024 31 March 2023
Average Average
exercise exercise
Number of price per Number of price per
shares share option shares share option
granted \u00a3 granted \u00a3
At the beginning of period
2,359,530
\u2014
1,071,830
\u2014
Granted
1,162,311
\u2014
1,316,700
\u2014
Vested
\u2014
\u2014
\u2014
\u2014
Extinguished
(42,250)
\u2014
(29,000)
\u2014
Awards outstanding at end
of period
3,479,591
\u2014
2,359,530
\u2014
No options expired during the periods covered by the above table.
Share options outstanding at the end of the year have the following expiry dates and
exercise prices:
Share options Share options
Exercise 31 March 31 March
Expiry date price 2024 2023
4 September 2021 (FY22 Grant)
31 July 2024
\u2014
1,039,330
1,042,830
9 August 2022 (FY23 Grant)
31 July 2025
\u2014
1,289,200
1,316,700
10 August 2023 (FY24 Grant)
31 July 2026
\u2014
1,151,061
\u2014
3,479,591
2,359,530
Weighted average remaining
contractual life of options
outstanding at end of period
1.37 years
1.89 years
Fair value of options granted
The assumptions used in the Monte-Carlo simulation for the FY24 Grant were as follows:
\u0219 Starting share price of 452.60 pence (FY23 Grant: 419.85 pence) (the share price of the
Company on the date of the grant)
\u0219 Annual volatility of 40% (FY23 Grant: 40%) (based on volatility of share price from IPO to
grant date)
\u0219 Vesting period of three years (FY23 Grant: three years)
\u0219 Holding period of two years (FY23 Grant: two years) with associated 20% (FY23 Grant: 20%)
deduction for lack of marketability (based on empirical studies)
\u0219 Exercise price of 0 pence (FY23 Grant: 0 pence)
\u0219 Risk-free rate of 4% (FY23 Grant: 2%) per annum which has been used as a discount factor
(based on government bond yields)
\u0219 Annual dividend of 20.1 pence (FY23 Grant: 14.0 pence) per annum
The simulation based on these assumptions resulted in a fair value of 161.8 pence (FY23 Grant:
169.7 pence) per option.
Share Incentive Plan
Under the Foresight Share Incentive Plan (\u201cSIP\u201d), for each one Partnership Share that a UK
employee buys, Foresight offers two free matching shares. In each tax year, employees can
buy up to \u00a31,800 or 10% of salary (whichever is lower) of Partnership Shares from their pre-tax
salary. If an employee leaves the Group, any matching shares held for less than three years will
be withdrawn, i.e. the vesting period of the matching shares is three years with the performance
condition of continuous service. The SIP shares are held in trust by the SIP Trustee. Voting rights
are exercised by the SIP Trustee on receipt of participants\u2019 instructions.
As the SIP options have a zero strike price and the participant is entitled to dividends (with the
dividend cash received into the trust used to purchase additional shares) during the vesting
period, the fair value of the award is indistinguishable from the share price. Therefore, the share
price on the award date is used when calculating the share-based payment expense.
The movement in matching shares purchased under this scheme during the year was as follows:
31 March 31 March
2024 2023
Number of Number of
shares shares
purchased purchased
At the beginning of period
218,494
152,769
Movement
72,598
65,725
At end of period
291,092
218,494
Overseas Phantom Share Plan
During the year ended 31 March 2023, the Group launched the Overseas Phantom Share Plan
(the \u201cPlan\u201d) which was introduced to create a plan similar to the UK Share Incentive Plan for
non-UK employees. All non-UK employees may participate except those who participate in the
Performance Share Plan. The Plan is a cash-bonus scheme whereby each non-UK employee is
granted a number of notional share options replicating the terms of the UK SIP.
The movement in notional matching shares awarded under this scheme during the year was
as follows:
31 March 31 March
2024 2023
Number of Number of
shares shares
purchased purchased
At the beginning of period
36,368
\u2014
Granted
7,266
36,368
Vested
(8,046)
\u2014
Extinguished
(9,626)
\u2014
At end of period
25,962
36,368
Infrastructure Capital \u2013 post-combination services (see note 32)
Payments of the initial share consideration arising from the acquisition of Infrastructure Capital
require the sellers to remain either employed or contracted to the Group during the next three
years, with 100% of a seller\u2019s shares being forfeited if this occurs prior to 30 September 2023,
66.66% from 30 September 2023 to 29 September 2024 and 33.33% from 30 September 2024
to 29 September 2025. Forfeiture does not apply to good leavers, of which there was one
during the year ended 31 March 2024. The movement in the initial share consideration during
the year is a result of the good leaver and 33.33% of the shares which are no longer subject to
forfeiture. The initial share consideration is accounted for as remuneration for post-combination
services. Where the consideration is paid in shares, these are accounted for as equity-settled
share-based payments under IFRS 2. Further explanation of the consideration is contained in
note 32.
The expiry dates of shares issued under this arrangement are as follows:
1
Share options Share options
Exercise 31 March 31 March
Expiry date price 2024 2023
8 September 2022
30 September 2023
\u2014
\u2014
2,276,784
8 September 2022
30 September 2024
\u2014
2,088,924
2,276,784
8 September 2022
30 September 2025
\u2014
2,088,924
2,276,784
4,177,848
6,830,352
Weighted average remaining
contractual life of options
outstanding at end of period
1 year
1.5 years
1. Exercise price not applicable as shares have already been issued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-519": { "value": "
Accounting policy:
The Group engages in equity-settled and cash-settled share-based payment transactions
in respect of services received from its employees.
Equity-settled
Equity-settled share-based payments arise in respect of services receivable from certain
employees by granting the right to either shares or options over shares, subject to certain
vesting conditions and exercise prices.
The fair value of the awards granted in the form of shares or share options is recognised
as an expense over the appropriate performance and vesting period with a corresponding
credit to equity. When appropriate (i.e. Performance Share Plan), the fair value of the awards
is calculated using an option pricing model, the principal inputs being the market value on
the date of award and an adjustment for expected and actual levels of vesting which includes
estimating the number of eligible employees leaving the Group and the number of employees
satisfying the relevant performance conditions. Shares and options vest on the occurrence of
a specified event under the rules of the relevant plan.
Cash-settled
For cash-settled share-based payments, a liability is recognised for the services received to
the period end date, measured at the fair value of the liability. At each subsequent period end
and at the date on which the liability is settled, the fair value of the liability is remeasured with
any changes in fair value recognised in the Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-489": { "value": "
11. Finance income and expenses
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Finance income
Gain on derivatives
434
762
Bank interest receivable
875
121
Total finance income
1,309
883
Finance expenses
Other interest payable
10
2
Loan interest (accrued)
53
139
Interest on lease liabilities
463
512
Interest on dilapidation provisions
38
201
Total finance expense
564
854
Net finance income recognised in the Statement of
Comprehensive Income
745
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-584": { "value": "11. Finance income and expenses
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Finance income
Gain on derivatives
434
762
Bank interest receivable
875
121
Total finance income
1,309
883
Finance expenses
Other interest payable
10
2
Loan interest (accrued)
53
139
Interest on lease liabilities
463
512
Interest on dilapidation provisions
38
201
Total finance expense
564
854
Net finance income recognised in the Statement of
Comprehensive Income
745
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-582": { "value": "11. Finance income and expenses
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Finance income
Gain on derivatives
434
762
Bank interest receivable
875
121
Total finance income
1,309
883
Finance expenses
Other interest payable
10
2
Loan interest (accrued)
53
139
Interest on lease liabilities
463
512
Interest on dilapidation provisions
38
201
Total finance expense
564
854
Net finance income recognised in the Statement of
Comprehensive Income
745
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-579": { "value": "11. Finance income and expenses
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Finance income
Gain on derivatives
434
762
Bank interest receivable
875
121
Total finance income
1,309
883
Finance expenses
Other interest payable
10
2
Loan interest (accrued)
53
139
Interest on lease liabilities
463
512
Interest on dilapidation provisions
38
201
Total finance expense
564
854
Net finance income recognised in the Statement of
Comprehensive Income
745
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-547": { "value": "11. Finance income and expenses
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Finance income
Gain on derivatives
434
762
Bank interest receivable
875
121
Total finance income
1,309
883
Finance expenses
Other interest payable
10
2
Loan interest (accrued)
53
139
Interest on lease liabilities
463
512
Interest on dilapidation provisions
38
201
Total finance expense
564
854
Net finance income recognised in the Statement of
Comprehensive Income
745
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-520": { "value": "Finance income Gain on derivatives 434 762 Bank interest receivable 875 121 Total finance income 1,309 883 Finance expenses Other interest payable 10 2 Loan interest (accrued) 53 139 Interest on lease liabilities 463 512 Interest on dilapidation provisions 38 201 Total finance expense 564 854 Net finance income recognised in the Statement of Comprehensive Income 745 29", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-488": { "value": "12. Taxation Accounting policy: Current tax The tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Accounting policy: continued Deferred tax Deferred tax is recognised on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in the Statement of Other Comprehensive Income or directly in equity. See note 26 .
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current tax
UK corporation tax
6,473
3,260
Foreign taxation
2,240
1,708
Adjustments in respect of prior periods
(105)
\u2014
Adjustments in respect of prior periods (foreign tax)
(193)
\u2014
Total current tax charge
8,415
4,968
Deferred tax
Origination and reversal of temporary differences
(537)
(1,272)
Total deferred tax
(537)
(1,272)
Tax on profit on ordinary activities
7,878
3,696
The effective tax rate has varied through the historical period, and is explained as:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Profit for the year
26,434
23,625
Add back total tax
7,878
3,696
Profit before all tax
34,312
27,321
Profit before tax at 25% (2023: 19%)
8,578
5,191
Profits not assessable to corporation tax
(622)
(410)
Profit share allocation from partnership funds
538
120
Unrecognised deferred tax
(48)
(328)
Adjustments to previous periods
92
\u2014
Differences on overseas tax rate
(5,150)
(4,368)
Expenses not deductible for tax purposes
1,062
1,082
Other \u2013 share-based payments
311
126
Staff costs \u2013 acquisitions
2,952
2,283
Thin Cap adjustment
169
\u2014
Gain on business combination
(4)
\u2014
Total tax charge
7,878
3,696
The Company is resident for taxation purposes in Guernsey and its income is subject to
corporation tax in Guernsey, presently at a rate of 0% per annum. The tax reconciliation for
the Group has been prepared using the current UK corporation tax rate of 25% (2023: 19%),
as most of the Group\u2019s trading activities are carried out in the UK.
26. Deferred tax assets and liabilities Accounting policy: Deferred tax is recognised based on differences between the carrying value of assets and liabilities for accounting purposes and their tax values (see note 12). Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are only recognised to the extent that the Group considers them to be recoverable, which is determined by reference to estimates that future taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax legislation) that have been enacted or substantively enacted at the Statement of Financial Position date.
Key judgements:
Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future
taxable profits.
The movement on the deferred tax account is as shown below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
(11,085)
(583)
Recognised in Statement of Comprehensive Income
Tax expense
537
1,272
Foreign exchange movement
319
673
856
1,945
Recognised in equity
Share-based payment reserve
125
44
Arising on business combination
Intangible asset (see note 32)
(1,606)
(12,727)
Other temporary and deductible differences
\u2014
236
(1,606)
(12,491)
At end of period
(11,710)
(11,085)
The movements in deferred tax assets and liabilities during the period are shown below:
31 March 2024
31 March 2023
Credited to Credited to Credited to Credited
Asset Liability profit or loss equity Asset Liability profit or loss to equity
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Other temporary and deductible differences
1,563
(1,172)
(1,021)
125
1,742
(416)
633
44
Business combinations \u2013 intangible asset
\u2014
(12,101)
1,558
\u2014
\u2014
(12,411)
639
\u2014
1,563
(13,273)
537
125
1,742
(12,827)
1,272
44
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-585": { "value": "Accounting policy: Current tax The tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Accounting policy: continued Deferred tax Deferred tax is recognised on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in the Statement of Other Comprehensive Income or directly in equity. See note 26 Accounting policy: Deferred tax is recognised based on differences between the carrying value of assets and liabilities for accounting purposes and their tax values (see note 12). Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are only recognised to the extent that the Group considers them to be recoverable, which is determined by reference to estimates that future taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax legislation) that have been enacted or substantively enacted at the Statement of Financial Position date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-521": { "value": "Deferred tax Deferred tax is recognised on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also dealt with in the Statement of Other Comprehensive Income or directly in equity. See note 26 .
Accounting policy:
Deferred tax is recognised based on differences between the carrying value of assets
and liabilities for accounting purposes and their tax values (see note 12). Deferred tax
liabilities are generally recognised for all taxable temporary differences and deferred
tax assets are only recognised to the extent that the Group considers them to be
recoverable, which is determined by reference to estimates that future taxable profits will
be available against which deductible temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each Statement of Financial
Position date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to
set off current tax assets against current tax liabilities and when they relate to income
taxes levied by the same taxation authority and the Group intends to settle its current tax
assets and liabilities on a net basis.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realised or the liability is settled, based on tax rates
(and tax legislation) that have been enacted or substantively enacted at the Statement of
Financial Position date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-490": { "value": "
13. Earnings per share
Accounting policy:
Basic earnings per share is calculated by dividing the profit attributable to the owners of
the Parent Company by the weighted average number of shares in issue during the period
less the weighted average number of own shares and treasury shares held (see note 28
\u201cOwn share reserve\u201d and \u201cTreasury share reserve\u201d).
Diluted earnings per share is calculated by dividing the profit attributable to the owners
of the Parent Company by the weighted average number of shares for the purposes of
the basic earnings per share plus the weighted average number of shares that would be
issued on the conversion of dilutive potential Ordinary Shares into Ordinary Shares (see
note 10 for Performance Share Plan).
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Earnings
Profit for the period for purpose of basic and diluted earnings
per share
26,434
23,625
Non-underlying items (see note 8)
11,741
15,279
Profit before non-underlying items for the period for purpose of
basic and diluted earnings per share before non-underlying items
38,175
38,904
31 March 31 March
2024 2023
\u2018000 \u2018000
Number of shares
Weighted average number of shares in issue during the period
116,271
112,770
Less time-apportioned own shares held
(239)
(193)
Less time-apportioned treasury shares held
(54)
\u2014
Weighted average number of Ordinary Shares for the purpose
of basic earnings per share
115,978
112,577
Add back weighted average number of dilutive potential shares
Performance Share Plan
3,091
1,727
Weighted average number of Ordinary Shares for the purpose
of diluted earnings per share
119,069
114,304
Weighted average number of Ordinary Shares for the purpose of diluted earnings per
share does not include the impact of contingent shares to be issued for both the earn-out
consideration and performance consideration arising from the Infrastructure Capital acquisition
(see note 32) as the amount of shares potentially to be issued is not currently known.
31 March 31 March
2024 2023
pence pence
Earnings per share
Basic
22.8
21.0
Diluted
22.2
20.7
Basic before non-underlying items
32.9
34.6
Diluted before non-underlying items
32.1
34.0
Earnings per share before non-underlying items is calculated in the same way as earnings per
share, but by reference to non-underlying items attributable to Shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-522": { "value": "Accounting policy: Basic earnings per share is calculated by dividing the profit attributable to the owners of the Parent Company by the weighted average number of shares in issue during the period less the weighted average number of own shares and treasury shares held (see note 28 \u201cOwn share reserve\u201d and \u201cTreasury share reserve\u201d). Diluted earnings per share is calculated by dividing the profit attributable to the owners of the Parent Company by the weighted average number of shares for the purposes of the basic earnings per share plus the weighted average number of shares that would be issued on the conversion of dilutive potential Ordinary Shares into Ordinary Shares (see note 10 for Performance Share Plan). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-491": { "value": "
14. Property, plant and equipment
Accounting policy:
Property, plant and equipment are stated at cost less accumulated depreciation and
any recognised impairment loss. Depreciation is provided on all property, plant and
equipment at rates calculated to write off the cost less estimated residual value of each
asset evenly using a straight-line method over its estimated useful life (charged through
administrative expenses) as follows:
\u0219 Fixtures and fittings:
\u0219 Office equipment over ten years
\u0219 Computer equipment over five years
\u0219 Short leasehold property over term of lease
\u0219 Motor vehicles over four years
The carrying values of items of property, plant and equipment are reviewed for
impairment when events or changes in circumstances indicate that the carrying value
may not be recoverable.
The gain or loss arising on the disposal or retirement of an asset is determined as the
difference between the sales proceeds and the carrying amount of the asset and is
recognised in the Statement of Comprehensive Income.
31 March 2024
31 March 2023
Fixtures, Short Fixtures, Short
fittings and leasehold Motor fittings and leasehold Motor
equipment property vehicles Total equipment property vehicles Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cost
At beginning of period
917
5,690
\u2014
6,607
454
5,474
15
5,943
Additions
352
438
\u2014
790
413
206
\u2014
619
Business combinations (see note 32)
\u2014
\u2014
\u2014
\u2014
73
\u2014
\u2014
73
Foreign exchange movement
(9)
(6)
\u2014
(15)
26
10
\u2014
36
Disposals
(7)
\u2014
\u2014
(7)
(49)
\u2014
(15)
(64)
At end of period
1,253
6,122
\u2014
7,375
917
5,690
\u2014
6,607
Depreciation
At beginning of period
381
3,704
\u2014
4,085
173
3,106
8
3,287
Depreciation charge for the year
357
619
\u2014
976
249
594
2
845
Disposals
(2)
\u2014
\u2014
(2)
(35)
\u2014
(10)
(45)
Foreign exchange movement
(9)
(5)
\u2014
(14)
(6)
4
\u2014
(2)
At end of period
727
4,318
\u2014
5,045
381
3,704
\u2014
4,085
Net book value at end of period
526
1,804
\u2014
2,330
536
1,986
\u2014
2,522
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-523": { "value": "Accounting policy: Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Fixtures and fittings: \u0219 Office equipment over ten years \u0219 Computer equipment over five years \u0219 Short leasehold property over term of lease \u0219 Motor vehicles over four years The carrying values of items of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-548": { "value": "Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Fixtures and fittings: \u0219 Office equipment over ten years \u0219 Computer equipment over five years \u0219 Short leasehold property over term of lease \u0219 Motor vehicles over four years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-524": { "value": "
15. Intangible assets
Accounting policy:
Goodwill arises through business combinations and represents the excess of the cost of
acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and
contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an
asset and measured at cost less accumulated impairment losses. It is allocated to groups
of cash-generating units (\u201cCGUs\u201d), which represent the lowest level at which goodwill is
monitored for internal management purposes. CGUs are identified as the smallest identifiable
group of assets that generate cash inflows that are largely independent of the cash inflows
from other assets or groups of assets, and are no larger than the Group\u2019s operating segments,
as set out in note 5.
Intangible assets in respect of customer contracts (acquired) reflect the fair value of the
investment management contracts obtained, which is equal to the present value of the
earnings they are expected to generate. This is on the basis that it is probable that future
economic benefits attributable to the investment management contracts will flow to the Group
and the fair value of the intangible asset can be measured reliably. These intangible assets are
subsequently carried at the amount initially recognised less accumulated amortisation, which
is calculated using the straight-line method over their estimated useful lives.
Computer software (internally generated) represents software licences and development
costs to bring software into use. Costs associated with developing or maintaining
computer software programmes that do not meet the capitalisation criteria under IAS
38 are recognised as an expense as incurred. Computer software is carried at cost less
accumulated amortisation.
Amortisation is provided, where material, at rates calculated to write off the cost, less
estimated residual value, of each asset evenly using a straight-line method over its estimated
useful life (charged through administrative expenses) as follows:
\u0219 Customer contracts over remaining term of investment management contract
\u0219 Computer software over four to five years
The carrying values of customer contracts (acquired) and computer software (internally
generated) are reviewed for impairment when events or changes in circumstances indicate
that the carrying value may not be recoverable. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss
(if any). Where the asset does not generate cash flows that are independent from other assets,
the Group estimates the recoverable amount of the cash-generating unit to which the asset
belongs. Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the
carrying amount of the asset is reduced to its recoverable amount. An impairment loss is
recognised as an expense in the Statement of Comprehensive Income immediately.
The Group is required to test, on an annual basis, whether goodwill has suffered any
impairment by estimating the recoverable amount of the CGU or group of CGUs the goodwill
is allocated to. Any impairment is recognised immediately in the Statement of Comprehensive
Income and is not subsequently reversed. On disposal of a subsidiary, associate or jointly
controlled entity, the attributable amount of goodwill is included in the determination of the
profit or loss on disposal.
The gain or loss arising on the disposal or retirement of an asset is determined as the
difference between the sales proceeds and the carrying amount of the asset and is recognised
in the Statement of Comprehensive Income.
Key judgements:
Valuation method for measurement of intangible assets arising on acquisition
There is significant management judgement when determining the appropriate methodology
to calculate the value of the investment management contracts. The cost approach, income
approach and market approach have been considered in the preparation of the valuation
analysis and the income approach was determined as the most appropriate on the premise
that the value is equal to the present value of the future cash flows that the asset will
generate over its remaining useful life. The net present value was therefore calculated using
a Multi-period Excess Earnings Method (\u201cMEEM\u201d).
Impairment of intangible assets
Customer contracts
For intangible assets with finite useful lives, an assessment is made at each reporting
date as to whether there is any indication that an asset in use may be impaired. There is
significant management judgement in determining the appropriate internal and external
factors to consider.
Goodwill
Significant management judgement is required to determine the appropriate CGU or group
of CGUs that are expected to benefit from the synergies of the acquisition.
Estimation uncertainty:
Recognition and measurement of intangible assets arising on acquisitions
Acquisition of Wellspring
The valuation of investment management contracts represents an estimation of the present
value of the cash flows that those contracts were expected to generate at the completion
date, with reference to the projected profitability of the fund over a useful life of 19.7 years
based on the weighted average length of the contracts acquired. A weighted average cost of
capital (\u201cWACC\u201d) of 9% has been used and is considered a significant estimate.
Should this WACC be increased by 1%, the value of the investment management contracts
would reduce by \u00a3445,000, resulting in goodwill arising from the acquisition of \u00a3317,000.
If the WACC decreased by 1%, the value of the investment management contracts would
increase by \u00a3501,000 and the gain on business combination would increase to \u00a3392,000.
See note 32 for further details on the identifiable assets acquired and liabilities assumed.
Impairment of intangible assets
Customer contracts
The Directors have reviewed the intangible assets at 31 March 2024 and concluded there
are indicators of impairment for the customer contracts acquired in Downing\u2019s technology
ventures business and Infrastructure Capital (2023: no indicators of impairment). The
recoverable value was determined based on a value in use calculation using a discounted
cash flow (\u201cDCF\u201d) model derived from the budget for the next three years and does not
include restructuring activities that the Group is not yet committed to or significant future
investments that will enhance the performance of the customer contracts being tested.
The recoverable amount is sensitive to the discount rate used for the DCF model as well
as the expected cash flows and growth rates used for extrapolation purposes. The key
assumptions used to determine the recoverable amount for the customer contracts,
including a sensitivity analysis, are disclosed and further explained in the note below.
Goodwill
The Group is required to test, on an annual basis, whether goodwill has suffered any
impairment. The recoverable amount is determined based on value in use calculations using
a DCF model. The cash flows are derived from the budget for the next three years and
does not include restructuring activities that the Group is not yet committed to or significant
future investments that will enhance the performance of the assets of the CGU being tested.
The recoverable amount is sensitive to the discount rate used for the DCF model as well
as the expected cash flows and growth rates used for extrapolation purposes. The key
assumptions used to determine the recoverable amount for the different CGUs, including
a sensitivity analysis, are disclosed and further explained in the note below.
31 March 2024
31 March 2023
Computer Customer Computer Customer
software contracts Goodwill Total software contracts Goodwill Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cost
At beginning of period
663
47,035
18,426
66,124
650
4,558
\u2014
5,208
Additions
5
\u2014
\u2014
5
13
\u2014
\u2014
13
Business combinations (see note 32)
\u2014
6,422
\u2014
6,422
\u2014
44,798
19,404
64,202
Foreign exchange movement
\u2014
(1,317)
(554)
(1,871)
\u2014
(2,321)
(978)
(3,299)
At end of period
668
52,140
17,872
70,680
663
47,035
18,426
66,124
Amortisation/impairment
At beginning of period
477
2,736
\u2014
3,213
394
383
\u2014
777
Charge for the year
51
3,211
\u2014
3,262
83
2,414
\u2014
2,497
Impairment
\u2014
2,895
\u2014
2,895
\u2014
\u2014
\u2014
\u2014
Foreign exchange movement
\u2014
(54)
\u2014
(54)
\u2014
(61)
\u2014
(61)
At end of period
528
8,788
\u2014
9,316
477
2,736
\u2014
3,213
Net book value at end of period
140
43,352
17,872
61,364
186
44,299
18,426
62,911
Customer contracts
The table below shows the carrying amount assigned to each component of customer contracts
and the remaining amortisation period.
Remaining Carrying
amortisation value
period \u00a3000
Acquisition of Infrastructure Capital (see note 32)
18.4 years
24,785
Acquisition of Downing\u2019s technology ventures business (see note 32)
13.3 years
9,689
Acquisition of PiP Manager Limited
16.4 years
2,357
Acquisition of FV Solar Lab S.R.L.
0.6 years
351
Acquisition of Wellspring (see note 32)
18.9 years
6,170
43,352
For the customer contracts acquired as part of the Downing\u2019s technology ventures business
acquisition, indicators of impairment were identified as at 31 March 2024 due to NAV valuation
decreases, leading to actual revenues being lower than originally forecast. The value of the
customer contracts has therefore been tested for impairment. The recoverable amount of the
customer contracts has been determined based on a value in use calculation using cash flow
projections from financial budgets approved by senior management covering a three year
period and extrapolated over the useful life. The discount rate was derived from the Group\u2019s
weighted average cost of capital and takes into account the weighted average cost of capital of
other market participants. The average revenue growth rate is a combination of market growth,
fundraising and NAV attrition. The terminal growth rate is based on external long-term inflation
expectations.
For the Infrastructure Capital customer contracts, the expected payout percentage of the
earn-outs were reassessed at 31 March 2024 and have declined, indicating that the customer
contracts could be impaired. The Group have therefore calculated the recoverable amount to
test for impairment. The recoverable amount of the customer contracts has been determined
based on a value in use calculation using cash flow projections from financial budgets approved
by senior management covering a three year period and extrapolated over the useful life.
The discount rate was derived from the Group\u2019s weighted average cost of capital and takes into
account the weighted average cost of capital of other market participants. The average revenue
growth rate is a combination of market growth, fundraising and NAV attrition. The terminal
growth rate is based on external long-term inflation expectations.
No indicators of impairment have been identified for the remaining customer contracts acquired
at 31 March 2024.
The following key assumptions were applied in the value in use calculations:
Downing\u2019s
technology
ventures Infrastructure
business Capital
Post-tax discount rate
14.8%
13.3%
Useful life
13.3 years
18.4 years
Average revenue growth rate
5%
5%
Long-term growth rate
2%
2%
1. Using a pre-tax discount rate of 21.9% (Downing) and 20.9% (Infrastructure Capital) on pre-tax cash flows does not produce a
materially different result.
1
As a result of this analysis, the Group has recognised an impairment charge of \u00a32,895,000 in the
current year against the Downing\u2019s technology ventures business customer contracts, with a
carrying amount of \u00a312,584,000 as at 31 March 2024 prior to the impairment. The impairment
charge is recorded within administrative expenses in the Statement of Comprehensive Income.
The recoverable amount of the Infrastructure Capital customer contracts is \u00a327,715,000,
which is greater than the carrying amount of \u00a324,785,000 at 31 March 2024 and therefore no
impairment has been recognised.
A sensitivity analysis was carried out on the customer contracts impairment models to assess
the impact of reasonable plausible scenarios on both the discount rate and revenue growth
rates on the Group\u2019s estimation by the stated percentages:
Downing\u2019s
technology
ventures Infrastructure
business Capital
Impact on Impact on
Statement of Statement of
Comprehensive Comprehensive
Income Income
\u00a3000 \u00a3000
Impact of a change in discount rate assumptions:
+ 1%
(432)
(151)
- 1%
466
\u2014
Impact of a change in revenue growth rate assumptions:
+ 5%
617
\u2014
- 5%
(1,481)
\u2014
Goodwill
The table below shows the carrying amount of goodwill.
31 March
2024
\u00a3000
Acquisition of Infrastructure Capital (see note 32)
11,335
Acquisition of Downing\u2019s technology ventures business (see note 32) 6,537
17,872
Goodwill is allocated between CGUs at 31 March 2024 as follows: \u00a311,335,000 from the
acquisition of Infrastructure Capital to the Infrastructure operating segment CGUs; and
\u00a36,537,000 from the acquisition of Downing\u2019s technology ventures business to the Private
Equity operating segment CGUs.
An annual impairment test for goodwill is carried out at the period end date comparing the
carrying value and recoverable amount of the CGU. The recoverable value was determined
based on a value in use calculation using a DCF model over a period of five years where the
terminal growth rate is used for years beyond that. The forecasted cash flows have been
determined using the three year plan that has been approved by the Board on 20 June 2024.
The discount rate was derived from the CGUs weighted average cost of capital and takes into
account the weighted average cost of capital of other market participants.
The following key assumptions were applied in the value in use calculation:
Infrastructure Private Equity
CGUs CGUs
Post-tax discount rate
12.3%
13.0%
Terminal growth rate
2%
2%
Average EBITDA margin
51.1%
45.2%
1. Using a pre-tax discount rate of 15.8% (Infrastructure) and 17.0% (Private Equity) on pre-tax cash flows does not produce a
materially different result.
1
The growth rate and EBITDA margin assumptions applied only to the period beyond the formal
budgeted period, with the value in use calculation based on an extrapolation of the budgeted
cash flows from year three.
As a result of this analysis, there is headroom of \u00a3452.4 million in the Infrastructure CGUs and
\u00a3146.3 million in the Private Equity CGUs and therefore no impairment has been recognised.
A sensitivity analysis was carried out and the Group do not consider that a reasonably possible
change in key assumptions would reduce the recoverable amount of the CGUs to below their
carrying value.
Computer software
The remaining element of intangible assets relates to capitalised software costs, which are
amortised over four to five years. The amortisation charges above are recognised within
administrative expenses in the Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-583": { "value": "15. Intangible assets Accounting policy: Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units (\u201cCGUs\u201d), which represent the lowest level at which goodwill is monitored for internal management purposes. CGUs are identified as the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the Group\u2019s operating segments, as set out in note 5. Intangible assets in respect of customer contracts (acquired) reflect the fair value of the investment management contracts obtained, which is equal to the present value of the earnings they are expected to generate. This is on the basis that it is probable that future economic benefits attributable to the investment management contracts will flow to the Group and the fair value of the intangible asset can be measured reliably. These intangible assets are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives. Computer software (internally generated) represents software licences and development costs to bring software into use. Costs associated with developing or maintaining computer software programmes that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. Computer software is carried at cost less accumulated amortisation. Amortisation is provided, where material, at rates calculated to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Customer contracts over remaining term of investment management contract \u0219 Computer software over four to five years The carrying values of customer contracts (acquired) and computer software (internally generated) are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense in the Statement of Comprehensive Income immediately. The Group is required to test, on an annual basis, whether goodwill has suffered any impairment by estimating the recoverable amount of the CGU or group of CGUs the goodwill is allocated to. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not subsequently reversed. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. Key judgements: Valuation method for measurement of intangible assets arising on acquisition There is significant management judgement when determining the appropriate methodology to calculate the value of the investment management contracts. The cost approach, income approach and market approach have been considered in the preparation of the valuation analysis and the income approach was determined as the most appropriate on the premise that the value is equal to the present value of the future cash flows that the asset will generate over its remaining useful life. The net present value was therefore calculated using a Multi-period Excess Earnings Method (\u201cMEEM\u201d). Impairment of intangible assets Customer contracts For intangible assets with finite useful lives, an assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. There is significant management judgement in determining the appropriate internal and external factors to consider. Goodwill Significant management judgement is required to determine the appropriate CGU or group of CGUs that are expected to benefit from the synergies of the acquisition. Estimation uncertainty: Recognition and measurement of intangible assets arising on acquisitions Acquisition of Wellspring The valuation of investment management contracts represents an estimation of the present value of the cash flows that those contracts were expected to generate at the completion date, with reference to the projected profitability of the fund over a useful life of 19.7 years based on the weighted average length of the contracts acquired. A weighted average cost of capital (\u201cWACC\u201d) of 9% has been used and is considered a significant estimate. Should this WACC be increased by 1%, the value of the investment management contracts would reduce by \u00a3445,000, resulting in goodwill arising from the acquisition of \u00a3317,000. If the WACC decreased by 1%, the value of the investment management contracts would increase by \u00a3501,000 and the gain on business combination would increase to \u00a3392,000. See note 32 for further details on the identifiable assets acquired and liabilities assumed. Impairment of intangible assets Customer contracts The Directors have reviewed the intangible assets at 31 March 2024 and concluded there are indicators of impairment for the customer contracts acquired in Downing\u2019s technology ventures business and Infrastructure Capital (2023: no indicators of impairment). The recoverable value was determined based on a value in use calculation using a discounted cash flow (\u201cDCF\u201d) model derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the customer contracts being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the customer contracts, including a sensitivity analysis, are disclosed and further explained in the note below. Goodwill The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations using a DCF model. The cash flows are derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in the note below.
31 March 2024
31 March 2023
Computer Customer Computer Customer
software contracts Goodwill Total software contracts Goodwill Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cost
At beginning of period
663
47,035
18,426
66,124
650
4,558
\u2014
5,208
Additions
5
\u2014
\u2014
5
13
\u2014
\u2014
13
Business combinations (see note 32)
\u2014
6,422
\u2014
6,422
\u2014
44,798
19,404
64,202
Foreign exchange movement
\u2014
(1,317)
(554)
(1,871)
\u2014
(2,321)
(978)
(3,299)
At end of period
668
52,140
17,872
70,680
663
47,035
18,426
66,124
Amortisation/impairment
At beginning of period
477
2,736
\u2014
3,213
394
383
\u2014
777
Charge for the year
51
3,211
\u2014
3,262
83
2,414
\u2014
2,497
Impairment
\u2014
2,895
\u2014
2,895
\u2014
\u2014
\u2014
\u2014
Foreign exchange movement
\u2014
(54)
\u2014
(54)
\u2014
(61)
\u2014
(61)
At end of period
528
8,788
\u2014
9,316
477
2,736
\u2014
3,213
Net book value at end of period
140
43,352
17,872
61,364
186
44,299
18,426
62,911
Customer contracts The table below shows the carrying amount assigned to each component of customer contracts and the remaining amortisation period.
Remaining Carrying
amortisation value
period \u00a3000
Acquisition of Infrastructure Capital (see note 32)
18.4 years
24,785
Acquisition of Downing\u2019s technology ventures business (see note 32)
13.3 years
9,689
Acquisition of PiP Manager Limited
16.4 years
2,357
Acquisition of FV Solar Lab S.R.L.
0.6 years
351
Acquisition of Wellspring (see note 32)
18.9 years
6,170
43,352
For the customer contracts acquired as part of the Downing\u2019s technology ventures business acquisition, indicators of impairment were identified as at 31 March 2024 due to NAV valuation decreases, leading to actual revenues being lower than originally forecast. The value of the customer contracts has therefore been tested for impairment. The recoverable amount of the customer contracts has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a three year period and extrapolated over the useful life. The discount rate was derived from the Group\u2019s weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The average revenue growth rate is a combination of market growth, fundraising and NAV attrition. The terminal growth rate is based on external long-term inflation expectations. For the Infrastructure Capital customer contracts, the expected payout percentage of the earn-outs were reassessed at 31 March 2024 and have declined, indicating that the customer contracts could be impaired. The Group have therefore calculated the recoverable amount to test for impairment. The recoverable amount of the customer contracts has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a three year period and extrapolated over the useful life. The discount rate was derived from the Group\u2019s weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The average revenue growth rate is a combination of market growth, fundraising and NAV attrition. The terminal growth rate is based on external long-term inflation expectations. No indicators of impairment have been identified for the remaining customer contracts acquired at 31 March 2024. The following key assumptions were applied in the value in use calculations:
Downing\u2019s
technology
ventures Infrastructure
business Capital
Post-tax discount rate
14.8%
13.3%
Useful life
13.3 years
18.4 years
Average revenue growth rate
5%
5%
Long-term growth rate
2%
2%
1. Using a pre-tax discount rate of 21.9% (Downing) and 20.9% (Infrastructure Capital) on pre-tax cash flows does not produce a
materially different result.
1 As a result of this analysis, the Group has recognised an impairment charge of \u00a32,895,000 in the current year against the Downing\u2019s technology ventures business customer contracts, with a carrying amount of \u00a312,584,000 as at 31 March 2024 prior to the impairment. The impairment charge is recorded within administrative expenses in the Statement of Comprehensive Income. The recoverable amount of the Infrastructure Capital customer contracts is \u00a327,715,000, which is greater than the carrying amount of \u00a324,785,000 at 31 March 2024 and therefore no impairment has been recognised. A sensitivity analysis was carried out on the customer contracts impairment models to assess the impact of reasonable plausible scenarios on both the discount rate and revenue growth rates on the Group\u2019s estimation by the stated percentages:
Downing\u2019s
technology
ventures Infrastructure
business Capital
Impact on Impact on
Statement of Statement of
Comprehensive Comprehensive
Income Income
\u00a3000 \u00a3000
Impact of a change in discount rate assumptions:
+ 1%
(432)
(151)
- 1%
466
\u2014
Impact of a change in revenue growth rate assumptions:
+ 5%
617
\u2014
- 5%
(1,481)
\u2014
Goodwill The table below shows the carrying amount of goodwill.
31 March
2024
\u00a3000
Acquisition of Infrastructure Capital (see note 32)
11,335
Acquisition of Downing\u2019s technology ventures business (see note 32) 6,537
17,872
Goodwill is allocated between CGUs at 31 March 2024 as follows: \u00a311,335,000 from the acquisition of Infrastructure Capital to the Infrastructure operating segment CGUs; and \u00a36,537,000 from the acquisition of Downing\u2019s technology ventures business to the Private Equity operating segment CGUs. An annual impairment test for goodwill is carried out at the period end date comparing the carrying value and recoverable amount of the CGU. The recoverable value was determined based on a value in use calculation using a DCF model over a period of five years where the terminal growth rate is used for years beyond that. The forecasted cash flows have been determined using the three year plan that has been approved by the Board on 20 June 2024. The discount rate was derived from the CGUs weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The following key assumptions were applied in the value in use calculation:
Infrastructure Private Equity
CGUs CGUs
Post-tax discount rate
12.3%
13.0%
Terminal growth rate
2%
2%
Average EBITDA margin
51.1%
45.2%
1. Using a pre-tax discount rate of 15.8% (Infrastructure) and 17.0% (Private Equity) on pre-tax cash flows does not produce a
materially different result.
1 The growth rate and EBITDA margin assumptions applied only to the period beyond the formal budgeted period, with the value in use calculation based on an extrapolation of the budgeted cash flows from year three. As a result of this analysis, there is headroom of \u00a3452.4 million in the Infrastructure CGUs and \u00a3146.3 million in the Private Equity CGUs and therefore no impairment has been recognised. A sensitivity analysis was carried out and the Group do not consider that a reasonably possible change in key assumptions would reduce the recoverable amount of the CGUs to below their carrying value. Computer software The remaining element of intangible assets relates to capitalised software costs, which are amortised over four to five years. The amortisation charges above are recognised within administrative expenses in the Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-549": { "value": "15. Intangible assets Accounting policy: Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units (\u201cCGUs\u201d), which represent the lowest level at which goodwill is monitored for internal management purposes. CGUs are identified as the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the Group\u2019s operating segments, as set out in note 5. Intangible assets in respect of customer contracts (acquired) reflect the fair value of the investment management contracts obtained, which is equal to the present value of the earnings they are expected to generate. This is on the basis that it is probable that future economic benefits attributable to the investment management contracts will flow to the Group and the fair value of the intangible asset can be measured reliably. These intangible assets are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives. Computer software (internally generated) represents software licences and development costs to bring software into use. Costs associated with developing or maintaining computer software programmes that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. Computer software is carried at cost less accumulated amortisation. Amortisation is provided, where material, at rates calculated to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Customer contracts over remaining term of investment management contract \u0219 Computer software over four to five years The carrying values of customer contracts (acquired) and computer software (internally generated) are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense in the Statement of Comprehensive Income immediately. The Group is required to test, on an annual basis, whether goodwill has suffered any impairment by estimating the recoverable amount of the CGU or group of CGUs the goodwill is allocated to. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not subsequently reversed. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. Key judgements: Valuation method for measurement of intangible assets arising on acquisition There is significant management judgement when determining the appropriate methodology to calculate the value of the investment management contracts. The cost approach, income approach and market approach have been considered in the preparation of the valuation analysis and the income approach was determined as the most appropriate on the premise that the value is equal to the present value of the future cash flows that the asset will generate over its remaining useful life. The net present value was therefore calculated using a Multi-period Excess Earnings Method (\u201cMEEM\u201d). Impairment of intangible assets Customer contracts For intangible assets with finite useful lives, an assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. There is significant management judgement in determining the appropriate internal and external factors to consider. Goodwill Significant management judgement is required to determine the appropriate CGU or group of CGUs that are expected to benefit from the synergies of the acquisition. Estimation uncertainty: Recognition and measurement of intangible assets arising on acquisitions Acquisition of Wellspring The valuation of investment management contracts represents an estimation of the present value of the cash flows that those contracts were expected to generate at the completion date, with reference to the projected profitability of the fund over a useful life of 19.7 years based on the weighted average length of the contracts acquired. A weighted average cost of capital (\u201cWACC\u201d) of 9% has been used and is considered a significant estimate. Should this WACC be increased by 1%, the value of the investment management contracts would reduce by \u00a3445,000, resulting in goodwill arising from the acquisition of \u00a3317,000. If the WACC decreased by 1%, the value of the investment management contracts would increase by \u00a3501,000 and the gain on business combination would increase to \u00a3392,000. See note 32 for further details on the identifiable assets acquired and liabilities assumed. Impairment of intangible assets Customer contracts The Directors have reviewed the intangible assets at 31 March 2024 and concluded there are indicators of impairment for the customer contracts acquired in Downing\u2019s technology ventures business and Infrastructure Capital (2023: no indicators of impairment). The recoverable value was determined based on a value in use calculation using a discounted cash flow (\u201cDCF\u201d) model derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the customer contracts being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the customer contracts, including a sensitivity analysis, are disclosed and further explained in the note below. Goodwill The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations using a DCF model. The cash flows are derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in the note below.
31 March 2024
31 March 2023
Computer Customer Computer Customer
software contracts Goodwill Total software contracts Goodwill Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cost
At beginning of period
663
47,035
18,426
66,124
650
4,558
\u2014
5,208
Additions
5
\u2014
\u2014
5
13
\u2014
\u2014
13
Business combinations (see note 32)
\u2014
6,422
\u2014
6,422
\u2014
44,798
19,404
64,202
Foreign exchange movement
\u2014
(1,317)
(554)
(1,871)
\u2014
(2,321)
(978)
(3,299)
At end of period
668
52,140
17,872
70,680
663
47,035
18,426
66,124
Amortisation/impairment
At beginning of period
477
2,736
\u2014
3,213
394
383
\u2014
777
Charge for the year
51
3,211
\u2014
3,262
83
2,414
\u2014
2,497
Impairment
\u2014
2,895
\u2014
2,895
\u2014
\u2014
\u2014
\u2014
Foreign exchange movement
\u2014
(54)
\u2014
(54)
\u2014
(61)
\u2014
(61)
At end of period
528
8,788
\u2014
9,316
477
2,736
\u2014
3,213
Net book value at end of period
140
43,352
17,872
61,364
186
44,299
18,426
62,911
Customer contracts The table below shows the carrying amount assigned to each component of customer contracts and the remaining amortisation period.
Remaining Carrying
amortisation value
period \u00a3000
Acquisition of Infrastructure Capital (see note 32)
18.4 years
24,785
Acquisition of Downing\u2019s technology ventures business (see note 32)
13.3 years
9,689
Acquisition of PiP Manager Limited
16.4 years
2,357
Acquisition of FV Solar Lab S.R.L.
0.6 years
351
Acquisition of Wellspring (see note 32)
18.9 years
6,170
43,352
For the customer contracts acquired as part of the Downing\u2019s technology ventures business acquisition, indicators of impairment were identified as at 31 March 2024 due to NAV valuation decreases, leading to actual revenues being lower than originally forecast. The value of the customer contracts has therefore been tested for impairment. The recoverable amount of the customer contracts has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a three year period and extrapolated over the useful life. The discount rate was derived from the Group\u2019s weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The average revenue growth rate is a combination of market growth, fundraising and NAV attrition. The terminal growth rate is based on external long-term inflation expectations. For the Infrastructure Capital customer contracts, the expected payout percentage of the earn-outs were reassessed at 31 March 2024 and have declined, indicating that the customer contracts could be impaired. The Group have therefore calculated the recoverable amount to test for impairment. The recoverable amount of the customer contracts has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a three year period and extrapolated over the useful life. The discount rate was derived from the Group\u2019s weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The average revenue growth rate is a combination of market growth, fundraising and NAV attrition. The terminal growth rate is based on external long-term inflation expectations. No indicators of impairment have been identified for the remaining customer contracts acquired at 31 March 2024. The following key assumptions were applied in the value in use calculations:
Downing\u2019s
technology
ventures Infrastructure
business Capital
Post-tax discount rate
14.8%
13.3%
Useful life
13.3 years
18.4 years
Average revenue growth rate
5%
5%
Long-term growth rate
2%
2%
1. Using a pre-tax discount rate of 21.9% (Downing) and 20.9% (Infrastructure Capital) on pre-tax cash flows does not produce a
materially different result.
1 As a result of this analysis, the Group has recognised an impairment charge of \u00a32,895,000 in the current year against the Downing\u2019s technology ventures business customer contracts, with a carrying amount of \u00a312,584,000 as at 31 March 2024 prior to the impairment. The impairment charge is recorded within administrative expenses in the Statement of Comprehensive Income. The recoverable amount of the Infrastructure Capital customer contracts is \u00a327,715,000, which is greater than the carrying amount of \u00a324,785,000 at 31 March 2024 and therefore no impairment has been recognised. A sensitivity analysis was carried out on the customer contracts impairment models to assess the impact of reasonable plausible scenarios on both the discount rate and revenue growth rates on the Group\u2019s estimation by the stated percentages:
Downing\u2019s
technology
ventures Infrastructure
business Capital
Impact on Impact on
Statement of Statement of
Comprehensive Comprehensive
Income Income
\u00a3000 \u00a3000
Impact of a change in discount rate assumptions:
+ 1%
(432)
(151)
- 1%
466
\u2014
Impact of a change in revenue growth rate assumptions:
+ 5%
617
\u2014
- 5%
(1,481)
\u2014
Goodwill The table below shows the carrying amount of goodwill.
31 March
2024
\u00a3000
Acquisition of Infrastructure Capital (see note 32)
11,335
Acquisition of Downing\u2019s technology ventures business (see note 32) 6,537
17,872
Goodwill is allocated between CGUs at 31 March 2024 as follows: \u00a311,335,000 from the acquisition of Infrastructure Capital to the Infrastructure operating segment CGUs; and \u00a36,537,000 from the acquisition of Downing\u2019s technology ventures business to the Private Equity operating segment CGUs. An annual impairment test for goodwill is carried out at the period end date comparing the carrying value and recoverable amount of the CGU. The recoverable value was determined based on a value in use calculation using a DCF model over a period of five years where the terminal growth rate is used for years beyond that. The forecasted cash flows have been determined using the three year plan that has been approved by the Board on 20 June 2024. The discount rate was derived from the CGUs weighted average cost of capital and takes into account the weighted average cost of capital of other market participants. The following key assumptions were applied in the value in use calculation:
Infrastructure Private Equity
CGUs CGUs
Post-tax discount rate
12.3%
13.0%
Terminal growth rate
2%
2%
Average EBITDA margin
51.1%
45.2%
1. Using a pre-tax discount rate of 15.8% (Infrastructure) and 17.0% (Private Equity) on pre-tax cash flows does not produce a
materially different result.
1 The growth rate and EBITDA margin assumptions applied only to the period beyond the formal budgeted period, with the value in use calculation based on an extrapolation of the budgeted cash flows from year three. As a result of this analysis, there is headroom of \u00a3452.4 million in the Infrastructure CGUs and \u00a3146.3 million in the Private Equity CGUs and therefore no impairment has been recognised. A sensitivity analysis was carried out and the Group do not consider that a reasonably possible change in key assumptions would reduce the recoverable amount of the CGUs to below their carrying value. Computer software The remaining element of intangible assets relates to capitalised software costs, which are amortised over four to five years. The amortisation charges above are recognised within administrative expenses in the Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-580": { "value": "Accounting policy: Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units (\u201cCGUs\u201d), which represent the lowest level at which goodwill is monitored for internal management purposes. CGUs are identified as the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the Group\u2019s operating segments, as set out in note 5. Intangible assets in respect of customer contracts (acquired) reflect the fair value of the investment management contracts obtained, which is equal to the present value of the earnings they are expected to generate. This is on the basis that it is probable that future economic benefits attributable to the investment management contracts will flow to the Group and the fair value of the intangible asset can be measured reliably. These intangible assets are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives. Computer software (internally generated) represents software licences and development costs to bring software into use. Costs associated with developing or maintaining computer software programmes that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. Computer software is carried at cost less accumulated amortisation. Amortisation is provided, where material, at rates calculated to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Customer contracts over remaining term of investment management contract \u0219 Computer software over four to five years The carrying values of customer contracts (acquired) and computer software (internally generated) are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense in the Statement of Comprehensive Income immediately. The Group is required to test, on an annual basis, whether goodwill has suffered any impairment by estimating the recoverable amount of the CGU or group of CGUs the goodwill is allocated to. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not subsequently reversed. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-577": { "value": "Accounting policy: Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units (\u201cCGUs\u201d), which represent the lowest level at which goodwill is monitored for internal management purposes. CGUs are identified as the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the Group\u2019s operating segments, as set out in note 5. Intangible assets in respect of customer contracts (acquired) reflect the fair value of the investment management contracts obtained, which is equal to the present value of the earnings they are expected to generate. This is on the basis that it is probable that future economic benefits attributable to the investment management contracts will flow to the Group and the fair value of the intangible asset can be measured reliably. These intangible assets are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives. Computer software (internally generated) represents software licences and development costs to bring software into use. Costs associated with developing or maintaining computer software programmes that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. Computer software is carried at cost less accumulated amortisation. Amortisation is provided, where material, at rates calculated to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Customer contracts over remaining term of investment management contract \u0219 Computer software over four to five years The carrying values of customer contracts (acquired) and computer software (internally generated) are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense in the Statement of Comprehensive Income immediately. The Group is required to test, on an annual basis, whether goodwill has suffered any impairment by estimating the recoverable amount of the CGU or group of CGUs the goodwill is allocated to. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not subsequently reversed. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-566": { "value": "Accounting policy: Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units (\u201cCGUs\u201d), which represent the lowest level at which goodwill is monitored for internal management purposes. CGUs are identified as the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the Group\u2019s operating segments, as set out in note 5. Intangible assets in respect of customer contracts (acquired) reflect the fair value of the investment management contracts obtained, which is equal to the present value of the earnings they are expected to generate. This is on the basis that it is probable that future economic benefits attributable to the investment management contracts will flow to the Group and the fair value of the intangible asset can be measured reliably. These intangible assets are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives. Computer software (internally generated) represents software licences and development costs to bring software into use. Costs associated with developing or maintaining computer software programmes that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. Computer software is carried at cost less accumulated amortisation. Amortisation is provided, where material, at rates calculated to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful life (charged through administrative expenses) as follows: \u0219 Customer contracts over remaining term of investment management contract \u0219 Computer software over four to five years The carrying values of customer contracts (acquired) and computer software (internally generated) are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense in the Statement of Comprehensive Income immediately. The Group is required to test, on an annual basis, whether goodwill has suffered any impairment by estimating the recoverable amount of the CGU or group of CGUs the goodwill is allocated to. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not subsequently reversed. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Comprehensive Income. Key judgements: Valuation method for measurement of intangible assets arising on acquisition There is significant management judgement when determining the appropriate methodology to calculate the value of the investment management contracts. The cost approach, income approach and market approach have been considered in the preparation of the valuation analysis and the income approach was determined as the most appropriate on the premise that the value is equal to the present value of the future cash flows that the asset will generate over its remaining useful life. The net present value was therefore calculated using a Multi-period Excess Earnings Method (\u201cMEEM\u201d). Impairment of intangible assets Customer contracts For intangible assets with finite useful lives, an assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. There is significant management judgement in determining the appropriate internal and external factors to consider. Goodwill Significant management judgement is required to determine the appropriate CGU or group of CGUs that are expected to benefit from the synergies of the acquisition. Estimation uncertainty: Recognition and measurement of intangible assets arising on acquisitions Acquisition of Wellspring The valuation of investment management contracts represents an estimation of the present value of the cash flows that those contracts were expected to generate at the completion date, with reference to the projected profitability of the fund over a useful life of 19.7 years based on the weighted average length of the contracts acquired. A weighted average cost of capital (\u201cWACC\u201d) of 9% has been used and is considered a significant estimate. Should this WACC be increased by 1%, the value of the investment management contracts would reduce by \u00a3445,000, resulting in goodwill arising from the acquisition of \u00a3317,000. If the WACC decreased by 1%, the value of the investment management contracts would increase by \u00a3501,000 and the gain on business combination would increase to \u00a3392,000. See note 32 for further details on the identifiable assets acquired and liabilities assumed. Impairment of intangible assets Customer contracts The Directors have reviewed the intangible assets at 31 March 2024 and concluded there are indicators of impairment for the customer contracts acquired in Downing\u2019s technology ventures business and Infrastructure Capital (2023: no indicators of impairment). The recoverable value was determined based on a value in use calculation using a discounted cash flow (\u201cDCF\u201d) model derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the customer contracts being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the customer contracts, including a sensitivity analysis, are disclosed and further explained in the note below. Goodwill The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations using a DCF model. The cash flows are derived from the budget for the next three years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected cash flows and growth rates used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in the note below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-492": { "value": "
16. Investments at FVTPL
Accounting policy:
Investments at FVTPL are recognised initially at fair value, which is normally the
transaction price. Subsequent to initial recognition, investments at FVTPL are measured
at fair value with changes recognised in the Statement of Comprehensive Income.
Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and
VCT investments managed by the Group. Fair value is calculated as the Group\u2019s share
of NAVs of these funds and investments. These NAVs are subject to the Group\u2019s fund
Valuations Policy which sets out acceptable methodologies that may be applied in valuing
a fund\u2019s investments. Each quarter, each Investment Manager values their investments
in accordance with the guidelines of this policy, typically the International Private Equity
and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the
British Venture Capital Association and other organisations. Where appropriate, these
valuations are also approved by the independent Boards of each fund and by the
Group\u2019s valuation committee.
While valuations of investments are based on assumptions that the Directors consider
are reasonable under the circumstances, the actual realised gains and losses will depend
on, amongst other factors, future operating results, the value of the assets and market
conditions at the time of disposal, any related transaction costs and the timing and
manner of sale, all of which may ultimately differ significantly from the assumptions on
which the valuations were based. Further details on the key assumptions made and a
sensitivity analysis are set out below.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
3,967
2,781
Additions
869
1,310
Fair value movements
278
349
Sales proceeds
(388)
(473)
At end of period
4,726
3,967
The NAV of these funds or investments represent the fair value at the end of the reporting
period and as such a range of unobservable inputs is not reported. If the NAV of those funds
changed by +/- 5%, then the valuation of the investments would change by +/- \u00a3236,000
(2023: +/- \u00a3198,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-586": { "value": "16. Investments at FVTPL Accounting policy: Investments at FVTPL are recognised initially at fair value, which is normally the transaction price. Subsequent to initial recognition, investments at FVTPL are measured at fair value with changes recognised in the Statement of Comprehensive Income. Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and VCT investments managed by the Group. Fair value is calculated as the Group\u2019s share of NAVs of these funds and investments. These NAVs are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. While valuations of investments are based on assumptions that the Directors consider are reasonable under the circumstances, the actual realised gains and losses will depend on, amongst other factors, future operating results, the value of the assets and market conditions at the time of disposal, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Further details on the key assumptions made and a sensitivity analysis are set out below.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
3,967
2,781
Additions
869
1,310
Fair value movements
278
349
Sales proceeds
(388)
(473)
At end of period
4,726
3,967
The NAV of these funds or investments represent the fair value at the end of the reporting period and as such a range of unobservable inputs is not reported. If the NAV of those funds changed by +/- 5%, then the valuation of the investments would change by +/- \u00a3236,000 (2023: +/- \u00a3198,000). 17. Derivative assets Accounting policy: The Group uses forward currency contracts to mitigate the risks associated with foreign currency fluctuations. 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. Derivative financial instruments are classified as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The forward currency contracts entered into to date have not been designated as hedging instruments and are not subject to hedge accounting.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Derivative assets arising from forward currency contracts,
of which:
473
648
Non-current assets
\u2014
245
Current assets
473
403
The Group originally had eight forward foreign currency contracts, of which the first matured on 30 March 2023 and thereafter at quarterly intervals. Therefore, at 31 March 2024, the Group had three contracts with a notional amount of AUD$7.5 million to sell for \u00a34.4 million and the fair value of these contracts gave rise to a gain of \u00a30.5 million recognised as a derivative asset. Loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Loans and borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statement of Comprehensive Income over the period of the borrowings using the effective interest method. Loans and borrowings are derecognised from the Statement of Financial Position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the Statement of Comprehensive Income as other operating income or finance expenses. Loans and borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Loans and borrowings arose from the acquisition of PiP Manager Limited in the year ended 31 March 2021.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Loans and borrowings, of which:
509
3,131
Non-current liabilities
388
485
Current liabilities
121
2,646
Terms and debt repayment schedule 2
31 March
2024
Nominal Carrying
interest Year of amount
Currency rate maturity \u00a3000
Unsecured loan
GBP
Base rate + 2%
2027
509
1 1. The carrying amount of these loans and borrowings equates to the fair value. 2. The loans were provided by five lenders equally. The Group agreed with four lenders for early repayment, with repayment made in May 2023. The movement on the above loans may be summarised as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
3,131
3,690
Interest
53
139
Repayment \u2013 principal
(2,545)
(606)
Repayment \u2013 interest
(130)
(92)
At end of period
509
3,131
For more information about the Group\u2019s exposure to interest rate risk, see note 31. 31. Financial instruments \u2013 classification and measurement In accordance with IFRS 9, the financial assets and liabilities are classified as FVTPL or at amortised cost. The carrying amounts of financial assets and financial liabilities in each category are as follows: Financial assets
31 March 2024
31 March 2023
Total financial Non\u2011financial Total financial Non-financial
Amortised cost FVTPL instruments instruments Total Amortised cost FVTPL instruments instruments Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
\u2014
\u2014
\u2014
2,330
2,330
\u2014
\u2014
\u2014
2,522
2,522
Right-of-use assets
\u2014
\u2014
\u2014
5,768
5,768
\u2014
\u2014
\u2014
7,281
7,281
Intangible assets
\u2014
\u2014
\u2014
61,364
61,364
\u2014
\u2014
\u2014
62,911
62,911
Investments at FVTPL
\u2014
4,726
4,726
\u2014
4,726
\u2014
3,967
3,967
\u2014
3,967
Derivative assets
\u2014
473
473
\u2014
473
\u2014
648
648
\u2014
648
Deferred tax assets
\u2014
\u2014
\u2014
1,563
1,563
\u2014
\u2014
\u2014
1,742
1,742
Contract costs
\u2014
\u2014
\u2014
3,375
3,375
\u2014
\u2014
\u2014
3,965
3,965
Trade and other receivables
24,878
\u2014
24,878
3,850
28,728
18,662
\u2014
18,662
3,080
21,742
Cash and cash equivalents
45,004
\u2014
45,004
\u2014
45,004
39,761
\u2014
39,761
\u2014
39,761
69,882
5,199
75,081
78,250
153,331
58,423
4,615
63,038
81,501
144,539
Financial liabilities
31 March 2024
31 March 2023
Total financial Non\u2011financial Total financial Non-financial
Amortised cost FVTPL instruments instruments Total Amortised cost FVTPL instruments instruments Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Trade payables
1,582
\u2014
1,582
\u2014
1,582
1,945
\u2014
1,945
\u2014
1,945
Other payables and partnership
capital contributions
4,199
\u2014
4,199
15,775
19,974
5,708
\u2014
5,708
10,225
15,933
Accruals
16,472
\u2014
16,472
\u2014
16,472
17,504
\u2014
17,504
\u2014
17,504
Loans and borrowings
509
\u2014
509
\u2014
509
3,131
\u2014
3,131
\u2014
3,131
Lease liabilities
7,262
\u2014
7,262
\u2014
7,262
9,251
\u2014
9,251
\u2014
9,251
Acquisition-related liabilities
\u2014
4,830
4,830
\u2014
4,830
\u2014
5,973
5,973
\u2014
5,973
Provisions
\u2014
\u2014
\u2014
855
855
\u2014
\u2014
\u2014
800
800
Deferred tax liability
\u2014
\u2014
\u2014
13,273
13,273
\u2014
\u2014
\u2014
12,827
12,827
30,024
4,830
34,854
29,903
64,757
37,539
5,973
43,512
23,852
67,364
Financial risk management The Group\u2019s activities expose it to a variety of financial risks: market risk (including cash flow interest rate risk), liquidity risk and credit risk. Risk management is carried out by Exco supported by the Risk Committee (see page 56). The Group uses financial instruments to provide flexibility regarding its working capital requirements and to enable it to manage specific financial risks to which it is exposed. (a) Market risk (i) Market price risk Market price risk arises from uncertainty about the future prices of financial instruments held in accordance with the Group\u2019s investment objectives. It represents the potential loss that the Group might suffer through holding market positions in the face of market movements. The investments in equity and loan stocks of unquoted companies are rarely traded and as such the prices are more difficult to determine than those of more widely traded securities. In addition, the ability of the Group to realise the investments at their carrying value will at times not be possible if there are no willing purchasers. The potential maximum exposure to market price risk, being the value of the investments as at 31 March 2024, was \u00a34.7 million (2023: \u00a34.0 million). Interest rate risk is the risk that the fair value or cash flows related to financial instruments will fluctuate because of changes to market interest rates. The Group had only \u00a30.5 million of external debt at 31 March 2024 (2023: \u00a33.1 million) related to the PiP acquisition during the year ended 31 March 2021 (see note 22). \u00a32.6 million of the debt was repaid in May 2023 and the remaining loan has a maturity of 2027. Any changes in market interest rates would not result in a material change to profit before tax. The Group holds cash on deposit with the interest on these balances based on fixed or agreed rates. Any changes in market interest rates would not result in a material change to profit before tax. (iii) Foreign exchange risk Foreign currency risk is the risk that changes in foreign exchange rates will cause the Group to suffer losses. Due to the Infrastructure Capital acquisition (see note 32), the Group is exposed to foreign exchange transaction risk as the Infrastructure Capital activities are within Australia. In order to mitigate the risk associated with the increase in Group cash flows arising in a foreign currency following the acquisition, the Group entered into a number of forward foreign currency contracts in September 2022. These forward foreign currency contracts are considered to be derivatives so are accounted for as financial instruments within the scope of IFRS 9 but are not designated as hedging instruments and are not subject to hedge accounting. See note 17 for further explanation of the contracts entered into. The table below summarises the Group\u2019s exposure to foreign currency translation risk at 31 March 2024. Included in the table are the Group\u2019s financial assets, at carrying amounts, categorised by currency.
31 March 2024
31 March 2023
Euro Aus dollar US dollar Total Euro Aus dollar US dollar Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial assets
Cash and cash equivalents
418
2,583
83
3,084
1,993
\u2014
69
2,062
Investments at FVTPL
2,140
\u2014
\u2014
2,140
2,078
\u2014
\u2014
2,078
2,558
2,583
83
5,224
4,071
\u2014
69
4,140
A 5% strengthening of sterling against euro would reduce the net euro position and profit and loss by \u00a3122,000 (2023: \u00a3214,000). This assumes all other variables are held constant. A 5% strengthening of sterling against Australian dollar would reduce the net Australian dollar position and profit and loss by \u00a3123,000 (2023: \u00a3nil). (b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group maintains significant liquid resources in the form of cash or cash deposits in order to meet working capital and regulatory needs. Foresight is predominantly financed through a combination of share capital, undistributed profits and cash. The contractual maturities (representing undiscounted contractual cash flows) of financial liabilities are contained in the respective note for each category of liability as follows: \u0219 Trade and other payables, see note 21 \u0219 Loans and borrowings, see note 22 \u0219 Lease liabilities, see note 23 \u0219 Acquisition-related liabilities: Contingent consideration \u2013 see note 24 (c) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. In order to minimise the risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount. The Group does not consider that there is any concentration of risk within either trade or other receivables. Credit risk on cash and cash equivalents is considered to be very low as the counterparties are all substantial banks with high credit ratings above A. Capital risk management The Group is predominantly equity funded and this makes up the capital structure of the business. Equity comprises share capital, share premium and retained profits as per the Statement of Financial Position. The Group\u2019s current objectives when maintaining capital are to: \u0219 Safeguard the Group\u2019s ability as a going concern so that it can continue to pursue its growth plans \u0219 Maintain adequate financial flexibility to preserve its ability to meet financial obligations, both current and long term \u0219 Maintain regulatory capital \u0219 Provide a reasonable expectation of future returns to Shareholders The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. During the year to 31 March 2024, the Group\u2019s strategy remained unchanged and all regulatory capital requirements of subsidiaries in the Group were complied with. Foresight Group LLP has documented its Internal Capital Adequacy and Risk Assessment process (\u201cICARA\u201d) in compliance with the Investment Firm Prudential Regime (IFPR). Fair value hierarchy For financial instruments not traded in an active market, such as forward foreign currency contracts, the fair value is determined using appropriate valuation techniques that take into account the terms and conditions of the contracts and utilise observable market data, such as spot and forward rates, as inputs. Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and VCT investments managed by the Group. These unquoted investments are valued on a net asset basis by the Group. The actual underlying investments are valued in accordance with the following rules, which are consistent with the IPEV Valuation Guidelines as described in note 16. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. At 31 March 2024, the Group held the following financial instruments measured at fair value:
31 March 2024
31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial assets
Investments at FVTPL
\u2014
\u2014
4,726
4,726
\u2014
\u2014
3,967
3,967
Derivative assets
\u2014
473
\u2014
473
\u2014
648
\u2014
648
\u2014
473
4,726
5,199
\u2014
648
3,967
4,615
Financial liabilities
Acquisition-related liabilities: Contingent consideration
\u2014
\u2014
2,059
2,059
\u2014
\u2014
3,470
3,470
Acquisition-related liabilities: Remuneration for post-combination services
\u2014
\u2014
2,771
2,771
\u2014
\u2014
2,503
2,503
\u2014
\u2014
4,830
4,830
\u2014
\u2014
5,973
5,973
Derivative assets have arisen from the forward foreign currency contracts entered into during the year ended 31 March 2023 and are classified as Level 2. These were fair valued using valuation techniques that incorporate foreign exchange spot and forward rates. Otherwise, financial assets and liabilities are classified as Level 3 . Transfers During the period there were no transfers between Levels 1, 2 or 3. The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis. There have been no changes in valuation methodology during the year. Asset class and valuation
31 March
2024 Significant Change in
Fair value Valuation unobservable Sensitivity inputs fair value
\u00a3000 technique inputs unobservable input \u00a3000
Investments at FVTPL
4,726
The fair value is based on the
NAV
+/-5% on closing NAV
+/- 236
closing NAV of underlying investments
Acquisition-related liabilities: Contingent consideration
2,059
The fair value is a ratio of the
NAV
+/-5% on closing NAV
+/ -103
closing NAV of the funds acquired
to the NAV on acquisition
Acquisition-related liabilities: Remuneration for
2,771
The fair value is the current forecasted
Forecast
Applied a sensitivity
Max: +7,139
post-combination services management fees divided by the on the maximum and Min: -2,771
management fees required to minimum payment that
achieve the maximum earn-out could be made
multiplied by the maximum earnout payable
Unrealised gains and losses on Investments at FVTPL are recognised in the Statement of Comprehensive Income as fair value gains on investments. Unrealised gains and losses on contingent consideration are recognised in the Statement of Comprehensive Income as fair value gains on contingent consideration (incl. finance expense). Fair value gains and losses on remuneration for post-combination services are recognised over the vesting period as staff costs \u2013 acquisitions. The reconciliation of opening to closing balances, significant unobservable inputs and sensitivities are disclosed in the following notes: \u0219 Investments at FVTPL \u2013 note 16 \u0219 Acquisition- related liabilities: Contingent consideration \u2013 note 24 \u0219 Acquisition-related liabilities: Remuneration for post-combination services \u2013 note 24", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-567": { "value": "16. Investments at FVTPL Accounting policy: Investments at FVTPL are recognised initially at fair value, which is normally the transaction price. Subsequent to initial recognition, investments at FVTPL are measured at fair value with changes recognised in the Statement of Comprehensive Income. Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and VCT investments managed by the Group. Fair value is calculated as the Group\u2019s share of NAVs of these funds and investments. These NAVs are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. While valuations of investments are based on assumptions that the Directors consider are reasonable under the circumstances, the actual realised gains and losses will depend on, amongst other factors, future operating results, the value of the assets and market conditions at the time of disposal, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Further details on the key assumptions made and a sensitivity analysis are set out below.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
3,967
2,781
Additions
869
1,310
Fair value movements
278
349
Sales proceeds
(388)
(473)
At end of period
4,726
3,967
The NAV of these funds or investments represent the fair value at the end of the reporting period and as such a range of unobservable inputs is not reported. If the NAV of those funds changed by +/- 5%, then the valuation of the investments would change by +/- \u00a3236,000 (2023: +/- \u00a3198,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-550": { "value": "16. Investments at FVTPL Accounting policy: Investments at FVTPL are recognised initially at fair value, which is normally the transaction price. Subsequent to initial recognition, investments at FVTPL are measured at fair value with changes recognised in the Statement of Comprehensive Income. Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and VCT investments managed by the Group. Fair value is calculated as the Group\u2019s share of NAVs of these funds and investments. These NAVs are subject to the Group\u2019s fund Valuations Policy which sets out acceptable methodologies that may be applied in valuing a fund\u2019s investments. Each quarter, each Investment Manager values their investments in accordance with the guidelines of this policy, typically the International Private Equity and Venture Capital (\u201cIPEV\u201d) Valuation Guidelines (December 2022) developed by the British Venture Capital Association and other organisations. Where appropriate, these valuations are also approved by the independent Boards of each fund and by the Group\u2019s valuation committee. While valuations of investments are based on assumptions that the Directors consider are reasonable under the circumstances, the actual realised gains and losses will depend on, amongst other factors, future operating results, the value of the assets and market conditions at the time of disposal, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Further details on the key assumptions made and a sensitivity analysis are set out below.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
3,967
2,781
Additions
869
1,310
Fair value movements
278
349
Sales proceeds
(388)
(473)
At end of period
4,726
3,967
The NAV of these funds or investments represent the fair value at the end of the reporting period and as such a range of unobservable inputs is not reported. If the NAV of those funds changed by +/- 5%, then the valuation of the investments would change by +/- \u00a3236,000 (2023: +/- \u00a3198,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-525": { "value": "Accounting policy: Investments at FVTPL are recognised initially at fair value, which is normally the transaction price. Subsequent to initial recognition, investments at FVTPL are measured at fair value with changes recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-493": { "value": "
17. Derivative assets
Accounting policy:
The Group uses forward currency contracts to mitigate the risks associated with foreign
currency fluctuations. 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. Derivative financial instruments are classified as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
The forward currency contracts entered into to date have not been designated as
hedging instruments and are not subject to hedge accounting.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Derivative assets arising from forward currency contracts,
of which:
473
648
Non-current assets
\u2014
245
Current assets
473
403
The Group originally had eight forward foreign currency contracts, of which the first matured on
30 March 2023 and thereafter at quarterly intervals. Therefore, at 31 March 2024, the Group
had three contracts with a notional amount of AUD$7.5 million to sell for \u00a34.4 million and the
fair value of these contracts gave rise to a gain of \u00a30.5 million recognised as a derivative asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-551": { "value": "Accounting policy: The Group uses forward currency contracts to mitigate the risks associated with foreign currency fluctuations. 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. Derivative financial instruments are classified as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The forward currency contracts entered into to date have not been designated as hedging instruments and are not subject to hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-526": { "value": "Accounting policy: The Group uses forward currency contracts to mitigate the risks associated with foreign currency fluctuations. 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. Derivative financial instruments are classified as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The forward currency contracts entered into to date have not been designated as hedging instruments and are not subject to hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-587": { "value": "
18. Contract costs
Accounting policy:
The Group may enter into placement agency agreements with providers who will seek
to raise investor monies. Where placement agency fees are incremental to obtaining,
extending or modifying a contract with a customer, these fees are capitalised and then
amortised on a systematic basis consistent with the pattern of transfer of the services
to which the asset relates. Where placement agency fees are not considered to be
incremental, these are expensed as they are incurred. Capitalised placement fees are
included within contract costs.
Retainer amounts paid to placement agents are recognised as an asset. Where the
placement agent is successful in obtaining a contract with a customer, the retainer
amounts are offset against the gross placement agency fees when incurred. If
unsuccessful, the retainer amounts are expensed.
Key judgements:
When deciding whether placement agency fees are incremental to obtaining, extending
or modifying a contract with a customer, the Group must consider whether an individual
investor is the customer or whether the fund that the investor is investing into is the
customer. Where the individual investor is the customer, the fees will be incremental.
Where the customer is the fund, the fees for the individual investor would not be
incremental.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Incremental placement agency fees, of which:
3,375
3,965
Non-current assets
2,777
3,435
Current assets
598
530
", "dimensions": { "concept": "foresightgroup:DisclosureOfContractCosts", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-575": { "value": "19. Trade and other receivables Accounting policy: Trade and other receivables are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. For trade receivables this is because they meet the criteria set out under IFRS 9, being assets held within a business model that give rise to contractual cash flows and are solely payments of principal and interest (\u201cSPPI\u201d). If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. When a trade receivable is credit impaired, it is written off against trade receivables and the amount of the loss is recognised in the income statement. Subsequent recoveries of amounts previously written off are credited to the Statement of Comprehensive Income. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any significant credit losses and has not recognised any ECLs in the current or previous period. The Group has not incurred a bad debt expense in the current year. A bad debt expense of \u00a364,000 was incurred in the year ended 31 March 2023 in relation to directors\u2019 fees, but none for management fees. Amortised cost The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction for impairment. Derecognition The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Statement of Comprehensive Income Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced, and the operating expense is recognised in the Statement of Comprehensive Income.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Trade receivables
17,808
12,956
Other receivables
6,010
3,411
Prepayments
3,850
3,080
Staff advances
1,060
2,295
28,728
21,742
Less non-current assets:
Trade receivables
822
1,044
Staff advances
420
1,555
1,242
2,599
Current assets:
Trade receivables
16,986
11,912
Other receivables
6,010
3,411
Prepayments
3,850
3,080
Staff advances
640
740
27,486
19,143
The Directors consider that the carrying value of trade receivables, other receivables and staff advances approximates to their fair value. Staff advances have been made in order to retain key staff and are expensed over five years in line with the contractual terms of the advances but are repayable if the relevant individual leaves the Group. The ageing profile of the Group\u2019s trade receivables is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current
14,139
10,932
Overdue
< 30 days
27
40
30-60 days
322
248
60-90 days
105
300
> 90 days
3,215
1,436
17,808
12,956
The movement in the impairment allowance for trade receivables is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
61
213
Written off during the period as uncollectible
\u2014
(216)
Increase during the period
\u2014
64
At end of period
61
61
Trade receivables include amounts which are past due at the reporting date but against which the Group has not recognised a provision for impairment as there has been no significant change in credit quality and the amounts are still considered recoverable. In determining the recoverability of trade receivables, the Directors considered any change in the credit quality of the trade receivable from the date the credit was initially granted up to the reporting date. Such changes would include when one or more detrimental events have occurred, such as significant financial difficulty of the counterparty or it becoming probable that the counterparty will enter bankruptcy or other financial reorganisation. As the majority of trade receivables are fees settled directly from the cash of the respective funds, the credit risk is considered to be very low. When trade receivables are fees settled directly from investee companies, i.e. directors\u2019 fees, there is the possibility of financial difficulty, however these fees individually are not significant. See note 31 for management of credit risk. 26. Deferred tax assets and liabilities Accounting policy: Deferred tax is recognised based on differences between the carrying value of assets and liabilities for accounting purposes and their tax values (see note 12). Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are only recognised to the extent that the Group considers them to be recoverable, which is determined by reference to estimates that future taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax legislation) that have been enacted or substantively enacted at the Statement of Financial Position date. Key judgements: Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The movement on the deferred tax account is as shown below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
(11,085)
(583)
Recognised in Statement of Comprehensive Income
Tax expense
537
1,272
Foreign exchange movement
319
673
856
1,945
Recognised in equity
Share-based payment reserve
125
44
Arising on business combination
Intangible asset (see note 32)
(1,606)
(12,727)
Other temporary and deductible differences
\u2014
236
(1,606)
(12,491)
At end of period
(11,710)
(11,085)
The movements in deferred tax assets and liabilities during the period are shown below:
31 March 2024
31 March 2023
Credited to Credited to Credited to Credited
Asset Liability profit or loss equity Asset Liability profit or loss to equity
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Other temporary and deductible differences
1,563
(1,172)
(1,021)
125
1,742
(416)
633
44
Business combinations \u2013 intangible asset
\u2014
(12,101)
1,558
\u2014
\u2014
(12,411)
639
\u2014
1,563
(13,273)
537
125
1,742
(12,827)
1,272
44
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-568": { "value": "19. Trade and other receivables Accounting policy: Trade and other receivables are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. For trade receivables this is because they meet the criteria set out under IFRS 9, being assets held within a business model that give rise to contractual cash flows and are solely payments of principal and interest (\u201cSPPI\u201d). If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. When a trade receivable is credit impaired, it is written off against trade receivables and the amount of the loss is recognised in the income statement. Subsequent recoveries of amounts previously written off are credited to the Statement of Comprehensive Income. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any significant credit losses and has not recognised any ECLs in the current or previous period. The Group has not incurred a bad debt expense in the current year. A bad debt expense of \u00a364,000 was incurred in the year ended 31 March 2023 in relation to directors\u2019 fees, but none for management fees. Amortised cost The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction for impairment. Derecognition The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Statement of Comprehensive Income Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced, and the operating expense is recognised in the Statement of Comprehensive Income.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Trade receivables
17,808
12,956
Other receivables
6,010
3,411
Prepayments
3,850
3,080
Staff advances
1,060
2,295
28,728
21,742
Less non-current assets:
Trade receivables
822
1,044
Staff advances
420
1,555
1,242
2,599
Current assets:
Trade receivables
16,986
11,912
Other receivables
6,010
3,411
Prepayments
3,850
3,080
Staff advances
640
740
27,486
19,143
The Directors consider that the carrying value of trade receivables, other receivables and staff advances approximates to their fair value. Staff advances have been made in order to retain key staff and are expensed over five years in line with the contractual terms of the advances but are repayable if the relevant individual leaves the Group. The ageing profile of the Group\u2019s trade receivables is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current
14,139
10,932
Overdue
< 30 days
27
40
30-60 days
322
248
60-90 days
105
300
> 90 days
3,215
1,436
17,808
12,956
The movement in the impairment allowance for trade receivables is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
61
213
Written off during the period as uncollectible
\u2014
(216)
Increase during the period
\u2014
64
At end of period
61
61
Trade receivables include amounts which are past due at the reporting date but against which the Group has not recognised a provision for impairment as there has been no significant change in credit quality and the amounts are still considered recoverable. In determining the recoverability of trade receivables, the Directors considered any change in the credit quality of the trade receivable from the date the credit was initially granted up to the reporting date. Such changes would include when one or more detrimental events have occurred, such as significant financial difficulty of the counterparty or it becoming probable that the counterparty will enter bankruptcy or other financial reorganisation. As the majority of trade receivables are fees settled directly from the cash of the respective funds, the credit risk is considered to be very low. When trade receivables are fees settled directly from investee companies, i.e. directors\u2019 fees, there is the possibility of financial difficulty, however these fees individually are not significant. See note 31 for management of credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-494": { "value": "19. Trade and other receivables Accounting policy: Trade and other receivables are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. For trade receivables this is because they meet the criteria set out under IFRS 9, being assets held within a business model that give rise to contractual cash flows and are solely payments of principal and interest (\u201cSPPI\u201d). If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. When a trade receivable is credit impaired, it is written off against trade receivables and the amount of the loss is recognised in the income statement. Subsequent recoveries of amounts previously written off are credited to the Statement of Comprehensive Income. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any significant credit losses and has not recognised any ECLs in the current or previous period. The Group has not incurred a bad debt expense in the current year. A bad debt expense of \u00a364,000 was incurred in the year ended 31 March 2023 in relation to directors\u2019 fees, but none for management fees. Amortised cost The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction for impairment. Derecognition The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Statement of Comprehensive Income
Any interest in such transferred financial assets that is created or retained by the Group is
recognised as a separate asset or liability.
Prepayments arise where the Group pays cash in advance for services. As the service
is provided, the prepayment is reduced, and the operating expense is recognised in the
Statement of Comprehensive Income.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Trade receivables
17,808
12,956
Other receivables
6,010
3,411
Prepayments
3,850
3,080
Staff advances
1,060
2,295
28,728
21,742
Less non-current assets:
Trade receivables
822
1,044
Staff advances
420
1,555
1,242
2,599
Current assets:
Trade receivables
16,986
11,912
Other receivables
6,010
3,411
Prepayments
3,850
3,080
Staff advances
640
740
27,486
19,143
The Directors consider that the carrying value of trade receivables, other receivables and staff
advances approximates to their fair value. Staff advances have been made in order to retain
key staff and are expensed over five years in line with the contractual terms of the advances
but are repayable if the relevant individual leaves the Group.
The ageing profile of the Group\u2019s trade receivables is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current
14,139
10,932
Overdue
< 30 days
27
40
30-60 days
322
248
60-90 days
105
300
> 90 days
3,215
1,436
17,808
12,956
The movement in the impairment allowance for trade receivables is as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
61
213
Written off during the period as uncollectible
\u2014
(216)
Increase during the period
\u2014
64
At end of period
61
61
Trade receivables include amounts which are past due at the reporting date but against which
the Group has not recognised a provision for impairment as there has been no significant
change in credit quality and the amounts are still considered recoverable.
In determining the recoverability of trade receivables, the Directors considered any change in
the credit quality of the trade receivable from the date the credit was initially granted up to
the reporting date. Such changes would include when one or more detrimental events have
occurred, such as significant financial difficulty of the counterparty or it becoming probable
that the counterparty will enter bankruptcy or other financial reorganisation. As the majority of
trade receivables are fees settled directly from the cash of the respective funds, the credit risk
is considered to be very low. When trade receivables are fees settled directly from investee
companies, i.e. directors\u2019 fees, there is the possibility of financial difficulty, however these fees
individually are not significant. See note 31 for management of credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-527": { "value": "Accounting policy: Trade and other receivables are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. For trade receivables this is because they meet the criteria set out under IFRS 9, being assets held within a business model that give rise to contractual cash flows and are solely payments of principal and interest (\u201cSPPI\u201d). If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. When a trade receivable is credit impaired, it is written off against trade receivables and the amount of the loss is recognised in the income statement. Subsequent recoveries of amounts previously written off are credited to the Statement of Comprehensive Income. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any significant credit losses and has not recognised any ECLs in the current or previous period. The Group has not incurred a bad debt expense in the current year. A bad debt expense of \u00a364,000 was incurred in the year ended 31 March 2023 in relation to directors\u2019 fees, but none for management fees. Amortised cost The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction for impairment. Derecognition The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Statement of Comprehensive Income . Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced, and the operating expense is recognised in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-552": { "value": "Derecognition The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Statement of Comprehensive Income Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced, and the operating expense is recognised in the Statement of Comprehensive Income. Derecognition The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-495": { "value": "
20. Cash and cash equivalents
Accounting policy:
Cash and cash equivalents comprise cash at banks and on hand and short-term highly
liquid deposits with a maturity of three months or less.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Cash at banks and on hand
32,357
39,761
Short-term deposits
12,647
\u2014
Cash and cash equivalents
45,004
39,761
Cash and cash equivalents per Cash Flow Statement
45,004
39,761
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-528": { "value": "Accounting policy: Cash and cash equivalents comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-496": { "value": "
21. Trade and other payables
Accounting policy:
Trade and other payables are recognised initially at transaction price plus attributable
transaction costs. Subsequent to initial recognition they are measured at amortised cost
using the effective interest method.
Amortised cost
The amortised cost of a financial liability is the amount at which the financial liability is
measured at initial recognition, minus principal repayments, plus or minus the cumulative
amortisation using the effective interest method of any difference between the initial
amount recognised and the maturity amount.
Derecognition
The Company derecognises a financial liability when its contractual obligations are
discharged or cancelled or expire.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current liabilities:
Trade payables
1,582
1,945
Accruals
16,472
17,504
Deferred income
7,361
5,790
Other payables
3,228
3,993
VAT and PAYE
3,522
2,876
Corporation tax
4,892
1,559
Partnership capital contributions
971
1,715
38,028
35,382
Trade and other payables comprise amounts outstanding for trade purchases and
ongoing costs.
The Directors consider the carrying amount of trade payables, other payables, accruals
and partnership capital contributions approximates to their fair value when measured by
discounting cash flows at market rates of interest as at the Statement of Financial Position
date. Deferred income relates to fees received in advance. Partnership capital contributions
relate to contributions by members to Foresight Group LLP. The main component of accruals
are bonuses relating to the financial period but substantially settled in July in the following
financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-581": { "value": "21. Trade and other payables Accounting policy: Trade and other payables are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Amortised cost The amortised cost of a financial liability is the amount at which the financial liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount. Derecognition The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current liabilities:
Trade payables
1,582
1,945
Accruals
16,472
17,504
Deferred income
7,361
5,790
Other payables
3,228
3,993
VAT and PAYE
3,522
2,876
Corporation tax
4,892
1,559
Partnership capital contributions
971
1,715
38,028
35,382
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider the carrying amount of trade payables, other payables, accruals and partnership capital contributions approximates to their fair value when measured by discounting cash flows at market rates of interest as at the Statement of Financial Position date. Deferred income relates to fees received in advance. Partnership capital contributions relate to contributions by members to Foresight Group LLP. The main component of accruals are bonuses relating to the financial period but substantially settled in July in the following financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-578": { "value": "21. Trade and other payables Accounting policy: Trade and other payables are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Amortised cost The amortised cost of a financial liability is the amount at which the financial liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount. Derecognition The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current liabilities:
Trade payables
1,582
1,945
Accruals
16,472
17,504
Deferred income
7,361
5,790
Other payables
3,228
3,993
VAT and PAYE
3,522
2,876
Corporation tax
4,892
1,559
Partnership capital contributions
971
1,715
38,028
35,382
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider the carrying amount of trade payables, other payables, accruals and partnership capital contributions approximates to their fair value when measured by discounting cash flows at market rates of interest as at the Statement of Financial Position date. Deferred income relates to fees received in advance. Partnership capital contributions relate to contributions by members to Foresight Group LLP. The main component of accruals are bonuses relating to the financial period but substantially settled in July in the following financial year. 26. Deferred tax assets and liabilities Accounting policy: Deferred tax is recognised based on differences between the carrying value of assets and liabilities for accounting purposes and their tax values (see note 12). Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are only recognised to the extent that the Group considers them to be recoverable, which is determined by reference to estimates that future taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax legislation) that have been enacted or substantively enacted at the Statement of Financial Position date. Key judgements: Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The movement on the deferred tax account is as shown below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
(11,085)
(583)
Recognised in Statement of Comprehensive Income
Tax expense
537
1,272
Foreign exchange movement
319
673
856
1,945
Recognised in equity
Share-based payment reserve
125
44
Arising on business combination
Intangible asset (see note 32)
(1,606)
(12,727)
Other temporary and deductible differences
\u2014
236
(1,606)
(12,491)
At end of period
(11,710)
(11,085)
The movements in deferred tax assets and liabilities during the period are shown below:
31 March 2024
31 March 2023
Credited to Credited to Credited to Credited
Asset Liability profit or loss equity Asset Liability profit or loss to equity
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Other temporary and deductible differences
1,563
(1,172)
(1,021)
125
1,742
(416)
633
44
Business combinations \u2013 intangible asset
\u2014
(12,101)
1,558
\u2014
\u2014
(12,411)
639
\u2014
1,563
(13,273)
537
125
1,742
(12,827)
1,272
44
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-569": { "value": "21. Trade and other payables Accounting policy: Trade and other payables are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Amortised cost The amortised cost of a financial liability is the amount at which the financial liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount. Derecognition The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Current liabilities:
Trade payables
1,582
1,945
Accruals
16,472
17,504
Deferred income
7,361
5,790
Other payables
3,228
3,993
VAT and PAYE
3,522
2,876
Corporation tax
4,892
1,559
Partnership capital contributions
971
1,715
38,028
35,382
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The Directors consider the carrying amount of trade payables, other payables, accruals and partnership capital contributions approximates to their fair value when measured by discounting cash flows at market rates of interest as at the Statement of Financial Position date. Deferred income relates to fees received in advance. Partnership capital contributions relate to contributions by members to Foresight Group LLP. The main component of accruals are bonuses relating to the financial period but substantially settled in July in the following financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-529": { "value": "Accounting policy: Trade and other payables are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Amortised cost The amortised cost of a financial liability is the amount at which the financial liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount. Derecognition The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-570": { "value": "Accounting policy: Loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Loans and borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statement of Comprehensive Income over the period of the borrowings using the effective interest method. Loans and borrowings are derecognised from the Statement of Financial Position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the Statement of Comprehensive Income as other operating income or finance expenses. Loans and borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Loans and borrowings arose from the acquisition of PiP Manager Limited in the year ended 31 March 2021. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-530": { "value": "Accounting policy: Loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Loans and borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Statement of Comprehensive Income over the period of the borrowings using the effective interest method. Loans and borrowings are derecognised from the Statement of Financial Position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the Statement of Comprehensive Income as other operating income or finance expenses. Loans and borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Loans and borrowings arose from the acquisition of PiP Manager Limited in the year ended 31 March 2021. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-497": { "value": "
Loans and borrowings are recognised initially at fair value, net of transaction costs
incurred. Loans and borrowings are subsequently carried at amortised cost; any
difference between the proceeds (net of transaction costs) and the redemption value is
recognised in the Statement of Comprehensive Income over the period of the borrowings
using the effective interest method.
Loans and borrowings are derecognised from the Statement of Financial Position when
the obligation specified in the contract is discharged, cancelled or expired.
The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any
non-cash assets transferred or liabilities assumed, is recognised in the Statement of
Comprehensive Income as other operating income or finance expenses.
Loans and borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after the
reporting period.
Loans and borrowings arose from the acquisition of PiP Manager Limited in the year ended
31 March 2021.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Loans and borrowings, of which:
509
3,131
Non-current liabilities
388
485
Current liabilities
121
2,646
Terms and debt repayment schedule
2
31 March
2024
Nominal Carrying
interest Year of amount
Currency rate maturity \u00a3000
Unsecured loan
GBP
Base rate + 2%
2027
509
1
1. The carrying amount of these loans and borrowings equates to the fair value.
2. The loans were provided by five lenders equally. The Group agreed with four lenders for early repayment, with repayment made in
May 2023.
The movement on the above loans may be summarised as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
3,131
3,690
Interest
53
139
Repayment \u2013 principal
(2,545)
(606)
Repayment \u2013 interest
(130)
(92)
At end of period
509
3,131
For more information about the Group\u2019s exposure to interest rate risk, see note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-498": { "value": "23. Lease liabilities and right-of-use assets Accounting policy: Applying IFRS 16, for all leases, the Group: \u0219 Recognises right-of-use assets and lease liabilities in the Statement of Financial Position, initially measured at the present value of the future lease payments \u0219 Recognises depreciation of right-of-use assets and interest on lease liabilities in the Statement of Comprehensive Income \u0219 Separates the total amount of cash paid into a principal portion and interest (presented within financing activities) in the Cash Flow Statement Right-of-use assets are measured at cost less accumulated depreciation and impairment losses. The carrying value is also adjusted for any remeasurement of the lease liability. The lease liability is measured in subsequent periods using the effective interest rate method and adjusted for lease payments. Lease incentives (e.g. rent-free periods) are recognised as part of the measurement of the right-of-use assets and lease liabilities. Short-term leases (lease term of 12 months or less) and leases of low-value assets are expensed on a straight-line basis over the term of the lease. This expense is presented within administrative expenses in the Statement of Comprehensive Income. The cost of any contractual requirements to dismantle, remove or restore the leased asset, typically dilapidations, are included in the initial recognition of right-of-use assets. The Group\u2019s lease arrangements primarily consist of operating leases relating to office space. The leases are typically of ten years\u2019 duration. Set out below are the carrying amounts of the right-of-use assets recognised and associated lease liabilities (included under current and non-current liabilities) together with their movements over the period. .
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Right-of-use asset
At beginning of period
7,281
8,260
Additions
648
706
Business combination (see note 32)
\u2014
560
Lease modifications
48
\u2014
Adjustment to dilapidations (see note 25)
\u2014
(334)
Depreciation
(2,200)
(1,872)
Foreign exchange movement
(9)
(39)
At end of period
5,768
7,281
Lease liability
At beginning of period
9,251
10,408
Additions
648
722
Business combination (see note 32)
\u2014
619
Lease payment
(3,132)
(2,963)
Interest
463
512
Foreign exchange movement
32
(47)
At end of period
7,262
9,251
Current
2,897
2,562
Non-current
4,365
6,689
The lease payment in the year has been split \u00a32,669,000 (2023: \u00a32,451,000) of principal and
\u00a3463,000 (2023: \u00a3512,000) of interest.
The table below summarises the maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments:
31 March 2024
31 March 2023
Less than One to two Two to five More than Less than One to two Two to five More than
Total one year years years five years Total one year years years five years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
8,006
3,176
2,267
1,854
709
10,187
2,991
3,015
3,312
869
The following are the amounts recognised in the Statement of Comprehensive Income:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Depreciation expense on right-of-use assets
2,200
1,872
Interest expense on lease liabilities
463
512
2,663
2,384
The weighted average incremental borrowing rate applied to lease liabilities recognised in the Statement of Financial Position at the date of initial application was 4.62% (2023: 4.61%).
In accordance with IFRS 16.6 (in respect of short-term, low-value and variable lease expenses), the Group has opted to recognise a lease expense on a straight-line basis as permitted for these items.
This expense is presented within administrative expenses in the Statement of Comprehensive Income and for the year ended 31 March 2024 was \u00a349,000 (2023: \u00a395,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-531": { "value": "
Accounting policy:
Applying IFRS 16, for all leases, the Group:
\u0219 Recognises right-of-use assets and lease liabilities in the Statement of Financial
Position, initially measured at the present value of the future lease payments
\u0219 Recognises depreciation of right-of-use assets and interest on lease liabilities in the
Statement of Comprehensive Income
\u0219 Separates the total amount of cash paid into a principal portion and interest
(presented within financing activities) in the Cash Flow Statement
Right-of-use assets are measured at cost less accumulated depreciation and impairment
losses. The carrying value is also adjusted for any remeasurement of the lease liability.
The lease liability is measured in subsequent periods using the effective interest rate
method and adjusted for lease payments.
Lease incentives (e.g. rent-free periods) are recognised as part of the measurement of
the right-of-use assets and lease liabilities. Short-term leases (lease term of 12 months or
less) and leases of low-value assets are expensed on a straight-line basis over the term
of the lease. This expense is presented within administrative expenses in the Statement of
Comprehensive Income.
The cost of any contractual requirements to dismantle, remove or restore the leased
asset, typically dilapidations, are included in the initial recognition of right-of-use assets.
The Group\u2019s lease arrangements primarily consist of operating leases relating to office space.
The leases are typically of ten years\u2019 duration.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-532": { "value": "
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Right-of-use asset
At beginning of period
7,281
8,260
Additions
648
706
Business combination (see note 32)
\u2014
560
Lease modifications
48
\u2014
Adjustment to dilapidations (see note 25)
\u2014
(334)
Depreciation
(2,200)
(1,872)
Foreign exchange movement
(9)
(39)
At end of period
5,768
7,281
Lease liability
At beginning of period
9,251
10,408
Additions
648
722
Business combination (see note 32)
\u2014
619
Lease payment
(3,132)
(2,963)
Interest
463
512
Foreign exchange movement
32
(47)
At end of period
7,262
9,251
Current
2,897
2,562
Non-current
4,365
6,689
The lease payment in the year has been split \u00a32,669,000 (2023: \u00a32,451,000) of principal and \u00a3463,000 (2023: \u00a3512,000) of interest. The table below summarises the maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments:
31 March 2024
31 March 2023
Less than One to two Two to five More than Less than One to two Two to five More than
Total one year years years five years Total one year years years five years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
8,006
3,176
2,267
1,854
709
10,187
2,991
3,015
3,312
869
The following are the amounts recognised in the Statement of Comprehensive Income:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Depreciation expense on right-of-use assets
2,200
1,872
Interest expense on lease liabilities
463
512
2,663
2,384
The weighted average incremental borrowing rate applied to lease liabilities recognised in the Statement of Financial Position at the date of initial application was 4.62% (2023: 4.61%). In accordance with IFRS 16.6 (in respect of short-term, low-value and variable lease expenses), the Group has opted to recognise a lease expense on a straight-line basis as permitted for these items. This expense is presented within administrative expenses in the Statement of Comprehensive Income and for the year ended 31 March 2024 was \u00a349,000 (2023: \u00a395,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-571": { "value": "24. Acquisition-related liabilities Acquisition-related liabilities arise from the acquisitions made by the Group during the year ended 31 March 2023 (see note 32). Accounting policy: Contingent consideration payable is measured at fair value at acquisition and assessed annually with particular reference to the conditions upon which the consideration is contingent. Fair value movements in the year are recognised in the Statement of Comprehensive Income. Remuneration for post-combination services is the liability that arises from accounting for contingent consideration payments to sellers which are subject to forfeiture if the seller ceases to be employed and are payable in cash; this consideration is accounted as long-term employee benefits under IAS19 (see note 32). The liabilities will be expensed over the deferral period and are included in staff costs \u2013 acquisitions. Estimation uncertainty: Contingent consideration Contingent consideration reflects the Group\u2019s best estimate of the amounts that are expected to be paid, discounted to their present value arising from the acquisition of Downing\u2019s technology ventures business. The significant unobservable input is the NAV of the two VCT\u2019s whose investment mandates were acquired (see note 32). The first anniversary payment of \u00a31,221,000 was fully paid in October 2023. The potential undiscounted amount of all future payments that the Group could be required to make under the contingent consideration arrangement is between \u00a3nil and \u00a32,784,000 (2023: \u00a3nil and \u00a34,176,000). A change in +/- 5% of the NAV would result in a +/- \u00a3103,000 (2023: +/- \u00a3174,000) change in the fair value. Remuneration for post-combination services The proportion of the deferred payments that are contingent on the recipients remaining employees of the Group for a specific period arising from the acquisition of Infrastructure Capital are accounted for as remuneration for post-combination services. The Group has estimated the amounts which will ultimately become payable, i.e. the expected value of the obligation based on the maximum amount for each consideration discounted back to the valuation date multiplied by the expected payout percentage of the earn-outs and forfeiture rate. The discounting uses high-quality corporate bond rates of 3.3%. The earn-out consideration has an expected payout percentage of 54% (2023: 95%) and 0% (2023: 0%) forfeiture rate. The performance earn-out has an expected payout percentage of 13% (2023: 79%) and 0% (2023: 0%) forfeiture rate. The revenue earn-out has an expected payout percentage of 0% (2023: 47.5%) and 0% (2023: 0%) forfeiture rate. The significant unobservable input of the expected payout assessments is internal forecasts of the appropriate management fee revenue. During the period, there was one additional good leaver to which forfeiture no longer applies and the total cost has been expensed based on the expected payout percentage at 31 March 2024. As a result of the change in expected payout percentage at 31 March 2024 a fair value decrease of \u00a33,888,000 (2023: \u00a32,000) has been recognised. A change in management fee revenue target to the maximum award for each consideration at the end of the reporting period would result in an additional charge of \u00a37,139,000 (2023: \u00a31,858,000) and the minimum would result in a reversal of the respective charge of \u00a32,771,000 (2023: \u00a32,503,000).
31 March 2024
31 March 2023
Remuneration Remuneration
for post- for post-
Contingent combination Contingent combination
consideration services Total consideration services Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
At beginning of period
3,470
2,503
5,973
\u2014
\u2014
\u2014
Business combinations
\u2014
\u2014
\u2014
3,797
\u2014
3,797
Arising in the period
\u2014
4,182
4,182
\u2014
2,485
2,485
Payments
(1,221)
\u2014
(1,221)
\u2014
\u2014
\u2014
Interest
126
133
259
133
20
153
Fair value movements
(316)
(3,888)
(4,204)
(460)
(2)
(462)
Foreign exchange movement
\u2014
(159)
(159)
\u2014
\u2014
\u2014
At end of period
2,059
2,771
4,830
3,470
2,503
5,973
Current liabilities
1,005
\u2014
1,005
1,104
46
1,150
Non-current liabilities
1,054
2,771
3,825
2,366
2,457
4,823
The following are the amounts recognised in the Statement of Comprehensive Income: 31 March 2024 31 March 2023 Contingent consideration \u00a3000 Remuneration for post-
Remuneration
for post-
combination Contingent combination
services consideration services
\u00a3000 \u00a3000 \u00a3000
Arising in the period
\u2014
4,182
\u2014
2,485
Interest
126
133
133
20
Fair value movements
(316)
(3,888)
(460)
(2)
(190)
427 (327) 2,503
The table below summarises the maturity profile of the Group\u2019s contingent consideration based on contractual undiscounted payments and current assessment of the expected payout at 31 March 2024.
31 March 2024
31 March 2023
Less than One to two Two to five Less than One to two Two to five
Total one year years years Total one year years years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
2,140
1,070
1,070
\u2014
3,687
1,229
1,229
1,229
The table below summarises the maturity profile of the Group\u2019s remuneration for post-combination services based on contractual undiscounted payments and current assessment of the expected payout at 31 March 2024.
31 March 2024
31 March 2023
Less than One to two Two to five Less than One to two Two to five
Total one year years years Total one year years years
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
5,015
\u2014
4,168
847
14,404
66
316
14,022
", "dimensions": { "concept": "foresightgroup:DisclosureOfAcquisitionRelatedLiabilities", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-576": { "value": "Accounting policy: Contingent consideration payable is measured at fair value at acquisition and assessed annually with particular reference to the conditions upon which the consideration is contingent. Fair value movements in the year are recognised in the Statement of Comprehensive Income. Remuneration for post-combination services is the liability that arises from accounting for contingent consideration payments to sellers which are subject to forfeiture if the seller ceases to be employed and are payable in cash; this consideration is accounted as long-term employee benefits under IAS19 (see note 32). The liabilities will be expensed over the deferral period and are included in staff costs \u2013 acquisitions. ", "dimensions": { "concept": "foresightgroup:DescriptionOfAccountingPolicyForAcquisitionRelatedLiabilities", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-533": { "value": "Accounting policy: Contingent consideration payable is measured at fair value at acquisition and assessed annually with particular reference to the conditions upon which the consideration is contingent. Fair value movements in the year are recognised in the Statement of Comprehensive Income. Remuneration for post-combination services is the liability that arises from accounting for contingent consideration payments to sellers which are subject to forfeiture if the seller ceases to be employed and are payable in cash; this consideration is accounted as long-term employee benefits under IAS19 (see note 32). The liabilities will be expensed over the deferral period and are included in staff costs \u2013 acquisitions.
Accounting policy:
The Group recognises business combinations (including acquisitions) when it considers
that it has obtained control over a business, which could be an entity or separate
business within an entity (for example acquiring management contracts and hiring the
team to service those contracts). The cost of the acquisition is measured as the aggregate
of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed,
and equity instruments issued by the Group in exchange for control of the acquiree. As
per IFRS 3.B55(a) where the cost of acquisition contains payments that are automatically
forfeited if employment terminates, these are accounted for as remuneration for post-
combination services and not cost of the acquisition.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the
conditions for recognition under IFRS 3 are recognised at their fair value at the
acquisition date.
Acquisition-related costs are expensed as incurred and included in the Statement of
Comprehensive Income.
Goodwill
Goodwill arises through business combinations and represents the excess of the cost of
acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities
and contingent liabilities of a business at the date of acquisition. Goodwill is recognised
as an asset and measured at cost less accumulated impairment losses (see note 15 for
further explanation). Where the fair value of the identifiable assets and liabilities exceeds
the cost of acquisition, a gain on business combination arises and is credited to the
Statement of Comprehensive Income in the year of the acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-499": { "value": "
25. Provisions
Dilapidation provisions
As part of its operating lease agreements for its various premises, the Group has an obligation to pay for dilapidation costs at the end of the lease term. The Group engages independent surveyors
to carry out inspections to assess these likely dilapidations which the Group then makes provisions for.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
800
933
Additions
17
\u2014
Adjustment
\u2014
(334)
Interest
38
201
At end of period
855
800
1
1. The provisions were first accounted for in FY22. At that time, the provisions were not discounted which the Group corrected for in FY23 using the incremental borrowing rates used to measure lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-553": { "value": "25. Provisions Dilapidation provisions As part of its operating lease agreements for its various premises, the Group has an obligation to pay for dilapidation costs at the end of the lease term. The Group engages independent surveyors to carry out inspections to assess these likely dilapidations which the Group then makes provisions for.
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
800
933
Additions
17
\u2014
Adjustment
\u2014
(334)
Interest
38
201
At end of period
855
800
1 1. The provisions were first accounted for in FY22. At that time, the provisions were not discounted which the Group corrected for in FY23 using the incremental borrowing rates used to measure lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-572": { "value": "26. Deferred tax assets and liabilities Accounting policy: Deferred tax is recognised based on differences between the carrying value of assets and liabilities for accounting purposes and their tax values (see note 12). Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are only recognised to the extent that the Group considers them to be recoverable, which is determined by reference to estimates that future taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax legislation) that have been enacted or substantively enacted at the Statement of Financial Position date. Key judgements: Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The movement on the deferred tax account is as shown below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
(11,085)
(583)
Recognised in Statement of Comprehensive Income
Tax expense
537
1,272
Foreign exchange movement
319
673
856
1,945
Recognised in equity
Share-based payment reserve
125
44
Arising on business combination
Intangible asset (see note 32)
(1,606)
(12,727)
Other temporary and deductible differences
\u2014
236
(1,606)
(12,491)
At end of period
(11,710)
(11,085)
The movements in deferred tax assets and liabilities during the period are shown below:
31 March 2024
31 March 2023
Credited to Credited to Credited to Credited
Asset Liability profit or loss equity Asset Liability profit or loss to equity
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Other temporary and deductible differences
1,563
(1,172)
(1,021)
125
1,742
(416)
633
44
Business combinations \u2013 intangible asset
\u2014
(12,101)
1,558
\u2014
\u2014
(12,411)
639
\u2014
1,563
(13,273)
537
125
1,742
(12,827)
1,272
44
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-554": { "value": "26. Deferred tax assets and liabilities Accounting policy: Deferred tax is recognised based on differences between the carrying value of assets and liabilities for accounting purposes and their tax values (see note 12). Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are only recognised to the extent that the Group considers them to be recoverable, which is determined by reference to estimates that future taxable profits will be available against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax legislation) that have been enacted or substantively enacted at the Statement of Financial Position date. Key judgements: Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The movement on the deferred tax account is as shown below:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
(11,085)
(583)
Recognised in Statement of Comprehensive Income
Tax expense
537
1,272
Foreign exchange movement
319
673
856
1,945
Recognised in equity
Share-based payment reserve
125
44
Arising on business combination
Intangible asset (see note 32)
(1,606)
(12,727)
Other temporary and deductible differences
\u2014
236
(1,606)
(12,491)
At end of period
(11,710)
(11,085)
The movements in deferred tax assets and liabilities during the period are shown below:
31 March 2024
31 March 2023
Credited to Credited to Credited to Credited
Asset Liability profit or loss equity Asset Liability profit or loss to equity
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Other temporary and deductible differences
1,563
(1,172)
(1,021)
125
1,742
(416)
633
44
Business combinations \u2013 intangible asset
\u2014
(12,101)
1,558
\u2014
\u2014
(12,411)
639
\u2014
1,563
(13,273)
537
125
1,742
(12,827)
1,272
44
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-500": { "value": "
27. Employee benefits
Defined contribution pension plan
Accounting policy:
The Group operates a defined contribution pension plan under which the Group pays fixed contributions to a third party. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due.
The amounts charged to the Statement of Comprehensive Income in respect of these schemes represents contributions payable in respect of the accounting period. The total annual pension cost
for the defined contribution schemes for the year ended 31 March 2024 was \u00a31,950,000 (2023: \u00a31,245,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-534": { "value": "Defined contribution pension plan Accounting policy: The Group operates a defined contribution pension plan under which the Group pays fixed contributions to a third party. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. The amounts charged to the Statement of Comprehensive Income in respect of these schemes represents contributions payable in respect of the accounting period. The total annual pension cost for the defined contribution schemes for the year ended 31 March 2024 was \u00a31,950,000 (2023: \u00a31,245,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-555": { "value": "Accounting policy: The Group operates a defined contribution pension plan under which the Group pays fixed contributions to a third party. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. The amounts charged to the Statement of Comprehensive Income in respect of these schemes represents contributions payable in respect of the accounting period. The total annual pension cost for the defined contribution schemes for the year ended 31 March 2024 was \u00a31,950,000 (2023: \u00a31,245,000). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-535": { "value": "28. Share capital and other reserves Accounting policy: Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from the proceeds.
31 March 31 March 31 March 31 March
2024 2024 2023 2023
Number \u00a3 Number \u00a3
Ordinary Shares of no par
value allotted
At beginning of period
116,271,212
\u2014
108,333,333
\u2014
Shares issued on acquisition
of Infrastructure Capital
(see note 32)
\u2014
\u2014
7,937,879
\u2014
At end of period
116,271,212
\u2014
116,271,212
\u2014
Rights for Ordinary Share class The rights attaching to the shares are uniform in all respects and they form a single class for all purposes, including with respect to voting and for all dividends and other distributions declared, made or paid on the Ordinary Share capital of the Company. Subject to any rights and restrictions attached to any shares, on a show of hands every Shareholder who is present in person shall have one vote and on a poll every Shareholder present in person or by proxy shall have one vote per share. Except as provided by the rights and restrictions attached to any class of shares, Shareholders are under general law entitled to participate in any surplus assets in a winding up in proportion to their shareholdings Share premium Accounting policy: Ordinary Shares issued by the Group are recognised at the proceeds or fair value received, with the excess of the amount received over nominal value being credited to the share premium account (net of the direct costs of issue).
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
61,886
32,040
Shares issued on acquisition of Infrastructure Capital
\u2013 7,937,879 shares at \u00a33.76 per share (see note 32)
\u2014
29,846
At end of period
61,886
61,886
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-501": { "value": "28. Share capital and other reserves Accounting policy: Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from the proceeds.
31 March 31 March 31 March 31 March
2024 2024 2023 2023
Number \u00a3 Number \u00a3
Ordinary Shares of no par
value allotted
At beginning of period
116,271,212
\u2014
108,333,333
\u2014
Shares issued on acquisition
of Infrastructure Capital
(see note 32)
\u2014
\u2014
7,937,879
\u2014
At end of period
116,271,212
\u2014
116,271,212
\u2014
Rights for Ordinary Share class The rights attaching to the shares are uniform in all respects and they form a single class for all purposes, including with respect to voting and for all dividends and other distributions declared, made or paid on the Ordinary Share capital of the Company. Subject to any rights and restrictions attached to any shares, on a show of hands every Shareholder who is present in person shall have one vote and on a poll every Shareholder present in person or by proxy shall have one vote per share. Except as provided by the rights and restrictions attached to any class of shares, Shareholders are under general law entitled to participate in any surplus assets in a winding up in proportion to their shareholdings . Share premium Accounting policy: Ordinary Shares issued by the Group are recognised at the proceeds or fair value received, with the excess of the amount received over nominal value being credited to the share premium account (net of the direct costs of issue).
31 March 31 March
2024 2023
\u00a3000 \u00a3000
At beginning of period
61,886
32,040
Shares issued on acquisition of Infrastructure Capital
\u2013 7,937,879 shares at \u00a33.76 per share (see note 32)
\u2014
29,846
At end of period
61,886
61,886
Shares held in escrow reserve Accounting policy: The Group can issue shares to employees that are subject to forfeiture if the employee ceases to be employed by the Group for a specified time period. Such shares are recognised at cost and are presented in the Statement of Financial Position as a deduction from equity. The shares held in escrow reserve arises from the acquisition of Infrastructure Capital and accounting treatment of the initial share consideration under IFRS 3 (see note 32). If a seller forfeited their shares, under the terms of share and purchase agreement, these shares would be proportionally allocated to the other sellers. As the good leaver sellers cannot forfeit their shares, any other forfeited shares would be allocated to the good leavers and not returned to the Company. On 30 September 2023, 33.33% of the shares were no longer subject to forfeiture. During the year ended 31 March 2024, there was an additional good leaver whose shares were no longer subject to forfeiture. Consequently, a transfer of \u00a310,290,000 was made between the shares held in escrow reserve and the share-based payment reserve.
Share-based payment reserve
The share-based payment reserve represents the cumulative cost of the Group\u2019s share-based remuneration schemes and associated deferred tax together with the cumulative cost of the
remuneration for post-combination services arising from acquisitions (see note 10 for share-based payments and note 32 for acquisitions). The cumulative cost is analysed below.
31 March 2024
31 March 2023
Remuneration Remuneration
for post- for post-
Performance Share combination Performance Share combination
Share Plan Incentive Plan services Total Share Plan Incentive Plan services Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cost
At beginning of period
1,139
399
9,514
11,052
299
160
\u2014
459
Additions
1,818
337
11,520
13,675
840
239
9,514
10,593
Transfer on vesting of initial consideration shares for Infrastructure
Capital acquisition
\u2014
\u2014
(10,290)
(10,290)
\u2014
\u2014
\u2014
\u2014
At end of period
2,957
736
10,744
14,437
1,139
399
9,514
11,052
Deferred tax
At beginning of period
66
\u2014
\u2014
66
22
\u2014
\u2014
22
Additions
125
\u2014
\u2014
125
44
\u2014
\u2014
44
At end of period
191
\u2014
\u2014
191
66
\u2014
\u2014
66
Net value at end of period
3,148
736
10,744
14,628
1,205
399
9,514
11,118
Group reorganisation reserve
The Group reorganisation reserve consists of the Ordinary Share capital of Foresight Group CI Limited. As there is no investment in Foresight Group CI Limited held in the books of any holding
companies (Foresight Group Holdings Limited) this balance is left as a Group reserve.
Foreign exchange reserve
The foreign exchange reserve includes all exchange differences from translating Group entities that have a functional currency different from the presentational currency of the Group.
Retained earnings
Includes all current and prior period retained profits and losses reduced by any dividends paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-556": { "value": "
Accounting policy:
Ordinary Shares are classified as equity. Incremental costs directly attributable to the
issue of new shares are shown in share premium as a deduction from the proceeds.
Accounting policy:
Ordinary Shares issued by the Group are recognised at the proceeds or fair value
received, with the excess of the amount received over nominal value being credited to
the share premium account (net of the direct costs of issue).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-536": { "value": "Shares held in escrow reserve Accounting policy: The Group can issue shares to employees that are subject to forfeiture if the employee ceases to be employed by the Group for a specified time period. Such shares are recognised at cost and are presented in the Statement of Financial Position as a deduction from equity. The shares held in escrow reserve arises from the acquisition of Infrastructure Capital and accounting treatment of the initial share consideration under IFRS 3 (see note 32). If a seller forfeited their shares, under the terms of share and purchase agreement, these shares would be proportionally allocated to the other sellers. As the good leaver sellers cannot forfeit their shares, any other forfeited shares would be allocated to the good leavers and not returned to the Company. On 30 September 2023, 33.33% of the shares were no longer subject to forfeiture. During the year ended 31 March 2024, there was an additional good leaver whose shares were no longer subject to forfeiture. Consequently, a transfer of \u00a310,290,000 was made between the shares held in escrow reserve and the share-based payment reserve. Share-based payment reserve The share-based payment reserve represents the cumulative cost of the Group\u2019s share-based remuneration schemes and associated deferred tax together with the cumulative cost of the remuneration for post-combination services arising from acquisitions (see note 10 for share-based payments and note 32 for acquisitions). The cumulative cost is analysed below.
31 March 2024
31 March 2023
Remuneration Remuneration
for post- for post-
Performance Share combination Performance Share combination
Share Plan Incentive Plan services Total Share Plan Incentive Plan services Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Cost
At beginning of period
1,139
399
9,514
11,052
299
160
\u2014
459
Additions
1,818
337
11,520
13,675
840
239
9,514
10,593
Transfer on vesting of initial consideration shares for Infrastructure
Capital acquisition
\u2014
\u2014
(10,290)
(10,290)
\u2014
\u2014
\u2014
\u2014
At end of period
2,957
736
10,744
14,437
1,139
399
9,514
11,052
Deferred tax
At beginning of period
66
\u2014
\u2014
66
22
\u2014
\u2014
22
Additions
125
\u2014
\u2014
125
44
\u2014
\u2014
44
At end of period
191
\u2014
\u2014
191
66
\u2014
\u2014
66
Net value at end of period
3,148
736
10,744
14,628
1,205
399
9,514
11,118
Group reorganisation reserve The Group reorganisation reserve consists of the Ordinary Share capital of Foresight Group CI Limited. As there is no investment in Foresight Group CI Limited held in the books of any holding companies (Foresight Group Holdings Limited) this balance is left as a Group reserve. Foreign exchange reserve The foreign exchange reserve includes all exchange differences from translating Group entities that have a functional currency different from the presentational currency of the Group. Retained earnings Includes all current and prior period retained profits and losses reduced by any dividends paid.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-573": { "value": "
Accounting policy:
The Group operates a trust for the purpose of satisfying certain share awards to employees. Own shares held are equity shares of the Company acquired and held by this trust. Such shares
are recognised at cost and are presented in the Statement of Financial Position as a deduction from equity. No gain or loss is recognised on the purchase, sale, issue or cancellation of the
Company\u2019s own shares.
The Group operates a Share Incentive Plan as per note 10. The Group operates a trust which holds shares that have not yet vested unconditionally to employees of the Group.
At 31 March 2024, the total number of shares held in trust was 513,862 (2023: 342,403), including 291,092 (2023: 218,494) of matching shares at a cost of \u00a31,195,000 (2023: \u00a3729,000), an increase
of \u00a3466,000 on the prior year.
Accounting policy:
Treasury shares held are equity shares of the Company acquired and held by the Company. Such shares are recognised at cost and are presented in the Statement of Financial Position as a
deduction from equity. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares.
The Company announced a share buyback programme on 27 October 2023 to buyback Ordinary Shares in the capital of the Company. The bought back shares are held in treasury and have no
voting rights or entitlement to dividends.
At 31 March 2024, the total number of shares held in treasury was 236,492 (2023: nil) at a cost of \u00a3967,000 (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-503": { "value": "29. Dividends Accounting policy: Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s Shareholders. Interim dividends are recorded in the period in which they are approved and paid. Dividends on Ordinary Shares declared and paid during the year:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Final dividend
18,022
10,617
Interim dividend
7,765
5,348
25,787
15,965
Year ended 31 March 2024 \u0219 A final dividend of 15.5 pence per share in respect of the year ended 31 March 2023 was paid on 20 October 2023 with an ex-dividend date of 28 September 2023 and a record date of 29 September 2023 \u0219 An interim dividend of 6.7 pence per share in respect of the year ended 31 March 2024 was paid on 26 January 2024 with an ex-dividend date of 11 January 2024 and a record date of 12 January 2024. At the record date, the shares that were held in treasury had no entitlement to dividends Year ended 31 March 2023 \u0219 A final dividend of 9.8 pence per share in respect of the year ended 31 March 2022 was paid on 14 October 2022 with an ex-dividend date of 18 August 2022 and a record date of 19 August 2022 \u0219 An interim dividend of 4.6 pence per share in respect of the year ended 31 March 2023 was paid on 27 January 2023 with an ex-dividend date of 12 January 2023 and a record date of 13 January 2023 Dividends proposed by the Board of Directors to be approved by shareholders (not recognised as a liability at 31 March 2024)
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Final dividend
18,022
18,022
\u0219 A final dividend of 15.5 pence per share in respect of the year ended 31 March 2024 is proposed but subject to approval by the Shareholders at the Annual General Meeting and has not been included as a liability in the financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-537": { "value": "
Accounting policy:
Final dividends are recorded in the financial statements in the period in which they are
approved by the Company\u2019s Shareholders. Interim dividends are recorded in the period
in which they are approved and paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-7": { "value": "0.155", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-8": { "value": "0.098", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-502": { "value": "
30. Commitments and contingencies
On 16 February 2024, the Group signed an asset purchase agreement for the Healthcare share
class of Thames Venture VCT 2 Plc. At 31 March 2024, the contract had not completed. Due to
the exchange of contract the Group has a commitment of the estimated initial consideration of
\u00a30.90 million and estimated deferred consideration of \u00a30.3 million.
There were no other capital commitments or contingencies at 31 March 2024 or 31 March 2023
except as disclosed in note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-557": { "value": "30. Commitments and contingencies On 16 February 2024, the Group signed an asset purchase agreement for the Healthcare share class of Thames Venture VCT 2 Plc. At 31 March 2024, the contract had not completed. Due to the exchange of contract the Group has a commitment of the estimated initial consideration of \u00a30.90 million and estimated deferred consideration of \u00a30.3 million. There were no other capital commitments or contingencies at 31 March 2024 or 31 March 2023 except as disclosed in note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-538": { "value": "30. Commitments and contingencies On 16 February 2024, the Group signed an asset purchase agreement for the Healthcare share class of Thames Venture VCT 2 Plc. At 31 March 2024, the contract had not completed. Due to the exchange of contract the Group has a commitment of the estimated initial consideration of \u00a30.90 million and estimated deferred consideration of \u00a30.3 million. There were no other capital commitments or contingencies at 31 March 2024 or 31 March 2023 except as disclosed in note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-539": { "value": "
Financial assets
31 March 2024
31 March 2023
Total financial Non\u2011financial Total financial Non-financial
Amortised cost FVTPL instruments instruments Total Amortised cost FVTPL instruments instruments Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Property, plant and equipment
\u2014
\u2014
\u2014
2,330
2,330
\u2014
\u2014
\u2014
2,522
2,522
Right-of-use assets
\u2014
\u2014
\u2014
5,768
5,768
\u2014
\u2014
\u2014
7,281
7,281
Intangible assets
\u2014
\u2014
\u2014
61,364
61,364
\u2014
\u2014
\u2014
62,911
62,911
Investments at FVTPL
\u2014
4,726
4,726
\u2014
4,726
\u2014
3,967
3,967
\u2014
3,967
Derivative assets
\u2014
473
473
\u2014
473
\u2014
648
648
\u2014
648
Deferred tax assets
\u2014
\u2014
\u2014
1,563
1,563
\u2014
\u2014
\u2014
1,742
1,742
Contract costs
\u2014
\u2014
\u2014
3,375
3,375
\u2014
\u2014
\u2014
3,965
3,965
Trade and other receivables
24,878
\u2014
24,878
3,850
28,728
18,662
\u2014
18,662
3,080
21,742
Cash and cash equivalents
45,004
\u2014
45,004
\u2014
45,004
39,761
\u2014
39,761
\u2014
39,761
69,882
5,199
75,081
78,250
153,331
58,423
4,615
63,038
81,501
144,539
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-540": { "value": "
Financial liabilities
31 March 2024
31 March 2023
Total financial Non\u2011financial Total financial Non-financial
Amortised cost FVTPL instruments instruments Total Amortised cost FVTPL instruments instruments Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Trade payables
1,582
\u2014
1,582
\u2014
1,582
1,945
\u2014
1,945
\u2014
1,945
Other payables and partnership
capital contributions
4,199
\u2014
4,199
15,775
19,974
5,708
\u2014
5,708
10,225
15,933
Accruals
16,472
\u2014
16,472
\u2014
16,472
17,504
\u2014
17,504
\u2014
17,504
Loans and borrowings
509
\u2014
509
\u2014
509
3,131
\u2014
3,131
\u2014
3,131
Lease liabilities
7,262
\u2014
7,262
\u2014
7,262
9,251
\u2014
9,251
\u2014
9,251
Acquisition-related liabilities
\u2014
4,830
4,830
\u2014
4,830
\u2014
5,973
5,973
\u2014
5,973
Provisions
\u2014
\u2014
\u2014
855
855
\u2014
\u2014
\u2014
800
800
Deferred tax liability
\u2014
\u2014
\u2014
13,273
13,273
\u2014
\u2014
\u2014
12,827
12,827
30,024
4,830
34,854
29,903
64,757
37,539
5,973
43,512
23,852
67,364
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-541": { "value": "
Financial risk management
The Group\u2019s activities expose it to a variety of financial risks: market risk (including cash flow interest rate risk), liquidity risk and credit risk. Risk management is carried out by Exco supported by
the Risk Committee (see page 56). The Group uses financial instruments to provide flexibility regarding its working capital requirements and to enable it to manage specific financial risks to which it is
exposed.
(a) Market risk
(i) Market price risk
Market price risk arises from uncertainty about the future prices of financial instruments held in accordance with the Group\u2019s investment objectives. It represents the potential loss that the Group
might suffer through holding market positions in the face of market movements.
The investments in equity and loan stocks of unquoted companies are rarely traded and as such the prices are more difficult to determine than those of more widely traded securities. In addition,
the ability of the Group to realise the investments at their carrying value will at times not be possible if there are no willing purchasers. The potential maximum exposure to market price risk, being
the value of the investments as at 31 March 2024, was \u00a34.7 million (2023: \u00a34.0 million).
Interest rate risk is the risk that the fair value or cash flows related to financial instruments will fluctuate because of changes to market interest rates.
The Group had only \u00a30.5 million of external debt at 31 March 2024 (2023: \u00a33.1 million) related to the PiP acquisition during the year ended 31 March 2021 (see note 22). \u00a32.6 million of the debt was
repaid in May 2023 and the remaining loan has a maturity of 2027. Any changes in market interest rates would not result in a material change to profit before tax.
The Group holds cash on deposit with the interest on these balances based on fixed or agreed rates. Any changes in market interest rates would not result in a material change to profit before tax.
(iii) Foreign exchange risk
Foreign currency risk is the risk that changes in foreign exchange rates will cause the Group to suffer losses. Due to the Infrastructure Capital acquisition (see note 32), the Group is exposed to foreign
exchange transaction risk as the Infrastructure Capital activities are within Australia.
In order to mitigate the risk associated with the increase in Group cash flows arising in a foreign currency following the acquisition, the Group entered into a number of forward foreign currency
contracts in September 2022. These forward foreign currency contracts are considered to be derivatives so are accounted for as financial instruments within the scope of IFRS 9 but are not
designated as hedging instruments and are not subject to hedge accounting. See note 17 for further explanation of the contracts entered into.
The table below summarises the Group\u2019s exposure to foreign currency translation risk at 31 March 2024. Included in the table are the Group\u2019s financial assets, at carrying amounts, categorised
by currency.
31 March 2024
31 March 2023
Euro Aus dollar US dollar Total Euro Aus dollar US dollar Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial assets
Cash and cash equivalents
418
2,583
83
3,084
1,993
\u2014
69
2,062
Investments at FVTPL
2,140
\u2014
\u2014
2,140
2,078
\u2014
\u2014
2,078
2,558
2,583
83
5,224
4,071
\u2014
69
4,140
A 5% strengthening of sterling against euro would reduce the net euro position and profit and loss by \u00a3122,000 (2023: \u00a3214,000). This assumes all other variables are held constant. A 5%
strengthening of sterling against Australian dollar would reduce the net Australian dollar position and profit and loss by \u00a3123,000 (2023: \u00a3nil).
(b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they
fall due. The Group maintains significant liquid resources in the form of cash or cash deposits
in order to meet working capital and regulatory needs. Foresight is predominantly financed
through a combination of share capital, undistributed profits and cash.
The contractual maturities (representing undiscounted contractual cash flows) of financial
liabilities are contained in the respective note for each category of liability as follows:
\u0219 Trade and other payables, see note 21
\u0219 Loans and borrowings, see note 22
\u0219 Lease liabilities, see note 23
\u0219 Acquisition-related liabilities: Contingent consideration \u2013 see note 24
(c) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Group. In order to minimise the risk, the Group endeavours
only to deal with companies which are demonstrably creditworthy and this, together with the
aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is
the value of the outstanding amount.
The Group does not consider that there is any concentration of risk within either trade or other
receivables.
Credit risk on cash and cash equivalents is considered to be very low as the counterparties are
all substantial banks with high credit ratings above A.
Capital risk management
The Group is predominantly equity funded and this makes up the capital structure of the
business. Equity comprises share capital, share premium and retained profits as per the
Statement of Financial Position.
The Group\u2019s current objectives when maintaining capital are to:
\u0219 Safeguard the Group\u2019s ability as a going concern so that it can continue to pursue its
growth plans
\u0219 Maintain adequate financial flexibility to preserve its ability to meet financial obligations,
both current and long term
\u0219 Maintain regulatory capital
\u0219 Provide a reasonable expectation of future returns to Shareholders
The Group sets the amount of capital it requires in proportion to risk. The Group manages its
capital structure and makes adjustments to it in the light of changes in economic conditions and
the risk characteristics of underlying assets. In order to maintain or adjust the capital structure,
the Group may issue new shares or sell assets to reduce debt.
During the year to 31 March 2024, the Group\u2019s strategy remained unchanged and all regulatory
capital requirements of subsidiaries in the Group were complied with. Foresight Group LLP
has documented its Internal Capital Adequacy and Risk Assessment process (\u201cICARA\u201d) in
compliance with the Investment Firm Prudential Regime (IFPR).
Fair value hierarchy
For financial instruments not traded in an active market, such as forward foreign currency
contracts, the fair value is determined using appropriate valuation techniques that take into
account the terms and conditions of the contracts and utilise observable market data, such
as spot and forward rates, as inputs. Investments at FVTPL are the Group\u2019s co-investment
into Limited Partnership funds and VCT investments managed by the Group. These unquoted
investments are valued on a net asset basis by the Group. The actual underlying investments
are valued in accordance with the following rules, which are consistent with the IPEV Valuation
Guidelines as described in note 16.
The Group uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair
value are observable, either directly or indirectly.
Level 3: techniques which use inputs which have a significant effect on the recorded fair value
that are not based on observable market data.
At 31 March 2024, the Group held the following financial instruments measured at fair value:
31 March 2024
31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial assets
Investments at FVTPL
\u2014
\u2014
4,726
4,726
\u2014
\u2014
3,967
3,967
Derivative assets
\u2014
473
\u2014
473
\u2014
648
\u2014
648
\u2014
473
4,726
5,199
\u2014
648
3,967
4,615
Financial liabilities
Acquisition-related liabilities: Contingent consideration
\u2014
\u2014
2,059
2,059
\u2014
\u2014
3,470
3,470
Acquisition-related liabilities: Remuneration for post-combination services
\u2014
\u2014
2,771
2,771
\u2014
\u2014
2,503
2,503
\u2014
\u2014
4,830
4,830
\u2014
\u2014
5,973
5,973
Derivative assets have arisen from the forward foreign currency contracts entered into during the year ended 31 March 2023 and are classified as Level 2. These were fair valued using valuation techniques that incorporate foreign exchange spot and forward rates. Otherwise, financial assets and liabilities are classified as Level 3 Transfers During the period there were no transfers between Levels 1, 2 or 3. The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis. There have been no changes in valuation methodology during the year. Asset class and valuation
31 March
2024 Significant Change in
Fair value Valuation unobservable Sensitivity inputs fair value
\u00a3000 technique inputs unobservable input \u00a3000
Investments at FVTPL
4,726
The fair value is based on the
NAV
+/-5% on closing NAV
+/- 236
closing NAV of underlying investments
Acquisition-related liabilities: Contingent consideration
2,059
The fair value is a ratio of the
NAV
+/-5% on closing NAV
+/ -103
closing NAV of the funds acquired
to the NAV on acquisition
Acquisition-related liabilities: Remuneration for
2,771
The fair value is the current forecasted
Forecast
Applied a sensitivity
Max: +7,139
post-combination services management fees divided by the on the maximum and Min: -2,771
management fees required to minimum payment that
achieve the maximum earn-out could be made
multiplied by the maximum earnout payable
Unrealised gains and losses on Investments at FVTPL are recognised in the Statement of Comprehensive Income as fair value gains on investments. Unrealised gains and losses on contingent consideration are recognised in the Statement of Comprehensive Income as fair value gains on contingent consideration (incl. finance expense). Fair value gains and losses on remuneration for post-combination services are recognised over the vesting period as staff costs \u2013 acquisitions. The reconciliation of opening to closing balances, significant unobservable inputs and sensitivities are disclosed in the following notes: \u0219 Investments at FVTPL \u2013 note 16 \u0219 Acquisition- related liabilities: Contingent consideration \u2013 note 24 \u0219 Acquisition-related liabilities: Remuneration for post-combination services \u2013 note 24", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-558": { "value": "(a) Market risk (i) Market price risk Market price risk arises from uncertainty about the future prices of financial instruments held in accordance with the Group\u2019s investment objectives. It represents the potential loss that the Group might suffer through holding market positions in the face of market movements. The investments in equity and loan stocks of unquoted companies are rarely traded and as such the prices are more difficult to determine than those of more widely traded securities. In addition, the ability of the Group to realise the investments at their carrying value will at times not be possible if there are no willing purchasers. The potential maximum exposure to market price risk, being the value of the investments as at 31 March 2024, was \u00a34.7 million (2023: \u00a34.0 million). Interest rate risk is the risk that the fair value or cash flows related to financial instruments will fluctuate because of changes to market interest rates. The Group had only \u00a30.5 million of external debt at 31 March 2024 (2023: \u00a33.1 million) related to the PiP acquisition during the year ended 31 March 2021 (see note 22). \u00a32.6 million of the debt was repaid in May 2023 and the remaining loan has a maturity of 2027. Any changes in market interest rates would not result in a material change to profit before tax. The Group holds cash on deposit with the interest on these balances based on fixed or agreed rates. Any changes in market interest rates would not result in a material change to profit before tax. (iii) Foreign exchange risk Foreign currency risk is the risk that changes in foreign exchange rates will cause the Group to suffer losses. Due to the Infrastructure Capital acquisition (see note 32), the Group is exposed to foreign exchange transaction risk as the Infrastructure Capital activities are within Australia. In order to mitigate the risk associated with the increase in Group cash flows arising in a foreign currency following the acquisition, the Group entered into a number of forward foreign currency contracts in September 2022. These forward foreign currency contracts are considered to be derivatives so are accounted for as financial instruments within the scope of IFRS 9 but are not designated as hedging instruments and are not subject to hedge accounting. See note 17 for further explanation of the contracts entered into. The table below summarises the Group\u2019s exposure to foreign currency translation risk at 31 March 2024. Included in the table are the Group\u2019s financial assets, at carrying amounts, categorised by currency.
31 March 2024
31 March 2023
Euro Aus dollar US dollar Total Euro Aus dollar US dollar Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial assets
Cash and cash equivalents
418
2,583
83
3,084
1,993
\u2014
69
2,062
Investments at FVTPL
2,140
\u2014
\u2014
2,140
2,078
\u2014
\u2014
2,078
2,558
2,583
83
5,224
4,071
\u2014
69
4,140
A 5% strengthening of sterling against euro would reduce the net euro position and profit and loss by \u00a3122,000 (2023: \u00a3214,000). This assumes all other variables are held constant. A 5% strengthening of sterling against Australian dollar would reduce the net Australian dollar position and profit and loss by \u00a3123,000 (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-559": { "value": "(b) Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group maintains significant liquid resources in the form of cash or cash deposits in order to meet working capital and regulatory needs. Foresight is predominantly financed through a combination of share capital, undistributed profits and cash. The contractual maturities (representing undiscounted contractual cash flows) of financial liabilities are contained in the respective note for each category of liability as follows: \u0219 Trade and other payables, see note 21 \u0219 Loans and borrowings, see note 22 \u0219 Lease liabilities, see note 23 \u0219 Acquisition-related liabilities: Contingent consideration \u2013 see note 24 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-560": { "value": "(c) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. In order to minimise the risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount. The Group does not consider that there is any concentration of risk within either trade or other receivables. Credit risk on cash and cash equivalents is considered to be very low as the counterparties are all substantial banks with high credit ratings above A. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-561": { "value": "Capital risk management The Group is predominantly equity funded and this makes up the capital structure of the business. Equity comprises share capital, share premium and retained profits as per the Statement of Financial Position. The Group\u2019s current objectives when maintaining capital are to: \u0219 Safeguard the Group\u2019s ability as a going concern so that it can continue to pursue its growth plans \u0219 Maintain adequate financial flexibility to preserve its ability to meet financial obligations, both current and long term \u0219 Maintain regulatory capital \u0219 Provide a reasonable expectation of future returns to Shareholders The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. During the year to 31 March 2024, the Group\u2019s strategy remained unchanged and all regulatory capital requirements of subsidiaries in the Group were complied with. Foresight Group LLP has documented its Internal Capital Adequacy and Risk Assessment process (\u201cICARA\u201d) in compliance with the Investment Firm Prudential Regime (IFPR). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-574": { "value": "Fair value hierarchy For financial instruments not traded in an active market, such as forward foreign currency contracts, the fair value is determined using appropriate valuation techniques that take into account the terms and conditions of the contracts and utilise observable market data, such as spot and forward rates, as inputs. Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and VCT investments managed by the Group. These unquoted investments are valued on a net asset basis by the Group. The actual underlying investments are valued in accordance with the following rules, which are consistent with the IPEV Valuation Guidelines as described in note 16. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. At 31 March 2024, the Group held the following financial instruments measured at fair value:
31 March 2024
31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial assets
Investments at FVTPL
\u2014
\u2014
4,726
4,726
\u2014
\u2014
3,967
3,967
Derivative assets
\u2014
473
\u2014
473
\u2014
648
\u2014
648
\u2014
473
4,726
5,199
\u2014
648
3,967
4,615
Financial liabilities
Acquisition-related liabilities: Contingent consideration
\u2014
\u2014
2,059
2,059
\u2014
\u2014
3,470
3,470
Acquisition-related liabilities: Remuneration for post-combination services
\u2014
\u2014
2,771
2,771
\u2014
\u2014
2,503
2,503
\u2014
\u2014
4,830
4,830
\u2014
\u2014
5,973
5,973
Derivative assets have arisen from the forward foreign currency contracts entered into during the year ended 31 March 2023 and are classified as Level 2. These were fair valued using valuation techniques that incorporate foreign exchange spot and forward rates. Otherwise, financial assets and liabilities are classified as Level 3 . Transfers During the period there were no transfers between Levels 1, 2 or 3. The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis. There have been no changes in valuation methodology during the year. Asset class and valuation
31 March
2024 Significant Change in
Fair value Valuation unobservable Sensitivity inputs fair value
\u00a3000 technique inputs unobservable input \u00a3000
Investments at FVTPL
4,726
The fair value is based on the
NAV
+/-5% on closing NAV
+/- 236
closing NAV of underlying investments
Acquisition-related liabilities: Contingent consideration
2,059
The fair value is a ratio of the
NAV
+/-5% on closing NAV
+/ -103
closing NAV of the funds acquired
to the NAV on acquisition
Acquisition-related liabilities: Remuneration for
2,771
The fair value is the current forecasted
Forecast
Applied a sensitivity
Max: +7,139
post-combination services management fees divided by the on the maximum and Min: -2,771
management fees required to minimum payment that
achieve the maximum earn-out could be made
multiplied by the maximum earnout payable
Unrealised gains and losses on Investments at FVTPL are recognised in the Statement of Comprehensive Income as fair value gains on investments. Unrealised gains and losses on contingent consideration are recognised in the Statement of Comprehensive Income as fair value gains on contingent consideration (incl. finance expense). Fair value gains and losses on remuneration for post-combination services are recognised over the vesting period as staff costs \u2013 acquisitions. The reconciliation of opening to closing balances, significant unobservable inputs and sensitivities are disclosed in the following notes: \u0219 Investments at FVTPL \u2013 note 16 \u0219 Acquisition- related liabilities: Contingent consideration \u2013 note 24 \u0219 Acquisition-related liabilities: Remuneration for post-combination services \u2013 note 24", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-562": { "value": "Fair value hierarchy For financial instruments not traded in an active market, such as forward foreign currency contracts, the fair value is determined using appropriate valuation techniques that take into account the terms and conditions of the contracts and utilise observable market data, such as spot and forward rates, as inputs. Investments at FVTPL are the Group\u2019s co-investment into Limited Partnership funds and VCT investments managed by the Group. These unquoted investments are valued on a net asset basis by the Group. The actual underlying investments are valued in accordance with the following rules, which are consistent with the IPEV Valuation Guidelines as described in note 16. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
At 31 March 2024, the Group held the following financial instruments measured at fair value:
31 March 2024
31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Financial assets
Investments at FVTPL
\u2014
\u2014
4,726
4,726
\u2014
\u2014
3,967
3,967
Derivative assets
\u2014
473
\u2014
473
\u2014
648
\u2014
648
\u2014
473
4,726
5,199
\u2014
648
3,967
4,615
Financial liabilities
Acquisition-related liabilities: Contingent consideration
\u2014
\u2014
2,059
2,059
\u2014
\u2014
3,470
3,470
Acquisition-related liabilities: Remuneration for post-combination services
\u2014
\u2014
2,771
2,771
\u2014
\u2014
2,503
2,503
\u2014
\u2014
4,830
4,830
\u2014
\u2014
5,973
5,973
Derivative assets have arisen from the forward foreign currency contracts entered into during the year ended 31 March 2023 and are classified as Level 2. These were fair valued using valuation
techniques that incorporate foreign exchange spot and forward rates. Otherwise, financial assets and liabilities are classified as Level 3 .
Transfers
During the period there were no transfers between Levels 1, 2 or 3.
The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis. There have been no changes
in valuation methodology during the year.
Asset class and valuation
31 March
2024 Significant Change in
Fair value Valuation unobservable Sensitivity inputs fair value
\u00a3000 technique inputs unobservable input \u00a3000
Investments at FVTPL
4,726
The fair value is based on the
NAV
+/-5% on closing NAV
+/- 236
closing NAV of underlying investments
Acquisition-related liabilities: Contingent consideration
2,059
The fair value is a ratio of the
NAV
+/-5% on closing NAV
+/ -103
closing NAV of the funds acquired
to the NAV on acquisition
Acquisition-related liabilities: Remuneration for
2,771
The fair value is the current forecasted
Forecast
Applied a sensitivity
Max: +7,139
post-combination services management fees divided by the on the maximum and Min: -2,771
management fees required to minimum payment that
achieve the maximum earn-out could be made
multiplied by the maximum earnout payable
Unrealised gains and losses on Investments at FVTPL are recognised in the Statement of Comprehensive Income as fair value gains on investments. Unrealised gains and losses on contingent
consideration are recognised in the Statement of Comprehensive Income as fair value gains on contingent consideration (incl. finance expense). Fair value gains and losses on remuneration for
post-combination services are recognised over the vesting period as staff costs \u2013 acquisitions.
The reconciliation of opening to closing balances, significant unobservable inputs and sensitivities are disclosed in the following notes:
\u0219 Investments at FVTPL \u2013 note 16
\u0219 Acquisition- related liabilities: Contingent consideration \u2013 note 24
\u0219 Acquisition-related liabilities: Remuneration for post-combination services \u2013 note 24
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-563": { "value": "Accounting policy: The Group recognises business combinations (including acquisitions) when it considers that it has obtained control over a business, which could be an entity or separate business within an entity (for example acquiring management contracts and hiring the team to service those contracts). The cost of the acquisition is measured as the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. As per IFRS 3.B55(a) where the cost of acquisition contains payments that are automatically forfeited if employment terminates, these are accounted for as remuneration for post- combination services and not cost of the acquisition. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date. Acquisition-related costs are expensed as incurred and included in the Statement of Comprehensive Income. Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses (see note 15 for further explanation). Where the fair value of the identifiable assets and liabilities exceeds the cost of acquisition, a gain on business combination arises and is credited to the Statement of Comprehensive Income in the year of the acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-504": { "value": "
33. Assets and liabilities of disposal group as held for sale
The assets of disposal group as held for sale related to residual cash balances in Foresight
Metering Limited (\u201cFML\u201d) and the liabilities related to accruals made for liquidator costs. FML
entered into liquidation on 16 April 2020 following the sale of its subsidiary Foresight Metering
Management Limited in November 2019. FML remained in liquidation as the liquidator was
awaiting clearance from HMRC which was received during the period. FML made a final
distribution to the Company and FML has now been dissolved.
The assets and liabilities of operations classified as a disposal group are as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Assets
Current assets
Cash and cash equivalents
\u2014
65
Total assets
\u2014
65
Liabilities
Current liabilities
Trade and other payables
\u2014
(1)
Total liabilities
\u2014
(1)
Net assets and liabilities
\u2014
64
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-564": { "value": "33. Assets and liabilities of disposal group as held for sale The assets of disposal group as held for sale related to residual cash balances in Foresight Metering Limited (\u201cFML\u201d) and the liabilities related to accruals made for liquidator costs. FML entered into liquidation on 16 April 2020 following the sale of its subsidiary Foresight Metering Management Limited in November 2019. FML remained in liquidation as the liquidator was awaiting clearance from HMRC which was received during the period. FML made a final distribution to the Company and FML has now been dissolved. The assets and liabilities of operations classified as a disposal group are as follows:
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Assets
Current assets
Cash and cash equivalents
\u2014
65
Total assets
\u2014
65
Liabilities
Current liabilities
Trade and other payables
\u2014
(1)
Total liabilities
\u2014
(1)
Net assets and liabilities
\u2014
64
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-505": { "value": "
34. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been
eliminated on consolidation and are not disclosed.
Transactions with key management personnel
The Group considers Exco members as the key management personnel and the table below
sets out all transactions with these personnel and the Directors:
31 March
31 March 2023
2024 as restated
\u00a3000 \u00a3000
Emoluments
3,156
3,078
Other benefits
38
37
Share-based payments
425
222
Total
3,619
3,337
1
1. Emoluments for the year ended 31 March 2023 have been restated for discretionary bonuses that were incorrectly excluded from
the disclosure. The restatement has increased the emoluments for the year ended 2023 by \u00a3619,000.
Staff advances
Accounting policy:
Advances to staff (including Partners of Foresight Group LLP) are accounted for as employee benefits under IAS 19. In line with IAS 19, the advance is initially recognised as a financial asset and
then as an expense when services are provided, also taking into account the contractual terms of the advances.
Staff advances are made to various members of Foresight Group LLP or employees to be expensed over five years in line with the contractual terms of the advances but are repayable if the relevant
individuals leave the Group. During the year ended 31 March 2024, a further \u00a3nil (2023: \u00a3nil) of advances were made by Foresight Group LLP and \u00a3740,000 (2023: \u00a3760,000) of the advances were
expensed.
Management fee rebates
Gary Fraser, Chief Financial Officer, and David Hughes, Chief Investment Officer, are investors into Foresight Regional Investment III LP. Following a further close of the fund, they entered into
management fee rebate agreements with Foresight Group LLP. These rebates totalled \u00a35,014 (2023: \u00a35,600) and \u00a38,774 (2023: \u00a39,700) respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-565": { "value": "34. Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed. Transactions with key management personnel The Group considers Exco members as the key management personnel and the table below sets out all transactions with these personnel and the Directors:
31 March
31 March 2023
2024 as restated
\u00a3000 \u00a3000
Emoluments
3,156
3,078
Other benefits
38
37
Share-based payments
425
222
Total
3,619
3,337
1 1. Emoluments for the year ended 31 March 2023 have been restated for discretionary bonuses that were incorrectly excluded from the disclosure. The restatement has increased the emoluments for the year ended 2023 by \u00a3619,000. Staff advances Accounting policy: Advances to staff (including Partners of Foresight Group LLP) are accounted for as employee benefits under IAS 19. In line with IAS 19, the advance is initially recognised as a financial asset and then as an expense when services are provided, also taking into account the contractual terms of the advances. Staff advances are made to various members of Foresight Group LLP or employees to be expensed over five years in line with the contractual terms of the advances but are repayable if the relevant individuals leave the Group. During the year ended 31 March 2024, a further \u00a3nil (2023: \u00a3nil) of advances were made by Foresight Group LLP and \u00a3740,000 (2023: \u00a3760,000) of the advances were expensed. Management fee rebates Gary Fraser, Chief Financial Officer, and David Hughes, Chief Investment Officer, are investors into Foresight Regional Investment III LP. Following a further close of the fund, they entered into management fee rebate agreements with Foresight Group LLP. These rebates totalled \u00a35,014 (2023: \u00a35,600) and \u00a38,774 (2023: \u00a39,700) respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-542": { "value": "Transactions with key management personnel The Group considers Exco members as the key management personnel and the table below sets out all transactions with these personnel and the Directors:
31 March
31 March 2023
2024 as restated
\u00a3000 \u00a3000
Emoluments
3,156
3,078
Other benefits
38
37
Share-based payments
425
222
Total
3,619
3,337
1 1. Emoluments for the year ended 31 March 2023 have been restated for discretionary bonuses that were incorrectly excluded from the disclosure. The restatement has increased the emoluments for the year ended 2023 by \u00a3619,000. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-543": { "value": "Accounting policy: Advances to staff (including Partners of Foresight Group LLP) are accounted for as employee benefits under IAS 19. In line with IAS 19, the advance is initially recognised as a financial asset and then as an expense when services are provided, also taking into account the contractual terms of the advances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-506": { "value": "
35. Ultimate holding company
Foresight Group Holdings Limited is the ultimate Parent Company of a group of companies that form the Group presented in this financial information. The Company is a company incorporated and
domiciled in Guernsey.
", "dimensions": { "concept": "foresightgroup:DisclosureOfUltimateHoldingCompany", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-544": { "value": "35. Ultimate holding company Foresight Group Holdings Limited is the ultimate Parent Company of a group of companies that form the Group presented in this financial information. The Company is a company incorporated and domiciled in Guernsey.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-9": { "value": "Foresight Group Holdings Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-507": { "value": "36. Subsequent events On 17 June 2024, the Group signed an extension of the leased offices in The Shard for a further ten-year period. The Group will account for the lease extension as a lease modification and the right of use asset and lease liability will be updated in the Half-year Report for the six months ending 30 September 2024. Since 31 March 2024, under the Company\u2019s share buyback programme, a further 142,174 shares were bought back for \u00a3621,042. The total number of shares held in treasury is now 378,666", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800NNT42FFIZB1T09", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }