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    "unit": "iso4217:GBP"
   }
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  "fact-571": {
   "value": "611000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-572": {
   "value": "567000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-573": {
   "value": "80000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-574": {
   "value": "82000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-575": {
   "value": "1207000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-576": {
   "value": "303000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-577": {
   "value": "28000000",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:RepurchaseOfSharesBySubsidiaryTradewebClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-578": {
   "value": "80000000",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:RepurchaseOfSharesBySubsidiaryTradewebClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-579": {
   "value": "95000000",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:TransactionsWithNonControllingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-580": {
   "value": "0",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:TransactionsWithNonControllingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-581": {
   "value": "-37000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-582": {
   "value": "-77000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-583": {
   "value": "-1086000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-584": {
   "value": "-1468000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-585": {
   "value": "487000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-586": {
   "value": "360000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-587": {
   "value": "-116000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-588": {
   "value": "184000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-589": {
   "value": "3209000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-590": {
   "value": "2665000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-591": {
   "value": "3580000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-592": {
   "value": "3209000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
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  "fact-8": {
   "value": "23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:AdjustmentsForRemeasurementGain",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-597": {
   "value": "23000000",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:AdjustmentsForRemeasurementGain",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-7": {
   "value": "-89000000",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:RoyaltiesPaidClassifiedAsOperatingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-9": {
   "value": "1112000000",
   "decimals": -6,
   "dimensions": {
    "concept": "lseg:NetIncreaseInBorrowingsWithShortTermMaturitiesClassifiedAsFinancingActivities",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-648": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs4\">R<span class=\"_ _1\"></span>eporting entity<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5\">These consolidated financial statements have been prepared for </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6\">London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group plc (the \"Company\") and its subsidiaries </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7\">(the \"Group\"). The Group is a diversified global financial mark<span class=\"_ _1\"></span>ets </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8\">infrastructure and data business. The Company is a public company<span class=\"_ _15\"></span>, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9\">incorporated and domiciled in England and W<span class=\"_ _1\"></span>ales. The address of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa\">its registered office is 10 Paternoster Square, L<span class=\"_ _15\"></span>ondon, EC4M 7LS.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc\">During 2023, the Group acquired the businesses listed below<span class=\"_ _1\"></span>.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd\">The results of these businesses have been consolidated from  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse\">the date of acquisition (see note 21).<span class=\"_ _30b\"> </span></div><div class=\"gsf\"><table class=\"s w1ff hdb\" id=\"_af93bb9d-f238-49f4-9c50-65521aff90c4\"><tr><td></td><td></td><td></td><td class=\"t m0 x3f0 h4d y24c4 ff73 fsf fc0 sc0 ls0 ws0\">Cash-<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x3f0 h4d y24c5 ff73 fsf fc0 sc0 ls0 ws0\">generating </td></tr><tr><td class=\"c n x17e y24c6 w200 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Acquired business<span class=\"_ _30b\"> </span></div></td><td class=\"c n x3f1 y24c6 w201 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Acquisition date<span class=\"_ _201\"> </span>Segment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x3f0 h4d y24c7 ff73 fsf fc0 sc0 ls0 ws0\">unit (CGU)<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y24c8 w202 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">AcadiaSoft, Inc. (Acadia)</div></td><td class=\"c n x3f2 y24c8 w203 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 March 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n x3f3 y24c8 w204 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div></td><td class=\"c n x3f4 y24c8 w205 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y24c9 ff74 fsf fc0 sc0 ls0 ws0\">Yieldbroker Pty  </td><td class=\"c n x3f6 y24ca w206 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 August 2023</div></td><td class=\"c n x3f7 y24ca w207 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Capital<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x3f0 h4d y24c9 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24cb ff74 fsf fc0 sc0 ls0 ws0\">Limited (Yieldbroker)<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x3f8 h4d y24cb ff74 fsf fc0 sc0 ls0 ws0\">Markets</td><td></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-10": {
   "value": "London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-595": {
   "value": "London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": "public company",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-12": {
   "value": "England and W<span class=\"_ _1\"></span>ales",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "England and W<span class=\"_ _1\"></span>ales",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-13": {
   "value": "10 Paternoster Square, L<span class=\"_ _15\"></span>ondon, EC4M 7LS",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs11\">1. Accounting policies<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs12\">This section describes our material accounting policy information  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs13\">and significant accounting judgements and estimates that relate  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs14\">to the financial statements as a whole. Where an accounting policy  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs15\">or a significant accounting judgement or estimate is applicable to  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs16\">a specific note to the financial statements, it is disclosed in that note. </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs17\">These policies have been consistently applied to all the periods </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs18\">presented, unless otherwise stated. W<span class=\"_ _1\"></span>e have also detailed below  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs19\">the new accounting pronouncements that we will adopt in future  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs1a\">years and how we have assessed the impact of climate change on  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs1b\">our financial statements.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs1c\">1.<span class=\"_ _2\"></span>1 Compliance with International Financial Reporting  </div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs1d\">Standards (IFRS)<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e\">The Group\u2019<span class=\"_ _1\"></span>s consolidated financial statements are prepared in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f\">accordance with UK<span class=\"_ _1\"></span>-adopted international accounting standards  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs20\">which are endorsed by the UK Endorsement Board.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs21\">1.2 Basis of preparation<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs22\">The financial statements are prepared under the historical cost basis </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs23\">ex<span class=\"_ _15\"></span>cept for derivative financial instruments, debt and equity financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs24\">assets and contingent consideration which are measured at fair value.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs25\">Going concern </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs26\">The financial statements have been prepared on a going concern basis.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs27\">The Group\u2019<span class=\"_ _1\"></span>s business activities (together with the factors likely to affect </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs28\">its future development, performance and position), its objectives, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29\">policies in managing risk and its capital are set out in the Strategic </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a\">Report on pages 2 to 89<span class=\"_ _15\"></span>. In addition:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b\"> <span class=\"_ _35\"></span>\u2014 the Group<span class=\"_ _1\"></span>\u2019s borrowing facilities and respective repayment dates,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c\">and the net debt position of the Group, are included in note 16; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2d\"> <span class=\"_ _35\"></span>\u2014 the financial risk management objectives and policies of the Group<span class=\"_ _1\"></span>, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2e\">together with its exposure to capital, credit and concentration, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2f\">country<span class=\"_ _15\"></span>, liquidity<span class=\"_ _1\"></span>, settlement, custodial and market risk are discussed </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs30\">in note 17<span class=\"_ _2\"></span>.5.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs31\">Business planning process<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs32\">The Group\u2019<span class=\"_ _1\"></span>s forecasting and planning process includes the Group\u2019<span class=\"_ _1\"></span>s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs33\">three-year business plan. The business plan makes certain assumptions </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34\">about the performance of the core revenue streams and segments,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs35\">the use of existing product lines and the tak<span class=\"_ _1\"></span>e up of new product lines.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs36\">It also makes assumptions on appropriate levels of investment to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs37\">support expected performance<span class=\"_ _1\"></span>, known inorganic activity<span class=\"_ _15\"></span>, the ability to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38\">refinance debt as required and expected returns to shareholders.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs3a\">Performance management<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b\">The Group\u2019<span class=\"_ _1\"></span>s performance is analysed monthly by management.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c\">Monthly results are reviewed and compared against the business plan, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3d\">and previous and updated full year forecasts are also assessed. K<span class=\"_ _1\"></span>ey </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3e\">variances and associated drivers are reviewed and reported upon.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs3f\">Cash flows and liquidity headroom<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs40\">When performing our going concern assessment, the main factors </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs41\">considered are forecasts of the Group\u2019<span class=\"_ _1\"></span>s cash flow and liquidity </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs42\">headroom (defined as undrawn committed facilities less issued </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs43\">commercial paper plus available cash), both of which are outputs of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs44\">the business plan. The business plan is stress tested using severe but </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs45\">plausible downside scenarios as determined by the Financial Risk </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs46\">Committee over the full three-year plan period. The impact of these </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs47\">stress tests on the performance of core revenue streams and segments </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs48\">is modelled, with appropriate mitigating factors also considered. The </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs49\">outputs of this stress-testing on the Group\u2019<span class=\"_ _1\"></span>s cash flow and liquidity  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4a\">are then evaluated against thresholds set by the Group\u2019<span class=\"_ _1\"></span>s risk appetite. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4b\">These thresholds include liquidity headroom and leverage ratio </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4c\">(operating net debt to adjusted earnings before interest, tax, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4d\">depreciation, amortisation and impairment (EBITD<span class=\"_ _1\"></span>A) and before  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4e\">foreign ex<span class=\"_ _15\"></span>change gains or losses).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4f\">The scenarios modelled are included in the viability statement on  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs50\">page 89<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs51\">No scenario over the three-year period leads to a breach in the Group\u2019<span class=\"_ _1\"></span>s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52\">risk appetite thresholds or would mean the Group is unable to meet its </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs53\">obligations as a result of insufficient liquidity<span class=\"_ _15\"></span>. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs54\">A reverse stress test has also been completed, to evaluate the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs55\">financial impacts that would breach the Group\u2019<span class=\"_ _1\"></span>s risk appetite thresholds. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs56\">W<span class=\"_ _1\"></span>e concluded that the scenarios required to breach the thresholds  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs57\">are all deemed improbable.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs58\">Conclusion<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs59\">The Directors, therefore, consider there to be no material uncertainties </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5a\">that may cast significant doubt on the Group'<span class=\"_ _1\"></span>s ability to continue to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5b\">operate as a going concern. The Directors have a reasonable </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5c\">expectation that the Group has adequate resources to continue in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d\">operational existence for 12 months from the date when these financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e\">statements are authorised for issue. Accordingly<span class=\"_ _15\"></span>, the going concern </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5f\">basis has been adopted in the preparation of these financial statements.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs61\">Presentation of income statement<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs62\">The Group uses a columnar format for the presentation of its </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs63\">consolidated income statement to separately identify results before  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs64\">non-underlying items (\u201cadjusted\u201d). This is consistent with the way that </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs65\">financial performance is measured by management and reported to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs66\">the Ex<span class=\"_ _1\"></span>ecutive Committee and Board (see note 2).<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs67\">Current and non-current classification<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs68\">The Group presents assets and liabilities in the balance sheet based  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs69\">on current and non-current classification. An asset is current when it is:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a\"> <span class=\"_ _35\"></span>\u2014 Held primarily for trading purposes;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b\"> <span class=\"_ _35\"></span>\u2014 Expected to be realised within one year from the reporting date;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c\"> <span class=\"_ _35\"></span>\u2014 Expected to be realised or intended to be sold or consumed in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d\">the course of the Group\u2019<span class=\"_ _1\"></span>s operating cycle; or</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e\"> <span class=\"_ _35\"></span>\u2014 Cash or cash equivalents.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f\">All other assets are classified as non-current.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs70\">A liability is current when it is:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs71\"> <span class=\"_ _35\"></span>\u2014 Held primarily for trading purposes;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs72\"> <span class=\"_ _35\"></span>\u2014 Expected to be settled in the course of the Group<span class=\"_ _1\"></span>\u2019s operating  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs73\">cycle; or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs74\"> <span class=\"_ _35\"></span>\u2014 Due to be settled within one year from the reporting date<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs75\">All other liabilities are classified as non-current.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs76\">Deferred tax assets and liabilities are classified as non-current assets </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs77\">and liabilities.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs78\">1.3 Basis of consolidation<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs79\">The consolidated financial statements comprise the financial statements </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a\">of the Company and its subsidiaries. Subsidiaries are consolidated  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b\">from the date on which control is obtained by the Group. They are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c\">deconsolidated from the date on which control ceases. Control is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d\">achieved when the Group is exposed, or has rights, to variable returns </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e\">from its involvement with the investee and has the ability to affect those </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f\">returns through its power over the investee. The results of subsidiaries </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs80\">are consolidated for the period to 31 December<span class=\"_ _15\"></span>, even if the subsidiary\u2019s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs81\">financial year-end is different.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs83\">The principal operating subsidiaries of the Group are given below  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs84\">and a full list of subsidiaries is given in note 10<span class=\"_ _1\"></span>.<span class=\"_ _15\"></span>1 of the Company  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs85\">financial statements.<span class=\"_ _30b\"> </span></div><div class=\"gsf\"><table class=\"s w208 hdc\" id=\"_ad69ee4e-8008-4fde-a944-a6b7c560af9b\"><tr><td></td><td></td><td class=\"t m0 x3f9 h4d y24cc ff73 fsf fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x3fa h4d y24cc ff73 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td></td><td></td><td class=\"t m0 x3fb h4d y24cd ff73 fsf fc0 sc0 ls0 ws0\">incorporation </td><td class=\"t m0 x3fc h4d y24cd ff73 fsf fc0 sc0 ls0 ws0\">ultimate </td></tr><tr><td></td><td></td><td class=\"t m0 x3fd h4d y24ce ff73 fsf fc0 sc0 ls0 ws0\">and principal </td><td class=\"t m0 x3fe h4d y24ce ff73 fsf fc0 sc0 ls0 ws0\">economic </td></tr><tr><td class=\"c n x17e y24cf w209 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Name<span class=\"_ _30b\"> </span></div></td><td class=\"c n x3ff y24cf w20a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Principal activity</div></td><td class=\"t m0 x3f9 h4d y24d0 ff73 fsf fc0 sc0 ls0 ws0\">operations<span class=\"_ _30b\"> </span></td><td class=\"t m0 x400 h4d y24d0 ff73 fsf fc0 sc0 ls0 ws0\">interest %<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24d1 ff74 fsf fc0 sc0 ls0 ws0\">Banque Centrale de </td><td class=\"t m0 x401 h4d y24d1 ff74 fsf fc0 sc0 ls0 ws0\">CCP clearing </td><td class=\"c n x402 y24d2 w20b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">France<span class=\"_ _30b\"> </span></div></td><td class=\"c n x403 y24d2 w20c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">82.61<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y24d3 ff74 fsf fc0 sc0 ls0 ws0\">Compensation SA (L<span class=\"_ _1\"></span>CH SA)<span class=\"_ _30b\"> </span></td><td class=\"t m0 x401 h4d y24d3 ff74 fsf fc0 sc0 ls0 ws0\">services<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y24d4 ff74 fsf fc0 sc0 ls0 ws0\">Financial &amp; Risk </td><td class=\"c n x404 y24d5 w20d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">IP owner<span class=\"_ _30b\"> </span></div></td><td class=\"c n x405 y24d5 w20e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">England &amp;</div></td><td class=\"t m0 x406 h4d y24d4 ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24d6 ff74 fsf fc0 sc0 ls0 ws0\">Organisation Limited<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x407 h4d y24d6 ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y24d7 w20f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Frank Russell Company<span class=\"_ _30b\"> </span></div></td><td class=\"c n x408 y24d7 w210 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Market indices<span class=\"_ _30b\"> </span></div></td><td class=\"c n x409 y24d7 w211 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40a y24d7 w212 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24d8 ff74 fsf fc0 sc0 ls0 ws0\">provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24d9 w213 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">FTSE International Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40b y24d9 w210 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Market indices<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x40c h4d y24da ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x406 h4d y24da ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24db ff74 fsf fc0 sc0 ls0 ws0\">provider<span class=\"_ _30b\"> </span></td><td class=\"t m0 x407 h4d y24db ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y24dc w214 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _1\"></span>CH Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40d y24dc w215 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">CCP clearing<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x40c h4d y24dd ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x40e h4d y24dd ff74 fsf fc0 sc0 ls0 ws0\">82.61<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24de ff74 fsf fc0 sc0 ls0 ws0\">services<span class=\"_ _30b\"> </span></td><td class=\"t m0 x407 h4d y24de ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">London S<span class=\"_ _1\"></span>tock  </td><td class=\"t m0 x401 h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">Recognised </td><td class=\"t m0 x40c h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x406 h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24e0 ff74 fsf fc0 sc0 ls0 ws0\">Ex<span class=\"_ _1\"></span>change plc<span class=\"_ _30b\"> </span></td><td class=\"t m0 x401 h4d y24e0 ff74 fsf fc0 sc0 ls0 ws0\">investment </td><td class=\"t m0 x407 h4d y24e0 ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e1 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24e2 w216 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Asia Pte L<span class=\"_ _15\"></span>td<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40f y24e2 w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x410 y24e2 w218 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Singapore<span class=\"_ _30b\"> </span></div></td><td class=\"c n x411 y24e2 w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e3 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24e4 w219 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv France S<span class=\"_ _1\"></span>AS<span class=\"_ _30b\"> </span></div></td><td class=\"c n x412 y24e4 w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x402 y24e4 w20b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">France<span class=\"_ _30b\"> </span></div></td><td class=\"c n x413 y24e4 w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e5 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24e6 w21a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Germany GmbH<span class=\"_ _30b\"> </span></div></td><td class=\"c n x414 y24e6 w21b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Mark<span class=\"_ _1\"></span>et and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x415 y24e6 w21c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Germany<span class=\"_ _30b\"> </span></div></td><td class=\"c n x416 y24e6 w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e7 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Hong K<span class=\"_ _15\"></span>ong  </td><td class=\"t m0 x401 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">Market and financial </td><td class=\"t m0 x417 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">Jersey<span class=\"_ _30b\"> </span></td><td class=\"t m0 x406 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24e9 ff74 fsf fc0 sc0 ls0 ws0\">Limited<span class=\"_ _30b\"> </span></td><td class=\"t m0 x401 h4d y24e9 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24ea w21d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Japan KK<span class=\"_ _30b\"> </span></div></td><td class=\"c n x418 y24ea w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x419 y24ea w21e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Japan<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41a y24ea w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24eb ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24ec w21f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x418 y24ec w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial</div></td><td class=\"t m0 x40c h4d y24ed ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x406 h4d y24ed ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24ee ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td class=\"t m0 x407 h4d y24ee ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y24ef w220 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv US LL<span class=\"_ _15\"></span>C<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41b y24ef w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x409 y24ef w211 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40a y24ef w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24f0 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24ca w221 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb Markets LL<span class=\"_ _15\"></span>C<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41c y24ca w222 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Multilateral trading<span class=\"_ _30b\"> </span></div></td><td class=\"c n x409 y24ca w211 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41d y24ca w223 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">51.01<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24f1 ff74 fsf fc0 sc0 ls0 ws0\">facility<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs86\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs87\">1 <span class=\"_ _32\"> </span>Operates in Hong Kong.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs88\">The acquisition method of accounting is used by the Group to account </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs89\">for business combinations (see note 21). Non-controlling interests  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8a\">in the results and equity of subsidiaries are shown separately in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8b\">consolidated income statement, statement of comprehensive income, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8c\">balance sheet and statement of changes in equity (see note 19).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8d\">Intercompany transactions and balances between group companies  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e\">are eliminated on consolidation. Where necessary<span class=\"_ _15\"></span>, adjustments are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f\">made to the results of subsidiaries and associates to bring their </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs90\">accounting policies in line with those of the Group.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs92\">1.4 Foreign currencies<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs93\">Functional and presentation currency<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs94\">The consolidated financial statements are presented in sterling,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs95\">which is also the functional currency of London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs96\">plc, the Company<span class=\"_ _15\"></span>. The Group determines the functional currency  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs97\">for each of its subsidiary entities and items included in the financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs98\">statements of each entity are measured using that functional currency<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs99\">T<span class=\"_ _15\"></span>ransactions and balances in foreign currencies<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9a\">T<span class=\"_ _2\"></span>ransactions in foreign currencies are initially recorded and translated </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9b\">into the functional currency of the relevant Group entity at the ex<span class=\"_ _15\"></span>change </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9c\">rate ruling at the date of the transaction. Monetary assets and liabilities </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9d\">denominated in foreign currencies are translated into the respective </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9e\">functional currency of the entity at the ex<span class=\"_ _15\"></span>change rate prevailing at the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9f\">reporting date. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa0\">Foreign ex<span class=\"_ _15\"></span>change gains and losses resulting from the settlement of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa1\">such foreign currency transactions or from the translation of monetary </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa2\">assets and liabilities denominated in foreign currencies are recognised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa3\">in the income statement, either within operating expenses or finance </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa4\">income or costs, depending on the nature of the item or transaction.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa5\">Non-monetary items measured at historical cost are not retranslated. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa6\">Non-monetary items measured at fair value that are denominated in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa7\">foreign currencies are retranslated at the ex<span class=\"_ _15\"></span>change rate at the date </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa8\">when the fair value was determined. The foreign ex<span class=\"_ _15\"></span>change gain or loss </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsa9\">on assets and liabilities carried at fair value are reported as part of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsaa\">fair value gain or loss. This means:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsab\"> <span class=\"_ _35\"></span>\u2014 foreign e<span class=\"_ _15\"></span>xchange gains and losses on non-monetary assets and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsac\">liabilities held at fair value through profit or loss are recognised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsad\">in the income statement (within operating expenses); and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsae\"> <span class=\"_ _35\"></span>\u2014 foreign e<span class=\"_ _15\"></span>xchange gains and losses on non-monetary assets classified </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsaf\">as at fair value through other comprehensive income are recognised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb0\">in other comprehensive income.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gsb1\">T<span class=\"_ _15\"></span>ranslation of non-sterling entities on consolidation<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb2\">The results and financial position of all Group entities that have  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb3\">a non-sterling functional currency are translated into sterling on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb4\">consolidation into the Group\u2019<span class=\"_ _1\"></span>s results as follows:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb5\"> <span class=\"_ _35\"></span>\u2014 assets and liabilities (including goodwill, purchased intangible  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb6\">assets and fair value adjustments<span class=\"_ _30b\"> </span></div><div class=\"t m0 h18 ff74 fsa fc0 sc0 ls0 ws0 gsb7\">1</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb8\">) are translated at the reporting  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsb9\">date ex<span class=\"_ _15\"></span>change rates;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsba\"> <span class=\"_ _35\"></span>\u2014 income and e<span class=\"_ _15\"></span>xpenses and other comprehensive income are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsbb\">translated at the average ex<span class=\"_ _15\"></span>change rate for each month. Where this </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsbc\">average is not a reasonable appro<span class=\"_ _1\"></span>ximation of the rate prevailing on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsbd\">the date of a material transaction, these items are translated at the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsbe\">rate on the date of the transaction; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsbf\"> <span class=\"_ _35\"></span>\u2014 all resulting e<span class=\"_ _15\"></span>xchange differences are recognised in other </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc0\">comprehensive income.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc1\">On consolidation, ex<span class=\"_ _15\"></span>change differences arising from the translation of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc2\">net investments in foreign operations, borrowings and other currency </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc3\">instruments designated as hedging instruments (see note 17<span class=\"_ _2\"></span>.4) are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc4\">recognised in other comprehensive income. On disposal of a foreign </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc5\">currency operation, the cumulative ex<span class=\"_ _15\"></span>change differences previously </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc6\">recognised in other comprehensive income relating to that operation </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc7\">are reclassified to the income statement as part of the profit or loss  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsc8\">on disposal.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gsc9\">1 <span class=\"_ _32\"> </span>Any goodwill and any fair value adjustments to the carrying amounts of assets and liabilities </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gsca\">on the acquisition of a foreign operation are treated as assets and liabilities of the foreign </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gscb\">operation and translated at the reporting date ex<span class=\"_ _1\"></span>change rate.<span class=\"_ _30b\"> </span></div>1.5 New and amended standards and interpretations<span class=\"_ _30b\"> </span>Standards, interpretations and amendments to published  standards effective for the year ended 31 December 2023<span class=\"_ _30b\"> </span>During the year<span class=\"_ _15\"></span>, the following amendments to standards became effective. These have not had a material impact on the Group\u2019<span class=\"_ _1\"></span>s  financial statements: <span class=\"_ _35\"></span>\u2014 IFRS 17 <span class=\"ff76\">Insurance Contracts</span>, including amendments to IFRS 17  (and initial application of IFRS 17 and IFRS 9 <span class=\"ff76\">Financial Instruments</span> \u2013 comparative information); <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 1 <span class=\"ff76\">Presentation of Financial Statements</span> and  IFRS Practice Statement 2: Disclosure of accounting policies; <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 8 <span class=\"ff76\">Accounting Policies, Changes in Accounting </span>Estimates and Errors:<span class=\"ff74\"> Definition of accounting estimates;</span> <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 12 <span class=\"ff76\">Income T<span class=\"_ _4\"></span>axes<span class=\"ff74\">: Deferred tax related to  </span></span>assets and liabilities arising from a single transaction; and <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 12 <span class=\"ff76\">Income T<span class=\"_ _4\"></span>axes<span class=\"ff74\">: International T<span class=\"_ _2\"></span>ax Reform \u2013  </span></span>Pillar T<span class=\"_ _15\"></span>wo Model Rules. The Amendments introduce a mandatory temporary ex<span class=\"_ _15\"></span>ception from the recognition and disclosure of deferred tax<span class=\"_ _1\"></span>es arising from implementation of the Pillar T<span class=\"_ _15\"></span>wo Model Rules. The Group has applied this mandatory temporary ex<span class=\"_ _15\"></span>ception (see note 6).<span class=\"_ _30b\"> </span>Standards, interpretations and amendments to published  standards which are not yet effective<span class=\"_ _30b\"> </span>New and amended standards that have been issued, but are not  yet effective, up to the date of the Group\u2019<span class=\"_ _1\"></span>s financial statements are disclosed below<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>e intend to adopt these, if applicable, when they become effective. These amendments are not e<span class=\"_ _1\"></span>xpected to have  a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial statements.<span class=\"_ _30b\"> </span><table class=\"s w224 hdd\" id=\"_ef1c034b-d615-4b50-b7e3-de1f194d57d6\"><tr><td class=\"c n x41f y24f2 w225 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">International accounting standards and interpretations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x420 y24f2 w226 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Effective date<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y24f3 ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IFRS 16 <span class=\"ff76\">Leases: </span>L<span class=\"_ _1\"></span>ease liability in a sale  </td><td class=\"t m0 x422 h4d y24f3 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2024<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x421 h4d y24f4 ff74 fsf fc0 sc0 ls0 ws0\">and leaseback<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x421 h4d y24f5 ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IAS 1: </td><td class=\"t m0 x422 h4d y24f5 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2024<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y24f7 w227 hde\"><div class=\"t m0 x173 h4d y24f6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Classification of liabilities as current or non-current; and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Non-current liabilities and covenants<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x421 h4d y24f8 ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IAS 7 <span class=\"ff76\">S<span class=\"_ _1\"></span>tatement of Cash Flows</span><span class=\"ff76\"><span class=\"ff74\">  </span></span></td><td class=\"t m0 x422 h4d y24f8 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2024<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x421 h4d y24f9 ff74 fsf fc0 sc0 ls0 ws0\">and IFRS 7 <span class=\"ff76\">Financial Instruments Disclosures:</span><span class=\"ff76\">  </span></td><td></td></tr><tr><td class=\"t m0 x421 h4d y24fa ff74 fsf fc0 sc0 ls0 ws0\">Supplier finance arrangements<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c x41f y2419 w228 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IAS 21 <span class=\"ff76\">The Effects of Changes in<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 x173 h4d y23fc ff76 fsf fc0 sc0 ls0 ws0\">Foreign Ex<span class=\"_ _1\"></span>change Rates:<span class=\"ff74\"> L<span class=\"_ _1\"></span>ack of ex<span class=\"_ _15\"></span>changeability<span class=\"_ _30b\"> </span></span></div></td><td class=\"t m0 x422 h4d y24fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2025<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Not yet endorsed by UK Endorsement Board<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gse2\">1.6 Significant accounting estimates, assumptions and judgements<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse3\">The preparation of financial statements requires management to make </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse4\">judgements, estimates and assumptions that affect the reported </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse5\">amounts of revenues, expenses, assets and liabilities, and the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse6\">accompanying disclosures. Estimates, assumptions and judgements  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse7\">are regularly reviewed based on historical experience<span class=\"_ _1\"></span>, current </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse8\">circumstances and expectations of future events. As the use of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse9\">estimates is inherent in financial reporting, actual results could differ </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsea\">from these estimates.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gseb\">Significant accounting estimates and assumptions are those that have  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsec\">a risk of resulting in a material adjustment to the carrying amounts of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsed\">assets and liabilities within the next financial year<span class=\"_ _2\"></span>. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsee\">Significant judgements are those made by management in applying  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsef\">the Group\u2019<span class=\"_ _1\"></span>s significant accounting policies that have a material impact </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf0\">on the amounts presented in the financial statements. Significant </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf1\">judgement may be ex<span class=\"_ _15\"></span>ercised in management\u2019s accounting estimates </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf2\">and assumptions.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf3\">Estimates, assumptions and judgements are described in the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf4\">relevant notes to the financial statements (identified by the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf5\">following symbol <span class=\"_ _116\"> </span>)<span class=\"_ _30b\"> </span></div><div class=\"gsf6\"><table class=\"s w229 he0\" id=\"_f0aaeb07-cf00-498c-beb9-f76190f589d6\"><tr><td></td><td></td><td class=\"t m0 x423 h4d y24fd ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x424 h4d y24fe ff73 fsf fc0 sc0 ls0 ws0\">estimates </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x425 h4d y24ff ff73 fsf fc0 sc0 ls0 ws0\">and </td><td class=\"t m0 x426 h4d y24ff ff73 fsf fc0 sc0 ls0 ws0\">Significant </td></tr><tr><td class=\"t m0 x186 h4d y2500 ff73 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x427 h4d y2500 ff73 fsf fc0 sc0 ls0 ws0\">assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x428 h4d y2500 ff73 fsf fc0 sc0 ls0 ws0\">judgement<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2501 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x429 y2501 w22a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-underlying items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x42a y2501 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c6 w22c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42b y24c6 w22d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Uncertain tax positions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42c y24c6 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42d y24c6 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c8 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42e y24c8 wed hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Intangible assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42f y24c8 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"c n x17e y2502 w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x430 y2502 w22f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pension and other retirement<span class=\"_ _30b\"> </span></div></td><td class=\"c n x431 y2502 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td><td class=\"c n x432 y2502 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x433 h4d y2503 ff74 fsf fc0 sc0 ls0 ws0\">benefit schemes<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf7\">Management has discussed significant accounting estimates, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsf8\">assumptions and judgements with the Audit Committee.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gsf9\">1.<span class=\"_ _15\"></span>7 Climate change<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsfa\">W<span class=\"_ _1\"></span>e have considered the impact of climate change on the Group\u2019<span class=\"_ _1\"></span>s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsfb\">operations as outlined in the risks disclosed on pages 63 to 68 of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsfc\">Strategic R<span class=\"_ _1\"></span>eport as well as in the Sustainability R<span class=\"_ _1\"></span>eport. W<span class=\"_ _1\"></span>e have also </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsfd\">reviewed the potential impact of climate change on the Group\u2019<span class=\"_ _1\"></span>s financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsfe\">results and position. The areas that are deemed to be most relevant to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsff\">climate change are set out below<span class=\"_ _1\"></span>. Based on an assessment in each </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs100\">area, we have concluded that climate change is not currently expected </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs101\">to have a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position, estimates  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs102\">or judgements. The directors monitor this on an ongoing basis.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs103\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Going concern and viability</span> \u2013 The Group has committed to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs104\">a long-term ambition to achieve net zero by 2040 and has set targets </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs105\">to reduce selected carbon emissions by 50% by 2030<span class=\"_ _1\"></span>. There is no </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs106\">other direct impact on the viability of the Group. There is no climate-<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs107\">related scenario that is deemed to have a probable likelihood of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs108\">occurring which could impact the Group\u2019<span class=\"_ _1\"></span>s going concern assessment.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs109\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Impairment of goodwill and intangible assets</span> \u2013 Forecasted cash </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs10a\">flows are not expected to be impacted materially by climate change </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs10b\">over the period for which forecasts have been prepared, due to the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs10c\">nature of the Group\u2019<span class=\"_ _1\"></span>s revenue streams. The impact on costs mainly </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs10d\">relates to reducing our carbon footprint by encouraging responsible </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs10e\">employee travel and purchasing carbon credits.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs110\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Useful lives of assets </span>\u2013 The Group<span class=\"_ _1\"></span>\u2019s assets consist mainly of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs111\">property and IT equipment. Given the type of IT equipment owned  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs112\">by the Group, there is no e<span class=\"_ _1\"></span>xpected impact of climate change on the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs113\">future useful lives of these assets. The useful lives of our property </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs114\">could be impacted by climate change in the form of physical </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs115\">obsolescence of assets or because of a natural disaster (such as </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs116\">flooding), however any such impact on the carrying value of related </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs117\">assets is not deemed material.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs118\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Deferred tax assets </span>\u2013 Deferred tax asset recoverability can be </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs119\">affected by climate if there is an expectation that it will impact on the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs11a\">future taxable profits that are expected to be generated. The revenue </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs11b\">of the Group is of such a nature that it is not expected to be impacted </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs11c\">materially by climate change over the period for which forecasts are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs11d\">prepared. There is a potential reduction in costs as we reduce our </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs11e\">carbon footprint and encourage responsible employee travel.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs11f\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">V<span class=\"_ _2\"></span>aluation of pension scheme assets and defined benefit liabilities </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs120\">\u2013 Changes in interest rates, as a result of climate change, could </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs121\">impact the future valuation of pension scheme assets and defined </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs122\">benefit liabilities. While these are considered in the valuation,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs123\">there was no discernible impact from climate change on the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs124\">current year\u2019s valuation.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs125\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">T<span class=\"_ _2\"></span>rade and other receivables<span class=\"ff74\"> \u2013 The Group has a diverse client base </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs126\">that operates in various industries. The Group\u2019<span class=\"_ _1\"></span>s expected credit loss </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs127\">provision considers the credit risk of its client base, which could be </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs128\">impacted by the assessment of climate change in a particular market </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs129\">or industry<span class=\"_ _15\"></span>. Given that receivables are mainly due within one year<span class=\"_ _15\"></span>, the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12a\">impact of climate change in the short term is unlikely to be material.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12b\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">R<span class=\"_ _15\"></span>evenue<span class=\"ff74\"> \u2013 We provide a range of climate-related products and </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd5\">services such as admission on the voluntary carbon market and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12c\">the sustainable bond market. R<span class=\"_ _1\"></span>evenue earned from these are not </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd7\">deemed material revenue streams, but support the Group in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12d\">enabling others to purchase carbon credits to aid in the fight  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd9\">against climate change.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsda\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Expenses</span> \u2013 T<span class=\"_ _4\"></span>o support our long-term ambition to achieve net zero, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdb\">the Group purchases carbon credits to offset the impact of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12e\">Group\u2019<span class=\"_ _1\"></span>s carbon emissions. The cost of purchasing these has been </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdd\">minimal during the current year<span class=\"_ _15\"></span>, as credits purchased during prior </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsde\">years were sufficient to cover emissions during the current financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdf\">year<span class=\"_ _15\"></span>. Any additional credits required will be purchased once the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse0\">Group\u2019<span class=\"_ _1\"></span>s emissions for the year have been calculated.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs130\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs131\">IFRS 8 <span class=\"ff76\">Operating Segments</span> requires operating segments to be </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs132\">identified on the same basis as is reported internally for the review  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs133\">of performance and allocation of resources by the \u201cchief operating </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs134\">decision maker\u201d<span class=\"_ _2\"></span>. For the Group, this is the Executive Committee.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs135\">The Ex<span class=\"_ _1\"></span>ecutive Committee uses \u201cadjusted\u201d measures including </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs136\">adjusted EBITD<span class=\"_ _1\"></span>A to assess the profitability and performance of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs137\">the operating segments.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs138\">The \u201cadjusted\u201d measures reported by the Group are:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs139\"> <span class=\"_ _35\"></span>\u2014 Adjusted operating e<span class=\"_ _15\"></span>xpenses before depreciation, amortisation </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs13a\">and impairment</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs13b\"> <span class=\"_ _35\"></span>\u2014 Adjusted EBITD<span class=\"_ _15\"></span>A</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs13c\"> <span class=\"_ _35\"></span>\u2014 Adjusted depreciation, amortisation and impairment</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs13d\"> <span class=\"_ _35\"></span>\u2014 Adjusted operating profit</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs13e\"> <span class=\"_ _35\"></span>\u2014 Adjusted net finance costs</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs13f\"> <span class=\"_ _35\"></span>\u2014 Adjusted profit before tax</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs140\"> <span class=\"_ _35\"></span>\u2014 Adjusted profit for the year</div><div class=\"t m0 h18 ff74 fsa fc0 sc0 ls0 ws0 gs141\">1</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs142\"> <span class=\"_ _35\"></span>\u2014 Adjusted earnings per share (EPS)</div><div class=\"t m0 h18 ff74 fsa fc0 sc0 ls0 ws0 gs143\">1<span class=\"_ _30b\"> </span></div>These measures are not measures of performance under IFRS and should be considered in addition to, and not as a substitute for<span class=\"_ _2\"></span>,  IFRS measures of financial performance and liquidity<span class=\"_ _15\"></span>. Adjusted performance measures provide supplemental data relevant to an understanding of the Group\u2019<span class=\"_ _1\"></span>s financial performance and ex<span class=\"_ _15\"></span>clude non-underlying items of income and expense that are material by their size and/or nature (see note 2.3).<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Adjusted profit for the year is used to calculate adjusted EPS and is reconciled to profit before taxation in the EPS note and on the face of the income statement<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Revenue<span class=\"_ _30b\"> </span>The main source of revenue for the Group is fees for services provided. Revenue is measured based on the consideration specified in a contract with a customer<span class=\"_ _15\"></span>. The following are ex<span class=\"_ _15\"></span>cluded from revenue: <span class=\"_ _35\"></span>\u2014 value added tax and other sales related tax<span class=\"_ _15\"></span>es; <span class=\"_ _35\"></span>\u2014 certain revenue share arrangements (whereby as part of  an agreement amounts are due back to the customer); and <span class=\"_ _35\"></span>\u2014 certain pass-through costs where the Group acts as an agent and has arrangements to recover specific costs from its customers with no mark-up<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>The Group recognises revenue as services are performed  and as it satisfies its obligations to provide a product or service  to a customer<span class=\"_ _15\"></span>. The Group\u2019<span class=\"_ _1\"></span>s revenue accounting policies are  set out below:<span class=\"_ _30b\"> </span><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1a8\">Data &amp; </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1a9\">Analytics<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1aa\">The Data &amp; Analytics division generates revenue by providing information and data products including index<span class=\"_ _15\"></span>es, benchmarks, real-time pricing </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1ab\">data and trade reporting and reconciliation services.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1ac\">Data subscription and inde<span class=\"_ _1\"></span>x licence fees<span class=\"ff74\"> are recognised over the licence or usage period in line with the Group\u2019<span class=\"_ _1\"></span>s obligation to deliver data </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1ad\">consistently throughout the licence period. Services are billed on a monthly<span class=\"_ _15\"></span>, quarterly or annual basis. </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1ae\">Other information services<span class=\"ff74\"> include licences to the regulatory news service and reference data businesses. Revenue from licences that grant  </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1af\">the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1b0\">obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1b1\">granted or service is delivered.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1b2\">V<span class=\"_ _15\"></span>arious <span class=\"ff73\">brokerage processing, risk solutions and professional services</span>, which are generally billed in arrears, are recognised as revenue at the </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1b3\">point in time when the Group meets its obligation to complete the transaction or service.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1b4\">Recoveries<span class=\"ff74\"> consist of fees for third-party content, such as e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>change data that is distributed directly to customers, and communications fees. </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1b5\">Recoveries are generally recognised over the contract term.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1b6\">Capital </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1b7\">Markets<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1b8\">Revenue in the Capital Mark<span class=\"_ _1\"></span>ets division is generated from: Primary and Secondary market services; contracts to develop capital mark<span class=\"_ _1\"></span>et </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1b9\">technology solutions; software licences; network connections; and hosting services.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1ba\">W<span class=\"_ _1\"></span>e have assessed that <span class=\"ff73\">primary market initial admission and the ongoing listing services</span> represent one performance obligation. The Group </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1bb\">therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services.  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1bc\">All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1bd\">The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1be\">durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1bf\">to the length of a customer listing, which is subject to factors outside the Group\u2019<span class=\"_ _1\"></span>s control. It also includes a forward-looking element in respect  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c0\">of the expected listing period based on mark<span class=\"_ _1\"></span>et movements. W<span class=\"_ _1\"></span>e reassess the estimated service periods at each reporting date. The current </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c1\">estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c2\">similar performance obligations. W<span class=\"_ _1\"></span>e estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c3\">revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1c4\">Primary market annual fees, secondary mark<span class=\"_ _1\"></span>et membership and subscription fees<span class=\"ff74\"> are generally paid in advance on the first day of </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c5\">membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates,  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c6\">as this reflects the extent of the Group<span class=\"_ _1\"></span>\u2019s progress towards completion of the performance obligation under the contract. </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c7\">Revenue from <span class=\"ff73\">secondary mark<span class=\"_ _1\"></span>et trading and associated capital mark<span class=\"_ _1\"></span>et services<span class=\"ff74\"> is recognised on a per transaction basis at the point that  </span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1c8\">the service is provided.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1c9\">Capital markets software licence<span class=\"ff74\"> contracts contain multiple deliverables including: providing licences; installing software; and ongoing </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1ca\">maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1cb\">selling price. R<span class=\"_ _1\"></span>evenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1cc\">provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1cd\">expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1ce\">the Group incurs costs on the contract.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1cf\">T<span class=\"_ _15\"></span>ransaction and commission fees<span class=\"ff74\"> are earned from transactions that are ex<span class=\"_ _1\"></span>ecuted on the Group'<span class=\"_ _1\"></span>s electronic marketplaces. R<span class=\"_ _1\"></span>evenue is </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1d0\">recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1d1\">and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or ex<span class=\"_ _15\"></span>ecuted when an </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1d2\">individual transaction occurs. Revenue is only recognised to the e<span class=\"_ _1\"></span>xtent that it is highly probable that a significant reversal of the revenue will  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1d3\">not occur (\u2018minimum expected revenue\u2019).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1d4\">Network connection, subscription and hosting services<span class=\"ff74\"> revenues are recognised on a straight-line basis over the period to which the fee </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1d5\">relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1d6\">performance obligation.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1d7\">Post </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1d8\">T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1d9\">Revenue in the P<span class=\"_ _1\"></span>ost T<span class=\"_ _15\"></span>rade division is generated from clearing, settlement and other post trade services.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1da\">Over-the-counter (OT<span class=\"_ _1\"></span>C) derivatives, and securities clearing and reporting<span class=\"ff74\"> generate fees from: individual transactions or contracts cleared and </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1db\">settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1dc\">in time when the Group meets its obligations to complete the transaction or service. R<span class=\"_ _1\"></span>evenue is recognised and billed monthly in arrears.  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1dd\">Certain customers have a fix<span class=\"_ _1\"></span>ed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1de\">the Group fulfils its obligations to maintain the availability of the clearing system to that customer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs1df\">Non-cash collateral <span class=\"ff74\">fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1e0\">over the service period, representing the continuous transfer of services during that time.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs1e1\">Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e3\">Those customer contracts across the Group that contain a single </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e4\">performance obligation at a fix<span class=\"_ _1\"></span>ed price do not require variable </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e5\">consideration to be calculated. However<span class=\"_ _15\"></span>, some businesses in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e6\">Group provide services to customers under a tiered or tariff pricing </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e7\">structure that generates a degree of variability in the revenue </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e8\">streams from the contract as a result of additional charges or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1e9\">discounts given. Where the future revenue from a contract varies </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1ea\">due to factors that are outside the Group\u2019<span class=\"_ _1\"></span>s control, the Group limits </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1eb\">the total transaction price at contract inception and recognises the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1ec\">minimum expected revenue guaranteed by the terms of the contract </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1ed\">over the contract period. Any variable element is subsequently </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1ee\">recognised in the period in which the variable condition is satisfied </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1ef\">and there is no significant risk of reversal of that revenue.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f0\">Rebates given to customers as part of an operating agreement are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f1\">calculated on a pro-rata basis on revenue earned and recognised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f2\">as they fall due.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f3\">The Group does not have any contracts where the period between </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f4\">the transfer of services to a customer and when the customer is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f5\">expected to pay for that service is longer than one year<span class=\"_ _2\"></span>. As a result, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f6\">no adjustments are made to revenue for any financing component.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs1f8\">Net treasury income<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1f9\">Net treasury income is generated from two sources. Firstly<span class=\"_ _15\"></span>, the CCP </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1fa\">businesses securely invest the cash collateral lodged with them  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1fb\">and earn treasury income from various investments (including </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1fc\">government debt and reverse repos) and cash deposits with central </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1fd\">banks. At the same time, the CCPs pay interest at an overnight </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1fe\">benchmark rate to their members on the collateral placed with the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1ff\">business, whilst charging a spread on that rate as a fee. This spread </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs200\">provides the second source of income. The resulting net treasury </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs201\">income is recognised within total income and disclosed separately </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs202\">from revenue.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs203\">Other income<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs204\">Other income typically relates to operating lease income and fees </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs205\">from service agreements. Such fees are generated from the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs206\">provision of events and media services, which are typically </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs207\">recognised at the point the service is rendered.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs208\">Cost of sales<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs209\">Cost of sales comprises:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs20a\"> <span class=\"_ _35\"></span>\u2014 Data and licence fees;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs20b\"> <span class=\"_ _35\"></span>\u2014 Data feed costs;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs20c\"> <span class=\"_ _35\"></span>\u2014 R<span class=\"_ _15\"></span>oyalties;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs20d\"> <span class=\"_ _35\"></span>\u2014 Expenses incurred in respect of profit share arrangements;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs20e\"> <span class=\"_ _35\"></span>\u2014 Costs directly attributable to the construction and delivery of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs20f\">goods or services; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs210\"> <span class=\"_ _35\"></span>\u2014 Any other costs link<span class=\"_ _1\"></span>ed and directly incurred to generate revenues </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs211\">and provide services to customers.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs212\">Profit share expenses recognised as cost of sales relate to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs213\">a small number of arrangements with certain customers where  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs214\">the payment to the customer is linked to the total profit of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs215\">particular business concerned.<span class=\"_ _30b\"> </span></div>Accounting policy<span class=\"_ _30b\"> </span>In some instances, we receive consideration, or an amount  of consideration is due, in relation to our obligation to transfer goods or services to a customer in the future. R<span class=\"_ _1\"></span>evenue relating  to these future periods is classified as a contract liability on the balance sheet.<span class=\"_ _30b\"> </span>Contract liabilities are amortised and recognised as revenue  over the period the services are rendered.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Costs are recognised in the income statement as incurred and measured after deducting any time- and value-limited discounts from suppliers. Other discounts are spread over the contract term.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Income tax comprises current and deferred tax. Current and deferred tax charges and benefits are recognised in the  income statement ex<span class=\"_ _15\"></span>cept to the extent that they relate to items recognised directly in equity or other comprehensive income.<span class=\"_ _30b\"> </span>Current income tax <span class=\"ff74\">is calculated based on the tax laws enacted </span>or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Current income tax assets and liabilities are measured  at the amount expected to be recovered from or paid to  taxation authorities.<span class=\"_ _30b\"> </span>Deferred tax<span class=\"ff74\"> is the tax expected to be payable or recoverable  </span>in the future on differences between the carrying amount of assets and liabilities for financial reporting purposes and the corresponding amounts used for tax purposes. Deferred tax is accounted for using the liability method and calculated using tax rates that are substantively enacted and expected to apply in  the period when the asset is realised or the liability settled.<span class=\"_ _30b\"> </span>Deferred tax is not recognised for: <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>emporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither the accounting profit nor taxable profit; and <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>emporary differences arising on the initial recognition  of goodwill.<span class=\"_ _30b\"> </span>Deferred tax liabilities are recognised for taxable temporary differences associated with interests in subsidiaries and associates, ex<span class=\"_ _15\"></span>cept where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such interests are recognised  only to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in  the foreseeable future.<span class=\"_ _30b\"> </span>The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow  all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date  and are recognised to the extent that it has become probable  that future taxable profits will allow the deferred tax asset to  be recovered.<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>ax 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 tax<span class=\"_ _1\"></span>es levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis.<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c9\">On 23 May 2023, the International Accounting Standards Board </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ca\">(IASB) issued International T<span class=\"_ _2\"></span>ax Reform \u2013 Pillar T<span class=\"_ _2\"></span>wo Model Rules </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2cb\">\u2013 Amendments to IAS 12, which the Group has adopted. The </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2cc\">Amendments provide a temporary mandatory ex<span class=\"_ _15\"></span>ception from </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2cd\">deferred tax accounting for the <span class=\"ff73\">global minimum top-up tax</span>, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ce\">which is effective immediately<span class=\"_ _15\"></span>, and require new disclosures about </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2cf\">the Group\u2019<span class=\"_ _1\"></span>s exposure to Pillar T<span class=\"_ _2\"></span>wo income taxes (see note 6.<span class=\"_ _15\"></span>1). </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2d0\">The mandatory ex<span class=\"_ _15\"></span>ception applies retrospectively to the Group </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2d1\">from 1 January 2023, however the retrospective application has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2d2\">no impact on the Group'<span class=\"_ _1\"></span>s consolidated financial statements.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs349\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34a\">Basic earnings per share is in respect of all activities. Diluted earnings per share takes into account the dilutive effect that would arise on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34b\">conversion or vesting of all outstanding share options and share awards under the Group\u2019<span class=\"_ _1\"></span>s share option and award schemes. Adjusted basic </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34c\">earnings per share and adjusted diluted earnings per share ex<span class=\"_ _15\"></span>clude non-underlying items from earnings.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs34e\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34f\">Dividend distributions to the Company\u2019s equity holders are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs350\">recognised as a liability in the Group financial statements  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs351\">in the period in which the dividends are approved by the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs352\">Company\u2019s shareholders. </div>Accounting policy<span class=\"_ _30b\"> </span>Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate  of the consideration transferred and the amount recognised  for any non-controlling interests (plus any previous interest  held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired and  liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019<span class=\"_ _1\"></span>s  cash-generating units (CGUs) that are expected to benefit  from the combination.<span class=\"_ _30b\"> </span>Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of<span class=\"_ _1\"></span>, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _30b\"> </span>Purchased intangible assets<span class=\"_ _30b\"> </span>Purchased intangible assets are initially recognised at cost.  The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period ex<span class=\"_ _15\"></span>cess earnings method (MEEM) or relief from royalty<span class=\"_ _15\"></span>. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.<span class=\"_ _30b\"> </span>These assets are amortised as follows:<span class=\"_ _30b\"> </span>Assets<span class=\"_ _127\"> </span>Amortisation method<span class=\"_ _30b\"> </span>Amortisation period or useful economic life<span class=\"_ _30b\"> </span>Customer  and supplier relationships<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24e\"> </span>5 to 25 years<span class=\"_ _30b\"> </span>Brands<span class=\"_ _127\"> </span>S<span class=\"_ _1\"></span>traight-line basis<span class=\"_ _23d\"> </span>4 to 25 years<span class=\"_ _30b\"> </span>Databases  and content<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24f\"> </span>5 to 12 years<span class=\"_ _30b\"> </span>Software<span class=\"_ _1c5\"> </span>Straight-line basis or  reducing balance basis<span class=\"_ _30b\"> </span>10 to 15 years<span class=\"_ _30b\"> </span>Licences and intellectual property<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _250\"> </span>3 to 25 years<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs369\">The useful economic life and amortisation method are reviewed </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs36a\">at each balance sheet date. If there has been a change in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs36b\">expected useful economic life or the e<span class=\"_ _1\"></span>xpected pattern of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs36c\">consumption of future economic benefits embodied by an  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs36d\">asset, then the useful economic life or amortisation method is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs36e\">changed accordingly<span class=\"_ _15\"></span>. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs36f\">The Group considers the following indicators, as a minimum,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs370\">that may show that the useful economic life or amortisation </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs371\">method of an asset may require a change:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs372\"> <span class=\"_ _35\"></span>\u2014 whether there have been any changes to legal, regulatory or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs373\">contractual provisions;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs374\"> <span class=\"_ _35\"></span>\u2014 whether there has been any e<span class=\"_ _15\"></span>xperience in renewing or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs375\">extending related licensing agreements;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs376\"> <span class=\"_ _35\"></span>\u2014 whether the effects of obsolescence<span class=\"_ _1\"></span>, demand, competition or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs377\">maintenance may impact the life of the asset;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs378\"> <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected future performance of the business related to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs379\">the asset; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs37a\"> <span class=\"_ _35\"></span>\u2014 for customer and supplier relationship assets, the attrition  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs37b\">rate of customers versus initial expected attrition rates set  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs37c\">out at acquisition. </div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs37d\">Software and other<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs37e\">Internally developed software<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs37f\">Expenditure on internal product development, including </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs380\">expenditure related to cloud computing arrangements,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs381\">is capitalised if:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs382\"> <span class=\"_ _35\"></span>\u2014 the costs can be reliably measured; </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs383\"> <span class=\"_ _35\"></span>\u2014 the product or process is technically and commercially feasible; </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs384\"> <span class=\"_ _35\"></span>\u2014 future economic benefits are probable; and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs385\"> <span class=\"_ _35\"></span>\u2014 the Group has sufficient resources to complete the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs386\">development and to use or sell the asset.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs387\">The assets are initially recorded at cost, which includes labour<span class=\"_ _15\"></span>, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs388\">directly attributable costs and any third-party expenses. They are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs389\">then amortised over their useful economic lives of 3 to 12 years. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38a\">The majority of material assets are amortised over a life not </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38b\">ex<span class=\"_ _15\"></span>ceeding 5 years. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38c\">Third-party software costs for the development and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38d\">implementation of systems which enhance the services provided </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38e\">by the Group are capitalised and amortised over their estimated </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38f\">useful economic lives of 3 to 5 years.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs390\">Contract costs<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs391\">Incremental costs of obtaining a customer contract, such as sales </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs392\">commissions paid to employees, are recognised as an intangible </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs393\">asset if the benefit of such costs is expected to be longer than </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs394\">one year<span class=\"_ _15\"></span>. The asset is initially recognised at cost and is amortised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs395\">over the period that a customer benefits from the associated </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs396\">software technology supporting the underlying product or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs397\">service. The Group has determined this to be between  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs398\">3 and 5 years.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs399\">The Group recognises the incremental cost of obtaining  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs39a\">a contract as an expense when incurred, if the amortisation </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs39b\">period is less than one year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div>Impairment of intangible assets, including goodwill<span class=\"_ _30b\"> </span>Goodwill is tested for impairment annually<span class=\"_ _15\"></span>. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.<span class=\"_ _30b\"> </span>Intangible assets are assessed for any indicators of impairment  at each balance sheet date. If any indication e<span class=\"_ _1\"></span>xists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the  CGU to which the asset belongs.<span class=\"_ _30b\"> </span>An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Property<span class=\"_ _15\"></span>, plant and equipment<span class=\"_ _30b\"> </span>Property<span class=\"_ _15\"></span>, plant and equipment assets are recorded at cost less accumulated depreciation and accumulated impairment losses.<span class=\"_ _30b\"> </span>Land is not depreciated. Freehold buildings, plant and equipment  are depreciated to a residual value on a straight-line basis over their estimated useful economic lives as follows: <span class=\"_ _35\"></span>\u2014 Freehold buildings \u2013 30 to 50 years <span class=\"_ _35\"></span>\u2014 Plant and equipment \u2013 3 to 20 years<span class=\"_ _30b\"> </span>Leasehold improvements are recorded at cost and depreciated  to a residual value over the shorter of the period of the lease and  the useful economic life of the asset.<span class=\"_ _30b\"> </span>At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists,  the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal,  and its value-in-use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates  the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then  to reduce the carrying amounts of the other assets in the CGU on  a pro-rata basis<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs41e\">Right-of-use assets (leases)<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs41f\">The Group recognises a right-of-use asset where it has control of an </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs420\">asset for a period of more than 12 months. Assets are recorded initially </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs421\">at cost and depreciated on a straight-line basis over the shorter of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs422\">lease term and the estimated useful economic life. Cost is defined as </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs423\">the net present value of the initial lease liability plus any initial costs </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs424\">and dilapidation provisions less any lease incentives received.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs425\">The lease term is the non-cancellable term plus any periods for which </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs426\">the Group is reasonably certain to ex<span class=\"_ _15\"></span>ercise any extension options.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs427\">Where a property is no longer used by the business or there is  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs428\">surplus space, an impairment in the value of the right-of-use asset  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs429\">is recognised and the asset is recognised at its estimated  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs42a\">recoverable value.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs42b\">Where a lease is terminated early<span class=\"_ _15\"></span>, this is recognised as a disposal and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs42c\">any difference in value between the asset (being the carrying value of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs42d\">the right-of-use asset) and the liability (being the net present value of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs42e\">future lease obligation) is recognised as a profit or loss on disposal. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs42f\">Any penalty fees payable for early termination are recognised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs430\">directly in the income statement as an operating expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs43a\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs43b\">These financial assets are all recognised at <span class=\"ff73\">fair value through </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs43c\">other comprehensive income (FVOCI)<span class=\"ff74\">. See note 17 for the </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs43d\">relevant accounting policy<span class=\"_ _15\"></span>, specifically in relation to:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs43e\"> <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">equity instruments</span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs43f\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73 ws3a\"> debt <span class=\"_ _26c\"> </span>instruments<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs440\">Investments in equity instruments and convertible instruments </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs441\">(ex<span class=\"_ _15\"></span>cluding listed instruments) are classified as Level 3 (of the fair </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs442\">value hierarchy described in the accounting policy of note 17). </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs443\">Listed instruments are classified as Level 1.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs445\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs446\">For <span class=\"ff73\">defined contribution schemes</span>, the operating charge </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs447\">represents the contributions payable in the year and is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs448\">recognised in the income statement as incurred.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs449\">For the <span class=\"ff73\">defined benefit schemes</span> the income statement expense </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs44a\">is allocated between service cost and net finance expense<span class=\"_ _1\"></span>.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs44b\">The service charge represents benefits accruing to employees </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs44c\">and is included as an operating expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs44d\">Costs of future employee benefits are accrued over the period  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs44e\">in which employees earn the benefits. Scheme obligations and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs44f\">costs are determined on a regular basis by an independent </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs450\">qualified actuary<span class=\"_ _15\"></span>, in line with IAS 19 <span class=\"ff76\">Employee Benefits</span>, using the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs451\">projected unit credit method. The obligations are measured by </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs452\">discounting the best estimate of future cash flows to be paid out </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs453\">of the scheme and are reflected in the Group balance sheet.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs454\">Net interest is recognised within net finance costs, calculated  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs455\">by applying a discount rate to the net defined benefit asset or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs456\">liability at the start of each annual reporting period. The discount </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs457\">rate used is based on market interest rates of high-quality<span class=\"_ _15\"></span>, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs458\">fix<span class=\"_ _1\"></span>ed-rate debt securities adjusted to reflect the duration of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs459\">expected future cash outflows for pension benefit payments. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs45a\">The net asset or liability recognised on the balance sheet </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs45b\">comprises the difference between the present value of pension </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs45c\">obligations and the fair value of scheme assets.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs45d\">Actuarial gains and losses are recognised at each reporting date, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs45e\">net of tax, in the statement of comprehensive income. These </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs45f\">gains and losses arise from experience adjustments, changes  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs460\">in actuarial assumptions or differences between actual and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs461\">expected returns on assets.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs578\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs579\">T<span class=\"_ _15\"></span>rade receivables<span class=\"ff74\"> are initially recognised at the amount of the </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs57a\">consideration that is unconditionally due to the Group. They are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs57b\">subsequently measured at amortised cost, less any expected </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs57c\">credit loss (ECL). Our approach to calculating ECL provisions is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs57d\">described in note 17<span class=\"_ _2\"></span>. The creation and release of such provisions </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs57e\">are recognised in operating expenses in the income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs57f\">Fees receivable<span class=\"ff74\"> are recognised when the Group has an </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs580\">unconditional right to consideration in ex<span class=\"_ _15\"></span>change for goods  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs581\">or services transferred, but no fee invoice has been issued. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs582\">Amounts are transferred to trade receivables when an invoice </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs583\">has been issued.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs584\">Other receivables<span class=\"ff74\"> are initially recognised at fair value and </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs585\">subsequently at amortised cost, less any loss allowance as </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs586\">described in note 17<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs587\">When a receivable is no longer expected to be recovered, the full </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs588\">amount is written off<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>e will continue to seek recovery and any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs589\">subsequent amounts recovered against amounts previously </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs58a\">written off are recognised in the income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs58b\">See note 16.2 for the <span class=\"ff73\">net investment in leases</span> accounting  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs58c\">policy<span class=\"_ _15\"></span>, when the Group sub-lets property right-of-use assets  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs58d\">to a third-party<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs58e\">The Group has a tax indemnity agreement with Thomson Reuters </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs58f\">for any tax liabilities incurred and tax receivables due before </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs590\">Refinitiv (previously the Thomson R<span class=\"_ _15\"></span>euters Financial &amp; Risk </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs591\">Business) separated from Thomson Reuters on 1 October 2018. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs592\">The <span class=\"ff73\">tax indemnity receivable</span> is recognised for and measured  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs593\">on the same basis as the corresponding indemnified tax liabilities. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs594\">The indemnified tax liabilities are recognised within current tax </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs595\">payable in the balance sheet. When there is a change in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs596\">the indemnified tax liabilities, which is recognised within tax  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs597\">(as non-underlying) in the income statement, there is an  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs598\">offsetting change in the tax indemnity receivable. This change is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs599\">recognised within operating expenses in the income statement </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs59a\">and classified as non-underlying. (The tax indemnity payable is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs59b\">described in note 15.)<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs59c\">Contract assets<span class=\"ff74\"> are recognised when the Group has a </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs59d\">conditional right to consideration from a customer in ex<span class=\"_ _15\"></span>change  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs59e\">for goods or services transferred. Contract assets are transferred </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs59f\">to trade receivables when the entitlement to payment becomes </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5a0\">unconditional and only the passage of time is required before </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5a1\">payment is due.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs5ca\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs5cb\">T<span class=\"_ _15\"></span>rade payables<span class=\"ff74\"> are initially recognised at fair value, which is </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5cc\">usually the amount invoiced. They are subsequently measured  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5cd\">at amortised cost.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs5ce\">Accrued e<span class=\"_ _1\"></span>xpenses<span class=\"ff74\"> are recognised for goods and services </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5cf\">received before the end of the year for which no invoice has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d0\">been received. They are measured at amortised cost. </div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs5d1\">Contingent consideration<span class=\"ff74\">, resulting from business combinations </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d2\">sometimes arises when additional consideration to the sellers will </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d3\">need to be paid if certain performance targets for the business </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d4\">are achieved. Contingent consideration is valued at fair value at </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d5\">the acquisition date as part of the business combination. When </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d6\">the contingent consideration meets the definition of a financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d7\">liability<span class=\"_ _15\"></span>, it is subsequently remeasured to fair value through the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d8\">income statement at each reporting date. The fair value gain  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5d9\">or loss is classified as a non-underlying transaction cost in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5da\">income statement (see note 2.3). The fair value is calculated </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5db\">based on discounted cash flows. The key assumptions in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5dc\">calculating the fair value include the probability of meeting  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5dd\">each performance target and the discount factor<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5de\">T<span class=\"_ _2\"></span>rade and other payables include the <span class=\"ff73\">T<span class=\"_ _1\"></span>radeweb tax receivable </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs5df\">agreement liability<span class=\"ff74\">. In connection with T<span class=\"_ _2\"></span>radeweb's initial public </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e0\">offering (IPO), T<span class=\"_ _2\"></span>radeweb entered into a tax receivable agreement </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e1\">with the owners of T<span class=\"_ _2\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C (the \u201cLLC Owners<span class=\"_ _1\"></span>\u201d) </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e2\">immediately prior to T<span class=\"_ _2\"></span>radeweb\u2019s IPO<span class=\"_ _1\"></span>. Under the agreement, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e3\">T<span class=\"_ _2\"></span>radeweb is required to make cash payments to the LL<span class=\"_ _1\"></span>C Owners </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e4\">equal to 50% of the amount of any tax savings that T<span class=\"_ _2\"></span>radeweb </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e5\">realises as a result of certain future tax benefits to which it is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e6\">entitled. The T<span class=\"_ _2\"></span>radeweb tax receivable agreement liability is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e7\">measured at amortised cost.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws8 gs5e8\">As described in note 13, the Group has a tax indemnity agreement </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5e9\">with Thomson Reuters. The Group has a <span class=\"ff73\">tax indemnity payable</span> </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5ea\">to Thomson Reuters against a matching tax receivable which is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5eb\">recognised within current tax receivable in the balance sheet. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5ec\">The tax indemnity payable is measured on the same basis as  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5ed\">the indemnified tax receivable. When there is a change in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5ee\">indemnified tax receivable, which is recognised within tax  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5ef\">(as non-underlying) in the income statement, there is an offsetting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5f0\">change in the tax indemnity payable. This change is recognised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5f1\">within operating expenses in the income statement and classified </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5f2\">as non-underlying.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs606\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs607\">Borrowings are initially recorded at the fair value of amounts </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs608\">received, net of capitalised direct issue costs and arrangement </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs609\">fees (including upfront facility fees). </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs60a\">Subsequently<span class=\"_ _15\"></span>, these liabilities are carried at amortised cost. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs60b\">Interest payable on borrowings, direct issue costs and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs60c\">arrangement fees (including upfront facility fees) are recognised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs60d\">in the income statement over the period of the borrowings  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs60e\">using the effective interest method.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs60f\">Where borrowings are identified as a hedged item in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs610\">a designated fair value hedge relationship, fair value adjustments </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs611\">are recognised in accordance with our policy (see note 17).<span class=\"_ _30b\"> </span></div>Accounting policy<span class=\"_ _30b\"> </span>Group as lessee<span class=\"_ _30b\"> </span>When the Group leases an asset, at the lease commencement date a right-of-use asset is recognised for the leased item  (see note 10) and a lease liability is recognised for any lease payments to be paid over the lease term.<span class=\"_ _30b\"> </span>Lease liabilities<span class=\"_ _30b\"> </span>Lease liabilities are recognised at the net present value of the remaining future payments to be made over the lease term.<span class=\"_ _30b\"> </span>The net present value is determined using a discount rate equivalent to the incremental borrowing rate of the leasing  entity unless there is a rate implicit within the lease agreement. Subsequently<span class=\"_ _15\"></span>, the value of the discount is recognised over the life of the lease on a reducing balance basis as lease interest in finance cost.<span class=\"_ _30b\"> </span>The Group leases many properties around the world and lease terms vary from monthly up to 15 years. Many of these leases contain option clauses to extend the lease or break clauses to terminate the lease. The lease term recognised is the non-<span class=\"_ _30b\"> </span>cancellable period of the lease plus any periods for which the Group is reasonably certain of ex<span class=\"_ _15\"></span>ercising any extension options. The Group values its right-of-use assets and lease liabilities based on its intentions at the balance sheet date. Any change in these intentions is accounted for as a lease modification and the assets and liabilities are amended accordingly<span class=\"_ _15\"></span>. Any resulting effect on the net assets of the Group would not be significant.<span class=\"_ _30b\"> </span>V<span class=\"_ _15\"></span>ariable lease payments based on an index are estimated at the commencement date and revalued on an annual basis.<span class=\"_ _30b\"> </span>Lease payments due within 12 months are classified as current liabilities. Payments due after 12 months are classified as non-current liabilities.<span class=\"_ _30b\"> </span>Short-term leases and leases of low value assets<span class=\"_ _30b\"> </span>Rental costs for leased assets that are for less than 12 months  or are for assets with an individual value of less than \u00a35,000 are recognised directly in the income statement on a straight-line basis over the life of the lease.<span class=\"_ _30b\"> </span>Group as lessor<span class=\"_ _30b\"> </span>Finance leases<span class=\"_ _30b\"> </span>Where the Group sub-lets a property right-of-use asset for substantially all the useful life of that asset, this is recognised  as a finance lease. On commencement of a finance sub-lease,  the property right-of-use asset is treated as disposed of and  a net investment in lease, equivalent to the net present value  of the future rent receipts is recognised as a receivable on  the balance sheet (see note 13). The value of the discount is recognised over the life of the sub-lease on a reducing balance basis as interest income in finance income.<span class=\"_ _30b\"> </span>Where the value of the receipts from the sub-lease is lower than the amount payable on the head-lease, we recognise a loss  on disposal of the right-of-use asset in the income statement.<span class=\"_ _30b\"> </span>Operating leases<span class=\"_ _30b\"> </span>A right-of-use asset that is sub-let for less than its expected useful life is recognised as an operating lease and rental income is recognised as received in other income. W<span class=\"_ _1\"></span>e continue to recognise the property right-of-use asset on the consolidated balance sheet.<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs69e\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs69f\">Recognition and measurement<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs6a0\">Financial assets and financial liabilities<span class=\"ff74\"> are initially recognised  </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a1\">at fair value. The Group classifies its financial instruments at: </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a2\">amortised cost; fair value through other comprehensive income </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a3\">(FVOCI); or fair value through profit or loss (FVPL). The </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a4\">classification depends on the Group\u2019<span class=\"_ _1\"></span>s business model for </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a5\">managing its financial instruments and whether or not the cash </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a6\">flows generated are \u201csolely payments of principal and interest\u201d<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs6a7\">Financial assets</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a8\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at amortised cost </span>are financial assets that  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6a9\">are held in order to collect the contractual cash flows and the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6aa\">contractual terms give rise to cash flows that are solely </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ab\">payments of principal and interest. These include: cash and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ac\">cash equivalents; trade and other receivables; clearing </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ad\">member trading balances relating to certain collateralised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ae\">transactions; and other receivables from clearing members  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6af\">of the CCP businesses. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b0\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 debt instruments <span class=\"ff74\">are assets </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b1\">where the objective is achieved by both collecting the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b2\">contractual cash flows and selling the asset. The contractual </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b3\">cash flows received are solely payments of principal and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b4\">interest. They include quoted debt instruments (predominantly </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b5\">government bonds) held by the CCP businesses, which are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b6\">used under the business model to both collect the contractual </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b7\">cash flows and, on occasion, to profit from their sale.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b8\">Interest received from these assets is recognised in the income </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6b9\">statement as finance income. Where negative interest rates </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ba\">apply<span class=\"_ _15\"></span>, the interest is recognised in finance expense. Any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6bb\">accumulated profit or loss previously recognised in other </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6bc\">comprehensive income is recycled to the income statement  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6bd\">on derecognition of the asset.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6be\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 equity instruments <span class=\"ff74\">are strategic </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6bf\">equity investments which are held for the long-term but do not </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c0\">give the Group control or significant influence. The Group has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c1\">irrevocably elected to classify these investments as FVOCI. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c2\">Dividends received from these investments are recognised in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c3\">the income statement within other income when the right of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c4\">receipt has been established. Accumulated gains or losses on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c5\">equity instruments remain in equity on derecognition and are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c6\">not recycled through the income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c8\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> include all other financial assets not </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6c9\">classified as amortised cost or FVOCI. They include CCP </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ca\">businesses\u2019 clearing member trading balances comprising </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6cb\">derivatives, as well as equity and debt instruments that are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6cc\">marked to mark<span class=\"_ _1\"></span>et on a daily basis.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs6cd\">Financial liabilities</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ce\"> <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">Financial liabilities at FVPL<span class=\"ff74\"> include the CCP businesses<span class=\"_ _1\"></span>\u2019 </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6cf\">clearing member trading balances, comprising derivatives,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d0\">as well as equity and debt instruments that are marked to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d1\">market on a daily basis.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d2\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial liabilities at amortised cost </span>are all financial liabilities </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d3\">that are not classified as financial liabilities at FVPL. They </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d4\">include trade and other payables, borrowings and other </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d5\">payables to clearing members.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs6d6\">Impairment<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d7\">The Group adopts a forward-looking approach to estimating </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d8\">impairment losses on financial assets. An expected credit loss </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6d9\">(ECL) arises if the expected cash flows are lower than the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6da\">contractual cash flows due. The difference is discounted at the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6db\">asset\u2019s original effective interest rate and recognised as an </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6dc\">impairment of the original value of the asset.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6dd\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at amortised cost </span>\u2013 the ECL for trade </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6de\">receivables (including fees receivable), contract assets, and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6df\">lease receivables is derived using the simplified approach  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e0\">in IFRS 9 <span class=\"ff76\">Financial Instruments</span> to calculate a lifetime ECL.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e1\">The allowance is based on historical experience of collection </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e2\">rates, adjusted for forward-looking factors specific to each </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e3\">counterparty and the economic environment at large,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e4\">to create an expected loss matrix.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e5\">The ECL on other financial assets held at amortised cost is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e6\">measured using the general approach. An allowance is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e7\">calculated based on the 12-month ECL at each reporting  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e8\">date unless there is a significant increase in the financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6e9\">instrument\u2019s credit risk, in which case a loss allowance based </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ea\">on the lifetime ECL is calculated.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6eb\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 debt instruments<span class=\"ff74\"> held at FVOCI </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ec\">comprise high-quality government bonds that have a low credit </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ed\">risk. The Group\u2019<span class=\"_ _1\"></span>s policy is to calculate a 12-month ECL on  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ee\">these assets. If there is a significant increase in credit risk,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ef\">then a lifetime ECL will be recognised. A significant increase in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f0\">credit risk is considered to have occurred when contractual </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f1\">payments are more than 30 days past due.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f2\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 equity instruments<span class=\"ff74\"> are revalued </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f3\">to fair value on a regular basis.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f4\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> \u2013 no ECL is calculated for assets held </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f5\">at FVPL as any expected loss is already recognised in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f6\">recorded fair value of the asset.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs6f8\">Offsetting<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6f9\">Financial assets and financial liabilities are offset and the net </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6fa\">amount reported in the balance sheet when there is a legally </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6fb\">enforceable right to offset the recognised amounts and there is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6fc\">an intention to settle on a net basis, or to realise the asset and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6fd\">settle the liability simultaneously<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs6fe\">Fair value hierarchy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs6ff\">The Group uses the following valuation hierarchy for determining </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs700\">and disclosing the fair value of financial instruments:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs701\"> <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 1: quoted (unadjusted) prices in active markets for </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs702\">identical assets or liabilities;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs703\"> <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 2: other techniques for which all inputs which have a </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs704\">significant effect on the recorded fair value are observable, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs705\">either directly or indirectly; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs706\"> <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 3: techniques which use inputs, which have a significant </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs707\">effect on the recorded fair value, that are not based on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs708\">observable market data.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs709\">For Level 1, the fair value is based on mark<span class=\"_ _1\"></span>et price quotations at </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs70a\">the reporting date. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs70b\">For assets and liabilities classified as Level 2, the fair value is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs70c\">calculated using one or more valuation techniques (e.g. the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs70d\">market approach or the income approach) with mark<span class=\"_ _1\"></span>et </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs387\">observable inputs. The selection of the appropriate valuation </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs388\">techniques may be affected by the availability and reliability of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs389\">the relevant inputs. The inputs may include currency rates, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38a\">interest rates, forward rate curves, and net asset values.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs70e\">When observable market data is not available<span class=\"_ _1\"></span>, the Group uses </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38c\">one or more valuation techniques for which sufficient and reliable </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38d\">data is available. The inputs used in estimating the fair value of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38e\">Level 3 financial instruments typically include e<span class=\"_ _1\"></span>xpected timing and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs38f\">amount of future cash flows, timing of settlement, discount rates </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs70f\">and the net asset values of certain investments.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs391\">The Group determines whether a transfer between levels has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs392\">occurred by reviewing the categorisation of assets and liabilities </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs393\">at the end of each reporting period, based on the lowest level </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs394\">input that is significant to the valuation.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs710\">Derivative financial instruments and hedging activities<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs711\">Derivatives are initially recognised at fair value on the date  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs712\">a derivative contract is entered into and are subsequently </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs713\">remeasured to their fair value at regular intervals. The method  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs399\">of recognising any resulting measurement gain or loss depends </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs39a\">on whether or not the derivative is designated as a hedging </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs39b\">instrument and the nature of the item being hedged.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs715\">The Group uses foreign ex<span class=\"_ _15\"></span>change forward contracts to manage </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs716\">its foreign ex<span class=\"_ _15\"></span>change risk. It enters into a series of ex<span class=\"_ _1\"></span>change </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs717\">contracts to purchase or sell certain currencies against sterling </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs718\">and US dollars in the future at fix<span class=\"_ _1\"></span>ed amounts. The Group has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs719\">embedded foreign currency derivatives, primarily in revenue </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs71a\">contracts where the currency of the contract is different from the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs71b\">functional or local currencies of the parties involved. The Group </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs71c\">records these derivative instruments at fair value in the balance </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs71d\">sheet as either assets or liabilities. Changes in fair value are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs71e\">recognised in the income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs71f\">The Group hedges a proportion of its net investment in foreign </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs720\">subsidiaries by designating some euro and US dollar borrowings </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs721\">and derivative instruments as net investment hedges. Any gain or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs722\">loss on the hedging instrument relating to the effective portion of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs723\">the hedge is recognised in other comprehensive income and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs724\">remains in the hedging reserve until the underlying asset or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs725\">liability is derecognised.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs726\">As part of the Group\u2019<span class=\"_ _1\"></span>s interest rate management policy  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs727\">(see note 17<span class=\"_ _2\"></span>.5), the Group enters into derivative instruments to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs728\">convert a portion of its fix<span class=\"_ _1\"></span>ed rate debt into floating rate debt. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs729\">These derivative instruments have been designated as fair value </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs72a\">hedges. The carrying value of the hedged item is adjusted for  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs72b\">fair value changes attributable to the risk being hedged, with the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs72c\">corresponding entry recorded in the income statement. Changes </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs72d\">in fair value of the derivative instruments are also recognised in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs72e\">the income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs72f\">In order to qualify for hedge accounting, a transaction must meet </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs730\">strict criteria regarding documentation, effectiveness, probability </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs731\">of occurrence and reliability of measurement. W<span class=\"_ _1\"></span>e document the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs732\">relationship between hedging instruments and hedged items at </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs733\">the inception of the transaction, as well as documenting the risk </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs734\">management objectives and strategy for undertaking various </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs735\">hedging transactions. The effectiveness of the hedge is tested at </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs736\">each reporting date and at the commencement and conclusion  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs737\">of any hedge in order to verify that it continues to satisfy all  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs738\">the criteria for hedge accounting. Any ineffective portion is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs739\">recognised in the income statement as finance income  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs73a\">or expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs73b\">Amounts that have accumulated through other comprehensive </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs73c\">income in the hedging reserve are recognised in the income </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs73d\">statement in the period when the hedged item affects profit or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs73e\">loss (for example<span class=\"_ _1\"></span>, when the forecast transaction that is hedged </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs73f\">takes place). When a hedging instrument e<span class=\"_ _1\"></span>xpires or is sold, or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs740\">when a hedge no longer meets the criteria for hedge accounting, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs741\">any cumulative gain or loss remains in the hedging reserve:  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs742\">it is only recognised in the income statement when the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs743\">forecast transaction itself is ultimately recognised in the income </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs744\">statement. When a forecast transaction is no longer expected  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs745\">to occur<span class=\"_ _15\"></span>, the cumulative gain or loss that was reported through </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs746\">other comprehensive income is immediately recognised in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs747\">income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs748\">The profit or loss on a derivative which is not designated  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs749\">as a hedging instrument is recognised directly in the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs74a\">income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs81a\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs81b\">The Group reports financial assets and financial liabilities  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs81c\">on a net basis on the balance sheet where there is a legally </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs81d\">enforceable right to offset the recognised amounts and there  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs81e\">is an intention to settle on a net basis, or to realise the asset and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs81f\">settle the liabilities simultaneously<span class=\"_ _30b\"> </span><span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs821\">The Group applies the rules of legal right of set off and intent to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs822\">net settle within its clearing member balances. The carrying values  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs823\">of the balances are offset at an appropriate level to arrive at the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs824\">net balances reported in the balance sheet. The approach adopted </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs825\">is reviewed on a regular basis to ensure it remains the most </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs826\">appropriate. Any change in approach would not materially affect  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs827\">the net assets of the Group.<span class=\"_ _30b\"> </span></div>Accounting policy<span class=\"_ _30b\"> </span>The <span class=\"ff73\">share capital</span> of the Company is the number of shares in issue  at their par value. It consists of balances relating to the Company\u2019<span class=\"_ _1\"></span>s ordinary equity shares, own shares held by the Employee Benefit T<span class=\"_ _2\"></span>rust (EBT) and any treasury shares held by the Company<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Shares acquired by the Company from the open market as part of share buyback programmes are referred to as treasury shares and are held by the Company<span class=\"_ _15\"></span>. The consideration payable is deducted from retained earnings. The par value of purchased treasury shares is recorded as a transfer from the Company\u2019s ordinary equity shares to treasury shares within share capital. No gain or loss is recognised by the Company in the income statement on the purchase, sale, issue or cancellation of the Company\u2019s treasury shares or of own shares held by the EBT<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs847\">When the Company issues new shares to the EBT at par<span class=\"_ _2\"></span>, the share </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs848\">capital of the Company is increased by the par value of these own </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs849\">shares, and a corresponding deduction or debit is recorded in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs84a\">share-based payment reserve.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs84b\">The Company may also issue new shares to the EBT to satisfy </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs84c\">vesting of specific employee share schemes. These shares may be </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs84d\">issued at a subscription price above par value, reflecting the option </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs84e\">cost payable by the participant in the employee share scheme. In </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs84f\">such instances, the share capital of the Company is increased by  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs850\">the par value of these own shares and the difference between the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs851\">subscription price and the par value is recorded in share premium.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws8 gs852\">A corresponding deduction or debit is recognised in the share-based </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs853\">payment reserve.<span class=\"_ _30b\"> </span></div>Accounting policy<span class=\"_ _30b\"> </span>Non-controlling interests<span class=\"_ _30b\"> </span>The Group recognises non-controlling interests in a business either at fair value or at the non-controlling interest's proportionate share of the net assets. This treatment is determined on an acquisition-by-acquisition basis. After initial recognition, the carrying value of the non-controlling interest is adjusted for any changes in equity and the total comprehensive income attributable to the non-controlling interest holders,  less dividends paid.<span class=\"_ _30b\"> </span>Change in the ownership interest of a subsidiary company<span class=\"_ _15\"></span>, without loss of control<span class=\"_ _30b\"> </span>For acquisitions or disposals of non-controlling interests where control of the subsidiary remains with the Group, the difference between any consideration paid or received, and the relevant share of net assets acquired or sold, is recognised in equity<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs8d6\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8d7\">The Group issues equity-settled share-based awards to certain </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8d8\">employees. The share-based payment expense recognised in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8d9\">the income statement is determined by the fair value (using  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8da\">a stochastic valuation model) of the options granted or shares </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8db\">awarded at the date of grant. The calculated expenses are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8dc\">recognised over the relevant vesting periods.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8dd\">The fair value of the awards granted:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8de\"> <span class=\"_ _35\"></span>\u2014 includes any mark<span class=\"_ _1\"></span>et performance conditions (for e<span class=\"_ _1\"></span>xample,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8df\">T<span class=\"_ _2\"></span>otal Shareholder R<span class=\"_ _1\"></span>eturn (TSR)); and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e0\"> <span class=\"_ _35\"></span>\u2014 e<span class=\"_ _15\"></span>xcludes the impact of any service and non-market </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e1\">performance vesting conditions (for example<span class=\"_ _1\"></span>, the need  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e2\">to remain an employee for a specified period of time).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e3\">In the very few countries where the Group cannot issue  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e4\">equity-settled awards due to local restrictions, cash-settled </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e5\">share-based awards are issued instead.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs924\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs925\">Business combinations are accounted for using the  </div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs926\">acquisition method:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs927\"> <span class=\"_ _35\"></span>\u2014 The cost of an acquisition is measured as the aggregate of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs928\">consideration transferred and any contingent consideration, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs929\">which are measured at fair value, and the value of any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs92a\">non-controlling interests in the acquiree.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs92b\"> <span class=\"_ _35\"></span>\u2014 On an acquisition-by-acquisition basis, the Group elects </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs92c\">whether to measure the non-controlling interests in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs92d\">acquiree, if any<span class=\"_ _15\"></span>, at fair value or at the proportionate share  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs92e\">of the acquiree\u2019<span class=\"_ _1\"></span>s identifiable net assets (see note 19).</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs92f\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Identifiable assets, liabilities and contingent liabilities</span> </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs930\">acquired are measured at fair value at acquisition date.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs931\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Goodwill</span> is initially measured at the amount by which the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs932\">aggregate of the consideration transferred and the amount </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs933\">recognised for non-controlling interests (plus any previous </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs934\">interest held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs935\">and liabilities assumed.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs936\">W<span class=\"_ _1\"></span>e evaluate the nature of any compensation for the selling </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs937\">shareholders' continuing employment to determine if any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs938\">contingent payments are for post-combination employee </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs939\">services. These are ex<span class=\"_ _15\"></span>cluded from consideration and together </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs93a\">with other acquisition-related costs are classified as  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs93b\">non-underlying transaction costs in the income statement  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs93c\">(see note 2.3).<span class=\"_ _30b\"> </span></div>Accounting policy<span class=\"_ _30b\"> </span>An operation is regarded as a <span class=\"ff73\">discontinued operation</span> if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are ex<span class=\"_ _15\"></span>cluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "1.<span class=\"_ _2\"></span>1 Compliance with International Financial Reporting  Standards (IFRS)<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s consolidated financial statements are prepared in accordance with UK<span class=\"_ _1\"></span>-adopted international accounting standards  which are endorsed by the UK Endorsement Board.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-599": {
   "value": "1.2 Basis of preparation<span class=\"_ _30b\"> </span>The financial statements are prepared under the historical cost basis ex<span class=\"_ _15\"></span>cept for derivative financial instruments, debt and equity financial assets and contingent consideration which are measured at fair value.<span class=\"_ _30b\"> </span>Going concern The financial statements have been prepared on a going concern basis.<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s business activities (together with the factors likely to affect its future development, performance and position), its objectives, policies in managing risk and its capital are set out in the Strategic Report on pages 2 to 89<span class=\"_ _15\"></span>. In addition: <span class=\"_ _35\"></span>\u2014 the Group<span class=\"_ _1\"></span>\u2019s borrowing facilities and respective repayment dates,  and the net debt position of the Group, are included in note 16; and <span class=\"_ _35\"></span>\u2014 the financial risk management objectives and policies of the Group<span class=\"_ _1\"></span>, together with its exposure to capital, credit and concentration, country<span class=\"_ _15\"></span>, liquidity<span class=\"_ _1\"></span>, settlement, custodial and market risk are discussed in note 17<span class=\"_ _2\"></span>.5.<span class=\"_ _30b\"> </span>Business planning process<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s forecasting and planning process includes the Group\u2019<span class=\"_ _1\"></span>s three-year business plan. The business plan makes certain assumptions about the performance of the core revenue streams and segments,  the use of existing product lines and the tak<span class=\"_ _1\"></span>e up of new product lines.  It also makes assumptions on appropriate levels of investment to support expected performance<span class=\"_ _1\"></span>, known inorganic activity<span class=\"_ _15\"></span>, the ability to refinance debt as required and expected returns to shareholders.<span class=\"_ _30b\"> </span>Performance management<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s performance is analysed monthly by management.  Monthly results are reviewed and compared against the business plan, and previous and updated full year forecasts are also assessed. K<span class=\"_ _1\"></span>ey variances and associated drivers are reviewed and reported upon.<span class=\"_ _30b\"> </span>Cash flows and liquidity headroom<span class=\"_ _30b\"> </span>When performing our going concern assessment, the main factors considered are forecasts of the Group\u2019<span class=\"_ _1\"></span>s cash flow and liquidity headroom (defined as undrawn committed facilities less issued commercial paper plus available cash), both of which are outputs of  the business plan. The business plan is stress tested using severe but plausible downside scenarios as determined by the Financial Risk Committee over the full three-year plan period. The impact of these stress tests on the performance of core revenue streams and segments is modelled, with appropriate mitigating factors also considered. The outputs of this stress-testing on the Group\u2019<span class=\"_ _1\"></span>s cash flow and liquidity  are then evaluated against thresholds set by the Group\u2019<span class=\"_ _1\"></span>s risk appetite. These thresholds include liquidity headroom and leverage ratio (operating net debt to adjusted earnings before interest, tax, depreciation, amortisation and impairment (EBITD<span class=\"_ _1\"></span>A) and before  foreign ex<span class=\"_ _15\"></span>change gains or losses).<span class=\"_ _30b\"> </span>The scenarios modelled are included in the viability statement on  page 89<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>No scenario over the three-year period leads to a breach in the Group\u2019<span class=\"_ _1\"></span>s risk appetite thresholds or would mean the Group is unable to meet its obligations as a result of insufficient liquidity<span class=\"_ _15\"></span>. A reverse stress test has also been completed, to evaluate the  financial impacts that would breach the Group\u2019<span class=\"_ _1\"></span>s risk appetite thresholds. W<span class=\"_ _1\"></span>e concluded that the scenarios required to breach the thresholds  are all deemed improbable.<span class=\"_ _30b\"> </span>Conclusion<span class=\"_ _30b\"> </span>The Directors, therefore, consider there to be no material uncertainties that may cast significant doubt on the Group'<span class=\"_ _1\"></span>s ability to continue to operate as a going concern. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the date when these financial statements are authorised for issue. Accordingly<span class=\"_ _15\"></span>, the going concern basis has been adopted in the preparation of these financial statements.<span class=\"_ _30b\"> </span>Presentation of income statement<span class=\"_ _30b\"> </span>The Group uses a columnar format for the presentation of its consolidated income statement to separately identify results before  non-underlying items (\u201cadjusted\u201d). This is consistent with the way that financial performance is measured by management and reported to  the Ex<span class=\"_ _1\"></span>ecutive Committee and Board (see note 2).<span class=\"_ _30b\"> </span>Current and non-current classification<span class=\"_ _30b\"> </span>The Group presents assets and liabilities in the balance sheet based  on current and non-current classification. An asset is current when it is: <span class=\"_ _35\"></span>\u2014 Held primarily for trading purposes; <span class=\"_ _35\"></span>\u2014 Expected to be realised within one year from the reporting date; <span class=\"_ _35\"></span>\u2014 Expected to be realised or intended to be sold or consumed in  the course of the Group\u2019<span class=\"_ _1\"></span>s operating cycle; or <span class=\"_ _35\"></span>\u2014 Cash or cash equivalents.<span class=\"_ _30b\"> </span>All other assets are classified as non-current.<span class=\"_ _30b\"> </span>A liability is current when it is: <span class=\"_ _35\"></span>\u2014 Held primarily for trading purposes; <span class=\"_ _35\"></span>\u2014 Expected to be settled in the course of the Group<span class=\"_ _1\"></span>\u2019s operating  cycle; or  <span class=\"_ _35\"></span>\u2014 Due to be settled within one year from the reporting date<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>All other liabilities are classified as non-current.<span class=\"_ _30b\"> </span>Deferred tax assets and liabilities are classified as non-current assets and liabilities.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-629": {
   "value": "Going concern The financial statements have been prepared on a going concern basis.<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s business activities (together with the factors likely to affect its future development, performance and position), its objectives, policies in managing risk and its capital are set out in the Strategic Report on pages 2 to 89<span class=\"_ _15\"></span>. In addition: <span class=\"_ _35\"></span>\u2014 the Group<span class=\"_ _1\"></span>\u2019s borrowing facilities and respective repayment dates,  and the net debt position of the Group, are included in note 16; and <span class=\"_ _35\"></span>\u2014 the financial risk management objectives and policies of the Group<span class=\"_ _1\"></span>, together with its exposure to capital, credit and concentration, country<span class=\"_ _15\"></span>, liquidity<span class=\"_ _1\"></span>, settlement, custodial and market risk are discussed in note 17<span class=\"_ _2\"></span>.5.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "1.3 Basis of consolidation<span class=\"_ _30b\"> </span>The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated  from the date on which control is obtained by the Group. They are deconsolidated from the date on which control ceases. 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. The results of subsidiaries are consolidated for the period to 31 December<span class=\"_ _15\"></span>, even if the subsidiary\u2019s financial year-end is different.<span class=\"_ _30b\"> </span>The principal operating subsidiaries of the Group are given below  and a full list of subsidiaries is given in note 10<span class=\"_ _1\"></span>.<span class=\"_ _15\"></span>1 of the Company  financial statements.<span class=\"_ _30b\"> </span><table class=\"s w208 hdc\" id=\"_ad69ee4e-8008-4fde-a944-a6b7c560af9b\"><tr><td></td><td></td><td class=\"t m0 x3f9 h4d y24cc ff73 fsf fc0 sc0 ls0 ws0\">Country of </td><td class=\"t m0 x3fa h4d y24cc ff73 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td></td><td></td><td class=\"t m0 x3fb h4d y24cd ff73 fsf fc0 sc0 ls0 ws0\">incorporation </td><td class=\"t m0 x3fc h4d y24cd ff73 fsf fc0 sc0 ls0 ws0\">ultimate </td></tr><tr><td></td><td></td><td class=\"t m0 x3fd h4d y24ce ff73 fsf fc0 sc0 ls0 ws0\">and principal </td><td class=\"t m0 x3fe h4d y24ce ff73 fsf fc0 sc0 ls0 ws0\">economic </td></tr><tr><td class=\"c n x17e y24cf w209 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Name<span class=\"_ _30b\"> </span></div></td><td class=\"c n x3ff y24cf w20a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Principal activity</div></td><td class=\"t m0 x3f9 h4d y24d0 ff73 fsf fc0 sc0 ls0 ws0\">operations<span class=\"_ _30b\"> </span></td><td class=\"t m0 x400 h4d y24d0 ff73 fsf fc0 sc0 ls0 ws0\">interest %<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24d1 ff74 fsf fc0 sc0 ls0 ws0\">Banque Centrale de </td><td class=\"t m0 x401 h4d y24d1 ff74 fsf fc0 sc0 ls0 ws0\">CCP clearing </td><td class=\"c n x402 y24d2 w20b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">France<span class=\"_ _30b\"> </span></div></td><td class=\"c n x403 y24d2 w20c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">82.61<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y24d3 ff74 fsf fc0 sc0 ls0 ws0\">Compensation SA (L<span class=\"_ _1\"></span>CH SA)<span class=\"_ _30b\"> </span></td><td class=\"t m0 x401 h4d y24d3 ff74 fsf fc0 sc0 ls0 ws0\">services<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y24d4 ff74 fsf fc0 sc0 ls0 ws0\">Financial &amp; Risk </td><td class=\"c n x404 y24d5 w20d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">IP owner<span class=\"_ _30b\"> </span></div></td><td class=\"c n x405 y24d5 w20e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">England &amp;</div></td><td class=\"t m0 x406 h4d y24d4 ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24d6 ff74 fsf fc0 sc0 ls0 ws0\">Organisation Limited<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x407 h4d y24d6 ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y24d7 w20f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Frank Russell Company<span class=\"_ _30b\"> </span></div></td><td class=\"c n x408 y24d7 w210 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Market indices<span class=\"_ _30b\"> </span></div></td><td class=\"c n x409 y24d7 w211 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40a y24d7 w212 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24d8 ff74 fsf fc0 sc0 ls0 ws0\">provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24d9 w213 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">FTSE International Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40b y24d9 w210 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Market indices<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x40c h4d y24da ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x406 h4d y24da ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24db ff74 fsf fc0 sc0 ls0 ws0\">provider<span class=\"_ _30b\"> </span></td><td class=\"t m0 x407 h4d y24db ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y24dc w214 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _1\"></span>CH Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40d y24dc w215 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">CCP clearing<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x40c h4d y24dd ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x40e h4d y24dd ff74 fsf fc0 sc0 ls0 ws0\">82.61<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24de ff74 fsf fc0 sc0 ls0 ws0\">services<span class=\"_ _30b\"> </span></td><td class=\"t m0 x407 h4d y24de ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">London S<span class=\"_ _1\"></span>tock  </td><td class=\"t m0 x401 h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">Recognised </td><td class=\"t m0 x40c h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x406 h4d y24df ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24e0 ff74 fsf fc0 sc0 ls0 ws0\">Ex<span class=\"_ _1\"></span>change plc<span class=\"_ _30b\"> </span></td><td class=\"t m0 x401 h4d y24e0 ff74 fsf fc0 sc0 ls0 ws0\">investment </td><td class=\"t m0 x407 h4d y24e0 ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e1 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24e2 w216 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Asia Pte L<span class=\"_ _15\"></span>td<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40f y24e2 w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x410 y24e2 w218 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Singapore<span class=\"_ _30b\"> </span></div></td><td class=\"c n x411 y24e2 w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e3 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24e4 w219 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv France S<span class=\"_ _1\"></span>AS<span class=\"_ _30b\"> </span></div></td><td class=\"c n x412 y24e4 w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x402 y24e4 w20b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">France<span class=\"_ _30b\"> </span></div></td><td class=\"c n x413 y24e4 w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e5 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24e6 w21a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Germany GmbH<span class=\"_ _30b\"> </span></div></td><td class=\"c n x414 y24e6 w21b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Mark<span class=\"_ _1\"></span>et and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x415 y24e6 w21c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Germany<span class=\"_ _30b\"> </span></div></td><td class=\"c n x416 y24e6 w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24e7 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Hong K<span class=\"_ _15\"></span>ong  </td><td class=\"t m0 x401 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">Market and financial </td><td class=\"t m0 x417 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">Jersey<span class=\"_ _30b\"> </span></td><td class=\"t m0 x406 h4d y24e8 ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y24e9 ff74 fsf fc0 sc0 ls0 ws0\">Limited<span class=\"_ _30b\"> </span></td><td class=\"t m0 x401 h4d y24e9 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24ea w21d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Japan KK<span class=\"_ _30b\"> </span></div></td><td class=\"c n x418 y24ea w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x419 y24ea w21e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Japan<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41a y24ea w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24eb ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24ec w21f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x418 y24ec w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial</div></td><td class=\"t m0 x40c h4d y24ed ff74 fsf fc0 sc0 ls0 ws0\">England &amp; </td><td class=\"t m0 x406 h4d y24ed ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24ee ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td class=\"t m0 x407 h4d y24ee ff74 fsf fc0 sc0 ls0 ws0\">Wales<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y24ef w220 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv US LL<span class=\"_ _15\"></span>C<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41b y24ef w217 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Market and financial<span class=\"_ _30b\"> </span></div></td><td class=\"c n x409 y24ef w211 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x40a y24ef w212 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100.00<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24f0 ff74 fsf fc0 sc0 ls0 ws0\">data provider<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y24ca w221 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb Markets LL<span class=\"_ _15\"></span>C<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41c y24ca w222 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Multilateral trading<span class=\"_ _30b\"> </span></div></td><td class=\"c n x409 y24ca w211 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x41d y24ca w223 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">51.01<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x401 h4d y24f1 ff74 fsf fc0 sc0 ls0 ws0\">facility<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Operates in Hong Kong.<span class=\"_ _30b\"> </span>The acquisition method of accounting is used by the Group to account for business combinations (see note 21). Non-controlling interests  in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, balance sheet and statement of changes in equity (see note 19).<span class=\"_ _30b\"> </span>Intercompany transactions and balances between group companies  are eliminated on consolidation. Where necessary<span class=\"_ _15\"></span>, adjustments are made to the results of subsidiaries and associates to bring their accounting policies in line with those of the Group.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "1.4 Foreign currencies<span class=\"_ _30b\"> </span>Functional and presentation currency<span class=\"_ _30b\"> </span>The consolidated financial statements are presented in sterling,  which is also the functional currency of London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group plc, the Company<span class=\"_ _15\"></span>. The Group determines the functional currency  for each of its subsidiary entities and items included in the financial statements of each entity are measured using that functional currency<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>ransactions and balances in foreign currencies<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>ransactions in foreign currencies are initially recorded and translated into the functional currency of the relevant Group entity at the ex<span class=\"_ _15\"></span>change rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency of the entity at the ex<span class=\"_ _15\"></span>change rate prevailing at the reporting date. Foreign ex<span class=\"_ _15\"></span>change gains and losses resulting from the settlement of such foreign currency transactions or from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, either within operating expenses or finance income or costs, depending on the nature of the item or transaction.<span class=\"_ _30b\"> </span>Non-monetary items measured at historical cost are not retranslated. Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the ex<span class=\"_ _15\"></span>change rate at the date when the fair value was determined. The foreign ex<span class=\"_ _15\"></span>change gain or loss on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. This means: <span class=\"_ _35\"></span>\u2014 foreign e<span class=\"_ _15\"></span>xchange gains and losses on non-monetary assets and liabilities held at fair value through profit or loss are recognised  in the income statement (within operating expenses); and <span class=\"_ _35\"></span>\u2014 foreign e<span class=\"_ _15\"></span>xchange gains and losses on non-monetary assets classified as at fair value through other comprehensive income are recognised in other comprehensive income.<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>ranslation of non-sterling entities on consolidation<span class=\"_ _30b\"> </span>The results and financial position of all Group entities that have  a non-sterling functional currency are translated into sterling on consolidation into the Group\u2019<span class=\"_ _1\"></span>s results as follows: <span class=\"_ _35\"></span>\u2014 assets and liabilities (including goodwill, purchased intangible  assets and fair value adjustments<span class=\"_ _30b\"> </span>1) are translated at the reporting  date ex<span class=\"_ _15\"></span>change rates; <span class=\"_ _35\"></span>\u2014 income and e<span class=\"_ _15\"></span>xpenses and other comprehensive income are translated at the average ex<span class=\"_ _15\"></span>change rate for each month. Where this average is not a reasonable appro<span class=\"_ _1\"></span>ximation of the rate prevailing on the date of a material transaction, these items are translated at the rate on the date of the transaction; and <span class=\"_ _35\"></span>\u2014 all resulting e<span class=\"_ _15\"></span>xchange differences are recognised in other comprehensive income.<span class=\"_ _30b\"> </span>On consolidation, ex<span class=\"_ _15\"></span>change differences arising from the translation of net investments in foreign operations, borrowings and other currency instruments designated as hedging instruments (see note 17<span class=\"_ _2\"></span>.4) are recognised in other comprehensive income. On disposal of a foreign currency operation, the cumulative ex<span class=\"_ _15\"></span>change differences previously recognised in other comprehensive income relating to that operation are reclassified to the income statement as part of the profit or loss  on disposal.<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Any goodwill and any fair value adjustments to the carrying amounts of assets and liabilities on the acquisition of a foreign operation are treated as assets and liabilitie",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-630": {
   "value": "Functional and presentation currency<span class=\"_ _30b\"> </span>The consolidated financial statements are presented in sterling,  which is also the functional currency of London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group plc, the Company<span class=\"_ _15\"></span>. The Group determines the functional currency  for each of its subsidiary entities and items included in the financial statements of each entity are measured using that functional currency<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-602": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gscd\">1.5 New and amended standards and interpretations<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gsce\">Standards, interpretations and amendments to published  </div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gscf\">standards effective for the year ended 31 December 2023<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd0\">During the year<span class=\"_ _15\"></span>, the following amendments to standards became </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd1\">effective. These have not had a material impact on the Group\u2019<span class=\"_ _1\"></span>s  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd2\">financial statements:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd3\"> <span class=\"_ _35\"></span>\u2014 IFRS 17 <span class=\"ff76\">Insurance Contracts</span>, including amendments to IFRS 17  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd4\">(and initial application of IFRS 17 and IFRS 9 <span class=\"ff76\">Financial Instruments</span> \u2013 </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd5\">comparative information);</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd6\"> <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 1 <span class=\"ff76\">Presentation of Financial Statements</span> and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd7\">IFRS Practice Statement 2: Disclosure of accounting policies;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd8\"> <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 8 <span class=\"ff76\">Accounting Policies, Changes in Accounting </span></div><div class=\"t m0 h16 ff76 fs9 fc0 sc0 ls0 ws0 gsd9\">Estimates and Errors:<span class=\"ff74\"> Definition of accounting estimates;</span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsda\"> <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 12 <span class=\"ff76\">Income T<span class=\"_ _4\"></span>axes<span class=\"ff74\">: Deferred tax related to  </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdb\">assets and liabilities arising from a single transaction; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdc\"> <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 12 <span class=\"ff76\">Income T<span class=\"_ _4\"></span>axes<span class=\"ff74\">: International T<span class=\"_ _2\"></span>ax Reform \u2013  </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdd\">Pillar T<span class=\"_ _15\"></span>wo Model Rules. The Amendments introduce a mandatory </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsde\">temporary ex<span class=\"_ _15\"></span>ception from the recognition and disclosure of deferred </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdf\">tax<span class=\"_ _1\"></span>es arising from implementation of the Pillar T<span class=\"_ _15\"></span>wo Model Rules. The </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse0\">Group has applied this mandatory temporary ex<span class=\"_ _15\"></span>ception (see note 6).<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-631": {
   "value": "1.5 New and amended standards and interpretations<span class=\"_ _30b\"> </span>Standards, interpretations and amendments to published  standards effective for the year ended 31 December 2023<span class=\"_ _30b\"> </span>During the year<span class=\"_ _15\"></span>, the following amendments to standards became effective. These have not had a material impact on the Group\u2019<span class=\"_ _1\"></span>s  financial statements: <span class=\"_ _35\"></span>\u2014 IFRS 17 <span class=\"ff76\">Insurance Contracts</span>, including amendments to IFRS 17  (and initial application of IFRS 17 and IFRS 9 <span class=\"ff76\">Financial Instruments</span> \u2013 comparative information); <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 1 <span class=\"ff76\">Presentation of Financial Statements</span> and  IFRS Practice Statement 2: Disclosure of accounting policies; <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 8 <span class=\"ff76\">Accounting Policies, Changes in Accounting </span>Estimates and Errors:<span class=\"ff74\"> Definition of accounting estimates;</span> <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 12 <span class=\"ff76\">Income T<span class=\"_ _4\"></span>axes<span class=\"ff74\">: Deferred tax related to  </span></span>assets and liabilities arising from a single transaction; and <span class=\"_ _35\"></span>\u2014 Amendments to IA<span class=\"_ _1\"></span>S 12 <span class=\"ff76\">Income T<span class=\"_ _4\"></span>axes<span class=\"ff74\">: International T<span class=\"_ _2\"></span>ax Reform \u2013  </span></span>Pillar T<span class=\"_ _15\"></span>wo Model Rules. The Amendments introduce a mandatory temporary ex<span class=\"_ _15\"></span>ception from the recognition and disclosure of deferred tax<span class=\"_ _1\"></span>es arising from implementation of the Pillar T<span class=\"_ _15\"></span>wo Model Rules. The Group has applied this mandatory temporary ex<span class=\"_ _15\"></span>ception (see note 6).<span class=\"_ _30b\"> </span>Standards, interpretations and amendments to published  standards which are not yet effective<span class=\"_ _30b\"> </span>New and amended standards that have been issued, but are not  yet effective, up to the date of the Group\u2019<span class=\"_ _1\"></span>s financial statements are disclosed below<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>e intend to adopt these, if applicable, when they become effective. These amendments are not e<span class=\"_ _1\"></span>xpected to have  a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial statements.<span class=\"_ _30b\"> </span><table class=\"s w224 hdd\" id=\"_ef1c034b-d615-4b50-b7e3-de1f194d57d6\"><tr><td class=\"c n x41f y24f2 w225 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">International accounting standards and interpretations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x420 y24f2 w226 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Effective date<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y24f3 ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IFRS 16 <span class=\"ff76\">Leases: </span>L<span class=\"_ _1\"></span>ease liability in a sale  </td><td class=\"t m0 x422 h4d y24f3 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2024<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x421 h4d y24f4 ff74 fsf fc0 sc0 ls0 ws0\">and leaseback<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x421 h4d y24f5 ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IAS 1: </td><td class=\"t m0 x422 h4d y24f5 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2024<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y24f7 w227 hde\"><div class=\"t m0 x173 h4d y24f6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Classification of liabilities as current or non-current; and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Non-current liabilities and covenants<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x421 h4d y24f8 ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IAS 7 <span class=\"ff76\">S<span class=\"_ _1\"></span>tatement of Cash Flows</span><span class=\"ff76\"><span class=\"ff74\">  </span></span></td><td class=\"t m0 x422 h4d y24f8 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2024<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x421 h4d y24f9 ff74 fsf fc0 sc0 ls0 ws0\">and IFRS 7 <span class=\"ff76\">Financial Instruments Disclosures:</span><span class=\"ff76\">  </span></td><td></td></tr><tr><td class=\"t m0 x421 h4d y24fa ff74 fsf fc0 sc0 ls0 ws0\">Supplier finance arrangements<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c x41f y2419 w228 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Amendments to IAS 21 <span class=\"ff76\">The Effects of Changes in<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 x173 h4d y23fc ff76 fsf fc0 sc0 ls0 ws0\">Foreign Ex<span class=\"_ _1\"></span>change Rates:<span class=\"ff74\"> L<span class=\"_ _1\"></span>ack of ex<span class=\"_ _15\"></span>changeability<span class=\"_ _30b\"> </span></span></div></td><td class=\"t m0 x422 h4d y24fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2025<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Not yet endorsed by UK Endorsement Board<span class=\"_ _30b\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-603": {
   "value": "1.6 Significant accounting estimates, assumptions and judgements<span class=\"_ _30b\"> </span>The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Estimates, assumptions and judgements  are regularly reviewed based on historical experience<span class=\"_ _1\"></span>, current circumstances and expectations of future events. As the use of estimates is inherent in financial reporting, actual results could differ from these estimates.<span class=\"_ _30b\"> </span>Significant accounting estimates and assumptions are those that have  a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year<span class=\"_ _2\"></span>. Significant judgements are those made by management in applying  the Group\u2019<span class=\"_ _1\"></span>s significant accounting policies that have a material impact on the amounts presented in the financial statements. Significant judgement may be ex<span class=\"_ _15\"></span>ercised in management\u2019s accounting estimates and assumptions.<span class=\"_ _30b\"> </span>Estimates, assumptions and judgements are described in the  relevant notes to the financial statements (identified by the  following symbol <span class=\"_ _116\"> </span>)<span class=\"_ _30b\"> </span><table class=\"s w229 he0\" id=\"_f0aaeb07-cf00-498c-beb9-f76190f589d6\"><tr><td></td><td></td><td class=\"t m0 x423 h4d y24fd ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x424 h4d y24fe ff73 fsf fc0 sc0 ls0 ws0\">estimates </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x425 h4d y24ff ff73 fsf fc0 sc0 ls0 ws0\">and </td><td class=\"t m0 x426 h4d y24ff ff73 fsf fc0 sc0 ls0 ws0\">Significant </td></tr><tr><td class=\"t m0 x186 h4d y2500 ff73 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x427 h4d y2500 ff73 fsf fc0 sc0 ls0 ws0\">assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x428 h4d y2500 ff73 fsf fc0 sc0 ls0 ws0\">judgement<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2501 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x429 y2501 w22a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-underlying items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x42a y2501 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c6 w22c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42b y24c6 w22d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Uncertain tax positions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42c y24c6 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42d y24c6 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c8 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42e y24c8 wed hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Intangible assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x42f y24c8 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"c n x17e y2502 w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x430 y2502 w22f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pension and other retirement<span class=\"_ _30b\"> </span></div></td><td class=\"c n x431 y2502 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td><td class=\"c n x432 y2502 w22b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc3 sc0 ls0 ws0\">\u25cf<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x433 h4d y2503 ff74 fsf fc0 sc0 ls0 ws0\">benefit schemes<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table>Management has discussed significant accounting estimates, assumptions and judgements with the Audit Committee.<span class=\"_ _30b\"> </span>Significant accounting judgements<span class=\"_ _30b\"> </span>The Group uses its judgement to classify items as non-underlying. Income or expenses are recognised and classified as  non-underlying when the following criteria are met: <span class=\"_ _35\"></span>\u2014 The item does not arise in the normal course of business; and <span class=\"_ _35\"></span>\u2014 The items are material by amount or nature<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Non-underlying items include: <span class=\"_ _35\"></span>\u2014 Amortisation and impairment of goodwill and purchased intangible assets. Purchased intangible assets include customer relationships, trade names, and databases and content, all of which are as a result of acquisitions; <span class=\"_ _35\"></span>\u2014 Incremental amortisation and impairment of any fair value adjustments of intangible assets recognised as a result  of acquisitions; <span class=\"_ _35\"></span>\u2014 Other income or e<span class=\"_ _15\"></span>xpenses not considered to drive the operating results of the Group including transaction, integration and separation costs related to acquisitions and disposals of businesses as well as significant restructuring costs; and <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>ax on non-underlying items and non-underlying tax items.<span class=\"_ _30b\"> </span>When items meet the criteria, they are recognised and classified as non-underlying and this is applied consistently from year  to year<span class=\"_ _15\"></span>. Any releases to provisions originally booked as a non-underlying item are also classified as non-underlying.<span class=\"_ _30b\"> </span>After the acquisition of a business, revenue generated and operating costs incurred by that business are not classified  as non-underlying.<span class=\"_ _30b\"> </span>Significant accounting judgements and estimates<span class=\"_ _30b\"> </span>Uncertain tax positions<span class=\"_ _30b\"> </span>The Group is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and can be subject to interpretation by management and government authorities. These matters of judgement sometimes give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and tak<span class=\"_ _1\"></span>e  into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions  or rulings on similar issues and relevant external advice<span class=\"_ _1\"></span>.  In accordance with IFRIC 23 <span class=\"ff76\">Uncertainty over Income T<span class=\"_ _2\"></span>ax </span>T<span class=\"_ _2\"></span>reatments<span class=\"ff74\">, provisions are estimated based on one of  </span>two methods: <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected value method (the sum of the probability weighted amounts in a range of possible outcomes); or <span class=\"_ _35\"></span>\u2014 the single most lik<span class=\"_ _1\"></span>ely amount method.<span class=\"_ _30b\"> </span>The method chosen depends on which is expected to better predict the resolution of the uncertainty<span class=\"_ _15\"></span>. Due to the uncertainty associated with tax audits it is possible that, at some future date, liabilities resulting from such audits or related litigation could vary significantly from our provisions. This would require the Group  to make an adjustment in a subsequent period which could have a material impact on the Group\u2019<span class=\"_ _1\"></span>s results.<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs3b3\">Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs3b4\">Intangible assets acquired as part of a business combination<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b5\">The fair value of acquired intangible assets (and therefore the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b6\">resulting goodwill recognised on acquisition) is significantly </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b7\">affected by a number of factors. These include management\u2019s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b8\">best estimates of future performance (i.e. forecast revenue, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b9\">expected revenue attrition, forecast operating margin), any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ba\">contributory assets charges and estimates of the return required </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3bb\">to determine an appropriate discount rate (in order to calculate </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3bc\">the net present value of the assets).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs3bd\">Recoverable amounts of CGUs<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3be\">The recoverable amounts of CGUs are based on value-in-use </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3bf\">calculations. The value-in-use calculations use cash flow </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c0\">projections based on business plans prepared by management </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c1\">for the three-year period ending 31 December 2026. In assessing </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c2\">value-in-use, the estimated future cash flows are discounted to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c3\">their present value using a pre-tax discount rate that reflects </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c4\">current market assessments of the time value of money and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c5\">the risks specific to the CGUs.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs3c6\">Estimated useful economic lives<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c7\">Intangible assets are amortised over their estimated useful </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c8\">economic lives, being management\u2019s best estimate of the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3c9\">period over which value from the intangible assets is realised.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ca\">In determining useful economic life, management considers  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3cb\">a number of factors including: customer attrition rates;  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3cc\">product upgrade cycles for software and technology assets; </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3cd\">market participant perspectives of brands; and pace of change  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ce\">of regulation.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs463\">Significant accounting judgements<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs464\">The Group judges that, on the winding up of the defined benefit </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs465\">schemes, it can expect any remaining pension surplus to be </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs466\">refunded in full to the Group. In line with the current accounting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs467\">standards, it therefore continues to recognise these <span class=\"ff73\">retirement </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs468\">benefit assets<span class=\"ff74\"> on the balance sheet in full.<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs469\">Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs46a\">Defined benefit pension liabilities<span class=\"ff74\"> are determined based on the </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs46b\">present value of future pension obligations using assumptions </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs46c\">determined by the Group with advice from an independent </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs46d\">qualified actuary<span class=\"_ _15\"></span>. An actuarial valuation involves making various </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs46e\">assumptions that may differ from what actually happens in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs46f\">the future. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs470\">The assumptions that are the most significant to the amounts </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs471\">reported are the discount rate, inflation rate, salary growth and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs472\">mortality levels. Assumptions about these variables are based  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs473\">on the environment in each country<span class=\"_ _15\"></span>. Due to the complexities </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs474\">involved in a valuation, and its long-term nature, a defined benefit </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs475\">obligation is highly sensitive to changes in these assumptions.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs476\">In particular<span class=\"_ _15\"></span>, changes to the discount rate and inflation rate,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs477\">could result in material changes to the carrying amounts of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs478\">Group\u2019<span class=\"_ _1\"></span>s pension and other post-retirement benefit obligations </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs479\">within the next financial year<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs93e\">Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs93f\">See note 9 for the significant accounting estimates of intangible </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs940\">assets acquired as part of a business combination.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-604": {
   "value": "1.<span class=\"_ _15\"></span>7 Climate change<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e have considered the impact of climate change on the Group\u2019<span class=\"_ _1\"></span>s operations as outlined in the risks disclosed on pages 63 to 68 of the Strategic R<span class=\"_ _1\"></span>eport as well as in the Sustainability R<span class=\"_ _1\"></span>eport. W<span class=\"_ _1\"></span>e have also reviewed the potential impact of climate change on the Group\u2019<span class=\"_ _1\"></span>s financial results and position. The areas that are deemed to be most relevant to climate change are set out below<span class=\"_ _1\"></span>. Based on an assessment in each area, we have concluded that climate change is not currently expected to have a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position, estimates  or judgements. The directors monitor this on an ongoing basis. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Going concern and viability</span> \u2013 The Group has committed to  a long-term ambition to achieve net zero by 2040 and has set targets to reduce selected carbon emissions by 50% by 2030<span class=\"_ _1\"></span>. There is no other direct impact on the viability of the Group. There is no climate-<span class=\"_ _30b\"> </span>related scenario that is deemed to have a probable likelihood of occurring which could impact the Group\u2019<span class=\"_ _1\"></span>s going concern assessment. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Impairment of goodwill and intangible assets</span> \u2013 Forecasted cash flows are not expected to be impacted materially by climate change over the period for which forecasts have been prepared, due to the nature of the Group\u2019<span class=\"_ _1\"></span>s revenue streams. The impact on costs mainly relates to reducing our carbon footprint by encouraging responsible employee travel and purchasing carbon credits.<span class=\"_ _30b\"> </span>\u2014 <span class=\"ff73\">Useful lives of assets </span>\u2013 The Group<span class=\"_ _1\"></span>\u2019s assets consist mainly of  property and IT equipment. Given the type of IT equipment owned  by the Group, there is no e<span class=\"_ _1\"></span>xpected impact of climate change on the future useful lives of these assets. The useful lives of our property could be impacted by climate change in the form of physical obsolescence of assets or because of a natural disaster (such as flooding), however any such impact on the carrying value of related assets is not deemed material. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Deferred tax assets </span>\u2013 Deferred tax asset recoverability can be affected by climate if there is an expectation that it will impact on the future taxable profits that are expected to be generated. The revenue of the Group is of such a nature that it is not expected to be impacted materially by climate change over the period for which forecasts are prepared. There is a potential reduction in costs as we reduce our carbon footprint and encourage responsible employee travel. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">V<span class=\"_ _2\"></span>aluation of pension scheme assets and defined benefit liabilities </span>\u2013 Changes in interest rates, as a result of climate change, could impact the future valuation of pension scheme assets and defined benefit liabilities. While these are considered in the valuation,  there was no discernible impact from climate change on the  current year\u2019s valuation. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">T<span class=\"_ _2\"></span>rade and other receivables<span class=\"ff74\"> \u2013 The Group has a diverse client base </span></span>that operates in various industries. The Group\u2019<span class=\"_ _1\"></span>s expected credit loss provision considers the credit risk of its client base, which could be impacted by the assessment of climate change in a particular market or industry<span class=\"_ _15\"></span>. Given that receivables are mainly due within one year<span class=\"_ _15\"></span>, the impact of climate change in the short term is unlikely to be material. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">R<span class=\"_ _15\"></span>evenue<span class=\"ff74\"> \u2013 We provide a range of climate-related products and </span></span>services such as admission on the voluntary carbon market and  the sustainable bond market. R<span class=\"_ _1\"></span>evenue earned from these are not deemed material revenue streams, but support the Group in  enabling others to purchase carbon credits to aid in the fight  against climate change. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Expenses</span> \u2013 T<span class=\"_ _4\"></span>o support our long-term ambition to achieve net zero, the Group purchases carbon credits to offset the impact of the Group\u2019<span class=\"_ _1\"></span>s carbon emissions. The cost of purchasing these has been minimal during the current year<span class=\"_ _15\"></span>, as credits purchased during prior years were sufficient to cover emissions during the current financial year<span class=\"_ _15\"></span>. Any additional credits required will be purchased once the Group\u2019<span class=\"_ _1\"></span>s emissions for the year have been calculated.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "lseg:DisclosureOfClimateChangeExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-649": {
   "value": "2. Segment information<span class=\"_ _30b\"> </span>The Group reports three main operating segments: <span class=\"_ _35\"></span>\u2014 <span class=\"ff76\">Data &amp; Analytics \u2013 provider of financial data, indices and analytics</span> <span class=\"_ _35\"></span>\u2014 <span class=\"ff76\">Capital Mark<span class=\"_ _1\"></span>ets \u2013 global operator of capital raising and trading venues in multiple asset classes</span> <span class=\"_ _35\"></span>\u2014 <span class=\"ff76\">P<span class=\"_ _1\"></span>ost T<span class=\"_ _2\"></span>rade \u2013 provider of clearing, risk management and capital optimisation solutions<span class=\"_ _30b\"> </span></span>With effect from 2024, we are changing our reporting structure, simplifying our Data &amp; Analytics reporting under product lines and aligning divisional disclosure with new management reporting lines.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>IFRS 8 <span class=\"ff76\">Operating Segments</span> requires operating segments to be identified on the same basis as is reported internally for the review  of performance and allocation of resources by the \u201cchief operating decision maker\u201d<span class=\"_ _2\"></span>. For the Group, this is the Executive Committee.<span class=\"_ _30b\"> </span>The Ex<span class=\"_ _1\"></span>ecutive Committee uses \u201cadjusted\u201d measures including adjusted EBITD<span class=\"_ _1\"></span>A to assess the profitability and performance of  the operating segments.<span class=\"_ _30b\"> </span>The \u201cadjusted\u201d measures reported by the Group are: <span class=\"_ _35\"></span>\u2014 Adjusted operating e<span class=\"_ _15\"></span>xpenses before depreciation, amortisation and impairment <span class=\"_ _35\"></span>\u2014 Adjusted EBITD<span class=\"_ _15\"></span>A <span class=\"_ _35\"></span>\u2014 Adjusted depreciation, amortisation and impairment <span class=\"_ _35\"></span>\u2014 Adjusted operating profit <span class=\"_ _35\"></span>\u2014 Adjusted net finance costs <span class=\"_ _35\"></span>\u2014 Adjusted profit before tax <span class=\"_ _35\"></span>\u2014 Adjusted profit for the year1 <span class=\"_ _35\"></span>\u2014 Adjusted earnings per share (EPS)1<span class=\"_ _30b\"> </span>These measures are not measures of performance under IFRS and should be considered in addition to, and not as a substitute for<span class=\"_ _2\"></span>,  IFRS measures of financial performance and liquidity<span class=\"_ _15\"></span>. Adjusted performance measures provide supplemental data relevant to an understanding of the Group\u2019<span class=\"_ _1\"></span>s financial performance and ex<span class=\"_ _15\"></span>clude non-underlying items of income and expense that are material by their size and/or nature (see note 2.3).<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Adjusted profit for the year is used to calculate adjusted EPS and is reconciled to profit before taxation in the EPS note and on the face of the income statement<span class=\"_ _30b\"> </span>.<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs14f\">2.<span class=\"_ _2\"></span>1 Segment results<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs150\">Results, including adjusted EBITD<span class=\"_ _15\"></span>A, by operating segment for the year ended 31 December 2023 are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs151\"><table class=\"s w230 he1\" id=\"_8fbe6b5a-31ed-4c90-b164-10765e6a8216\"><tr><td></td><td></td><td class=\"t m0 x434 h4d y2504 ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x435 h4d y2504 ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x436 h4d y2505 ff73 fsf fc0 sc0 ls0 ws0\">Analytics </td><td class=\"t m0 x437 h4d y2505 ff73 fsf fc0 sc0 ls0 ws0\">Markets </td><td class=\"t m0 x438 h4d y2505 ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade </td><td class=\"t m0 x284 h4d y2505 ff73 fsf fc0 sc0 ls0 ws0\">Other </td><td class=\"t m0 x2f9 h4d y2505 ff73 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td class=\"c n x17e y2506 w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x439 y2506 w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x2fd h4d y2507 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y2507 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y2507 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y2507 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2507 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2508 ff73 fsf fc0 sc0 ls0 ws0\">Revenue from e<span class=\"_ _15\"></span>xternal customers<span class=\"_ _30b\"> </span></td><td class=\"c n x43a y2509 w233 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.1</div></td><td class=\"c n x43b y2509 w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637</div></td><td class=\"c n x43c y2509 w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x43d y2509 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">878<span class=\"_ _30b\"> </span></div></td><td class=\"c n x43e y2509 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x43f y2509 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,061<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250a w1b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net treasury income from CCP clearing business<span class=\"_ _30b\"> </span></div></td><td class=\"c n x440 y250a w233 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x441 y250a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x442 y250a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x443 y250a w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td><td class=\"c n x444 y250a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x445 y250a w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250b w1f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Other income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x446 y250b w233 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x447 y250b w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x448 y250b w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x449 y250b w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x44a y250b w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td><td class=\"c n x44b y250b w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250c w25 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x44c y250c w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637</div></td><td class=\"c n x44d y250c w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x44e y250c w237 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,167<span class=\"_ _30b\"> </span></div></td><td class=\"c n x44f y250c w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29</div></td><td class=\"c n x450 y250c wda hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,379<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250d w28 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cost of sales<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x451 y250d w238 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(913)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x452 y250d w239 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x453 y250d w1e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(195)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x454 y250d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x455 y250d w23a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,143)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2487 w2d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Gross profit<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x456 y2487 w23b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4,724<span class=\"_ _30b\"> </span></div></td><td class=\"c n x457 y2487 w23c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,511<span class=\"_ _30b\"> </span></div></td><td class=\"c n x458 y2487 w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">972<span class=\"_ _30b\"> </span></div></td><td class=\"c n x377 y2487 w195 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29</div></td><td class=\"c n x2e1 y2487 wda hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,236<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y250e w23e hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Adjusted operating expenses before depreciation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x459 y250e w32 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4</div></td><td class=\"c n x45a y250e w23f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,348)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x45b y250e w240 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(715)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x45c y250e w241 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(403)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x45d y250e w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(8)</div></td><td class=\"c n x45e y250e w243 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3,474)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w42 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Income from equity investments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x45f y250f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x460 y250f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x461 y250f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x462 y250f w244 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x463 y250f w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w245 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted EBITD<span class=\"_ _1\"></span>A<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x464 y2431 w26 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,376<span class=\"_ _30b\"> </span></div></td><td class=\"c n x465 y2431 w246 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">796<span class=\"_ _30b\"> </span></div></td><td class=\"c n x466 y2431 w247 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">569<span class=\"_ _30b\"> </span></div></td><td class=\"c n x467 y2431 wca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">36</div></td><td class=\"c n x468 y2431 w4a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,777<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w248 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Adjusted depreciation, amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x469 y2510 w51 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9, 10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x46a y2510 w249 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(664)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x46b y2510 w171 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(128)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x46c y2510 w24a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(123)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x46d y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x46e y2510 w1e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(915)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w24b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted operating profit<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x46f y2419 w24c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,712<span class=\"_ _30b\"> </span></div></td><td class=\"c n x470 y2419 w24d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">668<span class=\"_ _30b\"> </span></div></td><td class=\"c n x31a y2419 w24e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">446<span class=\"_ _30b\"> </span></div></td><td class=\"c n x471 y2419 wca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">36</div></td><td class=\"c n x472 y2419 w59 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,862<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs152\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs153\">1 <span class=\"_ _32\"> </span>Data &amp; Analytics revenue includes recoveries of \u00a3370 million. Post T<span class=\"_ _15\"></span>rade revenue includes net settlement and similar expenses recovered through the CCP clearing businesses of \u00a35 million </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs154\">which comprises gross settlement income of \u00a346 million less gross settlement expenses of \u00a341 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs156\">Results, including adjusted EBITD<span class=\"_ _15\"></span>A, by operating segment for the year ended 31 December 2022 are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs157\"><table class=\"s w24f he2\" id=\"_dc9b78b2-47c4-42ef-b462-8ab7c20ae739\"><tr><td></td><td></td><td class=\"t m0 x473 h4d y2511 ff74 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x474 h4d y2511 ff74 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2ee h4d y2512 ff74 fsf fc0 sc0 ls0 ws0\">Analytics </td><td class=\"t m0 x475 h4d y2512 ff74 fsf fc0 sc0 ls0 ws0\">Markets </td><td class=\"t m0 x476 h4d y2512 ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade </td><td class=\"t m0 x284 h4d y2512 ff74 fsf fc0 sc0 ls0 ws0\">Other </td><td class=\"t m0 x2f9 h4d y2512 ff74 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td class=\"c n x17e y2513 w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x439 y2513 w232 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x2fd h4d y2514 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y2514 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y2514 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y2514 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2514 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2515 ff73 fsf fc0 sc0 ls0 ws0\">Revenue from e<span class=\"_ _15\"></span>xternal customers<span class=\"_ _30b\"> </span></td><td class=\"c n x43a y2516 w233 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.1</div></td><td class=\"c n x43b y2516 w250 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x477 y2516 w251 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x478 y2516 w252 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">736<span class=\"_ _30b\"> </span></div></td><td class=\"c n x479 y2516 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x47a y2516 w19 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7,454<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2517 w1b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Net treasury income from CCP clearing business<span class=\"_ _30b\"> </span></div></td><td class=\"c n x440 y2517 w233 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x441 y2517 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x442 y2517 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x47b y2517 w253 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td><td class=\"c n x47c y2517 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x47d y2517 w1e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2518 w1f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Other income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x446 y2518 w233 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x447 y2518 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x448 y2518 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x449 y2518 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x47e y2518 w24 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x47f y2518 w24 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2519 w25 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x44c y2519 w250 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x480 y2519 w251 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x481 y2519 w254 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">991<span class=\"_ _30b\"> </span></div></td><td class=\"c n x482 y2519 w24 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x483 y2519 w27 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7,743<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y251a w28 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cost of sales<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x484 y251a w5b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(879)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x485 y251a w255 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(34)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x486 y251a w1e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(150)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x487 y251a w48 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1)</div></td><td class=\"c n x488 y251a w2c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1,064)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2486 w2d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Gross profit<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x489 y2486 w151 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4,380<span class=\"_ _30b\"> </span></div></td><td class=\"c n x48a y2486 w256 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,425<span class=\"_ _30b\"> </span></div></td><td class=\"c n x48b y2486 w1fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">841<span class=\"_ _30b\"> </span></div></td><td class=\"c n x48c y2486 w257 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">33</div></td><td class=\"c n x48d y2486 w2f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">6,679<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y242f w23e hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">Adjusted operating expenses before depreciation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x48e y242f w32 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4</div></td><td class=\"c n x48f y242f w258 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(2,142)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x490 y242f w259 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(665)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x491 y242f w25a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(324)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x492 y242f w25b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(9)</div></td><td class=\"c n x493 y242f w36 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3,140)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w42 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Income from equity investments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x45f y2415 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x460 y2415 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x461 y2415 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x494 y2415 wc1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x495 y2415 w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w47 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share of loss after tax of associates<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x496 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x497 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x498 y2416 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x499 y2416 w25c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x49a y2416 w25c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y251b w245 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted EBITD<span class=\"_ _1\"></span>A<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x464 y251b w25d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,238<span class=\"_ _30b\"> </span></div></td><td class=\"c n x49b y251b w95 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">760<span class=\"_ _30b\"> </span></div></td><td class=\"c n x49c y251b w25e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">517<span class=\"_ _30b\"> </span></div></td><td class=\"c n x49d y251b w25f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">35</div></td><td class=\"c n x49e y251b w260 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,550<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w248 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Adjusted depreciation, amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x469 y2418 w51 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9, 10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x49f y2418 w98 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(607)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a0 y2418 w211 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(103)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a1 y2418 w1e8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(112)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a2 y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a3 y2418 w55 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(822)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w24b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted operating profit<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4a4 y2419 w261 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,631<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a5 y2419 w262 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">657<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a6 y2419 w263 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">405<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a7 y2419 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">35</div></td><td class=\"c n x4a8 y2419 w5c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,728<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs158\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs159\">1 <span class=\"_ _32\"> </span>Data &amp; Analytics revenue includes recoveries of \u00a3315 million. Post T<span class=\"_ _15\"></span>rade revenue includes net settlement and similar expenses recovered through the CCP clearing businesses of \u00a312 million </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs15a\">which comprises gross settlement income of \u00a347 million less gross settlement expenses of \u00a335 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs15b\">2.2 Adjusted EBITD<span class=\"_ _1\"></span>A and adjusted operating profit<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs15c\">Adjusted EBITD<span class=\"_ _1\"></span>A and adjusted operating profit reconcile to operating </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs15d\">profit and profit before tax as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs15e\"><table class=\"s w264 he3\" id=\"_86338dd3-e8d9-4194-84f3-97dc1974b41b\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y251c ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y251c ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y251d w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y251d w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y251e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y251e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y251f w245 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted EBITD<span class=\"_ _1\"></span>A<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ae y251f w265 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,777</div></td><td class=\"c n x4af y251f w4d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,550<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2520 ff74 fsf fc0 sc0 ls0 ws0\">Adjusted depreciation, amortisation </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2521 w266 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4b0 y2521 w267 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9, 10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4b1 y2521 w52 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(915)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4b2 y2521 w268 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(822)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2522 w24b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted operating profit<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4b3 y2522 w59 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,862</div></td><td class=\"c n x4b4 y2522 w269 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,728<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2523 ff74 fsf fc0 sc0 ls0 ws0\">Non-underlying operating expenses </td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y2525 w26a he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">before interest, tax, depreciation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4b5 y2525 w26b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4b6 y2525 w66 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(263)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4b7 y2525 w26c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(233)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2501 w26d he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Non-underlying depreciation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4b8 y2501 w26e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3, 9, 10</div></td><td class=\"c n x4b9 y2501 w53 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,228)</div></td><td class=\"c n x4ba y2501 w56 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,078)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c6 w26f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Operating profit<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4bb y24c6 w270 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,371<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4bc y24c6 w271 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,417<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2526 ff74 fsf fc0 sc0 ls0 ws0\">Net finance costs (including </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w272 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">non-underlying items)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4bd y2418 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4be y2418 w6e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(176)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4bf y2418 w273 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(176)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w274 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit before tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4c0 y2419 w275 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,195<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c1 y2419 w77 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,241<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs15f\">2.3 Non-underlying items<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs160\">The Group separately identifies results before non-underlying items  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs161\">(we refer to these results as \u201cadjusted\u201d). This note explains the main </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs162\">non-underlying items in the year<span class=\"_ _15\"></span>, most of which have arisen as a result </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs163\">of acquisition and subsequent integration activity<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div>Significant accounting judgements<span class=\"_ _30b\"> </span>The Group uses its judgement to classify items as non-underlying. Income or expenses are recognised and classified as  non-underlying when the following criteria are met: <span class=\"_ _35\"></span>\u2014 The item does not arise in the normal course of business; and <span class=\"_ _35\"></span>\u2014 The items are material by amount or nature<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Non-underlying items include: <span class=\"_ _35\"></span>\u2014 Amortisation and impairment of goodwill and purchased intangible assets. Purchased intangible assets include customer relationships, trade names, and databases and content, all of which are as a result of acquisitions; <span class=\"_ _35\"></span>\u2014 Incremental amortisation and impairment of any fair value adjustments of intangible assets recognised as a result  of acquisitions; <span class=\"_ _35\"></span>\u2014 Other income or e<span class=\"_ _15\"></span>xpenses not considered to drive the operating results of the Group including transaction, integration and separation costs related to acquisitions and disposals of businesses as well as significant restructuring costs; and <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>ax on non-underlying items and non-underlying tax items.<span class=\"_ _30b\"> </span>When items meet the criteria, they are recognised and classified as non-underlying and this is applied consistently from year  to year<span class=\"_ _15\"></span>. Any releases to provisions originally booked as a non-underlying item are also classified as non-underlying.<span class=\"_ _30b\"> </span>After the acquisition of a business, revenue generated and operating costs incurred by that business are not classified  as non-underlying<div class=\"gs165\"><table class=\"s w276 he5\" id=\"_0ecf79d1-e4cc-4d20-9a19-1a4adc7f607c\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2527 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2527 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y2528 w231 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y2528 w232 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y2529 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2529 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y252a ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying operating e<span class=\"_ _1\"></span>xpenses </td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y252b w277 hd4\"><div class=\"t m0 x173 h4d y23f9 ff73 fsf fc0 sc0 ls0 ws0\">before interest, tax, depreciation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y252c w278 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransaction costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4c2 y252c w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">85<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c3 y252c w27a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">85<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y252d w27b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Integration and separation costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4c4 y252d w27c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">211<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y252d w7e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">278<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y252e w27d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Restructuring and other costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4c6 y252e wca hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">36<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c7 y252e w27e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">26<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4c8 y252f w27f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">332<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c9 y252f w280 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">389<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2530 w281 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Profit on disposal of property<span class=\"_ _15\"></span>,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">plant and equipment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ca y2530 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4cb y2530 w1a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(133)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2531 w3e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Remeasurement gain<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4cc y2531 w282 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4cd y2531 w1a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ce y2531 w283 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(23)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4cf y2532 w1a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d0 y2532 w284 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(156)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2533 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying operating e<span class=\"_ _1\"></span>xpenses </td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y2534 w277 hd4\"><div class=\"t m0 x173 h4d y23f9 ff73 fsf fc0 sc0 ls0 ws0\">before interest, tax, depreciation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4d1 y2534 w285 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y2534 wba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">233<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2535 w286 hd3\"><div class=\"t m0 x173 h4d y23f3 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying depreciation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">amortisation and impairment<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2536 ff74 fsf fc0 sc0 ls0 ws0\">Amortisation of purchased  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2537 w287 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">intangible assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d2 y2537 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9</div></td><td class=\"c n x4d3 y2537 w288 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,057<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d4 y2537 w289 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2538 w28a hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Amortisation and impairment of<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">software and other intangible assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d5 y2538 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d6 y2538 w28b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">148<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d7 y2538 w28c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2539 w28d hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Depreciation and impairment of<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">property<span class=\"_ _15\"></span>, plant and equipment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d8 y2539 w28e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4d9 y2539 w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4da y2539 w28f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">27<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y251a w290 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Impairment of other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">non-current assets<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4db y251a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4dc y251a wa6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4dd y2486 w291 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,228<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4de y2486 w292 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,078<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2415 w293 hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying items before<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">interest and tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4df y2415 w294 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,491<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e0 y2415 w295 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,311<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w296 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-underlying finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e1 y2416 w65 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e2 y2416 w297 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e3 y2416 w97 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w298 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying items before tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4e4 y2431 w299 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,497<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e5 y2431 w29a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,327<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w29b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-underlying tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e6 y2418 wc3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e7 y2418 w29c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(378)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4e8 y2418 w29d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(278)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w29e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying items after tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4e9 y2419 w29f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,119<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ea y2419 w2a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,049<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs166\">T<span class=\"_ _15\"></span>ransaction costs<span class=\"ff74\"> mainly relate to the following:</span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs167\"> <span class=\"_ _35\"></span>\u2014 Acadia and Yieldbrok<span class=\"_ _1\"></span>er acquisition costs \u2013 \u00a310 million  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs168\">(2022: \u00a33 million) (see note 21.4).</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs169\"> <span class=\"_ _35\"></span>\u2014 Employment-link<span class=\"_ _1\"></span>ed management incentives for the MayStreet Inc. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs16a\">(MayStreet) and T<span class=\"_ _1\"></span>ORA Holdings, Inc. (T<span class=\"_ _1\"></span>ORA) acquisitions,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs16b\">and MayStreet earn-out arrangement costs \u2013 \u00a334 million  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs16c\">(2022: \u00a325 million).</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs16d\"> <span class=\"_ _35\"></span>\u2014 Fair value gain on the contingent consideration payable resulting  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs16e\">from the acquisition of Quantile Group Limited (Quantile) in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs16f\">2022 \u2013 \u00a317 million (2022: nil).</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs170\"> <span class=\"_ _35\"></span>\u2014 R<span class=\"_ _15\"></span>efinitiv acquisition costs \u2013 \u00a339 million (2022: \u00a336 million) mainly </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs171\">relating to changes in the tax indemnity receivable from and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs172\">payable to Thomson Reuters.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs173\">Integration and separation costs<span class=\"ff74\"> mainly consist of costs  </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs174\">to integrate Refinitiv of \u00a3209 million (2022: \u00a3242 million) and other </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs175\">recent acquisitions.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs176\">Prior to the acquisition of Acadia on 31 March 2023, LSEG held a 14% </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs177\">equity interest in Acadia. The acquisition date fair value of the previously </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs178\">held interest resulted in a <span class=\"ff73\">remeasurement gain</span> of \u00a369 million (see note </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs179\">21.<span class=\"_ _15\"></span>1). In 2022, the acquisition of Global Data Consortium, Inc. (GDC) </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs17b\">resulted in a \u00a323 million remeasurement gain on the previously  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs17c\">held 11% interest.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs17d\">Amortisation and impairment of intangible assets<span class=\"ff74\"> of \u00a31,205 million </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs17e\">(2022: \u00a31,044 million) mainly relates to the amortisation of intangible </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs17f\">assets recognised as a result of the acquisition of Refinitiv<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs180\">W<span class=\"_ _1\"></span>e have continued to review our property needs following the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs181\">acquisition of Refinitiv<span class=\"_ _2\"></span>. This has resulted in <span class=\"ff73\">impairment</span> of right-of-use </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs182\">property assets of \u00a322 million (2022: \u00a312 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs183\">The non-underlying <span class=\"ff73\">tax</span> benefit of \u00a3378 million (2022: \u00a3278 million) </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs184\">mainly reflects the tax impact of the Group\u2019<span class=\"_ _1\"></span>s non-underlying items </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs185\">(computed based on the tax rates applicable to the respective </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs186\">territories).<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs187\">2.4 Segment assets<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs188\">T<span class=\"_ _2\"></span>otal non-current assets (ex<span class=\"_ _15\"></span>cluding financial instruments, deferred tax </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs189\">assets and retirement benefit assets) broken down by asset location,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs18a\">is shown in the following table:<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs18b\">2023 </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs18c\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs18d\">2022 </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs18e\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs18f\">UK<span class=\"_ _215\"> </span><span class=\"ff73\">8,760<span class=\"_ _bf\"> </span></span>9,340<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls32 ws39 gs190\">USA<span class=\"_ _141\"> </span><span class=\"ff73 ls0 ws0\">19,853<span class=\"_ _5e\"> </span><span class=\"ff74\">20,882<span class=\"_ _30b\"> </span></span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs191\">Europe, e<span class=\"_ _1\"></span>xcluding UK<span class=\"_ _18d\"> </span><span class=\"ff73\">3,823<span class=\"_ _1f1\"> </span></span>4,174<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs192\">Asia<span class=\"_ _7\"> </span><span class=\"ff73\">1,078<span class=\"_ _ff\"> </span></span>1,104<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs193\">Other<span class=\"_ _216\"> </span><span class=\"ff73\">377<span class=\"_ _76\"> </span></span>397<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs194\">T<span class=\"_ _2\"></span>otal<span class=\"_ _a6\"> </span><span class=\"ff73\">33,891<span class=\"_ _4f\"> </span></span>35,897</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-605": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>IFRS 8 <span class=\"ff76\">Operating Segments</span> requires operating segments to be identified on the same basis as is reported internally for the review  of performance and allocation of resources by the \u201cchief operating decision maker\u201d<span class=\"_ _2\"></span>. For the Group, this is the Executive Committee.<span class=\"_ _30b\"> </span>The Ex<span class=\"_ _1\"></span>ecutive Committee uses \u201cadjusted\u201d measures including adjusted EBITD<span class=\"_ _1\"></span>A to assess the profitability and performance of  the operating segments.<span class=\"_ _30b\"> </span>The \u201cadjusted\u201d measures reported by the Group are: <span class=\"_ _35\"></span>\u2014 Adjusted operating e<span class=\"_ _15\"></span>xpenses before depreciation, amortisation and impairment <span class=\"_ _35\"></span>\u2014 Adjusted EBITD<span class=\"_ _15\"></span>A <span class=\"_ _35\"></span>\u2014 Adjusted depreciation, amortisation and impairment <span class=\"_ _35\"></span>\u2014 Adjusted operating profit <span class=\"_ _35\"></span>\u2014 Adjusted net finance costs <span class=\"_ _35\"></span>\u2014 Adjusted profit before tax <span class=\"_ _35\"></span>\u2014 Adjusted profit for the year1 <span class=\"_ _35\"></span>\u2014 Adjusted earnings per share (EPS)1<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs145\">These measures are not measures of performance under IFRS and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs146\">should be considered in addition to, and not as a substitute for<span class=\"_ _2\"></span>,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs147\">IFRS measures of financial performance and liquidity<span class=\"_ _15\"></span>. Adjusted </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs148\">performance measures provide supplemental data relevant to an </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs149\">understanding of the Group\u2019<span class=\"_ _1\"></span>s financial performance and ex<span class=\"_ _15\"></span>clude </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs14a\">non-underlying items of income and expense that are material by </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs14b\">their size and/or nature (see note 2.3).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs14c\">1 <span class=\"_ _32\"> </span>Adjusted profit for the year is used to calculate adjusted EPS and is reconciled to profit </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs14d\">before taxation in the EPS note and on the face of the income statement<span class=\"_ _30b\"> </span>.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-650": {
   "value": "3. T<span class=\"_ _37\"></span>otal income and contract liabilities<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e report total income, which consists of revenue, net treasury income and other income. Most of the Group\u2019<span class=\"_ _1\"></span>s revenue is generated by the Data &amp; Analytics division. By geographic location, around two-thirds  of the Group\u2019<span class=\"_ _1\"></span>s revenue is earned in the UK and USA.<span class=\"_ _30b\"> </span>3.<span class=\"_ _2\"></span>1. T<span class=\"_ _15\"></span>otal income<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Revenue<span class=\"_ _30b\"> </span>The main source of revenue for the Group is fees for services provided. Revenue is measured based on the consideration specified in a contract with a customer<span class=\"_ _15\"></span>. The following are ex<span class=\"_ _15\"></span>cluded from revenue: <span class=\"_ _35\"></span>\u2014 value added tax and other sales related tax<span class=\"_ _15\"></span>es; <span class=\"_ _35\"></span>\u2014 certain revenue share arrangements (whereby as part of  an agreement amounts are due back to the customer); and <span class=\"_ _35\"></span>\u2014 certain pass-through costs where the Group acts as an agent and has arrangements to recover specific costs from its customers with no mark-up<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>The Group recognises revenue as services are performed  and as it satisfies its obligations to provide a product or service  to a customer<span class=\"_ _15\"></span>. The Group\u2019<span class=\"_ _1\"></span>s revenue accounting policies are  set out below:<span class=\"_ _30b\"> </span>Data &amp; Analytics<span class=\"_ _30b\"> </span>The Data &amp; Analytics division generates revenue by providing information and data products including index<span class=\"_ _15\"></span>es, benchmarks, real-time pricing data and trade reporting and reconciliation services.<span class=\"_ _30b\"> </span>Data subscription and inde<span class=\"_ _1\"></span>x licence fees<span class=\"ff74\"> are recognised over the licence or usage period in line with the Group\u2019<span class=\"_ _1\"></span>s obligation to deliver data </span>consistently throughout the licence period. Services are billed on a monthly<span class=\"_ _15\"></span>, quarterly or annual basis. Other information services<span class=\"ff74\"> include licences to the regulatory news service and reference data businesses. Revenue from licences that grant  </span>the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is granted or service is delivered.<span class=\"_ _30b\"> </span>V<span class=\"_ _15\"></span>arious <span class=\"ff73\">brokerage processing, risk solutions and professional services</span>, which are generally billed in arrears, are recognised as revenue at the point in time when the Group meets its obligation to complete the transaction or service.<span class=\"_ _30b\"> </span>Recoveries<span class=\"ff74\"> consist of fees for third-party content, such as e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>change data that is distributed directly to customers, and communications fees. </span>Recoveries are generally recognised over the contract term.<span class=\"_ _30b\"> </span>Capital Markets<span class=\"_ _30b\"> </span>Revenue in the Capital Mark<span class=\"_ _1\"></span>ets division is generated from: Primary and Secondary market services; contracts to develop capital mark<span class=\"_ _1\"></span>et technology solutions; software licences; network connections; and hosting services.<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e have assessed that <span class=\"ff73\">primary market initial admission and the ongoing listing services</span> represent one performance obligation. The Group therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services.  All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced.<span class=\"_ _30b\"> </span>The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation to the length of a customer listing, which is subject to factors outside the Group\u2019<span class=\"_ _1\"></span>s control. It also includes a forward-looking element in respect  of the expected listing period based on mark<span class=\"_ _1\"></span>et movements. W<span class=\"_ _1\"></span>e reassess the estimated service periods at each reporting date. The current estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on similar performance obligations. W<span class=\"_ _1\"></span>e estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Primary market annual fees, secondary mark<span class=\"_ _1\"></span>et membership and subscription fees<span class=\"ff74\"> are generally paid in advance on the first day of </span>membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates,  as this reflects the extent of the Group<span class=\"_ _1\"></span>\u2019s progress towards completion of the performance obligation under the contract. Revenue from <span class=\"ff73\">secondary mark<span class=\"_ _1\"></span>et trading and associated capital mark<span class=\"_ _1\"></span>et services<span class=\"ff74\"> is recognised on a per transaction basis at the point that  </span></span>the service is provided.<span class=\"_ _30b\"> </span>Capital markets software licence<span class=\"ff74\"> contracts contain multiple deliverables including: providing licences; installing software; and ongoing </span>maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone selling price. R<span class=\"_ _1\"></span>evenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as  the Group incurs costs on the contract.<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>ransaction and commission fees<span class=\"ff74\"> are earned from transactions that are ex<span class=\"_ _1\"></span>ecuted on the Group'<span class=\"_ _1\"></span>s electronic marketplaces. R<span class=\"_ _1\"></span>evenue is </span>recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees  and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or ex<span class=\"_ _15\"></span>ecuted when an individual transaction occurs. Revenue is only recognised to the e<span class=\"_ _1\"></span>xtent that it is highly probable that a significant reversal of the revenue will  not occur (\u2018minimum expected revenue\u2019).<span class=\"_ _30b\"> </span>Network connection, subscription and hosting services<span class=\"ff74\"> revenues are recognised on a straight-line basis over the period to which the fee </span>relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the performance obligation.<span class=\"_ _30b\"> </span>Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span>Revenue in the P<span class=\"_ _1\"></span>ost T<span class=\"_ _15\"></span>rade division is generated from clearing, settlement and other post trade services.<span class=\"_ _30b\"> </span>Over-the-counter (OT<span class=\"_ _1\"></span>C) derivatives, and securities clearing and reporting<span class=\"ff74\"> generate fees from: individual transactions or contracts cleared and </span>settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point  in time when the Group meets its obligations to complete the transaction or service. R<span class=\"_ _1\"></span>evenue is recognised and billed monthly in arrears.  Certain customers have a fix<span class=\"_ _1\"></span>ed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as  the Group fulfils its obligations to maintain the availability of the clearing system to that customer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Non-cash collateral <span class=\"ff74\">fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis </span>over the service period, representing the continuous transfer of services during that time.<span class=\"_ _30b\"> </span>Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction.<span class=\"_ _30b\"> </span>Those customer contracts across the Group that contain a single performance obligation at a fix<span class=\"_ _1\"></span>ed price do not require variable consideration to be calculated. However<span class=\"_ _15\"></span>, some businesses in the Group provide services to customers under a tiered or tariff pricing structure that generates a degree of variability in the revenue streams from the contract as a result of additional charges or discounts given. Where the future revenue from a contract varies due to factors that are outside the Group\u2019<span class=\"_ _1\"></span>s control, the Group limits the total transaction price at contract inception and recognises the minimum expected revenue guaranteed by the terms of the contract over the contract period. Any variable element is subsequently recognised in the period in which the variable condition is satisfied and there is no significant risk of reversal of that revenue.<span class=\"_ _30b\"> </span>Rebates given to customers as part of an operating agreement are calculated on a pro-rata basis on revenue earned and recognised  as they fall due.<span class=\"_ _30b\"> </span>The Group does not have any contracts where the period between the transfer of services to a customer and when the customer is expected to pay for that service is longer than one year<span class=\"_ _2\"></span>. As a result, no adjustments are made to revenue for any financing component.<span class=\"_ _30b\"> </span>Net treasury income<span class=\"_ _30b\"> </span>Net treasury income is generated from two sources. Firstly<span class=\"_ _15\"></span>, the CCP businesses securely invest the cash collateral lodged with them  and earn treasury income from various investments (including government debt and reverse repos) and cash deposits with central banks. At the same time, the CCPs pay interest at an overnight benchmark rate to their members on the collateral placed with the business, whilst charging a spread on that rate as a fee. This spread provides the second source of income. The resulting net treasury income is recognised within total income and disclosed separately from revenue.<span class=\"_ _30b\"> </span>Other income<span class=\"_ _30b\"> </span>Other income typically relates to operating lease income and fees from service agreements. Such fees are generated from the provision of events and media services, which are typically recognised at the point the service is rendered.<span class=\"_ _30b\"> </span>Cost of sales<span class=\"_ _30b\"> </span>Cost of sales comprises: <span class=\"_ _35\"></span>\u2014 Data and licence fees; <span class=\"_ _35\"></span>\u2014 Data feed costs; <span class=\"_ _35\"></span>\u2014 R<span class=\"_ _15\"></span>oyalties; <span class=\"_ _35\"></span>\u2014 Expenses incurred in respect of profit share arrangements; <span class=\"_ _35\"></span>\u2014 Costs directly attributable to the construction and delivery of goods or services; and <span class=\"_ _35\"></span>\u2014 Any other costs link<span class=\"_ _1\"></span>ed and directly incurred to generate revenues and provide services to customers.<span class=\"_ _30b\"> </span>Profit share expenses recognised as cost of sales relate to  a small number of arrangements with certain customers where  the payment to the customer is linked to the total profit of the particular business concerned.<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs217\">The Group\u2019<span class=\"_ _1\"></span>s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs218\">2023 is shown below:<span class=\"_ _30b\"> </span></div><div class=\"gs219\"><table class=\"s w2a1 he6\" id=\"_bdc56ec2-3db3-4808-9930-f3aed0f1c086\"><tr><td></td><td></td><td class=\"t m0 x180 h4d y253a ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x4eb h4d y253a ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x4ec h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Analytics </td><td class=\"t m0 x2fd h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Markets </td><td class=\"t m0 x2fe h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade </td><td class=\"t m0 x4ed h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Other </td><td class=\"t m0 x2f9 h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td class=\"c n x17e y253c w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ee y253c w2a2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ef h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y253e ff73 fsf fc0 sc0 ls0 ws0\">Revenue from e<span class=\"_ _15\"></span>xternal customers<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y253f ff73 fsf fc0 sc0 ls0 ws0\">Major product and service lines<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2540 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rading &amp; banking solutions<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x4f2 y2541 w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,656<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f3 y2541 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f4 y2541 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f5 y2541 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f6 y2541 w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,656<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2542 ff74 fsf fc0 sc0 ls0 ws0\">Enterprise data solutions<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x4f7 y2543 w2a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,411<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f8 y2543 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f9 y2543 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fa y2543 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fb y2543 w2a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,411<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2544 w2a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Investment solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4fc y2544 w2a6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,423<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fd y2544 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fe y2544 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ff y2544 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x500 y2544 w2a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,423<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2545 w2a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>ealth solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x501 y2545 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">285<span class=\"_ _30b\"> </span></div></td><td class=\"c n x502 y2545 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x503 y2545 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x504 y2545 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x505 y2545 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">285<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2546 ff74 fsf fc0 sc0 ls0 ws0\">Customer &amp;  </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2428 w2aa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">third-party risk solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x506 y2428 w82 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">492<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2428 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x508 y2428 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y2428 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50a y2428 w82 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">492<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2547 ff74 fsf fc0 sc0 ls0 ws0\">Recoveries<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x50b y2429 w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">370<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50c y2429 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50d y2429 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50e y2429 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50f y2429 w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">370<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w2ab hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Equities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x510 y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x511 y242a w2ac hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">227<span class=\"_ _30b\"> </span></div></td><td class=\"c n x512 y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x513 y242a w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x514 y242a w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">227<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w2ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">FX<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y240d w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x516 y240d w2ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">251<span class=\"_ _30b\"> </span></div></td><td class=\"c n x517 y240d w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x518 y240d w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x519 y240d w2af hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">251<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w2b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Fix<span class=\"_ _1\"></span>ed income, derivatives and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x51a y2548 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51b y2548 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,068<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51c y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51d y2548 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51e y2548 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,068<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2549 w2b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">OT<span class=\"_ _1\"></span>C derivatives<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y2549 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51f y2549 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x520 y2549 w2b2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">517<span class=\"_ _30b\"> </span></div></td><td class=\"c n x521 y2549 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x522 y2549 w2b2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">517<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w2b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Securities &amp; reporting<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x523 y242c w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x524 y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x525 y242c w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">254<span class=\"_ _30b\"> </span></div></td><td class=\"c n x526 y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x527 y242c w2b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">254<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w2b6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-cash collateral<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x528 y254a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x529 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52a y254a w2b7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">107<span class=\"_ _30b\"> </span></div></td><td class=\"c n x391 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52b y254a w2b8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">107<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x52c y2412 w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52d y2412 w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52e y2412 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">878<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52f y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x530 y2412 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,061<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w2ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net treasury income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x531 y242e w26b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x532 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x533 y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x534 y242e w185 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td><td class=\"c n x535 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x536 y242e w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w2bb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x537 y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x538 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x539 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53a y242f w195 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53b y242f w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w25 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x53c y250e w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53d y250e w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53e y250e w237 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,167<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53f y250e w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td><td class=\"c n x540 y250e wda hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,379<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y254b ff73 fsf fc0 sc0 ls0 ws0\">Timing of revenue recognition<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w2bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied at a point in time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x541 y2431 w2bd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">201<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51b y2431 w2be hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,055<span class=\"_ _30b\"> </span></div></td><td class=\"c n x542 y2431 w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">458<span class=\"_ _30b\"> </span></div></td><td class=\"c n x543 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x544 y2431 w4f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,714<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w2bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied over time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x545 y2510 w2c0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,436<span class=\"_ _30b\"> </span></div></td><td class=\"c n x546 y2510 w18e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">491<span class=\"_ _30b\"> </span></div></td><td class=\"c n x547 y2510 w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">420<span class=\"_ _30b\"> </span></div></td><td class=\"c n x548 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x549 y2510 w23b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6,347<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x54a y2419 w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637<span class=\"_ _30b\"> </span></div></td><td class=\"c n x54b y2419 w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x54c y2419 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">878<span class=\"_ _30b\"> </span></div></td><td class=\"c n x54d y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a8 y2419 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,061<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs21a\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs21b\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs21c\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs21d\">1 <span class=\"_ _32\"> </span>From 1 January 2023 onwards, foreign ex<span class=\"_ _1\"></span>change related items associated with embedded derivatives, previously included in Recoveries have been recognised within the appropriate  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs21e\">Data &amp; Analytics revenue lines, primarily T<span class=\"_ _15\"></span>rading &amp; banking solutions and Enterprise data solutions, as this is where the corresponding contractual revenue is recorded. The 2022 results  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs21f\">have not been restated. In 2022, the embedded derivatives foreign ex<span class=\"_ _1\"></span>change impact reduced Recoveries by \u00a343 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs221\">The Group\u2019<span class=\"_ _1\"></span>s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs222\">2022 is shown below:<span class=\"_ _30b\"> </span></div><div class=\"gs219\"><table class=\"s web he7\" id=\"_77a8feee-5994-4ffc-bcf0-aecb24a66a3c\"><tr><td></td><td></td><td class=\"t m0 x54e h4d y254c ff74 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x54f h4d y254c ff74 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2ed h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Analytics </td><td class=\"t m0 x550 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Markets </td><td class=\"t m0 x551 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade </td><td class=\"t m0 x281 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Other </td><td class=\"t m0 x2f9 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td class=\"c n x17e y254e w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ee y254e w2a2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ef h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2550 ff73 fsf fc0 sc0 ls0 ws0\">Revenue from e<span class=\"_ _15\"></span>xternal customers<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2551 ff73 fsf fc0 sc0 ls0 ws0\">Major product and service lines<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2552 w2c1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rading &amp; banking solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x552 y2552 w2c2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,612<span class=\"_ _30b\"> </span></div></td><td class=\"c n x553 y2552 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x554 y2552 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x543 y2552 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x555 y2552 w2c2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,612<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2553 w2c3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Enterprise data solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x556 y2553 w2c4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,307<span class=\"_ _30b\"> </span></div></td><td class=\"c n x557 y2553 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x558 y2553 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x559 y2553 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55a y2553 w2c5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,307<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2554 w2a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Investment solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x55b y2554 w2c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,325<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55c y2554 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55d y2554 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55e y2554 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55f y2554 w2c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,325<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2555 w2a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>ealth solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x560 y2555 w2c7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">275<span class=\"_ _30b\"> </span></div></td><td class=\"c n x561 y2555 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x562 y2555 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x563 y2555 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x564 y2555 w2c7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">275<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2556 w2c8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Customer &amp; third-party risk solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x565 y2556 w2c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">425<span class=\"_ _30b\"> </span></div></td><td class=\"c n x557 y2556 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x558 y2556 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x559 y2556 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x566 y2556 w2c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">425<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2557 w2ca hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Recoveries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x567 y2557 w102 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">315<span class=\"_ _30b\"> </span></div></td><td class=\"c n x557 y2557 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x558 y2557 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x559 y2557 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x568 y2557 w2cb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">315<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2558 w2ab hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Equities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x510 y2558 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x511 y2558 w95 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">248<span class=\"_ _30b\"> </span></div></td><td class=\"c n x569 y2558 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56a y2558 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56b y2558 w95 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">248<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2559 w2ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">FX<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y2559 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56c y2559 w9a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">258<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56d y2559 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56e y2559 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56f y2559 w2cc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">258<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255a w2b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Fix<span class=\"_ _1\"></span>ed income, derivatives and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x51a y255a w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x570 y255a w2cd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">953<span class=\"_ _30b\"> </span></div></td><td class=\"c n x571 y255a w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x572 y255a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x573 y255a w2ce hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">953<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255b w2b1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">OT<span class=\"_ _1\"></span>C derivatives<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y255b w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51f y255b w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x574 y255b w263 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">402<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y255b w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x576 y255b w263 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">402<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255c w2b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Securities &amp; reporting<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x523 y255c w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x524 y255c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x577 y255c w9e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">234<span class=\"_ _30b\"> </span></div></td><td class=\"c n x578 y255c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x579 y255c w89 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">234<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255d w2b6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-cash collateral<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x528 y255d w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x529 y255d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52a y255d w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57a y255d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57b y255d w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255e w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x52c y255e w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57c y255e w251 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57d y255e w252 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">736<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57e y255e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57f y255e w19 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,454<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255f w2ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net treasury income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x531 y255f w26b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x532 y255f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x533 y255f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x580 y255f w1e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td><td class=\"c n x581 y255f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x582 y255f w1e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2560 w2bb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x537 y2560 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x538 y2560 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x539 y2560 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x583 y2560 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x28c y2560 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2561 w25 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x584 y2561 w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x585 y2561 w251 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x586 y2561 w2cf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">991<span class=\"_ _30b\"> </span></div></td><td class=\"c n x587 y2561 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x588 y2561 w27 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,743<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2562 ff73 fsf fc0 sc0 ls0 ws0\">Timing of revenue recognition<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2563 w2bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied at a point in time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x589 y2563 w2d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">173<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58a y2563 w182 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58b y2563 w2d1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">393<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58c y2563 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58d y2563 w2d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,544<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2564 w2bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied over time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x58e y2564 w2d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,086<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58f y2564 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">481<span class=\"_ _30b\"> </span></div></td><td class=\"c n x590 y2564 w2d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">343<span class=\"_ _30b\"> </span></div></td><td class=\"c n x591 y2564 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x483 y2564 w2d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,910<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x54a y2419 w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x592 y2419 w251 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x593 y2419 w252 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">736<span class=\"_ _30b\"> </span></div></td><td class=\"c n x594 y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x595 y2419 w19 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,454<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs223\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs224\">1 <span class=\"_ _32\"> </span>In 2023, the timing of revenue recognition classification was assessed and has resulted in 2022 revenue of \u00a337 million and \u00a3328 million, for Capital Markets and Post T<span class=\"_ _2\"></span>rade respectively, </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs225\">previously classified as at a point in time now being shown as over time.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs226\">3.2 Net treasury income<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs227\">Net treasury income is earned from instruments held at amortised cost </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs228\">or fair value as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs229\"><table class=\"s w2d6 he8\" id=\"_d3984fe3-fce6-442e-9743-05817a14bf59\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2565 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x596 h4d y2565 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2566 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x4ac h4d y2566 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2566 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2567 ff73 fsf fc0 sc0 ls0 ws0\">Instruments held at amortised cost<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2568 w2d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury income on assets<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x597 y2568 w2d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4,122<span class=\"_ _30b\"> </span></div></td><td class=\"c n x598 y2568 w2d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">994<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2569 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury income on liabilities<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x599 y256a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59a y256a w2da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">218<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y256b ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury expense on assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x59b y256c w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(959)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59c y256c w2db hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(159)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y256d w2dc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury expense on liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x59d y256d w1de hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4,041)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59e y256d w2dd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,352)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y256e w2de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash collateral fee<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x59f y256e w2df hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">272<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a0 y256e w246 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">230<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y256f w2e0 hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">Net e<span class=\"_ _1\"></span>xpense from instruments held at<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">amortised cost<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a1 y256f w2e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(606)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a2 y256f w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2570 ff73 fsf fc0 sc0 ls0 ws0\">Instruments held at fair value<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2571 w2e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a3 y2571 w2e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">896<span class=\"_ _30b\"> </span></div></td><td class=\"c n x598 y2571 w2e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">326<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2572 w2e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a4 y2572 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a5 y2572 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2573 w2e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net income from instruments held at fair value<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a6 y2573 w2e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">895<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a7 y2573 w9e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">324<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2574 w2e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net treasury income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a8 y2574 w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a9 y2574 w2ea hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2576 w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y2576 w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ab y2576 w2ed he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">treasury income and expense on assets and liabilities held at amortised cost and<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x5ac h1f y2577 ff74 fs3 fc0 sc0 ls0 ws0\">at fair value have been represented to show the gross income and expenses by category<span class=\"_ _15\"></span>, </td><td></td><td></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs22a\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs22b\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs22c\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs22d\">which is consistent with disclosure for 2023.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs22e\">2 <span class=\"_ _33\"> </span>T<span class=\"_ _15\"></span>reasury income on liabilities and treasury expense on assets represent amounts that earned </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs22f\">negative interest rates.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs231\">3.3 T<span class=\"_ _2\"></span>otal revenue by geographical location<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs232\">The Group\u2019<span class=\"_ _1\"></span>s revenue from continuing operations disaggregated by </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs233\">geographical location of service provided is as follows:<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs234\">Continuing operations<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs235\">2023 </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs236\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs237\">2022 </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs238\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs239\">UK<span class=\"_ _227\"> </span><span class=\"ff73\">2,494<span class=\"_ _91\"> </span></span>2,292<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls32 ws39 gs23a\">USA<span class=\"_ _228\"> </span><span class=\"ff73 ls0 ws0\">2,953<span class=\"_ _91\"> </span><span class=\"ff74\">2,685<span class=\"_ _30b\"> </span></span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs23b\">Europe, e<span class=\"_ _1\"></span>xcluding UK<span class=\"_ _12\"> </span><span class=\"ff73\">1,198<span class=\"_ _56\"> </span></span>1,111<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs23c\">Asia<span class=\"_ _21b\"> </span><span class=\"ff73\">993<span class=\"_ _63\"> </span></span>963<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs23d\">Other<span class=\"_ _229\"> </span><span class=\"ff73\">423<span class=\"_ _8c\"> </span></span>403<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs23e\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _212\"> </span>8,061<span class=\"_ _6c\"> </span><span class=\"ff74\">7,454<span class=\"_ _30b\"> </span></span></div>3.4 Contract liabilities<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e report contract liabilities where amounts received or receivable from a customer ex<span class=\"_ _15\"></span>ceed revenue recognised for a contract, for ex<span class=\"_ _1\"></span>ample if the Group receives an advance payment from a customer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>In some instances, we receive consideration, or an amount  of consideration is due, in relation to our obligation to transfer goods or services to a customer in the future. R<span class=\"_ _1\"></span>evenue relating  to these future periods is classified as a contract liability on the balance sheet.<span class=\"_ _30b\"> </span>Contract liabilities are amortised and recognised as revenue  over the period the services are rendered.<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs249\">The Group has the following contract liabilities:<span class=\"_ _30b\"> </span></div><div class=\"gs157\"><table class=\"s w2ef heb\" id=\"_6825f604-8df4-4a91-97d4-0123eb07d7ab\"><tr><td></td><td class=\"t m0 x5ad h4d y257d ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y257d ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y257e ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y257e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y257e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2431 w2f0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b0 y2431 wf7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">273<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b1 y2431 w121 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">257<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w2f1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b2 y2418 w2f2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b3 y2418 w138 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">89<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal contract liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b4 y2419 w1a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">345<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b5 y2419 wf8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs24a\">The changes in the Group\u2019<span class=\"_ _1\"></span>s contract liabilities during the year are  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs24b\">as follows: </div><div class=\"gs24c\"><table class=\"s w2f4 hec\" id=\"_fbc23b90-e013-4d3e-a5bb-9ae41061866b\"><tr><td></td><td class=\"t m0 x5ad h4d y257f ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y257f ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y2580 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2580 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2486 w2f5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b6 y2486 w2f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b7 y2486 wf8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2581 ff74 fsf fc0 sc0 ls0 ws0\">Contract liabilities assumed on acquisition  </td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w2f7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b8 y242f w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b9 y242f w17a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w2f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ba y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bb y250e w2fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(11)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w2fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Recognised as revenue during the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bc y250f w34 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(270)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bd y250f w2fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(249)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w2fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Deferred during the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59f y2431 w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">272<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y2431 w9e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">243<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5be y2510 w2fe hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bf y2510 w109 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c0 y2419 w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">345<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c1 y2419 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">346</div></td></tr></table></div>",
   "dimensions": {
    "concept": "lseg:DisclosureOfTotalIncomeAndContractLiabilities",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-673": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs196\">3.<span class=\"_ _2\"></span>1. T<span class=\"_ _15\"></span>otal income<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs197\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs198\">Revenue<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs199\">The main source of revenue for the Group is fees for services </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs19a\">provided. Revenue is measured based on the consideration </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs19b\">specified in a contract with a customer<span class=\"_ _15\"></span>. The following are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs19c\">ex<span class=\"_ _15\"></span>cluded from revenue:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs19d\"> <span class=\"_ _35\"></span>\u2014 value added tax and other sales related tax<span class=\"_ _15\"></span>es;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs19e\"> <span class=\"_ _35\"></span>\u2014 certain revenue share arrangements (whereby as part of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs19f\">an agreement amounts are due back to the customer); and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1a0\"> <span class=\"_ _35\"></span>\u2014 certain pass-through costs where the Group acts as an agent </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1a1\">and has arrangements to recover specific costs from its </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1a2\">customers with no mark-up<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1a3\">The Group recognises revenue as services are performed  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1a4\">and as it satisfies its obligations to provide a product or service  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1a5\">to a customer<span class=\"_ _15\"></span>. The Group\u2019<span class=\"_ _1\"></span>s revenue accounting policies are  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs1a6\">set out below:<span class=\"_ _30b\"> </span></div>Data &amp; Analytics<span class=\"_ _30b\"> </span>The Data &amp; Analytics division generates revenue by providing information and data products including index<span class=\"_ _15\"></span>es, benchmarks, real-time pricing data and trade reporting and reconciliation services.<span class=\"_ _30b\"> </span>Data subscription and inde<span class=\"_ _1\"></span>x licence fees<span class=\"ff74\"> are recognised over the licence or usage period in line with the Group\u2019<span class=\"_ _1\"></span>s obligation to deliver data </span>consistently throughout the licence period. Services are billed on a monthly<span class=\"_ _15\"></span>, quarterly or annual basis. Other information services<span class=\"ff74\"> include licences to the regulatory news service and reference data businesses. Revenue from licences that grant  </span>the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is granted or service is delivered.<span class=\"_ _30b\"> </span>V<span class=\"_ _15\"></span>arious <span class=\"ff73\">brokerage processing, risk solutions and professional services</span>, which are generally billed in arrears, are recognised as revenue at the point in time when the Group meets its obligation to complete the transaction or service.<span class=\"_ _30b\"> </span>Recoveries<span class=\"ff74\"> consist of fees for third-party content, such as e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>change data that is distributed directly to customers, and communications fees. </span>Recoveries are generally recognised over the contract term.<span class=\"_ _30b\"> </span>Capital Markets<span class=\"_ _30b\"> </span>Revenue in the Capital Mark<span class=\"_ _1\"></span>ets division is generated from: Primary and Secondary market services; contracts to develop capital mark<span class=\"_ _1\"></span>et technology solutions; software licences; network connections; and hosting services.<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e have assessed that <span class=\"ff73\">primary market initial admission and the ongoing listing services</span> represent one performance obligation. The Group therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services.  All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced.<span class=\"_ _30b\"> </span>The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation to the length of a customer listing, which is subject to factors outside the Group\u2019<span class=\"_ _1\"></span>s control. It also includes a forward-looking element in respect  of the expected listing period based on mark<span class=\"_ _1\"></span>et movements. W<span class=\"_ _1\"></span>e reassess the estimated service periods at each reporting date. The current estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on similar performance obligations. W<span class=\"_ _1\"></span>e estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Primary market annual fees, secondary mark<span class=\"_ _1\"></span>et membership and subscription fees<span class=\"ff74\"> are generally paid in advance on the first day of </span>membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates,  as this reflects the extent of the Group<span class=\"_ _1\"></span>\u2019s progress towards completion of the performance obligation under the contract. Revenue from <span class=\"ff73\">secondary mark<span class=\"_ _1\"></span>et trading and associated capital mark<span class=\"_ _1\"></span>et services<span class=\"ff74\"> is recognised on a per transaction basis at the point that  </span></span>the service is provided.<span class=\"_ _30b\"> </span>Capital markets software licence<span class=\"ff74\"> contracts contain multiple deliverables including: providing licences; installing software; and ongoing </span>maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone selling price. R<span class=\"_ _1\"></span>evenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as  the Group incurs costs on the contract.<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>ransaction and commission fees<span class=\"ff74\"> are earned from transactions that are ex<span class=\"_ _1\"></span>ecuted on the Group'<span class=\"_ _1\"></span>s electronic marketplaces. R<span class=\"_ _1\"></span>evenue is </span>recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees  and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or ex<span class=\"_ _15\"></span>ecuted when an individual transaction occurs. Revenue is only recognised to the e<span class=\"_ _1\"></span>xtent that it is highly probable that a significant reversal of the revenue will  not occur (\u2018minimum expected revenue\u2019).<span class=\"_ _30b\"> </span>Network connection, subscription and hosting services<span class=\"ff74\"> revenues are recognised on a straight-line basis over the period to which the fee </span>relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the performance obligation.<span class=\"_ _30b\"> </span>Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span>Revenue in the P<span class=\"_ _1\"></span>ost T<span class=\"_ _15\"></span>rade division is generated from clearing, settlement and other post trade services.<span class=\"_ _30b\"> </span>Over-the-counter (OT<span class=\"_ _1\"></span>C) derivatives, and securities clearing and reporting<span class=\"ff74\"> generate fees from: individual transactions or contracts cleared and </span>settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point  in time when the Group meets its obligations to complete the transaction or service. R<span class=\"_ _1\"></span>evenue is recognised and billed monthly in arrears.  Certain customers have a fix<span class=\"_ _1\"></span>ed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as  the Group fulfils its obligations to maintain the availability of the clearing system to that customer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Non-cash collateral <span class=\"ff74\">fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis </span>over the service period, representing the continuous transfer of services during that time.<span class=\"_ _30b\"> </span>Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction.<span class=\"_ _30b\"> </span>Those customer contracts across the Group that contain a single performance obligation at a fix<span class=\"_ _1\"></span>ed price do not require variable consideration to be calculated. However<span class=\"_ _15\"></span>, some businesses in the Group provide services to customers under a tiered or tariff pricing structure that generates a degree of variability in the revenue streams from the contract as a result of additional charges or discounts given. Where the future revenue from a contract varies due to factors that are outside the Group\u2019<span class=\"_ _1\"></span>s control, the Group limits the total transaction price at contract inception and recognises the minimum expected revenue guaranteed by the terms of the contract over the contract period. Any variable element is subsequently recognised in the period in which the variable condition is satisfied and there is no significant risk of reversal of that revenue.<span class=\"_ _30b\"> </span>Rebates given to customers as part of an operating agreement are calculated on a pro-rata basis on revenue earned and recognised  as they fall due.<span class=\"_ _30b\"> </span>The Group does not have any contracts where the period between the transfer of services to a customer and when the customer is expected to pay for that service is longer than one year<span class=\"_ _2\"></span>. As a result, no adjustments are made to revenue for any financing component.<span class=\"_ _30b\"> </span>Net treasury income<span class=\"_ _30b\"> </span>Net treasury income is generated from two sources. Firstly<span class=\"_ _15\"></span>, the CCP businesses securely invest the cash collateral lodged with them  and earn treasury income from various investments (including government debt and reverse repos) and cash deposits with central banks. At the same time, the CCPs pay interest at an overnight benchmark rate to their members on the collateral placed with the business, whilst charging a spread on that rate as a fee. This spread provides the second source of income. The resulting net treasury income is recognised within total income and disclosed separately from revenue.<span class=\"_ _30b\"> </span>Other income<span class=\"_ _30b\"> </span>Other income typically relates to operating lease income and fees from service agreements. Such fees are generated from the provision of events and media services, which are typically recognised at the point the service is rendered.<span class=\"_ _30b\"> </span>Cost of sales<span class=\"_ _30b\"> </span>Cost of sales comprises: <span class=\"_ _35\"></span>\u2014 Data and licence fees; <span class=\"_ _35\"></span>\u2014 Data feed costs; <span class=\"_ _35\"></span>\u2014 R<span class=\"_ _15\"></span>oyalties; <span class=\"_ _35\"></span>\u2014 Expenses incurred in respect of profit share arrangements; <span class=\"_ _35\"></span>\u2014 Costs directly attributable to the construction and delivery of goods or services; and <span class=\"_ _35\"></span>\u2014 Any other costs link<span class=\"_ _1\"></span>ed and directly incurred to generate revenues and provide services to customers.<span class=\"_ _30b\"> </span>Profit share expenses recognised as cost of sales relate to  a small number of arrangements with certain customers where  the payment to the customer is linked to the total profit of the particular business concerned.<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December 2023 is shown below:<span class=\"_ _30b\"> </span><table class=\"s w2a1 he6\" id=\"_bdc56ec2-3db3-4808-9930-f3aed0f1c086\"><tr><td></td><td></td><td class=\"t m0 x180 h4d y253a ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x4eb h4d y253a ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x4ec h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Analytics </td><td class=\"t m0 x2fd h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Markets </td><td class=\"t m0 x2fe h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade </td><td class=\"t m0 x4ed h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Other </td><td class=\"t m0 x2f9 h4d y253b ff73 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td class=\"c n x17e y253c w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ee y253c w2a2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ef h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y253d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y253e ff73 fsf fc0 sc0 ls0 ws0\">Revenue from e<span class=\"_ _15\"></span>xternal customers<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y253f ff73 fsf fc0 sc0 ls0 ws0\">Major product and service lines<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2540 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rading &amp; banking solutions<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x4f2 y2541 w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,656<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f3 y2541 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f4 y2541 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f5 y2541 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f6 y2541 w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,656<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2542 ff74 fsf fc0 sc0 ls0 ws0\">Enterprise data solutions<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x4f7 y2543 w2a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,411<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f8 y2543 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4f9 y2543 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fa y2543 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fb y2543 w2a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,411<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2544 w2a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Investment solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4fc y2544 w2a6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,423<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fd y2544 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4fe y2544 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ff y2544 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x500 y2544 w2a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,423<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2545 w2a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>ealth solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x501 y2545 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">285<span class=\"_ _30b\"> </span></div></td><td class=\"c n x502 y2545 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x503 y2545 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x504 y2545 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x505 y2545 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">285<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2546 ff74 fsf fc0 sc0 ls0 ws0\">Customer &amp;  </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2428 w2aa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">third-party risk solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x506 y2428 w82 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">492<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2428 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x508 y2428 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y2428 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50a y2428 w82 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">492<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2547 ff74 fsf fc0 sc0 ls0 ws0\">Recoveries<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x50b y2429 w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">370<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50c y2429 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50d y2429 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50e y2429 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x50f y2429 w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">370<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w2ab hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Equities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x510 y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x511 y242a w2ac hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">227<span class=\"_ _30b\"> </span></div></td><td class=\"c n x512 y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x513 y242a w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x514 y242a w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">227<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w2ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">FX<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y240d w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x516 y240d w2ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">251<span class=\"_ _30b\"> </span></div></td><td class=\"c n x517 y240d w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x518 y240d w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x519 y240d w2af hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">251<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w2b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Fix<span class=\"_ _1\"></span>ed income, derivatives and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x51a y2548 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51b y2548 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,068<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51c y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51d y2548 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51e y2548 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,068<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2549 w2b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">OT<span class=\"_ _1\"></span>C derivatives<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y2549 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51f y2549 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x520 y2549 w2b2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">517<span class=\"_ _30b\"> </span></div></td><td class=\"c n x521 y2549 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x522 y2549 w2b2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">517<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w2b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Securities &amp; reporting<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x523 y242c w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x524 y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x525 y242c w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">254<span class=\"_ _30b\"> </span></div></td><td class=\"c n x526 y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x527 y242c w2b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">254<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w2b6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-cash collateral<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x528 y254a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x529 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52a y254a w2b7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">107<span class=\"_ _30b\"> </span></div></td><td class=\"c n x391 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52b y254a w2b8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">107<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x52c y2412 w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52d y2412 w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52e y2412 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">878<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52f y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x530 y2412 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,061<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w2ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net treasury income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x531 y242e w26b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x532 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x533 y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x534 y242e w185 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td><td class=\"c n x535 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x536 y242e w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w2bb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x537 y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x538 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x539 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53a y242f w195 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53b y242f w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w25 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x53c y250e w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53d y250e w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53e y250e w237 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,167<span class=\"_ _30b\"> </span></div></td><td class=\"c n x53f y250e w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td><td class=\"c n x540 y250e wda hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,379<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y254b ff73 fsf fc0 sc0 ls0 ws0\">Timing of revenue recognition<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w2bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied at a point in time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x541 y2431 w2bd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">201<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51b y2431 w2be hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,055<span class=\"_ _30b\"> </span></div></td><td class=\"c n x542 y2431 w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">458<span class=\"_ _30b\"> </span></div></td><td class=\"c n x543 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x544 y2431 w4f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,714<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w2bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied over time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x545 y2510 w2c0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,436<span class=\"_ _30b\"> </span></div></td><td class=\"c n x546 y2510 w18e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">491<span class=\"_ _30b\"> </span></div></td><td class=\"c n x547 y2510 w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">420<span class=\"_ _30b\"> </span></div></td><td class=\"c n x548 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x549 y2510 w23b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6,347<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x54a y2419 w234 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,637<span class=\"_ _30b\"> </span></div></td><td class=\"c n x54b y2419 w235 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,546<span class=\"_ _30b\"> </span></div></td><td class=\"c n x54c y2419 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">878<span class=\"_ _30b\"> </span></div></td><td class=\"c n x54d y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a8 y2419 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,061<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>From 1 January 2023 onwards, foreign ex<span class=\"_ _1\"></span>change related items associated with embedded derivatives, previously included in Recoveries have been recognised within the appropriate  Data &amp; Analytics revenue lines, primarily T<span class=\"_ _15\"></span>rading &amp; banking solutions and Enterprise data solutions, as this is where the corresponding contractual revenue is recorded. The 2022 results  have not been restated. In 2022, the embedded derivatives foreign ex<span class=\"_ _1\"></span>change impact reduced Recoveries by \u00a343 million.<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s revenue disaggregated by segment, major product and service line, and timing of revenue recognition for the year ended 31 December 2022 is shown below:<span class=\"_ _30b\"> </span><table class=\"s web he7\" id=\"_77a8feee-5994-4ffc-bcf0-aecb24a66a3c\"><tr><td></td><td></td><td class=\"t m0 x54e h4d y254c ff74 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x54f h4d y254c ff74 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2ed h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Analytics </td><td class=\"t m0 x550 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Markets </td><td class=\"t m0 x551 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade </td><td class=\"t m0 x281 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Other </td><td class=\"t m0 x2f9 h4d y254d ff74 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td class=\"c n x17e y254e w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ee y254e w2a2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ef h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y254f ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2550 ff73 fsf fc0 sc0 ls0 ws0\">Revenue from e<span class=\"_ _15\"></span>xternal customers<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2551 ff73 fsf fc0 sc0 ls0 ws0\">Major product and service lines<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2552 w2c1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rading &amp; banking solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x552 y2552 w2c2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,612<span class=\"_ _30b\"> </span></div></td><td class=\"c n x553 y2552 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x554 y2552 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x543 y2552 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x555 y2552 w2c2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,612<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2553 w2c3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Enterprise data solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x556 y2553 w2c4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,307<span class=\"_ _30b\"> </span></div></td><td class=\"c n x557 y2553 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x558 y2553 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x559 y2553 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55a y2553 w2c5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,307<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2554 w2a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Investment solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x55b y2554 w2c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,325<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55c y2554 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55d y2554 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55e y2554 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x55f y2554 w2c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,325<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2555 w2a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>ealth solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x560 y2555 w2c7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">275<span class=\"_ _30b\"> </span></div></td><td class=\"c n x561 y2555 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x562 y2555 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x563 y2555 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x564 y2555 w2c7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">275<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2556 w2c8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Customer &amp; third-party risk solutions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x565 y2556 w2c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">425<span class=\"_ _30b\"> </span></div></td><td class=\"c n x557 y2556 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x558 y2556 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x559 y2556 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x566 y2556 w2c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">425<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2557 w2ca hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Recoveries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x567 y2557 w102 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">315<span class=\"_ _30b\"> </span></div></td><td class=\"c n x557 y2557 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x558 y2557 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x559 y2557 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x568 y2557 w2cb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">315<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2558 w2ab hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Equities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x510 y2558 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x511 y2558 w95 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">248<span class=\"_ _30b\"> </span></div></td><td class=\"c n x569 y2558 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56a y2558 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56b y2558 w95 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">248<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2559 w2ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">FX<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y2559 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56c y2559 w9a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">258<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56d y2559 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56e y2559 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x56f y2559 w2cc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">258<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255a w2b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Fix<span class=\"_ _1\"></span>ed income, derivatives and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x51a y255a w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x570 y255a w2cd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">953<span class=\"_ _30b\"> </span></div></td><td class=\"c n x571 y255a w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x572 y255a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x573 y255a w2ce hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">953<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255b w2b1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">OT<span class=\"_ _1\"></span>C derivatives<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x515 y255b w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x51f y255b w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x574 y255b w263 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">402<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y255b w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x576 y255b w263 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">402<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255c w2b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Securities &amp; reporting<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x523 y255c w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x524 y255c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x577 y255c w9e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">234<span class=\"_ _30b\"> </span></div></td><td class=\"c n x578 y255c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x579 y255c w89 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">234<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255d w2b6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-cash collateral<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x528 y255d w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x529 y255d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x52a y255d w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57a y255d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57b y255d w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255e w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x52c y255e w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57c y255e w251 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57d y255e w252 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">736<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57e y255e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x57f y255e w19 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,454<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y255f w2ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net treasury income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x531 y255f w26b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x532 y255f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x533 y255f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x580 y255f w1e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td><td class=\"c n x581 y255f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x582 y255f w1e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2560 w2bb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x537 y2560 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x538 y2560 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x539 y2560 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x583 y2560 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x28c y2560 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2561 w25 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x584 y2561 w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x585 y2561 w251 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x586 y2561 w2cf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">991<span class=\"_ _30b\"> </span></div></td><td class=\"c n x587 y2561 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x588 y2561 w27 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,743<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2562 ff73 fsf fc0 sc0 ls0 ws0\">Timing of revenue recognition<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2563 w2bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied at a point in time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x589 y2563 w2d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">173<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58a y2563 w182 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58b y2563 w2d1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">393<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58c y2563 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58d y2563 w2d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,544<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2564 w2bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Services satisfied over time<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x58e y2564 w2d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,086<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58f y2564 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">481<span class=\"_ _30b\"> </span></div></td><td class=\"c n x590 y2564 w2d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">343<span class=\"_ _30b\"> </span></div></td><td class=\"c n x591 y2564 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x483 y2564 w2d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,910<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x54a y2419 w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,259<span class=\"_ _30b\"> </span></div></td><td class=\"c n x592 y2419 w251 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x593 y2419 w252 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">736<span class=\"_ _30b\"> </span></div></td><td class=\"c n x594 y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x595 y2419 w19 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,454<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>In 2023, the timing of revenue recognition classification was assessed and has resulted in 2022 revenue of \u00a337 million and \u00a3328 million, for Capital Markets and Post T<span class=\"_ _2\"></span>rade respectively, previously classified as at a point in time now being shown as over time.<span class=\"_ _30b\"> </span>3.2 Net treasury income<span class=\"_ _30b\"> </span>Net treasury income is earned from instruments held at amortised cost or fair value as follows:<span class=\"_ _30b\"> </span><table class=\"s w2d6 he8\" id=\"_d3984fe3-fce6-442e-9743-05817a14bf59\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2565 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x596 h4d y2565 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2566 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x4ac h4d y2566 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2566 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2567 ff73 fsf fc0 sc0 ls0 ws0\">Instruments held at amortised cost<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2568 w2d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury income on assets<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x597 y2568 w2d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4,122<span class=\"_ _30b\"> </span></div></td><td class=\"c n x598 y2568 w2d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">994<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2569 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury income on liabilities<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x599 y256a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59a y256a w2da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">218<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y256b ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury expense on assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x59b y256c w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(959)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59c y256c w2db hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(159)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y256d w2dc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury expense on liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x59d y256d w1de hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4,041)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59e y256d w2dd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,352)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y256e w2de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash collateral fee<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x59f y256e w2df hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">272<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a0 y256e w246 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">230<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y256f w2e0 hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">Net e<span class=\"_ _1\"></span>xpense from instruments held at<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">amortised cost<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a1 y256f w2e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(606)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a2 y256f w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2570 ff73 fsf fc0 sc0 ls0 ws0\">Instruments held at fair value<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2571 w2e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a3 y2571 w2e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">896<span class=\"_ _30b\"> </span></div></td><td class=\"c n x598 y2571 w2e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">326<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2572 w2e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a4 y2572 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a5 y2572 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2573 w2e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net income from instruments held at fair value<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a6 y2573 w2e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">895<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a7 y2573 w9e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">324<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2574 w2e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net treasury income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a8 y2574 w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">289<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a9 y2574 w2ea hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">255<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2576 w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y2576 w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ab y2576 w2ed he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">treasury income and expense on assets and liabilities held at amortised cost and<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x5ac h1f y2577 ff74 fs3 fc0 sc0 ls0 ws0\">at fair value have been represented to show the gross income and expenses by category<span class=\"_ _15\"></span>, </td><td></td><td></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>which is consistent with disclosure for 2023.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>T<span class=\"_ _15\"></span>reasury income on liabilities and treasury expense on assets represent amounts that earned negative interest rates.<span class=\"_ _30b\"> </span>3.3 T<span class=\"_ _2\"></span>otal revenue by geographical location<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s revenue from continuing operations disaggregated by geographical location of service provided is as follows:<span class=\"_ _30b\"> </span>Continuing operations<span class=\"_ _30b\"> </span>2023 \u00a3m<span class=\"_ _30b\"> </span>2022 \u00a3m<span class=\"_ _30b\"> </span>UK<span class=\"_ _227\"> </span><span class=\"ff73\">2,494<span class=\"_ _91\"> </span></span>2,292<span class=\"_ _30b\"> </span>USA<span class=\"_ _228\"> </span><span class=\"ff73 ls0 ws0\">2,953<span class=\"_ _91\"> </span><span class=\"ff74\">2,685<span class=\"_ _30b\"> </span></span></span>Europe, e<span class=\"_ _1\"></span>xcluding UK<span class=\"_ _12\"> </span><span class=\"ff73\">1,198<span class=\"_ _56\"> </span></span>1,111<span class=\"_ _30b\"> </span>Asia<span class=\"_ _21b\"> </span><span class=\"ff73\">993<span class=\"_ _63\"> </span></span>963<span class=\"_ _30b\"> </span>Other<span class=\"_ _229\"> </span><span class=\"ff73\">423<span class=\"_ _8c\"> </span></span>403<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>otal revenue<span class=\"_ _212\"> </span>8,061<span class=\"_ _6c\"> </span><span class=\"ff74\">7,454<span class=\"_ _30b\"> </span></span>3.4 Contract liabilities<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e report contract liabilities where amounts received or receivable from a customer ex<span class=\"_ _15\"></span>ceed revenue recognised for a contract, for ex<span class=\"_ _1\"></span>ample if the Group receives an advance payment from a customer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>In some instances, we receive consideration, or an amount  of consideration is due, in relation to our obligation to transfer goods or services to a customer in the future. R<span class=\"_ _1\"></span>evenue relating  to these future periods is classified as a contract liability on the balance sheet.<span class=\"_ _30b\"> </span>Contract liabilities are amortised and recognised as revenue  over the period the services are rendered.<span class=\"_ _30b\"> </span>The Group has the following contract liabilities:<span class=\"_ _30b\"> </span><table class=\"s w2ef heb\" id=\"_6825f604-8df4-4a91-97d4-0123eb07d7ab\"><tr><td></td><td class=\"t m0 x5ad h4d y257d ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y257d ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y257e ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y257e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y257e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2431 w2f0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b0 y2431 wf7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">273<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b1 y2431 w121 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">257<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w2f1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b2 y2418 w2f2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b3 y2418 w138 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">89<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal contract liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b4 y2419 w1a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">345<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b5 y2419 wf8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td></tr></table>The changes in the Group\u2019<span class=\"_ _1\"></span>s contract liabilities during the year are  as follows: <table class=\"s w2f4 hec\" id=\"_fbc23b90-e013-4d3e-a5bb-9ae41061866b\"><tr><td></td><td class=\"t m0 x5ad h4d y257f ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y257f ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y2580 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2580 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2486 w2f5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b6 y2486 w2f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b7 y2486 wf8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2581 ff74 fsf fc0 sc0 ls0 ws0\">Contract liabilities assumed on acquisition  </td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w2f7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b8 y242f w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b9 y242f w17a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w2f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ba y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bb y250e w2fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(11)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w2fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Recognised as revenue during the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bc y250f w34 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(270)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bd y250f w2fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(249)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w2fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Deferred during the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x59f y2431 w236 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">272<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y2431 w9e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">243<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5be y2510 w2fe hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5bf y2510 w109 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c0 y2419 w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">345<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c1 y2419 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">346</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-606": {
   "value": "Revenue<span class=\"_ _30b\"> </span>The main source of revenue for the Group is fees for services provided. Revenue is measured based on the consideration specified in a contract with a customer<span class=\"_ _15\"></span>. The following are ex<span class=\"_ _15\"></span>cluded from revenue: <span class=\"_ _35\"></span>\u2014 value added tax and other sales related tax<span class=\"_ _15\"></span>es; <span class=\"_ _35\"></span>\u2014 certain revenue share arrangements (whereby as part of  an agreement amounts are due back to the customer); and <span class=\"_ _35\"></span>\u2014 certain pass-through costs where the Group acts as an agent and has arrangements to recover specific costs from its customers with no mark-up<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>The Group recognises revenue as services are performed  and as it satisfies its obligations to provide a product or service  to a customer<span class=\"_ _15\"></span>. The Group\u2019<span class=\"_ _1\"></span>s revenue accounting policies are  set out below:<span class=\"_ _30b\"> </span>Data &amp; Analytics<span class=\"_ _30b\"> </span>The Data &amp; Analytics division generates revenue by providing information and data products including index<span class=\"_ _15\"></span>es, benchmarks, real-time pricing data and trade reporting and reconciliation services.<span class=\"_ _30b\"> </span>Data subscription and inde<span class=\"_ _1\"></span>x licence fees<span class=\"ff74\"> are recognised over the licence or usage period in line with the Group\u2019<span class=\"_ _1\"></span>s obligation to deliver data </span>consistently throughout the licence period. Services are billed on a monthly<span class=\"_ _15\"></span>, quarterly or annual basis. Other information services<span class=\"ff74\"> include licences to the regulatory news service and reference data businesses. Revenue from licences that grant  </span>the right to access intellectual property are recognised over time, consistent with the pattern of the service provision and how the performance obligation is satisfied throughout the licence period. Revenues from the sale of right to use licences are recognised at the point the licence is granted or service is delivered.<span class=\"_ _30b\"> </span>V<span class=\"_ _15\"></span>arious <span class=\"ff73\">brokerage processing, risk solutions and professional services</span>, which are generally billed in arrears, are recognised as revenue at the point in time when the Group meets its obligation to complete the transaction or service.<span class=\"_ _30b\"> </span>Recoveries<span class=\"ff74\"> consist of fees for third-party content, such as e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>change data that is distributed directly to customers, and communications fees. </span>Recoveries are generally recognised over the contract term.<span class=\"_ _30b\"> </span>Capital Markets<span class=\"_ _30b\"> </span>Revenue in the Capital Mark<span class=\"_ _1\"></span>ets division is generated from: Primary and Secondary market services; contracts to develop capital mark<span class=\"_ _1\"></span>et technology solutions; software licences; network connections; and hosting services.<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e have assessed that <span class=\"ff73\">primary market initial admission and the ongoing listing services</span> represent one performance obligation. The Group therefore recognises revenue from initial admission and any subsequent issues over the period that the Group provides the listing services.  All admission fees are billed to the customer at the time of admission to trading and become payable when invoiced.<span class=\"_ _30b\"> </span>The estimated period for listing services (over which initial admission fees are spread) is determined with reference to historical analysis of listing durations in respect of the companies on our markets. The estimated service period inherently incorporates an element of uncertainty in relation to the length of a customer listing, which is subject to factors outside the Group\u2019<span class=\"_ _1\"></span>s control. It also includes a forward-looking element in respect  of the expected listing period based on mark<span class=\"_ _1\"></span>et movements. W<span class=\"_ _1\"></span>e reassess the estimated service periods at each reporting date. The current estimated deferral period is five years or seven years, depending on the market. Deferral periods are calculated by grouping contracts based on similar performance obligations. W<span class=\"_ _1\"></span>e estimate that a one-year decrease in the deferral period would cause an estimated \u00a325 million increase in revenue and a one-year increase in the deferral period would cause an estimated \u00a324 million decrease in revenue recognised in the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Primary market annual fees, secondary mark<span class=\"_ _1\"></span>et membership and subscription fees<span class=\"ff74\"> are generally paid in advance on the first day of </span>membership or the subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates,  as this reflects the extent of the Group<span class=\"_ _1\"></span>\u2019s progress towards completion of the performance obligation under the contract. Revenue from <span class=\"ff73\">secondary mark<span class=\"_ _1\"></span>et trading and associated capital mark<span class=\"_ _1\"></span>et services<span class=\"ff74\"> is recognised on a per transaction basis at the point that  </span></span>the service is provided.<span class=\"_ _30b\"> </span>Capital markets software licence<span class=\"ff74\"> contracts contain multiple deliverables including: providing licences; installing software; and ongoing </span>maintenance services. The transaction price for each contract is allocated to these performance obligations based upon the relative standalone selling price. R<span class=\"_ _1\"></span>evenue is recognised based on the actual service provided during the reporting period as a proportion of the total services to be provided. This is determined by measuring the inputs consumed in delivering the service (for example material and labour) relative to the total expected input consumption over the contract. This best reflects the transfer of economic benefits to the customer which generally occurs as  the Group incurs costs on the contract.<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>ransaction and commission fees<span class=\"ff74\"> are earned from transactions that are ex<span class=\"_ _1\"></span>ecuted on the Group'<span class=\"_ _1\"></span>s electronic marketplaces. R<span class=\"_ _1\"></span>evenue is </span>recognised on the transaction date which is when performance obligations are deemed to have been satisfied. For variable transaction fees  and commissions, this represents a fee based on the mix of products and the volume of transactions previously traded or ex<span class=\"_ _15\"></span>ecuted when an individual transaction occurs. Revenue is only recognised to the e<span class=\"_ _1\"></span>xtent that it is highly probable that a significant reversal of the revenue will  not occur (\u2018minimum expected revenue\u2019).<span class=\"_ _30b\"> </span>Network connection, subscription and hosting services<span class=\"ff74\"> revenues are recognised on a straight-line basis over the period to which the fee </span>relates as this reflects the continuous transfer of technology services and measures the extent of progress towards the completion of the performance obligation.<span class=\"_ _30b\"> </span>Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span>Revenue in the P<span class=\"_ _1\"></span>ost T<span class=\"_ _15\"></span>rade division is generated from clearing, settlement and other post trade services.<span class=\"_ _30b\"> </span>Over-the-counter (OT<span class=\"_ _1\"></span>C) derivatives, and securities clearing and reporting<span class=\"ff74\"> generate fees from: individual transactions or contracts cleared and </span>settled; transaction reporting; risk management; and other financial resources management services. These revenues are earned at the point  in time when the Group meets its obligations to complete the transaction or service. R<span class=\"_ _1\"></span>evenue is recognised and billed monthly in arrears.  Certain customers have a fix<span class=\"_ _1\"></span>ed-fee arrangement which is not linked to individual transactions and this revenue is recognised over time as  the Group fulfils its obligations to maintain the availability of the clearing system to that customer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Non-cash collateral <span class=\"ff74\">fees are earned from handling non-cash collateral balances. The fees are recognised as revenue on a straight-line basis </span>over the service period, representing the continuous transfer of services during that time.<span class=\"_ _30b\"> </span>Fees received for third-party content or services, such as settlement fees, are recognised net within revenue on the date of the transaction.<span class=\"_ _30b\"> </span>Those customer contracts across the Group that contain a single performance obligation at a fix<span class=\"_ _1\"></span>ed price do not require variable consideration to be calculated. However<span class=\"_ _15\"></span>, some businesses in the Group provide services to customers under a tiered or tariff pricing structure that generates a degree of variability in the revenue streams from the contract as a result of additional charges or discounts given. Where the future revenue from a contract varies due to factors that are outside the Group\u2019<span class=\"_ _1\"></span>s control, the Group limits the total transaction price at contract inception and recognises the minimum expected revenue guaranteed by the terms of the contract over the contract period. Any variable element is subsequently recognised in the period in which the variable condition is satisfied and there is no significant risk of reversal of that revenue.<span class=\"_ _30b\"> </span>Rebates given to customers as part of an operating agreement are calculated on a pro-rata basis on revenue earned and recognised  as they fall due.<span class=\"_ _30b\"> </span>The Group does not have any contracts where the period between the transfer of services to a customer and when the customer is expected to pay for that service is longer than one year<span class=\"_ _2\"></span>. As a result, no adjustments are made to revenue for any financing component.<span class=\"_ _30b\"> </span>Net treasury income<span class=\"_ _30b\"> </span>Net treasury income is generated from two sources. Firstly<span class=\"_ _15\"></span>, the CCP businesses securely invest the cash collateral lodged with them  and earn treasury income from various investments (including government debt and reverse repos) and cash deposits with central banks. At the same time, the CCPs pay interest at an overnight benchmark rate to their members on the collateral placed with the business, whilst charging a spread on that rate as a fee. This spread provides the second source of income. The resulting net treasury income is recognised within total income and disclosed separately from revenue.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-607": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs240\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs241\">In some instances, we receive consideration, or an amount  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs242\">of consideration is due, in relation to our obligation to transfer </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs243\">goods or services to a customer in the future. R<span class=\"_ _1\"></span>evenue relating  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs244\">to these future periods is classified as a contract liability on the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs245\">balance sheet.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs246\">Contract liabilities are amortised and recognised as revenue  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs247\">over the period the services are rendered.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "lseg:DescriptionOfAccountingPolicyForContractLiabilities",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-674": {
   "value": "4. Operating e<span class=\"_ _1\"></span>xpenses before depreciation, amortisation and impairment<span class=\"_ _30b\"> </span>Operating expenses mainly relate to staff costs, IT costs and professional fees. This note provides a breakdown of our operating expenses as well as providing further detail on our headcount and  fees to auditors.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Costs are recognised in the income statement as incurred and measured after deducting any time- and value-limited discounts from suppliers. Other discounts are spread over the contract term.<span class=\"_ _30b\"> </span><table class=\"s w2ef hed\" id=\"_fe1dc5eb-11f6-440c-b423-ef87dfa3ca4e\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y2582 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2582 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y2583 w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y2583 w14 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y2584 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2584 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2585 w300 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Staff costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c2 y2585 w301 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c3 y2585 w302 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,085<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c4 y2585 w303 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2586 w304 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">IT costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5c5 y2586 w305 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">607<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y2586 w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">567<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2587 w306 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Professional fees<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5c6 y2587 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">404<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c7 y2587 w263 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">420<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2588 w307 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Short-term lease costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5c8 y2588 w308 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c9 y2588 wfd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2589 w309 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x59f y2589 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">333<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y2589 w9e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">243<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y258a w30a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ca y258a w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">32<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5cb y258a wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y258b ff73 fsf fc0 sc0 ls0 ws0\">Adjusted operating e<span class=\"_ _1\"></span>xpenses  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y258c ff73 fsf fc0 sc0 ls0 ws0\">before depreciation, amortisation </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y258d w30b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">and impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5cc y258d wd4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,474<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5cd y258d w30c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,140<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y258e ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying operating e<span class=\"_ _1\"></span>xpenses </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y258f ff73 fsf fc0 sc0 ls0 ws0\">before depreciation, amortisation </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2590 w30b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ce y2590 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5cf y2590 w27f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">332<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d0 y2590 w30d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">389<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2591 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal operating expenses  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y2592 ff73 fsf fc0 sc0 ls0 ws0\">before depreciation, amortisation </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w30b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">and impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5d1 y2419 w59 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,806<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d2 y2419 w30e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,529<span class=\"_ _30b\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-651": {
   "value": "4. Operating e<span class=\"_ _1\"></span>xpenses before depreciation, amortisation and impairment<span class=\"_ _30b\"> </span>Operating expenses mainly relate to staff costs, IT costs and professional fees. This note provides a breakdown of our operating expenses as well as providing further detail on our headcount and  fees to auditors.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Costs are recognised in the income statement as incurred and measured after deducting any time- and value-limited discounts from suppliers. Other discounts are spread over the contract term.<span class=\"_ _30b\"> </span><div class=\"gs165\"><table class=\"s w2ef hed\" id=\"_fe1dc5eb-11f6-440c-b423-ef87dfa3ca4e\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y2582 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2582 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y2583 w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y2583 w14 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y2584 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2584 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2585 w300 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Staff costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c2 y2585 w301 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c3 y2585 w302 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,085<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c4 y2585 w303 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2586 w304 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">IT costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5c5 y2586 w305 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">607<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y2586 w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">567<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2587 w306 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Professional fees<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5c6 y2587 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">404<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c7 y2587 w263 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">420<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2588 w307 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Short-term lease costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5c8 y2588 w308 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c9 y2588 wfd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2589 w309 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x59f y2589 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">333<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4c5 y2589 w9e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">243<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y258a w30a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ca y258a w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">32<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5cb y258a wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y258b ff73 fsf fc0 sc0 ls0 ws0\">Adjusted operating e<span class=\"_ _1\"></span>xpenses  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y258c ff73 fsf fc0 sc0 ls0 ws0\">before depreciation, amortisation </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y258d w30b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">and impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5cc y258d wd4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,474<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5cd y258d w30c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,140<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y258e ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying operating e<span class=\"_ _1\"></span>xpenses </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y258f ff73 fsf fc0 sc0 ls0 ws0\">before depreciation, amortisation </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2590 w30b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">and impairment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ce y2590 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5cf y2590 w27f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">332<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d0 y2590 w30d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">389<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2591 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal operating expenses  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y2592 ff73 fsf fc0 sc0 ls0 ws0\">before depreciation, amortisation </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w30b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">and impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5d1 y2419 w59 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,806<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d2 y2419 w30e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,529<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs254\">4.<span class=\"_ _2\"></span>1 Staff costs and employees<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs255\">This note shows amounts earned by employees, the average number  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs256\">of employees during the year and their location and amounts paid to </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs257\">\u201ckey management personnel\u201d as defined by IA<span class=\"_ _1\"></span>S 24 Related P<span class=\"_ _1\"></span>arty </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs258\">Disclosures. The Group recognises all directors and the Ex<span class=\"_ _1\"></span>ecutive </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs259\">Committee (see pages 94 to 97) as its key management personnel.<span class=\"_ _30b\"> </span></div><div class=\"gs25a\"><table class=\"s w30f hee\" id=\"_2be62cfd-94ef-4d1d-8821-f9b2c333e84a\"><tr><td class=\"t m0 x186 hd y2593 ff75 fs9 fc0 sc0 ls0 ws0\">Staff costs<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2594 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2594 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y2595 w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y2595 w232 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y2596 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2596 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2597 w310 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Salaries and other benefits<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5d3 y2597 w311 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d4 y2597 w2d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,905<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2598 w312 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Social security costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5d5 y2598 w1c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">204<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d6 y2598 w313 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">191<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2599 w314 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Pension costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d7 y2599 w110 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d8 y2599 w315 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">101<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d9 y2599 w316 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">81<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259a w317 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share-based payment expense<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5da y259a wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5db y259a w318 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">143<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5dc y259a w2da hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259b w319 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal payments made to employees<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5dd y259b w81 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,607<span class=\"_ _30b\"> </span></div></td><td class=\"c n x187 y259b w169 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,335<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y259c w31a hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">Amounts capitalised as<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">development costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5de y259c wee hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5df y259c w31b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(365)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e0 y259c w31c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(281)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y259d w31d hd4\"><div class=\"t m0 x173 h4d y23f9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal staff costs from<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e1 y259d w1e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2.242<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e2 y259d w31e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,054<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259e w31f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted staff costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e3 y259e w302 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,085<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e4 y259e w320 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c8 w321 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying staff costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e5 y24c8 w322 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">157<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e6 y24c8 w2da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2419 w31d hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal staff costs from<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e1 y2419 w1e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,242<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e2 y2419 w31e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,054<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs25b\"><table class=\"s w323 hef\" id=\"_1fa46e78-1872-4d03-81d5-a260b8b5b934\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y259f ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y259f ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y25a0 w324 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Discontinued operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e7 y25a0 w2a2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25a1 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25a1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25a2 w310 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Salaries and other benefits<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e8 y25a2 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e9 y25a2 w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2525 w312 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Social security costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ea y2525 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5eb y2525 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a3 w314 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pension costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ec y25a3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ed y25a3 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a4 w319 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal payments made to employees<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ee y25a4 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ef y25a4 w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y24c8 w31a hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Amounts capitalised as<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">development costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5de y24c8 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f0 y24c8 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f1 y24c8 w325 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2419 w326 hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal staff costs from<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">discontinued operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5f2 y2419 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f3 y2419 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td></tr></table></div>Compensation for key management personnel<span class=\"_ _30b\"> </span><table class=\"s w2ef hf0\" id=\"_96ae172c-36cc-4941-a209-a148b5066ccd\"><tr><td></td><td class=\"t m0 x5ad h4d y25a5 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25a5 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y25a6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25a6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w310 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Salaries and other benefits<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f4 y2416 w327 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f5 y2416 we7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w314 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Pension costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f6 y2431 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f7 y2431 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w328 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share-based payments<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f8 y2418 w329 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f9 y2418 wb0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w32a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal compensation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fa y2419 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">28<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fb y2419 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">25<span class=\"_ _30b\"> </span></div></td></tr></table>Details of Directors\u2019 emoluments are included in the R<span class=\"_ _1\"></span>emuneration Report on pages 117 to 153.<span class=\"_ _30b\"> </span>Employees<span class=\"_ _30b\"> </span>The average number of employees during the year<span class=\"_ _15\"></span>, including ex<span class=\"_ _15\"></span>ecutive directors, in continuing operations was:<span class=\"_ _30b\"> </span><table class=\"s w32b hf1\" id=\"_0dd8c06a-144b-44cd-87cf-d4a03631461d\"><tr><td class=\"c n x17e y2548 w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fc y2548 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fd y2548 w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2549 w32c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">UK<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fe y2549 w59 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,880<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ff y2549 w32d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4,559<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w32e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls32 ws39\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x600 y242c wda hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,276<span class=\"_ _30b\"> </span></div></td><td class=\"c n x601 y242c w32f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,127<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w330 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">India<span class=\"_ _30b\"> </span></div></td><td class=\"c n x602 y254a w331 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">6,730<span class=\"_ _30b\"> </span></div></td><td class=\"c n x603 y254a w332 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">6,113<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w333 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Europe, e<span class=\"_ _1\"></span>xcluding UK<span class=\"_ _30b\"> </span></div></td><td class=\"c n x604 y2412 w334 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,723<span class=\"_ _30b\"> </span></div></td><td class=\"c n x605 y2412 w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,292<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w335 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Philippines<span class=\"_ _30b\"> </span></div></td><td class=\"c n x606 y242e w336 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,254<span class=\"_ _30b\"> </span></div></td><td class=\"c n x607 y242e w337 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,090<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w338 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sri Lanka<span class=\"_ _30b\"> </span></div></td><td class=\"c n x608 y242f w339 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,613<span class=\"_ _30b\"> </span></div></td><td class=\"c n x609 y242f w33a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,572<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">China<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60a y250e w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,394<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60b y250e w256 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,452<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w33c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other Asia<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60c y250f w33d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,064<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60d y250f w33e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,860<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w33f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Africa and Middle East<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60e y2431 w340 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">620<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60f y2431 w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">623<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c5 y2510 w246 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">676<span class=\"_ _30b\"> </span></div></td><td class=\"c n x610 y2510 w342 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">753<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25a7 ff73 fsf fc0 sc0 ls0 ws0\">Average number of employees<span class=\"_ _30b\"> </span></td><td class=\"c n x611 y2419 w343 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">26,230<span class=\"_ _30b\"> </span></div></td><td class=\"c n x612 y2419 w344 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">24,441<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Average employee numbers represent full time equivalent members of staff<span class=\"_ _1\"></span>. They are calculated from the date of acquisition of subsidiary companies purchased in the year  and up to the date of disposal of businesses sold in the year<span class=\"_ _15\"></span>. The average number of employees from discontinued operations during the year was nil (2022: 285). Employees from discontinued operations in 2022 were located in the USA and India.<span class=\"_ _30b\"> </span>4.2 Auditors' fees<span class=\"_ _30b\"> </span>Professional fees include fees paid or payable to the Company\u2019s auditors, Ernst and Y<span class=\"_ _4\"></span>oung LLP<span class=\"_ _15\"></span>, and its associates and are  analysed below:<span class=\"_ _30b\"> </span><table class=\"s w2ef hf2\" id=\"_272ccc8f-07f8-4ad4-9e28-b14df02732c3\"><tr><td></td><td class=\"t m0 x5ad h4d y25a8 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25a8 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y25a9 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25a9 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y25aa ff74 fsf fc0 sc0 ls0 ws0\">Audit of parent and consolidated  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w345 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">financial statements<span class=\"_ _30b\"> </span></div></td><td class=\"c n x613 y2416 w346 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x614 y2416 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w347 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Audit of subsidiary companies<span class=\"_ _30b\"> </span></div></td><td class=\"c n x615 y2431 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x616 y2431 w349 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25ab ff74 fsf fc0 sc0 ls0 ws0\">Non-audit services<span class=\"_ _30b\"> </span></td><td class=\"c n x617 y2418 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x618 y2418 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w34a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal auditors' fees<span class=\"_ _30b\"> </span></div></td><td class=\"c n x619 y2419 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61a y2419 w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Ernst and Y<span class=\"_ _2\"></span>oung LLP provided non-audit services of \u00a30.<span class=\"_ _1\"></span>7 million; 5% of total fees  (2022: \u00a30.6 million; 4% of total fees). This comprised audit related assurance  services of \u00a30.4 million (2022: \u00a30<span class=\"_ _1\"></span>.4 million) and other non-audit services of \u00a30<span class=\"_ _1\"></span>.3 million  (2022: \u00a30.2 million). Further details of the services provided by Ernst and Y<span class=\"_ _2\"></span>oung LLP are given in the Report of the Audit Committee on pages 109 to 114",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-608": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs24e\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs24f\">Costs are recognised in the income statement as incurred and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs250\">measured after deducting any time- and value-limited discounts </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws8 gs251\">from suppliers. Other discounts are spread over the contract term.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-675": {
   "value": "4.<span class=\"_ _2\"></span>1 Staff costs and employees<span class=\"_ _30b\"> </span>This note shows amounts earned by employees, the average number  of employees during the year and their location and amounts paid to \u201ckey management personnel\u201d as defined by IA<span class=\"_ _1\"></span>S 24 Related P<span class=\"_ _1\"></span>arty Disclosures. The Group recognises all directors and the Ex<span class=\"_ _1\"></span>ecutive Committee (see pages 94 to 97) as its key management personnel.<span class=\"_ _30b\"> </span><table class=\"s w30f hee\" id=\"_2be62cfd-94ef-4d1d-8821-f9b2c333e84a\"><tr><td class=\"t m0 x186 hd y2593 ff75 fs9 fc0 sc0 ls0 ws0\">Staff costs<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2594 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2594 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y2595 w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y2595 w232 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y2596 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2596 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2597 w310 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Salaries and other benefits<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5d3 y2597 w311 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d4 y2597 w2d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,905<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2598 w312 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Social security costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5d5 y2598 w1c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">204<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d6 y2598 w313 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">191<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2599 w314 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Pension costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d7 y2599 w110 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d8 y2599 w315 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">101<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d9 y2599 w316 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">81<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259a w317 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share-based payment expense<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5da y259a wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5db y259a w318 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">143<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5dc y259a w2da hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259b w319 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal payments made to employees<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5dd y259b w81 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,607<span class=\"_ _30b\"> </span></div></td><td class=\"c n x187 y259b w169 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,335<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y259c w31a hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">Amounts capitalised as<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">development costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5de y259c wee hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5df y259c w31b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(365)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e0 y259c w31c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(281)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y259d w31d hd4\"><div class=\"t m0 x173 h4d y23f9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal staff costs from<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e1 y259d w1e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2.242<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e2 y259d w31e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,054<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259e w31f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted staff costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e3 y259e w302 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,085<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e4 y259e w320 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c8 w321 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying staff costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e5 y24c8 w322 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">157<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e6 y24c8 w2da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2419 w31d hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal staff costs from<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e1 y2419 w1e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,242<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e2 y2419 w31e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,054<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w323 hef\" id=\"_1fa46e78-1872-4d03-81d5-a260b8b5b934\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y259f ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y259f ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y25a0 w324 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Discontinued operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e7 y25a0 w2a2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25a1 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25a1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25a2 w310 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Salaries and other benefits<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5e8 y25a2 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e9 y25a2 w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2525 w312 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Social security costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ea y2525 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5eb y2525 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a3 w314 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pension costs<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ec y25a3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ed y25a3 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a4 w319 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal payments made to employees<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5ee y25a4 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ef y25a4 w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y24c8 w31a hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Amounts capitalised as<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">development costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5de y24c8 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f0 y24c8 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f1 y24c8 w325 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2419 w326 hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal staff costs from<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">discontinued operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5f2 y2419 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f3 y2419 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td></tr></table>Compensation for key management personnel<span class=\"_ _30b\"> </span><table class=\"s w2ef hf0\" id=\"_96ae172c-36cc-4941-a209-a148b5066ccd\"><tr><td></td><td class=\"t m0 x5ad h4d y25a5 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25a5 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y25a6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25a6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w310 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Salaries and other benefits<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f4 y2416 w327 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f5 y2416 we7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w314 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Pension costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f6 y2431 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f7 y2431 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w328 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share-based payments<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f8 y2418 w329 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f9 y2418 wb0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w32a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal compensation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fa y2419 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">28<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fb y2419 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">25<span class=\"_ _30b\"> </span></div></td></tr></table>Details of Directors\u2019 emoluments are included in the R<span class=\"_ _1\"></span>emuneration Report on pages 117 to 153.<span class=\"_ _30b\"> </span>Employees<span class=\"_ _30b\"> </span>The average number of employees during the year<span class=\"_ _15\"></span>, including ex<span class=\"_ _15\"></span>ecutive directors, in continuing operations was:<span class=\"_ _30b\"> </span><table class=\"s w32b hf1\" id=\"_0dd8c06a-144b-44cd-87cf-d4a03631461d\"><tr><td class=\"c n x17e y2548 w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fc y2548 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fd y2548 w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2549 w32c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">UK<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fe y2549 w59 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,880<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ff y2549 w32d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4,559<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w32e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls32 ws39\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n x600 y242c wda hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,276<span class=\"_ _30b\"> </span></div></td><td class=\"c n x601 y242c w32f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,127<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w330 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">India<span class=\"_ _30b\"> </span></div></td><td class=\"c n x602 y254a w331 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">6,730<span class=\"_ _30b\"> </span></div></td><td class=\"c n x603 y254a w332 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">6,113<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w333 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Europe, e<span class=\"_ _1\"></span>xcluding UK<span class=\"_ _30b\"> </span></div></td><td class=\"c n x604 y2412 w334 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,723<span class=\"_ _30b\"> </span></div></td><td class=\"c n x605 y2412 w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,292<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w335 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Philippines<span class=\"_ _30b\"> </span></div></td><td class=\"c n x606 y242e w336 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,254<span class=\"_ _30b\"> </span></div></td><td class=\"c n x607 y242e w337 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,090<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w338 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sri Lanka<span class=\"_ _30b\"> </span></div></td><td class=\"c n x608 y242f w339 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,613<span class=\"_ _30b\"> </span></div></td><td class=\"c n x609 y242f w33a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,572<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">China<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60a y250e w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,394<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60b y250e w256 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,452<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w33c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other Asia<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60c y250f w33d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,064<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60d y250f w33e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,860<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w33f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Africa and Middle East<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60e y2431 w340 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">620<span class=\"_ _30b\"> </span></div></td><td class=\"c n x60f y2431 w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">623<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c5 y2510 w246 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">676<span class=\"_ _30b\"> </span></div></td><td class=\"c n x610 y2510 w342 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">753<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25a7 ff73 fsf fc0 sc0 ls0 ws0\">Average number of employees<span class=\"_ _30b\"> </span></td><td class=\"c n x611 y2419 w343 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">26,230<span class=\"_ _30b\"> </span></div></td><td class=\"c n x612 y2419 w344 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">24,441<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Average employee numbers represent full time equivalent members of staff<span class=\"_ _1\"></span>. They are calculated from the date of acquisition of subsidiary companies purchased in the year  and up to the date of disposal of businesses sold in the year<span class=\"_ _15\"></span>. The average number of employees from discontinued operations during the year was nil (2022: 285). Employees from discontinued operations in 2022 were located in the USA and India",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-694": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs25d\">Compensation for key management personnel<span class=\"_ _30b\"> </span></div><div class=\"gs25e\"><table class=\"s w2ef hf0\" id=\"_96ae172c-36cc-4941-a209-a148b5066ccd\"><tr><td></td><td class=\"t m0 x5ad h4d y25a5 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25a5 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y25a6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25a6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w310 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Salaries and other benefits<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f4 y2416 w327 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f5 y2416 we7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w314 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Pension costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f6 y2431 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f7 y2431 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w328 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share-based payments<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f8 y2418 w329 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f9 y2418 wb0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w32a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal compensation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fa y2419 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">28<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5fb y2419 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">25<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs25f\">Details of Directors\u2019 emoluments are included in the R<span class=\"_ _1\"></span>emuneration </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs260\">Report on pages 117 to 153.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-695": {
   "value": "4.2 Auditors' fees<span class=\"_ _30b\"> </span>Professional fees include fees paid or payable to the Company\u2019s auditors, Ernst and Y<span class=\"_ _4\"></span>oung LLP<span class=\"_ _15\"></span>, and its associates and are  analysed below:<span class=\"_ _30b\"> </span><table class=\"s w2ef hf2\" id=\"_272ccc8f-07f8-4ad4-9e28-b14df02732c3\"><tr><td></td><td class=\"t m0 x5ad h4d y25a8 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25a8 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y25a9 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25a9 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y25aa ff74 fsf fc0 sc0 ls0 ws0\">Audit of parent and consolidated  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w345 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">financial statements<span class=\"_ _30b\"> </span></div></td><td class=\"c n x613 y2416 w346 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x614 y2416 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w347 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Audit of subsidiary companies<span class=\"_ _30b\"> </span></div></td><td class=\"c n x615 y2431 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x616 y2431 w349 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25ab ff74 fsf fc0 sc0 ls0 ws0\">Non-audit services<span class=\"_ _30b\"> </span></td><td class=\"c n x617 y2418 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x618 y2418 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w34a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal auditors' fees<span class=\"_ _30b\"> </span></div></td><td class=\"c n x619 y2419 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61a y2419 w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Ernst and Y<span class=\"_ _2\"></span>oung LLP provided non-audit services of \u00a30.<span class=\"_ _1\"></span>7 million; 5% of total fees  (2022: \u00a30.6 million; 4% of total fees). This comprised audit related assurance  services of \u00a30.4 million (2022: \u00a30<span class=\"_ _1\"></span>.4 million) and other non-audit services of \u00a30<span class=\"_ _1\"></span>.3 million  (2022: \u00a30.2 million). Further details of the services provided by Ernst and Y<span class=\"_ _2\"></span>oung LLP are given in the Report of the Audit Committee on pages 109 to 114",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-707": {
   "value": "5. Net finance costs<span class=\"_ _30b\"> </span>Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense<span class=\"_ _1\"></span>. Net finance costs also include foreign ex<span class=\"_ _15\"></span>change  gains or losses associated with corporate treasury<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>5.<span class=\"_ _2\"></span>1 Finance income<span class=\"_ _30b\"> </span><table class=\"s w34b hf3\" id=\"_80fefe0b-21e7-4960-a7b4-d29d76b795ee\"><tr><td></td><td></td><td></td><td class=\"t m0 x4a9 h4d y25ac ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25ac ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25ad w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ab y25ad w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ae ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25ae ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y25af w34c he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Bank deposit and other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x4c8 y25af w34d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61b y25af w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b0 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b1 w34e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x61c y25b1 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y25b1 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b2 ff74 fsf fc0 sc0 ls0 ws0\">Fair value gain on derivative financial </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b3 w34f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">instruments and hedged items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x61e y25b3 w240 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.4c<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ec y25b3 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y25b3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b4 ff74 fsf fc0 sc0 ls0 ws0\">Net interest income on net retirement </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y25b5 ff74 fsf fc0 sc0 ls0 ws0\">benefit assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x620 y25b6 w282 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x621 y25b6 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x622 y25b6 w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b7 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest income<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"c n x623 y25b8 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x624 y25b8 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25b9 w352 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x625 y25b9 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x626 y25b9 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ba w353 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x627 y25ba w60 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x628 y25ba w354 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25bb w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bb w355 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Calculated using the effective interest method.<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25bc w356 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bc w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x5ab y25bc w357 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">interest cost on retirement benefit obligations of \u00a370 million had been presented<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bd ff74 fs3 fc0 sc0 ls0 ws0\">as finance costs. This has been reclassified to net interest income on net retirement benefit </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25be ff74 fs3 fc0 sc0 ls0 ws0\">assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on net finance </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bf ff74 fs3 fc0 sc0 ls0 ws0\">costs in 2022.<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>5.2 Finance costs<span class=\"_ _30b\"> </span><table class=\"s w358 hf4\" id=\"_20637449-7bde-47d9-9402-4edf961775f4\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y25c0 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25c0 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25c1 w231 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25c1 w14 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25c2 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25c2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y2482 w359 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Interest payable on bank and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x629 y2482 w35a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(222)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62a y2482 w35b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(148)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c3 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2519 w35c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">interest expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62b y2519 w194 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(42)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62c y2519 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c4 ff74 fsf fc0 sc0 ls0 ws0\">Fair value loss on derivatives  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2412 w35d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">financial instruments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62d y2412 w35e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62e y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c5 ff74 fsf fc0 sc0 ls0 ws0\">Amortisation of arrangement fees<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x62f y242e w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x630 y242e w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c6 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></td><td class=\"c n x631 y242f w360 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x632 y242f w361 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x633 y242f w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c7 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x634 y250e w193 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x635 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w362 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other finance expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x636 y250f w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y250f w364 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c8 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2431 w4b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x638 y2431 w69 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(201)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w365 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x639 y2510 w366 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2510 w67 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63b y2510 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2419 w367 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(335)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63c y2419 w6b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(217)<span class=\"_ _30b\"> </span></div></td></tr></table>1,2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Calculated using the effective interest method.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Interest payable on bank and other borrowings is net of amortisation of the realised gain  on interest rate derivatives held in the hedging reserve.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign ex<span class=\"_ _1\"></span>change gains of  \u00a39 million for such items.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on  net finance costs in 2022<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-706": {
   "value": "5. Net finance costs<span class=\"_ _30b\"> </span>Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense<span class=\"_ _1\"></span>. Net finance costs also include foreign ex<span class=\"_ _15\"></span>change  gains or losses associated with corporate treasury<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>5.<span class=\"_ _2\"></span>1 Finance income<span class=\"_ _30b\"> </span><table class=\"s w34b hf3\" id=\"_80fefe0b-21e7-4960-a7b4-d29d76b795ee\"><tr><td></td><td></td><td></td><td class=\"t m0 x4a9 h4d y25ac ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25ac ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25ad w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ab y25ad w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ae ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25ae ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y25af w34c he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Bank deposit and other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x4c8 y25af w34d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61b y25af w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b0 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b1 w34e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x61c y25b1 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y25b1 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b2 ff74 fsf fc0 sc0 ls0 ws0\">Fair value gain on derivative financial </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b3 w34f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">instruments and hedged items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x61e y25b3 w240 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.4c<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ec y25b3 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y25b3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b4 ff74 fsf fc0 sc0 ls0 ws0\">Net interest income on net retirement </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y25b5 ff74 fsf fc0 sc0 ls0 ws0\">benefit assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x620 y25b6 w282 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x621 y25b6 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x622 y25b6 w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b7 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest income<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"c n x623 y25b8 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x624 y25b8 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25b9 w352 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x625 y25b9 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x626 y25b9 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ba w353 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x627 y25ba w60 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x628 y25ba w354 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25bb w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bb w355 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Calculated using the effective interest method.<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25bc w356 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bc w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x5ab y25bc w357 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">interest cost on retirement benefit obligations of \u00a370 million had been presented<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bd ff74 fs3 fc0 sc0 ls0 ws0\">as finance costs. This has been reclassified to net interest income on net retirement benefit </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25be ff74 fs3 fc0 sc0 ls0 ws0\">assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on net finance </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bf ff74 fs3 fc0 sc0 ls0 ws0\">costs in 2022.<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>5.2 Finance costs<span class=\"_ _30b\"> </span><table class=\"s w358 hf4\" id=\"_20637449-7bde-47d9-9402-4edf961775f4\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y25c0 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25c0 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25c1 w231 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25c1 w14 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25c2 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25c2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y2482 w359 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Interest payable on bank and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x629 y2482 w35a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(222)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62a y2482 w35b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(148)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c3 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2519 w35c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">interest expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62b y2519 w194 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(42)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62c y2519 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c4 ff74 fsf fc0 sc0 ls0 ws0\">Fair value loss on derivatives  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2412 w35d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">financial instruments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62d y2412 w35e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62e y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c5 ff74 fsf fc0 sc0 ls0 ws0\">Amortisation of arrangement fees<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x62f y242e w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x630 y242e w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c6 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></td><td class=\"c n x631 y242f w360 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x632 y242f w361 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x633 y242f w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c7 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x634 y250e w193 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x635 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w362 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other finance expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x636 y250f w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y250f w364 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c8 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2431 w4b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x638 y2431 w69 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(201)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w365 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x639 y2510 w366 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2510 w67 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63b y2510 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2419 w367 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(335)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63c y2419 w6b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(217)<span class=\"_ _30b\"> </span></div></td></tr></table>1,2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Calculated using the effective interest method.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Interest payable on bank and other borrowings is net of amortisation of the realised gain  on interest rate derivatives held in the hedging reserve.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign ex<span class=\"_ _1\"></span>change gains of  \u00a39 million for such items.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on  net finance costs in 2022<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-705": {
   "value": "5. Net finance costs<span class=\"_ _30b\"> </span>Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense<span class=\"_ _1\"></span>. Net finance costs also include foreign ex<span class=\"_ _15\"></span>change  gains or losses associated with corporate treasury<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>5.<span class=\"_ _2\"></span>1 Finance income<span class=\"_ _30b\"> </span><table class=\"s w34b hf3\" id=\"_80fefe0b-21e7-4960-a7b4-d29d76b795ee\"><tr><td></td><td></td><td></td><td class=\"t m0 x4a9 h4d y25ac ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25ac ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25ad w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ab y25ad w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ae ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25ae ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y25af w34c he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Bank deposit and other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x4c8 y25af w34d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61b y25af w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b0 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b1 w34e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x61c y25b1 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y25b1 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b2 ff74 fsf fc0 sc0 ls0 ws0\">Fair value gain on derivative financial </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b3 w34f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">instruments and hedged items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x61e y25b3 w240 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.4c<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ec y25b3 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y25b3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b4 ff74 fsf fc0 sc0 ls0 ws0\">Net interest income on net retirement </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y25b5 ff74 fsf fc0 sc0 ls0 ws0\">benefit assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x620 y25b6 w282 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x621 y25b6 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x622 y25b6 w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b7 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest income<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"c n x623 y25b8 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x624 y25b8 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25b9 w352 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x625 y25b9 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x626 y25b9 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ba w353 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x627 y25ba w60 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x628 y25ba w354 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25bb w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bb w355 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Calculated using the effective interest method.<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25bc w356 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bc w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x5ab y25bc w357 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">interest cost on retirement benefit obligations of \u00a370 million had been presented<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bd ff74 fs3 fc0 sc0 ls0 ws0\">as finance costs. This has been reclassified to net interest income on net retirement benefit </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25be ff74 fs3 fc0 sc0 ls0 ws0\">assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on net finance </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bf ff74 fs3 fc0 sc0 ls0 ws0\">costs in 2022.<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>5.2 Finance costs<span class=\"_ _30b\"> </span><table class=\"s w358 hf4\" id=\"_20637449-7bde-47d9-9402-4edf961775f4\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y25c0 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25c0 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25c1 w231 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25c1 w14 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25c2 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25c2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y2482 w359 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Interest payable on bank and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x629 y2482 w35a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(222)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62a y2482 w35b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(148)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c3 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2519 w35c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">interest expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62b y2519 w194 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(42)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62c y2519 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c4 ff74 fsf fc0 sc0 ls0 ws0\">Fair value loss on derivatives  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2412 w35d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">financial instruments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62d y2412 w35e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62e y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c5 ff74 fsf fc0 sc0 ls0 ws0\">Amortisation of arrangement fees<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x62f y242e w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x630 y242e w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c6 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></td><td class=\"c n x631 y242f w360 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x632 y242f w361 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x633 y242f w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c7 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x634 y250e w193 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x635 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w362 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other finance expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x636 y250f w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y250f w364 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c8 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2431 w4b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x638 y2431 w69 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(201)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w365 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x639 y2510 w366 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2510 w67 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63b y2510 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2419 w367 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(335)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63c y2419 w6b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(217)<span class=\"_ _30b\"> </span></div></td></tr></table>1,2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Calculated using the effective interest method.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Interest payable on bank and other borrowings is net of amortisation of the realised gain  on interest rate derivatives held in the hedging reserve.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign ex<span class=\"_ _1\"></span>change gains of  \u00a39 million for such items.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on  net finance costs in 2022<span class=\"_ _30b\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-696": {
   "value": "5. Net finance costs<span class=\"_ _30b\"> </span>Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense<span class=\"_ _1\"></span>. Net finance costs also include foreign ex<span class=\"_ _15\"></span>change  gains or losses associated with corporate treasury<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>5.<span class=\"_ _2\"></span>1 Finance income<span class=\"_ _30b\"> </span><table class=\"s w34b hf3\" id=\"_80fefe0b-21e7-4960-a7b4-d29d76b795ee\"><tr><td></td><td></td><td></td><td class=\"t m0 x4a9 h4d y25ac ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25ac ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25ad w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ab y25ad w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ae ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25ae ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y25af w34c he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Bank deposit and other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x4c8 y25af w34d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61b y25af w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b0 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b1 w34e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x61c y25b1 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y25b1 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b2 ff74 fsf fc0 sc0 ls0 ws0\">Fair value gain on derivative financial </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b3 w34f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">instruments and hedged items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x61e y25b3 w240 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.4c<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ec y25b3 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y25b3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b4 ff74 fsf fc0 sc0 ls0 ws0\">Net interest income on net retirement </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y25b5 ff74 fsf fc0 sc0 ls0 ws0\">benefit assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x620 y25b6 w282 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x621 y25b6 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x622 y25b6 w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b7 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest income<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"c n x623 y25b8 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x624 y25b8 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25b9 w352 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x625 y25b9 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x626 y25b9 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ba w353 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x627 y25ba w60 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x628 y25ba w354 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25bb w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bb w355 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Calculated using the effective interest method.<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25bc w356 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bc w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x5ab y25bc w357 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">interest cost on retirement benefit obligations of \u00a370 million had been presented<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bd ff74 fs3 fc0 sc0 ls0 ws0\">as finance costs. This has been reclassified to net interest income on net retirement benefit </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25be ff74 fs3 fc0 sc0 ls0 ws0\">assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on net finance </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bf ff74 fs3 fc0 sc0 ls0 ws0\">costs in 2022.<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>5.2 Finance costs<span class=\"_ _30b\"> </span><table class=\"s w358 hf4\" id=\"_20637449-7bde-47d9-9402-4edf961775f4\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y25c0 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25c0 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25c1 w231 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25c1 w14 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25c2 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25c2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y2482 w359 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Interest payable on bank and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x629 y2482 w35a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(222)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62a y2482 w35b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(148)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c3 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2519 w35c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">interest expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62b y2519 w194 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(42)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62c y2519 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c4 ff74 fsf fc0 sc0 ls0 ws0\">Fair value loss on derivatives  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2412 w35d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">financial instruments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62d y2412 w35e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62e y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c5 ff74 fsf fc0 sc0 ls0 ws0\">Amortisation of arrangement fees<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x62f y242e w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x630 y242e w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c6 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></td><td class=\"c n x631 y242f w360 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x632 y242f w361 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x633 y242f w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c7 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x634 y250e w193 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x635 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w362 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other finance expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x636 y250f w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y250f w364 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c8 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2431 w4b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x638 y2431 w69 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(201)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w365 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x639 y2510 w366 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2510 w67 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63b y2510 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2419 w367 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(335)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63c y2419 w6b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(217)<span class=\"_ _30b\"> </span></div></td></tr></table>1,2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Calculated using the effective interest method.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Interest payable on bank and other borrowings is net of amortisation of the realised gain  on interest rate derivatives held in the hedging reserve.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign ex<span class=\"_ _1\"></span>change gains of  \u00a39 million for such items.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on  net finance costs in 2022<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-676": {
   "value": "5. Net finance costs<span class=\"_ _30b\"> </span>Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense<span class=\"_ _1\"></span>. Net finance costs also include foreign ex<span class=\"_ _15\"></span>change  gains or losses associated with corporate treasury<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>5.<span class=\"_ _2\"></span>1 Finance income<span class=\"_ _30b\"> </span><table class=\"s w34b hf3\" id=\"_80fefe0b-21e7-4960-a7b4-d29d76b795ee\"><tr><td></td><td></td><td></td><td class=\"t m0 x4a9 h4d y25ac ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25ac ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25ad w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ab y25ad w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ae ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25ae ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y25af w34c he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Bank deposit and other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x4c8 y25af w34d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61b y25af w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b0 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b1 w34e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x61c y25b1 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y25b1 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b2 ff74 fsf fc0 sc0 ls0 ws0\">Fair value gain on derivative financial </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b3 w34f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">instruments and hedged items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x61e y25b3 w240 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.4c<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ec y25b3 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y25b3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b4 ff74 fsf fc0 sc0 ls0 ws0\">Net interest income on net retirement </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y25b5 ff74 fsf fc0 sc0 ls0 ws0\">benefit assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x620 y25b6 w282 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x621 y25b6 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x622 y25b6 w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b7 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest income<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"c n x623 y25b8 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x624 y25b8 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25b9 w352 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x625 y25b9 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x626 y25b9 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ba w353 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x627 y25ba w60 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x628 y25ba w354 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25bb w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bb w355 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Calculated using the effective interest method.<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25bc w356 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bc w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x5ab y25bc w357 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">interest cost on retirement benefit obligations of \u00a370 million had been presented<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bd ff74 fs3 fc0 sc0 ls0 ws0\">as finance costs. This has been reclassified to net interest income on net retirement benefit </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25be ff74 fs3 fc0 sc0 ls0 ws0\">assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on net finance </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bf ff74 fs3 fc0 sc0 ls0 ws0\">costs in 2022.<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs280\">5.2 Finance costs<span class=\"_ _30b\"> </span></div><div class=\"gs281\"><table class=\"s w358 hf4\" id=\"_20637449-7bde-47d9-9402-4edf961775f4\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y25c0 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25c0 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25c1 w231 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25c1 w14 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25c2 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25c2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y2482 w359 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Interest payable on bank and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x629 y2482 w35a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(222)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62a y2482 w35b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(148)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c3 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2519 w35c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">interest expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62b y2519 w194 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(42)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62c y2519 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c4 ff74 fsf fc0 sc0 ls0 ws0\">Fair value loss on derivatives  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2412 w35d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">financial instruments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62d y2412 w35e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62e y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c5 ff74 fsf fc0 sc0 ls0 ws0\">Amortisation of arrangement fees<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x62f y242e w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x630 y242e w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c6 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></td><td class=\"c n x631 y242f w360 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x632 y242f w361 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x633 y242f w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c7 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x634 y250e w193 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x635 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w362 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other finance expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x636 y250f w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y250f w364 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c8 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2431 w4b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x638 y2431 w69 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(201)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w365 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x639 y2510 w366 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2510 w67 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63b y2510 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2419 w367 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(335)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63c y2419 w6b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(217)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs282\">1,2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs283\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs284\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs285\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs286\">4<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs287\">4<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs288\">1 <span class=\"_ _32\"> </span>Calculated using the effective interest method.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs289\">2 <span class=\"_ _33\"> </span>Interest payable on bank and other borrowings is net of amortisation of the realised gain  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs28a\">on interest rate derivatives held in the hedging reserve.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs28b\">3 <span class=\"_ _33\"> </span>From 1 January 2023 onwards, foreign exchange related items associated with corporate </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs28c\">treasury transactions and other borrowings, previously included in operating expenses </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs28d\">before depreciation, amortisation and impairment, have been recognised within net finance </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs28e\">costs. The 2022 results have not been restated. In 2022, operating expense before </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs28f\">depreciation, amortisation and impairment had included foreign ex<span class=\"_ _1\"></span>change gains of  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs290\">\u00a39 million for such items.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs291\">4 <span class=\"_ _33\"> </span>For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs292\">within finance costs. This has been reclassified to net interest income on net retirement </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs293\">benefit assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs294\">net finance costs in 2022<span class=\"_ _30b\"> </span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-652": {
   "value": "5. Net finance costs<span class=\"_ _30b\"> </span>Finance income includes interest on cash deposits and interest income on retirement benefit assets. Finance costs include interest on borrowings, interest costs on retirement benefit obligations and lease interest expense<span class=\"_ _1\"></span>. Net finance costs also include foreign ex<span class=\"_ _15\"></span>change  gains or losses associated with corporate treasury<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>5.<span class=\"_ _2\"></span>1 Finance income<span class=\"_ _30b\"> </span><table class=\"s w34b hf3\" id=\"_80fefe0b-21e7-4960-a7b4-d29d76b795ee\"><tr><td></td><td></td><td></td><td class=\"t m0 x4a9 h4d y25ac ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25ac ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25ad w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4ab y25ad w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ae ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25ae ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y25af w34c he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Bank deposit and other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x4c8 y25af w34d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61b y25af w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b0 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b1 w34e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">interest income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x61c y25b1 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y25b1 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b2 ff74 fsf fc0 sc0 ls0 ws0\">Fair value gain on derivative financial </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25b3 w34f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">instruments and hedged items<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x61e y25b3 w240 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.4c<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ec y25b3 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y25b3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b4 ff74 fsf fc0 sc0 ls0 ws0\">Net interest income on net retirement </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y25b5 ff74 fsf fc0 sc0 ls0 ws0\">benefit assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x620 y25b6 w282 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x621 y25b6 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x622 y25b6 w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25b7 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest income<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"c n x623 y25b8 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x624 y25b8 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25b9 w352 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x625 y25b9 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x626 y25b9 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ba w353 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x627 y25ba w60 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">159<span class=\"_ _30b\"> </span></div></td><td class=\"c n x628 y25ba w354 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25bb w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bb w355 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Calculated using the effective interest method.<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25bc w356 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y25bc w2ec he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">For 2022,<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x5ab y25bc w357 he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">interest cost on retirement benefit obligations of \u00a370 million had been presented<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bd ff74 fs3 fc0 sc0 ls0 ws0\">as finance costs. This has been reclassified to net interest income on net retirement benefit </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25be ff74 fs3 fc0 sc0 ls0 ws0\">assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on net finance </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x5ac h1f y25bf ff74 fs3 fc0 sc0 ls0 ws0\">costs in 2022.<span class=\"_ _30b\"> </span></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>5.2 Finance costs<span class=\"_ _30b\"> </span><table class=\"s w358 hf4\" id=\"_20637449-7bde-47d9-9402-4edf961775f4\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y25c0 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25c0 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25c1 w231 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25c1 w14 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25c2 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25c2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y2482 w359 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Interest payable on bank and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x629 y2482 w35a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(222)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62a y2482 w35b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(148)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c3 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2519 w35c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">interest expense<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62b y2519 w194 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(42)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62c y2519 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c4 ff74 fsf fc0 sc0 ls0 ws0\">Fair value loss on derivatives  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2412 w35d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">financial instruments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x62d y2412 w35e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x62e y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c5 ff74 fsf fc0 sc0 ls0 ws0\">Amortisation of arrangement fees<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x62f y242e w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x630 y242e w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c6 ff74 fsf fc0 sc0 ls0 ws0\">Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></td><td class=\"c n x631 y242f w360 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x632 y242f w361 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x633 y242f w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c7 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change losses<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x634 y250e w193 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x635 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w362 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other finance expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x636 y250f w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y250f w364 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c8 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2431 w4b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x638 y2431 w69 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(201)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w365 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n x639 y2510 w366 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2510 w67 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63b y2510 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25c9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal finance costs<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x629 y2419 w367 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(335)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63c y2419 w6b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(217)<span class=\"_ _30b\"> </span></div></td></tr></table>1,2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Calculated using the effective interest method.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Interest payable on bank and other borrowings is net of amortisation of the realised gain  on interest rate derivatives held in the hedging reserve.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>From 1 January 2023 onwards, foreign exchange related items associated with corporate treasury transactions and other borrowings, previously included in operating expenses before depreciation, amortisation and impairment, have been recognised within net finance costs. The 2022 results have not been restated. In 2022, operating expense before depreciation, amortisation and impairment had included foreign ex<span class=\"_ _1\"></span>change gains of  \u00a39 million for such items.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>For 2022, interest cost on retirement benefit obligations of \u00a370 million had been presented within finance costs. This has been reclassified to net interest income on net retirement benefit assets to align with the accounting policy<span class=\"_ _1\"></span>. This change has no overall impact on  net finance costs in 2022<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-609": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs262\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs263\">The accounting policies for the following finance income and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs264\">finance costs are described in the relevant notes to the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs265\">financial statements:<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs266\">Note</div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs267\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs268\">benefit assets</div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs269\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs26a\">benefit obligations<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs26b\">12<span class=\"_ _ef\"> </span>Pension and other </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs26c\">retirement benefit schemes</div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs26d\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings</div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs26e\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income</div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs26f\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs270\">16.2<span class=\"_ _117\"> </span>Lease liabilities and net </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs271\">investments in leases<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs272\">Interest earned on cash deposited with financial counterparties </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs273\">and interest paid on borrowings, which reflects the agreed </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs274\">market-based or contractual rate for each transaction, are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs275\">calculated using the effective interest method. Where negative </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs276\">interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs277\">deposits as an expense and interest received on borrowings  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs278\">as income.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs279\">Recurring fees and charges levied on committed bank facilities, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs27a\">cash management transactions and the payment services </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs27b\">provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs27c\">finance costs. Credit facility arrangement fees are capitalised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs27d\">and then amortised over the term of the facility based on the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs27e\">projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-642": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-632": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>The accounting policies for the following finance income and finance costs are described in the relevant notes to the  financial statements:<span class=\"_ _30b\"> </span>Note <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income on retirement benefit assets <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest costs on retirement benefit obligations<span class=\"_ _30b\"> </span>12<span class=\"_ _ef\"> </span>Pension and other retirement benefit schemes <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest on borrowings<span class=\"_ _62\"> </span>16.<span class=\"_ _15\"></span>1<span class=\"_ _198\"> </span>Borrowings <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span>16.2<span class=\"_ _117\"> </span>Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span>Interest earned on cash deposited with financial counterparties and interest paid on borrowings, which reflects the agreed market-based or contractual rate for each transaction, are calculated using the effective interest method. Where negative interest rates apply<span class=\"_ _15\"></span>, the Group recognises interest paid on cash deposits as an expense and interest received on borrowings  as income.<span class=\"_ _30b\"> </span>Recurring fees and charges levied on committed bank facilities, cash management transactions and the payment services provided by the Group\u2019<span class=\"_ _1\"></span>s banks are charged as accrued in other finance costs. Credit facility arrangement fees are capitalised  and then amortised over the term of the facility based on the projected utilisation of the facility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-653": {
   "value": "6. T<span class=\"_ _2f\"></span>axation<span class=\"_ _30b\"> </span>This note explains how our Group tax charge arises. The note also provides information on deferred tax and uncertain tax positions.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Income tax comprises current and deferred tax. Current and deferred tax charges and benefits are recognised in the  income statement ex<span class=\"_ _15\"></span>cept to the extent that they relate to items recognised directly in equity or other comprehensive income.<span class=\"_ _30b\"> </span>Current income tax <span class=\"ff74\">is calculated based on the tax laws enacted </span>or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Current income tax assets and liabilities are measured  at the amount expected to be recovered from or paid to  taxation authorities.<span class=\"_ _30b\"> </span>Deferred tax<span class=\"ff74\"> is the tax expected to be payable or recoverable  </span>in the future on differences between the carrying amount of assets and liabilities for financial reporting purposes and the corresponding amounts used for tax purposes. Deferred tax is accounted for using the liability method and calculated using tax rates that are substantively enacted and expected to apply in  the period when the asset is realised or the liability settled.<span class=\"_ _30b\"> </span>Deferred tax is not recognised for: <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>emporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither the accounting profit nor taxable profit; and <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>emporary differences arising on the initial recognition  of goodwill.<span class=\"_ _30b\"> </span>Deferred tax liabilities are recognised for taxable temporary differences associated with interests in subsidiaries and associates, ex<span class=\"_ _15\"></span>cept where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such interests are recognised  only to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in  the foreseeable future.<span class=\"_ _30b\"> </span>The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow  all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date  and are recognised to the extent that it has become probable  that future taxable profits will allow the deferred tax asset to  be recovered.<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>ax 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 tax<span class=\"_ _1\"></span>es levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis.<span class=\"_ _30b\"> </span>On 23 May 2023, the International Accounting Standards Board (IASB) issued International T<span class=\"_ _2\"></span>ax Reform \u2013 Pillar T<span class=\"_ _2\"></span>wo Model Rules \u2013 Amendments to IAS 12, which the Group has adopted. The Amendments provide a temporary mandatory ex<span class=\"_ _15\"></span>ception from deferred tax accounting for the <span class=\"ff73\">global minimum top-up tax</span>, which is effective immediately<span class=\"_ _15\"></span>, and require new disclosures about the Group\u2019<span class=\"_ _1\"></span>s exposure to Pillar T<span class=\"_ _2\"></span>wo income taxes (see note 6.<span class=\"_ _15\"></span>1). The mandatory ex<span class=\"_ _15\"></span>ception applies retrospectively to the Group from 1 January 2023, however the retrospective application has no impact on the Group'<span class=\"_ _1\"></span>s consolidated financial statements.<span class=\"_ _30b\"> </span>6.<span class=\"_ _2\"></span>1 Income tax<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>ax recognised in the income statement<span class=\"_ _30b\"> </span><table class=\"s w368 hf5\" id=\"_6a15cbcd-599d-429f-b29f-240e42e01b82\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y25ca ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25ca ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y25cb w231 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25cb w14 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25cc ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25cc ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y25cd ff73 fsf fc0 sc0 ls0 ws0\">Current tax<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y25ce ff74 fsf fc0 sc0 ls0 ws0\">UK corporation tax for the year  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25cf w369 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">at 23.5% (2022: 19%)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x63d y25cf w36a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">73<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63e y25cf w36b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">67<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25d0 w36c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Overseas tax for the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x63f y25d0 w36d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">202<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5e6 y25d0 w8a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25d1 w36e he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Adjustments in respect of<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">previous years<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x640 y25d1 w67 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x641 y25d1 w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">81<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25d2 w36f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x642 y25d2 w24d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">269<span class=\"_ _30b\"> </span></div></td><td class=\"c n x643 y25d2 w342 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">273<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25d3 ff73 fsf fc0 sc0 ls0 ws0\">Deferred tax<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y25d4 ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax expense/(benefit)  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y259b w370 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">for the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x644 y259b w2f8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">61<span class=\"_ _30b\"> </span></div></td><td class=\"c n x645 y259b w371 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(29)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y259c w36e he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Adjustments in respect of<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">previous years<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x646 y259c w372 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(27)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x647 y259c w373 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y25d5 ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax (benefit)/expense  </td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y250e w374 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">in relation to amortisation and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">impairment of intangible assets<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x648 y250e w192 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(56)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x649 y250e w1b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w375 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal deferred tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n x64a y2416 w104 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x64b y2416 w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x64c y2416 w2fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(11)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w376 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x64d y2431 w19c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">247<span class=\"_ _30b\"> </span></div></td><td class=\"c n x64e y2431 w19d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">262<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w377 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Adjusted tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x64f y2510 w378 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">625<span class=\"_ _30b\"> </span></div></td><td class=\"c n x650 y2510 w263 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">540<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w379 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Non-underlying tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n x651 y2419 w366 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x652 y2419 w29c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(378)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x653 y2419 w29d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(278)<span class=\"_ _30b\"> </span></div></td></tr></table>T<span class=\"_ _2\"></span>otal tax<span class=\"_ _164\"> </span>247<span class=\"_ _53\"> </span><span class=\"ff74\">262<span class=\"_ _30b\"> </span></span>Factors affecting the tax charge for the year<span class=\"_ _30b\"> </span>On 24 May 2021, the UK Finance Act 2021 was substantively enacted, increasing the corporate tax rate from 19% to 25% with effect from  1 April 2023. This means that the blended tax rate for the year ended  31 December 2023 as a whole was 23.5%.<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2d4\">The tax charge for the year differs from that derived from the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2d5\">standard rate of corporation tax in the UK of 23.5% (2022: 19%)  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2d6\">as explained below:<span class=\"_ _30b\"> </span></div><div class=\"gs2d7\"><table class=\"s w37a hf6\" id=\"_1f238961-97d5-4414-89ff-2a6138581192\"><tr><td></td><td class=\"t m0 x4a9 h4d y25d6 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25d6 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y25d7 ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y25d7 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25d7 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y250b w37b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Profit before tax from continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x654 y250b w37c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,195<span class=\"_ _30b\"> </span></div></td><td class=\"c n x655 y250b w77 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,241<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y242e w37d hd3\"><div class=\"t m0 x173 h4d y23f3 ff73 fsf fc0 sc0 ls0 ws0\">Profit multiplied by standard rate of<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">corporation tax in the UK<span class=\"_ _30b\"> </span></div></td><td class=\"c n x656 y242e wc9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">281<span class=\"_ _30b\"> </span></div></td><td class=\"c n x657 y242e w2e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">236<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25d8 w37e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Overseas earnings tax<span class=\"_ _1\"></span>ed at higher rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n x658 y25d8 w37f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">36<span class=\"_ _30b\"> </span></div></td><td class=\"c n x659 y25d8 w32 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w380 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Adjustment arising from changes in tax rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65a y250e w381 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(44)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65b y250e w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w382 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expenses not deductible/(income not taxable)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5f0 y250f w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65c y250f w383 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(53)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w384 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Adjustments in respect of previous years<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65d y2431 w385 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(33)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65e y2431 w386 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">77<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w387 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax not recognised<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65f y2510 w388 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x660 y2510 w389 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w376 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n x661 y2419 w38a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">247<span class=\"_ _30b\"> </span></div></td><td class=\"c n x662 y2419 w106 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">262<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs2d8\">T<span class=\"_ _15\"></span>ax on items recognised in other comprehensive income<span class=\"_ _30b\"> </span></div><div class=\"gs2d9\"><table class=\"s w38b he0\" id=\"_c38f670a-ced2-4abf-ac17-adb49bb5f181\"><tr><td></td><td class=\"t m0 x663 h4d y25d9 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x664 h4d y25d9 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x24f h4d y25da ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></td><td class=\"t m0 x665 h4d y25da ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x666 h4d y25da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y25db ff73 fsf fc0 sc0 ls0 ws0\">Deferred tax (e<span class=\"_ _1\"></span>xpense)/benefit on:</td><td></td><td></td></tr><tr><td class=\"t m0 x393 h4d y25dc ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Actuarial movements on retirement  </td><td></td><td></td></tr><tr><td class=\"c n x667 y25a4 w38c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">benefit obligations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x668 y25a4 w38d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x669 y25a4 w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y24c8 w38e he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Gains/losses of financial assets (at fair value<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">through other comprehensive income)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x66b y24c8 w38f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x66c y24c8 w390 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x24b y2419 w391 he4\"><div class=\"t m0 x173 h4d y2524 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal tax recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x66d y2419 w385 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(33)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x66e y2419 w27a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">85<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs2da\">T<span class=\"_ _15\"></span>ax on items recognised in equity<span class=\"_ _30b\"> </span></div><div class=\"gs2db\"><table class=\"s w392 hf7\" id=\"_a123f509-f17c-4b39-86c3-58d58a7a64b8\"><tr><td></td><td class=\"t m0 x663 h4d y25dd ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x664 h4d y25dd ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x665 h4d y25de ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x666 h4d y25de ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y25df ff73 fsf fc0 sc0 ls0 ws0\">Current tax benefit on:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x17e y2483 w393 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Share-based payments in ex<span class=\"_ _15\"></span>cess of<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">expense recognised<span class=\"_ _30b\"> </span></div></td><td class=\"c n x66f y2483 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x670 y2483 w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2484 w394 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current tax recognised in equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n x671 y2484 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x672 y2484 w354 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y25e0 ff73 fsf fc0 sc0 ls0 ws0\">Deferred tax benefit/(e<span class=\"_ _1\"></span>xpense) on:</td><td></td><td></td></tr><tr><td class=\"t m0 x393 h4d y25e1 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Share-based payments less than/in ex<span class=\"_ _15\"></span>cess  </td><td></td><td></td></tr><tr><td class=\"c n x667 y2489 w18f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">of expense recognised<span class=\"_ _30b\"> </span></div></td><td class=\"c n x673 y2489 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x674 y2489 w371 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(92)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2416 w395 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Investment in partnerships (recognised in<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">non-controlling interests)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x675 y2416 w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">62<span class=\"_ _30b\"> </span></div></td><td class=\"c n x676 y2416 w396 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w397 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other<span class=\"_ _30b\"> </span></div></td><td class=\"c n x677 y2431 w38f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x678 y2431 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2510 w398 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal deferred tax recognised in equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n x679 y2510 w399 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x67a y2510 wb4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w39a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal tax recognised in equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n x67b y2419 w39b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x67c y2419 w1b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td></tr></table></div>Global Minimum T<span class=\"_ _15\"></span>ax<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>o address concerns about uneven profit distribution and the tax contributions of large multinational corporations, various agreements have been reached at the global level, including an agreement by  over 135 countries to introduce a global minimum tax rate of 15%.  In December 2021, the Organisation for Economic Co-operation  and Development (OECD) released a draft legislative framework, followed by detailed guidance in 2022 and 2023.<span class=\"_ _30b\"> </span>The Group operates globally including in jurisdictions which have enacted new legislation to implement the global minimum top-up  tax. Since the newly enacted tax legislation is only effective from  1 January 2024, there is no current tax impact for the year ended  31 December 2023.<span class=\"_ _30b\"> </span>The Group has applied a mandatory temporary ex<span class=\"_ _15\"></span>ception from deferred tax accounting for the impacts of the top-up tax and will account for it as a current tax when it is incurred. If the new tax legislation had applied in 2023, there would have been no material top-up tax for the Group, and overall the Group does not expect a material impact from these rules.<span class=\"_ _30b\"> </span>6.2 Net deferred tax liabilities<span class=\"_ _30b\"> </span><table class=\"s w39c hf8\" id=\"_979b7acd-4435-4616-9d57-c6fd248a264f\"><tr><td></td><td class=\"t m0 x67d h4d y25e2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25e2 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y25e3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25e3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2431 w39d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x67e y2431 w105 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">664<span class=\"_ _30b\"> </span></div></td><td class=\"c n x650 y2431 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">622<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w13d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x67f y2418 w39e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,140)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x680 y2418 w39f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,200)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w3a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net deferred tax liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x681 y2419 w73 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,476)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x682 y2419 w3a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,578)<span class=\"_ _30b\"> </span></div></td></tr></table>The movements in deferred tax assets and liabilities during the year are shown below:<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span><table class=\"s w3a2 hf9\" id=\"_fd2b6793-1deb-4680-b52d-73c6ce9c87e7\"><tr><td></td><td></td><td></td><td class=\"t m0 x683 h4d y25e4 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ax losses </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x684 h4d y25e5 ff73 fsf fc0 sc0 ls0 ws0\">Goodwill </td><td class=\"t m0 x685 h4d y25e5 ff73 fsf fc0 sc0 ls0 ws0\">and other </td><td></td><td></td><td></td><td></td><td class=\"t m0 x17c h4d y25e5 ff73 fsf fc0 sc0 ls0 ws0\">Provisions </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2fa h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">and </td><td class=\"t m0 x596 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">carry-<span class=\"_ _30b\"> </span></td><td class=\"t m0 x178 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">Property<span class=\"_ _1\"></span>, </td><td></td><td class=\"t m0 x686 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">Retirement </td><td></td><td class=\"t m0 x687 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">and other </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x688 h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">intangible </td><td class=\"t m0 x689 h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">forward </td><td class=\"t m0 x178 h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">plant and </td><td class=\"t m0 x68a h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">Share </td><td class=\"t m0 x68b h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">benefit </td><td class=\"t m0 x68c h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">Investment in </td><td class=\"t m0 x17c h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">temporary </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x68d h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">assets<span class=\"_ _30b\"> </span></td><td class=\"t m0 x685 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">attributes </td><td class=\"t m0 x68e h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">equipment </td><td class=\"t m0 x68f h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">schemes </td><td class=\"t m0 x686 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">obligations </td><td class=\"t m0 x68c h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">partnerships<span class=\"_ _30b\"> </span></td><td class=\"t m0 x690 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">differences </td><td class=\"t m0 x2f2 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"c n x17e y25e9 w3a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></div></td><td class=\"c n x691 y25e9 w2a2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x692 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x693 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x694 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x695 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25eb w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x696 y25eb w3a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(2,282)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x697 y25eb w3a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">444<span class=\"_ _30b\"> </span></div></td><td class=\"c n x698 y25eb w3a6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">129<span class=\"_ _30b\"> </span></div></td><td class=\"c n x699 y25eb w102 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">123<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69a y25eb w211 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(130)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69b y25eb w2cb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">351<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69c y25eb wc5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69d y25eb w76 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1,327)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25ec ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25ed w3a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x69e y25ed wc0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(87)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69f y25ed w3a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a0 y25ed w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a1 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a2 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a3 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a4 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a5 y25ed w3a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(63)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25ee w3aa hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">discontinued operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6a6 y25ee w1f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(77)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y25ee w9b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a7 y25ee w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a8 y25ee w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a9 y25ee w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6aa y25ee w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ab y25ee wee hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ac y25ee w3ab hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(137)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25ef w3ac hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">income statement<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6ad y25ef w3ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(79)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ae y25ef w3ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">153<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6af y25ef w3af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(46)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b0 y25ef w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b1 y25ef w3b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b2 y25ef w255 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(43)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b3 y25ef w3b1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">27<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b4 y25ef w351 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25f0 w3b2 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6b5 y25f0 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b6 y25f0 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b7 y25f0 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b8 y25f0 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b9 y25f0 w3b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ba y25f0 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bb y25f0 w390 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bc y25f0 w141 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">85<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25f1 w3b4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in equity<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6bd y25f1 w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6be y25f1 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bf y25f1 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c0 y25f1 w3b5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(92)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c1 y25f1 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c2 y25f1 w3b6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">102<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c3 y25f1 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c4 y25f1 wb0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25f2 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25f3 w3b7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6c5 y25f3 w3b8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(288)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c6 y25f3 w88 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c7 y25f3 w32 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c8 y25f3 w1a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c9 y25f3 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ca y25f3 w3b9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">44<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6cb y25f3 wf2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6cc y25f3 w3ba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(155)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2521 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6cd y2521 w3bb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,816)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ce y2521 w3bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">617<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6cf y2521 w3bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">87<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d0 y2521 w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d1 y2521 w3be hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(45)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d2 y2521 w3bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">454<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d3 y2521 w3b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d4 y2521 w3a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,578)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25f4 ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25f5 w3a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d5 y25f5 w87 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d6 y25f5 w3c0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(77)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d7 y25f5 w111 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d8 y25f5 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d9 y25f5 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6da y25f5 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6db y25f5 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6dc y25f5 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6dd y25f5 w190 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(63)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2525 w3ac hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">income statement<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6de y2525 w3c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6df y2525 w3c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(27)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e0 y2525 w3c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e1 y2525 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e2 y2525 w3c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">43<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e3 y2525 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(24)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e4 y2525 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(26)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e5 y2525 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2501 w3b2 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6b5 y2501 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b6 y2501 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b7 y2501 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b8 y2501 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e6 y2501 w191 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e7 y2501 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e8 y2501 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e9 y2501 w3c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(33)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259e w3b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in equity<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6ea y259e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6eb y259e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ec y259e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ed y259e w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c9 y259e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ee y259e w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">62<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ef y259e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x2d9 y259e w39b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25f6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w3c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">translation and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6f0 y2418 w3c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">151<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f1 y2418 w3c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(26)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f2 y2418 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f3 y2418 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f4 y2418 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f5 y2418 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(26)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f6 y2418 w3ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f7 y2418 w39b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">97<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6f8 y2419 w3cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,668)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f9 y2419 w3cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">575<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fa y2419 w3cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">69<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fb y2419 w3ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fc y2419 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fd y2419 w105 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">466<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fe y2419 w3cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">57<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ff y2419 w73 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,476)<span class=\"_ _30b\"> </span></div></td></tr></table>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The intangible assets have mainly arisen from acquired subsidiaries, creating a deferred tax liability due to the difference between their accounting and tax treatment. On 31 December 2023 this liability was \u00a32,668 million (2022: \u00a32,816 million), primarily relating to the Refinitiv acquisition.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>T<span class=\"_ _15\"></span>radeweb Markets LLC is a multiple member limited liability company tax<span class=\"_ _15\"></span>ed as a partnership and accordingly, any taxable income generated by T<span class=\"_ _15\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C is passed through to its members. The investment in partnership deferred tax asset is the difference between the financial statement amount and the tax basis of the T<span class=\"_ _15\"></span>radeweb Markets Inc. investment in T<span class=\"_ _15\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C.<span class=\"_ _30b\"> </span>On 22 November 2023, the UK Autumn Statement announced that from 6 April 2024 the free-standing tax charge that applies to authorised  surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. As this change is not yet substantively enacted, the Group utilises the 35% tax rate for deferred tax liability measurement on UK pension surpluses at the balance sheet date. This change would decrease the deferred tax liability by \u00a316 million.<span class=\"_ _30b\"> </span>Unrecognised deferred tax assets<span class=\"_ _30b\"> </span>On 31 December 2023, the gross amount of unrecognised temporary differences in respect of losses available for carry forward was \u00a3127 million (2022: \u00a3122 million), all with unlimited expiration. The assets will be recognised in the future only if suitable forecast taxable profit arises within the Group. <div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs2f1\">6.3. Uncertain tax positions<span class=\"_ _30b\"> </span></div><div class=\"t m0 h10 ff75 fsa fc1 sc0 ls0 ws0 gs2f2\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs2f3\">Significant accounting judgements and estimates<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs2f4\">Uncertain tax positions<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2f5\">The Group is subject to taxation in the many countries in which it </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2f6\">operates. The tax legislation of these countries differs, is often </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2f7\">complex and can be subject to interpretation by management </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2f8\">and government authorities. These matters of judgement </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2f9\">sometimes give rise to the need to create provisions for tax </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2fa\">payments that may arise in future years with respect to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2fb\">transactions already undertaken. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2fc\">Provisions are made against individual exposures and tak<span class=\"_ _1\"></span>e  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2fd\">into account the specific circumstances of each case, including </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2fe\">the strength of technical arguments, recent case law decisions  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ff\">or rulings on similar issues and relevant external advice<span class=\"_ _1\"></span>.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs300\">In accordance with IFRIC 23 <span class=\"ff76\">Uncertainty over Income T<span class=\"_ _2\"></span>ax </span></div><div class=\"t m0 h16 ff76 fs9 fc0 sc0 ls0 ws0 gs301\">T<span class=\"_ _2\"></span>reatments<span class=\"ff74\">, provisions are estimated based on one of  </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs302\">two methods:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs303\"> <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected value method (the sum of the probability </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs304\">weighted amounts in a range of possible outcomes); or</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs305\"> <span class=\"_ _35\"></span>\u2014 the single most lik<span class=\"_ _1\"></span>ely amount method.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs306\">The method chosen depends on which is expected to better </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs307\">predict the resolution of the uncertainty<span class=\"_ _15\"></span>. Due to the uncertainty </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs308\">associated with tax audits it is possible that, at some future date, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs309\">liabilities resulting from such audits or related litigation could vary </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs30a\">significantly from our provisions. This would require the Group  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs30b\">to make an adjustment in a subsequent period which could have </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs30c\">a material impact on the Group\u2019<span class=\"_ _1\"></span>s results.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs30d\">EU State Aid<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs30e\">The Group continues to monitor developments in relation to EU State </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs30f\">Aid investigations. On 25 April 2019<span class=\"_ _1\"></span>, the EU Commission\u2019s final decision </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs310\">regarding its investigation into the UK\u2019s Controlled Foreign Company </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs311\">(CFC) regime was published. It concluded that the Finance Company </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs312\">Partial Ex<span class=\"_ _15\"></span>emption (FCPE) rules in the UK tax legislation partially represent </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs313\">illegal State Aid. The Group had financing arrangements that utilised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs314\">the FCPE.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs315\">In December 2019 and the beginning of 2021, HMRC issued </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs316\">determinations to the Group totalling \u00a311 million which the Group paid.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs317\">The Group, several other UK PL<span class=\"_ _1\"></span>Cs and the UK Government submitted </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs318\">appeals to the EU General Court to annul the EU Commission\u2019<span class=\"_ _1\"></span>s findings. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs319\">On 8 June 2022, the EU General Court rejected the appeals. The Group </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs31a\">has appealed this decision to the Court of Justice of the European </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs31b\">Union (CJEU). On 10 January 2024, an oral hearing at the CJEU was </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs31c\">held and a non-binding opinion from the Advocate General is expected </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs31d\">to be issued in April 2024. The final decision will follow in the months </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs31e\">thereafter<span class=\"_ _15\"></span>. Until the issue is concluded, the UK Government is required </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs31f\">to continue recovering amounts determined to be State Aid.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs320\">The Group\u2019<span class=\"_ _1\"></span>s view continues to be that no provision is required. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs321\">Additionally<span class=\"_ _15\"></span>, and in accordance with IFRIC 23 <span class=\"ff76\">Uncertainty over Income </span></div><div class=\"t m0 h16 ff76 fs9 fc0 sc0 ls0 ws0 gs322\">T<span class=\"_ _2\"></span>ax T<span class=\"_ _2\"></span>reatments<span class=\"ff74\">, the Group continues to recognise a receivable against </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs323\">the HMRC determinations paid to date of \u00a311 million. The potential </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs324\">exposure remains between nil and \u00a365 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs326\">IRS Audit<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs327\">The Group is under audit in the USA by the Internal R<span class=\"_ _1\"></span>evenue Service </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs328\">(IRS) in relation to the interest rate applied on certain cross-border </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs329\">intercompany loans from the UK to the USA for the 2016-2021 period. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs32a\">Management believes that resolution of this matter will not have  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs32b\">a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs32c\">HMRC audit of intellectual property valuation<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs32d\">HMRC is auditing the value of certain intellectual property purchased </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs32e\">from Thomson Reuters as part of the formation of R<span class=\"_ _15\"></span>efinitiv<span class=\"_ _1\"></span>. Intellectual </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs32f\">property valuation is complex and significantly affected by multiple </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs330\">inputs of assumptions. As the outcome is uncertain, especially given the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs331\">inherent subjectivity of the topic, the Group has recorded an uncertain </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs332\">tax liability in accordance with the requirements of IFRS. Management </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs333\">and HMRC have made progress but continue to actively discuss this </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs334\">topic. Management believes that resolution of this matter will not have  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs335\">a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs336\">Diverted Profits T<span class=\"_ _15\"></span>ax to Thomson Reuters<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs337\">HMRC has issued notices of assessment under the Diverted Profits  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs338\">T<span class=\"_ _2\"></span>ax (DPT) regime to Thomson Reuters largely related to its Financial  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs339\">&amp; Risk Business for years prior to the sale of the business to Refinitiv<span class=\"_ _2\"></span>.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs33a\">As required by the notices and as directed by Thomson Reuters,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs33b\">the Group has made payments to HMRC which were immediately </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs33c\">reimbursed by Thomson Reuters in accordance with an indemnity </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs33d\">agreement (described in note 13 and note 15). Thomson Reuters does </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs33e\">not agree with the assessments. T<span class=\"_ _2\"></span>o the extent the Group receives any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs33f\">refunds of these payments, such refunds are remitted to Thomson </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs340\">Reuters in accordance with the indemnity agreement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs341\">Russian tax audit<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs342\">The Group is under audit by the Russian T<span class=\"_ _2\"></span>ax Authorities for the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs343\">2018-2020 period and continues to engage on this topic. W<span class=\"_ _1\"></span>e have </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs344\">recorded an uncertain tax liability in accordance with the requirements </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs345\">of IFRS. Management believes that resolution of this matter will not  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs346\">have a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs347\">1 <span class=\"_ _32\"> </span>Amounts presented ex<span class=\"_ _1\"></span>clude any interest and penalties.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-610": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs296\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs297\">Income tax comprises current and deferred tax. Current and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs298\">deferred tax charges and benefits are recognised in the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs299\">income statement ex<span class=\"_ _15\"></span>cept to the extent that they relate to items </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29a\">recognised directly in equity or other comprehensive income.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs29b\">Current income tax <span class=\"ff74\">is calculated based on the tax laws enacted </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29c\">or substantively enacted at the balance sheet date in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29d\">countries where the Group operates and generates taxable </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29e\">income. Current income tax assets and liabilities are measured  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29f\">at the amount expected to be recovered from or paid to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a0\">taxation authorities.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-611": {
   "value": "<div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs2a2\">Deferred tax<span class=\"ff74\"> is the tax expected to be payable or recoverable  </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a3\">in the future on differences between the carrying amount of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a4\">assets and liabilities for financial reporting purposes and the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a5\">corresponding amounts used for tax purposes. Deferred tax is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a6\">accounted for using the liability method and calculated using tax </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a7\">rates that are substantively enacted and expected to apply in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a8\">the period when the asset is realised or the liability settled.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a9\">Deferred tax is not recognised for:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2aa\"> <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>emporary differences on the initial recognition of assets or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ab\">liabilities in a transaction that is not a business combination and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ac\">that affects neither the accounting profit nor taxable profit; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ad\"> <span class=\"_ _35\"></span>\u2014 T<span class=\"_ _4\"></span>emporary differences arising on the initial recognition  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ae\">of goodwill.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2af\">Deferred tax liabilities are recognised for taxable temporary </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b0\">differences associated with interests in subsidiaries and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b1\">associates, ex<span class=\"_ _15\"></span>cept where the Group is able to control the timing </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b2\">of the reversal of the temporary difference and it is probable that </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b3\">the temporary difference will not reverse in the foreseeable </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b4\">future. Deferred tax assets arising from deductible temporary </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b5\">differences associated with such interests are recognised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b6\">only to the extent that it is probable that there will be sufficient </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b7\">taxable profits against which to utilise the benefits of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b8\">temporary differences and they are expected to reverse in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2b9\">the foreseeable future.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ba\">The carrying amount of deferred tax assets is reviewed at each </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2bb\">reporting date and reduced to the extent that it is no longer </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2bc\">probable that sufficient taxable profit will be available to allow  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2bd\">all or part of the deferred tax asset to be utilised. Unrecognised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2be\">deferred tax assets are re-assessed at each reporting date  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2bf\">and are recognised to the extent that it has become probable  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c0\">that future taxable profits will allow the deferred tax asset to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c1\">be recovered.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c2\">T<span class=\"_ _2\"></span>ax assets and liabilities are offset when there is a legally </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c3\">enforceable right to set off current tax assets against current tax </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c4\">liabilities and when they relate to income tax<span class=\"_ _1\"></span>es levied by the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c5\">same taxation authority on either the same taxable entity or on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c6\">different taxable entities which intend to settle the current tax </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2c7\">assets and liabilities on a net basis.<span class=\"_ _30b\"> </span></div>On 23 May 2023, the International Accounting Standards Board (IASB) issued International T<span class=\"_ _2\"></span>ax Reform \u2013 Pillar T<span class=\"_ _2\"></span>wo Model Rules \u2013 Amendments to IAS 12, which the Group has adopted. The Amendments provide a temporary mandatory ex<span class=\"_ _15\"></span>ception from deferred tax accounting for the <span class=\"ff73\">global minimum top-up tax</span>, which is effective immediately<span class=\"_ _15\"></span>, and require new disclosures about the Group\u2019<span class=\"_ _1\"></span>s exposure to Pillar T<span class=\"_ _2\"></span>wo income taxes (see note 6.<span class=\"_ _15\"></span>1). The mandatory ex<span class=\"_ _15\"></span>ception applies retrospectively to the Group from 1 January 2023, however the retrospective application has no impact on the Group'<span class=\"_ _1\"></span>s consolidated financial statements.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-677": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs2dd\">6.2 Net deferred tax liabilities<span class=\"_ _30b\"> </span></div><div class=\"gs2de\"><table class=\"s w39c hf8\" id=\"_979b7acd-4435-4616-9d57-c6fd248a264f\"><tr><td></td><td class=\"t m0 x67d h4d y25e2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25e2 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y25e3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25e3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2431 w39d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x67e y2431 w105 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">664<span class=\"_ _30b\"> </span></div></td><td class=\"c n x650 y2431 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">622<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w13d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x67f y2418 w39e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,140)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x680 y2418 w39f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,200)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w3a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net deferred tax liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x681 y2419 w73 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,476)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x682 y2419 w3a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,578)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2e0\">The movements in deferred tax assets and liabilities during the year are shown below:<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs2e1\">1<span class=\"_ _30b\"> </span></div><div class=\"gs157\"><table class=\"s w3a2 hf9\" id=\"_fd2b6793-1deb-4680-b52d-73c6ce9c87e7\"><tr><td></td><td></td><td></td><td class=\"t m0 x683 h4d y25e4 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ax losses </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x684 h4d y25e5 ff73 fsf fc0 sc0 ls0 ws0\">Goodwill </td><td class=\"t m0 x685 h4d y25e5 ff73 fsf fc0 sc0 ls0 ws0\">and other </td><td></td><td></td><td></td><td></td><td class=\"t m0 x17c h4d y25e5 ff73 fsf fc0 sc0 ls0 ws0\">Provisions </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2fa h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">and </td><td class=\"t m0 x596 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">carry-<span class=\"_ _30b\"> </span></td><td class=\"t m0 x178 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">Property<span class=\"_ _1\"></span>, </td><td></td><td class=\"t m0 x686 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">Retirement </td><td></td><td class=\"t m0 x687 h4d y25e6 ff73 fsf fc0 sc0 ls0 ws0\">and other </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x688 h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">intangible </td><td class=\"t m0 x689 h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">forward </td><td class=\"t m0 x178 h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">plant and </td><td class=\"t m0 x68a h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">Share </td><td class=\"t m0 x68b h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">benefit </td><td class=\"t m0 x68c h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">Investment in </td><td class=\"t m0 x17c h4d y25e7 ff73 fsf fc0 sc0 ls0 ws0\">temporary </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x68d h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">assets<span class=\"_ _30b\"> </span></td><td class=\"t m0 x685 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">attributes </td><td class=\"t m0 x68e h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">equipment </td><td class=\"t m0 x68f h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">schemes </td><td class=\"t m0 x686 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">obligations </td><td class=\"t m0 x68c h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">partnerships<span class=\"_ _30b\"> </span></td><td class=\"t m0 x690 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">differences </td><td class=\"t m0 x2f2 h4d y25e8 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"c n x17e y25e9 w3a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></div></td><td class=\"c n x691 y25e9 w2a2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x692 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x693 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x694 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x695 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y25ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25eb w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x696 y25eb w3a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(2,282)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x697 y25eb w3a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">444<span class=\"_ _30b\"> </span></div></td><td class=\"c n x698 y25eb w3a6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">129<span class=\"_ _30b\"> </span></div></td><td class=\"c n x699 y25eb w102 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">123<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69a y25eb w211 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(130)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69b y25eb w2cb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">351<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69c y25eb wc5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69d y25eb w76 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1,327)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25ec ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25ed w3a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x69e y25ed wc0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(87)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69f y25ed w3a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a0 y25ed w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a1 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a2 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a3 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a4 y25ed w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a5 y25ed w3a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(63)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25ee w3aa hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">discontinued operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6a6 y25ee w1f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(77)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x637 y25ee w9b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a7 y25ee w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a8 y25ee w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6a9 y25ee w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6aa y25ee w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ab y25ee wee hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ac y25ee w3ab hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(137)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25ef w3ac hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">income statement<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6ad y25ef w3ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(79)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ae y25ef w3ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">153<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6af y25ef w3af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(46)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b0 y25ef w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b1 y25ef w3b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b2 y25ef w255 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(43)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b3 y25ef w3b1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">27<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b4 y25ef w351 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25f0 w3b2 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6b5 y25f0 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b6 y25f0 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b7 y25f0 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b8 y25f0 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b9 y25f0 w3b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ba y25f0 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bb y25f0 w390 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bc y25f0 w141 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">85<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25f1 w3b4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in equity<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6bd y25f1 w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6be y25f1 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bf y25f1 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c0 y25f1 w3b5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(92)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c1 y25f1 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c2 y25f1 w3b6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">102<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c3 y25f1 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c4 y25f1 wb0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25f2 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25f3 w3b7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6c5 y25f3 w3b8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(288)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c6 y25f3 w88 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c7 y25f3 w32 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c8 y25f3 w1a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c9 y25f3 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ca y25f3 w3b9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">44<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6cb y25f3 wf2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6cc y25f3 w3ba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(155)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2521 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6cd y2521 w3bb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,816)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ce y2521 w3bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">617<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6cf y2521 w3bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">87<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d0 y2521 w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d1 y2521 w3be hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(45)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d2 y2521 w3bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">454<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d3 y2521 w3b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d4 y2521 w3a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,578)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25f4 ff74 fsf fc0 sc0 ls0 ws0\">Deferred tax on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25f5 w3a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d5 y25f5 w87 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d6 y25f5 w3c0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(77)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d7 y25f5 w111 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d8 y25f5 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6d9 y25f5 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6da y25f5 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6db y25f5 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6dc y25f5 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6dd y25f5 w190 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(63)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2525 w3ac hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">income statement<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6de y2525 w3c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6df y2525 w3c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(27)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e0 y2525 w3c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e1 y2525 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e2 y2525 w3c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">43<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e3 y2525 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(24)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e4 y2525 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(26)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e5 y2525 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2501 w3b2 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6b5 y2501 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b6 y2501 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b7 y2501 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6b8 y2501 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e6 y2501 w191 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e7 y2501 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e8 y2501 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e9 y2501 w3c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(33)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259e w3b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax recognised in equity<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6ea y259e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6eb y259e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ec y259e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ed y259e w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6c9 y259e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ee y259e w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">62<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ef y259e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x2d9 y259e w39b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y25f6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w3c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">translation and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6f0 y2418 w3c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">151<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f1 y2418 w3c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(26)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f2 y2418 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f3 y2418 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f4 y2418 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f5 y2418 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(26)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f6 y2418 w3ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f7 y2418 w39b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">97<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x6f8 y2419 w3cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,668)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6f9 y2419 w3cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">575<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fa y2419 w3cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">69<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fb y2419 w3ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fc y2419 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fd y2419 w105 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">466<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6fe y2419 w3cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">57<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ff y2419 w73 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,476)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs2e2\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs2e3\">1 <span class=\"_ _32\"> </span>The intangible assets have mainly arisen from acquired subsidiaries, creating a deferred tax liability due to the difference between their accounting and tax treatment. On 31 December 2023 this </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs2e4\">liability was \u00a32,668 million (2022: \u00a32,816 million), primarily relating to the Refinitiv acquisition.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs2e5\">2 <span class=\"_ _33\"> </span>T<span class=\"_ _15\"></span>radeweb Markets LLC is a multiple member limited liability company tax<span class=\"_ _15\"></span>ed as a partnership and accordingly, any taxable income generated by T<span class=\"_ _15\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C is passed through to its </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs2e6\">members. The investment in partnership deferred tax asset is the difference between the financial statement amount and the tax basis of the T<span class=\"_ _15\"></span>radeweb Markets Inc. investment in T<span class=\"_ _15\"></span>radeweb </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs2e7\">Markets LL<span class=\"_ _1\"></span>C.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2e8\">On 22 November 2023, the UK Autumn Statement announced that from 6 April 2024 the free-standing tax charge that applies to authorised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2e9\">surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. As this change is not yet </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ea\">substantively enacted, the Group utilises the 35% tax rate for deferred tax liability measurement on UK pension surpluses at the balance sheet date. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2eb\">This change would decrease the deferred tax liability by \u00a316 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs2ec\">Unrecognised deferred tax assets<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ed\">On 31 December 2023, the gross amount of unrecognised temporary differences in respect of losses available for carry forward was \u00a3127 million </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ee\">(2022: \u00a3122 million), all with unlimited expiration. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2ef\">The assets will be recognised in the future only if suitable forecast taxable profit arises within the Group. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-647": {
   "value": "Significant accounting judgements and estimates<span class=\"_ _30b\"> </span>Uncertain tax positions<span class=\"_ _30b\"> </span>The Group is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and can be subject to interpretation by management and government authorities. These matters of judgement sometimes give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions are made against individual exposures and tak<span class=\"_ _1\"></span>e  into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions  or rulings on similar issues and relevant external advice<span class=\"_ _1\"></span>.  In accordance with IFRIC 23 <span class=\"ff76\">Uncertainty over Income T<span class=\"_ _2\"></span>ax </span>T<span class=\"_ _2\"></span>reatments<span class=\"ff74\">, provisions are estimated based on one of  </span>two methods: <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected value method (the sum of the probability weighted amounts in a range of possible outcomes); or <span class=\"_ _35\"></span>\u2014 the single most lik<span class=\"_ _1\"></span>ely amount method.<span class=\"_ _30b\"> </span>The method chosen depends on which is expected to better predict the resolution of the uncertainty<span class=\"_ _15\"></span>. Due to the uncertainty associated with tax audits it is possible that, at some future date, liabilities resulting from such audits or related litigation could vary significantly from our provisions. This would require the Group  to make an adjustment in a subsequent period which could have a material impact on the Group\u2019<span class=\"_ _1\"></span>s results.<span class=\"_ _30b\"> </span>EU State Aid<span class=\"_ _30b\"> </span>The Group continues to monitor developments in relation to EU State Aid investigations. On 25 April 2019<span class=\"_ _1\"></span>, the EU Commission\u2019s final decision regarding its investigation into the UK\u2019s Controlled Foreign Company (CFC) regime was published. It concluded that the Finance Company Partial Ex<span class=\"_ _15\"></span>emption (FCPE) rules in the UK tax legislation partially represent illegal State Aid. The Group had financing arrangements that utilised  the FCPE.<span class=\"_ _30b\"> </span>In December 2019 and the beginning of 2021, HMRC issued determinations to the Group totalling \u00a311 million which the Group paid.<span class=\"_ _30b\"> </span>The Group, several other UK PL<span class=\"_ _1\"></span>Cs and the UK Government submitted appeals to the EU General Court to annul the EU Commission\u2019<span class=\"_ _1\"></span>s findings. On 8 June 2022, the EU General Court rejected the appeals. The Group has appealed this decision to the Court of Justice of the European Union (CJEU). On 10 January 2024, an oral hearing at the CJEU was held and a non-binding opinion from the Advocate General is expected to be issued in April 2024. The final decision will follow in the months thereafter<span class=\"_ _15\"></span>. Until the issue is concluded, the UK Government is required to continue recovering amounts determined to be State Aid.<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s view continues to be that no provision is required. Additionally<span class=\"_ _15\"></span>, and in accordance with IFRIC 23 <span class=\"ff76\">Uncertainty over Income </span>T<span class=\"_ _2\"></span>ax T<span class=\"_ _2\"></span>reatments<span class=\"ff74\">, the Group continues to recognise a receivable against </span>the HMRC determinations paid to date of \u00a311 million. The potential exposure remains between nil and \u00a365 million.<span class=\"_ _30b\"> </span>IRS Audit<span class=\"_ _30b\"> </span>The Group is under audit in the USA by the Internal R<span class=\"_ _1\"></span>evenue Service (IRS) in relation to the interest rate applied on certain cross-border intercompany loans from the UK to the USA for the 2016-2021 period. Management believes that resolution of this matter will not have  a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position.<span class=\"_ _30b\"> </span>HMRC audit of intellectual property valuation<span class=\"_ _30b\"> </span>HMRC is auditing the value of certain intellectual property purchased from Thomson Reuters as part of the formation of R<span class=\"_ _15\"></span>efinitiv<span class=\"_ _1\"></span>. Intellectual property valuation is complex and significantly affected by multiple inputs of assumptions. As the outcome is uncertain, especially given the inherent subjectivity of the topic, the Group has recorded an uncertain tax liability in accordance with the requirements of IFRS. Management and HMRC have made progress but continue to actively discuss this topic. Management believes that resolution of this matter will not have  a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position.<span class=\"_ _30b\"> </span>Diverted Profits T<span class=\"_ _15\"></span>ax to Thomson Reuters<span class=\"_ _30b\"> </span>HMRC has issued notices of assessment under the Diverted Profits  T<span class=\"_ _2\"></span>ax (DPT) regime to Thomson Reuters largely related to its Financial  &amp; Risk Business for years prior to the sale of the business to Refinitiv<span class=\"_ _2\"></span>.  As required by the notices and as directed by Thomson Reuters,  the Group has made payments to HMRC which were immediately reimbursed by Thomson Reuters in accordance with an indemnity agreement (described in note 13 and note 15). Thomson Reuters does not agree with the assessments. T<span class=\"_ _2\"></span>o the extent the Group receives any refunds of these payments, such refunds are remitted to Thomson Reuters in accordance with the indemnity agreement.<span class=\"_ _30b\"> </span>Russian tax audit<span class=\"_ _30b\"> </span>The Group is under audit by the Russian T<span class=\"_ _2\"></span>ax Authorities for the 2018-2020 period and continues to engage on this topic. W<span class=\"_ _1\"></span>e have recorded an uncertain tax liability in accordance with the requirements of IFRS. Management believes that resolution of this matter will not  have a material impact on the Group\u2019<span class=\"_ _1\"></span>s financial position.<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Amounts presented ex<span class=\"_ _1\"></span>clude any interest and penalties.<span class=\"_ _30b\"> </span>Significant accounting judgements<span class=\"_ _30b\"> </span>The Group judges that, on the winding up of the defined benefit schemes, it can expect any remaining pension surplus to be refunded in full to the Group. In line with the current accounting standards, it therefore continues to recognise these <span class=\"ff73\">retirement </span>benefit assets<span class=\"ff74\"> on the balance sheet in full.<span class=\"_ _30b\"> </span></span>Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span>Defined benefit pension liabilities<span class=\"ff74\"> are determined based on the </span>present value of future pension obligations using assumptions determined by the Group with advice from an independent qualified actuary<span class=\"_ _15\"></span>. An actuarial valuation involves making various assumptions that may differ from what actually happens in  the future. The assumptions that are the most significant to the amounts reported are the discount rate, inflation rate, salary growth and mortality levels. Assumptions about these variables are based  on the environment in each country<span class=\"_ _15\"></span>. Due to the complexities involved in a valuation, and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.  In particular<span class=\"_ _15\"></span>, changes to the discount rate and inflation rate,  could result in material changes to the carrying amounts of the Group\u2019<span class=\"_ _1\"></span>s pension and other post-retirement benefit obligations within the next financial year<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-654": {
   "value": "7<span class=\"_ _4\"></span>. Earnings per share<span class=\"_ _30b\"> </span>Earnings per share is presented on four bases: basic earnings per share, diluted earnings per share, adjusted basic earnings per share and adjusted diluted earnings per share. Earnings per share is calculated as the Group\u2019<span class=\"_ _1\"></span>s profit for the financial year divided by the weighted average number of shares in issue during the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Basic earnings per share is in respect of all activities. Diluted earnings per share takes into account the dilutive effect that would arise on conversion or vesting of all outstanding share options and share awards under the Group\u2019<span class=\"_ _1\"></span>s share option and award schemes. Adjusted basic earnings per share and adjusted diluted earnings per share ex<span class=\"_ _15\"></span>clude non-underlying items from earnings.<span class=\"_ _30b\"> </span><table class=\"s w3d0 hfa\" id=\"_27090254-a4c4-42fe-8359-610d3f3075d6\"><tr><td></td><td></td><td class=\"c n x700 y242f w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x701 y242f w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x702 y2415 w3d1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Continuing</div></td><td class=\"c n x703 y2415 w3d2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Discontinued<span class=\"_ _30b\"> </span></div></td><td class=\"c n x704 y2415 w29a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>otal</div></td><td class=\"c n x705 y2415 w3d3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Continuing</div></td><td class=\"c n x706 y2415 w3d4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Discontinued<span class=\"_ _30b\"> </span></div></td><td class=\"c n x707 y2415 w3d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w3d6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Basic earnings per share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x708 y2416 wa3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">138.9p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x709 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x70a y2416 w3d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">138.9p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x70b y2416 w3d8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">141.8p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x70c y2416 w3d9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">91.9p</div></td><td class=\"c n x70d y2416 wac hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">233.8p<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y251b w3da hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Diluted earnings per share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x70e y251b w3db hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">138.1p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x70f y251b w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x710 y251b wa8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">138.1p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x711 y251b waa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">141.1p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x712 y251b w3dc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">91.4p</div></td><td class=\"c n x713 y251b wae hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">232.5p<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w3dd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted basic earnings per share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x714 y2418 wa2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">323.9p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x70f y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x715 y2418 wa2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">323.9p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x716 y2418 w84 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">317.8p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x717 y2418 w90 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">10.6p</div></td><td class=\"c n x718 y2418 w3de hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">328.4p<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w3df hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted diluted earnings per share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x719 y2419 wa7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">322.1p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x71a y2419 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n x71b y2419 w3e0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">322.1p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x71c y2419 w3e1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">316.1p<span class=\"_ _30b\"> </span></div></td><td class=\"c n x71d y2419 w3e2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">10.5p</div></td><td class=\"c n x71e y2419 wad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">326.6p<span class=\"_ _30b\"> </span></div></td></tr></table>7<span class=\"_ _2\"></span>.<span class=\"_ _15\"></span>1 Profit and adjusted profit for the year attributable to the Company\u2019s equity holders<span class=\"_ _30b\"> </span><table class=\"s w3e3 hfb\" id=\"_70b1e359-6c73-4f87-be97-c2ea0bac26a9\"><tr><td></td><td></td><td></td><td class=\"c n x71f y2521 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n x720 y2521 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x721 h4d y25f7 ff73 fsf fc0 sc0 ls0 ws0\">Continuing </td><td class=\"t m0 x722 h4d y25f7 ff73 fsf fc0 sc0 ls0 ws0\">Discontinued </td><td class=\"t m0 x723 h4d y25f7 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td><td class=\"t m0 x724 h4d y25f7 ff74 fsf fc0 sc0 ls0 ws0\">Continuing </td><td class=\"t m0 x725 h4d y25f7 ff74 fsf fc0 sc0 ls0 ws0\">Discontinued </td><td class=\"t m0 x726 h4d y25f7 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x727 h4d y25f8 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x728 h4d y25f8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x729 h4d y25f8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72a h4d y25f8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72b h4d y25f8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72c h4d y25f8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y25f8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x24b y2525 w3e4 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Profit for the financial year attributable to the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Company\u2019s equity holders<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x72d y2525 w92 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">761<span class=\"_ _30b\"> </span></div></td><td class=\"c n x72e y2525 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x72f y2525 w92 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">761<span class=\"_ _30b\"> </span></div></td><td class=\"c n x730 y2525 w3e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">790<span class=\"_ _30b\"> </span></div></td><td class=\"c n x731 y2525 w8a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">512<span class=\"_ _30b\"> </span></div></td><td class=\"c n x732 y2525 w3e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,302<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y25f9 ff74 fsf fc0 sc0 ls0 ws0\">Adjustments:<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25a4 w3e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>T<span class=\"_ _2\"></span>otal non-underlying items net of tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n x733 y25a4 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x734 y25a4 w29f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,119<span class=\"_ _30b\"> </span></div></td><td class=\"c n x735 y25a4 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x736 y25a4 w3e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,119<span class=\"_ _30b\"> </span></div></td><td class=\"c n x737 y25a4 w2a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,049<span class=\"_ _30b\"> </span></div></td><td class=\"c n x738 y25a4 w25a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(453)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x739 y25a4 w3e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">596<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y24c8 w3ea hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Non-underlying items attributable to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">non-controlling interests<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x73a y24c8 w98 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(105)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x73b y24c8 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x73c y24c8 w98 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(105)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x73d y24c8 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x73e y24c8 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x73f y24c8 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x24b y2419 w3eb he4\"><div class=\"t m0 x173 h4d y2524 ff73 fsf fc0 sc0 ls0 ws0\">Adjusted profit for the year attributable to the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Company\u2019s equity holders<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x740 y2419 w90 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,775<span class=\"_ _30b\"> </span></div></td><td class=\"c n x741 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x742 y2419 w90 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,775<span class=\"_ _30b\"> </span></div></td><td class=\"c n x743 y2419 w3ec hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,770<span class=\"_ _30b\"> </span></div></td><td class=\"c n x744 y2419 w9d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">59<span class=\"_ _30b\"> </span></div></td><td class=\"c n x745 y2419 w20c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,829<span class=\"_ _30b\"> </span></div></td></tr></table>7<span class=\"_ _2\"></span>.2 Weighted average number of shares<span class=\"_ _30b\"> </span>1,2<span class=\"_ _30b\"> </span><table class=\"s w3ed hf8\" id=\"_2e2f95c3-4a39-4db8-ae5d-795bcfe7c1f7\"><tr><td></td><td class=\"t m0 x284 h4d y25fa ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y25fa ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x747 h4d y25fb ff73 fsf fc0 sc0 ls0 ws0\">millions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x748 h4d y25fb ff74 fsf fc0 sc0 ls0 ws0\">millions<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y25fc ff73 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted average number of shares<span class=\"_ _30b\"> </span></td><td class=\"c n x749 y2431 w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">548<span class=\"_ _30b\"> </span></div></td><td class=\"c n x74a y2431 w121 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">557<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w3ee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Dilutive effect of share options and awards<span class=\"_ _30b\"> </span></div></td><td class=\"c n x74b y2510 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x74c y2510 w3ef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w3f0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Diluted weighted average number of shares<span class=\"_ _30b\"> </span></div></td><td class=\"c n x74d y2419 w283 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">551<span class=\"_ _30b\"> </span></div></td><td class=\"c n x74e y2419 wff hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">560<span class=\"_ _30b\"> </span></div></td></tr></table>1,2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The weighted average number of shares ex<span class=\"_ _1\"></span>cludes treasury shares and those held in the Employee Benefit T<span class=\"_ _15\"></span>rust.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>For the number of shares as at 31 December 2023, see note 18.<span class=\"_ _1\"></span>1",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-612": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Basic earnings per share is in respect of all activities. Diluted earnings per share takes into account the dilutive effect that would arise on conversion or vesting of all outstanding share options and share awards under the Group\u2019<span class=\"_ _1\"></span>s share option and award schemes. Adjusted basic earnings per share and adjusted diluted earnings per share ex<span class=\"_ _15\"></span>clude non-underlying items from earnings.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-655": {
   "value": "8. Dividends<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e seek to reward our shareholders through the payment of dividends. The interim dividend is generally paid in September and the final dividend in May<span class=\"_ _15\"></span>. Accounting policy<span class=\"_ _30b\"> </span>Dividend distributions to the Company\u2019s equity holders are recognised as a liability in the Group financial statements  in the period in which the dividends are approved by the Company\u2019s shareholders. <table class=\"s w3f1 hfc\" id=\"_953c0381-a641-4986-9304-8d9ac2b58d32\"><tr><td></td><td class=\"t m0 x4a9 h4d y25fd ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25fd ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x4ac h4d y25fe ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25fe ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y25ff ff74 fsf fc0 sc0 ls0 ws0\">Final dividend for the year ended 31 December </td><td></td><td></td></tr><tr><td class=\"c n x17e y2600 w3f2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2021 paid 25 May 2022: 70<span class=\"_ _1\"></span>.0p per ordinary share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x74f y2600 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x750 y2600 w3f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">390<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2601 ff74 fsf fc0 sc0 ls0 ws0\">Interim dividend for the year ended 31 December </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2602 ff74 fsf fc0 sc0 ls0 ws0\">2022 paid 20 September 2022: 31.<span class=\"_ _15\"></span>7p per  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2603 w3f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">ordinary share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x751 y2603 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ce y2603 w3f5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">177<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2604 ff74 fsf fc0 sc0 ls0 ws0\">Final dividend for the year ended 31 December </td><td></td><td></td></tr><tr><td class=\"c n x17e y25a4 w3f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022 paid 24 May 2023: 75.3p per ordinary share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x752 y25a4 w3f7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">415<span class=\"_ _30b\"> </span></div></td><td class=\"c n x753 y25a4 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2605 ff74 fsf fc0 sc0 ls0 ws0\">Interim dividend for the year ended 31 December </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2606 ff74 fsf fc0 sc0 ls0 ws0\">2023 paid 20 September 2023: 35.<span class=\"_ _15\"></span>7p per  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w3f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">ordinary share<span class=\"_ _30b\"> </span></div></td><td class=\"c n x754 y2418 w3a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">196<span class=\"_ _30b\"> </span></div></td><td class=\"c n x755 y2418 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n x4cf y2419 w3f8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">611<span class=\"_ _30b\"> </span></div></td><td class=\"c n x756 y2419 w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">567<span class=\"_ _30b\"> </span></div></td></tr></table>Dividends are only paid out of available distributable reserves of  the Company<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Board has proposed a final dividend in respect of the year ended  31 December 2023 of <span><span><span class=\"gs353\" id=\"__1\">79 .3</span></span></span>p per share, which amounts to an e<span class=\"_ _1\"></span>xpected payment of \u00a3<span><span>428</span></span> million on 22 May 2024. This is not reflected in the financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-613": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Dividend distributions to the Company\u2019s equity holders are recognised as a liability in the Group financial statements  in the period in which the dividends are approved by the Company\u2019s shareholders. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-14": {
   "value": "0.793",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-679": {
   "value": "0.793",
   "decimals": 3,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-15": {
   "value": "428000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-680": {
   "value": "428000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-678": {
   "value": "9<span class=\"_ _15\"></span>. Intangible assets<span class=\"_ _30b\"> </span>The balance sheet includes significant intangible assets, mainly in relation to goodwill, customer and supplier relationships, and internally developed software. Goodwill arises when we acquire a business and pay an amount higher than the fair value of its net assets primarily due to the synergies we expect to create<span class=\"_ _1\"></span>. Goodwill is not amortised but is subject to annual impairment reviews. Purchased and other intangible assets are amortised over their useful economic lives.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate  of the consideration transferred and the amount recognised  for any non-controlling interests (plus any previous interest  held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired and  liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019<span class=\"_ _1\"></span>s  cash-generating units (CGUs) that are expected to benefit  from the combination.<span class=\"_ _30b\"> </span>Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of<span class=\"_ _1\"></span>, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _30b\"> </span>Purchased intangible assets<span class=\"_ _30b\"> </span>Purchased intangible assets are initially recognised at cost.  The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period ex<span class=\"_ _15\"></span>cess earnings method (MEEM) or relief from royalty<span class=\"_ _15\"></span>. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.<span class=\"_ _30b\"> </span>These assets are amortised as follows:<span class=\"_ _30b\"> </span>Assets<span class=\"_ _127\"> </span>Amortisation method<span class=\"_ _30b\"> </span>Amortisation period or useful economic life<span class=\"_ _30b\"> </span>Customer  and supplier relationships<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24e\"> </span>5 to 25 years<span class=\"_ _30b\"> </span>Brands<span class=\"_ _127\"> </span>S<span class=\"_ _1\"></span>traight-line basis<span class=\"_ _23d\"> </span>4 to 25 years<span class=\"_ _30b\"> </span>Databases  and content<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24f\"> </span>5 to 12 years<span class=\"_ _30b\"> </span>Software<span class=\"_ _1c5\"> </span>Straight-line basis or  reducing balance basis<span class=\"_ _30b\"> </span>10 to 15 years<span class=\"_ _30b\"> </span>Licences and intellectual property<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _250\"> </span>3 to 25 years<span class=\"_ _30b\"> </span>The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the e<span class=\"_ _1\"></span>xpected pattern of consumption of future economic benefits embodied by an  asset, then the useful economic life or amortisation method is changed accordingly<span class=\"_ _15\"></span>. The Group considers the following indicators, as a minimum,  that may show that the useful economic life or amortisation method of an asset may require a change: <span class=\"_ _35\"></span>\u2014 whether there have been any changes to legal, regulatory or contractual provisions; <span class=\"_ _35\"></span>\u2014 whether there has been any e<span class=\"_ _15\"></span>xperience in renewing or extending related licensing agreements; <span class=\"_ _35\"></span>\u2014 whether the effects of obsolescence<span class=\"_ _1\"></span>, demand, competition or maintenance may impact the life of the asset; <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected future performance of the business related to  the asset; and <span class=\"_ _35\"></span>\u2014 for customer and supplier relationship assets, the attrition  rate of customers versus initial expected attrition rates set  out at acquisition. Software and other<span class=\"_ _30b\"> </span>Internally developed software<span class=\"_ _30b\"> </span>Expenditure on internal product development, including expenditure related to cloud computing arrangements,  is capitalised if: <span class=\"_ _35\"></span>\u2014 the costs can be reliably measured;  <span class=\"_ _35\"></span>\u2014 the product or process is technically and commercially feasible;  <span class=\"_ _35\"></span>\u2014 future economic benefits are probable; and  <span class=\"_ _35\"></span>\u2014 the Group has sufficient resources to complete the development and to use or sell the asset.<span class=\"_ _30b\"> </span>The assets are initially recorded at cost, which includes labour<span class=\"_ _15\"></span>, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not ex<span class=\"_ _15\"></span>ceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years.<span class=\"_ _30b\"> </span>Contract costs<span class=\"_ _30b\"> </span>Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year<span class=\"_ _15\"></span>. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between  3 and 5 years.<span class=\"_ _30b\"> </span>The Group recognises the incremental cost of obtaining  a contract as an expense when incurred, if the amortisation period is less than one year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Impairment of intangible assets, including goodwill<span class=\"_ _30b\"> </span>Goodwill is tested for impairment annually<span class=\"_ _15\"></span>. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.<span class=\"_ _30b\"> </span>Intangible assets are assessed for any indicators of impairment  at each balance sheet date. If any indication e<span class=\"_ _1\"></span>xists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the  CGU to which the asset belongs.<span class=\"_ _30b\"> </span>An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.<span class=\"_ _30b\"> </span>Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span>Intangible assets acquired as part of a business combination<span class=\"_ _30b\"> </span>The fair value of acquired intangible assets (and therefore the resulting goodwill recognised on acquisition) is significantly affected by a number of factors. These include management\u2019s best estimates of future performance (i.e. forecast revenue, expected revenue attrition, forecast operating margin), any contributory assets charges and estimates of the return required to determine an appropriate discount rate (in order to calculate the net present value of the assets).<span class=\"_ _30b\"> </span>Recoverable amounts of CGUs<span class=\"_ _30b\"> </span>The recoverable amounts of CGUs are based on value-in-use calculations. The value-in-use calculations use cash flow projections based on business plans prepared by management for the three-year period ending 31 December 2026. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and  the risks specific to the CGUs.<span class=\"_ _30b\"> </span>Estimated useful economic lives<span class=\"_ _30b\"> </span>Intangible assets are amortised over their estimated useful economic lives, being management\u2019s best estimate of the  period over which value from the intangible assets is realised.  In determining useful economic life, management considers  a number of factors including: customer attrition rates;  product upgrade cycles for software and technology assets; market participant perspectives of brands; and pace of change  of regulation.<span class=\"_ _30b\"> </span><table class=\"s w3f9 hfd\" id=\"_8d533f4c-d2db-49f1-a770-1974e8fe2834\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x757 h4d y2607 ff73 fsf fc0 sc0 ls0 ws0\">Purchased intangible assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x758 h4d y2608 ff73 fsf fc0 sc0 ls0 ws0\">Software, </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x4f1 h4d y2609 ff73 fsf fc0 sc0 ls0 ws0\">licences </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x759 h4d y260a ff73 fsf fc0 sc0 ls0 ws0\">Customer </td><td></td><td></td><td class=\"t m0 x75a h4d y260a ff73 fsf fc0 sc0 ls0 ws0\">and </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x68e h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">and supplier </td><td></td><td class=\"t m0 x4f0 h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">Databases </td><td class=\"t m0 x75b h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">intellectual </td><td class=\"t m0 x75c h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">Software </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x689 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">Goodwill </td><td class=\"t m0 x75d h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">relationships </td><td class=\"t m0 x434 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">Brands </td><td class=\"t m0 x75e h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">and content </td><td class=\"t m0 x2f0 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">property </td><td class=\"t m0 x687 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">and other </td><td class=\"t m0 x2f2 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x2fa h4d y260d ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x75f h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fc h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y260e ff73 fsf fc0 sc0 ls0 ws0\">Cost<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y260f w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x760 y260f w3fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17,509<span class=\"_ _30b\"> </span></div></td><td class=\"c n x761 y260f w3fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8,721<span class=\"_ _30b\"> </span></div></td><td class=\"c n x762 y260f w3fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,956<span class=\"_ _30b\"> </span></div></td><td class=\"c n x763 y260f w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,434<span class=\"_ _30b\"> </span></div></td><td class=\"c n x764 y260f w3fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">702<span class=\"_ _30b\"> </span></div></td><td class=\"c n x765 y260f w169 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,232<span class=\"_ _30b\"> </span></div></td><td class=\"c n x766 y260f w3fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">34,554<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2610 ff74 fsf fc0 sc0 ls0 ws0\">Intangible assets acquired on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2611 w3a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x767 y2611 w3e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">569<span class=\"_ _30b\"> </span></div></td><td class=\"c n x768 y2611 w3ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">188<span class=\"_ _30b\"> </span></div></td><td class=\"c n x769 y2611 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76a y2611 w3ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76b y2611 w400 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">149<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76c y2611 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76d y2611 w82 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">909<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2612 w401 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x76e y2612 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76f y2612 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x770 y2612 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x771 y2612 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x772 y2612 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y2612 w239 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">868<span class=\"_ _30b\"> </span></div></td><td class=\"c n x773 y2612 w191 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">868<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2613 w2f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x774 y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x775 y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x776 y2613 w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(51)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x777 y2613 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x778 y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x779 y2613 w402 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(174)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77a y2613 w403 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(225)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2614 w404 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x77b y2614 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77c y2614 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77d y2614 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77e y2614 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77f y2614 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x780 y2614 w405 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x781 y2614 w406 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2615 w1f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x782 y2615 w407 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,781<span class=\"_ _30b\"> </span></div></td><td class=\"c n x783 y2615 w408 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,016<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1bf y2615 w409 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">208<span class=\"_ _30b\"> </span></div></td><td class=\"c n x784 y2615 w262 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">297<span class=\"_ _30b\"> </span></div></td><td class=\"c n x785 y2615 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td><td class=\"c n x786 y2615 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">273<span class=\"_ _30b\"> </span></div></td><td class=\"c n x787 y2615 we0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,627<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2616 w181 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x788 y2616 w40a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19,859<span class=\"_ _30b\"> </span></div></td><td class=\"c n x789 y2616 w1fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9,925<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78a y2616 w40b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,113<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78b y2616 w40c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,734<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78c y2616 we8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">903<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78d y2616 w251 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4,129<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78e y2616 w40d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">39,663<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2617 ff74 fsf fc0 sc0 ls0 ws0\">Intangible assets acquired on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2403 w3a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78f y2403 w87 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x790 y2403 w2df hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">370<span class=\"_ _30b\"> </span></div></td><td class=\"c n x791 y2403 wc9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">281<span class=\"_ _30b\"> </span></div></td><td class=\"c n x792 y2403 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x793 y2403 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x794 y2403 w40e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n x795 y2403 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x796 y2403 w24d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">698<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2618 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2424 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2424 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x799 y2424 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79a y2424 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79b y2424 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79c y2424 w24d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">962<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79d y2424 w40f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">962<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2619 ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2425 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2425 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79e y2425 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79f y2425 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a0 y2425 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a1 y2425 w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(82)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a2 y2425 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(83)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2406 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7a3 y2406 w411 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(953)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a4 y2406 w1d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(538)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a5 y2406 w412 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(114)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a6 y2406 w413 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(154)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a7 y2406 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(93)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a8 y2406 w414 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(149)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a9 y2406 w415 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,001)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2427 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7aa y2427 w416 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">19,276<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ab y2427 w417 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,668<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ac y2427 w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,998<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ad y2427 w302 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,580<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ae y2427 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">857<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7af y2427 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4,860<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b0 y2427 w419 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">39,239<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261a ff73 fsf fc0 sc0 ls0 ws0\">Accumulated amortisation and impairment<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y240a w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7b1 y240a w41a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b2 y240a w3e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">956<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b3 y240a w41b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">398<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b4 y240a w41c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">224<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b5 y240a w2cb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">315<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b6 y240a w41d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">914<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b7 y240a w41e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,830<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2429 w41f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amortisation charge for the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7b8 y2429 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b9 y2429 wff hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">590<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ba y2429 w420 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">150<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bb y2429 w421 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">232<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1e5 y2429 w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bc y2429 w7e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">587<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bd y2429 w31b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,600<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w422 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7be y242a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bf y242a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c0 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c1 y242a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c2 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c3 y242a w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c4 y242a w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w2f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7c5 y240d w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x33f y240d w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c6 y240d w423 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c7 y240d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c8 y240d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c9 y240d w390 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(31)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ca y240d w283 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w404 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x77b y2548 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77c y2548 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77d y2548 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77e y2548 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77f y2548 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x780 y2548 w405 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x781 y2548 w406 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7cb y240f wa1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7cc y240f w424 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">104<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7cd y240f w425 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">40<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ce y240f w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7cf y240f w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d0 y240f w9d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d1 y240f w176 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">261<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7d2 y242c w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d3 y242c w427 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,650<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d4 y242c w95 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">584<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d5 y242c w428 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">490<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d6 y242c w252 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">367<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d7 y242c w429 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,476<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d8 y242c w42a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4,597<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261b ff74 fsf fc0 sc0 ls0 ws0\">Amortisation charge for the year<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y261c w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d9 y261c w42b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">607<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7da y261c w18e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">149<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7db y261c w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">229<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7dc y261c w2f2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7dd y261c w42c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">790<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7de y261c w42d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,847<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261d ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2412 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2412 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x799 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79a y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79b y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7df y2412 w42e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e0 y2412 w42e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261e ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2413 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2413 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79e y2413 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79f y2413 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a0 y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a1 y2413 w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(82)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a2 y2413 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(83)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7e1 y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e2 y242f w42f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(91)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e3 y242f w190 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(39)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e4 y242f w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(32)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e5 y242f w430 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(66)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e6 y242f w431 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(51)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e7 y242f w432 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(279)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4e3 y250e wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e8 y250e w433 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e9 y250e w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">693<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ea y250e w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">687<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7eb y250e w434 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">373<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ec y250e w2a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,143<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ed y250e w20 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6,092<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261f ff73 fsf fc0 sc0 ls0 ws0\">Net book values<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7ee y2418 w435 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">19,246<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ef y2418 w436 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,502<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f0 y2418 w4a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,305<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f1 y2418 w437 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,893<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f2 y2418 w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">484<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f3 y2418 w438 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,717<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f4 y2418 wef hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">33,147<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7f5 y2419 w40a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19,829<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f6 y2419 w269 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f7 y2419 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,529<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f8 y2419 w43a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,244<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f9 y2419 w2cd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">536<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fa y2419 wd4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,653<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fb y2419 wf0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">35,066<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>5<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>During the year<span class=\"_ _15\"></span>, consideration for additions comprised \u00a3962 million (2022: \u00a3787 million) in cash, and nil (2022: \u00a381 million) in accruals. During the year<span class=\"_ _1\"></span>, the Group capitalised sales commissions paid to employees (contract costs) of \u00a353 million (2022: \u00a340 million).<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>During the year the Group recognised disposals and write-offs of assets which are no longer in use of \u00a383 million with nil net book value (2022: \u00a370 million with nil net book value).<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>Includes non-underlying amortisation of intangible assets of \u00a31,195 million (2022: \u00a31,044 million) and no amortisation related to discontinued operations (2022: \u00a38 million).<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>Following a review of software assets in the year the Group recognised a \u00a310 million non-underlying impairment charge (2022: \u00a311 million adjusted impairment charge) in relation to assets  with a recoverable amount less than the carrying value.<span class=\"_ _30b\"> </span>5 <span class=\"_ _33\"> </span>At 31 December 2023, software and other net book value includes: <span class=\"_ _121\"> </span>\u2013 Assets not yet brought into use of \u00a3739 million (2022: \u00a3647 million). No amortisation has been charged on these assets and instead they are tested for impairment annually. <span class=\"_ _121\"> </span>\u2013 Contract costs of \u00a378 million (2022: \u00a375 million).<span class=\"_ _30b\"> </span>9.<span class=\"_ _2\"></span>1 Goodwill<span class=\"_ _30b\"> </span>Carrying value of goodwill allocated to each of the Group\u2019<span class=\"_ _1\"></span>s CGUs<span class=\"_ _30b\"> </span>Goodwill is allocated to and monitored by management at the level of the Group\u2019<span class=\"_ _1\"></span>s four CGUs as set out below:<span class=\"_ _30b\"> </span><table class=\"s web hfe\" id=\"_cf01f40b-ec0f-4046-8b45-a6d002f34d6c\"><tr><td></td><td class=\"t m0 x284 h4d y2620 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y2620 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x184 h4d y2621 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2621 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2622 ff74 fsf fc0 sc0 ls0 ws0\">Data &amp; Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x7fc y250e w43b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">13,767<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fd y250e w43c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14,414<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w43d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Capital Markets, e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>cluding T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fe y2416 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ff y2416 w19f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2623 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></td><td class=\"c n x800 y2431 w1c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,889<span class=\"_ _30b\"> </span></div></td><td class=\"c n x801 y2431 w15b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,152<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2624 ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade<span class=\"_ _30b\"> </span></td><td class=\"c n x802 y2418 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">588<span class=\"_ _30b\"> </span></div></td><td class=\"c n x803 y2418 w43e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">261<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n x804 y2419 w435 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19,246<span class=\"_ _30b\"> </span></div></td><td class=\"c n x805 y2419 w43f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19,829<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The carrying value of goodwill allocated to the Data &amp; Analytics and T<span class=\"_ _15\"></span>radeweb CGUs reduced during the year mainly due to the impact of foreign exchange translation of \u00a3648 million and  \u00a3291 million, respectively<span class=\"_ _1\"></span>. The decrease in T<span class=\"_ _15\"></span>radeweb is partly offset by the Yieldbroker acquisition (see note 21.2). The carrying value of the goodwill allocated to the Post T<span class=\"_ _15\"></span>rade CGU increased during the year<span class=\"_ _15\"></span>, mainly due to the Acadia acquisition (see note 21.2).<span class=\"_ _30b\"> </span>Annual goodwill impairment test<span class=\"_ _30b\"> </span>Goodwill as at 31 December 2023 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value (being the net book value as at 31 December 2023) and therefore no impairment was identified or recognised.<span class=\"_ _30b\"> </span>The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based on, and most sensitive to, the following key assumptions:<span class=\"_ _30b\"> </span><table class=\"s w440 hff\" id=\"_52560f71-6478-439b-974a-f0bcf9bbabf7\"><tr><td class=\"c n x17e y2625 w441 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Assumption<span class=\"_ _30b\"> </span></div></td><td class=\"c n x806 y2625 w442 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Determination of assumption<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2626 ff74 fsf fc0 sc0 ls0 ws0\">Short- and medium-term  </td><td class=\"t m0 x807 h4d y2626 ff74 fsf fc0 sc0 ls0 ws0\">The short-term revenue and cost growth assumptions are based on the business plans prepared by management for  </td></tr><tr><td class=\"t m0 x186 h4d y2627 ff74 fsf fc0 sc0 ls0 ws0\">revenue and cost growth<span class=\"_ _30b\"> </span></td><td class=\"t m0 x807 h4d y2627 ff74 fsf fc0 sc0 ls0 ws0\">the three-year period ending 31 December 2026 and extended by a further three years for trended medium-term growth. </td></tr><tr><td></td><td class=\"t m0 x807 h4d y2628 ff74 fsf fc0 sc0 ls0 ws0\">Business plans are based on an assessment of current trends, anticipated market and regulatory developments, </td></tr><tr><td></td><td class=\"t m0 x807 h4d y2629 ff74 fsf fc0 sc0 ls0 ws0\">discussions with customers and suppliers, and management\u2019s e<span class=\"_ _1\"></span>xperience<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y262a ff74 fsf fc0 sc0 ls0 ws0\">Long-term economic  </td><td class=\"t m0 x807 h4d y262a ff74 fsf fc0 sc0 ls0 ws0\">Cash flows beyond an initial six-year period are extrapolated using estimated long-term growth rates, which are based on </td></tr><tr><td class=\"c x17e y2590 w443 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">growth rates (used to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">determine terminal values)<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x807 h4d y262b ff74 fsf fc0 sc0 ls0 ws0\">external estimates of GDP and inflation </td></tr><tr><td class=\"c n x17e y262c w444 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pre-tax discount rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x808 y262c w445 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted average cost of capital is determined using market risk free rates based on the yields of government<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x807 h4d y262d ff74 fsf fc0 sc0 ls0 ws0\">bonds most relevant to the operations of the CGU, adjusted for country and operational risk and the cost of borrowing  </td></tr><tr><td></td><td class=\"t m0 x807 h4d y262e ff74 fsf fc0 sc0 ls0 ws0\">for the Group<span class=\"_ _30b\"> </span></td></tr></table>V<span class=\"_ _15\"></span>alue-in-use assumptions<span class=\"_ _30b\"> </span><table class=\"s w446 h100\" id=\"_4b473ee1-cb77-4bd9-99a2-0384ed8e2981\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x809 h4d y262f ff73 fsf fc0 sc0 ls0 ws0\">Capital Markets, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x688 h4d y2630 ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x80a y2501 w447 hd5\" colspan=\"2\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xcluding T<span class=\"_ _2\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x80b y2501 w448 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _1\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x80c y2501 w449 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x80d h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x80e h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x2e7 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x80f h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x474 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x810 h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x284 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x746 h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">Assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fa h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x811 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x180 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x694 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x812 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x813 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x814 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2418 w44a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Long-term growth rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x815 y2418 w44b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x816 y2418 w44c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x817 y2418 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3.6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x818 y2418 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x819 y2418 w44d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81a y2418 w44e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81b y2418 w44f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81c y2418 w450 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w444 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pre-tax discount rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81d y2419 w451 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81e y2419 w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81f y2419 w452 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x820 y2419 wbc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x821 y2419 w453 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x822 y2419 w454 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10.7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x823 y2419 w452 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x824 y2419 w455 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14.3<span class=\"_ _30b\"> </span></div></td></tr></table>Sensitivity analysis<span class=\"_ _30b\"> </span>The estimated value-in-use of each CGU ex<span class=\"_ _15\"></span>ceeds its carrying value. The table below shows the relative changes in the main assumptions; cash flows, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use reducing to the carrying amount. Changes beyond those amounts would have therefore led to an impairment loss being recognised for the year ended 31 December 2023. The sensitivity analysis presented is prepared on the basis that any change in each key assumption would not have a consequential impact on other assumptions used. W<span class=\"_ _1\"></span>e do not expect that a reasonably possible or foreseeable change in the assumptions in isolation would lead to an impairment loss  being recognised.<span class=\"_ _30b\"> </span><table class=\"s w456 h101\" id=\"_4cbed382-3fe3-4ae9-b5a5-93d8bf5d6cd4\"><tr><td></td><td></td><td></td><td class=\"t m0 x825 h4d y2633 ff73 fsf fc0 sc0 ls0 ws0\">Change required for value-in-use  </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x826 h4d y2634 ff73 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">to equal carrying amount<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x827 h4d y2635 ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2f0 h4d y2636 ff73 fsf fc0 sc0 ls0 ws0\">Markets, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x474 h4d y2637 ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x758 h4d y2637 ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xcluding </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2638 ff73 fsf fc0 sc0 ls0 ws0\">Assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x828 h4d y2639 ff73 fsf fc0 sc0 ls0 ws0\">Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x829 y250f w457 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82a y250f w449 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82b y250f w448 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _1\"></span>radeweb<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w458 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Reduction in terminal cash flow (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82c y2431 w132 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(40.7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82d y2431 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82e y2431 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82f y2431 w459 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(28.9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w45a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Reduction in long-term growth rates (percentage points)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x830 y2510 w45b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3.6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x831 y2510 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x832 y2510 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x749 y2510 w45c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(2.0)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w45d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Increase in pre-tax discount rates (percentage points)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x833 y2419 w45e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3.7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x834 y2419 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x835 y2419 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x836 y2419 w45f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2.2<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>N/A indicates that the change required is outside of a feasible expected change.<span class=\"_ _30b\"> </span>9.2 Purchased intangible assets<span class=\"_ _30b\"> </span>Purchased intangible assets are recognised on acquisition of a business.<span class=\"_ _30b\"> </span>The material purchased intangible assets are set out below:<span class=\"_ _30b\"> </span><table class=\"s w460 he2\" id=\"_09e71caa-e776-40d2-b87c-f284564d0ed8\"><tr><td></td><td></td><td class=\"t m0 x476 h4d y263a ff73 fsf fc0 sc0 ls0 ws0\">Carrying value of </td><td class=\"t m0 x837 h4d y263a ff73 fsf fc0 sc0 ls0 ws0\">Remaining  </td></tr><tr><td></td><td></td><td class=\"t m0 x2ea h4d y263b ff73 fsf fc0 sc0 ls0 ws0\">material purchased </td><td class=\"t m0 x838 h4d y263b ff73 fsf fc0 sc0 ls0 ws0\">amortisation </td></tr><tr><td></td><td></td><td class=\"t m0 x476 h4d y263c ff73 fsf fc0 sc0 ls0 ws0\">intangible assets<span class=\"_ _30b\"> </span></td><td class=\"t m0 x839 h4d y263c ff73 fsf fc0 sc0 ls0 ws0\">period<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x2f7 h4d y263d ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x83a h4d y263d ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td></td></tr><tr><td></td><td class=\"t m0 x83b h4d y263e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"c n x83c y2548 w461 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></div></td><td class=\"c n x83d y2548 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y263f ff73 fsf fc0 sc0 ls0 ws0\">Customer and supplier relationships<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242c w462 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv<span class=\"_ _30b\"> </span></div></td><td class=\"c n x83e y242c w463 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,635<span class=\"_ _30b\"> </span></div></td><td class=\"c n x83f y242c w464 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,428<span class=\"_ _30b\"> </span></div></td><td class=\"c n x840 y242c w465 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w466 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x841 y254a w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">889<span class=\"_ _30b\"> </span></div></td><td class=\"c n x842 y254a w19c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">954<span class=\"_ _30b\"> </span></div></td><td class=\"c n x843 y254a w467 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10-17 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w468 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Frank Russell<span class=\"_ _30b\"> </span></div></td><td class=\"c n x844 y2412 w2a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">305<span class=\"_ _30b\"> </span></div></td><td class=\"c n x845 y2412 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td><td class=\"c n x846 y2412 w469 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11-16 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w46a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Acadia<span class=\"_ _30b\"> </span></div></td><td class=\"c n x847 y242e w27f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">233<span class=\"_ _30b\"> </span></div></td><td class=\"c n x848 y242e w342 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x849 y242e w46b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2640 ff73 fsf fc0 sc0 ls0 ws0\">Brands<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w462 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84a y250e w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">532<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84b y250e w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">660<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84c y250e w46d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2-12 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w466 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84d y250f w3a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">169<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84e y250f w41d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">194<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84f y250f w46e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w468 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Frank Russell<span class=\"_ _30b\"> </span></div></td><td class=\"c n x850 y2431 w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">442<span class=\"_ _30b\"> </span></div></td><td class=\"c n x851 y2431 w46f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">498<span class=\"_ _30b\"> </span></div></td><td class=\"c n x852 y2431 w470 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">16 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2641 ff73 fsf fc0 sc0 ls0 ws0\">Databases and content<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w462 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv<span class=\"_ _30b\"> </span></div></td><td class=\"c n x853 y2419 w471 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,878<span class=\"_ _30b\"> </span></div></td><td class=\"c n x854 y2419 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,219<span class=\"_ _30b\"> </span></div></td><td class=\"c n x855 y2419 w472 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8-9 years<span class=\"_ _30b\"> </span></div></td></tr></table>There are no other individual purchased intangible assets that are considered material to each class of intangible assets.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-656": {
   "value": "9<span class=\"_ _15\"></span>. Intangible assets<span class=\"_ _30b\"> </span>The balance sheet includes significant intangible assets, mainly in relation to goodwill, customer and supplier relationships, and internally developed software. Goodwill arises when we acquire a business and pay an amount higher than the fair value of its net assets primarily due to the synergies we expect to create<span class=\"_ _1\"></span>. Goodwill is not amortised but is subject to annual impairment reviews. Purchased and other intangible assets are amortised over their useful economic lives.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate  of the consideration transferred and the amount recognised  for any non-controlling interests (plus any previous interest  held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired and  liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019<span class=\"_ _1\"></span>s  cash-generating units (CGUs) that are expected to benefit  from the combination.<span class=\"_ _30b\"> </span>Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of<span class=\"_ _1\"></span>, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _30b\"> </span>Purchased intangible assets<span class=\"_ _30b\"> </span>Purchased intangible assets are initially recognised at cost.  The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period ex<span class=\"_ _15\"></span>cess earnings method (MEEM) or relief from royalty<span class=\"_ _15\"></span>. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.<span class=\"_ _30b\"> </span>These assets are amortised as follows:<span class=\"_ _30b\"> </span>Assets<span class=\"_ _127\"> </span>Amortisation method<span class=\"_ _30b\"> </span>Amortisation period or useful economic life<span class=\"_ _30b\"> </span>Customer  and supplier relationships<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24e\"> </span>5 to 25 years<span class=\"_ _30b\"> </span>Brands<span class=\"_ _127\"> </span>S<span class=\"_ _1\"></span>traight-line basis<span class=\"_ _23d\"> </span>4 to 25 years<span class=\"_ _30b\"> </span>Databases  and content<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24f\"> </span>5 to 12 years<span class=\"_ _30b\"> </span>Software<span class=\"_ _1c5\"> </span>Straight-line basis or  reducing balance basis<span class=\"_ _30b\"> </span>10 to 15 years<span class=\"_ _30b\"> </span>Licences and intellectual property<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _250\"> </span>3 to 25 years<span class=\"_ _30b\"> </span>The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the e<span class=\"_ _1\"></span>xpected pattern of consumption of future economic benefits embodied by an  asset, then the useful economic life or amortisation method is changed accordingly<span class=\"_ _15\"></span>. The Group considers the following indicators, as a minimum,  that may show that the useful economic life or amortisation method of an asset may require a change: <span class=\"_ _35\"></span>\u2014 whether there have been any changes to legal, regulatory or contractual provisions; <span class=\"_ _35\"></span>\u2014 whether there has been any e<span class=\"_ _15\"></span>xperience in renewing or extending related licensing agreements; <span class=\"_ _35\"></span>\u2014 whether the effects of obsolescence<span class=\"_ _1\"></span>, demand, competition or maintenance may impact the life of the asset; <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected future performance of the business related to  the asset; and <span class=\"_ _35\"></span>\u2014 for customer and supplier relationship assets, the attrition  rate of customers versus initial expected attrition rates set  out at acquisition. Software and other<span class=\"_ _30b\"> </span>Internally developed software<span class=\"_ _30b\"> </span>Expenditure on internal product development, including expenditure related to cloud computing arrangements,  is capitalised if: <span class=\"_ _35\"></span>\u2014 the costs can be reliably measured;  <span class=\"_ _35\"></span>\u2014 the product or process is technically and commercially feasible;  <span class=\"_ _35\"></span>\u2014 future economic benefits are probable; and  <span class=\"_ _35\"></span>\u2014 the Group has sufficient resources to complete the development and to use or sell the asset.<span class=\"_ _30b\"> </span>The assets are initially recorded at cost, which includes labour<span class=\"_ _15\"></span>, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not ex<span class=\"_ _15\"></span>ceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years.<span class=\"_ _30b\"> </span>Contract costs<span class=\"_ _30b\"> </span>Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year<span class=\"_ _15\"></span>. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between  3 and 5 years.<span class=\"_ _30b\"> </span>The Group recognises the incremental cost of obtaining  a contract as an expense when incurred, if the amortisation period is less than one year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Impairment of intangible assets, including goodwill<span class=\"_ _30b\"> </span>Goodwill is tested for impairment annually<span class=\"_ _15\"></span>. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.<span class=\"_ _30b\"> </span>Intangible assets are assessed for any indicators of impairment  at each balance sheet date. If any indication e<span class=\"_ _1\"></span>xists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the  CGU to which the asset belongs.<span class=\"_ _30b\"> </span>An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.<span class=\"_ _30b\"> </span>Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span>Intangible assets acquired as part of a business combination<span class=\"_ _30b\"> </span>The fair value of acquired intangible assets (and therefore the resulting goodwill recognised on acquisition) is significantly affected by a number of factors. These include management\u2019s best estimates of future performance (i.e. forecast revenue, expected revenue attrition, forecast operating margin), any contributory assets charges and estimates of the return required to determine an appropriate discount rate (in order to calculate the net present value of the assets).<span class=\"_ _30b\"> </span>Recoverable amounts of CGUs<span class=\"_ _30b\"> </span>The recoverable amounts of CGUs are based on value-in-use calculations. The value-in-use calculations use cash flow projections based on business plans prepared by management for the three-year period ending 31 December 2026. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and  the risks specific to the CGUs.<span class=\"_ _30b\"> </span>Estimated useful economic lives<span class=\"_ _30b\"> </span>Intangible assets are amortised over their estimated useful economic lives, being management\u2019s best estimate of the  period over which value from the intangible assets is realised.  In determining useful economic life, management considers  a number of factors including: customer attrition rates;  product upgrade cycles for software and technology assets; market participant perspectives of brands; and pace of change  of regulation.<span class=\"_ _30b\"> </span><div class=\"gs165\"><table class=\"s w3f9 hfd\" id=\"_8d533f4c-d2db-49f1-a770-1974e8fe2834\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x757 h4d y2607 ff73 fsf fc0 sc0 ls0 ws0\">Purchased intangible assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x758 h4d y2608 ff73 fsf fc0 sc0 ls0 ws0\">Software, </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x4f1 h4d y2609 ff73 fsf fc0 sc0 ls0 ws0\">licences </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x759 h4d y260a ff73 fsf fc0 sc0 ls0 ws0\">Customer </td><td></td><td></td><td class=\"t m0 x75a h4d y260a ff73 fsf fc0 sc0 ls0 ws0\">and </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x68e h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">and supplier </td><td></td><td class=\"t m0 x4f0 h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">Databases </td><td class=\"t m0 x75b h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">intellectual </td><td class=\"t m0 x75c h4d y260b ff73 fsf fc0 sc0 ls0 ws0\">Software </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x689 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">Goodwill </td><td class=\"t m0 x75d h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">relationships </td><td class=\"t m0 x434 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">Brands </td><td class=\"t m0 x75e h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">and content </td><td class=\"t m0 x2f0 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">property </td><td class=\"t m0 x687 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">and other </td><td class=\"t m0 x2f2 h4d y260c ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x2fa h4d y260d ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x75f h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fc h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y260d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y260e ff73 fsf fc0 sc0 ls0 ws0\">Cost<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y260f w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x760 y260f w3fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17,509<span class=\"_ _30b\"> </span></div></td><td class=\"c n x761 y260f w3fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8,721<span class=\"_ _30b\"> </span></div></td><td class=\"c n x762 y260f w3fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,956<span class=\"_ _30b\"> </span></div></td><td class=\"c n x763 y260f w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,434<span class=\"_ _30b\"> </span></div></td><td class=\"c n x764 y260f w3fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">702<span class=\"_ _30b\"> </span></div></td><td class=\"c n x765 y260f w169 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,232<span class=\"_ _30b\"> </span></div></td><td class=\"c n x766 y260f w3fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">34,554<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2610 ff74 fsf fc0 sc0 ls0 ws0\">Intangible assets acquired on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2611 w3a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x767 y2611 w3e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">569<span class=\"_ _30b\"> </span></div></td><td class=\"c n x768 y2611 w3ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">188<span class=\"_ _30b\"> </span></div></td><td class=\"c n x769 y2611 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76a y2611 w3ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76b y2611 w400 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">149<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76c y2611 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76d y2611 w82 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">909<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2612 w401 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x76e y2612 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x76f y2612 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x770 y2612 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x771 y2612 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x772 y2612 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y2612 w239 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">868<span class=\"_ _30b\"> </span></div></td><td class=\"c n x773 y2612 w191 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">868<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2613 w2f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x774 y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x775 y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x776 y2613 w1b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(51)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x777 y2613 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x778 y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x779 y2613 w402 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(174)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77a y2613 w403 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(225)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2614 w404 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x77b y2614 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77c y2614 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77d y2614 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77e y2614 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77f y2614 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x780 y2614 w405 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x781 y2614 w406 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2615 w1f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x782 y2615 w407 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,781<span class=\"_ _30b\"> </span></div></td><td class=\"c n x783 y2615 w408 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,016<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1bf y2615 w409 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">208<span class=\"_ _30b\"> </span></div></td><td class=\"c n x784 y2615 w262 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">297<span class=\"_ _30b\"> </span></div></td><td class=\"c n x785 y2615 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td><td class=\"c n x786 y2615 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">273<span class=\"_ _30b\"> </span></div></td><td class=\"c n x787 y2615 we0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,627<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2616 w181 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x788 y2616 w40a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19,859<span class=\"_ _30b\"> </span></div></td><td class=\"c n x789 y2616 w1fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9,925<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78a y2616 w40b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,113<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78b y2616 w40c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,734<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78c y2616 we8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">903<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78d y2616 w251 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4,129<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78e y2616 w40d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">39,663<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2617 ff74 fsf fc0 sc0 ls0 ws0\">Intangible assets acquired on acquisition  </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2403 w3a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x78f y2403 w87 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x790 y2403 w2df hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">370<span class=\"_ _30b\"> </span></div></td><td class=\"c n x791 y2403 wc9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">281<span class=\"_ _30b\"> </span></div></td><td class=\"c n x792 y2403 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x793 y2403 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x794 y2403 w40e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n x795 y2403 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x796 y2403 w24d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">698<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2618 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2424 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2424 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x799 y2424 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79a y2424 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79b y2424 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79c y2424 w24d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">962<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79d y2424 w40f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">962<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2619 ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2425 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2425 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79e y2425 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79f y2425 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a0 y2425 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a1 y2425 w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(82)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a2 y2425 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(83)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2406 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7a3 y2406 w411 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(953)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a4 y2406 w1d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(538)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a5 y2406 w412 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(114)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a6 y2406 w413 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(154)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a7 y2406 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(93)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a8 y2406 w414 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(149)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a9 y2406 w415 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,001)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2427 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7aa y2427 w416 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">19,276<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ab y2427 w417 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,668<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ac y2427 w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,998<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ad y2427 w302 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,580<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ae y2427 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">857<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7af y2427 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4,860<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b0 y2427 w419 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">39,239<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261a ff73 fsf fc0 sc0 ls0 ws0\">Accumulated amortisation and impairment<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y240a w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7b1 y240a w41a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b2 y240a w3e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">956<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b3 y240a w41b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">398<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b4 y240a w41c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">224<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b5 y240a w2cb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">315<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b6 y240a w41d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">914<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b7 y240a w41e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,830<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2429 w41f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amortisation charge for the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7b8 y2429 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7b9 y2429 wff hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">590<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ba y2429 w420 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">150<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bb y2429 w421 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">232<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1e5 y2429 w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bc y2429 w7e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">587<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bd y2429 w31b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,600<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w422 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7be y242a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7bf y242a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c0 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c1 y242a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c2 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c3 y242a w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c4 y242a w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w2f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7c5 y240d w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x33f y240d w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c6 y240d w423 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c7 y240d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c8 y240d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c9 y240d w390 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(31)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ca y240d w283 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w404 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x77b y2548 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77c y2548 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77d y2548 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77e y2548 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x77f y2548 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x780 y2548 w405 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x781 y2548 w406 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(70)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7cb y240f wa1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7cc y240f w424 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">104<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7cd y240f w425 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">40<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ce y240f w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7cf y240f w351 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d0 y240f w9d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d1 y240f w176 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">261<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7d2 y242c w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d3 y242c w427 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,650<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d4 y242c w95 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">584<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d5 y242c w428 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">490<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d6 y242c w252 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">367<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d7 y242c w429 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,476<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d8 y242c w42a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4,597<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261b ff74 fsf fc0 sc0 ls0 ws0\">Amortisation charge for the year<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y261c w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7d9 y261c w42b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">607<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7da y261c w18e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">149<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7db y261c w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">229<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7dc y261c w2f2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7dd y261c w42c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">790<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7de y261c w42d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,847<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261d ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2412 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2412 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x799 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79a y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79b y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7df y2412 w42e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e0 y2412 w42e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261e ff74 fsf fc0 sc0 ls0 ws0\">Disposals and write-off<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x797 y2413 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x798 y2413 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79e y2413 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x79f y2413 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a0 y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a1 y2413 w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(82)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a2 y2413 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(83)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7e1 y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e2 y242f w42f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(91)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e3 y242f w190 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(39)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e4 y242f w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(32)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e5 y242f w430 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(66)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e6 y242f w431 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(51)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e7 y242f w432 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(279)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4e3 y250e wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e8 y250e w433 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7e9 y250e w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">693<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ea y250e w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">687<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7eb y250e w434 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">373<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ec y250e w2a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,143<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ed y250e w20 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6,092<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y261f ff73 fsf fc0 sc0 ls0 ws0\">Net book values<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7ee y2418 w435 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">19,246<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ef y2418 w436 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,502<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f0 y2418 w4a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,305<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f1 y2418 w437 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,893<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f2 y2418 w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">484<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f3 y2418 w438 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,717<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f4 y2418 wef hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">33,147<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x7f5 y2419 w40a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19,829<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f6 y2419 w269 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f7 y2419 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,529<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f8 y2419 w43a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,244<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7f9 y2419 w2cd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">536<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fa y2419 wd4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,653<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fb y2419 wf0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">35,066<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3d0\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3d1\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3d2\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3d3\">4<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3d4\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs3d5\">5<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3d6\">1 <span class=\"_ _32\"> </span>During the year<span class=\"_ _15\"></span>, consideration for additions comprised \u00a3962 million (2022: \u00a3787 million) in cash, and nil (2022: \u00a381 million) in accruals. During the year<span class=\"_ _1\"></span>, the Group capitalised sales commissions </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3d7\">paid to employees (contract costs) of \u00a353 million (2022: \u00a340 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3d8\">2 <span class=\"_ _33\"> </span>During the year the Group recognised disposals and write-offs of assets which are no longer in use of \u00a383 million with nil net book value (2022: \u00a370 million with nil net book value).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3d9\">3 <span class=\"_ _33\"> </span>Includes non-underlying amortisation of intangible assets of \u00a31,195 million (2022: \u00a31,044 million) and no amortisation related to discontinued operations (2022: \u00a38 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3da\">4 <span class=\"_ _33\"> </span>Following a review of software assets in the year the Group recognised a \u00a310 million non-underlying impairment charge (2022: \u00a311 million adjusted impairment charge) in relation to assets  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3db\">with a recoverable amount less than the carrying value.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3dc\">5 <span class=\"_ _33\"> </span>At 31 December 2023, software and other net book value includes:</div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3dd\"> <span class=\"_ _121\"> </span>\u2013 Assets not yet brought into use of \u00a3739 million (2022: \u00a3647 million). No amortisation has been charged on these assets and instead they are tested for impairment annually.</div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3de\"> <span class=\"_ _121\"> </span>\u2013 Contract costs of \u00a378 million (2022: \u00a375 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs3e0\">9.<span class=\"_ _2\"></span>1 Goodwill<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs3e1\">Carrying value of goodwill allocated to each of the Group\u2019<span class=\"_ _1\"></span>s CGUs<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3e2\">Goodwill is allocated to and monitored by management at the level of the Group\u2019<span class=\"_ _1\"></span>s four CGUs as set out below:<span class=\"_ _30b\"> </span></div><div class=\"gs3e3\"><table class=\"s web hfe\" id=\"_cf01f40b-ec0f-4046-8b45-a6d002f34d6c\"><tr><td></td><td class=\"t m0 x284 h4d y2620 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y2620 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x184 h4d y2621 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2621 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2622 ff74 fsf fc0 sc0 ls0 ws0\">Data &amp; Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x7fc y250e w43b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">13,767<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fd y250e w43c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14,414<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w43d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Capital Markets, e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>cluding T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fe y2416 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ff y2416 w19f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2623 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></td><td class=\"c n x800 y2431 w1c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,889<span class=\"_ _30b\"> </span></div></td><td class=\"c n x801 y2431 w15b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,152<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2624 ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade<span class=\"_ _30b\"> </span></td><td class=\"c n x802 y2418 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">588<span class=\"_ _30b\"> </span></div></td><td class=\"c n x803 y2418 w43e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">261<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n x804 y2419 w435 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19,246<span class=\"_ _30b\"> </span></div></td><td class=\"c n x805 y2419 w43f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19,829<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3e4\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3e5\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs3e6\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3e7\">1 <span class=\"_ _32\"> </span>The carrying value of goodwill allocated to the Data &amp; Analytics and T<span class=\"_ _15\"></span>radeweb CGUs reduced during the year mainly due to the impact of foreign exchange translation of \u00a3648 million and  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3e8\">\u00a3291 million, respectively<span class=\"_ _1\"></span>. The decrease in T<span class=\"_ _15\"></span>radeweb is partly offset by the Yieldbroker acquisition (see note 21.2). The carrying value of the goodwill allocated to the Post T<span class=\"_ _15\"></span>rade CGU increased </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs3e9\">during the year<span class=\"_ _15\"></span>, mainly due to the Acadia acquisition (see note 21.2).<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs3ea\">Annual goodwill impairment test<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3eb\">Goodwill as at 31 December 2023 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ec\">(being the net book value as at 31 December 2023) and therefore no impairment was identified or recognised.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ed\">The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based on, and most </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ee\">sensitive to, the following key assumptions:<span class=\"_ _30b\"> </span></div><div class=\"gs3ef\"><table class=\"s w440 hff\" id=\"_52560f71-6478-439b-974a-f0bcf9bbabf7\"><tr><td class=\"c n x17e y2625 w441 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Assumption<span class=\"_ _30b\"> </span></div></td><td class=\"c n x806 y2625 w442 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Determination of assumption<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2626 ff74 fsf fc0 sc0 ls0 ws0\">Short- and medium-term  </td><td class=\"t m0 x807 h4d y2626 ff74 fsf fc0 sc0 ls0 ws0\">The short-term revenue and cost growth assumptions are based on the business plans prepared by management for  </td></tr><tr><td class=\"t m0 x186 h4d y2627 ff74 fsf fc0 sc0 ls0 ws0\">revenue and cost growth<span class=\"_ _30b\"> </span></td><td class=\"t m0 x807 h4d y2627 ff74 fsf fc0 sc0 ls0 ws0\">the three-year period ending 31 December 2026 and extended by a further three years for trended medium-term growth. </td></tr><tr><td></td><td class=\"t m0 x807 h4d y2628 ff74 fsf fc0 sc0 ls0 ws0\">Business plans are based on an assessment of current trends, anticipated market and regulatory developments, </td></tr><tr><td></td><td class=\"t m0 x807 h4d y2629 ff74 fsf fc0 sc0 ls0 ws0\">discussions with customers and suppliers, and management\u2019s e<span class=\"_ _1\"></span>xperience<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y262a ff74 fsf fc0 sc0 ls0 ws0\">Long-term economic  </td><td class=\"t m0 x807 h4d y262a ff74 fsf fc0 sc0 ls0 ws0\">Cash flows beyond an initial six-year period are extrapolated using estimated long-term growth rates, which are based on </td></tr><tr><td class=\"c x17e y2590 w443 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">growth rates (used to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">determine terminal values)<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x807 h4d y262b ff74 fsf fc0 sc0 ls0 ws0\">external estimates of GDP and inflation </td></tr><tr><td class=\"c n x17e y262c w444 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pre-tax discount rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x808 y262c w445 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted average cost of capital is determined using market risk free rates based on the yields of government<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x807 h4d y262d ff74 fsf fc0 sc0 ls0 ws0\">bonds most relevant to the operations of the CGU, adjusted for country and operational risk and the cost of borrowing  </td></tr><tr><td></td><td class=\"t m0 x807 h4d y262e ff74 fsf fc0 sc0 ls0 ws0\">for the Group<span class=\"_ _30b\"> </span></td></tr></table></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs3f0\">V<span class=\"_ _15\"></span>alue-in-use assumptions<span class=\"_ _30b\"> </span></div><div class=\"gs3f1\"><table class=\"s w446 h100\" id=\"_4b473ee1-cb77-4bd9-99a2-0384ed8e2981\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x809 h4d y262f ff73 fsf fc0 sc0 ls0 ws0\">Capital Markets, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x688 h4d y2630 ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x80a y2501 w447 hd5\" colspan=\"2\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xcluding T<span class=\"_ _2\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x80b y2501 w448 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _1\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x80c y2501 w449 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x80d h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x80e h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x2e7 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x80f h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x474 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x810 h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x284 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x746 h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">Assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fa h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x811 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x180 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x694 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x812 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x813 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x814 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2418 w44a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Long-term growth rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x815 y2418 w44b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x816 y2418 w44c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x817 y2418 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3.6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x818 y2418 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x819 y2418 w44d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81a y2418 w44e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81b y2418 w44f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81c y2418 w450 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w444 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pre-tax discount rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81d y2419 w451 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81e y2419 w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81f y2419 w452 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x820 y2419 wbc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x821 y2419 w453 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x822 y2419 w454 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10.7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x823 y2419 w452 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x824 y2419 w455 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14.3<span class=\"_ _30b\"> </span></div></td></tr></table></div>Sensitivity analysis<span class=\"_ _30b\"> </span>The estimated value-in-use of each CGU ex<span class=\"_ _15\"></span>ceeds its carrying value. The table below shows the relative changes in the main assumptions; cash flows, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use reducing to the carrying amount. Changes beyond those amounts would have therefore led to an impairment loss being recognised for the year ended 31 December 2023. The sensitivity analysis presented is prepared on the basis that any change in each key assumption would not have a consequential impact on other assumptions used. W<span class=\"_ _1\"></span>e do not expect that a reasonably possible or foreseeable change in the assumptions in isolation would lead to an impairment loss  being recognised.<span class=\"_ _30b\"> </span><table class=\"s w456 h101\" id=\"_4cbed382-3fe3-4ae9-b5a5-93d8bf5d6cd4\"><tr><td></td><td></td><td></td><td class=\"t m0 x825 h4d y2633 ff73 fsf fc0 sc0 ls0 ws0\">Change required for value-in-use  </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x826 h4d y2634 ff73 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">to equal carrying amount<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x827 h4d y2635 ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2f0 h4d y2636 ff73 fsf fc0 sc0 ls0 ws0\">Markets, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x474 h4d y2637 ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x758 h4d y2637 ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xcluding </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2638 ff73 fsf fc0 sc0 ls0 ws0\">Assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x828 h4d y2639 ff73 fsf fc0 sc0 ls0 ws0\">Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x829 y250f w457 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82a y250f w449 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82b y250f w448 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _1\"></span>radeweb<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w458 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Reduction in terminal cash flow (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82c y2431 w132 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(40.7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82d y2431 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82e y2431 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82f y2431 w459 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(28.9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w45a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Reduction in long-term growth rates (percentage points)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x830 y2510 w45b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3.6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x831 y2510 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x832 y2510 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x749 y2510 w45c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(2.0)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w45d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Increase in pre-tax discount rates (percentage points)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x833 y2419 w45e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3.7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x834 y2419 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x835 y2419 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x836 y2419 w45f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2.2<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>N/A indicates that the change required is outside of a feasible expected change.<span class=\"_ _30b\"> </span>9.2 Purchased intangible assets<span class=\"_ _30b\"> </span>Purchased intangible assets are recognised on acquisition of a business.<span class=\"_ _30b\"> </span>The material purchased intangible assets are set out below:<span class=\"_ _30b\"> </span><table class=\"s w460 he2\" id=\"_09e71caa-e776-40d2-b87c-f284564d0ed8\"><tr><td></td><td></td><td class=\"t m0 x476 h4d y263a ff73 fsf fc0 sc0 ls0 ws0\">Carrying value of </td><td class=\"t m0 x837 h4d y263a ff73 fsf fc0 sc0 ls0 ws0\">Remaining  </td></tr><tr><td></td><td></td><td class=\"t m0 x2ea h4d y263b ff73 fsf fc0 sc0 ls0 ws0\">material purchased </td><td class=\"t m0 x838 h4d y263b ff73 fsf fc0 sc0 ls0 ws0\">amortisation </td></tr><tr><td></td><td></td><td class=\"t m0 x476 h4d y263c ff73 fsf fc0 sc0 ls0 ws0\">intangible assets<span class=\"_ _30b\"> </span></td><td class=\"t m0 x839 h4d y263c ff73 fsf fc0 sc0 ls0 ws0\">period<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x2f7 h4d y263d ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x83a h4d y263d ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td></td></tr><tr><td></td><td class=\"t m0 x83b h4d y263e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"c n x83c y2548 w461 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></div></td><td class=\"c n x83d y2548 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y263f ff73 fsf fc0 sc0 ls0 ws0\">Customer and supplier relationships<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242c w462 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv<span class=\"_ _30b\"> </span></div></td><td class=\"c n x83e y242c w463 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5,635<span class=\"_ _30b\"> </span></div></td><td class=\"c n x83f y242c w464 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,428<span class=\"_ _30b\"> </span></div></td><td class=\"c n x840 y242c w465 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w466 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x841 y254a w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">889<span class=\"_ _30b\"> </span></div></td><td class=\"c n x842 y254a w19c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">954<span class=\"_ _30b\"> </span></div></td><td class=\"c n x843 y254a w467 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10-17 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w468 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Frank Russell<span class=\"_ _30b\"> </span></div></td><td class=\"c n x844 y2412 w2a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">305<span class=\"_ _30b\"> </span></div></td><td class=\"c n x845 y2412 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">346<span class=\"_ _30b\"> </span></div></td><td class=\"c n x846 y2412 w469 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11-16 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w46a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Acadia<span class=\"_ _30b\"> </span></div></td><td class=\"c n x847 y242e w27f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">233<span class=\"_ _30b\"> </span></div></td><td class=\"c n x848 y242e w342 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x849 y242e w46b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2640 ff73 fsf fc0 sc0 ls0 ws0\">Brands<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w462 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84a y250e w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">532<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84b y250e w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">660<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84c y250e w46d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2-12 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w466 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84d y250f w3a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">169<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84e y250f w41d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">194<span class=\"_ _30b\"> </span></div></td><td class=\"c n x84f y250f w46e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w468 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Frank Russell<span class=\"_ _30b\"> </span></div></td><td class=\"c n x850 y2431 w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">442<span class=\"_ _30b\"> </span></div></td><td class=\"c n x851 y2431 w46f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">498<span class=\"_ _30b\"> </span></div></td><td class=\"c n x852 y2431 w470 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">16 years<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2641 ff73 fsf fc0 sc0 ls0 ws0\">Databases and content<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w462 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Refinitiv<span class=\"_ _30b\"> </span></div></td><td class=\"c n x853 y2419 w471 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,878<span class=\"_ _30b\"> </span></div></td><td class=\"c n x854 y2419 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,219<span class=\"_ _30b\"> </span></div></td><td class=\"c n x855 y2419 w472 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8-9 years<span class=\"_ _30b\"> </span></div></td></tr></table>There are no other individual purchased intangible assets that are considered material to each class of intangible assets.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-633": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Goodwill Goodwill arising on the acquisition of a business is initially measured at cost, being the amount by which the aggregate  of the consideration transferred and the amount recognised  for any non-controlling interests (plus any previous interest  held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired and  liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, on the date of acquisition, goodwill acquired in a business combination is allocated to one or more of the Group\u2019<span class=\"_ _1\"></span>s  cash-generating units (CGUs) that are expected to benefit  from the combination.<span class=\"_ _30b\"> </span>Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of<span class=\"_ _1\"></span>, the goodwill associated with the disposed operation is included in the carrying amount when determining its gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _30b\"> </span>Purchased intangible assets<span class=\"_ _30b\"> </span>Purchased intangible assets are initially recognised at cost.  The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period ex<span class=\"_ _15\"></span>cess earnings method (MEEM) or relief from royalty<span class=\"_ _15\"></span>. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.<span class=\"_ _30b\"> </span>These assets are amortised as follows:<span class=\"_ _30b\"> </span>Assets<span class=\"_ _127\"> </span>Amortisation method<span class=\"_ _30b\"> </span>Amortisation period or useful economic life<span class=\"_ _30b\"> </span>Customer  and supplier relationships<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24e\"> </span>5 to 25 years<span class=\"_ _30b\"> </span>Brands<span class=\"_ _127\"> </span>S<span class=\"_ _1\"></span>traight-line basis<span class=\"_ _23d\"> </span>4 to 25 years<span class=\"_ _30b\"> </span>Databases  and content<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24f\"> </span>5 to 12 years<span class=\"_ _30b\"> </span>Software<span class=\"_ _1c5\"> </span>Straight-line basis or  reducing balance basis<span class=\"_ _30b\"> </span>10 to 15 years<span class=\"_ _30b\"> </span>Licences and intellectual property<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _250\"> </span>3 to 25 years<span class=\"_ _30b\"> </span>The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the e<span class=\"_ _1\"></span>xpected pattern of consumption of future economic benefits embodied by an  asset, then the useful economic life or amortisation method is changed accordingly<span class=\"_ _15\"></span>. The Group considers the following indicators, as a minimum,  that may show that the useful economic life or amortisation method of an asset may require a change: <span class=\"_ _35\"></span>\u2014 whether there have been any changes to legal, regulatory or contractual provisions; <span class=\"_ _35\"></span>\u2014 whether there has been any e<span class=\"_ _15\"></span>xperience in renewing or extending related licensing agreements; <span class=\"_ _35\"></span>\u2014 whether the effects of obsolescence<span class=\"_ _1\"></span>, demand, competition or maintenance may impact the life of the asset; <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected future performance of the business related to  the asset; and <span class=\"_ _35\"></span>\u2014 for customer and supplier relationship assets, the attrition  rate of customers versus initial expected attrition rates set  out at acquisition. Software and other<span class=\"_ _30b\"> </span>Internally developed software<span class=\"_ _30b\"> </span>Expenditure on internal product development, including expenditure related to cloud computing arrangements,  is capitalised if: <span class=\"_ _35\"></span>\u2014 the costs can be reliably measured;  <span class=\"_ _35\"></span>\u2014 the product or process is technically and commercially feasible;  <span class=\"_ _35\"></span>\u2014 future economic benefits are probable; and  <span class=\"_ _35\"></span>\u2014 the Group has sufficient resources to complete the development and to use or sell the asset.<span class=\"_ _30b\"> </span>The assets are initially recorded at cost, which includes labour<span class=\"_ _15\"></span>, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not ex<span class=\"_ _15\"></span>ceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years.<span class=\"_ _30b\"> </span>Contract costs<span class=\"_ _30b\"> </span>Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year<span class=\"_ _15\"></span>. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between  3 and 5 years.<span class=\"_ _30b\"> </span>The Group recognises the incremental cost of obtaining  a contract as an expense when incurred, if the amortisation period is less than one year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Impairment of intangible assets, including goodwill<span class=\"_ _30b\"> </span>Goodwill is tested for impairment annually<span class=\"_ _15\"></span>. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.<span class=\"_ _30b\"> </span>Intangible assets are assessed for any indicators of impairment  at each balance sheet date. If any indication e<span class=\"_ _1\"></span>xists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the  CGU to which the asset belongs.<span class=\"_ _30b\"> </span>An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-614": {
   "value": "<div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs355\">Goodwill </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs356\">Goodwill arising on the acquisition of a business is initially </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs357\">measured at cost, being the amount by which the aggregate  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs358\">of the consideration transferred and the amount recognised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs359\">for any non-controlling interests (plus any previous interest  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs35a\">held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs35b\">liabilities assumed. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs35c\">After initial recognition, goodwill is measured at cost less any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs35d\">accumulated impairment losses. For the purpose of impairment </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs35e\">testing, on the date of acquisition, goodwill acquired in a business </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs35f\">combination is allocated to one or more of the Group\u2019<span class=\"_ _1\"></span>s  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs360\">cash-generating units (CGUs) that are expected to benefit  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs361\">from the combination.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs362\">Where goodwill has been allocated to a CGU and part of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs363\">operation within that unit is disposed of<span class=\"_ _1\"></span>, the goodwill associated </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs364\">with the disposed operation is included in the carrying amount </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs365\">when determining its gain or loss on disposal. Goodwill disposed </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs366\">in these circumstances is measured based on the relative values </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs367\">of the disposed operation and the portion of the CGU retained.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-615": {
   "value": "Purchased intangible assets<span class=\"_ _30b\"> </span>Purchased intangible assets are initially recognised at cost.  The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. This is determined using valuation methodologies such as the multi-period ex<span class=\"_ _15\"></span>cess earnings method (MEEM) or relief from royalty<span class=\"_ _15\"></span>. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.<span class=\"_ _30b\"> </span>These assets are amortised as follows:<span class=\"_ _30b\"> </span>Assets<span class=\"_ _127\"> </span>Amortisation method<span class=\"_ _30b\"> </span>Amortisation period or useful economic life<span class=\"_ _30b\"> </span>Customer  and supplier relationships<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24e\"> </span>5 to 25 years<span class=\"_ _30b\"> </span>Brands<span class=\"_ _127\"> </span>S<span class=\"_ _1\"></span>traight-line basis<span class=\"_ _23d\"> </span>4 to 25 years<span class=\"_ _30b\"> </span>Databases  and content<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _24f\"> </span>5 to 12 years<span class=\"_ _30b\"> </span>Software<span class=\"_ _1c5\"> </span>Straight-line basis or  reducing balance basis<span class=\"_ _30b\"> </span>10 to 15 years<span class=\"_ _30b\"> </span>Licences and intellectual property<span class=\"_ _30b\"> </span>Straight-line basis<span class=\"_ _250\"> </span>3 to 25 years<span class=\"_ _30b\"> </span>The useful economic life and amortisation method are reviewed at each balance sheet date. If there has been a change in the expected useful economic life or the e<span class=\"_ _1\"></span>xpected pattern of consumption of future economic benefits embodied by an  asset, then the useful economic life or amortisation method is changed accordingly<span class=\"_ _15\"></span>. The Group considers the following indicators, as a minimum,  that may show that the useful economic life or amortisation method of an asset may require a change: <span class=\"_ _35\"></span>\u2014 whether there have been any changes to legal, regulatory or contractual provisions; <span class=\"_ _35\"></span>\u2014 whether there has been any e<span class=\"_ _15\"></span>xperience in renewing or extending related licensing agreements; <span class=\"_ _35\"></span>\u2014 whether the effects of obsolescence<span class=\"_ _1\"></span>, demand, competition or maintenance may impact the life of the asset; <span class=\"_ _35\"></span>\u2014 the e<span class=\"_ _15\"></span>xpected future performance of the business related to  the asset; and <span class=\"_ _35\"></span>\u2014 for customer and supplier relationship assets, the attrition  rate of customers versus initial expected attrition rates set  out at acquisition. Software and other<span class=\"_ _30b\"> </span>Internally developed software<span class=\"_ _30b\"> </span>Expenditure on internal product development, including expenditure related to cloud computing arrangements,  is capitalised if: <span class=\"_ _35\"></span>\u2014 the costs can be reliably measured;  <span class=\"_ _35\"></span>\u2014 the product or process is technically and commercially feasible;  <span class=\"_ _35\"></span>\u2014 future economic benefits are probable; and  <span class=\"_ _35\"></span>\u2014 the Group has sufficient resources to complete the development and to use or sell the asset.<span class=\"_ _30b\"> </span>The assets are initially recorded at cost, which includes labour<span class=\"_ _15\"></span>, directly attributable costs and any third-party expenses. They are then amortised over their useful economic lives of 3 to 12 years. The majority of material assets are amortised over a life not ex<span class=\"_ _15\"></span>ceeding 5 years. Third-party software costs for the development and implementation of systems which enhance the services provided by the Group are capitalised and amortised over their estimated useful economic lives of 3 to 5 years.<span class=\"_ _30b\"> </span>Contract costs<span class=\"_ _30b\"> </span>Incremental costs of obtaining a customer contract, such as sales commissions paid to employees, are recognised as an intangible asset if the benefit of such costs is expected to be longer than one year<span class=\"_ _15\"></span>. The asset is initially recognised at cost and is amortised over the period that a customer benefits from the associated software technology supporting the underlying product or service. The Group has determined this to be between  3 and 5 years.<span class=\"_ _30b\"> </span>The Group recognises the incremental cost of obtaining  a contract as an expense when incurred, if the amortisation period is less than one year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Impairment of intangible assets, including goodwill<span class=\"_ _30b\"> </span>Goodwill is tested for impairment annually<span class=\"_ _15\"></span>. Any goodwill impairment is determined by assessing the recoverable amount of each CGU. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.<span class=\"_ _30b\"> </span>Intangible assets are assessed for any indicators of impairment  at each balance sheet date. If any indication e<span class=\"_ _1\"></span>xists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the  CGU to which the asset belongs.<span class=\"_ _30b\"> </span>An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-643": {
   "value": "<div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs39d\">Impairment of intangible assets, including goodwill<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs39e\">Goodwill is tested for impairment annually<span class=\"_ _15\"></span>. Any goodwill </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs39f\">impairment is determined by assessing the recoverable amount </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a0\">of each CGU. When the recoverable amount of the CGU is less </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a1\">than its carrying amount, an impairment loss is recognised. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a2\">Impairment losses relating to goodwill cannot be reversed in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a3\">future periods.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a4\">Intangible assets are assessed for any indicators of impairment  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a5\">at each balance sheet date. If any indication e<span class=\"_ _1\"></span>xists, or when </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a6\">annual impairment testing for an asset is required, the Group </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a7\">estimates the asset\u2019s recoverable amount. Where it is not </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a8\">possible to estimate the recoverable amount of an individual </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3a9\">asset, the Group estimates the recoverable amount of the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3aa\">CGU to which the asset belongs.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ab\">An impairment loss is recognised when the recoverable amount </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ac\">of the asset, or CGU, is less than its carrying amount. Impairment </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ad\">losses are recognised in the income statement within </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3ae\">depreciation, amortisation and impairment. CGU impairment </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3af\">losses are allocated first to reduce the carrying amount of any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b0\">goodwill allocated to the CGU, and then to reduce the carrying </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3b1\">amounts of the other assets in the CGU on a pro-rata basis.<span class=\"_ _30b\"> </span></div>At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists,  the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal,  and its value-in-use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates  the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then  to reduce the carrying amounts of the other assets in the CGU on  a pro-rata basis<span class=\"_ _30b\"> </span>.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-697": {
   "value": "9.<span class=\"_ _2\"></span>1 Goodwill<span class=\"_ _30b\"> </span>Carrying value of goodwill allocated to each of the Group\u2019<span class=\"_ _1\"></span>s CGUs<span class=\"_ _30b\"> </span>Goodwill is allocated to and monitored by management at the level of the Group\u2019<span class=\"_ _1\"></span>s four CGUs as set out below:<span class=\"_ _30b\"> </span><table class=\"s web hfe\" id=\"_cf01f40b-ec0f-4046-8b45-a6d002f34d6c\"><tr><td></td><td class=\"t m0 x284 h4d y2620 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y2620 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x184 h4d y2621 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2621 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2622 ff74 fsf fc0 sc0 ls0 ws0\">Data &amp; Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x7fc y250e w43b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">13,767<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fd y250e w43c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14,414<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w43d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Capital Markets, e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>cluding T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7fe y2416 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ff y2416 w19f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2623 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></td><td class=\"c n x800 y2431 w1c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,889<span class=\"_ _30b\"> </span></div></td><td class=\"c n x801 y2431 w15b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,152<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2624 ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade<span class=\"_ _30b\"> </span></td><td class=\"c n x802 y2418 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">588<span class=\"_ _30b\"> </span></div></td><td class=\"c n x803 y2418 w43e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">261<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n x804 y2419 w435 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19,246<span class=\"_ _30b\"> </span></div></td><td class=\"c n x805 y2419 w43f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19,829<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The carrying value of goodwill allocated to the Data &amp; Analytics and T<span class=\"_ _15\"></span>radeweb CGUs reduced during the year mainly due to the impact of foreign exchange translation of \u00a3648 million and  \u00a3291 million, respectively<span class=\"_ _1\"></span>. The decrease in T<span class=\"_ _15\"></span>radeweb is partly offset by the Yieldbroker acquisition (see note 21.2). The carrying value of the goodwill allocated to the Post T<span class=\"_ _15\"></span>rade CGU increased during the year<span class=\"_ _15\"></span>, mainly due to the Acadia acquisition (see note 21.2).<span class=\"_ _30b\"> </span>Annual goodwill impairment test<span class=\"_ _30b\"> </span>Goodwill as at 31 December 2023 was tested for impairment. For each CGU, the estimated recoverable amount is higher than its carrying value (being the net book value as at 31 December 2023) and therefore no impairment was identified or recognised.<span class=\"_ _30b\"> </span>The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based on, and most sensitive to, the following key assumptions:<span class=\"_ _30b\"> </span><table class=\"s w440 hff\" id=\"_52560f71-6478-439b-974a-f0bcf9bbabf7\"><tr><td class=\"c n x17e y2625 w441 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Assumption<span class=\"_ _30b\"> </span></div></td><td class=\"c n x806 y2625 w442 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Determination of assumption<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2626 ff74 fsf fc0 sc0 ls0 ws0\">Short- and medium-term  </td><td class=\"t m0 x807 h4d y2626 ff74 fsf fc0 sc0 ls0 ws0\">The short-term revenue and cost growth assumptions are based on the business plans prepared by management for  </td></tr><tr><td class=\"t m0 x186 h4d y2627 ff74 fsf fc0 sc0 ls0 ws0\">revenue and cost growth<span class=\"_ _30b\"> </span></td><td class=\"t m0 x807 h4d y2627 ff74 fsf fc0 sc0 ls0 ws0\">the three-year period ending 31 December 2026 and extended by a further three years for trended medium-term growth. </td></tr><tr><td></td><td class=\"t m0 x807 h4d y2628 ff74 fsf fc0 sc0 ls0 ws0\">Business plans are based on an assessment of current trends, anticipated market and regulatory developments, </td></tr><tr><td></td><td class=\"t m0 x807 h4d y2629 ff74 fsf fc0 sc0 ls0 ws0\">discussions with customers and suppliers, and management\u2019s e<span class=\"_ _1\"></span>xperience<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y262a ff74 fsf fc0 sc0 ls0 ws0\">Long-term economic  </td><td class=\"t m0 x807 h4d y262a ff74 fsf fc0 sc0 ls0 ws0\">Cash flows beyond an initial six-year period are extrapolated using estimated long-term growth rates, which are based on </td></tr><tr><td class=\"c x17e y2590 w443 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">growth rates (used to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">determine terminal values)<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x807 h4d y262b ff74 fsf fc0 sc0 ls0 ws0\">external estimates of GDP and inflation </td></tr><tr><td class=\"c n x17e y262c w444 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pre-tax discount rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x808 y262c w445 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted average cost of capital is determined using market risk free rates based on the yields of government<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x807 h4d y262d ff74 fsf fc0 sc0 ls0 ws0\">bonds most relevant to the operations of the CGU, adjusted for country and operational risk and the cost of borrowing  </td></tr><tr><td></td><td class=\"t m0 x807 h4d y262e ff74 fsf fc0 sc0 ls0 ws0\">for the Group<span class=\"_ _30b\"> </span></td></tr></table>V<span class=\"_ _15\"></span>alue-in-use assumptions<span class=\"_ _30b\"> </span><table class=\"s w446 h100\" id=\"_4b473ee1-cb77-4bd9-99a2-0384ed8e2981\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x809 h4d y262f ff73 fsf fc0 sc0 ls0 ws0\">Capital Markets, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x688 h4d y2630 ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x80a y2501 w447 hd5\" colspan=\"2\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xcluding T<span class=\"_ _2\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x80b y2501 w448 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _1\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x80c y2501 w449 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x80d h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x80e h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x2e7 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x80f h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x474 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x810 h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x284 h4d y2631 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x746 h4d y2631 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">Assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fa h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x811 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x180 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x694 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x812 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td><td class=\"t m0 x813 h4d y2632 ff73 fsf fc0 sc0 ls0 ws0\">%</td><td class=\"t m0 x814 h4d y2632 ff74 fsf fc0 sc0 ls0 ws0\"> %<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2418 w44a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Long-term growth rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x815 y2418 w44b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x816 y2418 w44c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x817 y2418 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3.6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x818 y2418 w3a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x819 y2418 w44d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81a y2418 w44e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81b y2418 w44f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81c y2418 w450 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w444 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Pre-tax discount rates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81d y2419 w451 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81e y2419 w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81f y2419 w452 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x820 y2419 wbc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x821 y2419 w453 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x822 y2419 w454 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10.7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x823 y2419 w452 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x824 y2419 w455 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14.3<span class=\"_ _30b\"> </span></div></td></tr></table><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs3f3\">Sensitivity analysis<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3f4\">The estimated value-in-use of each CGU ex<span class=\"_ _15\"></span>ceeds its carrying value. The table below shows the relative changes in the main assumptions; cash </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3f5\">flows, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use reducing to the carrying amount. Changes </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3f6\">beyond those amounts would have therefore led to an impairment loss being recognised for the year ended 31 December 2023. The sensitivity </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3f7\">analysis presented is prepared on the basis that any change in each key assumption would not have a consequential impact on other assumptions </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3f8\">used. W<span class=\"_ _1\"></span>e do not expect that a reasonably possible or foreseeable change in the assumptions in isolation would lead to an impairment loss  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs3f9\">being recognised.<span class=\"_ _30b\"> </span></div><div class=\"gs3fa\"><table class=\"s w456 h101\" id=\"_4cbed382-3fe3-4ae9-b5a5-93d8bf5d6cd4\"><tr><td></td><td></td><td></td><td class=\"t m0 x825 h4d y2633 ff73 fsf fc0 sc0 ls0 ws0\">Change required for value-in-use  </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x826 h4d y2634 ff73 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">to equal carrying amount<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x827 h4d y2635 ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2f0 h4d y2636 ff73 fsf fc0 sc0 ls0 ws0\">Markets, </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x474 h4d y2637 ff73 fsf fc0 sc0 ls0 ws0\">Data &amp; </td><td class=\"t m0 x758 h4d y2637 ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xcluding </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2638 ff73 fsf fc0 sc0 ls0 ws0\">Assumptions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x828 h4d y2639 ff73 fsf fc0 sc0 ls0 ws0\">Analytics<span class=\"_ _30b\"> </span></td><td class=\"c n x829 y250f w457 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82a y250f w449 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _15\"></span>rade<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82b y250f w448 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _1\"></span>radeweb<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w458 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Reduction in terminal cash flow (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82c y2431 w132 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(40.7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82d y2431 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82e y2431 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x82f y2431 w459 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(28.9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w45a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Reduction in long-term growth rates (percentage points)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x830 y2510 w45b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3.6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x831 y2510 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x832 y2510 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x749 y2510 w45c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(2.0)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w45d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Increase in pre-tax discount rates (percentage points)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x833 y2419 w45e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3.7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x834 y2419 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x835 y2419 w421 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">N/A<span class=\"_ _30b\"> </span></div></td><td class=\"c n x836 y2419 w45f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2.2<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs3fb\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs3fc\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs3fd\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs3fe\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs3ff\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs400\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs401\">1 <span class=\"_ _32\"> </span>N/A indicates that the change required is outside of a feasible expected change.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-657": {
   "value": "10<span class=\"_ _15\"></span>. Property<span class=\"_ _15\"></span>, plant and equipment<span class=\"_ _30b\"> </span>Our tangible assets are property (owned and leased), equipment, and furniture and fittings. These assets are depreciated over their useful economic lives.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Property<span class=\"_ _15\"></span>, plant and equipment<span class=\"_ _30b\"> </span>Property<span class=\"_ _15\"></span>, plant and equipment assets are recorded at cost less accumulated depreciation and accumulated impairment losses.<span class=\"_ _30b\"> </span>Land is not depreciated. Freehold buildings, plant and equipment  are depreciated to a residual value on a straight-line basis over their estimated useful economic lives as follows: <span class=\"_ _35\"></span>\u2014 Freehold buildings \u2013 30 to 50 years <span class=\"_ _35\"></span>\u2014 Plant and equipment \u2013 3 to 20 years<span class=\"_ _30b\"> </span>Leasehold improvements are recorded at cost and depreciated  to a residual value over the shorter of the period of the lease and  the useful economic life of the asset.<span class=\"_ _30b\"> </span>At each reporting date, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists,  the Group estimates the asset\u2019s recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal,  and its value-in-use. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates  the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognised when the recoverable amount of the asset, or CGU, is less than its carrying amount. Impairment losses are recognised in the income statement within depreciation, amortisation and impairment. CGU impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then  to reduce the carrying amounts of the other assets in the CGU on  a pro-rata basis<span class=\"_ _30b\"> </span>.<span class=\"_ _30b\"> </span>Right-of-use assets (leases)<span class=\"_ _30b\"> </span>The Group recognises a right-of-use asset where it has control of an asset for a period of more than 12 months. Assets are recorded initially at cost and depreciated on a straight-line basis over the shorter of the lease term and the estimated useful economic life. Cost is defined as the net present value of the initial lease liability plus any initial costs and dilapidation provisions less any lease incentives received.<span class=\"_ _30b\"> </span>The lease term is the non-cancellable term plus any periods for which the Group is reasonably certain to ex<span class=\"_ _15\"></span>ercise any extension options.<span class=\"_ _30b\"> </span>Where a property is no longer used by the business or there is  surplus space, an impairment in the value of the right-of-use asset  is recognised and the asset is recognised at its estimated  recoverable value.<span class=\"_ _30b\"> </span>Where a lease is terminated early<span class=\"_ _15\"></span>, this is recognised as a disposal and any difference in value between the asset (being the carrying value of the right-of-use asset) and the liability (being the net present value of future lease obligation) is recognised as a profit or loss on disposal. Any penalty fees payable for early termination are recognised  directly in the income statement as an operating expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span><div class=\"gs165\"><table class=\"s w473 h102\" id=\"_c9393e12-a085-4d23-a55b-6ee6fac48c22\"><tr><td></td><td></td><td class=\"c n x856 y2642 w474 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Land &amp; Buildings<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x857 y2642 w475 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Plant and equipment<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x858 h4d y2643 ff73 fsf fc0 sc0 ls0 ws0\">Leasehold </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x809 h4d y2644 ff73 fsf fc0 sc0 ls0 ws0\">Freehold </td><td class=\"t m0 x4ef h4d y2644 ff73 fsf fc0 sc0 ls1c ws20\">Right-of-use </td><td class=\"t m0 x859 h4d y2644 ff73 fsf fc0 sc0 ls0 ws0\">improve-<span class=\"_ _30b\"> </span></td><td class=\"t m0 x826 h4d y2644 ff73 fsf fc0 sc0 ls1c ws20\" colspan=\"2\">Right-of-use </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x759 h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">property </td><td class=\"t m0 x85a h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">assets<span class=\"_ _30b\"> </span></td><td class=\"t m0 x85b h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">ments </td><td class=\"t m0 x85c h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">assets <span class=\"_ _2\"></span> </td><td class=\"t m0 x83a h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">Owned </td><td class=\"t m0 x2f2 h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x811 h4d y2646 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x180 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x181 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x182 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2647 ff73 fsf fc0 sc0 ls0 ws0\">Cost<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2648 w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x85d y2648 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">55<span class=\"_ _30b\"> </span></div></td><td class=\"c n x85e y2648 wff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">605<span class=\"_ _30b\"> </span></div></td><td class=\"c n x85f y2648 w476 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td><td class=\"c n x860 y2648 w477 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n x861 y2648 w478 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">502<span class=\"_ _30b\"> </span></div></td><td class=\"c n x862 y2648 w2c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,325<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2649 w479 hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">Property<span class=\"_ _15\"></span>, plant and equipment acquired on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">acquisition of subsidiaries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x863 y2649 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x864 y2649 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x865 y2649 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x866 y2649 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x867 y2649 w19f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x868 y2649 w3ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264a w401 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x869 y264a w354 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86a y264a w3b9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">44<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86b y264a w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86c y264a w62 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86d y264a w476 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">130<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86e y264a w12d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">241<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2611 w47a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lease modifications<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x86f y2611 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x870 y2611 w62 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x871 y2611 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x872 y2611 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x873 y2611 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x874 y2611 w63 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264b w47b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposals and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x875 y264b w47c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(14)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x876 y264b wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x877 y264b w3ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x878 y264b w48 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x879 y264b w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87a y264b w255 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(43)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2613 w2f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x87b y2613 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87c y2613 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87d y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87e y2613 w255 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(34)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87f y2613 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x34b y2613 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(61)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264c w1f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x880 y264c w2e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x881 y264c w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">32<span class=\"_ _30b\"> </span></div></td><td class=\"c n x882 y264c wa6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x883 y264c w17a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x884 y264c w3a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td><td class=\"c n x885 y264c w9d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2615 w181 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x886 y2615 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td><td class=\"c n x887 y2615 w262 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td><td class=\"c n x888 y2615 w8a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x889 y2615 w47d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">70<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88a y2615 w47e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">624<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88b y2615 w2d2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,544<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2402 w479 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Property<span class=\"_ _15\"></span>, plant and equipment acquired on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">acquisition of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88c y2402 wbc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88d y2402 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x369 y2402 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88e y2402 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c8 y2402 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88f y2402 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x890 y2402 w3c1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264d w401 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x891 y264d w388 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x892 y264d w47f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x893 y264d w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ee y264d w480 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">49<span class=\"_ _30b\"> </span></div></td><td class=\"c n x894 y264d w13b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x895 y264d w481 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">161<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2424 w47a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease modifications<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x86f y2424 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x896 y2424 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td><td class=\"c n x229 y2424 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x897 y2424 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x313 y2424 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x2a8 y2424 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2425 w482 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals, reclassifications and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x898 y2425 w2b2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(41)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x899 y2425 w3c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(33)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89a y2425 w483 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89b y2425 w484 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89c y2425 w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89d y2425 w18b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2406 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x89e y2406 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89f y2406 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(23)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a0 y2406 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a1 y2406 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a2 y2406 w18b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a3 y2406 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(48)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2427 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8a4 y2427 w485 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a5 y2427 w486 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">711<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a6 y2427 w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">150<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a7 y2427 w488 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">113<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a8 y2427 wf7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">723<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a9 y2427 w4f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,714<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y264e ff73 fsf fc0 sc0 ls0 ws0\">Accumulated depreciation and impairment<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2428 w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8aa y2428 wfd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ab y2428 w489 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ac y2428 w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">49<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ad y2428 w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ae y2428 w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">236<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8af y2428 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">493<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2429 w48a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Depreciation charge for the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8b0 y2429 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b1 y2429 w48b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">101<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b2 y2429 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b3 y2429 w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b4 y2429 w48c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">143<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b5 y2429 w48d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">283<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w422 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8b6 y242a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b7 y242a w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b8 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b9 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ba y242a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8bb y242a w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w47b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8bc y240d w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x896 y240d w48e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8bd y240d w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8be y240d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8bf y240d w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c0 y240d w283 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w2f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x87b y2548 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c1 y2548 w373 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c2 y2548 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c3 y2548 w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c4 y2548 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c5 y2548 w48f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(25)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2549 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x89e y2549 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c6 y2549 wf2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c7 y2549 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c8 y2549 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c9 y2549 wa6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ca y2549 w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8cb y242c w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8cc y242c w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">267<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8cd y242c w490 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">67<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ce y242c w1b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8cf y242c w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">362<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d0 y242c w491 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">747<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y264f ff74 fsf fc0 sc0 ls0 ws0\">Depreciation charge for the year<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x856 y254a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d1 y254a w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">105<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d2 y254a w244 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d3 y254a wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">28<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d4 y254a w492 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">116<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d5 y254a w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">264<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2650 ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x856 y2412 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d6 y2412 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d7 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d8 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d9 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8da y2412 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w482 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals, reclassifications and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8db y242e w3c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(27)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8dc y242e w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8dd y242e w388 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8de y242e w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8df y242e w493 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e0 y242e wc0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x89e y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e1 y242f w363 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e2 y242f w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e3 y242f w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bb y242f w3f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(11)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e4 y242f w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(23)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8e5 y250e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e6 y250e w430 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">354<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e7 y250e w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">86<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e8 y250e w494 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">44<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e9 y250e w2af hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">512<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ea y250e w24d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">998<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2651 ff73 fsf fc0 sc0 ls0 ws0\">Net book values<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2510 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8a4 y2510 w44 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8eb y2510 w495 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">357<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ec y2510 wfb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ed y2510 w40 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">69<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ee y2510 w496 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">211<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ef y2510 w92 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">716<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8cb y2419 w3a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f0 y2419 w497 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">405<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f1 y2419 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">58<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f2 y2419 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f3 y2419 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">262<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f4 y2419 w498 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">797<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs432\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs433\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs434\">2,3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs435\">1 <span class=\"_ _32\"> </span>We have recognised property provisions of \u00a335 million within liabilities in the balance sheet, which represent the present value of the Group<span class=\"_ _1\"></span>'s estimate of the cost of fulfilling lease obligations  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs436\">for dilapidations on its right-of-use assets.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs437\">2 <span class=\"_ _33\"> </span>Includes non-underlying accelerated depreciation and impairment of \u00a323 million (2022: \u00a327 million) and no depreciation from discontinued operations (2022: \u00a35 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs438\">3 <span class=\"_ _33\"> </span>Following a review of our right-of-use property assets in the year we recognised a \u00a322 million impairment charge (2022: \u00a312 million).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-616": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs403\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs404\">Property<span class=\"_ _15\"></span>, plant and equipment<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs405\">Property<span class=\"_ _15\"></span>, plant and equipment assets are recorded at cost less </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs406\">accumulated depreciation and accumulated impairment losses.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs407\">Land is not depreciated. Freehold buildings, plant and equipment  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs408\">are depreciated to a residual value on a straight-line basis over their </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs409\">estimated useful economic lives as follows:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs40a\"> <span class=\"_ _35\"></span>\u2014 Freehold buildings \u2013 30 to 50 years</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs40b\"> <span class=\"_ _35\"></span>\u2014 Plant and equipment \u2013 3 to 20 years<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs40c\">Leasehold improvements are recorded at cost and depreciated  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs40d\">to a residual value over the shorter of the period of the lease and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs40e\">the useful economic life of the asset.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs40f\">At each reporting date, the Group assesses whether there is an </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs410\">indication that an asset may be impaired. If any indication exists,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs411\">the Group estimates the asset\u2019s recoverable amount. The recoverable </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs412\">amount is the higher of an asset\u2019s fair value less costs of disposal,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs413\">and its value-in-use. Where it is not possible to estimate the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs414\">recoverable amount of an individual asset, the Group estimates  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs415\">the recoverable amount of the CGU to which the asset belongs. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs416\">An impairment loss is recognised when the recoverable amount of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs417\">asset, or CGU, is less than its carrying amount. Impairment losses are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs418\">recognised in the income statement within depreciation, amortisation </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs419\">and impairment. CGU impairment losses are allocated first to reduce </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs41a\">the carrying amount of any goodwill allocated to the CGU, and then  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs41b\">to reduce the carrying amounts of the other assets in the CGU on  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs41c\">a pro-rata basis<span class=\"_ _30b\"> </span>.<span class=\"_ _30b\"> </span></div>Right-of-use assets (leases)<span class=\"_ _30b\"> </span>The Group recognises a right-of-use asset where it has control of an asset for a period of more than 12 months. Assets are recorded initially at cost and depreciated on a straight-line basis over the shorter of the lease term and the estimated useful economic life. Cost is defined as the net present value of the initial lease liability plus any initial costs and dilapidation provisions less any lease incentives received.<span class=\"_ _30b\"> </span>The lease term is the non-cancellable term plus any periods for which the Group is reasonably certain to ex<span class=\"_ _15\"></span>ercise any extension options.<span class=\"_ _30b\"> </span>Where a property is no longer used by the business or there is  surplus space, an impairment in the value of the right-of-use asset  is recognised and the asset is recognised at its estimated  recoverable value.<span class=\"_ _30b\"> </span>Where a lease is terminated early<span class=\"_ _15\"></span>, this is recognised as a disposal and any difference in value between the asset (being the carrying value of the right-of-use asset) and the liability (being the net present value of future lease obligation) is recognised as a profit or loss on disposal. Any penalty fees payable for early termination are recognised  directly in the income statement as an operating expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-681": {
   "value": "<table class=\"s w473 h102\" id=\"_c9393e12-a085-4d23-a55b-6ee6fac48c22\"><tr><td></td><td></td><td class=\"c n x856 y2642 w474 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Land &amp; Buildings<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x857 y2642 w475 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Plant and equipment<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x858 h4d y2643 ff73 fsf fc0 sc0 ls0 ws0\">Leasehold </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x809 h4d y2644 ff73 fsf fc0 sc0 ls0 ws0\">Freehold </td><td class=\"t m0 x4ef h4d y2644 ff73 fsf fc0 sc0 ls1c ws20\">Right-of-use </td><td class=\"t m0 x859 h4d y2644 ff73 fsf fc0 sc0 ls0 ws0\">improve-<span class=\"_ _30b\"> </span></td><td class=\"t m0 x826 h4d y2644 ff73 fsf fc0 sc0 ls1c ws20\" colspan=\"2\">Right-of-use </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x759 h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">property </td><td class=\"t m0 x85a h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">assets<span class=\"_ _30b\"> </span></td><td class=\"t m0 x85b h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">ments </td><td class=\"t m0 x85c h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">assets <span class=\"_ _2\"></span> </td><td class=\"t m0 x83a h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">Owned </td><td class=\"t m0 x2f2 h4d y2645 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x811 h4d y2646 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x180 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x181 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x182 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2646 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2647 ff73 fsf fc0 sc0 ls0 ws0\">Cost<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2648 w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x85d y2648 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">55<span class=\"_ _30b\"> </span></div></td><td class=\"c n x85e y2648 wff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">605<span class=\"_ _30b\"> </span></div></td><td class=\"c n x85f y2648 w476 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td><td class=\"c n x860 y2648 w477 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n x861 y2648 w478 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">502<span class=\"_ _30b\"> </span></div></td><td class=\"c n x862 y2648 w2c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,325<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2649 w479 hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">Property<span class=\"_ _15\"></span>, plant and equipment acquired on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">acquisition of subsidiaries<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x863 y2649 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x864 y2649 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x865 y2649 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x866 y2649 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x867 y2649 w19f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x868 y2649 w3ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264a w401 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x869 y264a w354 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86a y264a w3b9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">44<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86b y264a w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86c y264a w62 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">41<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86d y264a w476 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">130<span class=\"_ _30b\"> </span></div></td><td class=\"c n x86e y264a w12d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">241<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2611 w47a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lease modifications<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x86f y2611 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x870 y2611 w62 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x871 y2611 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x872 y2611 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x873 y2611 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x874 y2611 w63 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264b w47b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposals and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x875 y264b w47c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(14)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x876 y264b wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x877 y264b w3ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x878 y264b w48 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x879 y264b w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87a y264b w255 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(43)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2613 w2f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x87b y2613 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87c y2613 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87d y2613 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87e y2613 w255 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(34)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x87f y2613 wcf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x34b y2613 w6a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(61)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264c w1f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x880 y264c w2e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x881 y264c w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">32<span class=\"_ _30b\"> </span></div></td><td class=\"c n x882 y264c wa6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x883 y264c w17a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x884 y264c w3a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td><td class=\"c n x885 y264c w9d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2615 w181 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x886 y2615 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td><td class=\"c n x887 y2615 w262 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td><td class=\"c n x888 y2615 w8a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">125<span class=\"_ _30b\"> </span></div></td><td class=\"c n x889 y2615 w47d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">70<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88a y2615 w47e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">624<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88b y2615 w2d2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,544<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2402 w479 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Property<span class=\"_ _15\"></span>, plant and equipment acquired on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">acquisition of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88c y2402 wbc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88d y2402 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x369 y2402 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88e y2402 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7c8 y2402 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x88f y2402 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x890 y2402 w3c1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y264d w401 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x891 y264d w388 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x892 y264d w47f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x893 y264d w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6ee y264d w480 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">49<span class=\"_ _30b\"> </span></div></td><td class=\"c n x894 y264d w13b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x895 y264d w481 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">161<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2424 w47a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease modifications<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x86f y2424 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x896 y2424 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td><td class=\"c n x229 y2424 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x897 y2424 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x313 y2424 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x2a8 y2424 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2425 w482 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals, reclassifications and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x898 y2425 w2b2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(41)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x899 y2425 w3c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(33)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89a y2425 w483 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89b y2425 w484 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89c y2425 w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89d y2425 w18b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2406 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x89e y2406 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x89f y2406 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(23)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a0 y2406 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a1 y2406 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a2 y2406 w18b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a3 y2406 w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(48)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2427 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8a4 y2427 w485 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a5 y2427 w486 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">711<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a6 y2427 w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">150<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a7 y2427 w488 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">113<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a8 y2427 wf7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">723<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8a9 y2427 w4f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,714<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y264e ff73 fsf fc0 sc0 ls0 ws0\">Accumulated depreciation and impairment<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2428 w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8aa y2428 wfd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ab y2428 w489 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ac y2428 w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">49<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ad y2428 w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ae y2428 w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">236<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8af y2428 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">493<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2429 w48a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Depreciation charge for the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8b0 y2429 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b1 y2429 w48b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">101<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b2 y2429 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b3 y2429 w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b4 y2429 w48c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">143<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b5 y2429 w48d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">283<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w422 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8b6 y242a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b7 y242a w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b8 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8b9 y242a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ba y242a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8bb y242a w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w47b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8bc y240d w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x896 y240d w48e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8bd y240d w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8be y240d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8bf y240d w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c0 y240d w283 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w2f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x87b y2548 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c1 y2548 w373 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c2 y2548 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c3 y2548 w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c4 y2548 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c5 y2548 w48f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(25)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2549 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x89e y2549 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c6 y2549 wf2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c7 y2549 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c8 y2549 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8c9 y2549 wa6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ca y2549 w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8cb y242c w88 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8cc y242c w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">267<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8cd y242c w490 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">67<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ce y242c w1b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8cf y242c w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">362<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d0 y242c w491 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">747<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y264f ff74 fsf fc0 sc0 ls0 ws0\">Depreciation charge for the year<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x856 y254a w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d1 y254a w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">105<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d2 y254a w244 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d3 y254a wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">28<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d4 y254a w492 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">116<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d5 y254a w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">264<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2650 ff74 fsf fc0 sc0 ls0 ws0\">Impairment<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x856 y2412 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d6 y2412 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d7 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d8 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8d9 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8da y2412 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w482 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals, reclassifications and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8db y242e w3c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(27)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8dc y242e w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(30)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8dd y242e w388 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8de y242e w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8df y242e w493 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e0 y242e wc0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x89e y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e1 y242f w363 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e2 y242f w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e3 y242f w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6bb y242f w3f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(11)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e4 y242f w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(23)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8e5 y250e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e6 y250e w430 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">354<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e7 y250e w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">86<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e8 y250e w494 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">44<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8e9 y250e w2af hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">512<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ea y250e w24d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">998<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2651 ff73 fsf fc0 sc0 ls0 ws0\">Net book values<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2510 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8a4 y2510 w44 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8eb y2510 w495 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">357<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ec y2510 wfb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ed y2510 w40 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">69<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ee y2510 w496 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">211<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ef y2510 w92 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">716<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x8cb y2419 w3a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f0 y2419 w497 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">405<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f1 y2419 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">58<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f2 y2419 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f3 y2419 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">262<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f4 y2419 w498 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">797<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>We have recognised property provisions of \u00a335 million within liabilities in the balance sheet, which represent the present value of the Group<span class=\"_ _1\"></span>'s estimate of the cost of fulfilling lease obligations  for dilapidations on its right-of-use assets.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Includes non-underlying accelerated depreciation and impairment of \u00a323 million (2022: \u00a327 million) and no depreciation from discontinued operations (2022: \u00a35 million).<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>Following a review of our right-of-use property assets in the year we recognised a \u00a322 million impairment charge (2022: \u00a312 million).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-658": {
   "value": "11. Investments in financial assets<span class=\"_ _30b\"> </span>The Group holds equity investments in a number of companies which fall below the level that would result in recognition of an interest in  a subsidiary or associate.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>These financial assets are all recognised at <span class=\"ff73\">fair value through </span>other comprehensive income (FVOCI)<span class=\"ff74\">. See note 17 for the </span>relevant accounting policy<span class=\"_ _15\"></span>, specifically in relation to: <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">equity instruments</span> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73 ws3a\"> debt <span class=\"_ _26c\"> </span>instruments<span class=\"_ _30b\"> </span></span>Investments in equity instruments and convertible instruments (ex<span class=\"_ _15\"></span>cluding listed instruments) are classified as Level 3 (of the fair value hierarchy described in the accounting policy of note 17). Listed instruments are classified as Level 1.<span class=\"_ _30b\"> </span>Investments in financial assets are as follows:<span class=\"_ _30b\"> </span><table class=\"s w3f1 h103\" id=\"_58535732-6c0f-4f90-afe1-69009ea5fd5a\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2652 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2652 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x8f5 h4d y2653 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y2653 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2653 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2654 ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w499 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Equity instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f6 y2416 w43 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b0 y2416 w49a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5b1 y2416 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2655 ff73 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w49b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Debt instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5d7 y2418 w110 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f7 y2418 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f8 y2418 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w49c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal investments in financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f9 y2419 w49d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8fa y2419 w49a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8fb y2419 w49e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">620<span class=\"_ _30b\"> </span></div></td></tr></table>11.<span class=\"_ _2\"></span>1 Equity instruments<span class=\"_ _30b\"> </span>Movements in the fair value of investments in equity instruments  (which are almost entirely classified as Level 3) are as follows:<span class=\"_ _30b\"> </span><table class=\"s w49f h104\" id=\"_49c5b4b7-27fd-41f6-b436-f6be3d679225\"><tr><td></td><td class=\"t m0 x4a9 h4d y2656 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2656 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x4ac h4d y2657 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2657 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y250d w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8fc y250d w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8fd y250d w3ae hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">351<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2487 w401 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8fe y2487 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8ff y2487 w389 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259d w4a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Disposals<span class=\"_ _30b\"> </span></div></td><td class=\"c n x900 y259d w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x901 y259d w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2501 w4a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransfer to investments in associates<span class=\"_ _30b\"> </span></div></td><td class=\"c n x902 y2501 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x903 y2501 w325 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w4a2 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Fair value (losses)/gains recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x904 y2431 wc0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x905 y2431 w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x906 y2510 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x907 y2510 w1b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5c0 y2419 wf7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td><td class=\"c n x908 y2419 wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td></tr></table>Fair value of equity instruments<span class=\"_ _30b\"> </span>In determining the fair value of equity instruments, recent market transactions are used as the primary source of an instrument\u2019s value<span class=\"_ _1\"></span>.  If no such transactions can be identified, latest financial performance is compared with expectation to determine whether the value continues  to be supported. If actual financial performance has deviated materially from expectation, internal valuations are calculated using a range of appropriate valuation methodologies including discounted cash flows and trading/transaction multiples. These valuation models generate  a range of values by considering reasonable changes in the key unobservable inputs (e.g. terminal growth rates and discount rates).  The investments are recognised at the lowest value in the range.<span class=\"_ _30b\"> </span>The fair values of the material investments are as follows:<span class=\"_ _30b\"> </span><table class=\"s w2ef h105\" id=\"_4771bf2e-4134-4f6c-826f-f01cc95c954e\"><tr><td></td><td class=\"t m0 x5ad h4d y2658 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2658 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y2659 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2659 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w4a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Euroclear<span class=\"_ _30b\"> </span></div></td><td class=\"c n x909 y2416 w2ac hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">307<span class=\"_ _30b\"> </span></div></td><td class=\"c n x90a y2416 w48c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">314<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w4a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">PrimaryBid Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x90b y2431 w4a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">31<span class=\"_ _30b\"> </span></div></td><td class=\"c n x90c y2431 wfd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w4a6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Finbourne T<span class=\"_ _2\"></span>echnology Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n x90d y2418 w4a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x90e y2418 wb0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w4a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Sumscope Inc.<span class=\"_ _30b\"> </span></div></td><td class=\"c n x90f y2419 w329 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x910 y2419 w4a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td></tr></table>Income from equity investments<span class=\"_ _30b\"> </span>Income from equity investments of \u00a315 million (2022: \u00a312 million) represents dividends received from the Group\u2019<span class=\"_ _1\"></span>s investment in Euroclear<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>11.2 Debt instruments<span class=\"_ _30b\"> </span><table class=\"s w2ef h103\" id=\"_1599747a-378b-4a87-98f4-e15b2fedacc7\"><tr><td></td><td class=\"t m0 x5ad h4d y265a ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y265a ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y265b ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y265b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y265b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y250e w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8fc y250e w1d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td><td class=\"c n x911 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y265c ff74 fsf fc0 sc0 ls0 ws0\">Additions<span class=\"_ _30b\"> </span></td><td class=\"c n x912 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x913 y2416 w4aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">217<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y265d ff74 fsf fc0 sc0 ls0 ws0\">Disposals<span class=\"_ _30b\"> </span></td><td class=\"c n x629 y2431 w4ab hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(223)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x914 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x906 y2418 w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x915 y2418 w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td class=\"c n x916 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x917 y2419 w19d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>In 2023, the Group divested its French Government and European Central Bank bonds, which were purchased in 2022",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-617": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>These financial assets are all recognised at <span class=\"ff73\">fair value through </span>other comprehensive income (FVOCI)<span class=\"ff74\">. See note 17 for the </span>relevant accounting policy<span class=\"_ _15\"></span>, specifically in relation to: <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">equity instruments</span> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73 ws3a\"> debt <span class=\"_ _26c\"> </span>instruments<span class=\"_ _30b\"> </span></span>Investments in equity instruments and convertible instruments (ex<span class=\"_ _15\"></span>cluding listed instruments) are classified as Level 3 (of the fair value hierarchy described in the accounting policy of note 17). Listed instruments are classified as Level 1.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-659": {
   "value": "12. Pension and other retirement benefit schemes<span class=\"_ _30b\"> </span>Substantially all of the Group\u2019<span class=\"_ _1\"></span>s employees participate in defined benefit or defined contribution future benefit schemes. <table class=\"s w4ad h106\" id=\"_982581d9-2718-4c08-8e5b-a8114194be5a\"><tr><td class=\"t m0 x186 hd y265e ff76 fs9 fc0 sc0 ls0 ws0\">This note describes the retirement benefit costs recognised in the income statement, and assets and liabilities recognised in the balance sheet.<span class=\"_ _30b\"> </span></td></tr></table>Accounting policy<span class=\"_ _30b\"> </span>For <span class=\"ff73\">defined contribution schemes</span>, the operating charge represents the contributions payable in the year and is recognised in the income statement as incurred.<span class=\"_ _30b\"> </span>For the <span class=\"ff73\">defined benefit schemes</span> the income statement expense is allocated between service cost and net finance expense<span class=\"_ _1\"></span>.  The service charge represents benefits accruing to employees and is included as an operating expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Costs of future employee benefits are accrued over the period  in which employees earn the benefits. Scheme obligations and costs are determined on a regular basis by an independent qualified actuary<span class=\"_ _15\"></span>, in line with IAS 19 <span class=\"ff76\">Employee Benefits</span>, using the projected unit credit method. The obligations are measured by discounting the best estimate of future cash flows to be paid out of the scheme and are reflected in the Group balance sheet.<span class=\"_ _30b\"> </span>Net interest is recognised within net finance costs, calculated  by applying a discount rate to the net defined benefit asset or liability at the start of each annual reporting period. The discount rate used is based on market interest rates of high-quality<span class=\"_ _15\"></span>, fix<span class=\"_ _1\"></span>ed-rate debt securities adjusted to reflect the duration of expected future cash outflows for pension benefit payments. The net asset or liability recognised on the balance sheet comprises the difference between the present value of pension obligations and the fair value of scheme assets.<span class=\"_ _30b\"> </span>Actuarial gains and losses are recognised at each reporting date, net of tax, in the statement of comprehensive income. These gains and losses arise from experience adjustments, changes  in actuarial assumptions or differences between actual and expected returns on assets.<span class=\"_ _30b\"> </span>Significant accounting judgements<span class=\"_ _30b\"> </span>The Group judges that, on the winding up of the defined benefit schemes, it can expect any remaining pension surplus to be refunded in full to the Group. In line with the current accounting standards, it therefore continues to recognise these <span class=\"ff73\">retirement </span>benefit assets<span class=\"ff74\"> on the balance sheet in full.<span class=\"_ _30b\"> </span></span>Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span>Defined benefit pension liabilities<span class=\"ff74\"> are determined based on the </span>present value of future pension obligations using assumptions determined by the Group with advice from an independent qualified actuary<span class=\"_ _15\"></span>. An actuarial valuation involves making various assumptions that may differ from what actually happens in  the future. The assumptions that are the most significant to the amounts reported are the discount rate, inflation rate, salary growth and mortality levels. Assumptions about these variables are based  on the environment in each country<span class=\"_ _15\"></span>. Due to the complexities involved in a valuation, and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.  In particular<span class=\"_ _15\"></span>, changes to the discount rate and inflation rate,  could result in material changes to the carrying amounts of the Group\u2019<span class=\"_ _1\"></span>s pension and other post-retirement benefit obligations within the next financial year<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>Defined contribution schemes Defined contribution schemes are savings plans that provide for matching contributions from the Group. Most new employees are eligible to participate in these schemes. The main scheme within  the Group is the London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group Pension Plan.<span class=\"_ _30b\"> </span>Defined benefit schemes<span class=\"_ _30b\"> </span>Defined benefit schemes provide pension and other post-retirement benefits for covered employees. Benefits are payable generally based on salary and years of service, although each plan has a unique benefits formula and in some open schemes employees may also make voluntary contributions to augment future benefits. The retirement age  is typically in the range of 60 and 65 years and benefits are generally payable as an annuity or lump sum upon retirement. Most schemes include provisions for early retirement or death and include survivor  and disability benefits. V<span class=\"_ _15\"></span>ested benefits of former employees who are  not yet of retirement age are held in deferment. Eligible benefits are subject to increases based on inflation.<span class=\"_ _30b\"> </span>Ex<span class=\"_ _1\"></span>cept when required by law<span class=\"_ _1\"></span>, virtually all defined benefit schemes are closed to new employees. All schemes are governed by the local regulatory framework and employment laws in the country in which  they operate. The Group\u2019<span class=\"_ _1\"></span>s largest defined benefit plans are in the UK and together are in a net surplus position. The most significant defined benefit schemes (collectively referred to as the \u201cLarge UK\u201d schemes) are: <span class=\"_ _35\"></span>\u2014 the R<span class=\"_ _15\"></span>euters Pension Fund (RPF); <span class=\"_ _35\"></span>\u2014 the R<span class=\"_ _15\"></span>euters Supplementary Pension Scheme (SPS); and <span class=\"_ _35\"></span>\u2014 the L<span class=\"_ _15\"></span>ondon Stock Exchange Group P<span class=\"_ _1\"></span>ension Scheme (LSEGPS) <span class=\"_ _35\"></span>\u2014 LSE Section of LSEGPS (previously the L<span class=\"_ _15\"></span>ondon Stock Exchange Retirement Plan) <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>CH Section of LSEGPS (previously the LCH Pension Scheme).<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs47b\">12.<span class=\"_ _2\"></span>1 Amounts recognised in the income statement<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs47c\">Continuing<span class=\"_ _274\"> </span><span class=\"ff74\">Notes<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs47d\">2023 </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs47e\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs47f\">2022 </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs480\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs481\">Defined contribution schemes<span class=\"_ _275\"> </span><span class=\"ff73\">88<span class=\"_ _e2\"> </span></span>74<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs482\">Defined benefit scheme \u2013  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs483\">current/past service cost,  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs484\">curtailment, and expenses<span class=\"_ _276\"> </span><span class=\"ff73\">13<span class=\"_ _76\"> </span></span>7<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs485\">Pension costs recognised in  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs486\">staff costs<span class=\"_ _277\"> </span>4.1<span class=\"_ _bf\"> </span><span class=\"ff73\">101<span class=\"_ _eb\"> </span></span>81<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs487\">Net interest income<span class=\"_ _278\"> </span>5.1<span class=\"_ _eb\"> </span><span class=\"ff73\">(8)<span class=\"_ _59\"> </span></span>(11)<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs488\">93<span class=\"_ _c6\"> </span><span class=\"ff74\">70<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs489\">12.2 Amounts recognised in other comprehensive income in respect </div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs48a\">of retirement benefit schemes<span class=\"_ _30b\"> </span></div><div class=\"gs48b\"><table class=\"s w4ae h107\" id=\"_1147516e-0ddc-43b3-8aba-82cc61978fb3\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y265f ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y265f ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x918 h4d y2660 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y2660 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2660 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y259e w2f5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x919 y259e w4af hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(213)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x91a y259e w313 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">116<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2661 ff74 fsf fc0 sc0 ls0 ws0\">Net actuarial losses recognised  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2510 w4b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">in the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x91b y2510 w101 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x91c y2510 wbd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(85)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x91d y2510 wbe hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x91e y2419 w4b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(298)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x91f y2419 w1c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(213)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs48c\">12.3 Amounts recognised in the balance sheet in respect of </div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs48d\">retirement benefit schemes<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs48e\">The amounts recognised in the balance sheet include the assets and </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs48f\">liabilities of the Large UK schemes, as well as various smaller schemes. </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs490\">All pension scheme assets are held separately from those of the Group.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs491\">2023 <span class=\"_ _2\"></span> </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs492\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs493\">2022 <span class=\"_ _2\"></span> </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs494\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs495\">Retirement benefit assets<span class=\"_ _233\"> </span><span class=\"ff73\">172<span class=\"_ _56\"> </span></span>231<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs496\">Retirement benefit obligations<span class=\"_ _1a2\"> </span><span class=\"ff73\">(79)<span class=\"_ _84\"> </span></span>(64)<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs497\">Net retirement benefit asset<span class=\"_ _17c\"> </span>93<span class=\"_ _bf\"> </span><span class=\"ff74\">167<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs498\">The changes in the net retirement benefit asset during the year are  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs499\">as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs49a\"><table class=\"s w4b2 h108\" id=\"_62bd2bcf-be8e-4af5-8cc8-95d1c760e849\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2662 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x4aa h4d y2662 ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x918 h4d y2663 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y2663 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2663 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25a0 w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x920 y25a0 w92 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">167<span class=\"_ _30b\"> </span></div></td><td class=\"c n x921 y25a0 w4b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">483<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2664 ff74 fsf fc0 sc0 ls0 ws0\">Pension (e<span class=\"_ _1\"></span>xpense)/income, including </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2487 w4b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">net interest income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x922 y2487 w4b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x923 y2487 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2489 w4b6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Actuarial losses<span class=\"_ _30b\"> </span></div></td><td class=\"c n x924 y2489 w87 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x925 y2489 wbd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(85)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x926 y2489 wbe hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2416 w4b7 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Employer contributions and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">benefits paid<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x927 y2416 w4b8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x928 y2416 w4b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x929 y2431 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x92a y2431 w2fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(11)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x92b y2510 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x92c y2510 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x92d y2419 w37f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">93<span class=\"_ _30b\"> </span></div></td><td class=\"c n x92e y2419 w3bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">167<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs49c\">The net retirement defined benefit assets/(liabilities) in respect of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs49d\">defined benefit schemes are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs219\"><table class=\"s w4ba h109\" id=\"_f96da57b-69fd-4056-96bc-baa71d912a1e\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y257d ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x40e h4d y257d ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x92f h4d y257e ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y257e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y257e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y2665 ff74 fsf fc0 sc0 ls0 ws0\">Large UK schemes<span class=\"_ _30b\"> </span></td><td class=\"c n x930 y2431 w4bb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x931 y2431 w2b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">157<span class=\"_ _30b\"> </span></div></td><td class=\"c n x932 y2431 w43e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">216<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w4bc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other plans<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x933 y2418 w428 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(64)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x934 y2418 w3af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(49)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2666 ff73 fsf fc0 sc0 ls0 ws0\">Net retirement benefit asset<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x935 y2419 wca hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">93<span class=\"_ _30b\"> </span></div></td><td class=\"c n x936 y2419 w4bd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">167<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs49e\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs49f\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a0\">1 <span class=\"_ _32\"> </span>As at 31 December 2023, the Group recognised net defined benefit assets on the basis that </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a1\">the Group would have access to the surplus in the event of a winding-up of the scheme.  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a2\">No asset ceiling has therefore been applied to the net surplus recognised. The LSE Section </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a3\">of the LSEGPS is the only UK scheme to have minimum funding commitments however<span class=\"_ _15\"></span>, </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a4\">based on the latest analysis carried out by the scheme actuary<span class=\"_ _1\"></span>, no funding contribution  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a5\">was required from the Group in 2023.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a6\">2 <span class=\"_ _33\"> </span>On 16 June 2023, the High Court issued a ruling in respect of Virgin Media v NTL Pension </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a7\">T<span class=\"_ _15\"></span>rustees II Limited (and others) calling into question the validity of rule amendments made to </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws3b gs4a8\">defined benefit pension schemes contracted-out on a Reference Scheme T<span class=\"_ _2\"></span>est basis between </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4a9\">6 April 1997 and 5 April 2016. Amendments to these pension schemes over this time required </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4aa\">confirmation from the Scheme Actuary that the Reference Scheme T<span class=\"_ _2\"></span>est would continue  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4ab\">to be met. In the absence of such a confirmation, the Rule amendment would be void.  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4ac\">The Group is waiting for the outcome of the appeal and any additional hearings, as well as </div><div class=\"gs4ad\"><table class=\"s w4be h10a\" id=\"_ce05821c-7713-43cb-98fe-0e4500c42037\"><tr><td class=\"t m0 x938 h1f y2667 ff74 fs3 fc0 sc0 ls0 ws0\">confirmation from the Government as to whether it will issue new regulations in response. </td></tr><tr><td class=\"t m0 x938 h1f y2668 ff74 fs3 fc0 sc0 ls0 ws0\">The Group is considering, with the T<span class=\"_ _15\"></span>rustees of the Large UK schemes, the impact on the </td></tr><tr><td class=\"t m0 x938 h1f y2669 ff74 fs3 fc0 sc0 ls0 ws0\">pension schemes. No reliable estimate can be made at this stage and no impact is included </td></tr><tr><td class=\"t m0 x938 h1f y266a ff74 fs3 fc0 sc0 ls0 ws0\">in these disclosed benefit scheme liabilities.<span class=\"_ _30b\"> </span></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs4ae\">12.4 Large UK schemes<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4af\">The detail that follows relates to the Large UK schemes. In this section </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4b0\">we show the movement of the scheme assets and defined benefit </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4b1\">obligations in the year<span class=\"_ _15\"></span>, alongside the asset classes and expected </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4b2\">benefit payments. W<span class=\"_ _1\"></span>e also explain the schemes<span class=\"_ _1\"></span>\u2019 investment policy<span class=\"_ _15\"></span>,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4b3\">key assumptions and risk management. </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4b4\">Buy-in </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4b5\">status<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4b6\">2023 <span class=\"_ _2\"></span> </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4b7\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4b8\">2022 <span class=\"_ _2\"></span> </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4b9\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4ba\">RPF<span class=\"_ _191\"> </span>Partial<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs4bb\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4bc\">140<span class=\"_ _60\"> </span><span class=\"ff74\">145<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4bd\">SPS<span class=\"_ _27c\"> </span>Full<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs4be\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4bf\">12<span class=\"_ _18c\"> </span><span class=\"ff74\">11<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4c0\">LSE Section of LSEGPS<span class=\"_ _11d\"> </span>Full<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs4c1\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4c2\">1<span class=\"_ _eb\"> </span><span class=\"ff74\">21<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4c3\">L<span class=\"_ _1\"></span>CH Section of LSEGPS<span class=\"_ _fc\"> </span>Full</div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs4c4\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4c5\">4<span class=\"_ _c6\"> </span><span class=\"ff74\">39<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4c6\">Net retirement benefit asset<span class=\"_ _275\"> </span>157<span class=\"_ _56\"> </span><span class=\"ff74\">216<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4c7\">1 <span class=\"_ _32\"> </span>On 1 September 2022, the RPF was closed to future accrual. All 121 remaining active </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4c8\">members accepted the new terms and conditions, and their status changed to deferred. </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4c9\">They were automatically enrolled into the London S<span class=\"_ _1\"></span>tock Exchange Group Pension Plan </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4ca\">(defined contribution scheme), unless they opted out. This constituted an \u201cexit\u201d and triggered </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4cb\">curtailment. The RPF has a partial buy-in arrangement in place amounting to \u00a3398 million </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4cc\">(2022: \u00a3404 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4cd\">2 <span class=\"_ _33\"> </span>On 30 September 2021, the T<span class=\"_ _15\"></span>rustee of SPS entered into a bulk annuity policy with Legal  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4ce\">&amp; General (L&amp;G) covering all of the scheme\u2019s deferred and retiree obligations. The purpose </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4cf\">of the arrangement is to reduce pension volatility by transferring longevity risk to L&amp;G and </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d0\">further improve inflation risk and the matching of assets and liabilities. As at 31 December </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d1\">2023, the SPS buy-in amounted to \u00a3194 million (2022: \u00a3182 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d2\">3 <span class=\"_ _33\"> </span>On 18 May 2023, the T<span class=\"_ _1\"></span>rustee of the LSEGPS entered into a bulk annuity policy with Standard </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d3\">Life, part of Phoenix Group, broadly insuring all scheme benefits that were not already </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d4\">insured with PIC. The purpose of the arrangement is to reduce pension volatility by </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d5\">transferring longevity risk to Standard Life and further improve inflation risk and the matching </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d6\">of assets and liabilities. As at 31 December 2023, the LSE and LCH Sections of the LSEGPS </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4d7\">buy-in amounted to \u00a3286 million and \u00a3148 million, respectively<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs4d9\">Fair value of the assets and present value of the liabilities of the </div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs4da\">Large UK schemes<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4db\">The amounts included in the balance sheet arising from the Group'<span class=\"_ _1\"></span>s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4dc\">obligations in respect of the Large UK schemes are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs4dd\"><table class=\"s w4bf h10b\" id=\"_7859e4d7-7dc4-40fa-8a9a-cdfc6ead2c31\"><tr><td></td><td></td><td></td><td class=\"t m0 x939 h4d y266b ff73 fsf fc0 sc0 ls0 ws1f\">Net surplus/<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x93a h4d y266c ff73 fsf fc0 sc0 ls0 ws0\">Assets <span class=\"_ _2\"></span> </td><td class=\"t m0 x93b h4d y266c ff73 fsf fc0 sc0 ls0 ws0\">Liabilities </td><td class=\"t m0 x93c h4d y266c ff73 fsf fc0 sc0 ls0 ws0\">(deficit) <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x93d h4d y266d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x665 h4d y266d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x93e h4d y266d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x24b y2531 w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n x93f y2531 w4c0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,811<span class=\"_ _30b\"> </span></div></td><td class=\"c n x940 y2531 wef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3,267)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x941 y2531 w3bf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">544<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y266e ff74 fsf fc0 sc0 ls0 ws0\">Pension e<span class=\"_ _1\"></span>xpense/(income) </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y266f ff74 fsf fc0 sc0 ls0 ws0\">recognised in the income statement<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y2534 w4c1 hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Past/current service cost and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">administrative fees<span class=\"_ _30b\"> </span></div></td><td class=\"c n x942 y2534 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x943 y2534 w4c2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x944 y2534 w4c3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2670 w4c4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Curtailment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x945 y2670 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x946 y2670 wa1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x947 y2670 wa1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ef w4c5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Interest income/(cost)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x948 y25ef w4c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x949 y25ef w9b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(66)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94a y25ef wfd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x24b y25f0 w4c7 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Remeasurements recognised in<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other comprehensive income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y2483 w4c8 h10c\"><div class=\"t m0 x173 h4d y2671 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Movement on plan assets,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y2672 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>cluding interest income,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94b y2483 w4c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,426)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94c y2483 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94d y2483 w4ca hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,426)</div></td></tr><tr><td class=\"t m0 x393 h4d y2673 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Actuarial gains \u2013  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y250c w4cb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">financial assumptions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94e y250c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94f y250c w4cc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,213<span class=\"_ _30b\"> </span></div></td><td class=\"c n x950 y250c w4cc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,213</div></td></tr><tr><td class=\"t m0 x393 h4d y2674 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Actuarial gains \u2013  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y242e w4cd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">demographic assumptions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x951 y242e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x952 y242e w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td><td class=\"c n x953 y242e w41a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w4ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Actuarial losses \u2013 experience<span class=\"_ _30b\"> </span></div></td><td class=\"c n x954 y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x955 y242f w4cf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(164)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x956 y242f w4d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(164)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2675 ff74 fsf fc0 sc0 ls0 ws0\">Employer contributions<span class=\"_ _30b\"> </span></td><td class=\"c n x957 y250e w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n x958 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x959 y250e w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2416 w4d1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Plan participants\u2019 contributions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95a y2416 w389 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95b y2416 w325 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95c y2416 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2431 w4d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Benefits paid<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95d y2431 w4d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(117)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95e y2431 w4d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">117<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95f y2431 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td class=\"c n x960 y2418 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x961 y2418 w4c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x962 y2418 w4c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n x963 y2419 w4d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,369<span class=\"_ _30b\"> </span></div></td><td class=\"c n x964 y2419 w4d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,152)<span class=\"_ _8c\"> </span>217<span class=\"_ _30b\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs4de\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4df\">Pension e<span class=\"_ _1\"></span>xpense/(income) </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e0\">recognised in the income statement</div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e1\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Past/current service cost and </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e2\">administrative fees<span class=\"_ _18a\"> </span><span class=\"ff73\">\u2013<span class=\"_ _eb\"> </span>(6)<span class=\"_ _11e\"> </span>(6)</span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e3\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income/(cost)<span class=\"_ _2a\"> </span><span class=\"ff73\">112<span class=\"_ _4f\"> </span>(102)<span class=\"_ _df\"> </span>10<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e4\">Remeasurements recognised in  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e5\">other comprehensive income</div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e6\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Movement on plan assets, </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e7\">ex<span class=\"_ _15\"></span>cluding interest income, </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e8\">recognised in other </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4e9\">comprehensive income<span class=\"_ _49\"> </span><span class=\"ff73\">(55)<span class=\"_ _ff\"> </span>\u2013<span class=\"_ _56\"> </span>(55)</span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4ea\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Actuarial losses \u2013  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4eb\">financial assumptions<span class=\"_ _28\"> </span><span class=\"ff73\">\u2013<span class=\"_ _56\"> </span>(48)<span class=\"_ _63\"> </span>(48)</span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4ec\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Actuarial gains \u2013  </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4ed\">demographic assumptions<span class=\"_ _27e\"> </span><span class=\"ff73\">\u2013<span class=\"_ _11e\"> </span>44<span class=\"_ _11e\"> </span>44</span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4ee\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Actuarial losses \u2013 experience<span class=\"_ _24e\"> </span><span class=\"ff73\">\u2013<span class=\"_ _e2\"> </span>(11)<span class=\"_ _e0\"> </span>(11)<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4ef\">Employer contributions<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs4f0\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4f1\">6<span class=\"_ _18c\"> </span>\u2013<span class=\"_ _fd\"> </span>6<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs4f2\">Benefits paid<span class=\"_ _18d\"> </span><span class=\"ff73\">(101)<span class=\"_ _84\"> </span>101<span class=\"_ _18c\"> </span>\u2013<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs4f3\">31 December 2023<span class=\"_ _11b\"> </span>2,331<span class=\"_ _5b\"> </span>(2,174)<span class=\"_ _63\"> </span>157<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4f4\">1 <span class=\"_ _32\"> </span>The Group contributed \u00a36 million (2022: \u00a321 million) to its Large UK schemes. The Group </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4f5\">expects to contribute appro<span class=\"_ _1\"></span>ximately \u00a37 million to its Large UK schemes in 2024. For RPF<span class=\"_ _15\"></span>,  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4f6\">the T<span class=\"_ _15\"></span>rustees have the right to call for special valuations, which could subsequently result in </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4f7\">the Group having to make an une<span class=\"_ _1\"></span>xpected contribution. Market-related factors may also affect </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs4f8\">the timing and amount of contributions. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4fa\">The fair values of each major class of scheme assets are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs157\"><table class=\"s w392 h10d\" id=\"_f56730e3-7a2d-4d2e-83dd-93cd8caf8e98\"><tr><td></td><td></td><td class=\"t m0 x965 h4d y2676 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x966 h4d y2676 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x421 h4d y2677 ff73 fsf fc0 sc0 ls0 ws0\">Fair value of assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x967 h4d y2677 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x968 h4d y2677 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x421 h4d y2678 ff74 fsf fc0 sc0 ls0 ws0\">Equities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y261c w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y261c w4d8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96a y261c w22 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">92<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96b y261c w88 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y2412 w4d9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Not quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96c y2412 w4da hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96d y2412 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y2679 ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y242f w4d8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96e y242f w4db hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96f y242f w4dc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">250<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y2415 w4d9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Not quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x970 y2415 w99 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">817<span class=\"_ _30b\"> </span></div></td><td class=\"c n x971 y2415 w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">773<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2416 w4dd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Buy-in policy<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x972 y2416 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,026<span class=\"_ _30b\"> </span></div></td><td class=\"c n x973 y2416 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">723<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y251b w4de hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x974 y251b w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">25<span class=\"_ _30b\"> </span></div></td><td class=\"c n x975 y251b w381 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">366<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2418 w4df hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Multi-assets and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x976 y2418 w1a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">354<span class=\"_ _30b\"> </span></div></td><td class=\"c n x977 y2418 w24e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">208<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2419 w4e0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal fair value of assets<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x978 y2419 w4e1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,331<span class=\"_ _30b\"> </span></div></td><td class=\"c n x979 y2419 w4d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,369<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs4fb\">Investment policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4fc\">The Group bears the cost of the Large UK schemes (less employee </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4fd\">contributions). However<span class=\"_ _15\"></span>, the responsibility for managing and governing </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4fe\">the Large UK schemes lies with the independent trustee board </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs4ff\">(T<span class=\"_ _2\"></span>rustees). Scheme T<span class=\"_ _15\"></span>rustees set investment policies and strategies for </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs500\">each plan and oversee investment allocation. This includes selecting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs501\">investment managers, commissioning periodic asset-liability studies,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs502\">and setting long-term targets. The scheme T<span class=\"_ _2\"></span>rustees may consult with </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs503\">the Group in setting investment policy<span class=\"_ _15\"></span>, but the T<span class=\"_ _15\"></span>rustees are ultimately </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs504\">accountable for it.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs505\">The principal investment objectives are to:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs506\"> <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>ensure funds are available to pay pension benefits as they  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs507\">become due under a broad range of future economic scenarios;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs508\"> <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>maximise long-term investment return with an acceptable level  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs509\">of risk; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs50a\"> <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>diversify across capital mark<span class=\"_ _1\"></span>ets to insulate asset values against risk  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs50b\">in any one market.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs50c\">Investment allocation<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs50d\">Investment allocation takes into account a number of factors, including: </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs50e\">the funded status of the scheme; setting the right balance between  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs50f\">risk and return; the scheme\u2019<span class=\"_ _1\"></span>s liquidity needs; current and expected </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs510\">economic and market conditions; specific asset class risk; as well as  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs511\">the risk profile and maturity pattern of the scheme.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs512\">T<span class=\"_ _2\"></span>arget investment allocation ranges provide guidelines, not limitations. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs513\">Plans may have diversified portfolios with investments in equities,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs514\">fix<span class=\"_ _1\"></span>ed income, real estate, insurance contracts, derivatives, and other </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs515\">asset classes through direct ownership or through other instruments </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs516\">such as mutual funds, commingled funds, and hedge funds. Derivatives </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs517\">may be used to achieve investment objectives or as a component  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs518\">of risk management (such as for interest rate and currency  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs519\">management strategies).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs51b\">The T<span class=\"_ _2\"></span>rustees invest the schemes\u2019 assets in a portfolio of physical assets </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs51c\">and liability-matching assets:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs51d\"> <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>The physical assets have the objective of outperforming the liabilities </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs51e\">by investing in a suitably diversified range of assets, consisting of risk </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs51f\">premia strategies, corporate bonds (and other credit alternatives) and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs520\">property which together are expected to reduce investment volatility<span class=\"_ _15\"></span>.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs521\"> <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>The liability-matching assets seek to hedge against the interest rate </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs522\">and inflation risks associated with liabilities. The assets are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs523\">predominantly gilts, both nominal and index-link<span class=\"_ _1\"></span>ed. The SPS and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs524\">LSEGPS also include bulk annuity transactions (buy-ins) insuring the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs525\">benefit for a part of the schemes\u2019 liabilities. The RPF has partial buy-in.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs526\">The assets held by the RPF mainly consist of cash and cash equivalents, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs527\">government and corporate bonds, and various investment vehicles.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs528\">Plan assets are invested to adequately secure benefits and to minimise </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs529\">the need for long-term contributions to the schemes. The SPS and the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52a\">LSEGPS are fully bought-in and therefore hold cash, buy-in contracts </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52b\">and some liquid assets.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs52c\">Funding valuations and arrangements<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52d\">The T<span class=\"_ _2\"></span>rustees are responsible for carrying out triennial valuations (unless </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52e\">circumstances require an earlier review) and securing funding for benefit </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52f\">payments. In order to develop funding valuations and investment </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs530\">policies, the T<span class=\"_ _2\"></span>rustees consult with the schemes\u2019 actuary (who is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs531\">independent of the Group\u2019<span class=\"_ _1\"></span>s actuary), the schemes\u2019 investment advisors </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs532\">(also independent of the Group\u2019<span class=\"_ _1\"></span>s investment advisors) and the Group. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs533\">The Group has provided guarantees to the T<span class=\"_ _2\"></span>rustees of the RPF and to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs534\">the T<span class=\"_ _2\"></span>rustees of the SPS in conjunction with triennial valuation and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs535\">funding obligations. As at 31 December 2023, the aggregate maximum </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs536\">liability under the guarantees was \u00a3700 million for the RPF and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs537\">\u00a3120 million for the SPS. These amounts are unchanged from last year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs539\">Actuarial assumptions<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs53a\">The Group used the following weighted-average assumptions in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs53b\">determining the defined benefit obligation for the large UK schemes:<span class=\"_ _30b\"> </span></div><div class=\"gs3e3\"><table class=\"s w4e2 h10e\" id=\"_9c1593de-eb57-4386-b487-a2ce2e863336\"><tr><td></td><td class=\"c n x97a y267a w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97b y267a w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y267b ff74 fsf fc0 sc0 ls0 ws0\">Discount rate<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y267c w4e3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-insured<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97c y267c w4e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4.50%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97d y267c w4e5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.80%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y267d w4e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Insured<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97e y267d w4e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4.50%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97f y267d w4e7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.80%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y267e w4e8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Price inflation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x980 y267e w4e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3.13%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x981 y267e w14 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.33%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y267f w4ea hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Rate of increase in salaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x982 y267f wdd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3.10%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x983 y267f w4eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.30%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y2680 ff74 fsf fc0 sc0 ls0 ws0\">Life expectancy from age 65 (years)<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y2681 w4ec hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-retired male member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x984 y2681 w4ed hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">23.8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x985 y2681 w4ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24.3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2682 w4ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-retired female member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x986 y2682 w4f0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">25.9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x987 y2682 w3ba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">26.4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2683 w4f1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Retired male member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x988 y2683 w4f2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">22.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x989 y2683 w4f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">22.7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2684 w4f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Retired female member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98a y2684 w4f5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">24.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98b y2684 w4f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24.7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 hd y2685 ff75 fs9 fc0 sc0 ls0 ws0\">Sensitivity analysis<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs53c\">The measurement of the Large UK schemes obligations is sensitive  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs53d\">to changes in certain key assumptions. The sensitivity analysis below </div><div class=\"gs53e\"><table class=\"s w4f7 h10f\" id=\"_592aae1c-0b2d-45e7-bf1a-7e8cd276c87c\"><tr><td class=\"t m0 x3f5 h16 y2686 ff74 fs9 fc0 sc0 ls0 ws0\">shows how a reasonably possible increase in a particular assumption </td></tr><tr><td class=\"t m0 x3f5 h16 y2687 ff74 fs9 fc0 sc0 ls0 ws0\">would, in isolation, result in an increase or decrease in the present value </td></tr><tr><td class=\"t m0 x3f5 h16 y2688 ff74 fs9 fc0 sc0 ls0 ws0\">of the defined benefit obligation as at 31 December 2023.<span class=\"_ _30b\"> </span></td></tr></table></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs53f\">Assumption<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs540\">Change in </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs541\">assumption<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs542\">(Decrease)/increase in </div><div class=\"gs543\"><table class=\"s w4f8 h110\" id=\"_16ab7234-0766-44c1-92da-416ddffba97c\"><tr><td></td><td></td><td></td><td class=\"t m0 x98c h4d y2689 ff73 fsf fc0 sc0 ls0 ws0\">scheme obligations<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x5ad h4d y268a ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y268a ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td></td><td class=\"t m0 x5ae h4d y268b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y268b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y268c w4f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Discount rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98d y268c w4fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">+0.5%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98e y268c w4fb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(135)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98f y268c w4fc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(138)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y268d w4e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Price inflation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x990 y268d w4fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">+0.5%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x991 y268d w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">83<span class=\"_ _30b\"> </span></div></td><td class=\"c n x992 y268d w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">81<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y268e w4fd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Mortality rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n x993 y268e w4fe hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">+1 year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x994 y268e w39b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x995 y268e w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y2419 w4ff he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">The sensitivity analysis may not be representative of an actual change in the scheme </div></td><td></td><td></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs544\">1<span class=\"_ _30b\"> </span></div><div class=\"gs545\"><table class=\"s w500 h111\" id=\"_7d5868f5-34c9-4b7d-b980-98a0a4ee4c00\"><tr><td></td><td class=\"t m0 x938 h1f y268f ff74 fs3 fc0 sc0 ls0 ws0\">obligations as it is unlikely that changes in assumptions would occur in isolation of one </td></tr><tr><td class=\"t m0 x938 h1f y2690 ff74 fs3 fc0 sc0 ls0 ws0\">another<span class=\"_ _15\"></span>. The analysis is done in a similar way to calculating the scheme obligations </td><td></td></tr></table></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs546\">recognised in the balance sheet in that it uses the projected unit credit method at the end  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs547\">of the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs549\">Risks for the defined benefit schemes and risk mitigation<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs54a\">Some key financial risks for the defined benefit schemes are:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs54b\"> <span class=\"_ _35\"></span>\u2014 if there is a reduction in corporate bond yields. This increases  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs54c\">the schemes\u2019 liabilities which may not be accompanied by  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs54d\">a corresponding increase in the schemes\u2019 assets;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs54e\"> <span class=\"_ _35\"></span>\u2014 if investment returns are lower than assumed. Only the RPF invests  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs54f\">a proportion of its assets in growth assets so a fall in the value of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs550\">these assets will worsen the schemes\u2019 funding position;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs551\"> <span class=\"_ _35\"></span>\u2014 if inflation is higher than e<span class=\"_ _15\"></span>xpected, or average inflation expectations </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs552\">increase. This will increase the liabilities through higher inde<span class=\"_ _1\"></span>xing of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs553\">pension payments; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs554\"> <span class=\"_ _35\"></span>\u2014 if members live longer than e<span class=\"_ _15\"></span>xpected. This would increase the length </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs555\">of time for which pensions have to be paid.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs556\">An increase in pension liabilities could lead to an increase in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs557\">pension deficit or a reduction in any surplus. Defined benefit schemes </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs558\">are normally revalued by actuaries every three years. Where any </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs559\">material funding gap is identified by this process, the T<span class=\"_ _2\"></span>rustees will  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs55a\">agree a schedule of contributions with the sponsor company<span class=\"_ _15\"></span>. Such </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs55b\">contributions would have a financial impact on the Group.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs55c\">In addition, for the RPF<span class=\"_ _1\"></span>, SPS and LSEGPS, the Group is e<span class=\"_ _1\"></span>xposed to the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs55d\">creditworthiness of the buy-in insurance provider<span class=\"_ _15\"></span>. A failure of the buy-in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs55e\">insurance provider would reduce the pension assets and could lead to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs55f\">a pension deficit materialising, or an increase in the pension deficit and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs560\">the need for contributions from the Group.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs561\">The RPF holds a range of liquid assets that can be sold for use as </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs562\">collateral for the liability-matching assets if required, and the T<span class=\"_ _2\"></span>rustees </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs563\">consider the liquidity needs of the schemes when setting investment </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs564\">strategy<span class=\"_ _15\"></span>. The schemes\u2019 investment strategies have performed as </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs565\">expected during the mark<span class=\"_ _1\"></span>et volatility that followed the UK Government\u2019<span class=\"_ _1\"></span>s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs566\">mini budget on 23 September 2022. The RPF T<span class=\"_ _2\"></span>rustee makes use of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs567\">liability-driven investments, but there was no interruption to the interest </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs568\">rate and inflation hedges in place. The SPS and LSEGPS do not hold  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs569\">any liability-driven investments as they hold bulk annuity policies.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs56a\">The following table provides expected benefit payments under the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs56b\">Group\u2019<span class=\"_ _1\"></span>s Large UK schemes:<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs56c\">2023 </div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs56d\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs56e\">2022 </div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs56f\">\u00a3m<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs570\">Less than 1 year<span class=\"_ _1a7\"> </span><span class=\"ff73\">102<span class=\"_ _111\"> </span></span>98<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs571\">Between 1 and 2 years<span class=\"_ _44\"> </span><span class=\"ff73\">107<span class=\"_ _59\"> </span></span>97<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs572\">Between 2 and 5 years<span class=\"_ _a\"> </span><span class=\"ff73\">341<span class=\"_ _8c\"> </span></span>324<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs573\">Over 5 years<span class=\"_ _2b\"> </span><span class=\"ff73\">638<span class=\"_ _8c\"> </span></span>576<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs574\">T<span class=\"_ _2\"></span>otal expected benefit payments<span class=\"_ _39\"> </span>1,188<span class=\"_ _9e\"> </span><span class=\"ff74\">1,095<span class=\"_ _30b\"> </span></span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs575\">The weighted average duration of the defined benefit obligations at the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs576\">end of 31 December 2023 is 13 years (2022: 14 years).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-618": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>For <span class=\"ff73\">defined contribution schemes</span>, the operating charge represents the contributions payable in the year and is recognised in the income statement as incurred.<span class=\"_ _30b\"> </span>For the <span class=\"ff73\">defined benefit schemes</span> the income statement expense is allocated between service cost and net finance expense<span class=\"_ _1\"></span>.  The service charge represents benefits accruing to employees and is included as an operating expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Costs of future employee benefits are accrued over the period  in which employees earn the benefits. Scheme obligations and costs are determined on a regular basis by an independent qualified actuary<span class=\"_ _15\"></span>, in line with IAS 19 <span class=\"ff76\">Employee Benefits</span>, using the projected unit credit method. The obligations are measured by discounting the best estimate of future cash flows to be paid out of the scheme and are reflected in the Group balance sheet.<span class=\"_ _30b\"> </span>Net interest is recognised within net finance costs, calculated  by applying a discount rate to the net defined benefit asset or liability at the start of each annual reporting period. The discount rate used is based on market interest rates of high-quality<span class=\"_ _15\"></span>, fix<span class=\"_ _1\"></span>ed-rate debt securities adjusted to reflect the duration of expected future cash outflows for pension benefit payments. The net asset or liability recognised on the balance sheet comprises the difference between the present value of pension obligations and the fair value of scheme assets.<span class=\"_ _30b\"> </span>Actuarial gains and losses are recognised at each reporting date, net of tax, in the statement of comprehensive income. These gains and losses arise from experience adjustments, changes  in actuarial assumptions or differences between actual and expected returns on assets.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-682": {
   "value": "12.3 Amounts recognised in the balance sheet in respect of retirement benefit schemes<span class=\"_ _30b\"> </span>The amounts recognised in the balance sheet include the assets and liabilities of the Large UK schemes, as well as various smaller schemes. All pension scheme assets are held separately from those of the Group.<span class=\"_ _30b\"> </span>2023 <span class=\"_ _2\"></span> \u00a3m<span class=\"_ _30b\"> </span>2022 <span class=\"_ _2\"></span> \u00a3m<span class=\"_ _30b\"> </span>Retirement benefit assets<span class=\"_ _233\"> </span><span class=\"ff73\">172<span class=\"_ _56\"> </span></span>231<span class=\"_ _30b\"> </span>Retirement benefit obligations<span class=\"_ _1a2\"> </span><span class=\"ff73\">(79)<span class=\"_ _84\"> </span></span>(64)<span class=\"_ _30b\"> </span>Net retirement benefit asset<span class=\"_ _17c\"> </span>93<span class=\"_ _bf\"> </span><span class=\"ff74\">167<span class=\"_ _30b\"> </span></span>The changes in the net retirement benefit asset during the year are  as follows:<span class=\"_ _30b\"> </span><table class=\"s w4b2 h108\" id=\"_62bd2bcf-be8e-4af5-8cc8-95d1c760e849\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2662 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x4aa h4d y2662 ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x918 h4d y2663 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y2663 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2663 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25a0 w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x920 y25a0 w92 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">167<span class=\"_ _30b\"> </span></div></td><td class=\"c n x921 y25a0 w4b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">483<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2664 ff74 fsf fc0 sc0 ls0 ws0\">Pension (e<span class=\"_ _1\"></span>xpense)/income, including </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2487 w4b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">net interest income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x922 y2487 w4b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x923 y2487 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2489 w4b6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Actuarial losses<span class=\"_ _30b\"> </span></div></td><td class=\"c n x924 y2489 w87 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x925 y2489 wbd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(85)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x926 y2489 wbe hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(329)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2416 w4b7 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Employer contributions and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">benefits paid<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x927 y2416 w4b8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x928 y2416 w4b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x929 y2431 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x92a y2431 w2fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(11)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x92b y2510 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x92c y2510 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x92d y2419 w37f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">93<span class=\"_ _30b\"> </span></div></td><td class=\"c n x92e y2419 w3bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">167<span class=\"_ _30b\"> </span></div></td></tr></table>The net retirement defined benefit assets/(liabilities) in respect of defined benefit schemes are as follows:<span class=\"_ _30b\"> </span><table class=\"s w4ba h109\" id=\"_f96da57b-69fd-4056-96bc-baa71d912a1e\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y257d ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 x40e h4d y257d ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x92f h4d y257e ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y257e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y257e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y2665 ff74 fsf fc0 sc0 ls0 ws0\">Large UK schemes<span class=\"_ _30b\"> </span></td><td class=\"c n x930 y2431 w4bb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x931 y2431 w2b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">157<span class=\"_ _30b\"> </span></div></td><td class=\"c n x932 y2431 w43e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">216<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w4bc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other plans<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x933 y2418 w428 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(64)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x934 y2418 w3af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(49)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2666 ff73 fsf fc0 sc0 ls0 ws0\">Net retirement benefit asset<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x935 y2419 wca hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">93<span class=\"_ _30b\"> </span></div></td><td class=\"c n x936 y2419 w4bd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">167<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>As at 31 December 2023, the Group recognised net defined benefit assets on the basis that the Group would have access to the surplus in the event of a winding-up of the scheme.  No asset ceiling has therefore been applied to the net surplus recognised. The LSE Section of the LSEGPS is the only UK scheme to have minimum funding commitments however<span class=\"_ _15\"></span>, based on the latest analysis carried out by the scheme actuary<span class=\"_ _1\"></span>, no funding contribution  was required from the Group in 2023.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>On 16 June 2023, the High Court issued a ruling in respect of Virgin Media v NTL Pension T<span class=\"_ _15\"></span>rustees II Limited (and others) calling into question the validity of rule amendments made to defined benefit pension schemes contracted-out on a Reference Scheme T<span class=\"_ _2\"></span>est basis between 6 April 1997 and 5 April 2016. Amendments to these pension schemes over this time required confirmation from the Scheme Actuary that the Reference Scheme T<span class=\"_ _2\"></span>est would continue  to be met. In the absence of such a confirmation, the Rule amendment would be void.  The Group is waiting for the outcome of the appeal and any additional hearings, as well as <table class=\"s w4be h10a\" id=\"_ce05821c-7713-43cb-98fe-0e4500c42037\"><tr><td class=\"t m0 x938 h1f y2667 ff74 fs3 fc0 sc0 ls0 ws0\">confirmation from the Government as to whether it will issue new regulations in response. </td></tr><tr><td class=\"t m0 x938 h1f y2668 ff74 fs3 fc0 sc0 ls0 ws0\">The Group is considering, with the T<span class=\"_ _15\"></span>rustees of the Large UK schemes, the impact on the </td></tr><tr><td class=\"t m0 x938 h1f y2669 ff74 fs3 fc0 sc0 ls0 ws0\">pension schemes. No reliable estimate can be made at this stage and no impact is included </td></tr><tr><td class=\"t m0 x938 h1f y266a ff74 fs3 fc0 sc0 ls0 ws0\">in these disclosed benefit scheme liabilities.<span class=\"_ _30b\"> </span></td></tr></table>12.4 Large UK schemes<span class=\"_ _30b\"> </span>The detail that follows relates to the Large UK schemes. In this section we show the movement of the scheme assets and defined benefit obligations in the year<span class=\"_ _15\"></span>, alongside the asset classes and expected benefit payments. W<span class=\"_ _1\"></span>e also explain the schemes<span class=\"_ _1\"></span>\u2019 investment policy<span class=\"_ _15\"></span>,  key assumptions and risk management. Buy-in status<span class=\"_ _30b\"> </span>2023 <span class=\"_ _2\"></span> \u00a3m<span class=\"_ _30b\"> </span>2022 <span class=\"_ _2\"></span> \u00a3m<span class=\"_ _30b\"> </span>RPF<span class=\"_ _191\"> </span>Partial<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>140<span class=\"_ _60\"> </span><span class=\"ff74\">145<span class=\"_ _30b\"> </span></span>SPS<span class=\"_ _27c\"> </span>Full<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>12<span class=\"_ _18c\"> </span><span class=\"ff74\">11<span class=\"_ _30b\"> </span></span>LSE Section of LSEGPS<span class=\"_ _11d\"> </span>Full<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>1<span class=\"_ _eb\"> </span><span class=\"ff74\">21<span class=\"_ _30b\"> </span></span>L<span class=\"_ _1\"></span>CH Section of LSEGPS<span class=\"_ _fc\"> </span>Full3<span class=\"_ _30b\"> </span>4<span class=\"_ _c6\"> </span><span class=\"ff74\">39<span class=\"_ _30b\"> </span></span>Net retirement benefit asset<span class=\"_ _275\"> </span>157<span class=\"_ _56\"> </span><span class=\"ff74\">216<span class=\"_ _30b\"> </span></span>1 <span class=\"_ _32\"> </span>On 1 September 2022, the RPF was closed to future accrual. All 121 remaining active members accepted the new terms and conditions, and their status changed to deferred. They were automatically enrolled into the London S<span class=\"_ _1\"></span>tock Exchange Group Pension Plan (defined contribution scheme), unless they opted out. This constituted an \u201cexit\u201d and triggered curtailment. The RPF has a partial buy-in arrangement in place amounting to \u00a3398 million (2022: \u00a3404 million).<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>On 30 September 2021, the T<span class=\"_ _15\"></span>rustee of SPS entered into a bulk annuity policy with Legal  &amp; General (L&amp;G) covering all of the scheme\u2019s deferred and retiree obligations. The purpose of the arrangement is to reduce pension volatility by transferring longevity risk to L&amp;G and further improve inflation risk and the matching of assets and liabilities. As at 31 December 2023, the SPS buy-in amounted to \u00a3194 million (2022: \u00a3182 million).<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>On 18 May 2023, the T<span class=\"_ _1\"></span>rustee of the LSEGPS entered into a bulk annuity policy with Standard Life, part of Phoenix Group, broadly insuring all scheme benefits that were not already insured with PIC. The purpose of the arrangement is to reduce pension volatility by transferring longevity risk to Standard Life and further improve inflation risk and the matching of assets and liabilities. As at 31 December 2023, the LSE and LCH Sections of the LSEGPS buy-in amounted to \u00a3286 million and \u00a3148 million, respectively<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Fair value of the assets and present value of the liabilities of the Large UK schemes<span class=\"_ _30b\"> </span>The amounts included in the balance sheet arising from the Group'<span class=\"_ _1\"></span>s obligations in respect of the Large UK schemes are as follows:<span class=\"_ _30b\"> </span><table class=\"s w4bf h10b\" id=\"_7859e4d7-7dc4-40fa-8a9a-cdfc6ead2c31\"><tr><td></td><td></td><td></td><td class=\"t m0 x939 h4d y266b ff73 fsf fc0 sc0 ls0 ws1f\">Net surplus/<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x93a h4d y266c ff73 fsf fc0 sc0 ls0 ws0\">Assets <span class=\"_ _2\"></span> </td><td class=\"t m0 x93b h4d y266c ff73 fsf fc0 sc0 ls0 ws0\">Liabilities </td><td class=\"t m0 x93c h4d y266c ff73 fsf fc0 sc0 ls0 ws0\">(deficit) <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x93d h4d y266d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x665 h4d y266d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x93e h4d y266d ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x24b y2531 w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n x93f y2531 w4c0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,811<span class=\"_ _30b\"> </span></div></td><td class=\"c n x940 y2531 wef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3,267)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x941 y2531 w3bf hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">544<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y266e ff74 fsf fc0 sc0 ls0 ws0\">Pension e<span class=\"_ _1\"></span>xpense/(income) </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y266f ff74 fsf fc0 sc0 ls0 ws0\">recognised in the income statement<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y2534 w4c1 hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Past/current service cost and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">administrative fees<span class=\"_ _30b\"> </span></div></td><td class=\"c n x942 y2534 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x943 y2534 w4c2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x944 y2534 w4c3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2670 w4c4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Curtailment<span class=\"_ _30b\"> </span></div></td><td class=\"c n x945 y2670 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x946 y2670 wa1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n x947 y2670 wa1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25ef w4c5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Interest income/(cost)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x948 y25ef w4c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x949 y25ef w9b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(66)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94a y25ef wfd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x24b y25f0 w4c7 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">Remeasurements recognised in<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">other comprehensive income<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y2483 w4c8 h10c\"><div class=\"t m0 x173 h4d y2671 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Movement on plan assets,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y2672 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>cluding interest income,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">recognised in other<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">comprehensive income<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94b y2483 w4c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,426)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94c y2483 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94d y2483 w4ca hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1,426)</div></td></tr><tr><td class=\"t m0 x393 h4d y2673 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Actuarial gains \u2013  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y250c w4cb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">financial assumptions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94e y250c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x94f y250c w4cc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,213<span class=\"_ _30b\"> </span></div></td><td class=\"c n x950 y250c w4cc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,213</div></td></tr><tr><td class=\"t m0 x393 h4d y2674 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Actuarial gains \u2013  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y242e w4cd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">demographic assumptions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x951 y242e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x952 y242e w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td><td class=\"c n x953 y242e w41a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w4ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Actuarial losses \u2013 experience<span class=\"_ _30b\"> </span></div></td><td class=\"c n x954 y242f w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x955 y242f w4cf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(164)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x956 y242f w4d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(164)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2675 ff74 fsf fc0 sc0 ls0 ws0\">Employer contributions<span class=\"_ _30b\"> </span></td><td class=\"c n x957 y250e w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n x958 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x959 y250e w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2416 w4d1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Plan participants\u2019 contributions<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95a y2416 w389 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95b y2416 w325 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95c y2416 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2431 w4d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Benefits paid<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95d y2431 w4d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(117)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95e y2431 w4d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">117<span class=\"_ _30b\"> </span></div></td><td class=\"c n x95f y2431 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td class=\"c n x960 y2418 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x961 y2418 w4c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x962 y2418 w4c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n x963 y2419 w4d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,369<span class=\"_ _30b\"> </span></div></td><td class=\"c n x964 y2419 w4d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,152)<span class=\"_ _8c\"> </span>217<span class=\"_ _30b\"> </span></div></td><td></td></tr></table>1<span class=\"_ _30b\"> </span>Pension e<span class=\"_ _1\"></span>xpense/(income) recognised in the income statement <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Past/current service cost and administrative fees<span class=\"_ _18a\"> </span><span class=\"ff73\">\u2013<span class=\"_ _eb\"> </span>(6)<span class=\"_ _11e\"> </span>(6)</span> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Interest income/(cost)<span class=\"_ _2a\"> </span><span class=\"ff73\">112<span class=\"_ _4f\"> </span>(102)<span class=\"_ _df\"> </span>10<span class=\"_ _30b\"> </span></span>Remeasurements recognised in  other comprehensive income <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Movement on plan assets, ex<span class=\"_ _15\"></span>cluding interest income, recognised in other comprehensive income<span class=\"_ _49\"> </span><span class=\"ff73\">(55)<span class=\"_ _ff\"> </span>\u2013<span class=\"_ _56\"> </span>(55)</span> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Actuarial losses \u2013  financial assumptions<span class=\"_ _28\"> </span><span class=\"ff73\">\u2013<span class=\"_ _56\"> </span>(48)<span class=\"_ _63\"> </span>(48)</span> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Actuarial gains \u2013  demographic assumptions<span class=\"_ _27e\"> </span><span class=\"ff73\">\u2013<span class=\"_ _11e\"> </span>44<span class=\"_ _11e\"> </span>44</span> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Actuarial losses \u2013 experience<span class=\"_ _24e\"> </span><span class=\"ff73\">\u2013<span class=\"_ _e2\"> </span>(11)<span class=\"_ _e0\"> </span>(11)<span class=\"_ _30b\"> </span></span>Employer contributions<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>6<span class=\"_ _18c\"> </span>\u2013<span class=\"_ _fd\"> </span>6<span class=\"_ _30b\"> </span>Benefits paid<span class=\"_ _18d\"> </span><span class=\"ff73\">(101)<span class=\"_ _84\"> </span>101<span class=\"_ _18c\"> </span>\u2013<span class=\"_ _30b\"> </span></span>31 December 2023<span class=\"_ _11b\"> </span>2,331<span class=\"_ _5b\"> </span>(2,174)<span class=\"_ _63\"> </span>157<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The Group contributed \u00a36 million (2022: \u00a321 million) to its Large UK schemes. The Group expects to contribute appro<span class=\"_ _1\"></span>ximately \u00a37 million to its Large UK schemes in 2024. For RPF<span class=\"_ _15\"></span>,  the T<span class=\"_ _15\"></span>rustees have the right to call for special valuations, which could subsequently result in the Group having to make an une<span class=\"_ _1\"></span>xpected contribution. Market-related factors may also affect the timing and amount of contributions. The fair values of each major class of scheme assets are as follows:<span class=\"_ _30b\"> </span><table class=\"s w392 h10d\" id=\"_f56730e3-7a2d-4d2e-83dd-93cd8caf8e98\"><tr><td></td><td></td><td class=\"t m0 x965 h4d y2676 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x966 h4d y2676 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x421 h4d y2677 ff73 fsf fc0 sc0 ls0 ws0\">Fair value of assets<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 x967 h4d y2677 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x968 h4d y2677 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x421 h4d y2678 ff74 fsf fc0 sc0 ls0 ws0\">Equities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y261c w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y261c w4d8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96a y261c w22 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">92<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96b y261c w88 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">29<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y2412 w4d9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Not quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96c y2412 w4da hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96d y2412 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y2679 ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y242f w4d8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96e y242f w4db hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n x96f y242f w4dc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">250<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w4d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _30b\"> </span></div></td><td class=\"c n x969 y2415 w4d9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Not quoted<span class=\"_ _30b\"> </span></div></td><td class=\"c n x970 y2415 w99 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">817<span class=\"_ _30b\"> </span></div></td><td class=\"c n x971 y2415 w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">773<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2416 w4dd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Buy-in policy<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x972 y2416 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,026<span class=\"_ _30b\"> </span></div></td><td class=\"c n x973 y2416 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">723<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y251b w4de hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x974 y251b w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">25<span class=\"_ _30b\"> </span></div></td><td class=\"c n x975 y251b w381 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">366<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2418 w4df hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Multi-assets and other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x976 y2418 w1a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">354<span class=\"_ _30b\"> </span></div></td><td class=\"c n x977 y2418 w24e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">208<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2419 w4e0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal fair value of assets<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x978 y2419 w4e1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,331<span class=\"_ _30b\"> </span></div></td><td class=\"c n x979 y2419 w4d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,369<span class=\"_ _30b\"> </span></div></td></tr></table>Investment policy<span class=\"_ _30b\"> </span>The Group bears the cost of the Large UK schemes (less employee contributions). However<span class=\"_ _15\"></span>, the responsibility for managing and governing the Large UK schemes lies with the independent trustee board (T<span class=\"_ _2\"></span>rustees). Scheme T<span class=\"_ _15\"></span>rustees set investment policies and strategies for each plan and oversee investment allocation. This includes selecting investment managers, commissioning periodic asset-liability studies,  and setting long-term targets. The scheme T<span class=\"_ _2\"></span>rustees may consult with the Group in setting investment policy<span class=\"_ _15\"></span>, but the T<span class=\"_ _15\"></span>rustees are ultimately accountable for it.<span class=\"_ _30b\"> </span>The principal investment objectives are to: <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>ensure funds are available to pay pension benefits as they  become due under a broad range of future economic scenarios; <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>maximise long-term investment return with an acceptable level  of risk; and <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>diversify across capital mark<span class=\"_ _1\"></span>ets to insulate asset values against risk  in any one market.<span class=\"_ _30b\"> </span>Investment allocation<span class=\"_ _30b\"> </span>Investment allocation takes into account a number of factors, including: the funded status of the scheme; setting the right balance between  risk and return; the scheme\u2019<span class=\"_ _1\"></span>s liquidity needs; current and expected economic and market conditions; specific asset class risk; as well as  the risk profile and maturity pattern of the scheme.<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>arget investment allocation ranges provide guidelines, not limitations. Plans may have diversified portfolios with investments in equities,  fix<span class=\"_ _1\"></span>ed income, real estate, insurance contracts, derivatives, and other asset classes through direct ownership or through other instruments such as mutual funds, commingled funds, and hedge funds. Derivatives may be used to achieve investment objectives or as a component  of risk management (such as for interest rate and currency  management strategies).<span class=\"_ _30b\"> </span>The T<span class=\"_ _2\"></span>rustees invest the schemes\u2019 assets in a portfolio of physical assets and liability-matching assets: <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>The physical assets have the objective of outperforming the liabilities by investing in a suitably diversified range of assets, consisting of risk premia strategies, corporate bonds (and other credit alternatives) and property which together are expected to reduce investment volatility<span class=\"_ _15\"></span>. <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span>The liability-matching assets seek to hedge against the interest rate and inflation risks associated with liabilities. The assets are predominantly gilts, both nominal and index-link<span class=\"_ _1\"></span>ed. The SPS and LSEGPS also include bulk annuity transactions (buy-ins) insuring the benefit for a part of the schemes\u2019 liabilities. The RPF has partial buy-in.<span class=\"_ _30b\"> </span>The assets held by the RPF mainly consist of cash and cash equivalents, government and corporate bonds, and various investment vehicles.  Plan assets are invested to adequately secure benefits and to minimise the need for long-term contributions to the schemes. The SPS and the LSEGPS are fully bought-in and therefore hold cash, buy-in contracts and some liquid assets.<span class=\"_ _30b\"> </span>Funding valuations and arrangements<span class=\"_ _30b\"> </span>The T<span class=\"_ _2\"></span>rustees are responsible for carrying out triennial valuations (unless circumstances require an earlier review) and securing funding for benefit payments. In order to develop funding valuations and investment policies, the T<span class=\"_ _2\"></span>rustees consult with the schemes\u2019 actuary (who is independent of the Group\u2019<span class=\"_ _1\"></span>s actuary), the schemes\u2019 investment advisors (also independent of the Group\u2019<span class=\"_ _1\"></span>s investment advisors) and the Group. The Group has provided guarantees to the T<span class=\"_ _2\"></span>rustees of the RPF and to the T<span class=\"_ _2\"></span>rustees of the SPS in conjunction with triennial valuation and funding obligations. As at 31 December 2023, the aggregate maximum liability under the guarantees was \u00a3700 million for the RPF and  \u00a3120 million for the SPS. These amounts are unchanged from last year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Actuarial assumptions<span class=\"_ _30b\"> </span>The Group used the following weighted-average assumptions in determining the defined benefit obligation for the large UK schemes:<span class=\"_ _30b\"> </span><table class=\"s w4e2 h10e\" id=\"_9c1593de-eb57-4386-b487-a2ce2e863336\"><tr><td></td><td class=\"c n x97a y267a w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97b y267a w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y267b ff74 fsf fc0 sc0 ls0 ws0\">Discount rate<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y267c w4e3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-insured<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97c y267c w4e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4.50%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97d y267c w4e5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.80%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y267d w4e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Insured<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97e y267d w4e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4.50%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x97f y267d w4e7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.80%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y267e w4e8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Price inflation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x980 y267e w4e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3.13%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x981 y267e w14 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.33%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y267f w4ea hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Rate of increase in salaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n x982 y267f wdd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3.10%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x983 y267f w4eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.30%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 h4d y2680 ff74 fsf fc0 sc0 ls0 ws0\">Life expectancy from age 65 (years)<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y2681 w4ec hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-retired male member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x984 y2681 w4ed hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">23.8<span class=\"_ _30b\"> </span></div></td><td class=\"c n x985 y2681 w4ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24.3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2682 w4ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-retired female member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x986 y2682 w4f0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">25.9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x987 y2682 w3ba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">26.4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2683 w4f1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Retired male member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x988 y2683 w4f2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">22.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x989 y2683 w4f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">22.7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2684 w4f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Retired female member<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98a y2684 w4f5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">24.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98b y2684 w4f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24.7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x421 hd y2685 ff75 fs9 fc0 sc0 ls0 ws0\">Sensitivity analysis<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table>The measurement of the Large UK schemes obligations is sensitive  to changes in certain key assumptions. The sensitivity analysis below <table class=\"s w4f7 h10f\" id=\"_592aae1c-0b2d-45e7-bf1a-7e8cd276c87c\"><tr><td class=\"t m0 x3f5 h16 y2686 ff74 fs9 fc0 sc0 ls0 ws0\">shows how a reasonably possible increase in a particular assumption </td></tr><tr><td class=\"t m0 x3f5 h16 y2687 ff74 fs9 fc0 sc0 ls0 ws0\">would, in isolation, result in an increase or decrease in the present value </td></tr><tr><td class=\"t m0 x3f5 h16 y2688 ff74 fs9 fc0 sc0 ls0 ws0\">of the defined benefit obligation as at 31 December 2023.<span class=\"_ _30b\"> </span></td></tr></table>Assumption<span class=\"_ _30b\"> </span>Change in assumption<span class=\"_ _30b\"> </span>(Decrease)/increase in <table class=\"s w4f8 h110\" id=\"_16ab7234-0766-44c1-92da-416ddffba97c\"><tr><td></td><td></td><td></td><td class=\"t m0 x98c h4d y2689 ff73 fsf fc0 sc0 ls0 ws0\">scheme obligations<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 x5ad h4d y268a ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y268a ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td></td><td class=\"t m0 x5ae h4d y268b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y268b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y268c w4f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Discount rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98d y268c w4fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">+0.5%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98e y268c w4fb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(135)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x98f y268c w4fc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(138)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y268d w4e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Price inflation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x990 y268d w4fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">+0.5%<span class=\"_ _30b\"> </span></div></td><td class=\"c n x991 y268d w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">83<span class=\"_ _30b\"> </span></div></td><td class=\"c n x992 y268d w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">81<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y268e w4fd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Mortality rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n x993 y268e w4fe hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">+1 year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x994 y268e w39b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td><td class=\"c n x995 y268e w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5aa y2419 w4ff he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">The sensitivity analysis may not be representative of an actual change in the scheme </div></td><td></td><td></td></tr></table>1<span class=\"_ _30b\"> </span><table class=\"s w500 h111\" id=\"_7d5868f5-34c9-4b7d-b980-98a0a4ee4c00\"><tr><td></td><td class=\"t m0 x938 h1f y268f ff74 fs3 fc0 sc0 ls0 ws0\">obligations as it is unlikely that changes in assumptions would occur in isolation of one </td></tr><tr><td class=\"t m0 x938 h1f y2690 ff74 fs3 fc0 sc0 ls0 ws0\">another<span class=\"_ _15\"></span>. The analysis is done in a similar way to calculating the scheme obligations </td><td></td></tr></table>recognised in the balance sheet in that it uses the projected unit credit method at the end  of the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Risks for the defined benefit schemes and risk mitigation<span class=\"_ _30b\"> </span>Some key financial risks for the defined benefit schemes are: <span class=\"_ _35\"></span>\u2014 if there is a reduction in corporate bond yields. This increases  the schemes\u2019 liabilities which may not be accompanied by  a corresponding increase in the schemes\u2019 assets; <span class=\"_ _35\"></span>\u2014 if investment returns are lower than assumed. Only the RPF invests  a proportion of its assets in growth assets so a fall in the value of these assets will worsen the schemes\u2019 funding position; <span class=\"_ _35\"></span>\u2014 if inflation is higher than e<span class=\"_ _15\"></span>xpected, or average inflation expectations increase. This will increase the liabilities through higher inde<span class=\"_ _1\"></span>xing of pension payments; and <span class=\"_ _35\"></span>\u2014 if members live longer than e<span class=\"_ _15\"></span>xpected. This would increase the length of time for which pensions have to be paid.<span class=\"_ _30b\"> </span>An increase in pension liabilities could lead to an increase in the pension deficit or a reduction in any surplus. Defined benefit schemes are normally revalued by actuaries every three years. Where any material funding gap is identified by this process, the T<span class=\"_ _2\"></span>rustees will  agree a schedule of contributions with the sponsor company<span class=\"_ _15\"></span>. Such contributions would have a financial impact on the Group.<span class=\"_ _30b\"> </span>In addition, for the RPF<span class=\"_ _1\"></span>, SPS and LSEGPS, the Group is e<span class=\"_ _1\"></span>xposed to the creditworthiness of the buy-in insurance provider<span class=\"_ _15\"></span>. A failure of the buy-in insurance provider would reduce the pension assets and could lead to  a pension deficit materialising, or an increase in the pension deficit and the need for contributions from the Group.<span class=\"_ _30b\"> </span>The RPF holds a range of liquid assets that can be sold for use as collateral for the liability-matching assets if required, and the T<span class=\"_ _2\"></span>rustees consider the liquidity needs of the schemes when setting investment strategy<span class=\"_ _15\"></span>. The schemes\u2019 investment strategies have performed as expected during the mark<span class=\"_ _1\"></span>et volatility that followed the UK Government\u2019<span class=\"_ _1\"></span>s mini budget on 23 September 2022. The RPF T<span class=\"_ _2\"></span>rustee makes use of liability-driven investments, but there was no interruption to the interest rate and inflation hedges in place. The SPS and LSEGPS do not hold  any liability-driven investments as they hold bulk annuity policies.<span class=\"_ _30b\"> </span>The following table provides expected benefit payments under the Group\u2019<span class=\"_ _1\"></span>s Large UK schemes:<span class=\"_ _30b\"> </span>2023 \u00a3m<span class=\"_ _30b\"> </span>2022 \u00a3m<span class=\"_ _30b\"> </span>Less than 1 year<span class=\"_ _1a7\"> </span><span class=\"ff73\">102<span class=\"_ _111\"> </span></span>98<span class=\"_ _30b\"> </span>Between 1 and 2 years<span class=\"_ _44\"> </span><span class=\"ff73\">107<span class=\"_ _59\"> </span></span>97<span class=\"_ _30b\"> </span>Between 2 and 5 years<span class=\"_ _a\"> </span><span class=\"ff73\">341<span class=\"_ _8c\"> </span></span>324<span class=\"_ _30b\"> </span>Over 5 years<span class=\"_ _2b\"> </span><span class=\"ff73\">638<span class=\"_ _8c\"> </span></span>576<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>otal expected benefit payments<span class=\"_ _39\"> </span>1,188<span class=\"_ _9e\"> </span><span class=\"ff74\">1,095<span class=\"_ _30b\"> </span></span>The weighted average duration of the defined benefit obligations at the end of 31 December 2023 is 13 years (2022: 14 years).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-660": {
   "value": "13. T<span class=\"_ _4\"></span>rade and other receivables<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>rade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. This note includes finance lease receivables recognised where the Group acts as a lessor<span class=\"_ _15\"></span>. See note 16.2 for more information on the Group\u2019<span class=\"_ _1\"></span>s leasing activities.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>rade receivables<span class=\"ff74\"> are initially recognised at the amount of the </span>consideration that is unconditionally due to the Group. They are subsequently measured at amortised cost, less any expected credit loss (ECL). Our approach to calculating ECL provisions is described in note 17<span class=\"_ _2\"></span>. The creation and release of such provisions are recognised in operating expenses in the income statement.<span class=\"_ _30b\"> </span>Fees receivable<span class=\"ff74\"> are recognised when the Group has an </span>unconditional right to consideration in ex<span class=\"_ _15\"></span>change for goods  or services transferred, but no fee invoice has been issued. Amounts are transferred to trade receivables when an invoice has been issued.<span class=\"_ _30b\"> </span>Other receivables<span class=\"ff74\"> are initially recognised at fair value and </span>subsequently at amortised cost, less any loss allowance as described in note 17<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>When a receivable is no longer expected to be recovered, the full amount is written off<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>e will continue to seek recovery and any subsequent amounts recovered against amounts previously written off are recognised in the income statement.<span class=\"_ _30b\"> </span>See note 16.2 for the <span class=\"ff73\">net investment in leases</span> accounting  policy<span class=\"_ _15\"></span>, when the Group sub-lets property right-of-use assets  to a third-party<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Group has a tax indemnity agreement with Thomson Reuters for any tax liabilities incurred and tax receivables due before Refinitiv (previously the Thomson R<span class=\"_ _15\"></span>euters Financial &amp; Risk Business) separated from Thomson Reuters on 1 October 2018. The <span class=\"ff73\">tax indemnity receivable</span> is recognised for and measured  on the same basis as the corresponding indemnified tax liabilities. The indemnified tax liabilities are recognised within current tax payable in the balance sheet. When there is a change in  the indemnified tax liabilities, which is recognised within tax  (as non-underlying) in the income statement, there is an  offsetting change in the tax indemnity receivable. This change is recognised within operating expenses in the income statement and classified as non-underlying. (The tax indemnity payable is described in note 15.)<span class=\"_ _30b\"> </span>Contract assets<span class=\"ff74\"> are recognised when the Group has a </span>conditional right to consideration from a customer in ex<span class=\"_ _15\"></span>change  for goods or services transferred. Contract assets are transferred to trade receivables when the entitlement to payment becomes unconditional and only the passage of time is required before payment is due.<span class=\"_ _30b\"> </span><div class=\"gs165\"><table class=\"s w501 h112\" id=\"_8dc20325-e811-4cab-88dd-f12c065ab89a\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y2691 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2691 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x8f5 h4d y2692 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y2692 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2692 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2693 ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2694 w502 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Net investments in leases<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x996 y2694 w21 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">62<span class=\"_ _30b\"> </span></div></td><td class=\"c n x997 y2694 w4b9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">71<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2475 w503 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax indemnity receivable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x998 y2475 w40 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">66<span class=\"_ _30b\"> </span></div></td><td class=\"c n x999 y2475 w4c6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2695 w504 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Convertible loan notes<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x99a y2695 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1a2 y2695 w22e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2696 w47b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Deposits receivable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x99b y2696 w505 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69f y2696 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">23<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2697 wfc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other receivables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x99c y2697 w4a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">31<span class=\"_ _30b\"> </span></div></td><td class=\"c n x99d y2697 w3a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2698 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal non-current receivables </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2699 w506 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">classified as financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x99e y2699 w10d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x99f y2699 w507 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">178<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9a0 y2699 w49e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">209<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y269a ff73 fsf fc0 sc0 ls0 ws0\">Current </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y269b w508 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade receivables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9a1 y269b w18e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">941<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9a2 y269b wba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">766<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2595 w509 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Fees receivable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9a3 y2595 w2f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">244<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9a4 y2595 w2e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y269c ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss on trade </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y269d w50a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">receivables and fees receivable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9a5 y269d w50b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9a6 y269d w50c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y269e w50d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Net trade receivables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9a7 y269e w50e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,172<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9a8 y269e w50f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,020<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2483 w502 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Net investments in leases<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9a9 y2483 w297 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9aa y2483 w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y269f w47b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Deposits receivable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ab y269f w510 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ac y269f wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25a0 w511 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other receivables</div><div class=\"t m0 x9ad h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ae y25a0 w340 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">602<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9af y25a0 w27e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">95<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26a1 ff74 fsf fc0 sc0 ls0 ws0\">Current trade and other receivables </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2487 w512 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">classified as financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b0 y2487 w10d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b1 y2487 w50e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,817<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b2 y2487 w271 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,147<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259d w513 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Prepayments<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x60e y259d w514 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">230<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b3 y259d w515 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">214<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2501 w516 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Contract assets<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9b4 y2501 w517 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4dc y2501 w3ef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w518 hdf\"><div class=\"t m0 x173 h4d y24fb ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current trade and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">other receivables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9b5 y2431 w10a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,051<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b6 y2431 w519 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,364<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w51a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal receivables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9b7 y2419 w51b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,229<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b8 y2419 w51c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,573<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5a3\">1 <span class=\"_ _32\"> </span>Other receivables include \u00a3299 million (2022: \u00a310 million) from matched principal trades </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5a4\">within the Group's T<span class=\"_ _2\"></span>radeweb business that had passed their settlement date. An equivalent </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5a5\">amount of \u00a3276 million (2022: \u00a39 million) is shown within other payables in note 15. All trades </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5a6\">were settled within a short period after the balance sheet date. Other receivables also </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5a7\">includes \u00a3147 million (2022: \u00a39 million) as margin receivable on reverse repurchase contracts </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5a8\">within the Group\u2019s P<span class=\"_ _1\"></span>ost T<span class=\"_ _15\"></span>rade business.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs5a9\">Provision for e<span class=\"_ _1\"></span>xpected credit losses<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5aa\">Movements in the Group'<span class=\"_ _1\"></span>s provision for expected credit losses on trade </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5ab\">receivables and fees receivable are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs5ac\"><table class=\"s w51d h103\" id=\"_91a990f5-20f9-4a17-9c54-2ff6560d092e\"><tr><td></td><td class=\"t m0 x4a9 h4d y26a2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y26a2 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x4ac h4d y26a3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y26a3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y250e w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b9 y250e w297 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4dc y250e wa6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w51e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">New provisions for expected credit losses<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ba y2416 w4b8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x753 y2416 w51f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w520 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amounts written off as uncollectible<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bb y2431 w27a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a5 y2431 w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bc y2510 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bd y2510 w325 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9be y2419 w521 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bf y2419 w51f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs5ae\">Net investments in leases: Group as lessor<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5af\">The Group sub-lets a number of its properties where there is surplus </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5b0\">space or the office is no longer used by the business. The Group has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5b1\">both finance and operating sub-leases. Net investments in leases are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5b2\">shown within trade and other receivables above.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5b3\">The future minimum rentals receivable<span class=\"_ _30b\"> </span></div><div class=\"t m0 h18 ff74 fsa fc0 sc0 ls0 ws0 gs5b4\">1</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5b5\"> as at 31 December are  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs5b6\">as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs5b7\"><table class=\"s w2ef hfe\" id=\"_67a3da10-5642-4202-8b86-acf8f0d2f07f\"><tr><td></td><td class=\"t m0 x5ad h4d y26a4 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y26a4 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5ae h4d y26a5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y26a5 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y250e w522 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Less than 1 year<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c0 y250e w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c1 y250e w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w523 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Between 1 and 2 years<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c2 y250f w524 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c3 y250f w1a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w525 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Between 2 and 5 years<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c4 y2431 w1ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c5 y2431 w526 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w527 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Over 5 years<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c6 y2510 w528 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c7 y2510 w1b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w529 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c8 y2419 w483 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">80<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9c9 y2419 we7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">91<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5b8\">1 <span class=\"_ _32\"> </span>The future minimum rentals receivable above reflect the gross rental receivable and are not </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5b9\">discounted. The net investments in leases disclosed within trade and other receivables are </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5ba\">discounted to reflect the net present value to the Group at the year end.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-619": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>rade receivables<span class=\"ff74\"> are initially recognised at the amount of the </span>consideration that is unconditionally due to the Group. They are subsequently measured at amortised cost, less any expected credit loss (ECL). Our approach to calculating ECL provisions is described in note 17<span class=\"_ _2\"></span>. The creation and release of such provisions are recognised in operating expenses in the income statement.<span class=\"_ _30b\"> </span>Fees receivable<span class=\"ff74\"> are recognised when the Group has an </span>unconditional right to consideration in ex<span class=\"_ _15\"></span>change for goods  or services transferred, but no fee invoice has been issued. Amounts are transferred to trade receivables when an invoice has been issued.<span class=\"_ _30b\"> </span>Other receivables<span class=\"ff74\"> are initially recognised at fair value and </span>subsequently at amortised cost, less any loss allowance as described in note 17<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>When a receivable is no longer expected to be recovered, the full amount is written off<span class=\"_ _1\"></span>. W<span class=\"_ _1\"></span>e will continue to seek recovery and any subsequent amounts recovered against amounts previously written off are recognised in the income statement.<span class=\"_ _30b\"> </span>See note 16.2 for the <span class=\"ff73\">net investment in leases</span> accounting  policy<span class=\"_ _15\"></span>, when the Group sub-lets property right-of-use assets  to a third-party<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Group has a tax indemnity agreement with Thomson Reuters for any tax liabilities incurred and tax receivables due before Refinitiv (previously the Thomson R<span class=\"_ _15\"></span>euters Financial &amp; Risk Business) separated from Thomson Reuters on 1 October 2018. The <span class=\"ff73\">tax indemnity receivable</span> is recognised for and measured  on the same basis as the corresponding indemnified tax liabilities. The indemnified tax liabilities are recognised within current tax payable in the balance sheet. When there is a change in  the indemnified tax liabilities, which is recognised within tax  (as non-underlying) in the income statement, there is an  offsetting change in the tax indemnity receivable. This change is recognised within operating expenses in the income statement and classified as non-underlying. (The tax indemnity payable is described in note 15.)<span class=\"_ _30b\"> </span>Contract assets<span class=\"ff74\"> are recognised when the Group has a </span>conditional right to consideration from a customer in ex<span class=\"_ _15\"></span>change  for goods or services transferred. Contract assets are transferred to trade receivables when the entitlement to payment becomes unconditional and only the passage of time is required before payment is due.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-683": {
   "value": "Provision for e<span class=\"_ _1\"></span>xpected credit losses<span class=\"_ _30b\"> </span>Movements in the Group'<span class=\"_ _1\"></span>s provision for expected credit losses on trade receivables and fees receivable are as follows:<span class=\"_ _30b\"> </span><table class=\"s w51d h103\" id=\"_91a990f5-20f9-4a17-9c54-2ff6560d092e\"><tr><td></td><td class=\"t m0 x4a9 h4d y26a2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y26a2 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x4ac h4d y26a3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y26a3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y250e w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9b9 y250e w297 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4dc y250e wa6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w51e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">New provisions for expected credit losses<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ba y2416 w4b8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n x753 y2416 w51f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w520 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amounts written off as uncollectible<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bb y2431 w27a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5a5 y2431 w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bc y2510 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bd y2510 w325 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9be y2419 w521 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9bf y2419 w51f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-661": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs5bc\">14. Cash and cash equivalents<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5bd\">Cash and cash equivalents comprise cash at bank, short-term deposits, </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5be\">money market funds and other instruments and structures that are </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5bf\">readily convertible to known amounts of cash and are subject to </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5c0\">insignificant risk of changes in value.<span class=\"_ _30b\"> </span></div><div class=\"gs5c1\"><table class=\"s w2ef h100\" id=\"_fdc7a489-d457-41f2-8a5f-588a5c32f63b\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y26a6 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y26a6 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x92f h4d y26a7 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y26a7 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y26a7 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y24c6 w52a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash at bank<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ca y24c6 w3cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">755<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9cb y24c6 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">922<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c8 w52b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash equivalents<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9cc y24c8 w115 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,825<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9cd y24c8 w5c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,287<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26a8 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal cash and cash equivalents </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y26a9 ff73 fsf fc0 sc0 ls0 ws0\">classified as financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n x9ce y2419 w10d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9cf y2419 w115 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,580<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d0 y2419 w116 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,209<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs5c2\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5c3\">1 <span class=\"_ _32\"> </span>At 31 December 2023, cash and cash equivalents include \u00a31,329 million (2022: \u00a31,219 million) </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5c4\">of amounts held by regulated entities for regulatory and operational purposes. Cash held by </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5c5\">subsidiaries which operate in countries where ex<span class=\"_ _1\"></span>change controls or other legal restrictions </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5c6\">apply<span class=\"_ _1\"></span>, and which is therefore not available for general use by the Group, has been fully </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5c7\">provided against. Cash and cash equivalents do not include amounts held by the CCPs  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5c8\">on behalf of their clearing members.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-684": {
   "value": "15. T<span class=\"_ _4\"></span>rade and other payables<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>rade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued. They also include social security and other amounts due in relation to the Group\u2019<span class=\"_ _1\"></span>s role as  an employer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>rade payables<span class=\"ff74\"> are initially recognised at fair value, which is </span>usually the amount invoiced. They are subsequently measured  at amortised cost.<span class=\"_ _30b\"> </span>Accrued e<span class=\"_ _1\"></span>xpenses<span class=\"ff74\"> are recognised for goods and services </span>received before the end of the year for which no invoice has been received. They are measured at amortised cost. Contingent consideration<span class=\"ff74\">, resulting from business combinations </span>sometimes arises when additional consideration to the sellers will need to be paid if certain performance targets for the business are achieved. Contingent consideration is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability<span class=\"_ _15\"></span>, it is subsequently remeasured to fair value through the income statement at each reporting date. The fair value gain  or loss is classified as a non-underlying transaction cost in the income statement (see note 2.3). The fair value is calculated based on discounted cash flows. The key assumptions in calculating the fair value include the probability of meeting  each performance target and the discount factor<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>rade and other payables include the <span class=\"ff73\">T<span class=\"_ _1\"></span>radeweb tax receivable </span>agreement liability<span class=\"ff74\">. In connection with T<span class=\"_ _2\"></span>radeweb's initial public </span>offering (IPO), T<span class=\"_ _2\"></span>radeweb entered into a tax receivable agreement with the owners of T<span class=\"_ _2\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C (the \u201cLLC Owners<span class=\"_ _1\"></span>\u201d) immediately prior to T<span class=\"_ _2\"></span>radeweb\u2019s IPO<span class=\"_ _1\"></span>. Under the agreement, T<span class=\"_ _2\"></span>radeweb is required to make cash payments to the LL<span class=\"_ _1\"></span>C Owners equal to 50% of the amount of any tax savings that T<span class=\"_ _2\"></span>radeweb realises as a result of certain future tax benefits to which it is entitled. The T<span class=\"_ _2\"></span>radeweb tax receivable agreement liability is measured at amortised cost.<span class=\"_ _30b\"> </span>As described in note 13, the Group has a tax indemnity agreement with Thomson Reuters. The Group has a <span class=\"ff73\">tax indemnity payable</span> to Thomson Reuters against a matching tax receivable which is recognised within current tax receivable in the balance sheet. The tax indemnity payable is measured on the same basis as  the indemnified tax receivable. When there is a change in the indemnified tax receivable, which is recognised within tax  (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity payable. This change is recognised within operating expenses in the income statement and classified as non-underlying.<span class=\"_ _30b\"> </span><table class=\"s w2ef h114\" id=\"_b219c443-6fb3-4dd2-8c93-52a1b8c5b574\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y26aa ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x9d1 h4d y26aa ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x9d2 h4d y26ab ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y26ab ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y26ab ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y26ac ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2696 w52c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Contingent consideration payable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ba y2696 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d3 y2696 w1af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26ad ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb tax receivable  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2478 w52d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">agreement liability<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x754 y2478 w52e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">312<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d4 y2478 wba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">323<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y247a w52f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax indemnity payable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x67e y247a w530 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">242<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d5 y247a w19c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">264<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26ae w134 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9d6 y26ae w388 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d7 y26ae w3a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26af ff73 fsf fc0 sc0 ls0 ws0\">Non-current payables  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y247e w531 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">classified as financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d8 y247e w129 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d9 y247e w532 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">580<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9da y247e w136 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">649<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y247f w533 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Deferred compensation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9db y247f w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9dc y247f w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2480 w534 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal non-current payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9dd y2480 w135 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">601<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9de y2480 w136 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">649<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26b0 ff73 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2539 w535 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9df y2539 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">258<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e0 y2539 w48c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">413<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2484 w536 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share buyback obligation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9e1 y2484 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e2 y2484 w537 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">200<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a0 w538 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Accrued expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9e3 y25a0 w13e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,024<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e4 y25a0 w2a0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,049<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26b1 ff74 fsf fc0 sc0 ls0 ws0\">Other payables<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x9e5 y25a2 w539 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e6 y25a2 w3e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">266<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2489 w53a hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Current payables classified as<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e7 y2489 w129 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e8 y2489 w4f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,741<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e9 y2489 w20c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,928<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2501 w53b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Social security and other tax<span class=\"_ _1\"></span>es<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ea y2501 w1a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">155<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9eb y2501 w490 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">76<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w518 he4\"><div class=\"t m0 x173 h4d y2524 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current trade and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">other payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ec y2431 w11d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ed y2431 w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w53c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ee y2419 w53d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,497<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ef y2419 w30e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,653<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of  \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively (see note 16) to better reflect the nature of the liability<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Other payables include \u00a3276 million (2022: \u00a39 million) from matched principal trades within the Group's T<span class=\"_ _2\"></span>radeweb business that had passed their settlement date. An equivalent amount of \u00a3299 million (2022: \u00a310 million) is shown within other receivables in note 13. All trades were settled within a short period after the balance sheet date. Other payables also includes nil (2022: \u00a3127 million) as margin payable on reverse repurchase contracts within the Group\u2019s Post T<span class=\"_ _15\"></span>rade business<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-662": {
   "value": "15. T<span class=\"_ _4\"></span>rade and other payables<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>rade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued. They also include social security and other amounts due in relation to the Group\u2019<span class=\"_ _1\"></span>s role as  an employer<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>rade payables<span class=\"ff74\"> are initially recognised at fair value, which is </span>usually the amount invoiced. They are subsequently measured  at amortised cost.<span class=\"_ _30b\"> </span>Accrued e<span class=\"_ _1\"></span>xpenses<span class=\"ff74\"> are recognised for goods and services </span>received before the end of the year for which no invoice has been received. They are measured at amortised cost. Contingent consideration<span class=\"ff74\">, resulting from business combinations </span>sometimes arises when additional consideration to the sellers will need to be paid if certain performance targets for the business are achieved. Contingent consideration is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability<span class=\"_ _15\"></span>, it is subsequently remeasured to fair value through the income statement at each reporting date. The fair value gain  or loss is classified as a non-underlying transaction cost in the income statement (see note 2.3). The fair value is calculated based on discounted cash flows. The key assumptions in calculating the fair value include the probability of meeting  each performance target and the discount factor<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>rade and other payables include the <span class=\"ff73\">T<span class=\"_ _1\"></span>radeweb tax receivable </span>agreement liability<span class=\"ff74\">. In connection with T<span class=\"_ _2\"></span>radeweb's initial public </span>offering (IPO), T<span class=\"_ _2\"></span>radeweb entered into a tax receivable agreement with the owners of T<span class=\"_ _2\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C (the \u201cLLC Owners<span class=\"_ _1\"></span>\u201d) immediately prior to T<span class=\"_ _2\"></span>radeweb\u2019s IPO<span class=\"_ _1\"></span>. Under the agreement, T<span class=\"_ _2\"></span>radeweb is required to make cash payments to the LL<span class=\"_ _1\"></span>C Owners equal to 50% of the amount of any tax savings that T<span class=\"_ _2\"></span>radeweb realises as a result of certain future tax benefits to which it is entitled. The T<span class=\"_ _2\"></span>radeweb tax receivable agreement liability is measured at amortised cost.<span class=\"_ _30b\"> </span>As described in note 13, the Group has a tax indemnity agreement with Thomson Reuters. The Group has a <span class=\"ff73\">tax indemnity payable</span> to Thomson Reuters against a matching tax receivable which is recognised within current tax receivable in the balance sheet. The tax indemnity payable is measured on the same basis as  the indemnified tax receivable. When there is a change in the indemnified tax receivable, which is recognised within tax  (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity payable. This change is recognised within operating expenses in the income statement and classified as non-underlying.<span class=\"_ _30b\"> </span><table class=\"s w2ef h114\" id=\"_b219c443-6fb3-4dd2-8c93-52a1b8c5b574\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y26aa ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x9d1 h4d y26aa ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x9d2 h4d y26ab ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y26ab ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y26ab ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x3f5 h4d y26ac ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2696 w52c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Contingent consideration payable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ba y2696 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d3 y2696 w1af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26ad ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb tax receivable  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2478 w52d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">agreement liability<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x754 y2478 w52e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">312<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d4 y2478 wba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">323<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y247a w52f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>ax indemnity payable<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x67e y247a w530 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">242<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d5 y247a w19c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">264<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26ae w134 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9d6 y26ae w388 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d7 y26ae w3a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">24<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26af ff73 fsf fc0 sc0 ls0 ws0\">Non-current payables  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y247e w531 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">classified as financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d8 y247e w129 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d9 y247e w532 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">580<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9da y247e w136 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">649<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y247f w533 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Deferred compensation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9db y247f w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9dc y247f w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2480 w534 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal non-current payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9dd y2480 w135 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">601<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9de y2480 w136 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">649<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26b0 ff73 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2539 w535 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9df y2539 w2a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">258<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e0 y2539 w48c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">413<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2484 w536 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Share buyback obligation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9e1 y2484 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e2 y2484 w537 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">200<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a0 w538 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Accrued expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9e3 y25a0 w13e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,024<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e4 y25a0 w2a0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,049<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y26b1 ff74 fsf fc0 sc0 ls0 ws0\">Other payables<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x9e5 y25a2 w539 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">459<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e6 y25a2 w3e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">266<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2489 w53a hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Current payables classified as<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e7 y2489 w129 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e8 y2489 w4f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,741<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9e9 y2489 w20c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,928<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2501 w53b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Social security and other tax<span class=\"_ _1\"></span>es<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ea y2501 w1a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">155<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9eb y2501 w490 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">76<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w518 he4\"><div class=\"t m0 x173 h4d y2524 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current trade and<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">other payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ec y2431 w11d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ed y2431 w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w53c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal payables<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9ee y2419 w53d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,497<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ef y2419 w30e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,653<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of  \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively (see note 16) to better reflect the nature of the liability<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Other payables include \u00a3276 million (2022: \u00a39 million) from matched principal trades within the Group's T<span class=\"_ _2\"></span>radeweb business that had passed their settlement date. An equivalent amount of \u00a3299 million (2022: \u00a310 million) is shown within other receivables in note 13. All trades were settled within a short period after the balance sheet date. Other payables also includes nil (2022: \u00a3127 million) as margin payable on reverse repurchase contracts within the Group\u2019s Post T<span class=\"_ _15\"></span>rade business<span class=\"_ _30b\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-620": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>rade payables<span class=\"ff74\"> are initially recognised at fair value, which is </span>usually the amount invoiced. They are subsequently measured  at amortised cost.<span class=\"_ _30b\"> </span>Accrued e<span class=\"_ _1\"></span>xpenses<span class=\"ff74\"> are recognised for goods and services </span>received before the end of the year for which no invoice has been received. They are measured at amortised cost. Contingent consideration<span class=\"ff74\">, resulting from business combinations </span>sometimes arises when additional consideration to the sellers will need to be paid if certain performance targets for the business are achieved. Contingent consideration is valued at fair value at the acquisition date as part of the business combination. When the contingent consideration meets the definition of a financial liability<span class=\"_ _15\"></span>, it is subsequently remeasured to fair value through the income statement at each reporting date. The fair value gain  or loss is classified as a non-underlying transaction cost in the income statement (see note 2.3). The fair value is calculated based on discounted cash flows. The key assumptions in calculating the fair value include the probability of meeting  each performance target and the discount factor<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>rade and other payables include the <span class=\"ff73\">T<span class=\"_ _1\"></span>radeweb tax receivable </span>agreement liability<span class=\"ff74\">. In connection with T<span class=\"_ _2\"></span>radeweb's initial public </span>offering (IPO), T<span class=\"_ _2\"></span>radeweb entered into a tax receivable agreement with the owners of T<span class=\"_ _2\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C (the \u201cLLC Owners<span class=\"_ _1\"></span>\u201d) immediately prior to T<span class=\"_ _2\"></span>radeweb\u2019s IPO<span class=\"_ _1\"></span>. Under the agreement, T<span class=\"_ _2\"></span>radeweb is required to make cash payments to the LL<span class=\"_ _1\"></span>C Owners equal to 50% of the amount of any tax savings that T<span class=\"_ _2\"></span>radeweb realises as a result of certain future tax benefits to which it is entitled. The T<span class=\"_ _2\"></span>radeweb tax receivable agreement liability is measured at amortised cost.<span class=\"_ _30b\"> </span>As described in note 13, the Group has a tax indemnity agreement with Thomson Reuters. The Group has a <span class=\"ff73\">tax indemnity payable</span> to Thomson Reuters against a matching tax receivable which is recognised within current tax receivable in the balance sheet. The tax indemnity payable is measured on the same basis as  the indemnified tax receivable. When there is a change in the indemnified tax receivable, which is recognised within tax  (as non-underlying) in the income statement, there is an offsetting change in the tax indemnity payable. This change is recognised within operating expenses in the income statement and classified as non-underlying.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-663": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs5f4\">16. Borrowings, lease liabilities and net debt<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5f5\">The Group\u2019<span class=\"_ _1\"></span>s sources of borrowing for funding and liquidity purposes </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5f6\">include a range of committed bank facilities and long-term and </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5f7\">short-term issuances in the capital markets including commercial paper </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5f8\">and bonds. Liabilities arising from the Group\u2019<span class=\"_ _1\"></span>s lease arrangements  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5f9\">are also reported in borrowings. Net debt comprises cash and cash </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5fa\">equivalents less lease liabilities and borrowings, adjusted for derivative </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs5fb\">financial instruments.<span class=\"_ _30b\"> </span></div><div class=\"gs5fc\"><table class=\"s w53e h115\" id=\"_5e09b0a7-7cc6-436c-9303-682630c8891f\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y26b2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x596 h4d y26b2 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8f5 h4d y26b3 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y26b3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y26b3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26b4 ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _132\"> </span> <span class=\"_ _ab\"> </span><span class=\"ff74\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y26b5 ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings \u2013  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y26b6 ff74 fsf fc0 sc0 ls0 ws0\">committed bank facilities<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x9f0 y2544 w242 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f1 y2544 w2e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2545 w53f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f2 y2545 w1bf hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,022<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f3 y2545 w540 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">6,860<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b7 w541 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade finance loans<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x625 y26b7 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f4 y26b7 w389 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b8 w542 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f5 y26b8 w34d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">518<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a3 y26b8 wba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">533<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b9 w543 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal non-current borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f6 y26b9 w132 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,533<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f7 y26b9 w544 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7,389<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26ba ff73 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _28e\"> </span><span class=\"ff74\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2509 w545 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9c4 y2509 w485 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f8 y2509 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,295<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250a w546 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Commercial paper<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f9 y250a w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y250a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250b w53f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fa y250b w547 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">825<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9fb y250b w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250c w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fc y250c w548 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">118<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9fd y250c w549 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">139<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250d w54a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fe y250d w433 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ff y250d w54b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,434<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259d w54c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa00 y259d w54d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa01 y259d w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26bb ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings ex<span class=\"_ _1\"></span>cluding  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w54e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa02 y2431 w54f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa03 y2431 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa04 y2431 w550 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,151<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa05 y2510 w551 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d9 y2510 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa06 y2510 w552 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w54c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa07 y2419 w54d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa08 y2419 w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs5fd\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs5fe\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs5ff\">1 <span class=\"_ _32\"> </span>For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs600\">\u00a3533 million had been presented as trade and other payables. These have been reclassified </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs601\">to current borrowings and non-current borrowings respectively to better reflect the nature  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs602\">of the liability<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs603\">2 <span class=\"_ _33\"> </span>Balances are shown net of capitalised arrangement fees. Where there are no amounts </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs604\">borrowed on a particular facility<span class=\"_ _1\"></span>, this gives rise to a negative balance. </div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs648\">16.2 Lease liabilities and net investments in leases<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs649\">The Group leases assets from other parties (the Group is a lessee)  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs64a\">and also leases assets to other parties (the Group is a lessor). This note </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs64b\">describes how the Group accounts for leases and provides details </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs64c\">about its lease arrangements.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs64d\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs64e\">Group as lessee<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs64f\">When the Group leases an asset, at the lease commencement </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs650\">date a right-of-use asset is recognised for the leased item  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs651\">(see note 10) and a lease liability is recognised for any lease </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs652\">payments to be paid over the lease term.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs653\">Lease liabilities<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs654\">Lease liabilities are recognised at the net present value of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs655\">remaining future payments to be made over the lease term.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs656\">The net present value is determined using a discount rate </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs657\">equivalent to the incremental borrowing rate of the leasing  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs658\">entity unless there is a rate implicit within the lease agreement. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs659\">Subsequently<span class=\"_ _15\"></span>, the value of the discount is recognised over the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs65a\">life of the lease on a reducing balance basis as lease interest in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs65b\">finance cost.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs65c\">The Group leases many properties around the world and lease </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs65d\">terms vary from monthly up to 15 years. Many of these leases </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs65e\">contain option clauses to extend the lease or break clauses to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs65f\">terminate the lease. The lease term recognised is the non-<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs660\">cancellable period of the lease plus any periods for which the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs661\">Group is reasonably certain of ex<span class=\"_ _15\"></span>ercising any extension options. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs662\">The Group values its right-of-use assets and lease liabilities </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs663\">based on its intentions at the balance sheet date. Any change in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs664\">these intentions is accounted for as a lease modification and the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs665\">assets and liabilities are amended accordingly<span class=\"_ _15\"></span>. Any resulting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs666\">effect on the net assets of the Group would not be significant.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs667\">V<span class=\"_ _15\"></span>ariable lease payments based on an index are estimated at the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs668\">commencement date and revalued on an annual basis.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs669\">Lease payments due within 12 months are classified as current </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs66a\">liabilities. Payments due after 12 months are classified as </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs66b\">non-current liabilities.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs66c\">Short-term leases and leases of low value assets<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs66d\">Rental costs for leased assets that are for less than 12 months  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs66e\">or are for assets with an individual value of less than \u00a35,000 are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs66f\">recognised directly in the income statement on a straight-line </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs670\">basis over the life of the lease.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs671\">Group as lessor<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs672\">Finance leases<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs673\">Where the Group sub-lets a property right-of-use asset for </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs674\">substantially all the useful life of that asset, this is recognised  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs675\">as a finance lease. On commencement of a finance sub-lease,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs676\">the property right-of-use asset is treated as disposed of and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs677\">a net investment in lease, equivalent to the net present value  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs678\">of the future rent receipts is recognised as a receivable on  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs679\">the balance sheet (see note 13). The value of the discount is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs67a\">recognised over the life of the sub-lease on a reducing balance </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs67b\">basis as interest income in finance income.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs67d\">Where the value of the receipts from the sub-lease is lower than </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs67e\">the amount payable on the head-lease, we recognise a loss  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs67f\">on disposal of the right-of-use asset in the income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs680\">Operating leases<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs681\">A right-of-use asset that is sub-let for less than its expected useful </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs682\">life is recognised as an operating lease and rental income is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs683\">recognised as received in other income. W<span class=\"_ _1\"></span>e continue to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs684\">recognise the property right-of-use asset on the consolidated </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs685\">balance sheet.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs686\">Movements in lease liabilities were as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs687\"><table class=\"s w5a0 h117\" id=\"_2dafeda3-60f2-4ec1-b57b-0f96f037391e\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y26cb ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y26cb ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x9d2 h4d y26cc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y26cc ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y26cc ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y26cd w2f5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5b6 y26cd w14d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa98 y26cd w4aa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">715<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y26b9 w5a1 hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities assumed on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">acquisition of subsidiaries<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa99 y26b9 w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa9a y26b9 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x660 y26b9 wd1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y240d w5a2 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities derecognised on<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">disposal of business<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9e1 y240d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa9b y240d w48f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w5a3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Leases terminated early<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa9c y2548 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa9d y2548 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2549 w5a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">New lease contracts<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa9e y2549 w40 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">66<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa9f y2549 w5a5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">80<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w5a6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease modifications<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xaa0 y242c w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td><td class=\"c n x641 y242c w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w5a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease interest e<span class=\"_ _1\"></span>xpense<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaa1 y254a w5a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaa2 y254a w1ae hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaa3 y254a wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w5a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease payments \u2013 principal<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xaa4 y2412 w1e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(156)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaa5 y2412 w69 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(150)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w5aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease payments \u2013 interest<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xaa6 y242e w3c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaa7 y242e wcf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5be y242f w2fe hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaa8 y242f w24 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xaa9 y250e w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaaa y250e w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5ab hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Current lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xaab y2431 w548 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">118<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaac y2431 w549 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">139<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w5ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-current lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xaad y2510 w2ae hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">518<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d4 y2510 wba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">533<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w5ad hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x5a8 y2419 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaae y2419 w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs688\">The maturity of the Group\u2019<span class=\"_ _1\"></span>s lease commitments is disclosed within  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs689\">the risk management note (see note 17<span class=\"_ _2\"></span>.5). The potential future lease </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs68a\">payments, should the Group ex<span class=\"_ _15\"></span>ercise extension and termination options, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs68b\">would result in an increase in right-of-use assets and lease liabilities  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs68c\">of up to \u00a3245 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs68d\">The weighted average discount rate used by the Group for lease </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs68e\">liabilities was 2.9% (2022: 2.3%).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs68f\">A limited number of the Group\u2019<span class=\"_ _1\"></span>s leases are subject to variable lease </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs690\">payments linked to publicly available inde<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>es. Adjustments to the value </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs691\">of the lease liabilities and associated assets are made annually<span class=\"_ _15\"></span>, but do </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs692\">not have a material impact on the Group\u2019<span class=\"_ _1\"></span>s net assets. </div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs694\">16.4 Liabilities from financing activities<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs695\">Movement in the Group'<span class=\"_ _1\"></span>s financial liabilities arising from financing activities:<span class=\"_ _30b\"> </span></div><div class=\"gs696\"><table class=\"s w5c0 h119\" id=\"_8124f99c-2fdf-4bca-87a2-447f5d9ba023\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xaaf h4d y26d2 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xad2 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Bank </td><td></td><td class=\"t m0 x75e h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Commercial </td><td class=\"t m0 x2f7 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">finance </td><td class=\"t m0 xad3 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Lease </td><td class=\"t m0 x2f2 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 xad4 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">borrowings </td><td class=\"t m0 x473 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">Bonds </td><td class=\"t m0 xad5 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">paper </td><td class=\"t m0 xad6 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">loans </td><td class=\"t m0 x2f8 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">liabilities </td><td class=\"t m0 xad7 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">borrowings </td></tr><tr><td></td><td class=\"t m0 x2fc h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242c w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xad8 y242c w5c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,347<span class=\"_ _30b\"> </span></div></td><td class=\"c n xad9 y242c w5c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,306<span class=\"_ _30b\"> </span></div></td><td class=\"c n xada y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadb y242c wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81b y242c w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">715<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadc y242c w5c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,369<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w5c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash flows from financing activities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadd y261c w5c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(209)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xade y261c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadf y261c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae0 y261c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae1 y261c w69 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(150)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae2 y261c wbe hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(359)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d6 ff74 fsf fc0 sc0 ls0 ws0\">Other movements<span class=\"_ _30b\"> </span></td><td class=\"c n x459 y2412 w32 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae3 y2412 wd8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae4 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae5 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae6 y2412 w5c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">73<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae7 y2412 w67 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2413 w5c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae8 y2413 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">148<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae9 y2413 w19c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">549<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaea y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1ba y2413 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaeb y2413 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaec y2413 w2d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">731<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaed y242f w427 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,290<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaee y242f w540 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,860<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf0 y242f wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf1 y242f w5c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf2 y242f w5c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w5c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash flows from financing activities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf3 y2415 w5ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,244)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf4 y2415 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf5 y2415 w5cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf6 y2415 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf7 y2415 w5cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(156)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf8 y2415 w14d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">972<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d7 ff74 fsf fc0 sc0 ls0 ws0\">Arrangement fees paid<span class=\"_ _30b\"> </span></td><td class=\"c n x4f7 y2416 w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf9 y2416 w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafa y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafb y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafc y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafd y2416 w363 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d8 ff74 fsf fc0 sc0 ls0 ws0\">Other movements<span class=\"_ _30b\"> </span></td><td class=\"c n x50b y2431 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafe y2431 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">51<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaff y2431 w3c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb00 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb01 y2431 w1c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">139<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb02 y2431 w2ac hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">227<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w5c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb03 y2418 w38d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb04 y2418 wdf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(265)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x793 y2418 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb05 y2418 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb06 y2418 w5cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb07 y2418 w5ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(313)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb08 y2419 w297 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb09 y2419 w588 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,847<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0a y2419 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1cc y2419 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0b y2419 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0c y2419 w5cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs697\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs698\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs699\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs69a\">1 <span class=\"_ _32\"> </span>Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs69b\">2 <span class=\"_ _33\"> </span>Other movements comprise non-cash movements relating to amortisation of commercial paper interest of \u00a334 million (2022: nil), amortisation of arrangement fees of \u00a39 million (2022: \u00a39 million), </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs69c\">bond fair value adjustment of \u00a345 million (2022: nil) and movements in lease liabilities (see note 16.2).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-698": {
   "value": "16. Borrowings, lease liabilities and net debt<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s sources of borrowing for funding and liquidity purposes include a range of committed bank facilities and long-term and short-term issuances in the capital markets including commercial paper and bonds. Liabilities arising from the Group\u2019<span class=\"_ _1\"></span>s lease arrangements  are also reported in borrowings. Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.<span class=\"_ _30b\"> </span><table class=\"s w53e h115\" id=\"_5e09b0a7-7cc6-436c-9303-682630c8891f\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y26b2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x596 h4d y26b2 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8f5 h4d y26b3 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y26b3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y26b3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26b4 ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _132\"> </span> <span class=\"_ _ab\"> </span><span class=\"ff74\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y26b5 ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings \u2013  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y26b6 ff74 fsf fc0 sc0 ls0 ws0\">committed bank facilities<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x9f0 y2544 w242 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f1 y2544 w2e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2545 w53f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f2 y2545 w1bf hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,022<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f3 y2545 w540 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">6,860<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b7 w541 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade finance loans<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x625 y26b7 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f4 y26b7 w389 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b8 w542 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f5 y26b8 w34d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">518<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a3 y26b8 wba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">533<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b9 w543 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal non-current borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f6 y26b9 w132 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,533<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f7 y26b9 w544 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7,389<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26ba ff73 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _28e\"> </span><span class=\"ff74\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2509 w545 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9c4 y2509 w485 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f8 y2509 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,295<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250a w546 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Commercial paper<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f9 y250a w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y250a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250b w53f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fa y250b w547 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">825<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9fb y250b w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250c w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fc y250c w548 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">118<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9fd y250c w549 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">139<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250d w54a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fe y250d w433 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ff y250d w54b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,434<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259d w54c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa00 y259d w54d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa01 y259d w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26bb ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings ex<span class=\"_ _1\"></span>cluding  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w54e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa02 y2431 w54f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa03 y2431 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa04 y2431 w550 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,151<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa05 y2510 w551 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d9 y2510 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa06 y2510 w552 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w54c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa07 y2419 w54d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa08 y2419 w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of  \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively to better reflect the nature  of the liability<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Balances are shown net of capitalised arrangement fees. Where there are no amounts borrowed on a particular facility<span class=\"_ _1\"></span>, this gives rise to a negative balance. 16.3 Net debt<span class=\"_ _30b\"> </span>Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.<span class=\"_ _30b\"> </span><table class=\"s w5ae h118\" id=\"_24322955-a11d-417a-9fcd-499365beaaa6\"><tr><td></td><td></td><td class=\"t m0 x284 h4d y26ce ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y26ce ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xaaf h4d y26cf ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y26cf ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y26cf ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26d0 ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2409 w545 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab0 y2409 w54f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x444 y2409 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">8<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab1 y2409 w19f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2428 w53f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab0 y2428 w54f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.1</div></td><td class=\"c n xab2 y2428 w158 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(7,022)</div></td><td class=\"c n x70d y2428 w5af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(6,860)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2429 w541 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade finance loans<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab3 y2429 w54f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab4 y2429 w187 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab5 y2429 w25c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w542 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab6 y242a w360 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab7 y242a w5b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(518)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab8 y242a w4e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(533)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w5b1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab9 y240d w10d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaba y240d wfb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">94<span class=\"_ _30b\"> </span></div></td><td class=\"c n xabb y240d w46 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w5b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xabc y2548 w126 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xabd y2548 w193 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xabe y2548 wc0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(87)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal due after one year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xabf y240f w73 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(7,461)</div></td><td class=\"c n xac0 y240f w5b4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(7,464)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d1 ff73 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y254a w114 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1c7 y254a w63 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14</div></td><td class=\"c n xac1 y254a w115 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,580</div></td><td class=\"c n xac2 y254a w5b5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,209<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w545 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab0 y2412 w54f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xac3 y2412 w3c4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(17)</div></td><td class=\"c n xac4 y2412 w5b6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1,295)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w546 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Commercial paper<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab0 y242e w54f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.1</div></td><td class=\"c n xac5 y242e w5b7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,206)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xac6 y242e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w53f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab0 y242f w54f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">16.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xac7 y242f w5b8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(825)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xac8 y242f w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab6 y250e w360 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xac9 y250e w5b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(118)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaca y250e w1d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(139)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w5b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xab9 y2416 w10d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xacb y2416 w111 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n xacc y2416 w112 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">36<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5b2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xabc y2431 w126 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xabd y2431 w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(60)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xacd y2431 w25b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w5ba hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal due within one year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xace y2510 w5bb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,365<span class=\"_ _30b\"> </span></div></td><td class=\"c n xacf y2510 w5bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,802<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w5bd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net debt<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xad0 y2419 w5be hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(6,096)</div></td><td class=\"c n xad1 y2419 w5bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(5,662)<span class=\"_ _30b\"> </span></div></td></tr></table>16.4 Liabilities from financing activities<span class=\"_ _30b\"> </span>Movement in the Group'<span class=\"_ _1\"></span>s financial liabilities arising from financing activities:<span class=\"_ _30b\"> </span><table class=\"s w5c0 h119\" id=\"_8124f99c-2fdf-4bca-87a2-447f5d9ba023\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xaaf h4d y26d2 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xad2 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Bank </td><td></td><td class=\"t m0 x75e h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Commercial </td><td class=\"t m0 x2f7 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">finance </td><td class=\"t m0 xad3 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Lease </td><td class=\"t m0 x2f2 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 xad4 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">borrowings </td><td class=\"t m0 x473 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">Bonds </td><td class=\"t m0 xad5 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">paper </td><td class=\"t m0 xad6 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">loans </td><td class=\"t m0 x2f8 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">liabilities </td><td class=\"t m0 xad7 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">borrowings </td></tr><tr><td></td><td class=\"t m0 x2fc h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242c w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xad8 y242c w5c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,347<span class=\"_ _30b\"> </span></div></td><td class=\"c n xad9 y242c w5c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,306<span class=\"_ _30b\"> </span></div></td><td class=\"c n xada y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadb y242c wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81b y242c w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">715<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadc y242c w5c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,369<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w5c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash flows from financing activities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadd y261c w5c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(209)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xade y261c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadf y261c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae0 y261c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae1 y261c w69 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(150)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae2 y261c wbe hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(359)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d6 ff74 fsf fc0 sc0 ls0 ws0\">Other movements<span class=\"_ _30b\"> </span></td><td class=\"c n x459 y2412 w32 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae3 y2412 wd8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae4 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae5 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae6 y2412 w5c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">73<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae7 y2412 w67 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2413 w5c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae8 y2413 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">148<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae9 y2413 w19c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">549<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaea y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1ba y2413 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaeb y2413 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaec y2413 w2d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">731<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaed y242f w427 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,290<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaee y242f w540 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,860<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf0 y242f wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf1 y242f w5c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf2 y242f w5c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w5c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash flows from financing activities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf3 y2415 w5ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,244)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf4 y2415 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf5 y2415 w5cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf6 y2415 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf7 y2415 w5cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(156)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf8 y2415 w14d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">972<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d7 ff74 fsf fc0 sc0 ls0 ws0\">Arrangement fees paid<span class=\"_ _30b\"> </span></td><td class=\"c n x4f7 y2416 w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf9 y2416 w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafa y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafb y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafc y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafd y2416 w363 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d8 ff74 fsf fc0 sc0 ls0 ws0\">Other movements<span class=\"_ _30b\"> </span></td><td class=\"c n x50b y2431 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafe y2431 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">51<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaff y2431 w3c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb00 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb01 y2431 w1c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">139<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb02 y2431 w2ac hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">227<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w5c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb03 y2418 w38d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb04 y2418 wdf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(265)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x793 y2418 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb05 y2418 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb06 y2418 w5cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb07 y2418 w5ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(313)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb08 y2419 w297 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb09 y2419 w588 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,847<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0a y2419 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1cc y2419 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0b y2419 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0c y2419 w5cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td></tr></table>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Other movements comprise non-cash movements relating to amortisation of commercial paper interest of \u00a334 million (2022: nil), amortisation of arrangement fees of \u00a39 million (2022: \u00a39 million), bond fair value adjustment of \u00a345 million (2022: nil) and movements in lease liabilities (see note 16.2)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-685": {
   "value": "16. Borrowings, lease liabilities and net debt<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s sources of borrowing for funding and liquidity purposes include a range of committed bank facilities and long-term and short-term issuances in the capital markets including commercial paper and bonds. Liabilities arising from the Group\u2019<span class=\"_ _1\"></span>s lease arrangements  are also reported in borrowings. Net debt comprises cash and cash equivalents less lease liabilities and borrowings, adjusted for derivative financial instruments.<span class=\"_ _30b\"> </span><table class=\"s w53e h115\" id=\"_5e09b0a7-7cc6-436c-9303-682630c8891f\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y26b2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x596 h4d y26b2 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x8f5 h4d y26b3 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y26b3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y26b3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26b4 ff73 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _132\"> </span> <span class=\"_ _ab\"> </span><span class=\"ff74\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y26b5 ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings \u2013  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y26b6 ff74 fsf fc0 sc0 ls0 ws0\">committed bank facilities<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n x9f0 y2544 w242 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f1 y2544 w2e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2545 w53f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f2 y2545 w1bf hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,022<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f3 y2545 w540 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">6,860<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b7 w541 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade finance loans<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x625 y26b7 wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f4 y26b7 w389 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b8 w542 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f5 y26b8 w34d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">518<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7a3 y26b8 wba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">533<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26b9 w543 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal non-current borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f6 y26b9 w132 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,533<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f7 y26b9 w544 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">7,389<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26ba ff73 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _28e\"> </span><span class=\"ff74\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2509 w545 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Bank borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9c4 y2509 w485 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9f8 y2509 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,295<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250a w546 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Commercial paper<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9f9 y250a w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61d y250a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250b w53f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fa y250b w547 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">825<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9fb y250b w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250c w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fc y250c w548 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">118<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9fd y250c w549 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">139<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250d w54a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal current borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x9fe y250d w433 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9ff y250d w54b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,434<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259d w54c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa00 y259d w54d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa01 y259d w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26bb ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings ex<span class=\"_ _1\"></span>cluding  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w54e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa02 y2431 w54f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa03 y2431 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa04 y2431 w550 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,151<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa05 y2510 w551 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x9d9 y2510 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa06 y2510 w552 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w54c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa07 y2419 w54d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa08 y2419 w33b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>For 2022, current lease liabilities of \u00a3139 million and non-current lease liabilities of  \u00a3533 million had been presented as trade and other payables. These have been reclassified to current borrowings and non-current borrowings respectively to better reflect the nature  of the liability<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Balances are shown net of capitalised arrangement fees. Where there are no amounts borrowed on a particular facility<span class=\"_ _1\"></span>, this gives rise to a negative balance. 16.<span class=\"_ _2\"></span>1 Borrowings (ex<span class=\"_ _1\"></span>cluding lease liabilities)<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Borrowings are initially recorded at the fair value of amounts received, net of capitalised direct issue costs and arrangement fees (including upfront facility fees). Subsequently<span class=\"_ _15\"></span>, these liabilities are carried at amortised cost. Interest payable on borrowings, direct issue costs and arrangement fees (including upfront facility fees) are recognised in the income statement over the period of the borrowings  using the effective interest method.<span class=\"_ _30b\"> </span>Where borrowings are identified as a hedged item in  a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 17).<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs613\">The Group has the following committed bank facilities and term loans, commercial paper<span class=\"_ _15\"></span>, unsecured bonds, bank overdrafts and trade finance loans:<span class=\"_ _30b\"> </span></div><div class=\"gs157\"><table class=\"s w553 h116\" id=\"_da0aaf37-65d7-4fe7-8be2-625322216417\"><tr><td></td><td></td><td></td><td class=\"t m0 x4f1 h4d y26bc ff73 fsf fc0 sc0 ls0 ws0\">Carrying value<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa09 h4d y26bd ff73 fsf fc0 sc0 ls0 ws0\">Facility/<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x68f h4d y26be ff73 fsf fc0 sc0 ls0 ws0\">Maturity </td><td class=\"t m0 x475 h4d y26be ff73 fsf fc0 sc0 ls0 ws0\">bond <span class=\"_ _2\"></span> </td><td class=\"t m0 x810 h4d y26be ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 xa0a h4d y26be ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td><td class=\"t m0 xa0b h4d y26be ff73 fsf fc0 sc0 ls0 ws12\">Interest rate<span class=\"ws0\"> </span></td></tr><tr><td></td><td class=\"t m0 x434 h4d y26bf ff73 fsf fc0 sc0 ls0 ws0\">date<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2ef h4d y26bf ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa0c h4d y26bf ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa0d h4d y26bf ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa0e h4d y26bf ff73 fsf fc0 sc0 ls0 ws0\">%<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26c0 ff73 fsf fc0 sc0 ls0 ws0\">Committed bank facilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y241b w554 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Multi-currency revolving credit facility<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa0f y241b w555 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Dec 2027<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa10 y241b w556 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,925<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa11 y241b w35e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa12 y241b w2e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(2)</div></td><td class=\"c n xa13 y241b w557 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">see note<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y23fa w554 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Multi-currency revolving credit facility<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa0f y23fa w555 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Dec 2027<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa14 y23fa w558 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,075<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa15 y23fa w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa16 y23fa wcd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)</div></td><td class=\"c n xa17 y23fa w559 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">see note<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26c1 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal committed bank facilities<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n xa18 y241e w55a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,000<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa19 y241e w242 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa1a y241e w2e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"c n x17e y26c2 w55b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Commercial paper<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xa1b y26c2 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa1c y26c2 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa1d y26c2 w55c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">0.952<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26c3 ff73 fsf fc0 sc0 ls0 ws0\">Committed term loans<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2422 w55d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">$2,000 million term loan<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa1e y2422 w55e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Dec 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa1f y2422 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa20 y2422 w439 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,295</div></td><td class=\"c n xa21 y2422 w559 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">see note<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2402 w55f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal committed term loans<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xa22 y2402 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa23 y2402 w439 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,295<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x186 h4d y26c4 ff73 fsf fc0 sc0 ls0 ws0\">Bonds<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2425 w560 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">$500 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa24 y2425 w561 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Apr 2024<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa25 y2425 w2cd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">392<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa26 y2425 w530 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">392<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa27 y2425 w12d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">415<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa28 y2425 w562 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">0.650<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2406 w563 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac500 million bond, issued September 2017<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa29 y2406 w564 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sep 2024<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa2a y2406 w2d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa2b y2406 w14d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa2c y2406 w565 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">443<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa2d y2406 w8c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">0.875<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2427 w566 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac500 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa2e y2427 w567 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2025<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa2f y2427 w568 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa30 y2427 w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa31 y2427 w569 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">443<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa32 y2427 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26c5 w56a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">$1,000 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa33 y26c5 w56b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2026<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa34 y26c5 wcb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">784<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa35 y26c5 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">782<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa36 y26c5 w56c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">828<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa37 y26c5 w29a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1.375<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2409 w56d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac700 million bond, issued September 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa38 y2409 w56e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sep 2026<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa39 y2409 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">622<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa3a y2409 w340 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">620<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa3b y2409 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa3c y2409 w56f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.125<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2428 w570 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac500 million bond, issued December 2018<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa3d y2428 w571 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Dec 2027<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa3e y2428 w2d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa3f y2428 w1ab hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">431<span class=\"_ _30b\"> </span></div></td><td class=\"c n x70c y2428 w572 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">441<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa40 y2428 w558 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1.750<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2429 w566 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac500 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa41 y2429 w573 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2028<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa2f y2429 w568 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa42 y2429 w574 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">431<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa43 y2429 w575 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">441<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa44 y2429 w13f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">0.250<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w56a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">$1,000 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa33 y242a w576 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2028<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa45 y242a wcb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">784<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa46 y242a wfe hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">781<span class=\"_ _30b\"> </span></div></td><td class=\"c n x2d8 y242a w577 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">828<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa47 y242a w4fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.000<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w563 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac500 million bond, issued September 2017<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa48 y240d w578 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sep 2029<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa49 y240d w2d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa4a y240d w1ab hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">431<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa4b y240d w572 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">441<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa4c y240d w558 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1.750<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w579 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u00a3500 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa4d y2548 w57a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2030<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa4e y2548 w537 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">500<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa4f y2548 w539 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">495<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa50 y2548 w121 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">494<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa51 y2548 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1.625<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w56d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac700 million bond, issued September 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa38 y240f w57b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sep 2030<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa52 y240f w381 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa53 y240f w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">634<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa54 y240f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa55 y240f w57c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.231<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w57d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">$1,250 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa56 y242c w57e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2031<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa57 y242c w57f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">981<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa58 y242c w246 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">976<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa59 y242c w580 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,033<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5a y242c w13f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.500<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w566 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u20ac500 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5b y254a w581 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2033<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5c y254a w2d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5d y254a w582 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">428<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5e y254a w4b3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">438<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5f y254a w4e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">0.750<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w583 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">$750 million bond, issued April 2021<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa60 y2412 w584 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Apr 2041<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa61 y2412 w56c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">588<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa62 y2412 w532 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">580<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa63 y2412 w176 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">615<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa64 y2412 w585 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.200<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w586 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal bonds<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa65 y242e w587 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,885<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa66 y242e w588 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,847</div></td><td class=\"c n xa67 y242e w540 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,860<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"c n x17e y250e w589 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade finance loans<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa68 y250e w58a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Nov 2025<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa69 y250e wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa6a y250e wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa6b y250e w58b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7.274<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w58c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Bank overdraft<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xa6c y2431 w1ae hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa6d y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"c n x17e y2419 w58d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings ex<span class=\"_ _1\"></span>cluding lease liabilities<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xa6e y2419 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa6f y2419 w550 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,151<span class=\"_ _30b\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs614\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs615\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs616\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs617\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs618\">1 <span class=\"_ _32\"> </span>Negative balances represent the value of unamortised arrangement fees.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs619\">2 <span class=\"_ _33\"> </span>As part of the IBOR Reform, a Credit Adjustment Spread (CA<span class=\"_ _1\"></span>S) has been applied where US dollar and sterling LIBOR rates were replaced with SOFR and SONIA rates respectively in the bank </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs61a\">facilities. The CAS is variable and depends on the tenor and currency of the borrowings.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs61c\">Committed bank facilities: Multi-currency revolving credit facilities<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs61d\">In November 2023, the Group amended its \u00a31,425 million revolving </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs61e\">credit facility<span class=\"_ _15\"></span>, increasing the facility amount to \u00a31,925 million and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs61f\">extending the maturity to December 2027<span class=\"_ _2\"></span>. The Group retained access </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs620\">to its \u00a31,075 million revolving credit facility<span class=\"_ _15\"></span>, which also matures in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs621\">December 2027<span class=\"_ _2\"></span>. No amounts were outstanding on either facility  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs622\">as at 31 December 2023.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs623\">Committed term loan<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs624\">US dollar term loan repayments totalling $1,560 million were made </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs527\">during the year<span class=\"_ _15\"></span>, with the term loan being fully repaid in October 2023.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs625\">Commercial paper<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs626\">During the year<span class=\"_ _15\"></span>, the Group updated its US Commercial Paper  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs627\">(USCP) Programme and Euro Commercial Paper (ECP) Programme, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs628\">increasing the limits to $2.5 billion and \u00a31.5 billion respectively<span class=\"_ _15\"></span>.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52c\">As at 31 December 2023, $937 million (\u00a3735 million) was outstanding </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52d\">under the USCP Programme, and \u20ac353 million (\u00a3306 million) and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs52e\">\u00a3165 million under the ECP Programme (2022: nil). </div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs629\">Bonds<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs62a\">In September 2023, the Group issued \u20ac1.4 billion of bonds under  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs62b\">its \u00a34 billion Euro Medium T<span class=\"_ _2\"></span>erm Note Programme (EMTN). The issue </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs62c\">consisted of two tranches of \u20ac700 million each, maturing in 2026 and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs533\">2030<span class=\"_ _1\"></span>. The Group entered into a series of euro interest rate swaps to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs534\">swap fix<span class=\"_ _1\"></span>ed interest obligations to floating interest obligations. The bonds </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs535\">and interest rate swaps have been designated as hedged items and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs536\">hedging instruments in a fair value hedging relationship (see note 17<span class=\"_ _2\"></span>.4c). </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs537\">The carrying values of the bonds have been adjusted for fair value </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs62e\">movements attributable to interest rate risk. The Group also entered into </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs62f\">a series of cross-currency interest rate swaps to swap the euro debt into </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs630\">US dollar debt (see note 17<span class=\"_ _2\"></span>.4d).<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs631\">Other Group facilities<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs632\">In accordance with the Committee on Payments and Mark<span class=\"_ _1\"></span>et </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs633\">Infrastructures, the International Organisation of Securities Commissions </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs634\">and Principles for Financial Market Infrastructures, many central  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs635\">banks allow CCPs to apply for access to certain central bank facilities.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs636\">In addition, a number of Group entities have access to uncommitted </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs637\">operational, money market and overdraft facilities which support  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs638\">post trade activities and day-to-day liquidity requirements. These </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs639\">facilities were drawn down during the year and fully repaid as at  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs63a\">31 December 2023.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs63b\">Fair values<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs63c\">All the Group\u2019<span class=\"_ _1\"></span>s borrowings are recognised at amortised cost on the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs63d\">balance sheet, ex<span class=\"_ _15\"></span>cept where the borrowing has been designated  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs63e\">as a hedged item in a fair value hedge relationship. In some cases, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs63f\">amortised cost may differ from their fair value.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs640\">Bonds are classified as Level 1 of the fair value hierarchy for determining </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs641\">and disclosing the fair value of financial instruments (as described in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs642\">the accounting policy of note 17). Bond fair values are as quoted in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs643\">relevant fix<span class=\"_ _1\"></span>ed income markets.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs644\">Bank borrowings and commercial paper are classified as Level 2 (see </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs645\">definition in note 17). The fair values of these instruments are based on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs646\">cash flows which are discounted using a rate based on borrowing cost.<span class=\"_ _30b\"> </span></div>The fair values of the Group'<span class=\"_ _1\"></span>s borrowings, ex<span class=\"_ _15\"></span>cluding lease liabilities, are as follows:<span class=\"_ _30b\"> </span><table class=\"s w58e hf2\" id=\"_1f4a60be-28ec-4bcd-9cb3-ab3ea2915310\"><tr><td></td><td class=\"c n xa70 y2525 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xa71 y2525 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 xa72 h4d y26c6 ff73 fsf fc0 sc0 ls0 ws0\">Carrying </td><td class=\"t m0 x83b h4d y26c6 ff73 fsf fc0 sc0 ls0 ws0\">Fair <span class=\"_ _2\"></span> </td><td class=\"t m0 x281 h4d y26c6 ff74 fsf fc0 sc0 ls0 ws0\">Carrying </td><td class=\"t m0 xa73 h4d y26c6 ff74 fsf fc0 sc0 ls0 ws0\">Fair <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x474 h4d y26c7 ff73 fsf fc0 sc0 ls0 ws0\">value </td><td class=\"t m0 x810 h4d y26c7 ff73 fsf fc0 sc0 ls0 ws0\">value </td><td class=\"t m0 x2eb h4d y26c7 ff74 fsf fc0 sc0 ls0 ws0\">value </td><td class=\"t m0 x746 h4d y26c7 ff74 fsf fc0 sc0 ls0 ws0\">value </td></tr><tr><td class=\"t m0 x186 h4d y26c8 ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td><td class=\"t m0 x182 h4d y26c8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa0c h4d y26c8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y26c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y26c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2431 w2f1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-current<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa74 y2431 w58f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,015</div></td><td class=\"c n xa75 y2431 w33d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6,390<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa76 y2431 w590 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,856</div></td><td class=\"c n x2ad y2431 w116 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,903<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w2f0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Current<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa77 y2418 w1fc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,048</div></td><td class=\"c n xa78 y2418 w1e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,034<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa79 y2418 w439 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,295<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa7a y2418 w591 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,301<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w58d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings ex<span class=\"_ _1\"></span>cluding lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa7b y2419 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,063</div></td><td class=\"c n xa7c y2419 w592 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,424<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa7d y2419 w593 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,151</div></td><td class=\"c n xa7e y2419 w594 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,204<span class=\"_ _30b\"> </span></div></td></tr></table>The carrying amounts of the Group'<span class=\"_ _1\"></span>s borrowings, ex<span class=\"_ _15\"></span>cluding lease liabilities, are denominated in the following currencies:<span class=\"_ _30b\"> </span><table class=\"s w595 h103\" id=\"_3ee62879-c1ee-4bf9-bcaf-7531dcbb7659\"><tr><td></td><td></td><td class=\"c n x174 y2487 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xa7f y2487 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m0 x2e7 h4d y26c9 ff73 fsf fc0 sc0 ls0 ws0\">Drawn </td><td class=\"t m0 xa80 h4d y26c9 ff73 fsf fc0 sc0 ls0 ws0\">Swapped<span class=\"_ _30b\"> </span></td><td class=\"t m0 x859 h4d y26c9 ff73 fsf fc0 sc0 ls0 ws0\">Effective </td><td class=\"t m0 x85c h4d y26c9 ff74 fsf fc0 sc0 ls0 ws0\">Drawn </td><td class=\"t m0 x687 h4d y26c9 ff74 fsf fc0 sc0 ls0 ws0\">Swapped<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa81 h4d y26c9 ff74 fsf fc0 sc0 ls0 ws0\">Effective </td></tr><tr><td class=\"t m0 x186 h4d y26ca ff73 fsf fc0 sc0 ls0 ws0\">Currency<span class=\"_ _30b\"> </span></td><td class=\"t m0 x180 h4d y26ca ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x181 h4d y26ca ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x182 h4d y26ca ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y26ca ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y26ca ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y26ca ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w596 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa82 y2416 w378 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa83 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa84 y2416 w378 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa85 y2416 w95 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">485<span class=\"_ _30b\"> </span></div></td><td class=\"c n x22b y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x8f4 y2416 w95 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">485<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w597 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Euro<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa86 y2431 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4,148</div></td><td class=\"c n xa87 y2431 w598 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,818)</div></td><td class=\"c n xa88 y2431 w599 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,330<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa89 y2431 w250 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,652<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa8a y2431 w8d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(695)</div></td><td class=\"c n xa8b y2431 w59a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,957<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w59b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">US dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa8c y2418 w59c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4,263<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa8d y2418 w59a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,818</div></td><td class=\"c n xa8e y2418 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6,081<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa8f y2418 w59d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,014<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa90 y2418 w3e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">695</div></td><td class=\"c n xa91 y2418 w59e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,709<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w58d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal borrowings ex<span class=\"_ _1\"></span>cluding lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa92 y2419 w59f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa93 y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xa94 y2419 w72 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa95 y2419 w550 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,151<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa96 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa97 y2419 w550 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,151<span class=\"_ _30b\"> </span></div></td></tr></table>1 1 1 <span class=\"_ _32\"> </span>Euro borrowings have been swapped to US dollar borrowings by entering into cross-currency interest rate swaps<span class=\"_ _30b\"> </span>16.4 Liabilities from financing activities<span class=\"_ _30b\"> </span>Movement in the Group'<span class=\"_ _1\"></span>s financial liabilities arising from financing activities:<span class=\"_ _30b\"> </span><table class=\"s w5c0 h119\" id=\"_8124f99c-2fdf-4bca-87a2-447f5d9ba023\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xaaf h4d y26d2 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xad2 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Bank </td><td></td><td class=\"t m0 x75e h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Commercial </td><td class=\"t m0 x2f7 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">finance </td><td class=\"t m0 xad3 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">Lease </td><td class=\"t m0 x2f2 h4d y26d3 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 xad4 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">borrowings </td><td class=\"t m0 x473 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">Bonds </td><td class=\"t m0 xad5 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">paper </td><td class=\"t m0 xad6 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">loans </td><td class=\"t m0 x2f8 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">liabilities </td><td class=\"t m0 xad7 h4d y26d4 ff73 fsf fc0 sc0 ls0 ws0\">borrowings </td></tr><tr><td></td><td class=\"t m0 x2fc h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y26d5 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242c w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xad8 y242c w5c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,347<span class=\"_ _30b\"> </span></div></td><td class=\"c n xad9 y242c w5c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,306<span class=\"_ _30b\"> </span></div></td><td class=\"c n xada y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadb y242c wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n x81b y242c w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">715<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadc y242c w5c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,369<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w5c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash flows from financing activities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadd y261c w5c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(209)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xade y261c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xadf y261c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae0 y261c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae1 y261c w69 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(150)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae2 y261c wbe hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(359)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d6 ff74 fsf fc0 sc0 ls0 ws0\">Other movements<span class=\"_ _30b\"> </span></td><td class=\"c n x459 y2412 w32 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae3 y2412 wd8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae4 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae5 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae6 y2412 w5c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">73<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae7 y2412 w67 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2413 w5c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae8 y2413 w1fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">148<span class=\"_ _30b\"> </span></div></td><td class=\"c n xae9 y2413 w19c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">549<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaea y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1ba y2413 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaeb y2413 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaec y2413 w2d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">731<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaed y242f w427 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,290<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaee y242f w540 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6,860<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf0 y242f wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf1 y242f w5c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">672<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf2 y242f w5c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w5c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash flows from financing activities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf3 y2415 w5ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1,244)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf4 y2415 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf5 y2415 w5cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf6 y2415 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf7 y2415 w5cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(156)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf8 y2415 w14d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">972<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d7 ff74 fsf fc0 sc0 ls0 ws0\">Arrangement fees paid<span class=\"_ _30b\"> </span></td><td class=\"c n x4f7 y2416 w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaf9 y2416 w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafa y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafb y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafc y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafd y2416 w363 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y26d8 ff74 fsf fc0 sc0 ls0 ws0\">Other movements<span class=\"_ _30b\"> </span></td><td class=\"c n x50b y2431 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n xafe y2431 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">51<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaff y2431 w3c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb00 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb01 y2431 w1c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">139<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb02 y2431 w2ac hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">227<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w5c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb03 y2418 w38d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(35)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb04 y2418 wdf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(265)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x793 y2418 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb05 y2418 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb06 y2418 w5cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(19)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb07 y2418 w5ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(313)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb08 y2419 w297 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb09 y2419 w588 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,847<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0a y2419 w17 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,206<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1cc y2419 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0b y2419 w82 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">636<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb0c y2419 w5cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td></tr></table>2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Arrangement fees paid on funding arrangements are included in other financing activities within the Group's cash flows from financing activities.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Other movements comprise non-cash movements relating to amortisation of commercial paper interest of \u00a334 million (2022: nil), amortisation of arrangement fees of \u00a39 million (2022: \u00a39 million), bond fair value adjustment of \u00a345 million (2022: nil) and movements in lease liabilities (see note 16.2).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-621": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Borrowings are initially recorded at the fair value of amounts received, net of capitalised direct issue costs and arrangement fees (including upfront facility fees). Subsequently<span class=\"_ _15\"></span>, these liabilities are carried at amortised cost. Interest payable on borrowings, direct issue costs and arrangement fees (including upfront facility fees) are recognised in the income statement over the period of the borrowings  using the effective interest method.<span class=\"_ _30b\"> </span>Where borrowings are identified as a hedged item in  a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 17).<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-622": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Group as lessee<span class=\"_ _30b\"> </span>When the Group leases an asset, at the lease commencement date a right-of-use asset is recognised for the leased item  (see note 10) and a lease liability is recognised for any lease payments to be paid over the lease term.<span class=\"_ _30b\"> </span>Lease liabilities<span class=\"_ _30b\"> </span>Lease liabilities are recognised at the net present value of the remaining future payments to be made over the lease term.<span class=\"_ _30b\"> </span>The net present value is determined using a discount rate equivalent to the incremental borrowing rate of the leasing  entity unless there is a rate implicit within the lease agreement. Subsequently<span class=\"_ _15\"></span>, the value of the discount is recognised over the life of the lease on a reducing balance basis as lease interest in finance cost.<span class=\"_ _30b\"> </span>The Group leases many properties around the world and lease terms vary from monthly up to 15 years. Many of these leases contain option clauses to extend the lease or break clauses to terminate the lease. The lease term recognised is the non-<span class=\"_ _30b\"> </span>cancellable period of the lease plus any periods for which the Group is reasonably certain of ex<span class=\"_ _15\"></span>ercising any extension options. The Group values its right-of-use assets and lease liabilities based on its intentions at the balance sheet date. Any change in these intentions is accounted for as a lease modification and the assets and liabilities are amended accordingly<span class=\"_ _15\"></span>. Any resulting effect on the net assets of the Group would not be significant.<span class=\"_ _30b\"> </span>V<span class=\"_ _15\"></span>ariable lease payments based on an index are estimated at the commencement date and revalued on an annual basis.<span class=\"_ _30b\"> </span>Lease payments due within 12 months are classified as current liabilities. Payments due after 12 months are classified as non-current liabilities.<span class=\"_ _30b\"> </span>Short-term leases and leases of low value assets<span class=\"_ _30b\"> </span>Rental costs for leased assets that are for less than 12 months  or are for assets with an individual value of less than \u00a35,000 are recognised directly in the income statement on a straight-line basis over the life of the lease.<span class=\"_ _30b\"> </span>Group as lessor<span class=\"_ _30b\"> </span>Finance leases<span class=\"_ _30b\"> </span>Where the Group sub-lets a property right-of-use asset for substantially all the useful life of that asset, this is recognised  as a finance lease. On commencement of a finance sub-lease,  the property right-of-use asset is treated as disposed of and  a net investment in lease, equivalent to the net present value  of the future rent receipts is recognised as a receivable on  the balance sheet (see note 13). The value of the discount is recognised over the life of the sub-lease on a reducing balance basis as interest income in finance income.<span class=\"_ _30b\"> </span>Where the value of the receipts from the sub-lease is lower than the amount payable on the head-lease, we recognise a loss  on disposal of the right-of-use asset in the income statement.<span class=\"_ _30b\"> </span>Operating leases<span class=\"_ _30b\"> </span>A right-of-use asset that is sub-let for less than its expected useful life is recognised as an operating lease and rental income is recognised as received in other income. W<span class=\"_ _1\"></span>e continue to recognise the property right-of-use asset on the consolidated balance sheet.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-664": {
   "value": "17<span class=\"_ _4\"></span>. Financial assets and financial liabilities<span class=\"_ _30b\"> </span>The Group has a number of financial assets and financial liabilities. Financial assets mainly consist of clearing member assets, trade and other receivables, and cash and cash equivalents. Financial liabilities are mainly clearing member balances, trade and other payables,  and borrowings.<span class=\"_ _30b\"> </span>This note also details our financial risk management strategy<span class=\"_ _15\"></span>, such as how we manage our exposure to capital, credit, country<span class=\"_ _15\"></span>, liquidity and market risk.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Recognition and measurement<span class=\"_ _30b\"> </span>Financial assets and financial liabilities<span class=\"ff74\"> are initially recognised  </span>at fair value. The Group classifies its financial instruments at: amortised cost; fair value through other comprehensive income (FVOCI); or fair value through profit or loss (FVPL). The classification depends on the Group\u2019<span class=\"_ _1\"></span>s business model for managing its financial instruments and whether or not the cash flows generated are \u201csolely payments of principal and interest\u201d<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>Financial assets <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at amortised cost </span>are financial assets that  are held in order to collect the contractual cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. These include: cash and cash equivalents; trade and other receivables; clearing member trading balances relating to certain collateralised transactions; and other receivables from clearing members  of the CCP businesses.  <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 debt instruments <span class=\"ff74\">are assets </span></span>where the objective is achieved by both collecting the contractual cash flows and selling the asset. The contractual cash flows received are solely payments of principal and interest. They include quoted debt instruments (predominantly government bonds) held by the CCP businesses, which are used under the business model to both collect the contractual cash flows and, on occasion, to profit from their sale.  Interest received from these assets is recognised in the income statement as finance income. Where negative interest rates apply<span class=\"_ _15\"></span>, the interest is recognised in finance expense. Any accumulated profit or loss previously recognised in other comprehensive income is recycled to the income statement  on derecognition of the asset. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 equity instruments <span class=\"ff74\">are strategic </span></span>equity investments which are held for the long-term but do not give the Group control or significant influence. The Group has irrevocably elected to classify these investments as FVOCI. Dividends received from these investments are recognised in the income statement within other income when the right of receipt has been established. Accumulated gains or losses on equity instruments remain in equity on derecognition and are not recycled through the income statement.<span class=\"_ _30b\"> </span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> include all other financial assets not classified as amortised cost or FVOCI. They include CCP businesses\u2019 clearing member trading balances comprising derivatives, as well as equity and debt instruments that are marked to mark<span class=\"_ _1\"></span>et on a daily basis.<span class=\"_ _30b\"> </span>Financial liabilities <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">Financial liabilities at FVPL<span class=\"ff74\"> include the CCP businesses<span class=\"_ _1\"></span>\u2019 </span></span>clearing member trading balances, comprising derivatives,  as well as equity and debt instruments that are marked to market on a daily basis. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial liabilities at amortised cost </span>are all financial liabilities that are not classified as financial liabilities at FVPL. They include trade and other payables, borrowings and other payables to clearing members.<span class=\"_ _30b\"> </span>Impairment<span class=\"_ _30b\"> </span>The Group adopts a forward-looking approach to estimating impairment losses on financial assets. An expected credit loss (ECL) arises if the expected cash flows are lower than the contractual cash flows due. The difference is discounted at the asset\u2019s original effective interest rate and recognised as an impairment of the original value of the asset. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at amortised cost </span>\u2013 the ECL for trade receivables (including fees receivable), contract assets, and lease receivables is derived using the simplified approach  in IFRS 9 <span class=\"ff76\">Financial Instruments</span> to calculate a lifetime ECL.  The allowance is based on historical experience of collection rates, adjusted for forward-looking factors specific to each counterparty and the economic environment at large,  to create an expected loss matrix.  The ECL on other financial assets held at amortised cost is measured using the general approach. An allowance is calculated based on the 12-month ECL at each reporting  date unless there is a significant increase in the financial instrument\u2019s credit risk, in which case a loss allowance based on the lifetime ECL is calculated. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 debt instruments<span class=\"ff74\"> held at FVOCI </span></span>comprise high-quality government bonds that have a low credit risk. The Group\u2019<span class=\"_ _1\"></span>s policy is to calculate a 12-month ECL on  these assets. If there is a significant increase in credit risk,  then a lifetime ECL will be recognised. A significant increase in credit risk is considered to have occurred when contractual payments are more than 30 days past due. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 equity instruments<span class=\"ff74\"> are revalued </span></span>to fair value on a regular basis. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> \u2013 no ECL is calculated for assets held at FVPL as any expected loss is already recognised in the recorded fair value of the asset.<span class=\"_ _30b\"> </span>Offsetting<span class=\"_ _30b\"> </span>Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Fair value hierarchy<span class=\"_ _30b\"> </span>The Group uses the following valuation hierarchy for determining and disclosing the fair value of financial instruments: <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 3: techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data.<span class=\"_ _30b\"> </span>For Level 1, the fair value is based on mark<span class=\"_ _1\"></span>et price quotations at the reporting date. For assets and liabilities classified as Level 2, the fair value is calculated using one or more valuation techniques (e.g. the market approach or the income approach) with mark<span class=\"_ _1\"></span>et observable inputs. The selection of the appropriate valuation techniques may be affected by the availability and reliability of  the relevant inputs. The inputs may include currency rates, interest rates, forward rate curves, and net asset values.<span class=\"_ _30b\"> </span>When observable market data is not available<span class=\"_ _1\"></span>, the Group uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used in estimating the fair value of Level 3 financial instruments typically include e<span class=\"_ _1\"></span>xpected timing and amount of future cash flows, timing of settlement, discount rates and the net asset values of certain investments.<span class=\"_ _30b\"> </span>The Group determines whether a transfer between levels has occurred by reviewing the categorisation of assets and liabilities at the end of each reporting period, based on the lowest level input that is significant to the valuation.<span class=\"_ _30b\"> </span>Derivative financial instruments and hedging activities<span class=\"_ _30b\"> </span>Derivatives are initially recognised at fair value on the date  a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method  of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged.<span class=\"_ _30b\"> </span>The Group uses foreign ex<span class=\"_ _15\"></span>change forward contracts to manage its foreign ex<span class=\"_ _15\"></span>change risk. It enters into a series of ex<span class=\"_ _1\"></span>change contracts to purchase or sell certain currencies against sterling and US dollars in the future at fix<span class=\"_ _1\"></span>ed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement.<span class=\"_ _30b\"> </span>The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised.<span class=\"_ _30b\"> </span>As part of the Group\u2019<span class=\"_ _1\"></span>s interest rate management policy  (see note 17<span class=\"_ _2\"></span>.5), the Group enters into derivative instruments to convert a portion of its fix<span class=\"_ _1\"></span>ed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for  fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement.<span class=\"_ _30b\"> </span>In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. W<span class=\"_ _1\"></span>e document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion  of any hedge in order to verify that it continues to satisfy all  the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income  or expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example<span class=\"_ _1\"></span>, when the forecast transaction that is hedged takes place). When a hedging instrument e<span class=\"_ _1\"></span>xpires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve:  it is only recognised in the income statement when the  forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected  to occur<span class=\"_ _15\"></span>, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement.<span class=\"_ _30b\"> </span>The profit or loss on a derivative which is not designated  as a hedging instrument is recognised directly in the  income statement.<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs74c\">17<span class=\"_ _2\"></span>.<span class=\"_ _15\"></span>1 Financial assets<span class=\"_ _30b\"> </span></div><div class=\"gs25e\"><table class=\"s w5ea h11b\" id=\"_a15fcdf1-b021-4f6d-a9ed-5b9c8422c225\"><tr><td></td><td class=\"t m0 xb43 h4d y26de ff73 fsf fc0 sc0 ls0 ws0\">Amortised </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb44 h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">cost </td><td class=\"t m0 xb0e h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">FVOCI </td><td class=\"t m0 x249 h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 xb45 h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26e1 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2428 w5d1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb46 y2428 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb47 y2428 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb48 y2428 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb49 y2428 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26e2 w5d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other receivables from clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4a y26e2 w42d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,139<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4b y26e2 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4c y26e2 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4d y26e2 w5ec hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,139</div></td></tr><tr><td class=\"t m0 x393 h4d y26e3 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xb4e y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4f y242a w5ed hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb50 y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb51 y242a w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275</div></td></tr><tr><td class=\"t m0 x393 h4d y26e4 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member cash and cash equivalents<span class=\"_ _30b\"> </span></td><td class=\"c n xb52 y26e5 w5ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">86,528<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb53 y26e5 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb54 y26e5 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb55 y26e5 w5f0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">86,528<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2548 w5dc hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb56 y2548 w5f1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">93,667<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb57 y2548 w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb58 y2548 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb59 y2548 w5f2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">763,535<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other receivables<span class=\"_ _30b\"> </span></td><td class=\"c n xb5a y2549 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,980<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5b y2549 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5c y2549 w45 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5d y2549 w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,995<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w114 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5e y242c w115 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,580<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5f y242c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb60 y242c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb61 y242c w115 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,580<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y254a w5e1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb31 y254a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb32 y254a wf7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb62 y254a w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb63 y254a w7b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26e7 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as fair value hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242e w5f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb64 y242e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb65 y242e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb66 y242e w528 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb67 y242e w528 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2640 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb69 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6a y250e w493 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6b y250e w493 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w5e2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y250f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y250f w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6c y250f w346 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6d y250f w348 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x391 y2431 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6e y2431 w524 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2510 w5e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3b y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3c y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6f y2510 w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">105<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb70 y2510 w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">105<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w5e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb71 y2419 wa2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">99,227<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb72 y2419 w5f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17,647<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb73 y2419 w5f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,713<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb74 y2419 w5f7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">769,587<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs74d\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs74e\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs74f\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs750\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs751\">1 <span class=\"_ _32\"> </span>At 31 December 2023, there are no provisions for expected credit losses in relation to any of the CCP businesses<span class=\"_ _1\"></span>\u2019 financial assets held at amortised cost or FVOCI (2022: nil). The Group closely </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs752\">monitors its CCP investment portfolio and invests only in government debt and other collateralised instruments where the risk of loss is minimal. There was no increase in credit risk in the year </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs753\">and none of the assets are past due (2022: nil).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs754\">2 <span class=\"_ _33\"> </span>Clearing member cash and cash equivalents represents amounts received from the clearing members to cover initial and variation margins, and default fund contributions that are not invested in </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs755\">bonds. These amounts are deposited with banks, including central banks, or invested securely in short-term reverse repurchase contracts (reverse repos). Other financial assets represent the </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs756\">CCP investment in government bonds.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs757\">3 <span class=\"_ _33\"> </span>Prepayments of \u00a3230 million and contract assets of \u00a34 million within trade and other receivables are not classified as financial instruments. </div><div class=\"gs758\"><table class=\"s w5d0 h11a\" id=\"_b963d30b-491d-4d0f-9c87-6ebac202954a\"><tr><td></td><td class=\"t m0 xb0d h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">Amortised cost </td><td class=\"t m0 xb0e h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">FVOCI </td><td class=\"t m0 xb0f h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 x726 h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26db ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242a w5d1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb12 y242a w5d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,997<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb13 y242a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb14 y242a w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb15 y242a w5d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">663,367<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w5d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other receivables from clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb16 y240d w5d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,945<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y240d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y240d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb18 y240d w5d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,945<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w5d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb19 y2548 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1a y2548 w5d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1b y2548 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1c y2548 w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1d y240f w5db hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">104,707<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1e y240f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1f y240f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb20 y240f w5db hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">104,707<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w5dc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb21 y242c w5dd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">112,649<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb22 y242c w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb23 y242c w5de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb24 y242c w10f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,434<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26dc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other receivables<span class=\"_ _30b\"> </span></td><td class=\"c n xb25 y254a w37 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,344<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb26 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb27 y254a w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb28 y254a w5df hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,356<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2412 w114 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb29 y2412 w116 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,209<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2a y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2b y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2c y2412 w5b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,209<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242e w5e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 debt instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2d y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2e y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2f y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb30 y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242f w5e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb31 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb32 y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb33 y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb34 y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26dd ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb35 y2416 w63 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb36 y2416 w63 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb39 y2431 w24 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3a y2431 w24 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w5e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3b y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3c y2418 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3d y2418 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3e y2418 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w5e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3f y2419 w5e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">117,202<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb40 y2419 w5e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19,035<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb41 y2419 w5e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,430<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb42 y2419 w5e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">797,667<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs759\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs75a\">1 <span class=\"_ _32\"> </span>Prepayments of \u00a3214 million and contract assets of \u00a33 million within trade and other receivables are not classified as financial instruments.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs75c\">17<span class=\"_ _2\"></span>.2 Financial liabilities </div><div class=\"gs25e\"><table class=\"s w5ea h11c\" id=\"_83a314dc-a711-4f75-abab-512e262e10bd\"><tr><td></td><td class=\"t m0 xb75 h4d y26e8 ff73 fsf fc0 sc0 ls0 ws0\">Amortised </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb76 h4d y26e9 ff73 fsf fc0 sc0 ls0 ws0\">cost </td><td class=\"t m0 x249 h4d y26e9 ff73 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 xb45 h4d y26e9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26eb ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2548 w5f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb77 y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb78 y2548 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb79 y2548 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other payables to clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7a y240f w5fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">111,448<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7b y240f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7c y240f w5fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">111,448<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w5fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7d y242c w5fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">111,448<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7e y242c w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7f y242c w127 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ec ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></td><td class=\"c n xb80 y261c w5fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,300<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb81 y261c w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb82 y261c w5fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,321<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2412 w5ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Borrowings<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb83 y2412 w54d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb84 y2412 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb85 y2412 w54d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ed ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w5f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb86 y242f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb87 y242f w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb88 y242f w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ee ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb89 y2416 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8a y2416 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8b y2416 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8c y2431 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8d y2431 w600 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8e y2431 w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w5e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8f y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb90 y2418 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb91 y2418 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w601 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb92 y2419 w602 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">123,447<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb93 y2419 w603 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,696<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb94 y2419 w604 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">776,143<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs75d\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs75e\">1 <span class=\"_ _32\"> </span>Social security and other taxes of \u00a3155 million and deferred compensation of \u00a321 million within trade and other payables are not classified as financial instruments.<span class=\"_ _30b\"> </span></div><div class=\"gs75f\"><table class=\"s w605 h11d\" id=\"_c6fea06c-4516-4bfa-8485-8675ac189c80\"><tr><td></td><td class=\"t m0 xb95 h4d y26ef ff74 fsf fc0 sc0 ls0 ws0\">Amortised </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb96 h4d y26f0 ff74 fsf fc0 sc0 ls0 ws0\">cost<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb0f h4d y26f0 ff74 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 x24a h4d y26f0 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26f2 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2548 w5f8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb97 y2548 w606 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,997<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb98 y2548 w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb99 y2548 w5d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">663,367<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other payables to clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9a y240f w607 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">129,227<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y240f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9b y240f w607 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">129,227<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w5fb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9c y242c w608 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">131,224<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9d y242c w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9e y242c w128 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></td><td class=\"c n xb80 y261c w30e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9f y261c w1af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba0 y261c w609 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,577<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f4 ff74 fsf fc0 sc0 ls0 ws0\">Borrowings<span class=\"_ _30b\"> </span></td><td class=\"c n xba1 y2412 w60a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba2 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba3 y2412 w5c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f5 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w5f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb86 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x304 y242f w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba4 y242f w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f6 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb89 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba5 y2416 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba6 y2416 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8c y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7b y2431 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ff y2431 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w5e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8f y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb90 y2418 w60b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">96<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba7 y2418 w175 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">96<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w601 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba8 y2419 w60c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">142,586<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba9 y2419 w60d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,504<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbaa y2419 w60e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">804,090<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs760\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs761\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs762\">1,2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs763\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs764\">1 <span class=\"_ _32\"> </span>For 2022, lease liabilities of \u00a3672 million were presented as trade and other payables. These have been reclassified to borrowings (see note 16) to better reflect the nature of the liability<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs765\">2 <span class=\"_ _33\"> </span>Social security and other tax liabilities of \u00a376 million within trade and other payables are not classified as financial instruments.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs767\">17<span class=\"_ _2\"></span>.3 Fair values<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs768\">Other than borrowings, we have assessed that the fair values of financial assets and financial liabilities categorised as being at amortised cost </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs769\">appro<span class=\"_ _1\"></span>ximate to their carrying values. The fair values of the Group\u2019<span class=\"_ _1\"></span>s borrowings are disclosed in note 16.<span class=\"_ _15\"></span>1.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs76a\">Fair value measurement hierarchy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs76b\">The Group\u2019<span class=\"_ _1\"></span>s financial assets and financial liabilities held at fair value consist largely of securities which are restricted in use for the operations of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs76c\">Group\u2019<span class=\"_ _1\"></span>s CCPs as managers of their respective clearing and guarantee systems.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs76d\">The following tables provide the fair value measurement hierarchy of the Group\u2019<span class=\"_ _1\"></span>s financial assets and financial liabilities measured at fair value.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs76e\">Financial assets<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff73 fsf fc0 sc0 ls0 ws0 gs76f\">31 December 2023<span class=\"_ _30b\"> </span></div><div class=\"gs770\"><table class=\"s w60f h11e\" id=\"_89c1b1de-eb9b-4a03-8246-7af71de6289c\"><tr><td></td><td class=\"t m0 xbab h4d y26f7 ff73 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb75 h4d y26f7 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbac h4d y26f7 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y26f8 ff73 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbae h4d y26f8 ff73 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbaf h4d y26f8 ff73 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y26f9 ff73 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbb0 h4d y26f9 ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbb1 h4d y26f9 ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbb2 h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbb3 h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 xb45 h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xb10 h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26fc ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y240d w610 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb4 y240d w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb5 y240d w611 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,271<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb6 y240d w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb7 y240d w471 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,281<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w612 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb9 y2548 w613 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba5 y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x849 y2548 w614 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbba y240f w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbb y240f w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbc y240f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbd y240f w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xbbe y242c w615 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,285<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbf y242c w616 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,583<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc0 y242c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc1 y242c w617 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">669,868<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y254a w618 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc2 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc3 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc4 y254a wf7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc5 y254a w7b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26fd ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as fair value hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242e w5f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb64 y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc6 y242e w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc7 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb67 y242e w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26fe ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc8 y250e w493 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc9 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbca y250e w493 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcb y2416 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcc y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcd y2416 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2431 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x265 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6e y2431 w524 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w619 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>T<span class=\"_ _15\"></span>rade and other receivables \u2013 other<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbce y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8c y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8d y2510 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcf y2510 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ff ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xbd0 y2419 w615 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17,285<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbd1 y2419 w584 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,688<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbd2 y2419 w7b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">387<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbd3 y2419 w61a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">670,360<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs771\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs772\">1 <span class=\"_ _32\"> </span>There were no transfers between levels during the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"gs773\"><table class=\"s w61b h11f\" id=\"_d816bf7f-d792-44b7-abf4-fcedd48fe88d\"><tr><td></td><td class=\"t m0 xbd4 h4d y2700 ff74 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb95 h4d y2700 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbd5 h4d y2700 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y2701 ff74 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbd6 h4d y2701 ff74 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbd7 h4d y2701 ff74 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2702 ff74 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbd9 h4d y2702 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbda h4d y2702 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbdb h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbdc h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 x726 h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x24f h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y2705 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2549 w610 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdd y2549 w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbde y2549 w61c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,418<span class=\"_ _30b\"> </span></div></td><td class=\"c n x591 y2549 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdf y2549 w59a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,516<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w612 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe0 y242c w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58c y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe1 y242c w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w5d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe2 y254a w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb86 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe3 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5f y254a w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xb5a y2412 w23b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,513<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe4 y2412 w61e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,272<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe5 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe6 y2412 w61f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">679,785<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242e w620 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe7 y242e w19d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe8 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe9 y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbea y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242f w618 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc2 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc3 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbeb y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td><td class=\"c n x384 y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2706 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250f w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y250f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbec y250f w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbed y250f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb36 y250f w63 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbee y2431 w24 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1f y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbef y2431 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w621 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>T<span class=\"_ _15\"></span>rade and other receivables \u2013 convertible loan notes<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf0 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4b y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf1 y2510 wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf2 y2510 wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2707 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xbf3 y2419 w622 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,739<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf4 y2419 w623 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf5 y2419 w428 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">406<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf6 y2419 w624 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">680,465<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs774\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs775\">1 <span class=\"_ _32\"> </span>There were no transfers between levels during 2022.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs777\">Financial liabilities<span class=\"_ _30b\"> </span></div><div class=\"gs25e\"><table class=\"s w60f h120\" id=\"_b12e83e9-e82f-4b20-bfb1-aa9fed169803\"><tr><td></td><td class=\"t m0 xbab h4d y2708 ff73 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb75 h4d y2708 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbac h4d y2708 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y2709 ff73 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbae h4d y2709 ff73 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbaf h4d y2709 ff73 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y270a ff73 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbb0 h4d y270a ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbb1 h4d y270a ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbb2 h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbb3 h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 xb45 h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x24f h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y270d ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242c w610 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb4 y242c w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb5 y242c w611 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,271<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb6 y242c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb7 y242c w471 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,281<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w612 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y261c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb9 y261c w613 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba5 y261c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x849 y261c w614 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xbf7 y2412 w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf8 y2412 w625 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,583<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf9 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfa y2412 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2413 w626 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Contingent consideration payable<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfb y2413 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5f y2413 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfc y2413 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfd y2413 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y270e ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc8 y250e w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td><td class=\"c n x578 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfe y250e w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y270f ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w5e2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbff y2431 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x535 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc00 y2431 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w5e3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc01 y2418 w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc02 y2418 w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2710 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xc03 y2419 w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc04 y2419 w627 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,665<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc05 y2419 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc06 y2419 w603 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,696<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs778\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs779\">1 <span class=\"_ _32\"> </span>There were no transfers between levels during the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"gs77a\"><table class=\"s w5d0 h121\" id=\"_e38f0cab-6d68-47c8-80e4-49a5f2079153\"><tr><td></td><td class=\"t m0 xbd4 h4d y2711 ff74 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb95 h4d y2711 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbd5 h4d y2711 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y2712 ff74 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbd6 h4d y2712 ff74 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbd7 h4d y2712 ff74 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2713 ff74 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbd9 h4d y2713 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbda h4d y2713 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbdb h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbdc h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 x726 h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y2716 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242c w610 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdd y242c w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbde y242c w61c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,418<span class=\"_ _30b\"> </span></div></td><td class=\"c n x591 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdf y242c w59a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,516<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w612 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe0 y254a w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58c y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe1 y254a w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc07 y2412 w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc08 y2412 w628 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,272<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc09 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0a y2412 w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242e w626 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Contingent consideration payable<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfb y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5f y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0b y242e wc5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0c y242e w1af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2717 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0d y250e w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0e y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0f y250e w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2718 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y2431 w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb6 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc10 y2431 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x263 y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc11 y2510 w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2719 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xc07 y2419 w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc12 y2419 w629 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,368<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc13 y2419 w1af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc14 y2419 w60d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,504<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs77b\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs77c\">1 <span class=\"_ _32\"> </span>There were no transfers between levels during 2022.<span class=\"_ _30b\"> </span></div>17<span class=\"_ _2\"></span>.4 Hedging activities and derivatives<span class=\"_ _30b\"> </span>The Group hedges its exposure to foreign e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>change and interest rate movements using derivative instruments. The Group applies hedge accounting where appropriate, and has designated some derivatives  as net investment hedges, fair value hedges and cash flow hedges.  The Group also has some derivatives which do not qualify for hedge accounting or have not been designated as hedges.<span class=\"_ _30b\"> </span>17<span class=\"_ _2\"></span>.4a Net investment hedges<span class=\"_ _30b\"> </span>The Group uses net investment hedges to hedge the currency risk arising from its investment in foreign operations. The Group has designated some of its euro borrowings and cross-currency interest rate swaps, used to swap a portion of its euro borrowings into US dollar debt, as net investment hedges. There is an economic relationship between the hedged items and  the hedging instruments (the borrowings) as the euro and US dollar borrowings are matched by the Group\u2019<span class=\"_ _1\"></span>s investments in euro and US dollar assets. The Group has established a ratio of 1:1 for the hedging relationships as the underlying foreign ex<span class=\"_ _15\"></span>change risk of the borrowings is identical to the investments. T<span class=\"_ _2\"></span>o ensure the hedge is effective, the Group makes sure that the borrowings are always less than the value  of the investments. Hedge ineffectiveness only arises if the value of the hedging instrument ex<span class=\"_ _15\"></span>ceeds the value of the underlying net investment. The hedging instruments are detailed below<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span>In 2017<span class=\"_ _2\"></span>, the Group entered into cross-currency interest rate swaps in order to more closely match the Group\u2019<span class=\"_ _1\"></span>s currency of borrowing to the currency of its net assets and earnings.<span class=\"_ _30b\"> </span>As disclosed in note 16.<span class=\"_ _15\"></span>1, two \u20ac500 million bonds (maturing in 2024 and 2029) were issued in 2017<span class=\"_ _2\"></span>. \u20ac700 million of these bonds were swapped into $836 million through a series of cross-currency interest rate swaps which mature on the same dates as the bonds. These instruments effectively ex<span class=\"_ _15\"></span>change some of the obligations and coupons of the  bonds from euros into US dollars. These swaps have been designated  as a hedge of the Group\u2019<span class=\"_ _1\"></span>s net investments in its US dollar reporting subsidiaries and qualify for hedge accounting. <table class=\"s w641 h123\" id=\"_3273f958-5caa-4911-92ad-b058fce9858d\"><tr><td class=\"c n x17e y250c w642 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u20ac700 million cross-currency interest rate swap<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc25 y250c w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc26 y250c w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271a ff74 fsf fc0 sc0 ls0 ws0\">Fair value of derivative liability on the  </td><td></td><td></td></tr><tr><td class=\"c n x17e y242e w643 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc27 y242e w644 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a352m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc28 y242e w645 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(\u00a384m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w646 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Nominal value of hedging instrument<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc29 y242f w647 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">$836m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2a y242f w648 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">$836m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w632 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hedge ratio<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1b y250e w633 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1c y250e w649 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w635 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hedge effectiveness<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1d y2416 w64a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1e y2416 w637 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w64b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in fair value of derivative<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2b y2431 w75 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a332m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2c y2431 w64c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(\u00a340m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w63b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in value of net investment<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2d y2418 w64d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a332m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2e y2418 w64e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u00a340m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271b ff74 fsf fc0 sc0 ls0 ws0\">Cumulative amount held in hedging reserve<span class=\"_ _30b\"> </span></td><td class=\"c n xc2f y2419 w644 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a352m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc30 y2419 w645 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(\u00a384m)<span class=\"_ _30b\"> </span></div></td></tr></table>Non-derivative hedges<span class=\"_ _30b\"> </span>Non-derivative hedges relate to euro borrowings which are matched against the Group\u2019<span class=\"_ _1\"></span>s investments in euro denominated subsidiaries.<span class=\"_ _30b\"> </span>The remaining \u20ac300 million of the two \u20ac500 million bonds issued in 2017 which were not swapped into US dollars, together with the  \u20ac500 million bond issued in 2018 (see note 16.<span class=\"_ _15\"></span>1), qualify as hedging instruments against euro denominated subsidiaries and qualify for hedge accounting. The \u20ac700 million that has been swapped is included below and is netted against the fair value movement of the US dollar derivative in the hedging reserve.<span class=\"_ _30b\"> </span><table class=\"s w62a h122\" id=\"_a3309255-8399-4f67-95f7-1b8045265fb8\"><tr><td class=\"c n x17e y2412 w62b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Euro denominated bonds<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc15 y2412 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc16 y2412 w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w62c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Carrying value of debt on the balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc17 y242e w62d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(\u00a31,295m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc18 y242e w62e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(\u00a31,326m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w62f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Nominal value of hedging instrument<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc19 y242f w630 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u20ac1,500m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1a y242f w631 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u20ac1,500m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w632 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Hedge ratio<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1b y250e w633 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1c y250e w634 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w635 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Hedge effectiveness<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1d y2416 w636 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1e y2416 w637 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w638 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Change in carrying value of hedging instrument<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1f y2431 w639 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a331m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc20 y2431 w63a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(\u00a373m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w63b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Change in value of net investment<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc21 y2418 w63c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(\u00a331m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc22 y2418 w63d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a373m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w63e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cumulative amount held in hedging reserve<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc23 y2419 w63f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a329m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc24 y2419 w640 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(\u00a32m)<span class=\"_ _30b\"> </span></div></td></tr></table>The Group has not drawn down on its committed bank facilities in euros or US dollars during the year<span class=\"_ _15\"></span>. In 2022, the Group drew down on both facilities, but these drawings were not designated as net investment hedges. As at 31 December 2023 and 31 December 2022, there were no amounts outstanding on these facilities.<span class=\"_ _30b\"> </span>During the year<span class=\"_ _15\"></span>, the Group issued euro and US dollar commercial paper<span class=\"_ _15\"></span>, but these issuances were not designated as net investment hedges. There were no issuances of commercial paper during 2022. As at  31 December 2023, $937 million (\u00a3735 million) and \u20ac353 million  (\u00a3306 million) were outstanding (31 December 2022: \u00a3nil).<span class=\"_ _30b\"> </span><table class=\"s w64f hf8\" id=\"_8f1875e4-a423-427c-9333-eb07902f13ac\"><tr><td class=\"t m0 x3f5 h4d y271c ff73 fsf fc0 sc0 ls0 ws0\">Revolving credit facility<span class=\"_ _15\"></span>, bridge facility and </td><td></td><td></td></tr><tr><td class=\"c n x17e y250f w650 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">commercial paper<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc31 y250f w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc32 y250f w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w651 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in carrying value of hedging instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc33 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc34 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w652 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in value of net investments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc35 y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc36 y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w63e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cumulative amount held in hedging reserve<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc37 y2419 w653 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a38m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc38 y2419 w654 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u00a38m<span class=\"_ _30b\"> </span></div></td></tr></table>17<span class=\"_ _2\"></span>.4b Cash flow hedges<span class=\"_ _30b\"> </span>The Group uses cash flow hedges to manage the interest rate risk on cash flows of highly probable forecast transactions.<span class=\"_ _30b\"> </span>Interest rate swaps<span class=\"_ _30b\"> </span>In 2021, the Group entered into a series of US dollar interest rate  swaps with tenures of 3, 5 and 10 years, with aggregate principal amounts of $500 million, $1,000 million and $1,250 million respectively<span class=\"_ _15\"></span>. The interest rate swaps were designated as cash flow hedges with  the hedged item being planned bond issuances that were deemed highly probable at the time and related to the Refinitiv acquisition.  The interest rate swaps were settled in March and April 2021 when  the new bonds were issued (see note 16.<span class=\"_ _15\"></span>1). At the date of settlement,  a gain of $31 million (\u00a322 million) was recognised in the hedging  reserve, representing the effective portion of the gain on the hedging instrument. This will be recycled to the income statement over the term of the debt. During the year \u00a33 million (2022: \u00a33 million) was recycled  to the income statement.<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs7cb\">17<span class=\"_ _2\"></span>.4c Fair value hedges<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7cc\">The Group uses fair value hedges to hedge the risk of changes  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7cd\">in the fair value of its fix<span class=\"_ _1\"></span>ed rate borrowings resulting from interest  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ce\">rate movements.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs7cf\">Interest rate swaps<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d0\">In September 2023, the Group issued two \u20ac700 million fix<span class=\"_ _1\"></span>ed rate </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d1\">bonds, maturing in 2026 and 2030<span class=\"_ _1\"></span>, as disclosed in note 16.<span class=\"_ _15\"></span>1. On the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d2\">same day<span class=\"_ _15\"></span>, the Group entered into a series of euro interest rate swaps </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d3\">with tenures of 3 and 7 years, each with aggregate notional amounts of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d4\">\u20ac700 million. As a result of the swaps, the Group receives a fix<span class=\"_ _1\"></span>ed rate of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d5\">interest and pays floating rate interest based on the Euro Short-T<span class=\"_ _2\"></span>erm </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d6\">Rate (ESTR) plus a spread. Interest has been swapped from fix<span class=\"_ _15\"></span>ed to </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d7\">floating as part of the Group\u2019<span class=\"_ _1\"></span>s interest rate management policy  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d8\">(see note 17<span class=\"_ _2\"></span>.5).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7d9\">The bonds and interest rate swaps have been designated as the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7da\">hedged items and hedging instruments in a fair value hedging </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7db\">relationship. The interest rate swaps are used to hedge the e<span class=\"_ _1\"></span>xposure  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7dc\">to changes in the fair value of the bonds. There is an economic </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7dd\">relationship between the hedged items and hedging instruments as  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7de\">the terms of the fix<span class=\"_ _1\"></span>ed leg of the interest rate swaps match the terms  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7df\">of the bonds, such as notional amounts, interest rates and maturity </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e0\">dates. The Group has established a hedge ratio of 1:1 for the hedging </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e1\">relationships as the underlying interest rate risk of the derivatives is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e2\">identical to the hedged risk component.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e3\">T<span class=\"_ _2\"></span>o assess hedge effectiveness, the Group uses regression analysis  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e4\">for its retrospective hedge effectiveness testing to ensure the hedge </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e5\">remained highly effective. The Group uses the critical terms match </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e6\">approach for its prospective hedge effectiveness testing to ensure  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e7\">the hedge is expected to remain highly effective<span class=\"_ _1\"></span>. Sources of hedge </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e8\">ineffectiveness include counterparty credit risk, which impacts fair value </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7e9\">movements of the hedging instruments but not the hedged items.<span class=\"_ _30b\"> </span></div><div class=\"gs7ea\"><table class=\"s w655 h124\" id=\"_d7317ad6-af94-446f-b547-c7b3abb07012\"><tr><td class=\"c n x17e y25d2 w656 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u20ac1,400 million interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc39 y25d2 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3a y25d2 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271d ff74 fsf fc0 sc0 ls0 ws0\">Fair value of derivative asset on the  </td><td></td><td></td></tr><tr><td class=\"c n x17e y259a w643 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3b y259a w657 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a347m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3c y259a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259b w658 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in fair value of the derivative<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3d y259b w657 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a347m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3e y259b w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25f5 w659 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Nominal value of the hedging instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3f y25f5 w65a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u20ac1,400m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc40 y25f5 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y271e w632 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hedge ratio<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1b y271e w633 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc41 y271e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25a3 w65b he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Carrying amount of the borrowings on the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc42 y25a3 w65c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a31,254m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc43 y25a3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271f ff74 fsf fc0 sc0 ls0 ws0\">Accumulated amounts of fair value adjustment  </td><td></td><td></td></tr><tr><td class=\"c n x17e y259e w65d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">on the hedged items<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc44 y259e w65e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a345m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc41 y259e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c8 w65f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in value of hedged items<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc45 y24c8 w660 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a345m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y24c8 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2720 ff74 fsf fc0 sc0 ls0 ws0\">Hedge ineffectiveness recorded in net finance </td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w661 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">income in the income statement<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc46 y2419 w662 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a32m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc47 y2419 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs7ec\">17<span class=\"_ _2\"></span>.4d Derivatives not designated as hedges<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs7ed\">Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ee\">As part of the bond issuance and in addition to the interest rate swaps </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ef\">entered into in September 2023, as noted in 17<span class=\"_ _2\"></span>.4c, the Group entered </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f0\">into a series of cross-currency interest rate swaps to swap the two  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f1\">\u20ac700 million bonds to $740 million, with a tenure of three years,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f2\">and $742 million, with a tenure of seven years. These instruments </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f3\">effectively ex<span class=\"_ _15\"></span>change the obligations and coupons of the bonds and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f4\">interest rate swaps from euros to US dollars, in accordance with the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f5\">Group\u2019<span class=\"_ _1\"></span>s foreign ex<span class=\"_ _15\"></span>change risk management policy (see note 17<span class=\"_ _15\"></span>.5).  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f6\">As a result of the swaps, the Group receives euro floating rate interest </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f7\">based on ESTR plus a spread and pays US dollar floating rate interest </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f8\">based on the Secured Overnight Financing Rate (SOFR) plus a spread. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7f9\">The cross-currency interest rate swaps have not been designated as </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7fa\">hedges. This is because a portion of their fair value movements offset </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7fb\">with income statement movements arising on other financial assets  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7fc\">and liabilities, resulting in a natural hedge. </div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs7fd\">Foreign currency forwards<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7fe\">The Group uses foreign ex<span class=\"_ _15\"></span>change contracts to manage foreign </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ff\">ex<span class=\"_ _15\"></span>change risk. It enters into a series of ex<span class=\"_ _1\"></span>change contracts to purchase </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs800\">or sell certain currencies against sterling and US dollars in the future at </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs801\">fix<span class=\"_ _1\"></span>ed amounts. The cumulative sterling notional amounts of contracts </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs802\">outstanding as at 31 December 2023 and 31 December 2022 were  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs803\">as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs804\"><table class=\"s w663 h125\" id=\"_6fb73b95-2ec4-4bd7-a798-7e14bdc0f48a\"><tr><td></td><td></td><td></td><td class=\"t m0 x417 h4d y2721 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>raded against  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc48 h4d y2722 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>raded against sterling<span class=\"_ _30b\"> </span></td><td class=\"t m0 x67d h4d y2722 ff73 fsf fc0 sc0 ls0 ws0\">US dollars<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xc49 h4d y2723 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 xc4a h4d y2723 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x5ad h4d y2723 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2723 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y2724 ff73 fsf fc0 sc0 ls0 ws0\">Sell/(buy)<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc4b h4d y2724 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc4c h4d y2724 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y2724 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2724 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2549 w597 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Euro<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc4d y2549 wdf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(598)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc4e y2549 w664 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(784)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc4f y2549 w13b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">97<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69f y2549 w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w59b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">US dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc50 y242c w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">635<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc51 y242c w665 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc52 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc53 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w596 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc54 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc55 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc56 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc57 y254a w666 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(309)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w667 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hong K<span class=\"_ _1\"></span>ong dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc58 y2412 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(32)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc59 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc35 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5a y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w668 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Japanese yen<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5b y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(29)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5c y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5d y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5e y242e w3a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(36)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w669 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Singapore dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5f y242f w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc60 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc61 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc62 y242f w283 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(32)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w66a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Romanian leu<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc63 y250e w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc64 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ea y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc65 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w66b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Australian dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc66 y2416 w18b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc67 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc68 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc69 y2416 w48f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w66c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Canadian dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6a y2431 w66d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6b y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc52 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6c y2431 w66e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(14)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w66f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Swiss franc<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6d y2510 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6e y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ba y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65b y2510 w670 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w671 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other currencies<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6f y2419 w672 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc70 y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc71 y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc47 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs805\">17<span class=\"_ _2\"></span>.4e Hedging reserve </div><div class=\"gs806\"><table class=\"s w673 h126\" id=\"_7f3b756a-c8a7-45a9-b026-782f8e363d93\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y2725 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2725 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x92f h4d y2726 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y2726 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2726 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2525 w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc72 y2525 wb2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(102)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc73 y2525 w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2501 w674 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Amounts recycled to the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">income statement<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc74 y2501 w434 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2501 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc75 y2501 w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259e w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x902 y259e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc53 y259e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2727 ff74 fsf fc0 sc0 ls0 ws0\">Net gains/(losses) on net  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2510 w675 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">investment hedges<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc76 y2510 w153 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc77 y2510 wca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc78 y2510 w676 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(113)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc79 y2419 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7a y2419 w1e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(102)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs807\">As at 31 December 2023, \u00a340 million of losses (2022: \u00a340 million of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs808\">losses) remain in reserves that have not been recycled to the income </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs809\">statement, as the Group continues to hold the underlying investments.<span class=\"_ _30b\"> </span></div>17<span class=\"_ _2\"></span>.5 Financial risk management<span class=\"_ _30b\"> </span>The Group seeks to protect its financial performance and the value of its business from various risks including e<span class=\"_ _1\"></span>xposure to capital, credit, concentration, country<span class=\"_ _15\"></span>, liquidity<span class=\"_ _1\"></span>, settlement, custodial and market risks. Details of these risks, which should be read in conjunction with the Principal Risks and Uncertainties on pages 79 to 88, are provided below<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span><table class=\"s w677 h127\" id=\"_511e71b9-12d2-482f-9c6e-3966d60999bf\"><tr><td class=\"t m0 x24f hd y2728 ff75 fs9 fc0 sc0 ls0 ws0\">Capital risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x24b y2729 wec hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7b y2729 w678 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272a ff74 fsf fc0 sc0 ls0 ws0\">Capital risk relates to the Group\u2019<span class=\"_ _1\"></span>s ability to  </td><td class=\"t m0 xc7c h4d y272a ff74 fsf fc0 sc0 ls0 ws0\">The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272b ff74 fsf fc0 sc0 ls0 ws0\">meet regulatory capital requirements and </td><td class=\"t m0 xc7c h4d y272b ff74 fsf fc0 sc0 ls0 ws0\">generative. It can manage its capital structure (which consists of equity and debt capital) and react to </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272c ff74 fsf fc0 sc0 ls0 ws0\">minimum internal investment returns.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y272c ff74 fsf fc0 sc0 ls0 ws0\">changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272d ff74 fsf fc0 sc0 ls0 ws0\">There is a risk that the Group\u2019<span class=\"_ _1\"></span>s entities may  </td><td class=\"t m0 xc7c h4d y272e ff74 fsf fc0 sc0 ls0 ws0\">reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272f ff74 fsf fc0 sc0 ls0 ws0\">not maintain, or have access to, sufficient </td><td class=\"t m0 xc7c h4d y2730 ff74 fsf fc0 sc0 ls0 ws0\">Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019<span class=\"_ _1\"></span>s capital </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2731 ff74 fsf fc0 sc0 ls0 ws0\">structure is presented below:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x24b y2732 w679 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">high-quality capital to meet their regulatory<span class=\"_ _15\"></span>,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">or other obligations. This could result in a loss<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x24d h4d y2733 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 xc7d h4d y2733 ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x24f h4d y2734 ff74 fsf fc0 sc0 ls0 ws0\">of regulatory approvals and/or the imposition  </td><td class=\"t m0 xc7c h4d y2735 ff73 fsf fc0 sc0 ls0 ws0\">Book value of capital<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72c h4d y2735 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y2735 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y2736 ff74 fsf fc0 sc0 ls0 ws0\">of financial sanctions.<span class=\"_ _30b\"> </span></td><td class=\"c n xc7e y2737 w67a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal shareholders\u2019 funds<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7f y2737 w157 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">23,807<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc80 y2737 w158 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">25,996<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2738 ff74 fsf fc0 sc0 ls0 ws0\">The main capital risks faced by the Group are:<span class=\"_ _30b\"> </span></td><td class=\"c n xc7e y2739 w67b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Group borrowings ex<span class=\"_ _15\"></span>cluding lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc81 y2739 w72 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc82 y2739 w550 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8,151</div></td></tr><tr><td class=\"t m0 x393 h4d y273a ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>An increased regulatory capital requirement </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xc83 h4d y273b ff74 fsf fc0 sc0 ls0 ws0\">of its regulated companies<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y273c ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The Group maintains a Capital Management Policy<span class=\"_ _15\"></span>, the ex<span class=\"_ _1\"></span>ecution of which is overseen by the Group\u2019<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td class=\"t m0 x393 h4d y273d ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Negative yields on its investments<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y273e ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Financial, Investment and Capital Committee. The Group seeks to allocate capital in order to maintain a </td><td class=\"t m0 xc7c h4d y273f ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders. </td></tr><tr><td class=\"t m0 x393 h4d y2740 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>An inability to raise debt or equity  </td><td></td><td class=\"t m0 xc7c h4d y2741 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Regulated entities within the Group monitor compliance with policy and the capital requirements set by their </td></tr><tr><td class=\"t m0 xc83 h4d y2742 ff74 fsf fc0 sc0 ls0 ws0\">financing as a result of its own poor financial </td><td class=\"t m0 xc7c h4d y2743 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">respective regulatory authorities. </td><td></td></tr><tr><td class=\"t m0 xc83 h4d y2744 ff74 fsf fc0 sc0 ls0 ws0\">performance, or poor financing conditions<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y2745 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Regulatory and operational capital represents:</td><td></td></tr><tr><td></td><td class=\"t m0 xc84 h4d y2746 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Amounts held as cash and cash equivalents and investments in financial assets by regulated entities to </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc85 h4d y2747 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">satisfy their local regulatory capital requirements</td></tr><tr><td></td><td class=\"t m0 xc84 h4d y2748 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Letters of credit issued by the Group to customers and suppliers<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2749 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The Group\u2019<span class=\"_ _1\"></span>s total regulatory and operational capital is shown below:<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x24d h4d y274a ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 xc7d h4d y274a ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y274b ff73 fsf fc0 sc0 ls0 ws0\">Regulatory and operational capital<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72c h4d y274b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y274b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y274c ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal regulatory and operational capital<span class=\"_ _30b\"> </span></td><td class=\"c n xc86 y274d w2a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,348<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc87 y274d w67c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,427<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc7e y274e w67d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amount included in cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc88 y274e w67e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,329<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc89 y274e w2c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,219<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc7e y274f w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8a y274f w67f he9\" colspan=\"2\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Includes investments in financial assets of \u00a3nil (2022: \u00a3191 million) and letters of credit totalling \u00a319 million (2022: \u00a317 million).<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2750 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o ensure ongoing financial strength, access to new capital at a reasonable cost, and to sustain an </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2751 ff74 fsf fc0 sc0 ls0 ws0\">investment grade credit rating, the Group monitors its leverage ratio against a target range of 1.5-2.5 times </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2752 ff74 fsf fc0 sc0 ls0 ws0\">(moving from a target range of 1.0-2.0 times during 2023). Leverage is calculated as operating net debt  </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc7c h4d y2753 ff74 fsf fc0 sc0 ls0 ws0\">(i.e. net debt after e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>cluding lease liabilities and amounts set aside for regulatory and operational purposes) </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2754 ff74 fsf fc0 sc0 ls0 ws0\">to adjusted EBITD<span class=\"_ _1\"></span>A before foreign ex<span class=\"_ _15\"></span>change gains or losses (Group adjusted earnings from continuing </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2755 ff74 fsf fc0 sc0 ls0 ws0\">operations before net finance costs, tax, depreciation, amortisation and impairment and before foreign </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2756 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change gains or losses). At 31 December 2023, leverage was 1.8 times (2022: 1.8 times).<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc7c h4d y2757 ff74 fsf fc0 sc0 ls0 ws0\">While the Group\u2019<span class=\"_ _1\"></span>s bank borrowing facilities do not include financial covenants, the Group takes into account </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2758 ff74 fsf fc0 sc0 ls0 ws0\">certain financial metrics (including liquidity headroom and the leverage ratio) when considering whether to </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2759 ff74 fsf fc0 sc0 ls0 ws0\">increase the size of its borrowings and net debt. The Group seeks to maintain a strong investment grade </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y275a ff74 fsf fc0 sc0 ls0 ws0\">credit rating and will always seek to return leverage to its target range if it rises temporarily<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table>1<span class=\"_ _30b\"> </span><div class=\"gs165\"><table class=\"s w680 h128\" id=\"_72873427-5d2f-478c-b498-00f02686a6c1\"><tr><td class=\"t m0 x186 hd y275b ff75 fs9 fc0 sc0 ls0 ws0\">Credit and concentration risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y275c wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xc8b y275c w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x186 h16 y275d ff74 fs9 fc0 sc0 ls0 ws0\">Credit risk relates to the potential for  </td><td></td><td></td><td class=\"t m0 xc8c h4d y275e ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y275f ff74 fs9 fc0 sc0 ls0 ws0\">a Group counterparty (including CCP </td><td></td><td></td><td class=\"t m0 xc8c h4d y2760 ff74 fsf fc0 sc0 ls0 ws0\">Credit risk is governed by policies set by the Group Risk function. Limits and thresholds for credit and </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2761 ff74 fs9 fc0 sc0 ls0 ws0\">members, and any counterparty where </td><td></td><td></td><td class=\"t m0 xc8c h4d y2762 ff74 fsf fc0 sc0 ls0 ws0\">concentration risk are reviewed regularly<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2763 ff74 fs9 fc0 sc0 ls0 ws0\">there is exposure through payment, clearing </td><td></td><td></td><td class=\"t m0 xc8c h4d y2764 ff74 fsf fc0 sc0 ls0 ws0\">Group companies make judgements on the credit quality of their clients. This is based on the client\u2019<span class=\"_ _1\"></span>s financial </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2765 ff74 fs9 fc0 sc0 ls0 ws0\">or settlement processes) to be unable to </td><td></td><td></td><td class=\"t m0 xc8c h4d y2766 ff74 fsf fc0 sc0 ls0 ws0\">position, the recurring nature of billing and collection arrangements and historical evidence relating to the </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2767 ff74 fs9 fc0 sc0 ls0 ws0\">meet its financial obligations to the Group </td><td></td><td></td><td class=\"t m0 xc8c h4d y2768 ff74 fsf fc0 sc0 ls0 ws0\">client\u2019s ability to meet its financial liabilities as they fall due<span class=\"_ _1\"></span>. The Group is exposed to a large number of </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2769 ff74 fs9 fc0 sc0 ls0 ws0\">when due.<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"t m0 xc8c h4d y276a ff74 fsf fc0 sc0 ls0 ws0\">clients and so we deem concentration risk on the Group\u2019<span class=\"_ _1\"></span>s receivables to be low<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y276b ff74 fs9 fc0 sc0 ls0 ws0\">Credit concentration risk may arise through </td><td></td><td></td><td class=\"t m0 xc8c h4d y276c ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s main credit risk exposure arises on the financial assets shown earlier in note 17<span class=\"_ _2\"></span>.<span class=\"_ _15\"></span>1. There have </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y276d ff74 fsf fc0 sc0 ls0 ws0\">been no significant increases in credit risk for these assets and no estimated credit losses have been </td><td></td></tr><tr><td class=\"t m0 x186 h16 y276e ff74 fs9 fc0 sc0 ls0 ws0\">Group entities having large individual  </td><td></td><td></td><td class=\"t m0 xc8c h4d y276f ff74 fsf fc0 sc0 ls0 ws0\">recognised on other financial instruments.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2770 ff74 fs9 fc0 sc0 ls0 ws0\">or connected exposures to groups of </td><td></td><td></td><td class=\"t m0 xc8c h4d y2771 ff73 fsf fc0 sc0 ls0 ws0\">Non-CCP entities<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2772 ff74 fs9 fc0 sc0 ls0 ws0\">counterparties whose likelihood of default  </td><td></td><td></td><td class=\"t m0 xc8c h4d y2773 ff74 fsf fc0 sc0 ls0 ws0\">The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2774 ff74 fs9 fc0 sc0 ls0 ws0\">is driven by common underlying factors.<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"t m0 xc8c h4d y2775 ff74 fsf fc0 sc0 ls0 ws0\">which the Group deposits cash. The Group manages its credit risk by outlining the maximum financial </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2776 ff74 fsf fc0 sc0 ls0 ws0\">exposure that may be tak<span class=\"_ _1\"></span>en against any one counterparty<span class=\"_ _15\"></span>, based on an assessment of the counterparty\u2019s </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2777 ff74 fsf fc0 sc0 ls0 ws0\">credit quality<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2778 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents are held with authorised counterparties of a high credit standing. Cash is held in </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2779 ff74 fsf fc0 sc0 ls0 ws0\">unsecured interest-bearing current and call accounts. Cash equivalents comprise short-term deposits and </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277a ff74 fsf fc0 sc0 ls0 ws0\">AAA-rated money market funds.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277b ff74 fsf fc0 sc0 ls0 ws0\">Derivative transactions (and other treasury receivable structures) must be in line with the Group\u2019<span class=\"_ _1\"></span>s policy </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277c ff74 fsf fc0 sc0 ls0 ws0\">framework and may only be undertaken with highly rated counterparties.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277d ff73 fsf fc0 sc0 ls0 ws0\">CCPs<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277e ff74 fsf fc0 sc0 ls0 ws0\">The principal source of CCP credit risk lies in the potential for one or more clearing members to default. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277f ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs manage this risk through robust financial risk management. Clearing members are selected </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2780 ff74 fsf fc0 sc0 ls0 ws0\">based on an assessment of their supervisory capital as well as their technical and organisational strength. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2781 ff74 fsf fc0 sc0 ls0 ws0\">Each member must pay margins to the relevant Group CCP<span class=\"_ _2\"></span>. The margins are in the form of cash and highly </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2782 ff74 fsf fc0 sc0 ls0 ws0\">liquid securities. Clearing members also contribute to default funds managed by the Group CCPs. These  </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2783 ff74 fsf fc0 sc0 ls0 ws0\">aim to protect the integrity of the markets in the event of multiple defaults in e<span class=\"_ _1\"></span>xtreme market circumstances. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2784 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs use stress tests to determine the appropriate margin and default fund requirements. These are </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2785 ff74 fsf fc0 sc0 ls0 ws0\">reviewed by CCP risk committees who can take action as appropriate.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2786 ff74 fsf fc0 sc0 ls0 ws0\">CCPs are required by regulation to hold a minimum amount of capital (regulatory capital). Each of the Group\u2019<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2787 ff74 fsf fc0 sc0 ls0 ws0\">CCPs maintains this regulatory capital requirement, together with an additional holding of its own capital. This </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2788 ff74 fsf fc0 sc0 ls0 ws0\">additional capital is to help manage credit risk during a significant market stress event or member default.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2789 ff74 fsf fc0 sc0 ls0 ws0\">The total clearing member contributions of margin and default funds across the Group CCPs is shown below:<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x284 h4d y278a ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y278a ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y278b ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal collateral held<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 xc8d h4d y278b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y278b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y278c w681 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Collateral security<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8f y278c w682 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash received<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc90 y278c w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc91 y278c w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">127<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc92 y278d w683 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-cash pledged<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc93 y278d wfe hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">172<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc94 y278d w45e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">147<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc92 y278e w684 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Guarantees pledged<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc95 y278e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc96 y278e w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y278f w685 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal collateral as at 31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc97 y278f w582 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">284<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc98 y278f w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">276<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2790 w686 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Maximum collateral held during the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc99 y2790 w52e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">312<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9a y2790 w687 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">310<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2791 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs manage the credit risk associated with margin and default fund contributions by investing  </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2792 ff74 fsf fc0 sc0 ls0 ws0\">the cash element in instruments or structures deemed \u201csecure\u201d by the relevant regulatory bodies. This </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2793 ff74 fsf fc0 sc0 ls0 ws0\">includes: direct investments in highly rated, \u201cregulatory qualifying\u201d sovereign bonds and supra-national  </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2794 ff74 fsf fc0 sc0 ls0 ws0\">debt; investments in tri-party and bilateral reverse repos (receiving high-quality government securities as </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2795 ff74 fsf fc0 sc0 ls0 ws0\">collateral); and, in certain jurisdictions, deposits with the central bank. The small proportion of cash that is </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2796 ff74 fsf fc0 sc0 ls0 ws0\">invested unsecured is placed for short durations with highly rated counterparties where limits are applied </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2797 ff74 fsf fc0 sc0 ls0 ws0\">with respect to credit quality<span class=\"_ _15\"></span>, concentration and tenor<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x284 h4d y2798 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y2798 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8d h4d y2799 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y2799 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y250e w688 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal investment portfolio<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9b y250e w689 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">104<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9c y250e w2cb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">123<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2416 w68a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Maximum portfolio size during the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9d y2416 w68b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">147<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9e y2416 w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">157<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y279a ff73 fsf fc0 sc0 ls0 ws0\">Additional portfolio information: </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n xc8e y2418 w68c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amount invested securely<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9f y2418 w68d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">99.99%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca0 y2418 w68e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">99.99%<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w68f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted average maturity (days)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xca1 y2419 w690 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca2 y2419 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs165\"><table class=\"s w695 h12a\" id=\"_12114ba6-ff68-47a1-b6e3-7492d715ca07\"><tr><td class=\"c n x17e y27b0 wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y27b0 w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b1 ff74 fsf fc0 sc0 ls0 ws0\">Associated liquidity risks are considered in the investment mix and discussed further below in the Liquidity<span class=\"_ _15\"></span>, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b2 ff74 fsf fc0 sc0 ls0 ws0\">Settlement and Custodial risk section.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o address concentration risk, the Group maintains a diversified portfolio of high-quality<span class=\"_ _1\"></span>, liquid investments </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b4 ff74 fsf fc0 sc0 ls0 ws0\">and uses a broad range of custodians, payment and settlement banks and agents. The largest concentration </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b5 ff74 fsf fc0 sc0 ls0 ws0\">of treasury exposures as at 31 December 2023 was with the French Government with an aggregate </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b6 ff74 fsf fc0 sc0 ls0 ws0\">exposure of 43% of the total investment portfolio (2022: 40% with the French Government).<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b7 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade receivables (including fees receivable)<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b8 ff74 fsf fc0 sc0 ls0 ws0\">An impairment analysis of trade and fees receivable is performed monthly using a provision matrix to </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b9 ff74 fsf fc0 sc0 ls0 ws0\">measure expected credit losses based on factors such as the counterparty\u2019<span class=\"_ _1\"></span>s historic payment practices, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ba ff74 fsf fc0 sc0 ls0 ws1b\">expected future payments and the economic environment at large<span class=\"_ _1\"></span>. The calculation reflects current conditions </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27bb ff74 fsf fc0 sc0 ls0 ws0\">together with forecasts of future economic conditions. None of the Group\u2019<span class=\"_ _1\"></span>s trade receivables are material by </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27bc ff74 fsf fc0 sc0 ls0 ws0\">individual counterparty<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x2f0 h4d y27bd ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade receivables<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x695 h4d y27be ff73 fsf fc0 sc0 ls0 ws0\">Fees </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa09 h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">receivable </td><td class=\"t m0 xcad h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">&lt;180 days </td><td class=\"t m0 xcae h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">&gt;180 days </td><td class=\"t m0 x2f2 h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y27c1 w696 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb0 y27c1 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb1 y27c1 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb2 y27c1 w697 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">14.2%<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xc8e y27c2 w698 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb3 y27c2 w2f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">244<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb4 y27c2 w27f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">870<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb5 y27c2 w1ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">71<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb6 y27c2 w403 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,185<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y27c3 w699 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb7 y27c3 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb8 y27c3 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb9 y27c3 w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcba y27c3 w66d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y27c4 w69a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net trade and fees receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbb y27c4 w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">244<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbc y27c4 w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">867<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbd y27c4 w600 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">61<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbe y27c4 w69b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,172<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x4f1 h4d y27c5 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">T<span class=\"_ _15\"></span>rade receivables<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x695 h4d y27c6 ff74 fsf fc0 sc0 ls0 ws0\">Fees </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x859 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">receivable </td><td class=\"t m0 x758 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">&lt;180 days </td><td class=\"t m0 x687 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">&gt;180 days </td><td class=\"t m0 x17d h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y2416 w696 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbf y2416 w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc0 y2416 w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc1 y2416 w69c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.2%<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xc8e y2431 w698 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc2 y2431 w2cd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc3 y2431 w95 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">706<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc4 y2431 w69d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc5 y2431 w2d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,029<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2510 w699 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb7 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc6 y2510 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc7 y2510 w69e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc8 y2510 w25b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w69f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net trade and fees receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc9 y2419 w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcca y2419 w6a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">704<span class=\"_ _30b\"> </span></div></td><td class=\"c n xccb y2419 w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td><td class=\"c n xccc y2419 w6a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,020<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs813\"><table class=\"s w691 h129\" id=\"_a8a130ea-7bad-4ae6-88c6-f4b77c164917\"><tr><td class=\"t m0 x186 hd y279b ff75 fs9 fc0 sc0 ls0 ws0\">Country risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y279c wec hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y279c w678 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y279d ff74 fsf fc0 sc0 ls0 ws0\">Country risk relates to those risks that are </td><td class=\"t m0 xc8c h4d y279d ff74 fsf fc0 sc0 ls0 ws0\">The Group maintains a country risk framework to help assess and monitor the risk of doing business with,  </td><td></td><td></td></tr><tr><td class=\"c x17e y279e w692 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">inherent when doing business with, or<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">operating in, a country<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y279f ff74 fsf fc0 sc0 ls0 ws0\">or operating in, a country<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27a0 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs have specific risk management frameworks that address country risk for both clearing and </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a1 ff74 fsf fc0 sc0 ls0 ws0\">Some governments may be unable or find it </td><td class=\"t m0 xc8c h4d y27a1 ff74 fsf fc0 sc0 ls0 ws0\">margin operations. Contained in these frameworks are a suite of stress scenarios that consider deterioration </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a2 ff74 fsf fc0 sc0 ls0 ws0\">difficult to service their debts. This could have </td><td class=\"t m0 xc8c h4d y27a2 ff74 fsf fc0 sc0 ls0 ws0\">of sovereign credit quality as well as other risk factors. These scenarios support CCPs in developing and </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a3 ff74 fsf fc0 sc0 ls0 ws0\">adverse effects, particularly on the Group\u2019<span class=\"_ _1\"></span>s </td><td class=\"t m0 xc8c h4d y27a3 ff74 fsf fc0 sc0 ls0 ws0\">maintaining the appropriate country risk measurement, monitoring and mitigation tools. Risk Committees </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a4 ff74 fsf fc0 sc0 ls0 ws0\">CCPs, potentially impacting cleared products, </td><td class=\"t m0 xc8c h4d y27a4 ff74 fsf fc0 sc0 ls0 ws0\">oversee these risks and the associated policy frameworks to protect the Group against a potentially adverse </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a5 ff74 fsf fc0 sc0 ls0 ws0\">margin collateral, investments, the clearing </td><td class=\"t m0 xc8c h4d y27a5 ff74 fsf fc0 sc0 ls0 ws0\">impact arising from volatility in the sovereign debt markets.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a6 ff74 fsf fc0 sc0 ls0 ws0\">membership and the financial industry  </td><td class=\"t m0 xc8c h4d y27a7 ff74 fsf fc0 sc0 ls0 ws0\">The Group CCPs\u2019 sovereign e<span class=\"_ _1\"></span>xposures at the end of the financial reporting periods were:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a8 ff74 fsf fc0 sc0 ls0 ws0\">as a whole.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a9 ff74 fsf fc0 sc0 ls0 ws0\">In addition, geopolitical events could impact </td><td></td><td class=\"t m0 x284 h4d y27aa ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y27aa ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y27ab ff74 fsf fc0 sc0 ls0 ws0\">our ability to operate in a country or impact the </td><td class=\"t m0 xc8c h4d y27ac ff73 fsf fc0 sc0 ls0 ws0\">Country/organisation<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8d h4d y27ac ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y27ac ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27ad ff74 fsf fc0 sc0 ls0 ws0\">value of our assets in that country<span class=\"_ _15\"></span>. We may </td><td class=\"c n xc8e y250e w693 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">France<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca3 y250e wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca4 y250e w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y27ae ff74 fsf fc0 sc0 ls0 ws0\">even need to relocate activities or change  </td><td class=\"c n xc8e y2416 w32e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls32 ws39\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca5 y2416 w4a5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca6 y2416 w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y27af ff74 fsf fc0 sc0 ls0 ws0\">our operating model in response.<span class=\"_ _30b\"> </span></td><td class=\"c n xc8e y2431 w32c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">UK<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca7 y2431 w111 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca8 y2431 wa6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2418 w694 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">European Union (supranational)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca9 y2418 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcaa y2418 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcab y2419 w4a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcac y2419 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs165\"><table class=\"s w6a2 h12b\" id=\"_aa3e1eea-776d-4a70-94ad-3f664515423b\"><tr><td class=\"t m0 x186 hd y27c9 ff75 fs9 fc0 sc0 ls0 ws0\">Liquidity<span class=\"_ _1\"></span>, settlement and custodial risk </td><td></td></tr><tr><td class=\"c n x17e y27ca wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y27ca w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y27cb ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s liquidity risk relates to its ability  </td><td class=\"t m0 xc8c h4d y27cb ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27cc ff74 fsf fc0 sc0 ls0 ws0\">to meet its short- and long-term payment </td><td class=\"t m0 xc8c h4d y27cc ff74 fsf fc0 sc0 ls0 ws0\">The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not </td></tr><tr><td class=\"t m0 x186 h4d y27cd ff74 fsf fc0 sc0 ls0 ws0\">obligations as they fall due.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27cd ff74 fsf fc0 sc0 ls0 ws0\">significantly impacted by seasonal variations. The Group maintains sufficient liquid resources to meet its </td></tr><tr><td class=\"t m0 x186 h4d y27ce ff74 fsf fc0 sc0 ls0 ws0\">Additionally<span class=\"_ _15\"></span>, the Group\u2019s CCPs, and certain </td><td class=\"t m0 xc8c h4d y27cf ff74 fsf fc0 sc0 ls0 ws0\">financial obligations as they fall due, and to invest in capital e<span class=\"_ _1\"></span>xpenditure, pay dividends, meet its pension </td></tr><tr><td class=\"t m0 x186 h4d y27d0 ff74 fsf fc0 sc0 ls0 ws0\">other Group entities, must maintain a level  </td><td class=\"t m0 xc8c h4d y27d1 ff74 fsf fc0 sc0 ls0 ws0\">commitments and support or fund acquisitions or repay borrowings. Subject to regulatory constraints </td></tr><tr><td class=\"t m0 x186 h4d y27d2 ff74 fsf fc0 sc0 ls0 ws0\">of liquidity (consistent with regulatory </td><td class=\"t m0 xc8c h4d y27d3 ff74 fsf fc0 sc0 ls0 ws0\">impacting certain entities, funds can (generally) be lent across the Group and cash earnings can be remitted </td></tr><tr><td class=\"t m0 x186 h4d y27d4 ff74 fsf fc0 sc0 ls0 ws0\">requirements) to make sure their services </td><td class=\"t m0 xc8c h4d y27d5 ff74 fsf fc0 sc0 ls0 ws0\">through regular dividend payments by subsidiary companies. This is an important component of the Group </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27d6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury cash management policy and approach. </td></tr><tr><td class=\"c x17e y27d7 w3dd hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">operate smoothly and to be able to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">continue to operate in the event of<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y27d8 ff74 fsf fc0 sc0 ls0 ws0\">Management monitors the Group\u2019<span class=\"_ _1\"></span>s cash flow forecasts and overlays sensitivities to these forecasts to reflect </td></tr><tr><td class=\"t m0 x186 h4d y27d9 ff74 fsf fc0 sc0 ls0 ws0\">a significant stress event.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27d9 ff74 fsf fc0 sc0 ls0 ws0\">assumptions about more challenging market conditions or stress events. The Group will tak<span class=\"_ _1\"></span>e the appropriate </td></tr><tr><td class=\"t m0 x186 h4d y27da ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s settlement and custodial  </td><td class=\"t m0 xc8c h4d y27db ff74 fsf fc0 sc0 ls0 ws0\">actions to satisfy working capital requirements when committing to large scale acquisitions, including making </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27dc ff74 fsf fc0 sc0 ls0 ws0\">sure there is comfortable liquidity headroom projected over a reasonable time frame.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27dd ff74 fsf fc0 sc0 ls0 ws0\">risks relate to the potential for a partner  </td><td></td></tr><tr><td class=\"t m0 x186 h4d y27de ff74 fsf fc0 sc0 ls0 ws0\">firm to default on its obligations in respect  </td><td class=\"t m0 xc8c h4d y27de ff73 fsf fc0 sc0 ls0 ws0\">Non-CCP entities<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27df ff74 fsf fc0 sc0 ls0 ws0\">of custody<span class=\"_ _15\"></span>, settlement, payment or other </td><td class=\"t m0 xc8c h4d y27df ff74 fsf fc0 sc0 ls0 ws0\">The Group T<span class=\"_ _15\"></span>reasury Policy requires the Group to maintain adequate credit facilities provided by a diversified </td></tr><tr><td class=\"t m0 x186 h4d y27e0 ff74 fsf fc0 sc0 ls0 ws0\">administration activities, or that no action  </td><td class=\"t m0 xc8c h4d y27e0 ff74 fsf fc0 sc0 ls0 ws0\">lending group to cover its expected funding requirements and ensure a minimum level of headroom for at </td></tr><tr><td class=\"t m0 x186 h4d y27e1 ff74 fsf fc0 sc0 ls0 ws0\">is taken by the Group to mitigate these  </td><td class=\"t m0 xc8c h4d y27e1 ff74 fsf fc0 sc0 ls0 ws0\">least the next 24 months. The financial strength of the Group<span class=\"_ _1\"></span>\u2019s lenders is monitored regularly<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e2 ff74 fsf fc0 sc0 ls0 ws0\">risks. This also includes the risk that  </td><td class=\"t m0 xc8c h4d y27e3 ff74 fsf fc0 sc0 ls0 ws0\">For full details of the Group\u2019<span class=\"_ _1\"></span>s borrowings and facilities, see note 16.<span class=\"_ _15\"></span>1.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e4 ff74 fsf fc0 sc0 ls0 ws0\">client assets are immobilised as a result  </td><td class=\"t m0 xc8c h4d y27e5 ff73 fsf fc0 sc0 ls0 ws0\">CCPs<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e6 ff74 fsf fc0 sc0 ls0 ws0\">of a third-party bankruptcy<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27e7 ff74 fsf fc0 sc0 ls0 ws0\">In order to meet the cash requirements of the clearing and settlement cycle, the Group\u2019<span class=\"_ _1\"></span>s CCPs maintain </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27e8 ff74 fsf fc0 sc0 ls0 ws0\">sufficient cash and cash equivalents and, in certain jurisdictions, have access to central bank refinancing or </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27e9 ff74 fsf fc0 sc0 ls0 ws0\">commercial bank credit lines. Regulations require CCPs to ensure that appropriate levels of back<span class=\"_ _15\"></span>-up liquidity </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ea ff74 fsf fc0 sc0 ls0 ws0\">are in place to underpin the dynamics of a largely secured cash investment requirement, ensuring that the </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27eb ff74 fsf fc0 sc0 ls0 ws0\">maximum potential outflow under extreme mark<span class=\"_ _1\"></span>et conditions is covered (see credit and concentration risk </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ec ff74 fsf fc0 sc0 ls0 ws0\">section above).<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ed ff74 fsf fc0 sc0 ls0 ws0\">In the event of a member default, Group CCPs can liquidate the defaulting member\u2019s portfolio to cover both </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ee ff74 fsf fc0 sc0 ls0 ws0\">losses associated with the default and settlement of any other financial obligations of the defaulting member<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ef ff74 fsf fc0 sc0 ls0 ws0\">In addition, certain Group companies, including the CCPs, maintain commercial bank facilities which support </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f0 ff74 fsf fc0 sc0 ls0 ws0\">management of intraday and overnight liquidity<span class=\"_ _15\"></span>. </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f1 ff74 fsf fc0 sc0 ls0 ws0\">Custodians are subject to minimum eligibility requirements, ongoing credit assessments and robust </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f2 ff74 fsf fc0 sc0 ls0 ws0\">contractual arrangements. They are also required to have appropriate contingency arrangements in place.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f3 ff73 fsf fc0 sc0 ls0 ws0\">Financial liability maturity<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f4 ff74 fsf fc0 sc0 ls0 ws0\">The table below analyses the Group\u2019<span class=\"_ _1\"></span>s financial liabilities into relevant maturity groupings based on the </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f5 ff74 fsf fc0 sc0 ls0 ws0\">remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f6 ff74 fsf fc0 sc0 ls0 ws0\">the table reflect the contractual undiscounted cash flows. The borrowings and lease liabilities include future </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f7 ff74 fsf fc0 sc0 ls0 ws0\">interest that has not been accrued at the balance sheet date.<span class=\"_ _30b\"> </span></td></tr></table></div><div class=\"gs815\"><table class=\"s w6a3 h12c\" id=\"_caccaeae-f6e5-4c24-8391-dabbd6743e77\"><tr><td></td><td class=\"t m0 xccd h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Less than <span class=\"_ _4\"></span> </td><td class=\"t m0 xa09 h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Between 1 </td><td class=\"t m0 xcce h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Between 2 </td><td class=\"t m0 x2eb h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Over <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xccf h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">1 year <span class=\"_ _2\"></span> </td><td class=\"t m0 x858 h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">and 2 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2ea h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">and 5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x83a h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2f2 h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x186 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242f w6a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Borrowings (ex<span class=\"_ _15\"></span>cluding lease liabilities)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd0 y242f w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd1 y242f w2ae hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">581<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd2 y242f w6a5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,394<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd3 y242f w6a6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,930<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd4 y242f w6a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10,071<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w11c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd0 y250e w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd5 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd6 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x193 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd7 y250e w11d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd8 y250f w6a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">137<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd9 y250f w6a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">113<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcda y250f w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">235<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y250f w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">253<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdb y250f w7b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">738<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Clearing member liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdc y2431 w127 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdd y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcde y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdf y2431 w127 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 wf9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce0 y2510 w12a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n x771 y2510 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce1 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce2 y2510 w600 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce3 y2510 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w6ab hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other non-current payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce4 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce5 y2419 w6ac hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">55<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce6 y2419 w574 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">314<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce7 y2419 w12c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">241<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce8 y2419 w135 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">610<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs816\"><table class=\"s w695 h12c\" id=\"_0af4b744-dad8-477a-bdc4-30e33af21894\"><tr><td></td><td class=\"t m0 xccd h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Less than <span class=\"_ _4\"></span> </td><td class=\"t m0 x859 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Between 1 </td><td class=\"t m0 x438 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Between 2 </td><td class=\"t m0 x177 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Over <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xce9 h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">1 year <span class=\"_ _2\"></span> </td><td class=\"t m0 x858 h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">and 2 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2ea h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">and 5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 xcea h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x17d h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x186 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25d8 w6a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Borrowings (ex<span class=\"_ _15\"></span>cluding lease liabilities)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xceb y25d8 w6ad hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,440<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a0 y25d8 wba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">967<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcec y25d8 w459 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,008<span class=\"_ _30b\"> </span></div></td><td class=\"c n xced y25d8 w19 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4,754<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcee y25d8 w6ae hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9,169<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w11c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcef y250e w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf0 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf1 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf2 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf3 y250e w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd8 y250f w1ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf4 y250f w48b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e3 y250f w176 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">216<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf5 y250f w48d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">283<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf6 y250f w498 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">767<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Clearing member liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf7 y2431 w128 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf8 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf9 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfa y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfb y2431 w6af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 wf9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfc y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfd y2510 w3b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">57<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfe y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcff y2510 w35e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd00 y2510 w175 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">96<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w6ab h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other non-current payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd01 y2419 w1a h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd02 y2419 w13c h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd03 y2419 w6b0 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">338<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd04 y2419 w6b1 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">247<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd05 y2419 w136 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">649<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs165\"><table class=\"s w6b2 h12e\" id=\"_ba46b686-1fbb-4e18-9020-b46ce4b2ec0c\"><tr><td class=\"t m0 x186 hd y27fe ff75 fs9 fc0 sc0 ls0 ws0\">Market risk \u2013 foreign e<span class=\"_ _15\"></span>xchange risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y27ff wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc8b y27ff w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2800 ff74 fsf fc0 sc0 ls0 ws0\">The Group operates globally with primary </td><td></td><td class=\"t m0 xc8c h4d y2800 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ranslational risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2801 ff74 fsf fc0 sc0 ls0 ws0\">centres in the UK, Europe and North America.  </td><td></td><td class=\"t m0 xc8c h4d y2801 ff74 fsf fc0 sc0 ls0 ws0\">The Group manages its translational risk, where possible, by matching the currency of its debt to the </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2802 ff74 fsf fc0 sc0 ls0 ws0\">It also has growing and strategically important </td><td></td><td class=\"t m0 xc8c h4d y2802 ff74 fsf fc0 sc0 ls0 ws0\">currency of its earnings, to make sure certain k<span class=\"_ _1\"></span>ey financial metrics are protected from material foreign </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2803 ff74 fsf fc0 sc0 ls0 ws0\">businesses in Asia. The Group\u2019<span class=\"_ _1\"></span>s principal </td><td></td><td class=\"t m0 xc8c h4d y2803 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2804 ff74 fsf fc0 sc0 ls0 ws0\">currencies of operation are sterling, US dollars, </td><td></td><td class=\"t m0 xc8c h4d y2804 ff74 fsf fc0 sc0 ls0 ws0\">to mitigate the impact of unfavourable currency ex<span class=\"_ _15\"></span>change rate movements on earnings and net assets, </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2805 ff74 fsf fc0 sc0 ls0 ws0\">and the euro.<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 xc8c h4d y2805 ff74 fsf fc0 sc0 ls0 ws0\">non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency<span class=\"_ _15\"></span>. </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2806 ff74 fsf fc0 sc0 ls0 ws0\">The Group is exposed to transactional foreign </td><td></td><td class=\"t m0 xc8c h4d y2807 ff74 fsf fc0 sc0 ls0 ws0\">Where required, currency of debt is re-balanced using cross-currency swaps to better match the currency  </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc8c h4d y2808 ff74 fsf fc0 sc0 ls0 ws0\">of debt to the overall currency of earnings.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2809 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change risk and translational risk. </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y280a ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional risk arises when we buy or sell </td><td></td><td class=\"t m0 xc8c h4d y280a ff74 fsf fc0 sc0 ls0 ws0\">A material proportion of the Group'<span class=\"_ _1\"></span>s debt is held in or swapped into euros and US dollars as noted below:<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y280b w6b3 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">goods or services in a currency other than<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">our entities\u2019 functional currencies. W<span class=\"_ _15\"></span>e may<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x284 h4d y280c ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td></td><td></td><td></td><td class=\"t m0 x746 h4d y280c ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y280d ff74 fsf fc0 sc0 ls0 ws0\">be exposed to movements in that currency<span class=\"_ _15\"></span>. </td><td class=\"t m0 xc8c h4d y280e ff73 fsf fc0 sc0 ls0 ws0\">Currency of debt<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y280e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x185 h4d y280e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y280f ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ranslational risk arises from the translation  </td><td class=\"c n xc8e y2810 w6b4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Euro denominated drawn debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd06 y2810 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,148<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd07 y2810 w250 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,652<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2811 ff74 fsf fc0 sc0 ls0 ws0\">of account balances recorded in an entity\u2019s </td><td class=\"c n xc8e y2812 w6b5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Euro denominated cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd08 y2812 w598 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,818)<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd09 y2812 w8d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(695)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2813 ff74 fsf fc0 sc0 ls0 ws0\">functional currency into the Group'<span class=\"_ _1\"></span>s reporting </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2814 ff74 fsf fc0 sc0 ls0 ws0\">currency for the purpose of statutory reporting.<span class=\"_ _30b\"> </span></td><td class=\"c n xc8e y2815 w6b6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">US dollar denominated drawn debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0a y2815 w592 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,263<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd0b y2815 w6b7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,014<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2816 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional foreign ex<span class=\"_ _15\"></span>change risk may </td><td class=\"c n xc8e y2817 w6b8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">US dollar denominated cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0c y2817 w59a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,818<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd0d y2817 w3e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">695<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2818 ff74 fsf fc0 sc0 ls0 ws0\">present itself in payment of intragroup </td><td class=\"t m0 xc8c h4d y2819 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The cross-currency interest rate swaps are directly linked to euro fix<span class=\"_ _1\"></span>ed debt. A proportion of the euro and </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y281a ff74 fsf fc0 sc0 ls0 ws0\">dividends or when interest obligations, which </td><td class=\"t m0 xc8c h4d y281b ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">US dollar denominated debt, including the cross-currency swaps, provide a hedge against the Group\u2019<span class=\"_ _1\"></span>s net </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y281c w6b9 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">are in a different currency<span class=\"_ _15\"></span>, are due. However<span class=\"_ _15\"></span>,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">both of these operations play their part in<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y281d ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">investment in euro and US dollar denominated entities. </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y281e ff74 fsf fc0 sc0 ls0 ws0\">controlling the level of translational foreign </td><td class=\"t m0 xc8c h4d y281f ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">At 31 December 2023, the Group\u2019<span class=\"_ _1\"></span>s designated hedges of its net investments were effective.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2820 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change exposure the Group faces.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y2821 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2822 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional foreign ex<span class=\"_ _15\"></span>change risk may also </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2823 ff74 fsf fc0 sc0 ls0 ws0\">While transactional foreign ex<span class=\"_ _15\"></span>change exposure is limited, the Group mitigates this by either hedging material </td></tr><tr><td class=\"t m0 x186 h4d y2824 ff74 fsf fc0 sc0 ls0 ws0\">arise when investing in, or divesting from, </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2825 ff74 fsf fc0 sc0 ls0 ws0\">transactions with appropriate derivative instruments or by settling currency payables or receivables within  </td></tr><tr><td class=\"t m0 x186 h4d y2826 ff74 fsf fc0 sc0 ls0 ws0\">operations denominated in currencies  </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2827 ff74 fsf fc0 sc0 ls0 ws0\">a short timeframe. The Group T<span class=\"_ _2\"></span>reasury Policy requires cash flows of single transactions or a series of linked </td></tr><tr><td class=\"t m0 x186 h4d y2828 ff74 fsf fc0 sc0 ls0 ws0\">other than sterling.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2829 ff74 fsf fc0 sc0 ls0 ws0\">transactions of more than \u00a32 million or equivalent per annum to be hedged. The risk is also minimised  </td></tr><tr><td class=\"t m0 x186 h4d y282a ff74 fsf fc0 sc0 ls0 ws0\">In addition, the Group has some contracts/ </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282b ff74 fsf fc0 sc0 ls0 ws0\">by the periodic ex<span class=\"_ _15\"></span>change of cash into each Group entity\u2019s functional currency<span class=\"_ _15\"></span>. Where appropriate, hedge </td></tr><tr><td class=\"t m0 x186 h4d y282c ff74 fsf fc0 sc0 ls0 ws0\">cash flow profiles with a foreign ex<span class=\"_ _15\"></span>change </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282d ff74 fsf fc0 sc0 ls0 ws0\">accounting for derivatives is considered in order to mitigate material levels of income statement volatility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y282e ff74 fsf fc0 sc0 ls0 ws0\">component that could trigger embedded </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282f ff73 fsf fc0 sc0 ls0 ws0\">Governance and sensitivity<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2830 ff74 fsf fc0 sc0 ls0 ws0\">derivative recognition and, as such,  </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2831 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s Risk Committee reviewed the approach to foreign ex<span class=\"_ _15\"></span>change risk management during the </td></tr><tr><td class=\"t m0 x186 h4d y2832 ff74 fsf fc0 sc0 ls0 ws0\">fair value accounting treatment.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2833 ff74 fsf fc0 sc0 ls0 ws0\">quarter ended 31 December 2023.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2834 ff74 fsf fc0 sc0 ls0 ws0\">In addition to projecting and analysing its earnings and debt profile by currency<span class=\"_ _15\"></span>, the Group reviews </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2835 ff74 fsf fc0 sc0 ls0 ws0\">sensitivities to movements in ex<span class=\"_ _15\"></span>change rates. The Group has considered movements in the euro and the  </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2836 ff74 fsf fc0 sc0 ls0 ws0\">US dollar over 2023 and 2022 and, based on actual market observations between its principal currency </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2837 ff74 fsf fc0 sc0 ls0 ws0\">pairs, has concluded that a 10% movement in rates is a reasonable level to illustrate the risk to the Group. </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2838 ff74 fsf fc0 sc0 ls0 ws0\">The impact on profit after tax and equity is set out in the table below:<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"c n xa71 y2839 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xa70 y2839 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x474 h4d y283a ff73 fsf fc0 sc0 ls0 ws0\">Profit <span class=\"_ _2\"></span> </td><td></td><td class=\"t m0 x2eb h4d y283a ff74 fsf fc0 sc0 ls0 ws0\">Profit <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd0e h4d y283b ff73 fsf fc0 sc0 ls0 ws0\">after tax <span class=\"_ _2\"></span> </td><td class=\"t m0 x2f7 h4d y283b ff73 fsf fc0 sc0 ls0 ws0\">Equity </td><td class=\"t m0 x281 h4d y283b ff74 fsf fc0 sc0 ls0 ws0\">after tax <span class=\"_ _2\"></span> </td><td class=\"t m0 x282 h4d y283b ff74 fsf fc0 sc0 ls0 ws0\">Equity <span class=\"_ _2\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x182 h4d y283c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa0c h4d y283c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y283c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y283c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y283d w597 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Euro<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0f y283d w6ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling weak<span class=\"_ _1\"></span>ens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd10 y283d w6bb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd11 y283d w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(68)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd12 y283d w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd13 y283d w6bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(71)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xd14 y283e w6bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling strengthens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd15 y283e w484 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd16 y283e wfb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd17 y283e w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd18 y283e w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y283f w59b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">US dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd19 y283f w6be hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling weakens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1a y283f w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1b y283f w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(66)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1c y283f w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1d y283f w6bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(68)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xd14 y2840 w6bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling strengthens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1e y2840 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1f y2840 w12a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd20 y2840 w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd21 y2840 w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">61<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2841 ff74 fsf fc0 sc0 ls0 ws0\">The sensitivity of profit after tax reflects foreign ex<span class=\"_ _15\"></span>change gains or losses on translation of financial assets </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2842 ff74 fsf fc0 sc0 ls0 ws0\">and financial liabilities, including cash and borrowings but ex<span class=\"_ _15\"></span>cluding hedged balances.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2843 ff74 fsf fc0 sc0 ls0 ws0\">The sensitivity of equity reflects the foreign ex<span class=\"_ _15\"></span>change gains or losses on translation of euro and US dollar </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2844 ff74 fsf fc0 sc0 ls0 ws0\">borrowings that have been designated as hedges of a net investment in foreign operations.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gs165\"><table class=\"s w6c0 h12f\" id=\"_fbfd18d0-2d91-46f0-8aaa-751c0f422fcf\"><tr><td class=\"t m0 x186 hd y2845 ff75 fs9 fc0 sc0 ls0 ws0\">Market risk \u2013 interest rate risk<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y2846 wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y2846 w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2847 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s interest rate risk arises from the </td><td class=\"t m0 xc8c h4d y2847 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s interest rate management policy focuses on protecting the Group\u2019<span class=\"_ _1\"></span>s credit rating and limiting the </td></tr><tr><td class=\"t m0 x186 h4d y2848 ff74 fsf fc0 sc0 ls0 ws0\">impact of changes in interest rates on cash </td><td class=\"t m0 xc8c h4d y2848 ff74 fsf fc0 sc0 ls0 ws0\">impact of interest rate increases on Group earnings. T<span class=\"_ _2\"></span>o support this objective, the Group targets a maximum </td></tr><tr><td class=\"t m0 x186 h4d y2849 ff74 fsf fc0 sc0 ls0 ws0\">held and investments in financial assets,  </td><td class=\"t m0 xc8c h4d y2849 ff74 fsf fc0 sc0 ls0 ws0\">debt floating rate component of 50%. This approach reflects the broad natural hedge of floating rate </td></tr><tr><td class=\"t m0 x186 h4d y284a ff74 fsf fc0 sc0 ls0 ws0\">and on borrowings held at floating rates.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y284a ff74 fsf fc0 sc0 ls0 ws0\">borrowings provided by the significant balances of cash and cash equivalents held effectively at floating </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y284b ff74 fsf fc0 sc0 ls0 ws0\">rates of interest.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y284c ff74 fsf fc0 sc0 ls0 ws0\">The Group may also face future interest rate </td><td></td></tr><tr><td class=\"t m0 x186 h4d y284d ff74 fsf fc0 sc0 ls0 ws0\">exposure connected to M&amp;A transactions </td><td class=\"t m0 xc8c h4d y284d ff74 fsf fc0 sc0 ls0 ws0\">At 31 December 2023 the floating rate component of total debt was 26% (2022: 16%).<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y284e ff74 fsf fc0 sc0 ls0 ws0\">where significant debt financing is involved.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y284f ff74 fsf fc0 sc0 ls0 ws0\">Where the Group has committed to M&amp;A transactions and is exposed to prospective interest rate risk on </td></tr><tr><td class=\"t m0 x186 h4d y2850 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s CCPs have member liabilities, and </td><td class=\"t m0 xc8c h4d y2850 ff74 fsf fc0 sc0 ls0 ws0\">borrowings, the Group T<span class=\"_ _15\"></span>reasury function will assess the exposure and consider hedging solutions that </td></tr><tr><td class=\"t m0 x186 h4d y2851 ff74 fsf fc0 sc0 ls0 ws0\">separately achieve returns which support the </td><td class=\"t m0 xc8c h4d y2851 ff74 fsf fc0 sc0 ls0 ws0\">conform with policy and seek to limit future interest costs. </td></tr><tr><td class=\"t m0 x186 h4d y2852 ff74 fsf fc0 sc0 ls0 ws0\">payment of these liabilities. A CCP\u2019s interest </td><td class=\"t m0 xc8c h4d y2853 ff74 fsf fc0 sc0 ls0 ws0\">In the Group\u2019<span class=\"_ _1\"></span>s CCPs, interest-bearing assets are generally invested in secured instruments or structures. </td></tr><tr><td class=\"t m0 x186 h4d y2854 ff74 fsf fc0 sc0 ls0 ws0\">rate risk can increase if the reference rates </td><td class=\"t m0 xc8c h4d y2855 ff74 fsf fc0 sc0 ls0 ws0\">These tend to be for a longer term than interest-bearing liabilities, whose interest rate is reset daily<span class=\"_ _15\"></span>. This </td></tr><tr><td class=\"t m0 x186 h4d y2856 ff74 fsf fc0 sc0 ls0 ws0\">used to calculate liabilities increase while the </td><td class=\"t m0 xc8c h4d y2857 ff74 fsf fc0 sc0 ls0 ws0\">makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight </td></tr><tr><td class=\"t m0 x186 h4d y2858 ff74 fsf fc0 sc0 ls0 ws0\">reference rates that underpin investment </td><td class=\"t m0 xc8c h4d y2859 ff74 fsf fc0 sc0 ls0 ws0\">and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite </td></tr><tr><td class=\"t m0 x186 h4d y285a ff74 fsf fc0 sc0 ls0 ws0\">returns decrease (or do not increase by  </td><td class=\"t m0 xc8c h4d y285b ff74 fsf fc0 sc0 ls0 ws0\">parameters against which sensitivities are monitored daily<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y285c ff74 fsf fc0 sc0 ls0 ws0\">the same amount).<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y285d ff74 fsf fc0 sc0 ls0 ws0\">In our review of the sensitivities to potential movements in interest rates, we have considered interest rate </td></tr><tr><td class=\"t m0 x186 h4d y285e ff74 fsf fc0 sc0 ls0 ws0\">Group companies that offer guaranteed </td><td class=\"t m0 xc8c h4d y285f ff74 fsf fc0 sc0 ls0 ws0\">volatility over the last year and prospects for rates over the next 12 months. W<span class=\"_ _15\"></span>e have concluded that a  </td></tr><tr><td class=\"t m0 x186 h4d y2860 ff74 fsf fc0 sc0 ls0 ws0\">settlement of traded securities can also  </td><td class=\"t m0 xc8c h4d y2861 ff74 fsf fc0 sc0 ls0 ws0\">1 percentage point downward movement (with a limited prospect of material upward movement) reflects  </td></tr><tr><td class=\"t m0 x186 h4d y2862 ff74 fsf fc0 sc0 ls0 ws0\">be exposed to latent interest rate risk  </td><td class=\"t m0 xc8c h4d y2863 ff74 fsf fc0 sc0 ls0 ws0\">a reasonable level of risk to current rates. If interest rates on cash and cash equivalents and borrowings had </td></tr><tr><td class=\"c x17e y2864 w6c1 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">(and market risk more generally) in the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">event of a counterparty default.<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y2865 ff74 fsf fc0 sc0 ls0 ws0\">been 1 percentage point lower<span class=\"_ _15\"></span>, with all other variables held constant, profit after tax for 2023 would have </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2866 ff74 fsf fc0 sc0 ls0 ws0\">been \u00a39 million lower (2022: \u00a38 million higher<span class=\"_ _15\"></span>, based on interest rates being 1 percentage point higher) </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2867 ff74 fsf fc0 sc0 ls0 ws0\">mainly as a result of lower interest income on floating rate cash and cash equivalents, partially offset by </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2868 ff74 fsf fc0 sc0 ls0 ws0\">lower interest expense on floating rate borrowings.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2869 ff74 fsf fc0 sc0 ls0 ws0\">At the CCP level (in aggregate), if interest rates on the common interest-bearing member liability benchmarks </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286a ff74 fsf fc0 sc0 ls0 ws0\">of EONIA, Fed Funds and SONIA, (for euro, US dollar and sterling liabilities respectively), had been  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286b ff74 fsf fc0 sc0 ls0 ws0\">1 percentage point lower<span class=\"_ _15\"></span>, with all other variables held constant, the Group\u2019s profit after tax would have  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286c ff74 fsf fc0 sc0 ls0 ws0\">been \u00a31 million higher (2022: \u00a31 million lower<span class=\"_ _15\"></span>, based on interest rates being 1 percentage point higher).<span class=\"_ _30b\"> </span></td></tr></table></div>17<span class=\"_ _2\"></span>.6 Offsetting financial assets and financial liabilities<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The Group reports financial assets and financial liabilities  on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there  is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously<span class=\"_ _30b\"> </span><span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Group applies the rules of legal right of set off and intent to  net settle within its clearing member balances. The carrying values  of the balances are offset at an appropriate level to arrive at the  net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect  the net assets of the Group.<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs829\">The following tables show the impact of netting arrangements on all financial assets and financial liabilities that are reported net on the balance </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs82a\">sheet and where balances have not been netted but there is a right to offset in the event of default:<span class=\"_ _30b\"> </span></div><div class=\"gs82b\"><table class=\"s w58e h130\" id=\"_278944b7-6fb0-4bf8-ab2d-cf6ba1fcc387\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xd22 h4d y286d ff73 fsf fc0 sc0 ls0 ws0\">Amounts <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd23 h4d y286e ff73 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 xd24 h4d y286e ff73 fsf fc0 sc0 ls0 ws0\">not netted, </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd25 h4d y286f ff73 fsf fc0 sc0 ls0 ws0\">as reported in </td><td class=\"t m0 xd26 h4d y286f ff73 fsf fc0 sc0 ls0 ws0\">but available </td><td></td></tr><tr><td></td><td class=\"t m0 xd27 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Gross <span class=\"_ _2\"></span> </td><td class=\"t m0 xd28 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 x182 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">the balance </td><td class=\"t m0 x2f1 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">in event <span class=\"_ _2\"></span> </td><td class=\"t m0 xa73 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Net <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xad2 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">amount </td><td class=\"t m0 xd29 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">offset </td><td class=\"t m0 x438 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">sheet </td><td class=\"t m0 xd2a h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">of default<span class=\"_ _30b\"> </span></td><td class=\"t m0 xd2b h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">amount </td></tr><tr><td class=\"t m0 x186 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ef h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26d6 ff74 fsf fc0 sc0 ls0 ws0\">Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y2412 w6c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,340,881<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2d y2412 w6c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,333,561)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2e y2412 w83 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2f y2412 w6c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(7,320)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd30 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2873 ff74 fsf fc0 sc0 ls0 ws0\">Repurchase agreements<span class=\"_ _30b\"> </span></td><td class=\"c n xd31 y2413 w6c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">769,971<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd32 y2413 w6c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(124,698)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd33 y2413 w6c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">645,273<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd34 y2413 w6c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(645,273)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd35 y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2874 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y242f w3c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">115<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd37 y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd38 y242f w6c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">115<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd39 y242f wc0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3a y242f wc9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w119 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3b y2415 w6ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,110,967<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3c y2415 w6cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,458,259)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3d y2415 w6cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,708<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3e y2415 w6cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(652,605)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3f y2415 wc9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2875 ff74 fsf fc0 sc0 ls0 ws0\">Other financial liabilities<span class=\"_ _30b\"> </span></td><td class=\"c n xd40 y2416 w6ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,353,867)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd41 y2416 w6cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,346,547<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd42 y2416 w6d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(7,320)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd43 y2416 w83 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd44 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w6d1 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Reverse repurchase agreements</div><div class=\"t m0 xd45 h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd46 y2431 w6d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(769,971)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd47 y2431 w6d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">124,698<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd48 y2431 w6d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(645,273)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd49 y2431 w6d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">645,273<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4a y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2876 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y2418 w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4b y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4c y2418 w430 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4d y2418 w12f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4e y2418 w6d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(57)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w144 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4f y2419 w6d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3,123,907)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd50 y2419 w6d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,471,245<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd51 y2419 w6d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(652,662)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd52 y2419 w6da hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,605<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd53 y2419 w6d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(57)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs82c\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs82d\">2,3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs82e\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs82f\">4<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs830\">2,3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs831\">4<span class=\"_ _30b\"> </span></div><div class=\"gs832\"><table class=\"s w6db h131\" id=\"_0ddcdc56-a6d0-40eb-aa00-bc6411652555\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x690 h4d y2877 ff74 fsf fc0 sc0 ls0 ws0\">Amounts <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd54 h4d y2878 ff74 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 xd55 h4d y2878 ff74 fsf fc0 sc0 ls0 ws0\">not netted, <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xad5 h4d y2879 ff74 fsf fc0 sc0 ls0 ws0\">as reported in </td><td class=\"t m0 xd56 h4d y2879 ff74 fsf fc0 sc0 ls0 ws0\">but available <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x2fc h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Gross <span class=\"_ _2\"></span> </td><td class=\"t m0 x550 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 x825 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">the balance </td><td class=\"t m0 x17c h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">in event <span class=\"_ _2\"></span> </td><td class=\"t m0 xa73 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Net <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x693 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">amount </td><td class=\"t m0 xd57 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">offset </td><td class=\"t m0 x438 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">sheet </td><td class=\"t m0 xd58 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">of default<span class=\"_ _30b\"> </span></td><td class=\"t m0 x748 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">amount </td></tr><tr><td class=\"t m0 x186 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ef h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y287d ff74 fsf fc0 sc0 ls0 ws0\">Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y2412 w6dc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,404,794<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd59 y2412 w6dd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,397,255)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5a y2412 we0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5b y2412 wef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7,539)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5c y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y287e ff74 fsf fc0 sc0 ls0 ws0\">Repurchase agreements<span class=\"_ _30b\"> </span></td><td class=\"c n xd31 y242e w6de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">798,844<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5d y242e w6df hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(145,013)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5e y242e w6e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,831<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5f y242e w6e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(653,831)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd60 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y287f ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n x700 y25d8 w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xd61 y25d8 wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd62 y25d8 w25b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd63 y25d8 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w119 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd64 y250e w6e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,203,653<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd65 y250e w6e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,542,268)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd66 y250e w6e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,385<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd67 y250e w6e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(661,376)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd68 y250e wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2880 ff74 fsf fc0 sc0 ls0 ws0\">Other financial liabilities<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y250f w6e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,413,095)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd69 y250f w6e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,405,556<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6a y250f wef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7,539)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6b y250f we0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6c y250f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w6d1 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Reverse repurchase agreements</div><div class=\"t m0 xd45 h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd46 y2431 w6e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(798,844)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6d y2431 w6e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">145,013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6e y2431 w6e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(653,831)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6f y2431 w6e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,831<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd70 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2881 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y2510 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(96)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd71 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd72 y2510 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(96)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd73 y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd74 y2510 w6ea hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(90)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w144 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd75 y2419 w6eb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3,212,035)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd76 y2419 w6ec hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,550,569<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd77 y2419 w6da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(661,466)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd78 y2419 w6ed hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,376<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd79 y2419 w6ee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(90)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs833\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs834\">2,3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs835\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs836\">4<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs837\">2,3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs838\">4<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs839\">1 <span class=\"_ _32\"> </span>The Group\u2019s CCP companies act as principal and sit in the middle of members<span class=\"_ _1\"></span>\u2019 transactions and hold default funds and margin amounts as a contingency against the default of a member<span class=\"_ _15\"></span>. As such, </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs83a\">further amounts are available to offset in the event of a default reducing the asset and liability to nil. The Group is subject to master netting arrangements in force with financial counterparties with </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs83b\">whom the Group trades derivatives. The master netting arrangements determine the proceedings should either party default on their obligations. In the event of default, the non-defaulting party </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs83c\">will calculate the sum of the replacement cost of outstanding transactions and amounts to be settled.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs83d\">2 <span class=\"_ _33\"> </span>Offset amounts are clearing member trading assets and trading liabilities within the Group\u2019s CCP businesses<span class=\"_ _1\"></span>\u2019 financial instruments.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs83e\">3 <span class=\"_ _33\"> </span>The imbalance between assets and liability for gross and offset amounts is caused by the exclusion of settled to mark<span class=\"_ _1\"></span>et (\u201cSTM\u201d) amounts from the gross balance on the ground that these trades </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs83f\">are settled.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs840\">4 <span class=\"_ _33\"> </span>Balance includes accrued interest, which has been recorded in T<span class=\"_ _1\"></span>rade and Other Receivables and T<span class=\"_ _2\"></span>rade and Other Payables and ex<span class=\"_ _1\"></span>cludes embedded derivatives<span class=\"_ _30b\"> </span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-634": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Recognition and measurement<span class=\"_ _30b\"> </span>Financial assets and financial liabilities<span class=\"ff74\"> are initially recognised  </span>at fair value. The Group classifies its financial instruments at: amortised cost; fair value through other comprehensive income (FVOCI); or fair value through profit or loss (FVPL). The classification depends on the Group\u2019<span class=\"_ _1\"></span>s business model for managing its financial instruments and whether or not the cash flows generated are \u201csolely payments of principal and interest\u201d<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> include all other financial assets not classified as amortised cost or FVOCI. They include CCP businesses\u2019 clearing member trading balances comprising derivatives, as well as equity and debt instruments that are marked to mark<span class=\"_ _1\"></span>et on a daily basis.<span class=\"_ _30b\"> </span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">Financial liabilities at FVPL<span class=\"ff74\"> include the CCP businesses<span class=\"_ _1\"></span>\u2019 </span></span>clearing member trading balances, comprising derivatives,  as well as equity and debt instruments that are marked to market on a daily basis.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-623": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Recognition and measurement<span class=\"_ _30b\"> </span>Financial assets and financial liabilities<span class=\"ff74\"> are initially recognised  </span>at fair value. The Group classifies its financial instruments at: amortised cost; fair value through other comprehensive income (FVOCI); or fair value through profit or loss (FVPL). The classification depends on the Group\u2019<span class=\"_ _1\"></span>s business model for managing its financial instruments and whether or not the cash flows generated are \u201csolely payments of principal and interest\u201d<span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>Financial assets <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at amortised cost </span>are financial assets that  are held in order to collect the contractual cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. These include: cash and cash equivalents; trade and other receivables; clearing member trading balances relating to certain collateralised transactions; and other receivables from clearing members  of the CCP businesses.  <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 debt instruments <span class=\"ff74\">are assets </span></span>where the objective is achieved by both collecting the contractual cash flows and selling the asset. The contractual cash flows received are solely payments of principal and interest. They include quoted debt instruments (predominantly government bonds) held by the CCP businesses, which are used under the business model to both collect the contractual cash flows and, on occasion, to profit from their sale.  Interest received from these assets is recognised in the income statement as finance income. Where negative interest rates apply<span class=\"_ _15\"></span>, the interest is recognised in finance expense. Any accumulated profit or loss previously recognised in other comprehensive income is recycled to the income statement  on derecognition of the asset. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 equity instruments <span class=\"ff74\">are strategic </span></span>equity investments which are held for the long-term but do not give the Group control or significant influence. The Group has irrevocably elected to classify these investments as FVOCI. Dividends received from these investments are recognised in the income statement within other income when the right of receipt has been established. Accumulated gains or losses on equity instruments remain in equity on derecognition and are not recycled through the income statement.<span class=\"_ _30b\"> </span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> include all other financial assets not classified as amortised cost or FVOCI. They include CCP businesses\u2019 clearing member trading balances comprising derivatives, as well as equity and debt instruments that are marked to mark<span class=\"_ _1\"></span>et on a daily basis.<span class=\"_ _30b\"> </span>Financial liabilities <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">Financial liabilities at FVPL<span class=\"ff74\"> include the CCP businesses<span class=\"_ _1\"></span>\u2019 </span></span>clearing member trading balances, comprising derivatives,  as well as equity and debt instruments that are marked to market on a daily basis. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial liabilities at amortised cost </span>are all financial liabilities that are not classified as financial liabilities at FVPL. They include trade and other payables, borrowings and other payables to clearing members.<span class=\"_ _30b\"> </span>Impairment<span class=\"_ _30b\"> </span>The Group adopts a forward-looking approach to estimating impairment losses on financial assets. An expected credit loss (ECL) arises if the expected cash flows are lower than the contractual cash flows due. The difference is discounted at the asset\u2019s original effective interest rate and recognised as an impairment of the original value of the asset. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at amortised cost </span>\u2013 the ECL for trade receivables (including fees receivable), contract assets, and lease receivables is derived using the simplified approach  in IFRS 9 <span class=\"ff76\">Financial Instruments</span> to calculate a lifetime ECL.  The allowance is based on historical experience of collection rates, adjusted for forward-looking factors specific to each counterparty and the economic environment at large,  to create an expected loss matrix.  The ECL on other financial assets held at amortised cost is measured using the general approach. An allowance is calculated based on the 12-month ECL at each reporting  date unless there is a significant increase in the financial instrument\u2019s credit risk, in which case a loss allowance based on the lifetime ECL is calculated. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 debt instruments<span class=\"ff74\"> held at FVOCI </span></span>comprise high-quality government bonds that have a low credit risk. The Group\u2019<span class=\"_ _1\"></span>s policy is to calculate a 12-month ECL on  these assets. If there is a significant increase in credit risk,  then a lifetime ECL will be recognised. A significant increase in credit risk is considered to have occurred when contractual payments are more than 30 days past due. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 equity instruments<span class=\"ff74\"> are revalued </span></span>to fair value on a regular basis. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> \u2013 no ECL is calculated for assets held at FVPL as any expected loss is already recognised in the recorded fair value of the asset.<span class=\"_ _30b\"> </span>Offsetting<span class=\"_ _30b\"> </span>Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Fair value hierarchy<span class=\"_ _30b\"> </span>The Group uses the following valuation hierarchy for determining and disclosing the fair value of financial instruments: <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 3: techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data.<span class=\"_ _30b\"> </span>For Level 1, the fair value is based on mark<span class=\"_ _1\"></span>et price quotations at the reporting date. For assets and liabilities classified as Level 2, the fair value is calculated using one or more valuation techniques (e.g. the market approach or the income approach) with mark<span class=\"_ _1\"></span>et observable inputs. The selection of the appropriate valuation techniques may be affected by the availability and reliability of  the relevant inputs. The inputs may include currency rates, interest rates, forward rate curves, and net asset values.<span class=\"_ _30b\"> </span>When observable market data is not available<span class=\"_ _1\"></span>, the Group uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used in estimating the fair value of Level 3 financial instruments typically include e<span class=\"_ _1\"></span>xpected timing and amount of future cash flows, timing of settlement, discount rates and the net asset values of certain investments.<span class=\"_ _30b\"> </span>The Group determines whether a transfer between levels has occurred by reviewing the categorisation of assets and liabilities at the end of each reporting period, based on the lowest level input that is significant to the valuation.<span class=\"_ _30b\"> </span>Derivative financial instruments and hedging activities<span class=\"_ _30b\"> </span>Derivatives are initially recognised at fair value on the date  a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method  of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged.<span class=\"_ _30b\"> </span>The Group uses foreign ex<span class=\"_ _15\"></span>change forward contracts to manage its foreign ex<span class=\"_ _15\"></span>change risk. It enters into a series of ex<span class=\"_ _1\"></span>change contracts to purchase or sell certain currencies against sterling and US dollars in the future at fix<span class=\"_ _1\"></span>ed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement.<span class=\"_ _30b\"> </span>The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised.<span class=\"_ _30b\"> </span>As part of the Group\u2019<span class=\"_ _1\"></span>s interest rate management policy  (see note 17<span class=\"_ _2\"></span>.5), the Group enters into derivative instruments to convert a portion of its fix<span class=\"_ _1\"></span>ed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for  fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement.<span class=\"_ _30b\"> </span>In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. W<span class=\"_ _1\"></span>e document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion  of any hedge in order to verify that it continues to satisfy all  the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income  or expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example<span class=\"_ _1\"></span>, when the forecast transaction that is hedged takes place). When a hedging instrument e<span class=\"_ _1\"></span>xpires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve:  it is only recognised in the income statement when the  forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected  to occur<span class=\"_ _15\"></span>, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement.<span class=\"_ _30b\"> </span>The profit or loss on a derivative which is not designated  as a hedging instrument is recognised directly in the  income statement.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The Group reports financial assets and financial liabilities  on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there  is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously<span class=\"_ _30b\"> </span><span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Group applies the rules of legal right of set off and intent to  net settle within its clearing member balances. The carrying values  of the balances are offset at an appropriate level to arrive at the  net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect  the net assets of the Group.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-644": {
   "value": "Financial liabilities <span class=\"_ _35\"></span>\u2014  <span class=\"_ _46\"></span><span class=\"ff73\">Financial liabilities at FVPL<span class=\"ff74\"> include the CCP businesses<span class=\"_ _1\"></span>\u2019 </span></span>clearing member trading balances, comprising derivatives,  as well as equity and debt instruments that are marked to market on a daily basis. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial liabilities at amortised cost </span>are all financial liabilities that are not classified as financial liabilities at FVPL. They include trade and other payables, borrowings and other payables to clearing members.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-635": {
   "value": "Impairment<span class=\"_ _30b\"> </span>The Group adopts a forward-looking approach to estimating impairment losses on financial assets. An expected credit loss (ECL) arises if the expected cash flows are lower than the contractual cash flows due. The difference is discounted at the asset\u2019s original effective interest rate and recognised as an impairment of the original value of the asset. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at amortised cost </span>\u2013 the ECL for trade receivables (including fees receivable), contract assets, and lease receivables is derived using the simplified approach  in IFRS 9 <span class=\"ff76\">Financial Instruments</span> to calculate a lifetime ECL.  The allowance is based on historical experience of collection rates, adjusted for forward-looking factors specific to each counterparty and the economic environment at large,  to create an expected loss matrix.  The ECL on other financial assets held at amortised cost is measured using the general approach. An allowance is calculated based on the 12-month ECL at each reporting  date unless there is a significant increase in the financial instrument\u2019s credit risk, in which case a loss allowance based on the lifetime ECL is calculated. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 debt instruments<span class=\"ff74\"> held at FVOCI </span></span>comprise high-quality government bonds that have a low credit risk. The Group\u2019<span class=\"_ _1\"></span>s policy is to calculate a 12-month ECL on  these assets. If there is a significant increase in credit risk,  then a lifetime ECL will be recognised. A significant increase in credit risk is considered to have occurred when contractual payments are more than 30 days past due. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FV<span class=\"_ _1\"></span>OCI \u2013 equity instruments<span class=\"ff74\"> are revalued </span></span>to fair value on a regular basis. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Financial assets at FVPL</span> \u2013 no ECL is calculated for assets held at FVPL as any expected loss is already recognised in the recorded fair value of the asset.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-636": {
   "value": "Offsetting<span class=\"_ _30b\"> </span>Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The Group reports financial assets and financial liabilities  on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there  is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously<span class=\"_ _30b\"> </span>The Group applies the rules of legal right of set off and intent to  net settle within its clearing member balances. The carrying values  of the balances are offset at an appropriate level to arrive at the  net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect  the net assets of the Group.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-637": {
   "value": "Fair value hierarchy<span class=\"_ _30b\"> </span>The Group uses the following valuation hierarchy for determining and disclosing the fair value of financial instruments: <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and <span class=\"_ _35\"></span>\u2014 L<span class=\"_ _15\"></span>evel 3: techniques which use inputs, which have a significant effect on the recorded fair value, that are not based on observable market data.<span class=\"_ _30b\"> </span>For Level 1, the fair value is based on mark<span class=\"_ _1\"></span>et price quotations at the reporting date. For assets and liabilities classified as Level 2, the fair value is calculated using one or more valuation techniques (e.g. the market approach or the income approach) with mark<span class=\"_ _1\"></span>et observable inputs. The selection of the appropriate valuation techniques may be affected by the availability and reliability of  the relevant inputs. The inputs may include currency rates, interest rates, forward rate curves, and net asset values.<span class=\"_ _30b\"> </span>When observable market data is not available<span class=\"_ _1\"></span>, the Group uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used in estimating the fair value of Level 3 financial instruments typically include e<span class=\"_ _1\"></span>xpected timing and amount of future cash flows, timing of settlement, discount rates and the net asset values of certain investments.<span class=\"_ _30b\"> </span>The Group determines whether a transfer between levels has occurred by reviewing the categorisation of assets and liabilities at the end of each reporting period, based on the lowest level input that is significant to the valuation.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-645": {
   "value": "Derivative financial instruments and hedging activities<span class=\"_ _30b\"> </span>Derivatives are initially recognised at fair value on the date  a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method  of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged.<span class=\"_ _30b\"> </span>The Group uses foreign ex<span class=\"_ _15\"></span>change forward contracts to manage its foreign ex<span class=\"_ _15\"></span>change risk. It enters into a series of ex<span class=\"_ _1\"></span>change contracts to purchase or sell certain currencies against sterling and US dollars in the future at fix<span class=\"_ _1\"></span>ed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement.<span class=\"_ _30b\"> </span>The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised.<span class=\"_ _30b\"> </span>As part of the Group\u2019<span class=\"_ _1\"></span>s interest rate management policy  (see note 17<span class=\"_ _2\"></span>.5), the Group enters into derivative instruments to convert a portion of its fix<span class=\"_ _1\"></span>ed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for  fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement.<span class=\"_ _30b\"> </span>In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. W<span class=\"_ _1\"></span>e document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion  of any hedge in order to verify that it continues to satisfy all  the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income  or expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example<span class=\"_ _1\"></span>, when the forecast transaction that is hedged takes place). When a hedging instrument e<span class=\"_ _1\"></span>xpires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve:  it is only recognised in the income statement when the  forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected  to occur<span class=\"_ _15\"></span>, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement.<span class=\"_ _30b\"> </span>The profit or loss on a derivative which is not designated  as a hedging instrument is recognised directly in the  income statement.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-638": {
   "value": "Derivative financial instruments and hedging activities<span class=\"_ _30b\"> </span>Derivatives are initially recognised at fair value on the date  a derivative contract is entered into and are subsequently remeasured to their fair value at regular intervals. The method  of recognising any resulting measurement gain or loss depends on whether or not the derivative is designated as a hedging instrument and the nature of the item being hedged.<span class=\"_ _30b\"> </span>The Group uses foreign ex<span class=\"_ _15\"></span>change forward contracts to manage its foreign ex<span class=\"_ _15\"></span>change risk. It enters into a series of ex<span class=\"_ _1\"></span>change contracts to purchase or sell certain currencies against sterling and US dollars in the future at fix<span class=\"_ _1\"></span>ed amounts. The Group has embedded foreign currency derivatives, primarily in revenue contracts where the currency of the contract is different from the functional or local currencies of the parties involved. The Group records these derivative instruments at fair value in the balance sheet as either assets or liabilities. Changes in fair value are recognised in the income statement.<span class=\"_ _30b\"> </span>The Group hedges a proportion of its net investment in foreign subsidiaries by designating some euro and US dollar borrowings and derivative instruments as net investment hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and remains in the hedging reserve until the underlying asset or liability is derecognised.<span class=\"_ _30b\"> </span>As part of the Group\u2019<span class=\"_ _1\"></span>s interest rate management policy  (see note 17<span class=\"_ _2\"></span>.5), the Group enters into derivative instruments to convert a portion of its fix<span class=\"_ _1\"></span>ed rate debt into floating rate debt. These derivative instruments have been designated as fair value hedges. The carrying value of the hedged item is adjusted for  fair value changes attributable to the risk being hedged, with the corresponding entry recorded in the income statement. Changes in fair value of the derivative instruments are also recognised in the income statement.<span class=\"_ _30b\"> </span>In order to qualify for hedge accounting, a transaction must meet strict criteria regarding documentation, effectiveness, probability of occurrence and reliability of measurement. W<span class=\"_ _1\"></span>e document the relationship between hedging instruments and hedged items at the inception of the transaction, as well as documenting the risk management objectives and strategy for undertaking various hedging transactions. The effectiveness of the hedge is tested at each reporting date and at the commencement and conclusion  of any hedge in order to verify that it continues to satisfy all  the criteria for hedge accounting. Any ineffective portion is recognised in the income statement as finance income  or expense<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Amounts that have accumulated through other comprehensive income in the hedging reserve are recognised in the income statement in the period when the hedged item affects profit or loss (for example<span class=\"_ _1\"></span>, when the forecast transaction that is hedged takes place). When a hedging instrument e<span class=\"_ _1\"></span>xpires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss remains in the hedging reserve:  it is only recognised in the income statement when the  forecast transaction itself is ultimately recognised in the income statement. When a forecast transaction is no longer expected  to occur<span class=\"_ _15\"></span>, the cumulative gain or loss that was reported through other comprehensive income is immediately recognised in the income statement.<span class=\"_ _30b\"> </span>The profit or loss on a derivative which is not designated  as a hedging instrument is recognised directly in the  income statement.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-686": {
   "value": "17<span class=\"_ _2\"></span>.<span class=\"_ _15\"></span>1 Financial assets<span class=\"_ _30b\"> </span><table class=\"s w5ea h11b\" id=\"_a15fcdf1-b021-4f6d-a9ed-5b9c8422c225\"><tr><td></td><td class=\"t m0 xb43 h4d y26de ff73 fsf fc0 sc0 ls0 ws0\">Amortised </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb44 h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">cost </td><td class=\"t m0 xb0e h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">FVOCI </td><td class=\"t m0 x249 h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 xb45 h4d y26df ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26e0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26e1 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2428 w5d1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb46 y2428 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb47 y2428 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb48 y2428 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb49 y2428 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y26e2 w5d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other receivables from clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4a y26e2 w42d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,139<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4b y26e2 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4c y26e2 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4d y26e2 w5ec hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,139</div></td></tr><tr><td class=\"t m0 x393 h4d y26e3 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xb4e y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4f y242a w5ed hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb50 y242a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb51 y242a w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275</div></td></tr><tr><td class=\"t m0 x393 h4d y26e4 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member cash and cash equivalents<span class=\"_ _30b\"> </span></td><td class=\"c n xb52 y26e5 w5ef hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">86,528<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb53 y26e5 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb54 y26e5 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb55 y26e5 w5f0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">86,528<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2548 w5dc hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb56 y2548 w5f1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">93,667<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb57 y2548 w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb58 y2548 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb59 y2548 w5f2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">763,535<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other receivables<span class=\"_ _30b\"> </span></td><td class=\"c n xb5a y2549 w17 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,980<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5b y2549 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5c y2549 w45 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5d y2549 w2a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,995<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w114 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5e y242c w115 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,580<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5f y242c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb60 y242c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb61 y242c w115 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,580<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y254a w5e1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb31 y254a w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb32 y254a wf7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb62 y254a w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb63 y254a w7b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26e7 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as fair value hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242e w5f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb64 y242e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb65 y242e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb66 y242e w528 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb67 y242e w528 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2640 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb69 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6a y250e w493 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6b y250e w493 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w5e2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y250f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y250f w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6c y250f w346 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6d y250f w348 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x391 y2431 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6e y2431 w524 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2510 w5e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3b y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3c y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6f y2510 w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">105<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb70 y2510 w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">105<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w5e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb71 y2419 wa2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">99,227<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb72 y2419 w5f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17,647<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb73 y2419 w5f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,713<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb74 y2419 w5f7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">769,587<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>At 31 December 2023, there are no provisions for expected credit losses in relation to any of the CCP businesses<span class=\"_ _1\"></span>\u2019 financial assets held at amortised cost or FVOCI (2022: nil). The Group closely monitors its CCP investment portfolio and invests only in government debt and other collateralised instruments where the risk of loss is minimal. There was no increase in credit risk in the year and none of the assets are past due (2022: nil).<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Clearing member cash and cash equivalents represents amounts received from the clearing members to cover initial and variation margins, and default fund contributions that are not invested in bonds. These amounts are deposited with banks, including central banks, or invested securely in short-term reverse repurchase contracts (reverse repos). Other financial assets represent the CCP investment in government bonds.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>Prepayments of \u00a3230 million and contract assets of \u00a34 million within trade and other receivables are not classified as financial instruments. <table class=\"s w5d0 h11a\" id=\"_b963d30b-491d-4d0f-9c87-6ebac202954a\"><tr><td></td><td class=\"t m0 xb0d h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">Amortised cost </td><td class=\"t m0 xb0e h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">FVOCI </td><td class=\"t m0 xb0f h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 x726 h4d y26d9 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26da ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26db ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242a w5d1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb12 y242a w5d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,997<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb13 y242a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb14 y242a w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb15 y242a w5d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">663,367<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w5d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other receivables from clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb16 y240d w5d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,945<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y240d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y240d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb18 y240d w5d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5,945<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w5d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb19 y2548 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1a y2548 w5d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1b y2548 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1c y2548 w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1d y240f w5db hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">104,707<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1e y240f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1f y240f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb20 y240f w5db hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">104,707<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w5dc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb21 y242c w5dd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">112,649<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb22 y242c w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb23 y242c w5de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb24 y242c w10f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,434<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26dc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other receivables<span class=\"_ _30b\"> </span></td><td class=\"c n xb25 y254a w37 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,344<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb26 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb27 y254a w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb28 y254a w5df hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,356<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2412 w114 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb29 y2412 w116 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,209<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2a y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2b y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2c y2412 w5b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,209<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242e w5e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 debt instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2d y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2e y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb2f y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb30 y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242f w5e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb31 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb32 y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb33 y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb34 y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26dd ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb35 y2416 w63 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb36 y2416 w63 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb39 y2431 w24 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3a y2431 w24 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w5e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3b y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3c y2418 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3d y2418 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3e y2418 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w5e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb3f y2419 w5e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">117,202<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb40 y2419 w5e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19,035<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb41 y2419 w5e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,430<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb42 y2419 w5e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">797,667<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Prepayments of \u00a3214 million and contract assets of \u00a33 million within trade and other receivables are not classified as financial instruments.<span class=\"_ _30b\"> </span>17<span class=\"_ _2\"></span>.2 Financial liabilities <table class=\"s w5ea h11c\" id=\"_83a314dc-a711-4f75-abab-512e262e10bd\"><tr><td></td><td class=\"t m0 xb75 h4d y26e8 ff73 fsf fc0 sc0 ls0 ws0\">Amortised </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb76 h4d y26e9 ff73 fsf fc0 sc0 ls0 ws0\">cost </td><td class=\"t m0 x249 h4d y26e9 ff73 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 xb45 h4d y26e9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26ea ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26eb ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2548 w5f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb77 y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb78 y2548 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb79 y2548 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other payables to clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7a y240f w5fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">111,448<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7b y240f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7c y240f w5fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">111,448<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w5fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7d y242c w5fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">111,448<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7e y242c w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7f y242c w127 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ec ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></td><td class=\"c n xb80 y261c w5fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,300<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb81 y261c w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb82 y261c w5fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,321<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2412 w5ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Borrowings<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb83 y2412 w54d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb84 y2412 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb85 y2412 w54d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9,699<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ed ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w5f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb86 y242f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb87 y242f w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb88 y242f w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ee ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb89 y2416 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8a y2416 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8b y2416 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8c y2431 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8d y2431 w600 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8e y2431 w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w5e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8f y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb90 y2418 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb91 y2418 wf5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w601 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb92 y2419 w602 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">123,447<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb93 y2419 w603 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,696<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb94 y2419 w604 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">776,143<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Social security and other taxes of \u00a3155 million and deferred compensation of \u00a321 million within trade and other payables are not classified as financial instruments.<span class=\"_ _30b\"> </span><table class=\"s w605 h11d\" id=\"_c6fea06c-4516-4bfa-8485-8675ac189c80\"><tr><td></td><td class=\"t m0 xb95 h4d y26ef ff74 fsf fc0 sc0 ls0 ws0\">Amortised </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xb96 h4d y26f0 ff74 fsf fc0 sc0 ls0 ws0\">cost<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb0f h4d y26f0 ff74 fsf fc0 sc0 ls0 ws0\">FVPL </td><td class=\"t m0 x24a h4d y26f0 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26f1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26f2 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2548 w5f8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Clearing member trading liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb97 y2548 w606 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,997<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb98 y2548 w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb99 y2548 w5d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">663,367<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other payables to clearing members<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9a y240f w607 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">129,227<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y240f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9b y240f w607 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">129,227<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242c w5fb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal clearing member financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9c y242c w608 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">131,224<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9d y242c w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9e y242c w128 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></td><td class=\"c n xb80 y261c w30e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb9f y261c w1af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba0 y261c w609 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,577<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f4 ff74 fsf fc0 sc0 ls0 ws0\">Borrowings<span class=\"_ _30b\"> </span></td><td class=\"c n xba1 y2412 w60a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba2 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba3 y2412 w5c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,823<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f5 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242f w5f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb86 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x304 y242f w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba4 y242f w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26f6 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb89 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba5 y2416 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba6 y2416 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8c y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb7b y2431 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ff y2431 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2418 w5e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8f y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb90 y2418 w60b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">96<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba7 y2418 w175 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">96<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w601 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba8 y2419 w60c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">142,586<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba9 y2419 w60d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,504<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbaa y2419 w60e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">804,090<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1,2<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>For 2022, lease liabilities of \u00a3672 million were presented as trade and other payables. These have been reclassified to borrowings (see note 16) to better reflect the nature of the liability<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Social security and other tax liabilities of \u00a376 million within trade and other payables are not classified as financial instruments.<span class=\"_ _30b\"> </span>17<span class=\"_ _2\"></span>.3 Fair values<span class=\"_ _30b\"> </span>Other than borrowings, we have assessed that the fair values of financial assets and financial liabilities categorised as being at amortised cost appro<span class=\"_ _1\"></span>ximate to their carrying values. The fair values of the Group\u2019<span class=\"_ _1\"></span>s borrowings are disclosed in note 16.<span class=\"_ _15\"></span>1.<span class=\"_ _30b\"> </span>Fair value measurement hierarchy<span class=\"_ _30b\"> </span>The Group\u2019<span class=\"_ _1\"></span>s financial assets and financial liabilities held at fair value consist largely of securities which are restricted in use for the operations of the Group\u2019<span class=\"_ _1\"></span>s CCPs as managers of their respective clearing and guarantee systems.<span class=\"_ _30b\"> </span>The following tables provide the fair value measurement hierarchy of the Group\u2019<span class=\"_ _1\"></span>s financial assets and financial liabilities measured at fair value.<span class=\"_ _30b\"> </span>Financial assets<span class=\"_ _30b\"> </span>31 December 2023<span class=\"_ _30b\"> </span><table class=\"s w60f h11e\" id=\"_89c1b1de-eb9b-4a03-8246-7af71de6289c\"><tr><td></td><td class=\"t m0 xbab h4d y26f7 ff73 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb75 h4d y26f7 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbac h4d y26f7 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y26f8 ff73 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbae h4d y26f8 ff73 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbaf h4d y26f8 ff73 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y26f9 ff73 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbb0 h4d y26f9 ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbb1 h4d y26f9 ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbb2 h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbb3 h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 xb45 h4d y26fa ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xb10 h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y26fb ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y26fc ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y240d w610 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb4 y240d w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb5 y240d w611 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,271<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb6 y240d w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb7 y240d w471 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,281<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w612 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb9 y2548 w613 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba5 y2548 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x849 y2548 w614 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240f w5d7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbba y240f w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbb y240f w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbc y240f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbd y240f w5ee hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,275<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xbbe y242c w615 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17,285<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbbf y242c w616 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,583<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc0 y242c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc1 y242c w617 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">669,868<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y254a w618 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc2 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc3 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc4 y254a wf7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc5 y254a w7b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">372<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26fd ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as fair value hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242e w5f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb64 y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc6 y242e w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc7 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb67 y242e w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26fe ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc8 y250e w493 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc9 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbca y250e w493 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcb y2416 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcc y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcd y2416 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2431 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x265 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb6e y2431 w524 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w619 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>T<span class=\"_ _15\"></span>rade and other receivables \u2013 other<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbce y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8c y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb8d y2510 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbcf y2510 w45 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y26ff ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xbd0 y2419 w615 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17,285<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbd1 y2419 w584 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,688<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbd2 y2419 w7b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">387<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbd3 y2419 w61a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">670,360<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>There were no transfers between levels during the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span><table class=\"s w61b h11f\" id=\"_d816bf7f-d792-44b7-abf4-fcedd48fe88d\"><tr><td></td><td class=\"t m0 xbd4 h4d y2700 ff74 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb95 h4d y2700 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbd5 h4d y2700 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y2701 ff74 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbd6 h4d y2701 ff74 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbd7 h4d y2701 ff74 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2702 ff74 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbd9 h4d y2702 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbda h4d y2702 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbdb h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbdc h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 x726 h4d y2703 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x24f h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y2704 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y2705 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial assets<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2549 w610 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdd y2549 w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbde y2549 w61c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,418<span class=\"_ _30b\"> </span></div></td><td class=\"c n x591 y2549 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdf y2549 w59a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,516<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w612 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe0 y242c w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58c y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe1 y242c w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w5d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other financial assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe2 y254a w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb86 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe3 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xa5f y254a w5d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,415<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xb5a y2412 w23b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,513<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe4 y2412 w61e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,272<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe5 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe6 y2412 w61f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">679,785<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242e w620 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe7 y242e w19d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe8 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe9 y242e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbea y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">226<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242f w618 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Investments in financial assets \u2013 equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc2 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc3 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbeb y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td><td class=\"c n x384 y242f wf8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">394<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2706 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250f w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y250f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbec y250f w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbed y250f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb36 y250f w63 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbee y2431 w24 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb1f y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbef y2431 w23 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">34<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w621 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>T<span class=\"_ _15\"></span>rade and other receivables \u2013 convertible loan notes<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf0 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb4b y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf1 y2510 wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf2 y2510 wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2707 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial assets measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xbf3 y2419 w622 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18,739<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf4 y2419 w623 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf5 y2419 w428 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">406<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf6 y2419 w624 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">680,465<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>There were no transfers between levels during 2022.<span class=\"_ _30b\"> </span>Financial liabilities<span class=\"_ _30b\"> </span><table class=\"s w60f h120\" id=\"_b12e83e9-e82f-4b20-bfb1-aa9fed169803\"><tr><td></td><td class=\"t m0 xbab h4d y2708 ff73 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb75 h4d y2708 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbac h4d y2708 ff73 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y2709 ff73 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbae h4d y2709 ff73 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbaf h4d y2709 ff73 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y270a ff73 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbb0 h4d y270a ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbb1 h4d y270a ff73 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbb2 h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbb3 h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 xb45 h4d y270b ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x24f h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y270c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y270d ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242c w610 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb4 y242c w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb5 y242c w611 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,271<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb6 y242c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb7 y242c w471 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">7,281<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w612 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y261c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb9 y261c w613 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td><td class=\"c n xba5 y261c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x849 y261c w614 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">645,312<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xbf7 y2412 w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf8 y2412 w625 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,583<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbf9 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfa y2412 w5eb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,593<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2413 w626 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Contingent consideration payable<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfb y2413 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5f y2413 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfc y2413 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfd y2413 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y270e ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbc8 y250e w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td><td class=\"c n x578 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfe y250e w279 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">52<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y270f ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w5e2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbff y2431 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n x535 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc00 y2431 w111 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w5e3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc01 y2418 w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td><td class=\"c n x575 y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc02 y2418 w2f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2710 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xc03 y2419 w42e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc04 y2419 w627 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,665<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc05 y2419 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">21<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc06 y2419 w603 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">652,696<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>There were no transfers between levels during the year<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span><table class=\"s w5d0 h121\" id=\"_e38f0cab-6d68-47c8-80e4-49a5f2079153\"><tr><td></td><td class=\"t m0 xbd4 h4d y2711 ff74 fsf fc0 sc0 ls0 ws0\">Quoted prices </td><td class=\"t m0 xb95 h4d y2711 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td class=\"t m0 xbd5 h4d y2711 ff74 fsf fc0 sc0 ls0 ws0\">Significant </td><td></td></tr><tr><td></td><td class=\"t m0 xbad h4d y2712 ff74 fsf fc0 sc0 ls0 ws0\">in active </td><td class=\"t m0 xbd6 h4d y2712 ff74 fsf fc0 sc0 ls0 ws0\">observable </td><td class=\"t m0 xbd7 h4d y2712 ff74 fsf fc0 sc0 ls0 ws0\">unobservable </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2713 ff74 fsf fc0 sc0 ls0 ws0\">markets <span class=\"_ _4\"></span> </td><td class=\"t m0 xbd9 h4d y2713 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td class=\"t m0 xbda h4d y2713 ff74 fsf fc0 sc0 ls0 ws0\">inputs <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xbd8 h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">(Level 1) </td><td class=\"t m0 xbdb h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">(Level 2) </td><td class=\"t m0 xbdc h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">(Level 3) </td><td class=\"t m0 x726 h4d y2714 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td class=\"t m0 x24f h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb10 h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y2715 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y2716 ff73 fsf fc0 sc0 ls0 ws0\">Clearing business financial liabilities<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242c w610 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdd y242c w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbde y242c w61c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,418<span class=\"_ _30b\"> </span></div></td><td class=\"c n x591 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbdf y242c w59a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,516<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w612 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Non-derivative instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb8 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe0 y254a w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td><td class=\"c n x58c y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbe1 y254a w61d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,854<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc07 y2412 w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc08 y2412 w628 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,272<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc09 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0a y2412 w5d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,370<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y242e w626 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Contingent consideration payable<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbfb y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb5f y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0b y242e wc5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0c y242e w1af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2717 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments designated as net investment hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y250e w5f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb68 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0d y250e w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0e y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc0f y250e w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">84<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2718 ff73 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments not designated as hedges<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w5e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Foreign ex<span class=\"_ _15\"></span>change forward contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n x507 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y2431 w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xbb6 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc10 y2431 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w5e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Embedded foreign ex<span class=\"_ _15\"></span>change contracts<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb37 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb38 y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n x263 y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc11 y2510 w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2719 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal financial liabilities measured at fair value<span class=\"_ _30b\"> </span></td><td class=\"c n xc07 y2419 w138 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc12 y2419 w629 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,368<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc13 y2419 w1af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc14 y2419 w60d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,504<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>There were no transfers between levels during 2022.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-687": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs77e\">17<span class=\"_ _2\"></span>.4 Hedging activities and derivatives<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs77f\">The Group hedges its exposure to foreign e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>change and interest rate </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs780\">movements using derivative instruments. The Group applies hedge </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs781\">accounting where appropriate, and has designated some derivatives  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs782\">as net investment hedges, fair value hedges and cash flow hedges.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs783\">The Group also has some derivatives which do not qualify for hedge </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs784\">accounting or have not been designated as hedges.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs785\">17<span class=\"_ _2\"></span>.4a Net investment hedges<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs786\">The Group uses net investment hedges to hedge the currency risk </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs787\">arising from its investment in foreign operations. The Group has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs788\">designated some of its euro borrowings and cross-currency interest rate </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs789\">swaps, used to swap a portion of its euro borrowings into US dollar </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs78a\">debt, as net investment hedges. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs78b\">There is an economic relationship between the hedged items and  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs78c\">the hedging instruments (the borrowings) as the euro and US dollar </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs78d\">borrowings are matched by the Group\u2019<span class=\"_ _1\"></span>s investments in euro and US </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs78e\">dollar assets. The Group has established a ratio of 1:1 for the hedging </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs78f\">relationships as the underlying foreign ex<span class=\"_ _15\"></span>change risk of the borrowings </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs790\">is identical to the investments. T<span class=\"_ _2\"></span>o ensure the hedge is effective, the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs791\">Group makes sure that the borrowings are always less than the value  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs792\">of the investments. Hedge ineffectiveness only arises if the value of the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs793\">hedging instrument ex<span class=\"_ _15\"></span>ceeds the value of the underlying net investment. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs794\">The hedging instruments are detailed below<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs795\">Cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs796\">In 2017<span class=\"_ _2\"></span>, the Group entered into cross-currency interest rate swaps in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs797\">order to more closely match the Group\u2019<span class=\"_ _1\"></span>s currency of borrowing to the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs798\">currency of its net assets and earnings.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs799\">As disclosed in note 16.<span class=\"_ _15\"></span>1, two \u20ac500 million bonds (maturing in 2024 and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs79a\">2029) were issued in 2017<span class=\"_ _2\"></span>. \u20ac700 million of these bonds were swapped </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs79b\">into $836 million through a series of cross-currency interest rate swaps </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs79c\">which mature on the same dates as the bonds. These instruments </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs79d\">effectively ex<span class=\"_ _15\"></span>change some of the obligations and coupons of the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs79e\">bonds from euros into US dollars. These swaps have been designated  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs79f\">as a hedge of the Group\u2019<span class=\"_ _1\"></span>s net investments in its US dollar reporting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a0\">subsidiaries and qualify for hedge accounting. </div><div class=\"gs7a1\"><table class=\"s w641 h123\" id=\"_3273f958-5caa-4911-92ad-b058fce9858d\"><tr><td class=\"c n x17e y250c w642 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u20ac700 million cross-currency interest rate swap<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc25 y250c w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc26 y250c w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271a ff74 fsf fc0 sc0 ls0 ws0\">Fair value of derivative liability on the  </td><td></td><td></td></tr><tr><td class=\"c n x17e y242e w643 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc27 y242e w644 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a352m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc28 y242e w645 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(\u00a384m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w646 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Nominal value of hedging instrument<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc29 y242f w647 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">$836m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2a y242f w648 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">$836m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w632 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hedge ratio<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1b y250e w633 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1c y250e w649 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w635 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hedge effectiveness<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1d y2416 w64a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1e y2416 w637 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w64b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in fair value of derivative<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2b y2431 w75 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a332m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2c y2431 w64c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(\u00a340m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w63b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in value of net investment<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2d y2418 w64d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a332m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc2e y2418 w64e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u00a340m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271b ff74 fsf fc0 sc0 ls0 ws0\">Cumulative amount held in hedging reserve<span class=\"_ _30b\"> </span></td><td class=\"c n xc2f y2419 w644 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a352m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc30 y2419 w645 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(\u00a384m)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs7a3\">Non-derivative hedges<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a4\">Non-derivative hedges relate to euro borrowings which are matched </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a5\">against the Group\u2019<span class=\"_ _1\"></span>s investments in euro denominated subsidiaries.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a6\">The remaining \u20ac300 million of the two \u20ac500 million bonds issued in </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a7\">2017 which were not swapped into US dollars, together with the  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a8\">\u20ac500 million bond issued in 2018 (see note 16.<span class=\"_ _15\"></span>1), qualify as hedging </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7a9\">instruments against euro denominated subsidiaries and qualify for </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7aa\">hedge accounting. The \u20ac700 million that has been swapped is included </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ab\">below and is netted against the fair value movement of the US dollar </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ac\">derivative in the hedging reserve.<span class=\"_ _30b\"> </span></div><div class=\"gs7ad\"><table class=\"s w62a h122\" id=\"_a3309255-8399-4f67-95f7-1b8045265fb8\"><tr><td class=\"c n x17e y2412 w62b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Euro denominated bonds<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc15 y2412 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc16 y2412 w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w62c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Carrying value of debt on the balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc17 y242e w62d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(\u00a31,295m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc18 y242e w62e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(\u00a31,326m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w62f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Nominal value of hedging instrument<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc19 y242f w630 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u20ac1,500m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1a y242f w631 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u20ac1,500m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w632 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Hedge ratio<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1b y250e w633 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1c y250e w634 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w635 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Hedge effectiveness<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1d y2416 w636 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1e y2416 w637 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w638 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Change in carrying value of hedging instrument<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1f y2431 w639 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a331m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc20 y2431 w63a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(\u00a373m)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w63b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Change in value of net investment<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc21 y2418 w63c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(\u00a331m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc22 y2418 w63d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a373m<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w63e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Cumulative amount held in hedging reserve<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc23 y2419 w63f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a329m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc24 y2419 w640 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(\u00a32m)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ae\">The Group has not drawn down on its committed bank facilities in euros </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7af\">or US dollars during the year<span class=\"_ _15\"></span>. In 2022, the Group drew down on both </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b0\">facilities, but these drawings were not designated as net investment </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b1\">hedges. As at 31 December 2023 and 31 December 2022, there were </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b2\">no amounts outstanding on these facilities.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b3\">During the year<span class=\"_ _15\"></span>, the Group issued euro and US dollar commercial paper<span class=\"_ _15\"></span>, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b4\">but these issuances were not designated as net investment hedges. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b5\">There were no issuances of commercial paper during 2022. As at  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b6\">31 December 2023, $937 million (\u00a3735 million) and \u20ac353 million  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7b7\">(\u00a3306 million) were outstanding (31 December 2022: \u00a3nil).<span class=\"_ _30b\"> </span></div><div class=\"gs7b8\"><table class=\"s w64f hf8\" id=\"_8f1875e4-a423-427c-9333-eb07902f13ac\"><tr><td class=\"t m0 x3f5 h4d y271c ff73 fsf fc0 sc0 ls0 ws0\">Revolving credit facility<span class=\"_ _15\"></span>, bridge facility and </td><td></td><td></td></tr><tr><td class=\"c n x17e y250f w650 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">commercial paper<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc31 y250f w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc32 y250f w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w651 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in carrying value of hedging instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc33 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc34 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w652 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in value of net investments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc35 y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc36 y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w63e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cumulative amount held in hedging reserve<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc37 y2419 w653 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a38m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc38 y2419 w654 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u00a38m<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs7b9\">17<span class=\"_ _2\"></span>.4b Cash flow hedges<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7ba\">The Group uses cash flow hedges to manage the interest rate risk on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7bb\">cash flows of highly probable forecast transactions.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs7bc\">Interest rate swaps<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7bd\">In 2021, the Group entered into a series of US dollar interest rate  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7be\">swaps with tenures of 3, 5 and 10 years, with aggregate principal </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7bf\">amounts of $500 million, $1,000 million and $1,250 million respectively<span class=\"_ _15\"></span>. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c0\">The interest rate swaps were designated as cash flow hedges with  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c1\">the hedged item being planned bond issuances that were deemed </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c2\">highly probable at the time and related to the Refinitiv acquisition.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c3\">The interest rate swaps were settled in March and April 2021 when  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c4\">the new bonds were issued (see note 16.<span class=\"_ _15\"></span>1). At the date of settlement,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c5\">a gain of $31 million (\u00a322 million) was recognised in the hedging  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c6\">reserve, representing the effective portion of the gain on the hedging </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c7\">instrument. This will be recycled to the income statement over the term </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c8\">of the debt. During the year \u00a33 million (2022: \u00a33 million) was recycled  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs7c9\">to the income statement.<span class=\"_ _30b\"> </span></div>17<span class=\"_ _2\"></span>.4c Fair value hedges<span class=\"_ _30b\"> </span>The Group uses fair value hedges to hedge the risk of changes  in the fair value of its fix<span class=\"_ _1\"></span>ed rate borrowings resulting from interest  rate movements.<span class=\"_ _30b\"> </span>Interest rate swaps<span class=\"_ _30b\"> </span>In September 2023, the Group issued two \u20ac700 million fix<span class=\"_ _1\"></span>ed rate bonds, maturing in 2026 and 2030<span class=\"_ _1\"></span>, as disclosed in note 16.<span class=\"_ _15\"></span>1. On the same day<span class=\"_ _15\"></span>, the Group entered into a series of euro interest rate swaps with tenures of 3 and 7 years, each with aggregate notional amounts of \u20ac700 million. As a result of the swaps, the Group receives a fix<span class=\"_ _1\"></span>ed rate of interest and pays floating rate interest based on the Euro Short-T<span class=\"_ _2\"></span>erm Rate (ESTR) plus a spread. Interest has been swapped from fix<span class=\"_ _15\"></span>ed to floating as part of the Group\u2019<span class=\"_ _1\"></span>s interest rate management policy  (see note 17<span class=\"_ _2\"></span>.5).<span class=\"_ _30b\"> </span>The bonds and interest rate swaps have been designated as the hedged items and hedging instruments in a fair value hedging relationship. The interest rate swaps are used to hedge the e<span class=\"_ _1\"></span>xposure  to changes in the fair value of the bonds. There is an economic relationship between the hedged items and hedging instruments as  the terms of the fix<span class=\"_ _1\"></span>ed leg of the interest rate swaps match the terms  of the bonds, such as notional amounts, interest rates and maturity dates. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying interest rate risk of the derivatives is identical to the hedged risk component.<span class=\"_ _30b\"> </span>T<span class=\"_ _2\"></span>o assess hedge effectiveness, the Group uses regression analysis  for its retrospective hedge effectiveness testing to ensure the hedge remained highly effective. The Group uses the critical terms match approach for its prospective hedge effectiveness testing to ensure  the hedge is expected to remain highly effective<span class=\"_ _1\"></span>. Sources of hedge ineffectiveness include counterparty credit risk, which impacts fair value movements of the hedging instruments but not the hedged items.<span class=\"_ _30b\"> </span><table class=\"s w655 h124\" id=\"_d7317ad6-af94-446f-b547-c7b3abb07012\"><tr><td class=\"c n x17e y25d2 w656 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u20ac1,400 million interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc39 y25d2 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3a y25d2 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271d ff74 fsf fc0 sc0 ls0 ws0\">Fair value of derivative asset on the  </td><td></td><td></td></tr><tr><td class=\"c n x17e y259a w643 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3b y259a w657 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a347m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3c y259a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259b w658 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in fair value of the derivative<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3d y259b w657 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u00a347m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3e y259b w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25f5 w659 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Nominal value of the hedging instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3f y25f5 w65a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u20ac1,400m<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc40 y25f5 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y271e w632 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hedge ratio<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc1b y271e w633 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1:1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc41 y271e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y25a3 w65b he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Carrying amount of the borrowings on the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">balance sheet<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc42 y25a3 w65c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a31,254m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc43 y25a3 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y271f ff74 fsf fc0 sc0 ls0 ws0\">Accumulated amounts of fair value adjustment  </td><td></td><td></td></tr><tr><td class=\"c n x17e y259e w65d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">on the hedged items<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc44 y259e w65e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a345m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc41 y259e w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y24c8 w65f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Change in value of hedged items<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc45 y24c8 w660 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a345m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x61f y24c8 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2720 ff74 fsf fc0 sc0 ls0 ws0\">Hedge ineffectiveness recorded in net finance </td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w661 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">income in the income statement<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc46 y2419 w662 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(\u00a32m)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc47 y2419 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table>17<span class=\"_ _2\"></span>.4d Derivatives not designated as hedges<span class=\"_ _30b\"> </span>Cross-currency interest rate swaps<span class=\"_ _30b\"> </span>As part of the bond issuance and in addition to the interest rate swaps entered into in September 2023, as noted in 17<span class=\"_ _2\"></span>.4c, the Group entered into a series of cross-currency interest rate swaps to swap the two  \u20ac700 million bonds to $740 million, with a tenure of three years,  and $742 million, with a tenure of seven years. These instruments effectively ex<span class=\"_ _15\"></span>change the obligations and coupons of the bonds and interest rate swaps from euros to US dollars, in accordance with the Group\u2019<span class=\"_ _1\"></span>s foreign ex<span class=\"_ _15\"></span>change risk management policy (see note 17<span class=\"_ _15\"></span>.5).  As a result of the swaps, the Group receives euro floating rate interest based on ESTR plus a spread and pays US dollar floating rate interest based on the Secured Overnight Financing Rate (SOFR) plus a spread. The cross-currency interest rate swaps have not been designated as hedges. This is because a portion of their fair value movements offset with income statement movements arising on other financial assets  and liabilities, resulting in a natural hedge. Foreign currency forwards<span class=\"_ _30b\"> </span>The Group uses foreign ex<span class=\"_ _15\"></span>change contracts to manage foreign ex<span class=\"_ _15\"></span>change risk. It enters into a series of ex<span class=\"_ _1\"></span>change contracts to purchase or sell certain currencies against sterling and US dollars in the future at fix<span class=\"_ _1\"></span>ed amounts. The cumulative sterling notional amounts of contracts outstanding as at 31 December 2023 and 31 December 2022 were  as follows:<span class=\"_ _30b\"> </span><table class=\"s w663 h125\" id=\"_6fb73b95-2ec4-4bd7-a798-7e14bdc0f48a\"><tr><td></td><td></td><td></td><td class=\"t m0 x417 h4d y2721 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>raded against  </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc48 h4d y2722 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>raded against sterling<span class=\"_ _30b\"> </span></td><td class=\"t m0 x67d h4d y2722 ff73 fsf fc0 sc0 ls0 ws0\">US dollars<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xc49 h4d y2723 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 xc4a h4d y2723 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td><td class=\"t m0 x5ad h4d y2723 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2723 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y2724 ff73 fsf fc0 sc0 ls0 ws0\">Sell/(buy)<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc4b h4d y2724 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc4c h4d y2724 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y2724 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2724 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2549 w597 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Euro<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc4d y2549 wdf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(598)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc4e y2549 w664 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(784)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc4f y2549 w13b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">97<span class=\"_ _30b\"> </span></div></td><td class=\"c n x69f y2549 w528 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w59b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">US dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc50 y242c w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">635<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc51 y242c w665 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc52 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc53 y242c w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y254a w596 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc54 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc55 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc56 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc57 y254a w666 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(309)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w667 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Hong K<span class=\"_ _1\"></span>ong dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc58 y2412 w410 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(32)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc59 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc35 y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5a y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w668 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Japanese yen<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5b y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(29)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5c y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5d y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5e y242e w3a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(36)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w669 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Singapore dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc5f y242f w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc60 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc61 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc62 y242f w283 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(32)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w66a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Romanian leu<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc63 y250e w193 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc64 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ea y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc65 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w66b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Australian dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc66 y2416 w18b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(20)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc67 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc68 y2416 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc69 y2416 w48f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(22)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w66c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Canadian dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6a y2431 w66d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6b y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc52 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6c y2431 w66e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(14)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w66f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Swiss franc<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6d y2510 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6e y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x5ba y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x65b y2510 w670 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(8)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w671 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other currencies<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc6f y2419 w672 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc70 y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc71 y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc47 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table>17<span class=\"_ _2\"></span>.4e Hedging reserve <table class=\"s w673 h126\" id=\"_7f3b756a-c8a7-45a9-b026-782f8e363d93\"><tr><td></td><td></td><td class=\"t m0 x5ad h4d y2725 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2725 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x92f h4d y2726 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y2726 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2726 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2525 w2f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc72 y2525 wb2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(102)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc73 y2525 w62 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2501 w674 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Amounts recycled to the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">income statement<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc74 y2501 w434 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63a y2501 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc75 y2501 w35f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259e w1f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change translation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x902 y259e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc53 y259e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y2727 ff74 fsf fc0 sc0 ls0 ws0\">Net gains/(losses) on net  </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2510 w675 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">investment hedges<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc76 y2510 w153 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc77 y2510 wca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc78 y2510 w676 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(113)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w2ff hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc79 y2419 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7a y2419 w1e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(102)<span class=\"_ _30b\"> </span></div></td></tr></table>As at 31 December 2023, \u00a340 million of losses (2022: \u00a340 million of losses) remain in reserves that have not been recycled to the income statement, as the Group continues to hold the underlying investments.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-688": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs80b\">17<span class=\"_ _2\"></span>.5 Financial risk management<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs80c\">The Group seeks to protect its financial performance and the value of its business from various risks including e<span class=\"_ _1\"></span>xposure to capital, credit, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs80d\">concentration, country<span class=\"_ _15\"></span>, liquidity<span class=\"_ _1\"></span>, settlement, custodial and market risks. Details of these risks, which should be read in conjunction with the Principal </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs80e\">Risks and Uncertainties on pages 79 to 88, are provided below<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"gs80f\"><table class=\"s w677 h127\" id=\"_511e71b9-12d2-482f-9c6e-3966d60999bf\"><tr><td class=\"t m0 x24f hd y2728 ff75 fs9 fc0 sc0 ls0 ws0\">Capital risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x24b y2729 wec hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7b y2729 w678 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272a ff74 fsf fc0 sc0 ls0 ws0\">Capital risk relates to the Group\u2019<span class=\"_ _1\"></span>s ability to  </td><td class=\"t m0 xc7c h4d y272a ff74 fsf fc0 sc0 ls0 ws0\">The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272b ff74 fsf fc0 sc0 ls0 ws0\">meet regulatory capital requirements and </td><td class=\"t m0 xc7c h4d y272b ff74 fsf fc0 sc0 ls0 ws0\">generative. It can manage its capital structure (which consists of equity and debt capital) and react to </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272c ff74 fsf fc0 sc0 ls0 ws0\">minimum internal investment returns.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y272c ff74 fsf fc0 sc0 ls0 ws0\">changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272d ff74 fsf fc0 sc0 ls0 ws0\">There is a risk that the Group\u2019<span class=\"_ _1\"></span>s entities may  </td><td class=\"t m0 xc7c h4d y272e ff74 fsf fc0 sc0 ls0 ws0\">reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272f ff74 fsf fc0 sc0 ls0 ws0\">not maintain, or have access to, sufficient </td><td class=\"t m0 xc7c h4d y2730 ff74 fsf fc0 sc0 ls0 ws0\">Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019<span class=\"_ _1\"></span>s capital </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2731 ff74 fsf fc0 sc0 ls0 ws0\">structure is presented below:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x24b y2732 w679 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">high-quality capital to meet their regulatory<span class=\"_ _15\"></span>,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">or other obligations. This could result in a loss<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x24d h4d y2733 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 xc7d h4d y2733 ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x24f h4d y2734 ff74 fsf fc0 sc0 ls0 ws0\">of regulatory approvals and/or the imposition  </td><td class=\"t m0 xc7c h4d y2735 ff73 fsf fc0 sc0 ls0 ws0\">Book value of capital<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72c h4d y2735 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y2735 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y2736 ff74 fsf fc0 sc0 ls0 ws0\">of financial sanctions.<span class=\"_ _30b\"> </span></td><td class=\"c n xc7e y2737 w67a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal shareholders\u2019 funds<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7f y2737 w157 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">23,807<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc80 y2737 w158 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">25,996<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2738 ff74 fsf fc0 sc0 ls0 ws0\">The main capital risks faced by the Group are:<span class=\"_ _30b\"> </span></td><td class=\"c n xc7e y2739 w67b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Group borrowings ex<span class=\"_ _15\"></span>cluding lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc81 y2739 w72 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc82 y2739 w550 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8,151</div></td></tr><tr><td class=\"t m0 x393 h4d y273a ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>An increased regulatory capital requirement </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xc83 h4d y273b ff74 fsf fc0 sc0 ls0 ws0\">of its regulated companies<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y273c ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The Group maintains a Capital Management Policy<span class=\"_ _15\"></span>, the ex<span class=\"_ _1\"></span>ecution of which is overseen by the Group\u2019<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td class=\"t m0 x393 h4d y273d ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Negative yields on its investments<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y273e ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Financial, Investment and Capital Committee. The Group seeks to allocate capital in order to maintain a </td><td class=\"t m0 xc7c h4d y273f ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders. </td></tr><tr><td class=\"t m0 x393 h4d y2740 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>An inability to raise debt or equity  </td><td></td><td class=\"t m0 xc7c h4d y2741 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Regulated entities within the Group monitor compliance with policy and the capital requirements set by their </td></tr><tr><td class=\"t m0 xc83 h4d y2742 ff74 fsf fc0 sc0 ls0 ws0\">financing as a result of its own poor financial </td><td class=\"t m0 xc7c h4d y2743 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">respective regulatory authorities. </td><td></td></tr><tr><td class=\"t m0 xc83 h4d y2744 ff74 fsf fc0 sc0 ls0 ws0\">performance, or poor financing conditions<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y2745 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Regulatory and operational capital represents:</td><td></td></tr><tr><td></td><td class=\"t m0 xc84 h4d y2746 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Amounts held as cash and cash equivalents and investments in financial assets by regulated entities to </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc85 h4d y2747 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">satisfy their local regulatory capital requirements</td></tr><tr><td></td><td class=\"t m0 xc84 h4d y2748 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Letters of credit issued by the Group to customers and suppliers<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2749 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The Group\u2019<span class=\"_ _1\"></span>s total regulatory and operational capital is shown below:<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x24d h4d y274a ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 xc7d h4d y274a ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y274b ff73 fsf fc0 sc0 ls0 ws0\">Regulatory and operational capital<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72c h4d y274b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y274b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y274c ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal regulatory and operational capital<span class=\"_ _30b\"> </span></td><td class=\"c n xc86 y274d w2a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,348<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc87 y274d w67c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,427<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc7e y274e w67d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amount included in cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc88 y274e w67e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,329<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc89 y274e w2c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,219<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc7e y274f w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8a y274f w67f he9\" colspan=\"2\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Includes investments in financial assets of \u00a3nil (2022: \u00a3191 million) and letters of credit totalling \u00a319 million (2022: \u00a317 million).<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2750 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o ensure ongoing financial strength, access to new capital at a reasonable cost, and to sustain an </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2751 ff74 fsf fc0 sc0 ls0 ws0\">investment grade credit rating, the Group monitors its leverage ratio against a target range of 1.5-2.5 times </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2752 ff74 fsf fc0 sc0 ls0 ws0\">(moving from a target range of 1.0-2.0 times during 2023). Leverage is calculated as operating net debt  </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc7c h4d y2753 ff74 fsf fc0 sc0 ls0 ws0\">(i.e. net debt after e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>cluding lease liabilities and amounts set aside for regulatory and operational purposes) </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2754 ff74 fsf fc0 sc0 ls0 ws0\">to adjusted EBITD<span class=\"_ _1\"></span>A before foreign ex<span class=\"_ _15\"></span>change gains or losses (Group adjusted earnings from continuing </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2755 ff74 fsf fc0 sc0 ls0 ws0\">operations before net finance costs, tax, depreciation, amortisation and impairment and before foreign </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2756 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change gains or losses). At 31 December 2023, leverage was 1.8 times (2022: 1.8 times).<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc7c h4d y2757 ff74 fsf fc0 sc0 ls0 ws0\">While the Group\u2019<span class=\"_ _1\"></span>s bank borrowing facilities do not include financial covenants, the Group takes into account </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2758 ff74 fsf fc0 sc0 ls0 ws0\">certain financial metrics (including liquidity headroom and the leverage ratio) when considering whether to </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2759 ff74 fsf fc0 sc0 ls0 ws0\">increase the size of its borrowings and net debt. The Group seeks to maintain a strong investment grade </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y275a ff74 fsf fc0 sc0 ls0 ws0\">credit rating and will always seek to return leverage to its target range if it rises temporarily<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs810\">1<span class=\"_ _30b\"> </span></div><table class=\"s w680 h128\" id=\"_72873427-5d2f-478c-b498-00f02686a6c1\"><tr><td class=\"t m0 x186 hd y275b ff75 fs9 fc0 sc0 ls0 ws0\">Credit and concentration risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y275c wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xc8b y275c w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x186 h16 y275d ff74 fs9 fc0 sc0 ls0 ws0\">Credit risk relates to the potential for  </td><td></td><td></td><td class=\"t m0 xc8c h4d y275e ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y275f ff74 fs9 fc0 sc0 ls0 ws0\">a Group counterparty (including CCP </td><td></td><td></td><td class=\"t m0 xc8c h4d y2760 ff74 fsf fc0 sc0 ls0 ws0\">Credit risk is governed by policies set by the Group Risk function. Limits and thresholds for credit and </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2761 ff74 fs9 fc0 sc0 ls0 ws0\">members, and any counterparty where </td><td></td><td></td><td class=\"t m0 xc8c h4d y2762 ff74 fsf fc0 sc0 ls0 ws0\">concentration risk are reviewed regularly<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2763 ff74 fs9 fc0 sc0 ls0 ws0\">there is exposure through payment, clearing </td><td></td><td></td><td class=\"t m0 xc8c h4d y2764 ff74 fsf fc0 sc0 ls0 ws0\">Group companies make judgements on the credit quality of their clients. This is based on the client\u2019<span class=\"_ _1\"></span>s financial </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2765 ff74 fs9 fc0 sc0 ls0 ws0\">or settlement processes) to be unable to </td><td></td><td></td><td class=\"t m0 xc8c h4d y2766 ff74 fsf fc0 sc0 ls0 ws0\">position, the recurring nature of billing and collection arrangements and historical evidence relating to the </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2767 ff74 fs9 fc0 sc0 ls0 ws0\">meet its financial obligations to the Group </td><td></td><td></td><td class=\"t m0 xc8c h4d y2768 ff74 fsf fc0 sc0 ls0 ws0\">client\u2019s ability to meet its financial liabilities as they fall due<span class=\"_ _1\"></span>. The Group is exposed to a large number of </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2769 ff74 fs9 fc0 sc0 ls0 ws0\">when due.<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"t m0 xc8c h4d y276a ff74 fsf fc0 sc0 ls0 ws0\">clients and so we deem concentration risk on the Group\u2019<span class=\"_ _1\"></span>s receivables to be low<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y276b ff74 fs9 fc0 sc0 ls0 ws0\">Credit concentration risk may arise through </td><td></td><td></td><td class=\"t m0 xc8c h4d y276c ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s main credit risk exposure arises on the financial assets shown earlier in note 17<span class=\"_ _2\"></span>.<span class=\"_ _15\"></span>1. There have </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y276d ff74 fsf fc0 sc0 ls0 ws0\">been no significant increases in credit risk for these assets and no estimated credit losses have been </td><td></td></tr><tr><td class=\"t m0 x186 h16 y276e ff74 fs9 fc0 sc0 ls0 ws0\">Group entities having large individual  </td><td></td><td></td><td class=\"t m0 xc8c h4d y276f ff74 fsf fc0 sc0 ls0 ws0\">recognised on other financial instruments.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2770 ff74 fs9 fc0 sc0 ls0 ws0\">or connected exposures to groups of </td><td></td><td></td><td class=\"t m0 xc8c h4d y2771 ff73 fsf fc0 sc0 ls0 ws0\">Non-CCP entities<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2772 ff74 fs9 fc0 sc0 ls0 ws0\">counterparties whose likelihood of default  </td><td></td><td></td><td class=\"t m0 xc8c h4d y2773 ff74 fsf fc0 sc0 ls0 ws0\">The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2774 ff74 fs9 fc0 sc0 ls0 ws0\">is driven by common underlying factors.<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"t m0 xc8c h4d y2775 ff74 fsf fc0 sc0 ls0 ws0\">which the Group deposits cash. The Group manages its credit risk by outlining the maximum financial </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2776 ff74 fsf fc0 sc0 ls0 ws0\">exposure that may be tak<span class=\"_ _1\"></span>en against any one counterparty<span class=\"_ _15\"></span>, based on an assessment of the counterparty\u2019s </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2777 ff74 fsf fc0 sc0 ls0 ws0\">credit quality<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2778 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents are held with authorised counterparties of a high credit standing. Cash is held in </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2779 ff74 fsf fc0 sc0 ls0 ws0\">unsecured interest-bearing current and call accounts. Cash equivalents comprise short-term deposits and </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277a ff74 fsf fc0 sc0 ls0 ws0\">AAA-rated money market funds.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277b ff74 fsf fc0 sc0 ls0 ws0\">Derivative transactions (and other treasury receivable structures) must be in line with the Group\u2019<span class=\"_ _1\"></span>s policy </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277c ff74 fsf fc0 sc0 ls0 ws0\">framework and may only be undertaken with highly rated counterparties.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277d ff73 fsf fc0 sc0 ls0 ws0\">CCPs<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277e ff74 fsf fc0 sc0 ls0 ws0\">The principal source of CCP credit risk lies in the potential for one or more clearing members to default. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277f ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs manage this risk through robust financial risk management. Clearing members are selected </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2780 ff74 fsf fc0 sc0 ls0 ws0\">based on an assessment of their supervisory capital as well as their technical and organisational strength. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2781 ff74 fsf fc0 sc0 ls0 ws0\">Each member must pay margins to the relevant Group CCP<span class=\"_ _2\"></span>. The margins are in the form of cash and highly </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2782 ff74 fsf fc0 sc0 ls0 ws0\">liquid securities. Clearing members also contribute to default funds managed by the Group CCPs. These  </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2783 ff74 fsf fc0 sc0 ls0 ws0\">aim to protect the integrity of the markets in the event of multiple defaults in e<span class=\"_ _1\"></span>xtreme market circumstances. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2784 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs use stress tests to determine the appropriate margin and default fund requirements. These are </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2785 ff74 fsf fc0 sc0 ls0 ws0\">reviewed by CCP risk committees who can take action as appropriate.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2786 ff74 fsf fc0 sc0 ls0 ws0\">CCPs are required by regulation to hold a minimum amount of capital (regulatory capital). Each of the Group\u2019<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2787 ff74 fsf fc0 sc0 ls0 ws0\">CCPs maintains this regulatory capital requirement, together with an additional holding of its own capital. This </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2788 ff74 fsf fc0 sc0 ls0 ws0\">additional capital is to help manage credit risk during a significant market stress event or member default.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2789 ff74 fsf fc0 sc0 ls0 ws0\">The total clearing member contributions of margin and default funds across the Group CCPs is shown below:<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x284 h4d y278a ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y278a ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y278b ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal collateral held<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 xc8d h4d y278b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y278b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y278c w681 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Collateral security<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8f y278c w682 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash received<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc90 y278c w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc91 y278c w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">127<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc92 y278d w683 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-cash pledged<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc93 y278d wfe hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">172<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc94 y278d w45e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">147<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc92 y278e w684 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Guarantees pledged<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc95 y278e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc96 y278e w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y278f w685 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal collateral as at 31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc97 y278f w582 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">284<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc98 y278f w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">276<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2790 w686 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Maximum collateral held during the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc99 y2790 w52e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">312<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9a y2790 w687 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">310<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2791 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs manage the credit risk associated with margin and default fund contributions by investing  </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2792 ff74 fsf fc0 sc0 ls0 ws0\">the cash element in instruments or structures deemed \u201csecure\u201d by the relevant regulatory bodies. This </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2793 ff74 fsf fc0 sc0 ls0 ws0\">includes: direct investments in highly rated, \u201cregulatory qualifying\u201d sovereign bonds and supra-national  </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2794 ff74 fsf fc0 sc0 ls0 ws0\">debt; investments in tri-party and bilateral reverse repos (receiving high-quality government securities as </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2795 ff74 fsf fc0 sc0 ls0 ws0\">collateral); and, in certain jurisdictions, deposits with the central bank. The small proportion of cash that is </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2796 ff74 fsf fc0 sc0 ls0 ws0\">invested unsecured is placed for short durations with highly rated counterparties where limits are applied </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2797 ff74 fsf fc0 sc0 ls0 ws0\">with respect to credit quality<span class=\"_ _15\"></span>, concentration and tenor<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x284 h4d y2798 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y2798 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8d h4d y2799 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y2799 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y250e w688 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal investment portfolio<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9b y250e w689 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">104<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9c y250e w2cb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">123<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2416 w68a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Maximum portfolio size during the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9d y2416 w68b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">147<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9e y2416 w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">157<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y279a ff73 fsf fc0 sc0 ls0 ws0\">Additional portfolio information: </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n xc8e y2418 w68c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amount invested securely<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9f y2418 w68d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">99.99%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca0 y2418 w68e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">99.99%<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w68f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted average maturity (days)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xca1 y2419 w690 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca2 y2419 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w695 h12a\" id=\"_12114ba6-ff68-47a1-b6e3-7492d715ca07\"><tr><td class=\"c n x17e y27b0 wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y27b0 w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b1 ff74 fsf fc0 sc0 ls0 ws0\">Associated liquidity risks are considered in the investment mix and discussed further below in the Liquidity<span class=\"_ _15\"></span>, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b2 ff74 fsf fc0 sc0 ls0 ws0\">Settlement and Custodial risk section.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o address concentration risk, the Group maintains a diversified portfolio of high-quality<span class=\"_ _1\"></span>, liquid investments </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b4 ff74 fsf fc0 sc0 ls0 ws0\">and uses a broad range of custodians, payment and settlement banks and agents. The largest concentration </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b5 ff74 fsf fc0 sc0 ls0 ws0\">of treasury exposures as at 31 December 2023 was with the French Government with an aggregate </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b6 ff74 fsf fc0 sc0 ls0 ws0\">exposure of 43% of the total investment portfolio (2022: 40% with the French Government).<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b7 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade receivables (including fees receivable)<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b8 ff74 fsf fc0 sc0 ls0 ws0\">An impairment analysis of trade and fees receivable is performed monthly using a provision matrix to </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b9 ff74 fsf fc0 sc0 ls0 ws0\">measure expected credit losses based on factors such as the counterparty\u2019<span class=\"_ _1\"></span>s historic payment practices, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ba ff74 fsf fc0 sc0 ls0 ws1b\">expected future payments and the economic environment at large<span class=\"_ _1\"></span>. The calculation reflects current conditions </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27bb ff74 fsf fc0 sc0 ls0 ws0\">together with forecasts of future economic conditions. None of the Group\u2019<span class=\"_ _1\"></span>s trade receivables are material by </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27bc ff74 fsf fc0 sc0 ls0 ws0\">individual counterparty<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x2f0 h4d y27bd ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade receivables<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x695 h4d y27be ff73 fsf fc0 sc0 ls0 ws0\">Fees </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa09 h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">receivable </td><td class=\"t m0 xcad h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">&lt;180 days </td><td class=\"t m0 xcae h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">&gt;180 days </td><td class=\"t m0 x2f2 h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y27c1 w696 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb0 y27c1 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb1 y27c1 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb2 y27c1 w697 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">14.2%<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xc8e y27c2 w698 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb3 y27c2 w2f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">244<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb4 y27c2 w27f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">870<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb5 y27c2 w1ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">71<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb6 y27c2 w403 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,185<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y27c3 w699 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb7 y27c3 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb8 y27c3 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb9 y27c3 w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcba y27c3 w66d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y27c4 w69a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net trade and fees receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbb y27c4 w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">244<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbc y27c4 w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">867<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbd y27c4 w600 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">61<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbe y27c4 w69b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,172<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x4f1 h4d y27c5 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">T<span class=\"_ _15\"></span>rade receivables<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x695 h4d y27c6 ff74 fsf fc0 sc0 ls0 ws0\">Fees </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x859 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">receivable </td><td class=\"t m0 x758 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">&lt;180 days </td><td class=\"t m0 x687 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">&gt;180 days </td><td class=\"t m0 x17d h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y2416 w696 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbf y2416 w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc0 y2416 w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc1 y2416 w69c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.2%<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xc8e y2431 w698 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc2 y2431 w2cd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc3 y2431 w95 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">706<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc4 y2431 w69d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc5 y2431 w2d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,029<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2510 w699 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb7 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc6 y2510 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc7 y2510 w69e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc8 y2510 w25b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w69f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net trade and fees receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc9 y2419 w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcca y2419 w6a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">704<span class=\"_ _30b\"> </span></div></td><td class=\"c n xccb y2419 w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td><td class=\"c n xccc y2419 w6a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,020<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w691 h129\" id=\"_a8a130ea-7bad-4ae6-88c6-f4b77c164917\"><tr><td class=\"t m0 x186 hd y279b ff75 fs9 fc0 sc0 ls0 ws0\">Country risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y279c wec hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y279c w678 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y279d ff74 fsf fc0 sc0 ls0 ws0\">Country risk relates to those risks that are </td><td class=\"t m0 xc8c h4d y279d ff74 fsf fc0 sc0 ls0 ws0\">The Group maintains a country risk framework to help assess and monitor the risk of doing business with,  </td><td></td><td></td></tr><tr><td class=\"c x17e y279e w692 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">inherent when doing business with, or<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">operating in, a country<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y279f ff74 fsf fc0 sc0 ls0 ws0\">or operating in, a country<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27a0 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs have specific risk management frameworks that address country risk for both clearing and </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a1 ff74 fsf fc0 sc0 ls0 ws0\">Some governments may be unable or find it </td><td class=\"t m0 xc8c h4d y27a1 ff74 fsf fc0 sc0 ls0 ws0\">margin operations. Contained in these frameworks are a suite of stress scenarios that consider deterioration </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a2 ff74 fsf fc0 sc0 ls0 ws0\">difficult to service their debts. This could have </td><td class=\"t m0 xc8c h4d y27a2 ff74 fsf fc0 sc0 ls0 ws0\">of sovereign credit quality as well as other risk factors. These scenarios support CCPs in developing and </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a3 ff74 fsf fc0 sc0 ls0 ws0\">adverse effects, particularly on the Group\u2019<span class=\"_ _1\"></span>s </td><td class=\"t m0 xc8c h4d y27a3 ff74 fsf fc0 sc0 ls0 ws0\">maintaining the appropriate country risk measurement, monitoring and mitigation tools. Risk Committees </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a4 ff74 fsf fc0 sc0 ls0 ws0\">CCPs, potentially impacting cleared products, </td><td class=\"t m0 xc8c h4d y27a4 ff74 fsf fc0 sc0 ls0 ws0\">oversee these risks and the associated policy frameworks to protect the Group against a potentially adverse </td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a5 ff74 fsf fc0 sc0 ls0 ws0\">margin collateral, investments, the clearing </td><td class=\"t m0 xc8c h4d y27a5 ff74 fsf fc0 sc0 ls0 ws0\">impact arising from volatility in the sovereign debt markets.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a6 ff74 fsf fc0 sc0 ls0 ws0\">membership and the financial industry  </td><td class=\"t m0 xc8c h4d y27a7 ff74 fsf fc0 sc0 ls0 ws0\">The Group CCPs\u2019 sovereign e<span class=\"_ _1\"></span>xposures at the end of the financial reporting periods were:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a8 ff74 fsf fc0 sc0 ls0 ws0\">as a whole.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y27a9 ff74 fsf fc0 sc0 ls0 ws0\">In addition, geopolitical events could impact </td><td></td><td class=\"t m0 x284 h4d y27aa ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y27aa ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y27ab ff74 fsf fc0 sc0 ls0 ws0\">our ability to operate in a country or impact the </td><td class=\"t m0 xc8c h4d y27ac ff73 fsf fc0 sc0 ls0 ws0\">Country/organisation<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8d h4d y27ac ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y27ac ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27ad ff74 fsf fc0 sc0 ls0 ws0\">value of our assets in that country<span class=\"_ _15\"></span>. We may </td><td class=\"c n xc8e y250e w693 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">France<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca3 y250e wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">22<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca4 y250e w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y27ae ff74 fsf fc0 sc0 ls0 ws0\">even need to relocate activities or change  </td><td class=\"c n xc8e y2416 w32e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls32 ws39\">USA<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca5 y2416 w4a5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">13<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca6 y2416 w46 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y27af ff74 fsf fc0 sc0 ls0 ws0\">our operating model in response.<span class=\"_ _30b\"> </span></td><td class=\"c n xc8e y2431 w32c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">UK<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca7 y2431 w111 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca8 y2431 wa6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2418 w694 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">European Union (supranational)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca9 y2418 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcaa y2418 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcab y2419 w4a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcac y2419 w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w6a2 h12b\" id=\"_aa3e1eea-776d-4a70-94ad-3f664515423b\"><tr><td class=\"t m0 x186 hd y27c9 ff75 fs9 fc0 sc0 ls0 ws0\">Liquidity<span class=\"_ _1\"></span>, settlement and custodial risk </td><td></td></tr><tr><td class=\"c n x17e y27ca wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y27ca w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y27cb ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s liquidity risk relates to its ability  </td><td class=\"t m0 xc8c h4d y27cb ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27cc ff74 fsf fc0 sc0 ls0 ws0\">to meet its short- and long-term payment </td><td class=\"t m0 xc8c h4d y27cc ff74 fsf fc0 sc0 ls0 ws0\">The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not </td></tr><tr><td class=\"t m0 x186 h4d y27cd ff74 fsf fc0 sc0 ls0 ws0\">obligations as they fall due.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27cd ff74 fsf fc0 sc0 ls0 ws0\">significantly impacted by seasonal variations. The Group maintains sufficient liquid resources to meet its </td></tr><tr><td class=\"t m0 x186 h4d y27ce ff74 fsf fc0 sc0 ls0 ws0\">Additionally<span class=\"_ _15\"></span>, the Group\u2019s CCPs, and certain </td><td class=\"t m0 xc8c h4d y27cf ff74 fsf fc0 sc0 ls0 ws0\">financial obligations as they fall due, and to invest in capital e<span class=\"_ _1\"></span>xpenditure, pay dividends, meet its pension </td></tr><tr><td class=\"t m0 x186 h4d y27d0 ff74 fsf fc0 sc0 ls0 ws0\">other Group entities, must maintain a level  </td><td class=\"t m0 xc8c h4d y27d1 ff74 fsf fc0 sc0 ls0 ws0\">commitments and support or fund acquisitions or repay borrowings. Subject to regulatory constraints </td></tr><tr><td class=\"t m0 x186 h4d y27d2 ff74 fsf fc0 sc0 ls0 ws0\">of liquidity (consistent with regulatory </td><td class=\"t m0 xc8c h4d y27d3 ff74 fsf fc0 sc0 ls0 ws0\">impacting certain entities, funds can (generally) be lent across the Group and cash earnings can be remitted </td></tr><tr><td class=\"t m0 x186 h4d y27d4 ff74 fsf fc0 sc0 ls0 ws0\">requirements) to make sure their services </td><td class=\"t m0 xc8c h4d y27d5 ff74 fsf fc0 sc0 ls0 ws0\">through regular dividend payments by subsidiary companies. This is an important component of the Group </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27d6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury cash management policy and approach. </td></tr><tr><td class=\"c x17e y27d7 w3dd hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">operate smoothly and to be able to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">continue to operate in the event of<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y27d8 ff74 fsf fc0 sc0 ls0 ws0\">Management monitors the Group\u2019<span class=\"_ _1\"></span>s cash flow forecasts and overlays sensitivities to these forecasts to reflect </td></tr><tr><td class=\"t m0 x186 h4d y27d9 ff74 fsf fc0 sc0 ls0 ws0\">a significant stress event.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27d9 ff74 fsf fc0 sc0 ls0 ws0\">assumptions about more challenging market conditions or stress events. The Group will tak<span class=\"_ _1\"></span>e the appropriate </td></tr><tr><td class=\"t m0 x186 h4d y27da ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s settlement and custodial  </td><td class=\"t m0 xc8c h4d y27db ff74 fsf fc0 sc0 ls0 ws0\">actions to satisfy working capital requirements when committing to large scale acquisitions, including making </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27dc ff74 fsf fc0 sc0 ls0 ws0\">sure there is comfortable liquidity headroom projected over a reasonable time frame.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27dd ff74 fsf fc0 sc0 ls0 ws0\">risks relate to the potential for a partner  </td><td></td></tr><tr><td class=\"t m0 x186 h4d y27de ff74 fsf fc0 sc0 ls0 ws0\">firm to default on its obligations in respect  </td><td class=\"t m0 xc8c h4d y27de ff73 fsf fc0 sc0 ls0 ws0\">Non-CCP entities<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27df ff74 fsf fc0 sc0 ls0 ws0\">of custody<span class=\"_ _15\"></span>, settlement, payment or other </td><td class=\"t m0 xc8c h4d y27df ff74 fsf fc0 sc0 ls0 ws0\">The Group T<span class=\"_ _15\"></span>reasury Policy requires the Group to maintain adequate credit facilities provided by a diversified </td></tr><tr><td class=\"t m0 x186 h4d y27e0 ff74 fsf fc0 sc0 ls0 ws0\">administration activities, or that no action  </td><td class=\"t m0 xc8c h4d y27e0 ff74 fsf fc0 sc0 ls0 ws0\">lending group to cover its expected funding requirements and ensure a minimum level of headroom for at </td></tr><tr><td class=\"t m0 x186 h4d y27e1 ff74 fsf fc0 sc0 ls0 ws0\">is taken by the Group to mitigate these  </td><td class=\"t m0 xc8c h4d y27e1 ff74 fsf fc0 sc0 ls0 ws0\">least the next 24 months. The financial strength of the Group<span class=\"_ _1\"></span>\u2019s lenders is monitored regularly<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e2 ff74 fsf fc0 sc0 ls0 ws0\">risks. This also includes the risk that  </td><td class=\"t m0 xc8c h4d y27e3 ff74 fsf fc0 sc0 ls0 ws0\">For full details of the Group\u2019<span class=\"_ _1\"></span>s borrowings and facilities, see note 16.<span class=\"_ _15\"></span>1.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e4 ff74 fsf fc0 sc0 ls0 ws0\">client assets are immobilised as a result  </td><td class=\"t m0 xc8c h4d y27e5 ff73 fsf fc0 sc0 ls0 ws0\">CCPs<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e6 ff74 fsf fc0 sc0 ls0 ws0\">of a third-party bankruptcy<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27e7 ff74 fsf fc0 sc0 ls0 ws0\">In order to meet the cash requirements of the clearing and settlement cycle, the Group\u2019<span class=\"_ _1\"></span>s CCPs maintain </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27e8 ff74 fsf fc0 sc0 ls0 ws0\">sufficient cash and cash equivalents and, in certain jurisdictions, have access to central bank refinancing or </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27e9 ff74 fsf fc0 sc0 ls0 ws0\">commercial bank credit lines. Regulations require CCPs to ensure that appropriate levels of back<span class=\"_ _15\"></span>-up liquidity </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ea ff74 fsf fc0 sc0 ls0 ws0\">are in place to underpin the dynamics of a largely secured cash investment requirement, ensuring that the </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27eb ff74 fsf fc0 sc0 ls0 ws0\">maximum potential outflow under extreme mark<span class=\"_ _1\"></span>et conditions is covered (see credit and concentration risk </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ec ff74 fsf fc0 sc0 ls0 ws0\">section above).<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ed ff74 fsf fc0 sc0 ls0 ws0\">In the event of a member default, Group CCPs can liquidate the defaulting member\u2019s portfolio to cover both </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ee ff74 fsf fc0 sc0 ls0 ws0\">losses associated with the default and settlement of any other financial obligations of the defaulting member<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ef ff74 fsf fc0 sc0 ls0 ws0\">In addition, certain Group companies, including the CCPs, maintain commercial bank facilities which support </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f0 ff74 fsf fc0 sc0 ls0 ws0\">management of intraday and overnight liquidity<span class=\"_ _15\"></span>. </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f1 ff74 fsf fc0 sc0 ls0 ws0\">Custodians are subject to minimum eligibility requirements, ongoing credit assessments and robust </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f2 ff74 fsf fc0 sc0 ls0 ws0\">contractual arrangements. They are also required to have appropriate contingency arrangements in place.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f3 ff73 fsf fc0 sc0 ls0 ws0\">Financial liability maturity<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f4 ff74 fsf fc0 sc0 ls0 ws0\">The table below analyses the Group\u2019<span class=\"_ _1\"></span>s financial liabilities into relevant maturity groupings based on the </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f5 ff74 fsf fc0 sc0 ls0 ws0\">remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f6 ff74 fsf fc0 sc0 ls0 ws0\">the table reflect the contractual undiscounted cash flows. The borrowings and lease liabilities include future </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f7 ff74 fsf fc0 sc0 ls0 ws0\">interest that has not been accrued at the balance sheet date.<span class=\"_ _30b\"> </span></td></tr></table><table class=\"s w6a3 h12c\" id=\"_caccaeae-f6e5-4c24-8391-dabbd6743e77\"><tr><td></td><td class=\"t m0 xccd h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Less than <span class=\"_ _4\"></span> </td><td class=\"t m0 xa09 h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Between 1 </td><td class=\"t m0 xcce h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Between 2 </td><td class=\"t m0 x2eb h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Over <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xccf h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">1 year <span class=\"_ _2\"></span> </td><td class=\"t m0 x858 h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">and 2 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2ea h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">and 5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x83a h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2f2 h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x186 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242f w6a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Borrowings (ex<span class=\"_ _15\"></span>cluding lease liabilities)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd0 y242f w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd1 y242f w2ae hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">581<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd2 y242f w6a5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,394<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd3 y242f w6a6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,930<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd4 y242f w6a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10,071<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w11c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd0 y250e w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd5 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd6 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x193 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd7 y250e w11d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd8 y250f w6a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">137<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd9 y250f w6a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">113<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcda y250f w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">235<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y250f w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">253<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdb y250f w7b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">738<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Clearing member liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdc y2431 w127 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdd y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcde y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdf y2431 w127 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 wf9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce0 y2510 w12a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n x771 y2510 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce1 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce2 y2510 w600 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce3 y2510 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w6ab hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other non-current payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce4 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce5 y2419 w6ac hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">55<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce6 y2419 w574 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">314<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce7 y2419 w12c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">241<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce8 y2419 w135 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">610<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w695 h12c\" id=\"_0af4b744-dad8-477a-bdc4-30e33af21894\"><tr><td></td><td class=\"t m0 xccd h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Less than <span class=\"_ _4\"></span> </td><td class=\"t m0 x859 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Between 1 </td><td class=\"t m0 x438 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Between 2 </td><td class=\"t m0 x177 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Over <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xce9 h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">1 year <span class=\"_ _2\"></span> </td><td class=\"t m0 x858 h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">and 2 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2ea h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">and 5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 xcea h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x17d h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x186 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25d8 w6a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Borrowings (ex<span class=\"_ _15\"></span>cluding lease liabilities)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xceb y25d8 w6ad hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,440<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a0 y25d8 wba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">967<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcec y25d8 w459 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,008<span class=\"_ _30b\"> </span></div></td><td class=\"c n xced y25d8 w19 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4,754<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcee y25d8 w6ae hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9,169<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w11c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcef y250e w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf0 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf1 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf2 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf3 y250e w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd8 y250f w1ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf4 y250f w48b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e3 y250f w176 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">216<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf5 y250f w48d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">283<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf6 y250f w498 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">767<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Clearing member liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf7 y2431 w128 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf8 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf9 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfa y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfb y2431 w6af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 wf9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfc y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfd y2510 w3b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">57<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfe y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcff y2510 w35e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd00 y2510 w175 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">96<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w6ab h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other non-current payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd01 y2419 w1a h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd02 y2419 w13c h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd03 y2419 w6b0 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">338<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd04 y2419 w6b1 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">247<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd05 y2419 w136 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">649<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w6b2 h12e\" id=\"_ba46b686-1fbb-4e18-9020-b46ce4b2ec0c\"><tr><td class=\"t m0 x186 hd y27fe ff75 fs9 fc0 sc0 ls0 ws0\">Market risk \u2013 foreign e<span class=\"_ _15\"></span>xchange risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y27ff wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc8b y27ff w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2800 ff74 fsf fc0 sc0 ls0 ws0\">The Group operates globally with primary </td><td></td><td class=\"t m0 xc8c h4d y2800 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ranslational risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2801 ff74 fsf fc0 sc0 ls0 ws0\">centres in the UK, Europe and North America.  </td><td></td><td class=\"t m0 xc8c h4d y2801 ff74 fsf fc0 sc0 ls0 ws0\">The Group manages its translational risk, where possible, by matching the currency of its debt to the </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2802 ff74 fsf fc0 sc0 ls0 ws0\">It also has growing and strategically important </td><td></td><td class=\"t m0 xc8c h4d y2802 ff74 fsf fc0 sc0 ls0 ws0\">currency of its earnings, to make sure certain k<span class=\"_ _1\"></span>ey financial metrics are protected from material foreign </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2803 ff74 fsf fc0 sc0 ls0 ws0\">businesses in Asia. The Group\u2019<span class=\"_ _1\"></span>s principal </td><td></td><td class=\"t m0 xc8c h4d y2803 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2804 ff74 fsf fc0 sc0 ls0 ws0\">currencies of operation are sterling, US dollars, </td><td></td><td class=\"t m0 xc8c h4d y2804 ff74 fsf fc0 sc0 ls0 ws0\">to mitigate the impact of unfavourable currency ex<span class=\"_ _15\"></span>change rate movements on earnings and net assets, </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2805 ff74 fsf fc0 sc0 ls0 ws0\">and the euro.<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 xc8c h4d y2805 ff74 fsf fc0 sc0 ls0 ws0\">non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency<span class=\"_ _15\"></span>. </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2806 ff74 fsf fc0 sc0 ls0 ws0\">The Group is exposed to transactional foreign </td><td></td><td class=\"t m0 xc8c h4d y2807 ff74 fsf fc0 sc0 ls0 ws0\">Where required, currency of debt is re-balanced using cross-currency swaps to better match the currency  </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc8c h4d y2808 ff74 fsf fc0 sc0 ls0 ws0\">of debt to the overall currency of earnings.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2809 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change risk and translational risk. </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y280a ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional risk arises when we buy or sell </td><td></td><td class=\"t m0 xc8c h4d y280a ff74 fsf fc0 sc0 ls0 ws0\">A material proportion of the Group'<span class=\"_ _1\"></span>s debt is held in or swapped into euros and US dollars as noted below:<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y280b w6b3 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">goods or services in a currency other than<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">our entities\u2019 functional currencies. W<span class=\"_ _15\"></span>e may<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x284 h4d y280c ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td></td><td></td><td></td><td class=\"t m0 x746 h4d y280c ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y280d ff74 fsf fc0 sc0 ls0 ws0\">be exposed to movements in that currency<span class=\"_ _15\"></span>. </td><td class=\"t m0 xc8c h4d y280e ff73 fsf fc0 sc0 ls0 ws0\">Currency of debt<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y280e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x185 h4d y280e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y280f ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ranslational risk arises from the translation  </td><td class=\"c n xc8e y2810 w6b4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Euro denominated drawn debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd06 y2810 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,148<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd07 y2810 w250 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,652<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2811 ff74 fsf fc0 sc0 ls0 ws0\">of account balances recorded in an entity\u2019s </td><td class=\"c n xc8e y2812 w6b5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Euro denominated cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd08 y2812 w598 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,818)<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd09 y2812 w8d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(695)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2813 ff74 fsf fc0 sc0 ls0 ws0\">functional currency into the Group'<span class=\"_ _1\"></span>s reporting </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2814 ff74 fsf fc0 sc0 ls0 ws0\">currency for the purpose of statutory reporting.<span class=\"_ _30b\"> </span></td><td class=\"c n xc8e y2815 w6b6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">US dollar denominated drawn debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0a y2815 w592 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,263<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd0b y2815 w6b7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,014<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2816 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional foreign ex<span class=\"_ _15\"></span>change risk may </td><td class=\"c n xc8e y2817 w6b8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">US dollar denominated cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0c y2817 w59a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,818<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd0d y2817 w3e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">695<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2818 ff74 fsf fc0 sc0 ls0 ws0\">present itself in payment of intragroup </td><td class=\"t m0 xc8c h4d y2819 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The cross-currency interest rate swaps are directly linked to euro fix<span class=\"_ _1\"></span>ed debt. A proportion of the euro and </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y281a ff74 fsf fc0 sc0 ls0 ws0\">dividends or when interest obligations, which </td><td class=\"t m0 xc8c h4d y281b ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">US dollar denominated debt, including the cross-currency swaps, provide a hedge against the Group\u2019<span class=\"_ _1\"></span>s net </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y281c w6b9 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">are in a different currency<span class=\"_ _15\"></span>, are due. However<span class=\"_ _15\"></span>,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">both of these operations play their part in<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y281d ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">investment in euro and US dollar denominated entities. </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y281e ff74 fsf fc0 sc0 ls0 ws0\">controlling the level of translational foreign </td><td class=\"t m0 xc8c h4d y281f ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">At 31 December 2023, the Group\u2019<span class=\"_ _1\"></span>s designated hedges of its net investments were effective.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2820 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change exposure the Group faces.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y2821 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2822 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional foreign ex<span class=\"_ _15\"></span>change risk may also </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2823 ff74 fsf fc0 sc0 ls0 ws0\">While transactional foreign ex<span class=\"_ _15\"></span>change exposure is limited, the Group mitigates this by either hedging material </td></tr><tr><td class=\"t m0 x186 h4d y2824 ff74 fsf fc0 sc0 ls0 ws0\">arise when investing in, or divesting from, </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2825 ff74 fsf fc0 sc0 ls0 ws0\">transactions with appropriate derivative instruments or by settling currency payables or receivables within  </td></tr><tr><td class=\"t m0 x186 h4d y2826 ff74 fsf fc0 sc0 ls0 ws0\">operations denominated in currencies  </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2827 ff74 fsf fc0 sc0 ls0 ws0\">a short timeframe. The Group T<span class=\"_ _2\"></span>reasury Policy requires cash flows of single transactions or a series of linked </td></tr><tr><td class=\"t m0 x186 h4d y2828 ff74 fsf fc0 sc0 ls0 ws0\">other than sterling.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2829 ff74 fsf fc0 sc0 ls0 ws0\">transactions of more than \u00a32 million or equivalent per annum to be hedged. The risk is also minimised  </td></tr><tr><td class=\"t m0 x186 h4d y282a ff74 fsf fc0 sc0 ls0 ws0\">In addition, the Group has some contracts/ </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282b ff74 fsf fc0 sc0 ls0 ws0\">by the periodic ex<span class=\"_ _15\"></span>change of cash into each Group entity\u2019s functional currency<span class=\"_ _15\"></span>. Where appropriate, hedge </td></tr><tr><td class=\"t m0 x186 h4d y282c ff74 fsf fc0 sc0 ls0 ws0\">cash flow profiles with a foreign ex<span class=\"_ _15\"></span>change </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282d ff74 fsf fc0 sc0 ls0 ws0\">accounting for derivatives is considered in order to mitigate material levels of income statement volatility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y282e ff74 fsf fc0 sc0 ls0 ws0\">component that could trigger embedded </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282f ff73 fsf fc0 sc0 ls0 ws0\">Governance and sensitivity<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2830 ff74 fsf fc0 sc0 ls0 ws0\">derivative recognition and, as such,  </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2831 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s Risk Committee reviewed the approach to foreign ex<span class=\"_ _15\"></span>change risk management during the </td></tr><tr><td class=\"t m0 x186 h4d y2832 ff74 fsf fc0 sc0 ls0 ws0\">fair value accounting treatment.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2833 ff74 fsf fc0 sc0 ls0 ws0\">quarter ended 31 December 2023.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2834 ff74 fsf fc0 sc0 ls0 ws0\">In addition to projecting and analysing its earnings and debt profile by currency<span class=\"_ _15\"></span>, the Group reviews </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2835 ff74 fsf fc0 sc0 ls0 ws0\">sensitivities to movements in ex<span class=\"_ _15\"></span>change rates. The Group has considered movements in the euro and the  </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2836 ff74 fsf fc0 sc0 ls0 ws0\">US dollar over 2023 and 2022 and, based on actual market observations between its principal currency </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2837 ff74 fsf fc0 sc0 ls0 ws0\">pairs, has concluded that a 10% movement in rates is a reasonable level to illustrate the risk to the Group. </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2838 ff74 fsf fc0 sc0 ls0 ws0\">The impact on profit after tax and equity is set out in the table below:<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"c n xa71 y2839 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xa70 y2839 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x474 h4d y283a ff73 fsf fc0 sc0 ls0 ws0\">Profit <span class=\"_ _2\"></span> </td><td></td><td class=\"t m0 x2eb h4d y283a ff74 fsf fc0 sc0 ls0 ws0\">Profit <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd0e h4d y283b ff73 fsf fc0 sc0 ls0 ws0\">after tax <span class=\"_ _2\"></span> </td><td class=\"t m0 x2f7 h4d y283b ff73 fsf fc0 sc0 ls0 ws0\">Equity </td><td class=\"t m0 x281 h4d y283b ff74 fsf fc0 sc0 ls0 ws0\">after tax <span class=\"_ _2\"></span> </td><td class=\"t m0 x282 h4d y283b ff74 fsf fc0 sc0 ls0 ws0\">Equity <span class=\"_ _2\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x182 h4d y283c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa0c h4d y283c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y283c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y283c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y283d w597 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Euro<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0f y283d w6ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling weak<span class=\"_ _1\"></span>ens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd10 y283d w6bb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd11 y283d w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(68)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd12 y283d w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd13 y283d w6bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(71)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xd14 y283e w6bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling strengthens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd15 y283e w484 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd16 y283e wfb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd17 y283e w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd18 y283e w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y283f w59b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">US dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd19 y283f w6be hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling weakens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1a y283f w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1b y283f w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(66)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1c y283f w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1d y283f w6bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(68)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xd14 y2840 w6bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling strengthens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1e y2840 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1f y2840 w12a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd20 y2840 w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd21 y2840 w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">61<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2841 ff74 fsf fc0 sc0 ls0 ws0\">The sensitivity of profit after tax reflects foreign ex<span class=\"_ _15\"></span>change gains or losses on translation of financial assets </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2842 ff74 fsf fc0 sc0 ls0 ws0\">and financial liabilities, including cash and borrowings but ex<span class=\"_ _15\"></span>cluding hedged balances.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2843 ff74 fsf fc0 sc0 ls0 ws0\">The sensitivity of equity reflects the foreign ex<span class=\"_ _15\"></span>change gains or losses on translation of euro and US dollar </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2844 ff74 fsf fc0 sc0 ls0 ws0\">borrowings that have been designated as hedges of a net investment in foreign operations.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w6c0 h12f\" id=\"_fbfd18d0-2d91-46f0-8aaa-751c0f422fcf\"><tr><td class=\"t m0 x186 hd y2845 ff75 fs9 fc0 sc0 ls0 ws0\">Market risk \u2013 interest rate risk<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y2846 wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y2846 w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2847 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s interest rate risk arises from the </td><td class=\"t m0 xc8c h4d y2847 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s interest rate management policy focuses on protecting the Group\u2019<span class=\"_ _1\"></span>s credit rating and limiting the </td></tr><tr><td class=\"t m0 x186 h4d y2848 ff74 fsf fc0 sc0 ls0 ws0\">impact of changes in interest rates on cash </td><td class=\"t m0 xc8c h4d y2848 ff74 fsf fc0 sc0 ls0 ws0\">impact of interest rate increases on Group earnings. T<span class=\"_ _2\"></span>o support this objective, the Group targets a maximum </td></tr><tr><td class=\"t m0 x186 h4d y2849 ff74 fsf fc0 sc0 ls0 ws0\">held and investments in financial assets,  </td><td class=\"t m0 xc8c h4d y2849 ff74 fsf fc0 sc0 ls0 ws0\">debt floating rate component of 50%. This approach reflects the broad natural hedge of floating rate </td></tr><tr><td class=\"t m0 x186 h4d y284a ff74 fsf fc0 sc0 ls0 ws0\">and on borrowings held at floating rates.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y284a ff74 fsf fc0 sc0 ls0 ws0\">borrowings provided by the significant balances of cash and cash equivalents held effectively at floating </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y284b ff74 fsf fc0 sc0 ls0 ws0\">rates of interest.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y284c ff74 fsf fc0 sc0 ls0 ws0\">The Group may also face future interest rate </td><td></td></tr><tr><td class=\"t m0 x186 h4d y284d ff74 fsf fc0 sc0 ls0 ws0\">exposure connected to M&amp;A transactions </td><td class=\"t m0 xc8c h4d y284d ff74 fsf fc0 sc0 ls0 ws0\">At 31 December 2023 the floating rate component of total debt was 26% (2022: 16%).<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y284e ff74 fsf fc0 sc0 ls0 ws0\">where significant debt financing is involved.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y284f ff74 fsf fc0 sc0 ls0 ws0\">Where the Group has committed to M&amp;A transactions and is exposed to prospective interest rate risk on </td></tr><tr><td class=\"t m0 x186 h4d y2850 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s CCPs have member liabilities, and </td><td class=\"t m0 xc8c h4d y2850 ff74 fsf fc0 sc0 ls0 ws0\">borrowings, the Group T<span class=\"_ _15\"></span>reasury function will assess the exposure and consider hedging solutions that </td></tr><tr><td class=\"t m0 x186 h4d y2851 ff74 fsf fc0 sc0 ls0 ws0\">separately achieve returns which support the </td><td class=\"t m0 xc8c h4d y2851 ff74 fsf fc0 sc0 ls0 ws0\">conform with policy and seek to limit future interest costs. </td></tr><tr><td class=\"t m0 x186 h4d y2852 ff74 fsf fc0 sc0 ls0 ws0\">payment of these liabilities. A CCP\u2019s interest </td><td class=\"t m0 xc8c h4d y2853 ff74 fsf fc0 sc0 ls0 ws0\">In the Group\u2019<span class=\"_ _1\"></span>s CCPs, interest-bearing assets are generally invested in secured instruments or structures. </td></tr><tr><td class=\"t m0 x186 h4d y2854 ff74 fsf fc0 sc0 ls0 ws0\">rate risk can increase if the reference rates </td><td class=\"t m0 xc8c h4d y2855 ff74 fsf fc0 sc0 ls0 ws0\">These tend to be for a longer term than interest-bearing liabilities, whose interest rate is reset daily<span class=\"_ _15\"></span>. This </td></tr><tr><td class=\"t m0 x186 h4d y2856 ff74 fsf fc0 sc0 ls0 ws0\">used to calculate liabilities increase while the </td><td class=\"t m0 xc8c h4d y2857 ff74 fsf fc0 sc0 ls0 ws0\">makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight </td></tr><tr><td class=\"t m0 x186 h4d y2858 ff74 fsf fc0 sc0 ls0 ws0\">reference rates that underpin investment </td><td class=\"t m0 xc8c h4d y2859 ff74 fsf fc0 sc0 ls0 ws0\">and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite </td></tr><tr><td class=\"t m0 x186 h4d y285a ff74 fsf fc0 sc0 ls0 ws0\">returns decrease (or do not increase by  </td><td class=\"t m0 xc8c h4d y285b ff74 fsf fc0 sc0 ls0 ws0\">parameters against which sensitivities are monitored daily<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y285c ff74 fsf fc0 sc0 ls0 ws0\">the same amount).<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y285d ff74 fsf fc0 sc0 ls0 ws0\">In our review of the sensitivities to potential movements in interest rates, we have considered interest rate </td></tr><tr><td class=\"t m0 x186 h4d y285e ff74 fsf fc0 sc0 ls0 ws0\">Group companies that offer guaranteed </td><td class=\"t m0 xc8c h4d y285f ff74 fsf fc0 sc0 ls0 ws0\">volatility over the last year and prospects for rates over the next 12 months. W<span class=\"_ _15\"></span>e have concluded that a  </td></tr><tr><td class=\"t m0 x186 h4d y2860 ff74 fsf fc0 sc0 ls0 ws0\">settlement of traded securities can also  </td><td class=\"t m0 xc8c h4d y2861 ff74 fsf fc0 sc0 ls0 ws0\">1 percentage point downward movement (with a limited prospect of material upward movement) reflects  </td></tr><tr><td class=\"t m0 x186 h4d y2862 ff74 fsf fc0 sc0 ls0 ws0\">be exposed to latent interest rate risk  </td><td class=\"t m0 xc8c h4d y2863 ff74 fsf fc0 sc0 ls0 ws0\">a reasonable level of risk to current rates. If interest rates on cash and cash equivalents and borrowings had </td></tr><tr><td class=\"c x17e y2864 w6c1 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">(and market risk more generally) in the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">event of a counterparty default.<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y2865 ff74 fsf fc0 sc0 ls0 ws0\">been 1 percentage point lower<span class=\"_ _15\"></span>, with all other variables held constant, profit after tax for 2023 would have </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2866 ff74 fsf fc0 sc0 ls0 ws0\">been \u00a39 million lower (2022: \u00a38 million higher<span class=\"_ _15\"></span>, based on interest rates being 1 percentage point higher) </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2867 ff74 fsf fc0 sc0 ls0 ws0\">mainly as a result of lower interest income on floating rate cash and cash equivalents, partially offset by </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2868 ff74 fsf fc0 sc0 ls0 ws0\">lower interest expense on floating rate borrowings.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2869 ff74 fsf fc0 sc0 ls0 ws0\">At the CCP level (in aggregate), if interest rates on the common interest-bearing member liability benchmarks </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286a ff74 fsf fc0 sc0 ls0 ws0\">of EONIA, Fed Funds and SONIA, (for euro, US dollar and sterling liabilities respectively), had been  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286b ff74 fsf fc0 sc0 ls0 ws0\">1 percentage point lower<span class=\"_ _15\"></span>, with all other variables held constant, the Group\u2019s profit after tax would have  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286c ff74 fsf fc0 sc0 ls0 ws0\">been \u00a31 million higher (2022: \u00a31 million lower<span class=\"_ _15\"></span>, based on interest rates being 1 percentage point higher).<span class=\"_ _30b\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-699": {
   "value": "<table class=\"s w677 h127\" id=\"_511e71b9-12d2-482f-9c6e-3966d60999bf\"><tr><td class=\"t m0 x24f hd y2728 ff75 fs9 fc0 sc0 ls0 ws0\">Capital risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x24b y2729 wec hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7b y2729 w678 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272a ff74 fsf fc0 sc0 ls0 ws0\">Capital risk relates to the Group\u2019<span class=\"_ _1\"></span>s ability to  </td><td class=\"t m0 xc7c h4d y272a ff74 fsf fc0 sc0 ls0 ws0\">The Group, which consists of both regulated and unregulated entities, is profitable and strongly cash </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272b ff74 fsf fc0 sc0 ls0 ws0\">meet regulatory capital requirements and </td><td class=\"t m0 xc7c h4d y272b ff74 fsf fc0 sc0 ls0 ws0\">generative. It can manage its capital structure (which consists of equity and debt capital) and react to </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272c ff74 fsf fc0 sc0 ls0 ws0\">minimum internal investment returns.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y272c ff74 fsf fc0 sc0 ls0 ws0\">changes in economic conditions by varying returns to shareholders, issuing new shares or increasing or </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272d ff74 fsf fc0 sc0 ls0 ws0\">There is a risk that the Group\u2019<span class=\"_ _1\"></span>s entities may  </td><td class=\"t m0 xc7c h4d y272e ff74 fsf fc0 sc0 ls0 ws0\">reducing borrowings. The Board reviews dividend policy and funding capacity on a regular basis and the </td><td></td><td></td></tr><tr><td class=\"t m0 x24f h4d y272f ff74 fsf fc0 sc0 ls0 ws0\">not maintain, or have access to, sufficient </td><td class=\"t m0 xc7c h4d y2730 ff74 fsf fc0 sc0 ls0 ws0\">Group maintains comfortable levels of debt facility headroom. A high-level summary of the Group\u2019<span class=\"_ _1\"></span>s capital </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2731 ff74 fsf fc0 sc0 ls0 ws0\">structure is presented below:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c x24b y2732 w679 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">high-quality capital to meet their regulatory<span class=\"_ _15\"></span>,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">or other obligations. This could result in a loss<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x24d h4d y2733 ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 xc7d h4d y2733 ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x24f h4d y2734 ff74 fsf fc0 sc0 ls0 ws0\">of regulatory approvals and/or the imposition  </td><td class=\"t m0 xc7c h4d y2735 ff73 fsf fc0 sc0 ls0 ws0\">Book value of capital<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72c h4d y2735 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y2735 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y2736 ff74 fsf fc0 sc0 ls0 ws0\">of financial sanctions.<span class=\"_ _30b\"> </span></td><td class=\"c n xc7e y2737 w67a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal shareholders\u2019 funds<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc7f y2737 w157 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">23,807<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc80 y2737 w158 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">25,996<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y2738 ff74 fsf fc0 sc0 ls0 ws0\">The main capital risks faced by the Group are:<span class=\"_ _30b\"> </span></td><td class=\"c n xc7e y2739 w67b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Group borrowings ex<span class=\"_ _15\"></span>cluding lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc81 y2739 w72 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc82 y2739 w550 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">8,151</div></td></tr><tr><td class=\"t m0 x393 h4d y273a ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>An increased regulatory capital requirement </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xc83 h4d y273b ff74 fsf fc0 sc0 ls0 ws0\">of its regulated companies<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y273c ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The Group maintains a Capital Management Policy<span class=\"_ _15\"></span>, the ex<span class=\"_ _1\"></span>ecution of which is overseen by the Group\u2019<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td class=\"t m0 x393 h4d y273d ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Negative yields on its investments<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y273e ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Financial, Investment and Capital Committee. The Group seeks to allocate capital in order to maintain a </td><td class=\"t m0 xc7c h4d y273f ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">strong balance sheet, meet regulatory requirements, drive growth and offer suitable returns to shareholders. </td></tr><tr><td class=\"t m0 x393 h4d y2740 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>An inability to raise debt or equity  </td><td></td><td class=\"t m0 xc7c h4d y2741 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Regulated entities within the Group monitor compliance with policy and the capital requirements set by their </td></tr><tr><td class=\"t m0 xc83 h4d y2742 ff74 fsf fc0 sc0 ls0 ws0\">financing as a result of its own poor financial </td><td class=\"t m0 xc7c h4d y2743 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">respective regulatory authorities. </td><td></td></tr><tr><td class=\"t m0 xc83 h4d y2744 ff74 fsf fc0 sc0 ls0 ws0\">performance, or poor financing conditions<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc7c h4d y2745 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">Regulatory and operational capital represents:</td><td></td></tr><tr><td></td><td class=\"t m0 xc84 h4d y2746 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Amounts held as cash and cash equivalents and investments in financial assets by regulated entities to </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc85 h4d y2747 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">satisfy their local regulatory capital requirements</td></tr><tr><td></td><td class=\"t m0 xc84 h4d y2748 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Letters of credit issued by the Group to customers and suppliers<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2749 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The Group\u2019<span class=\"_ _1\"></span>s total regulatory and operational capital is shown below:<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x24d h4d y274a ff73 fsf fc0 sc0 ls0 ws0\">2023 <span class=\"_ _2\"></span> </td><td class=\"t m0 xc7d h4d y274a ff74 fsf fc0 sc0 ls0 ws0\">2022 <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y274b ff73 fsf fc0 sc0 ls0 ws0\">Regulatory and operational capital<span class=\"_ _30b\"> </span></td><td class=\"t m0 x72c h4d y274b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y274b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y274c ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal regulatory and operational capital<span class=\"_ _30b\"> </span></td><td class=\"c n xc86 y274d w2a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,348<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc87 y274d w67c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,427<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc7e y274e w67d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amount included in cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc88 y274e w67e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,329<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc89 y274e w2c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,219<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc7e y274f w2eb he9\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8a y274f w67f he9\" colspan=\"2\"><div class=\"t m0 x173 h1f y2575 ff74 fs3 fc0 sc0 ls0 ws0\">Includes investments in financial assets of \u00a3nil (2022: \u00a3191 million) and letters of credit totalling \u00a319 million (2022: \u00a317 million).<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2750 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o ensure ongoing financial strength, access to new capital at a reasonable cost, and to sustain an </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2751 ff74 fsf fc0 sc0 ls0 ws0\">investment grade credit rating, the Group monitors its leverage ratio against a target range of 1.5-2.5 times </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2752 ff74 fsf fc0 sc0 ls0 ws0\">(moving from a target range of 1.0-2.0 times during 2023). Leverage is calculated as operating net debt  </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc7c h4d y2753 ff74 fsf fc0 sc0 ls0 ws0\">(i.e. net debt after e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>cluding lease liabilities and amounts set aside for regulatory and operational purposes) </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2754 ff74 fsf fc0 sc0 ls0 ws0\">to adjusted EBITD<span class=\"_ _1\"></span>A before foreign ex<span class=\"_ _15\"></span>change gains or losses (Group adjusted earnings from continuing </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2755 ff74 fsf fc0 sc0 ls0 ws0\">operations before net finance costs, tax, depreciation, amortisation and impairment and before foreign </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2756 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change gains or losses). At 31 December 2023, leverage was 1.8 times (2022: 1.8 times).<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc7c h4d y2757 ff74 fsf fc0 sc0 ls0 ws0\">While the Group\u2019<span class=\"_ _1\"></span>s bank borrowing facilities do not include financial covenants, the Group takes into account </td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2758 ff74 fsf fc0 sc0 ls0 ws0\">certain financial metrics (including liquidity headroom and the leverage ratio) when considering whether to </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y2759 ff74 fsf fc0 sc0 ls0 ws0\">increase the size of its borrowings and net debt. The Group seeks to maintain a strong investment grade </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc7c h4d y275a ff74 fsf fc0 sc0 ls0 ws0\">credit rating and will always seek to return leverage to its target range if it rises temporarily<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table>1<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-700": {
   "value": "<table class=\"s w680 h128\" id=\"_72873427-5d2f-478c-b498-00f02686a6c1\"><tr><td class=\"t m0 x186 hd y275b ff75 fs9 fc0 sc0 ls0 ws0\">Credit and concentration risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y275c wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td class=\"c n xc8b y275c w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td class=\"t m0 x186 h16 y275d ff74 fs9 fc0 sc0 ls0 ws0\">Credit risk relates to the potential for  </td><td></td><td></td><td class=\"t m0 xc8c h4d y275e ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y275f ff74 fs9 fc0 sc0 ls0 ws0\">a Group counterparty (including CCP </td><td></td><td></td><td class=\"t m0 xc8c h4d y2760 ff74 fsf fc0 sc0 ls0 ws0\">Credit risk is governed by policies set by the Group Risk function. Limits and thresholds for credit and </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2761 ff74 fs9 fc0 sc0 ls0 ws0\">members, and any counterparty where </td><td></td><td></td><td class=\"t m0 xc8c h4d y2762 ff74 fsf fc0 sc0 ls0 ws0\">concentration risk are reviewed regularly<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2763 ff74 fs9 fc0 sc0 ls0 ws0\">there is exposure through payment, clearing </td><td></td><td></td><td class=\"t m0 xc8c h4d y2764 ff74 fsf fc0 sc0 ls0 ws0\">Group companies make judgements on the credit quality of their clients. This is based on the client\u2019<span class=\"_ _1\"></span>s financial </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2765 ff74 fs9 fc0 sc0 ls0 ws0\">or settlement processes) to be unable to </td><td></td><td></td><td class=\"t m0 xc8c h4d y2766 ff74 fsf fc0 sc0 ls0 ws0\">position, the recurring nature of billing and collection arrangements and historical evidence relating to the </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2767 ff74 fs9 fc0 sc0 ls0 ws0\">meet its financial obligations to the Group </td><td></td><td></td><td class=\"t m0 xc8c h4d y2768 ff74 fsf fc0 sc0 ls0 ws0\">client\u2019s ability to meet its financial liabilities as they fall due<span class=\"_ _1\"></span>. The Group is exposed to a large number of </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2769 ff74 fs9 fc0 sc0 ls0 ws0\">when due.<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"t m0 xc8c h4d y276a ff74 fsf fc0 sc0 ls0 ws0\">clients and so we deem concentration risk on the Group\u2019<span class=\"_ _1\"></span>s receivables to be low<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y276b ff74 fs9 fc0 sc0 ls0 ws0\">Credit concentration risk may arise through </td><td></td><td></td><td class=\"t m0 xc8c h4d y276c ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s main credit risk exposure arises on the financial assets shown earlier in note 17<span class=\"_ _2\"></span>.<span class=\"_ _15\"></span>1. There have </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y276d ff74 fsf fc0 sc0 ls0 ws0\">been no significant increases in credit risk for these assets and no estimated credit losses have been </td><td></td></tr><tr><td class=\"t m0 x186 h16 y276e ff74 fs9 fc0 sc0 ls0 ws0\">Group entities having large individual  </td><td></td><td></td><td class=\"t m0 xc8c h4d y276f ff74 fsf fc0 sc0 ls0 ws0\">recognised on other financial instruments.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2770 ff74 fs9 fc0 sc0 ls0 ws0\">or connected exposures to groups of </td><td></td><td></td><td class=\"t m0 xc8c h4d y2771 ff73 fsf fc0 sc0 ls0 ws0\">Non-CCP entities<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h16 y2772 ff74 fs9 fc0 sc0 ls0 ws0\">counterparties whose likelihood of default  </td><td></td><td></td><td class=\"t m0 xc8c h4d y2773 ff74 fsf fc0 sc0 ls0 ws0\">The principal source of non-CCP credit risk is the creditworthiness of the investment counterparties with </td><td></td></tr><tr><td class=\"t m0 x186 h16 y2774 ff74 fs9 fc0 sc0 ls0 ws0\">is driven by common underlying factors.<span class=\"_ _30b\"> </span></td><td></td><td></td><td class=\"t m0 xc8c h4d y2775 ff74 fsf fc0 sc0 ls0 ws0\">which the Group deposits cash. The Group manages its credit risk by outlining the maximum financial </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2776 ff74 fsf fc0 sc0 ls0 ws0\">exposure that may be tak<span class=\"_ _1\"></span>en against any one counterparty<span class=\"_ _15\"></span>, based on an assessment of the counterparty\u2019s </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2777 ff74 fsf fc0 sc0 ls0 ws0\">credit quality<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2778 ff74 fsf fc0 sc0 ls0 ws0\">Cash and cash equivalents are held with authorised counterparties of a high credit standing. Cash is held in </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2779 ff74 fsf fc0 sc0 ls0 ws0\">unsecured interest-bearing current and call accounts. Cash equivalents comprise short-term deposits and </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277a ff74 fsf fc0 sc0 ls0 ws0\">AAA-rated money market funds.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277b ff74 fsf fc0 sc0 ls0 ws0\">Derivative transactions (and other treasury receivable structures) must be in line with the Group\u2019<span class=\"_ _1\"></span>s policy </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277c ff74 fsf fc0 sc0 ls0 ws0\">framework and may only be undertaken with highly rated counterparties.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277d ff73 fsf fc0 sc0 ls0 ws0\">CCPs<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277e ff74 fsf fc0 sc0 ls0 ws0\">The principal source of CCP credit risk lies in the potential for one or more clearing members to default. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y277f ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs manage this risk through robust financial risk management. Clearing members are selected </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2780 ff74 fsf fc0 sc0 ls0 ws0\">based on an assessment of their supervisory capital as well as their technical and organisational strength. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2781 ff74 fsf fc0 sc0 ls0 ws0\">Each member must pay margins to the relevant Group CCP<span class=\"_ _2\"></span>. The margins are in the form of cash and highly </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2782 ff74 fsf fc0 sc0 ls0 ws0\">liquid securities. Clearing members also contribute to default funds managed by the Group CCPs. These  </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2783 ff74 fsf fc0 sc0 ls0 ws0\">aim to protect the integrity of the markets in the event of multiple defaults in e<span class=\"_ _1\"></span>xtreme market circumstances. </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2784 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs use stress tests to determine the appropriate margin and default fund requirements. These are </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2785 ff74 fsf fc0 sc0 ls0 ws0\">reviewed by CCP risk committees who can take action as appropriate.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2786 ff74 fsf fc0 sc0 ls0 ws0\">CCPs are required by regulation to hold a minimum amount of capital (regulatory capital). Each of the Group\u2019<span class=\"_ _1\"></span>s </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2787 ff74 fsf fc0 sc0 ls0 ws0\">CCPs maintains this regulatory capital requirement, together with an additional holding of its own capital. This </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2788 ff74 fsf fc0 sc0 ls0 ws0\">additional capital is to help manage credit risk during a significant market stress event or member default.<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2789 ff74 fsf fc0 sc0 ls0 ws0\">The total clearing member contributions of margin and default funds across the Group CCPs is shown below:<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x284 h4d y278a ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y278a ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y278b ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal collateral held<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 xc8d h4d y278b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y278b ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y278c w681 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Collateral security<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8f y278c w682 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash received<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc90 y278c w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc91 y278c w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">127<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc92 y278d w683 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-cash pledged<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc93 y278d wfe hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">172<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc94 y278d w45e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">147<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xc92 y278e w684 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Guarantees pledged<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc95 y278e w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc96 y278e w19f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y278f w685 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal collateral as at 31 December<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc97 y278f w582 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">284<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc98 y278f w262 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">276<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2790 w686 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Maximum collateral held during the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc99 y2790 w52e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">312<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9a y2790 w687 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">310<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2791 ff74 fsf fc0 sc0 ls0 ws0\">Group CCPs manage the credit risk associated with margin and default fund contributions by investing  </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2792 ff74 fsf fc0 sc0 ls0 ws0\">the cash element in instruments or structures deemed \u201csecure\u201d by the relevant regulatory bodies. This </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2793 ff74 fsf fc0 sc0 ls0 ws0\">includes: direct investments in highly rated, \u201cregulatory qualifying\u201d sovereign bonds and supra-national  </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2794 ff74 fsf fc0 sc0 ls0 ws0\">debt; investments in tri-party and bilateral reverse repos (receiving high-quality government securities as </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2795 ff74 fsf fc0 sc0 ls0 ws0\">collateral); and, in certain jurisdictions, deposits with the central bank. The small proportion of cash that is </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2796 ff74 fsf fc0 sc0 ls0 ws0\">invested unsecured is placed for short durations with highly rated counterparties where limits are applied </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2797 ff74 fsf fc0 sc0 ls0 ws0\">with respect to credit quality<span class=\"_ _15\"></span>, concentration and tenor<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x284 h4d y2798 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x746 h4d y2798 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xc8d h4d y2799 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa73 h4d y2799 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3bn<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y250e w688 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal investment portfolio<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9b y250e w689 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">104<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9c y250e w2cb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">123<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2416 w68a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Maximum portfolio size during the year<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9d y2416 w68b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">147<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc9e y2416 w25e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">157<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y279a ff73 fsf fc0 sc0 ls0 ws0\">Additional portfolio information: </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n xc8e y2418 w68c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Amount invested securely<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc9f y2418 w68d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">99.99%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca0 y2418 w68e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">99.99%<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w68f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted average maturity (days)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xca1 y2419 w690 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n xca2 y2419 w25f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w695 h12a\" id=\"_12114ba6-ff68-47a1-b6e3-7492d715ca07\"><tr><td class=\"c n x17e y27b0 wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y27b0 w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b1 ff74 fsf fc0 sc0 ls0 ws0\">Associated liquidity risks are considered in the investment mix and discussed further below in the Liquidity<span class=\"_ _15\"></span>, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b2 ff74 fsf fc0 sc0 ls0 ws0\">Settlement and Custodial risk section.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b3 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o address concentration risk, the Group maintains a diversified portfolio of high-quality<span class=\"_ _1\"></span>, liquid investments </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b4 ff74 fsf fc0 sc0 ls0 ws0\">and uses a broad range of custodians, payment and settlement banks and agents. The largest concentration </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b5 ff74 fsf fc0 sc0 ls0 ws0\">of treasury exposures as at 31 December 2023 was with the French Government with an aggregate </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b6 ff74 fsf fc0 sc0 ls0 ws0\">exposure of 43% of the total investment portfolio (2022: 40% with the French Government).<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b7 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade receivables (including fees receivable)<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b8 ff74 fsf fc0 sc0 ls0 ws0\">An impairment analysis of trade and fees receivable is performed monthly using a provision matrix to </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27b9 ff74 fsf fc0 sc0 ls0 ws0\">measure expected credit losses based on factors such as the counterparty\u2019<span class=\"_ _1\"></span>s historic payment practices, </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ba ff74 fsf fc0 sc0 ls0 ws1b\">expected future payments and the economic environment at large<span class=\"_ _1\"></span>. The calculation reflects current conditions </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27bb ff74 fsf fc0 sc0 ls0 ws0\">together with forecasts of future economic conditions. None of the Group\u2019<span class=\"_ _1\"></span>s trade receivables are material by </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27bc ff74 fsf fc0 sc0 ls0 ws0\">individual counterparty<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x2f0 h4d y27bd ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade receivables<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x695 h4d y27be ff73 fsf fc0 sc0 ls0 ws0\">Fees </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xa09 h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">receivable </td><td class=\"t m0 xcad h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">&lt;180 days </td><td class=\"t m0 xcae h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">&gt;180 days </td><td class=\"t m0 x2f2 h4d y27bf ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27c0 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y27c1 w696 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb0 y27c1 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb1 y27c1 w342 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb2 y27c1 w697 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">14.2%<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xc8e y27c2 w698 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb3 y27c2 w2f6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">244<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb4 y27c2 w27f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">870<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb5 y27c2 w1ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">71<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb6 y27c2 w403 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,185<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y27c3 w699 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb7 y27c3 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb8 y27c3 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb9 y27c3 w363 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcba y27c3 w66d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(13)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y27c4 w69a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net trade and fees receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbb y27c4 w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">244<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbc y27c4 w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">867<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbd y27c4 w600 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">61<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbe y27c4 w69b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,172<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x4f1 h4d y27c5 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">T<span class=\"_ _15\"></span>rade receivables<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x695 h4d y27c6 ff74 fsf fc0 sc0 ls0 ws0\">Fees </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x859 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">receivable </td><td class=\"t m0 x758 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">&lt;180 days </td><td class=\"t m0 x687 h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">&gt;180 days </td><td class=\"t m0 x17d h4d y27c7 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27c8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y2416 w696 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss rate<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcbf y2416 w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc0 y2416 w17f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">&lt;1%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc1 y2416 w69c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">11.2%<span class=\"_ _30b\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xc8e y2431 w698 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc2 y2431 w2cd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc3 y2431 w95 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">706<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc4 y2431 w69d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc5 y2431 w2d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,029<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2510 w699 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Expected credit loss<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcb7 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc6 y2510 w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc7 y2510 w69e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc8 y2510 w25b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(9)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y2419 w69f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net trade and fees receivables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcc9 y2419 w2ce hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">263<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcca y2419 w6a0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">704<span class=\"_ _30b\"> </span></div></td><td class=\"c n xccb y2419 w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">53<span class=\"_ _30b\"> </span></div></td><td class=\"c n xccc y2419 w6a1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,020<span class=\"_ _30b\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-701": {
   "value": "<table class=\"s w6a2 h12b\" id=\"_aa3e1eea-776d-4a70-94ad-3f664515423b\"><tr><td class=\"t m0 x186 hd y27c9 ff75 fs9 fc0 sc0 ls0 ws0\">Liquidity<span class=\"_ _1\"></span>, settlement and custodial risk </td><td></td></tr><tr><td class=\"c n x17e y27ca wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y27ca w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y27cb ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s liquidity risk relates to its ability  </td><td class=\"t m0 xc8c h4d y27cb ff73 fsf fc0 sc0 ls0 ws0\">Group<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27cc ff74 fsf fc0 sc0 ls0 ws0\">to meet its short- and long-term payment </td><td class=\"t m0 xc8c h4d y27cc ff74 fsf fc0 sc0 ls0 ws0\">The Group is profitable, has strong free cash flow and generates annuity-like revenue which is not </td></tr><tr><td class=\"t m0 x186 h4d y27cd ff74 fsf fc0 sc0 ls0 ws0\">obligations as they fall due.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27cd ff74 fsf fc0 sc0 ls0 ws0\">significantly impacted by seasonal variations. The Group maintains sufficient liquid resources to meet its </td></tr><tr><td class=\"t m0 x186 h4d y27ce ff74 fsf fc0 sc0 ls0 ws0\">Additionally<span class=\"_ _15\"></span>, the Group\u2019s CCPs, and certain </td><td class=\"t m0 xc8c h4d y27cf ff74 fsf fc0 sc0 ls0 ws0\">financial obligations as they fall due, and to invest in capital e<span class=\"_ _1\"></span>xpenditure, pay dividends, meet its pension </td></tr><tr><td class=\"t m0 x186 h4d y27d0 ff74 fsf fc0 sc0 ls0 ws0\">other Group entities, must maintain a level  </td><td class=\"t m0 xc8c h4d y27d1 ff74 fsf fc0 sc0 ls0 ws0\">commitments and support or fund acquisitions or repay borrowings. Subject to regulatory constraints </td></tr><tr><td class=\"t m0 x186 h4d y27d2 ff74 fsf fc0 sc0 ls0 ws0\">of liquidity (consistent with regulatory </td><td class=\"t m0 xc8c h4d y27d3 ff74 fsf fc0 sc0 ls0 ws0\">impacting certain entities, funds can (generally) be lent across the Group and cash earnings can be remitted </td></tr><tr><td class=\"t m0 x186 h4d y27d4 ff74 fsf fc0 sc0 ls0 ws0\">requirements) to make sure their services </td><td class=\"t m0 xc8c h4d y27d5 ff74 fsf fc0 sc0 ls0 ws0\">through regular dividend payments by subsidiary companies. This is an important component of the Group </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27d6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>reasury cash management policy and approach. </td></tr><tr><td class=\"c x17e y27d7 w3dd hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">operate smoothly and to be able to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">continue to operate in the event of<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y27d8 ff74 fsf fc0 sc0 ls0 ws0\">Management monitors the Group\u2019<span class=\"_ _1\"></span>s cash flow forecasts and overlays sensitivities to these forecasts to reflect </td></tr><tr><td class=\"t m0 x186 h4d y27d9 ff74 fsf fc0 sc0 ls0 ws0\">a significant stress event.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27d9 ff74 fsf fc0 sc0 ls0 ws0\">assumptions about more challenging market conditions or stress events. The Group will tak<span class=\"_ _1\"></span>e the appropriate </td></tr><tr><td class=\"t m0 x186 h4d y27da ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s settlement and custodial  </td><td class=\"t m0 xc8c h4d y27db ff74 fsf fc0 sc0 ls0 ws0\">actions to satisfy working capital requirements when committing to large scale acquisitions, including making </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27dc ff74 fsf fc0 sc0 ls0 ws0\">sure there is comfortable liquidity headroom projected over a reasonable time frame.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27dd ff74 fsf fc0 sc0 ls0 ws0\">risks relate to the potential for a partner  </td><td></td></tr><tr><td class=\"t m0 x186 h4d y27de ff74 fsf fc0 sc0 ls0 ws0\">firm to default on its obligations in respect  </td><td class=\"t m0 xc8c h4d y27de ff73 fsf fc0 sc0 ls0 ws0\">Non-CCP entities<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27df ff74 fsf fc0 sc0 ls0 ws0\">of custody<span class=\"_ _15\"></span>, settlement, payment or other </td><td class=\"t m0 xc8c h4d y27df ff74 fsf fc0 sc0 ls0 ws0\">The Group T<span class=\"_ _15\"></span>reasury Policy requires the Group to maintain adequate credit facilities provided by a diversified </td></tr><tr><td class=\"t m0 x186 h4d y27e0 ff74 fsf fc0 sc0 ls0 ws0\">administration activities, or that no action  </td><td class=\"t m0 xc8c h4d y27e0 ff74 fsf fc0 sc0 ls0 ws0\">lending group to cover its expected funding requirements and ensure a minimum level of headroom for at </td></tr><tr><td class=\"t m0 x186 h4d y27e1 ff74 fsf fc0 sc0 ls0 ws0\">is taken by the Group to mitigate these  </td><td class=\"t m0 xc8c h4d y27e1 ff74 fsf fc0 sc0 ls0 ws0\">least the next 24 months. The financial strength of the Group<span class=\"_ _1\"></span>\u2019s lenders is monitored regularly<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e2 ff74 fsf fc0 sc0 ls0 ws0\">risks. This also includes the risk that  </td><td class=\"t m0 xc8c h4d y27e3 ff74 fsf fc0 sc0 ls0 ws0\">For full details of the Group\u2019<span class=\"_ _1\"></span>s borrowings and facilities, see note 16.<span class=\"_ _15\"></span>1.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e4 ff74 fsf fc0 sc0 ls0 ws0\">client assets are immobilised as a result  </td><td class=\"t m0 xc8c h4d y27e5 ff73 fsf fc0 sc0 ls0 ws0\">CCPs<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y27e6 ff74 fsf fc0 sc0 ls0 ws0\">of a third-party bankruptcy<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y27e7 ff74 fsf fc0 sc0 ls0 ws0\">In order to meet the cash requirements of the clearing and settlement cycle, the Group\u2019<span class=\"_ _1\"></span>s CCPs maintain </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27e8 ff74 fsf fc0 sc0 ls0 ws0\">sufficient cash and cash equivalents and, in certain jurisdictions, have access to central bank refinancing or </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27e9 ff74 fsf fc0 sc0 ls0 ws0\">commercial bank credit lines. Regulations require CCPs to ensure that appropriate levels of back<span class=\"_ _15\"></span>-up liquidity </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ea ff74 fsf fc0 sc0 ls0 ws0\">are in place to underpin the dynamics of a largely secured cash investment requirement, ensuring that the </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27eb ff74 fsf fc0 sc0 ls0 ws0\">maximum potential outflow under extreme mark<span class=\"_ _1\"></span>et conditions is covered (see credit and concentration risk </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ec ff74 fsf fc0 sc0 ls0 ws0\">section above).<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ed ff74 fsf fc0 sc0 ls0 ws0\">In the event of a member default, Group CCPs can liquidate the defaulting member\u2019s portfolio to cover both </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ee ff74 fsf fc0 sc0 ls0 ws0\">losses associated with the default and settlement of any other financial obligations of the defaulting member<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27ef ff74 fsf fc0 sc0 ls0 ws0\">In addition, certain Group companies, including the CCPs, maintain commercial bank facilities which support </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f0 ff74 fsf fc0 sc0 ls0 ws0\">management of intraday and overnight liquidity<span class=\"_ _15\"></span>. </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f1 ff74 fsf fc0 sc0 ls0 ws0\">Custodians are subject to minimum eligibility requirements, ongoing credit assessments and robust </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f2 ff74 fsf fc0 sc0 ls0 ws0\">contractual arrangements. They are also required to have appropriate contingency arrangements in place.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f3 ff73 fsf fc0 sc0 ls0 ws0\">Financial liability maturity<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f4 ff74 fsf fc0 sc0 ls0 ws0\">The table below analyses the Group\u2019<span class=\"_ _1\"></span>s financial liabilities into relevant maturity groupings based on the </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f5 ff74 fsf fc0 sc0 ls0 ws0\">remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f6 ff74 fsf fc0 sc0 ls0 ws0\">the table reflect the contractual undiscounted cash flows. The borrowings and lease liabilities include future </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y27f7 ff74 fsf fc0 sc0 ls0 ws0\">interest that has not been accrued at the balance sheet date.<span class=\"_ _30b\"> </span></td></tr></table><table class=\"s w6a3 h12c\" id=\"_caccaeae-f6e5-4c24-8391-dabbd6743e77\"><tr><td></td><td class=\"t m0 xccd h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Less than <span class=\"_ _4\"></span> </td><td class=\"t m0 xa09 h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Between 1 </td><td class=\"t m0 xcce h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Between 2 </td><td class=\"t m0 x2eb h4d y27f8 ff73 fsf fc0 sc0 ls0 ws0\">Over <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xccf h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">1 year <span class=\"_ _2\"></span> </td><td class=\"t m0 x858 h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">and 2 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2ea h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">and 5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x83a h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2f2 h4d y27f9 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x186 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27fa ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242f w6a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Borrowings (ex<span class=\"_ _15\"></span>cluding lease liabilities)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd0 y242f w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,166<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd1 y242f w2ae hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">581<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd2 y242f w6a5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,394<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd3 y242f w6a6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,930<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd4 y242f w6a7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10,071<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w11c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd0 y250e w418 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd5 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd6 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x193 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd7 y250e w11d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,896<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd8 y250f w6a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">137<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd9 y250f w6a9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">113<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcda y250f w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">235<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y250f w46c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">253<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdb y250f w7b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">738<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Clearing member liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdc y2431 w127 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdd y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcde y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcdf y2431 w127 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">764,041<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 wf9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce0 y2510 w12a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n x771 y2510 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce1 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce2 y2510 w600 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce3 y2510 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w6ab hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other non-current payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce4 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce5 y2419 w6ac hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">55<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce6 y2419 w574 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">314<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce7 y2419 w12c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">241<span class=\"_ _30b\"> </span></div></td><td class=\"c n xce8 y2419 w135 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">610<span class=\"_ _30b\"> </span></div></td></tr></table><table class=\"s w695 h12c\" id=\"_0af4b744-dad8-477a-bdc4-30e33af21894\"><tr><td></td><td class=\"t m0 xccd h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Less than <span class=\"_ _4\"></span> </td><td class=\"t m0 x859 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Between 1 </td><td class=\"t m0 x438 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Between 2 </td><td class=\"t m0 x177 h4d y27fb ff74 fsf fc0 sc0 ls0 ws0\">Over <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 xce9 h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">1 year <span class=\"_ _2\"></span> </td><td class=\"t m0 x858 h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">and 2 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x2ea h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">and 5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 xcea h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">5 years <span class=\"_ _2\"></span> </td><td class=\"t m0 x17d h4d y27fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal <span class=\"_ _2\"></span> </td></tr><tr><td class=\"t m0 x186 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fe h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y27fd ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25d8 w6a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Borrowings (ex<span class=\"_ _15\"></span>cluding lease liabilities)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xceb y25d8 w6ad hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,440<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4a0 y25d8 wba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">967<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcec y25d8 w459 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,008<span class=\"_ _30b\"> </span></div></td><td class=\"c n xced y25d8 w19 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4,754<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcee y25d8 w6ae hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9,169<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w11c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>rade and other payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcef y250e w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf0 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf1 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf2 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf3 y250e w11e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,004<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w542 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Lease liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd8 y250f w1ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf4 y250f w48b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n x6e3 y250f w176 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">216<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf5 y250f w48d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">283<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf6 y250f w498 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">767<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Clearing member liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf7 y2431 w128 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf8 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcf9 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfa y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfb y2431 w6af hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">792,594<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 wf9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfc y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfd y2510 w3b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">57<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcfe y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcff y2510 w35e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd00 y2510 w175 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">96<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w6ab h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other non-current payables<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd01 y2419 w1a h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd02 y2419 w13c h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd03 y2419 w6b0 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">338<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd04 y2419 w6b1 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">247<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd05 y2419 w136 h12d\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">649<span class=\"_ _30b\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-702": {
   "value": "<table class=\"s w6b2 h12e\" id=\"_ba46b686-1fbb-4e18-9020-b46ce4b2ec0c\"><tr><td class=\"t m0 x186 hd y27fe ff75 fs9 fc0 sc0 ls0 ws0\">Market risk \u2013 foreign e<span class=\"_ _15\"></span>xchange risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y27ff wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc8b y27ff w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2800 ff74 fsf fc0 sc0 ls0 ws0\">The Group operates globally with primary </td><td></td><td class=\"t m0 xc8c h4d y2800 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ranslational risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2801 ff74 fsf fc0 sc0 ls0 ws0\">centres in the UK, Europe and North America.  </td><td></td><td class=\"t m0 xc8c h4d y2801 ff74 fsf fc0 sc0 ls0 ws0\">The Group manages its translational risk, where possible, by matching the currency of its debt to the </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2802 ff74 fsf fc0 sc0 ls0 ws0\">It also has growing and strategically important </td><td></td><td class=\"t m0 xc8c h4d y2802 ff74 fsf fc0 sc0 ls0 ws0\">currency of its earnings, to make sure certain k<span class=\"_ _1\"></span>ey financial metrics are protected from material foreign </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2803 ff74 fsf fc0 sc0 ls0 ws0\">businesses in Asia. The Group\u2019<span class=\"_ _1\"></span>s principal </td><td></td><td class=\"t m0 xc8c h4d y2803 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change rate volatility. The Group also seeks to balance the currency of its assets with its liabilities. In order </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2804 ff74 fsf fc0 sc0 ls0 ws0\">currencies of operation are sterling, US dollars, </td><td></td><td class=\"t m0 xc8c h4d y2804 ff74 fsf fc0 sc0 ls0 ws0\">to mitigate the impact of unfavourable currency ex<span class=\"_ _15\"></span>change rate movements on earnings and net assets, </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2805 ff74 fsf fc0 sc0 ls0 ws0\">and the euro.<span class=\"_ _30b\"> </span></td><td></td><td class=\"t m0 xc8c h4d y2805 ff74 fsf fc0 sc0 ls0 ws0\">non-sterling cash earnings are centralised and applied to debt and interest payments in the same currency<span class=\"_ _15\"></span>. </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2806 ff74 fsf fc0 sc0 ls0 ws0\">The Group is exposed to transactional foreign </td><td></td><td class=\"t m0 xc8c h4d y2807 ff74 fsf fc0 sc0 ls0 ws0\">Where required, currency of debt is re-balanced using cross-currency swaps to better match the currency  </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xc8c h4d y2808 ff74 fsf fc0 sc0 ls0 ws0\">of debt to the overall currency of earnings.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2809 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change risk and translational risk. </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y280a ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional risk arises when we buy or sell </td><td></td><td class=\"t m0 xc8c h4d y280a ff74 fsf fc0 sc0 ls0 ws0\">A material proportion of the Group'<span class=\"_ _1\"></span>s debt is held in or swapped into euros and US dollars as noted below:<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y280b w6b3 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">goods or services in a currency other than<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">our entities\u2019 functional currencies. W<span class=\"_ _15\"></span>e may<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x284 h4d y280c ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td></td><td></td><td></td><td class=\"t m0 x746 h4d y280c ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y280d ff74 fsf fc0 sc0 ls0 ws0\">be exposed to movements in that currency<span class=\"_ _15\"></span>. </td><td class=\"t m0 xc8c h4d y280e ff73 fsf fc0 sc0 ls0 ws0\">Currency of debt<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y280e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td class=\"t m0 x185 h4d y280e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y280f ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ranslational risk arises from the translation  </td><td class=\"c n xc8e y2810 w6b4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Euro denominated drawn debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd06 y2810 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,148<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd07 y2810 w250 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,652<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2811 ff74 fsf fc0 sc0 ls0 ws0\">of account balances recorded in an entity\u2019s </td><td class=\"c n xc8e y2812 w6b5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Euro denominated cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd08 y2812 w598 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,818)<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd09 y2812 w8d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(695)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2813 ff74 fsf fc0 sc0 ls0 ws0\">functional currency into the Group'<span class=\"_ _1\"></span>s reporting </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2814 ff74 fsf fc0 sc0 ls0 ws0\">currency for the purpose of statutory reporting.<span class=\"_ _30b\"> </span></td><td class=\"c n xc8e y2815 w6b6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">US dollar denominated drawn debt<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0a y2815 w592 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4,263<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd0b y2815 w6b7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5,014<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2816 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional foreign ex<span class=\"_ _15\"></span>change risk may </td><td class=\"c n xc8e y2817 w6b8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">US dollar denominated cross-currency interest rate swaps<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0c y2817 w59a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,818<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xd0d y2817 w3e9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">695<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2818 ff74 fsf fc0 sc0 ls0 ws0\">present itself in payment of intragroup </td><td class=\"t m0 xc8c h4d y2819 ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">The cross-currency interest rate swaps are directly linked to euro fix<span class=\"_ _1\"></span>ed debt. A proportion of the euro and </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y281a ff74 fsf fc0 sc0 ls0 ws0\">dividends or when interest obligations, which </td><td class=\"t m0 xc8c h4d y281b ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">US dollar denominated debt, including the cross-currency swaps, provide a hedge against the Group\u2019<span class=\"_ _1\"></span>s net </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y281c w6b9 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">are in a different currency<span class=\"_ _15\"></span>, are due. However<span class=\"_ _15\"></span>,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">both of these operations play their part in<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y281d ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">investment in euro and US dollar denominated entities. </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y281e ff74 fsf fc0 sc0 ls0 ws0\">controlling the level of translational foreign </td><td class=\"t m0 xc8c h4d y281f ff74 fsf fc0 sc0 ls0 ws0\" colspan=\"2\">At 31 December 2023, the Group\u2019<span class=\"_ _1\"></span>s designated hedges of its net investments were effective.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2820 ff74 fsf fc0 sc0 ls0 ws0\">ex<span class=\"_ _15\"></span>change exposure the Group faces.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y2821 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional risk<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y2822 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransactional foreign ex<span class=\"_ _15\"></span>change risk may also </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2823 ff74 fsf fc0 sc0 ls0 ws0\">While transactional foreign ex<span class=\"_ _15\"></span>change exposure is limited, the Group mitigates this by either hedging material </td></tr><tr><td class=\"t m0 x186 h4d y2824 ff74 fsf fc0 sc0 ls0 ws0\">arise when investing in, or divesting from, </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2825 ff74 fsf fc0 sc0 ls0 ws0\">transactions with appropriate derivative instruments or by settling currency payables or receivables within  </td></tr><tr><td class=\"t m0 x186 h4d y2826 ff74 fsf fc0 sc0 ls0 ws0\">operations denominated in currencies  </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2827 ff74 fsf fc0 sc0 ls0 ws0\">a short timeframe. The Group T<span class=\"_ _2\"></span>reasury Policy requires cash flows of single transactions or a series of linked </td></tr><tr><td class=\"t m0 x186 h4d y2828 ff74 fsf fc0 sc0 ls0 ws0\">other than sterling.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2829 ff74 fsf fc0 sc0 ls0 ws0\">transactions of more than \u00a32 million or equivalent per annum to be hedged. The risk is also minimised  </td></tr><tr><td class=\"t m0 x186 h4d y282a ff74 fsf fc0 sc0 ls0 ws0\">In addition, the Group has some contracts/ </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282b ff74 fsf fc0 sc0 ls0 ws0\">by the periodic ex<span class=\"_ _15\"></span>change of cash into each Group entity\u2019s functional currency<span class=\"_ _15\"></span>. Where appropriate, hedge </td></tr><tr><td class=\"t m0 x186 h4d y282c ff74 fsf fc0 sc0 ls0 ws0\">cash flow profiles with a foreign ex<span class=\"_ _15\"></span>change </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282d ff74 fsf fc0 sc0 ls0 ws0\">accounting for derivatives is considered in order to mitigate material levels of income statement volatility<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y282e ff74 fsf fc0 sc0 ls0 ws0\">component that could trigger embedded </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y282f ff73 fsf fc0 sc0 ls0 ws0\">Governance and sensitivity<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y2830 ff74 fsf fc0 sc0 ls0 ws0\">derivative recognition and, as such,  </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2831 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s Risk Committee reviewed the approach to foreign ex<span class=\"_ _15\"></span>change risk management during the </td></tr><tr><td class=\"t m0 x186 h4d y2832 ff74 fsf fc0 sc0 ls0 ws0\">fair value accounting treatment.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2833 ff74 fsf fc0 sc0 ls0 ws0\">quarter ended 31 December 2023.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2834 ff74 fsf fc0 sc0 ls0 ws0\">In addition to projecting and analysing its earnings and debt profile by currency<span class=\"_ _15\"></span>, the Group reviews </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2835 ff74 fsf fc0 sc0 ls0 ws0\">sensitivities to movements in ex<span class=\"_ _15\"></span>change rates. The Group has considered movements in the euro and the  </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2836 ff74 fsf fc0 sc0 ls0 ws0\">US dollar over 2023 and 2022 and, based on actual market observations between its principal currency </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2837 ff74 fsf fc0 sc0 ls0 ws0\">pairs, has concluded that a 10% movement in rates is a reasonable level to illustrate the risk to the Group. </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 xc8c h4d y2838 ff74 fsf fc0 sc0 ls0 ws0\">The impact on profit after tax and equity is set out in the table below:<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"c n xa71 y2839 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xa70 y2839 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x474 h4d y283a ff73 fsf fc0 sc0 ls0 ws0\">Profit <span class=\"_ _2\"></span> </td><td></td><td class=\"t m0 x2eb h4d y283a ff74 fsf fc0 sc0 ls0 ws0\">Profit <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd0e h4d y283b ff73 fsf fc0 sc0 ls0 ws0\">after tax <span class=\"_ _2\"></span> </td><td class=\"t m0 x2f7 h4d y283b ff73 fsf fc0 sc0 ls0 ws0\">Equity </td><td class=\"t m0 x281 h4d y283b ff74 fsf fc0 sc0 ls0 ws0\">after tax <span class=\"_ _2\"></span> </td><td class=\"t m0 x282 h4d y283b ff74 fsf fc0 sc0 ls0 ws0\">Equity <span class=\"_ _2\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 x182 h4d y283c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xa0c h4d y283c ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y283c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y283c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc8e y283d w597 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Euro<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd0f y283d w6ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling weak<span class=\"_ _1\"></span>ens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd10 y283d w6bb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd11 y283d w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(68)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd12 y283d w4ac hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd13 y283d w6bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(71)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xd14 y283e w6bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling strengthens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd15 y283e w484 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd16 y283e wfb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd17 y283e w2e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(5)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd18 y283e w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">64<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc8e y283f w59b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">US dollar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd19 y283f w6be hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling weakens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1a y283f w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1b y283f w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(66)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1c y283f w316 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">18<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1d y283f w6bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(68)<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xd14 y2840 w6bd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Sterling strengthens<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1e y2840 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd1f y2840 w12a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">60<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd20 y2840 w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd21 y2840 w123 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">61<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2841 ff74 fsf fc0 sc0 ls0 ws0\">The sensitivity of profit after tax reflects foreign ex<span class=\"_ _15\"></span>change gains or losses on translation of financial assets </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2842 ff74 fsf fc0 sc0 ls0 ws0\">and financial liabilities, including cash and borrowings but ex<span class=\"_ _15\"></span>cluding hedged balances.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2843 ff74 fsf fc0 sc0 ls0 ws0\">The sensitivity of equity reflects the foreign ex<span class=\"_ _15\"></span>change gains or losses on translation of euro and US dollar </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2844 ff74 fsf fc0 sc0 ls0 ws0\">borrowings that have been designated as hedges of a net investment in foreign operations.<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr></table><table class=\"s w6c0 h12f\" id=\"_fbfd18d0-2d91-46f0-8aaa-751c0f422fcf\"><tr><td class=\"t m0 x186 hd y2845 ff75 fs9 fc0 sc0 ls0 ws0\">Market risk \u2013 interest rate risk<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"c n x17e y2846 wec hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc8b y2846 w678 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Risk management approach<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2847 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s interest rate risk arises from the </td><td class=\"t m0 xc8c h4d y2847 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s interest rate management policy focuses on protecting the Group\u2019<span class=\"_ _1\"></span>s credit rating and limiting the </td></tr><tr><td class=\"t m0 x186 h4d y2848 ff74 fsf fc0 sc0 ls0 ws0\">impact of changes in interest rates on cash </td><td class=\"t m0 xc8c h4d y2848 ff74 fsf fc0 sc0 ls0 ws0\">impact of interest rate increases on Group earnings. T<span class=\"_ _2\"></span>o support this objective, the Group targets a maximum </td></tr><tr><td class=\"t m0 x186 h4d y2849 ff74 fsf fc0 sc0 ls0 ws0\">held and investments in financial assets,  </td><td class=\"t m0 xc8c h4d y2849 ff74 fsf fc0 sc0 ls0 ws0\">debt floating rate component of 50%. This approach reflects the broad natural hedge of floating rate </td></tr><tr><td class=\"t m0 x186 h4d y284a ff74 fsf fc0 sc0 ls0 ws0\">and on borrowings held at floating rates.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y284a ff74 fsf fc0 sc0 ls0 ws0\">borrowings provided by the significant balances of cash and cash equivalents held effectively at floating </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y284b ff74 fsf fc0 sc0 ls0 ws0\">rates of interest.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y284c ff74 fsf fc0 sc0 ls0 ws0\">The Group may also face future interest rate </td><td></td></tr><tr><td class=\"t m0 x186 h4d y284d ff74 fsf fc0 sc0 ls0 ws0\">exposure connected to M&amp;A transactions </td><td class=\"t m0 xc8c h4d y284d ff74 fsf fc0 sc0 ls0 ws0\">At 31 December 2023 the floating rate component of total debt was 26% (2022: 16%).<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y284e ff74 fsf fc0 sc0 ls0 ws0\">where significant debt financing is involved.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y284f ff74 fsf fc0 sc0 ls0 ws0\">Where the Group has committed to M&amp;A transactions and is exposed to prospective interest rate risk on </td></tr><tr><td class=\"t m0 x186 h4d y2850 ff74 fsf fc0 sc0 ls0 ws0\">The Group\u2019<span class=\"_ _1\"></span>s CCPs have member liabilities, and </td><td class=\"t m0 xc8c h4d y2850 ff74 fsf fc0 sc0 ls0 ws0\">borrowings, the Group T<span class=\"_ _15\"></span>reasury function will assess the exposure and consider hedging solutions that </td></tr><tr><td class=\"t m0 x186 h4d y2851 ff74 fsf fc0 sc0 ls0 ws0\">separately achieve returns which support the </td><td class=\"t m0 xc8c h4d y2851 ff74 fsf fc0 sc0 ls0 ws0\">conform with policy and seek to limit future interest costs. </td></tr><tr><td class=\"t m0 x186 h4d y2852 ff74 fsf fc0 sc0 ls0 ws0\">payment of these liabilities. A CCP\u2019s interest </td><td class=\"t m0 xc8c h4d y2853 ff74 fsf fc0 sc0 ls0 ws0\">In the Group\u2019<span class=\"_ _1\"></span>s CCPs, interest-bearing assets are generally invested in secured instruments or structures. </td></tr><tr><td class=\"t m0 x186 h4d y2854 ff74 fsf fc0 sc0 ls0 ws0\">rate risk can increase if the reference rates </td><td class=\"t m0 xc8c h4d y2855 ff74 fsf fc0 sc0 ls0 ws0\">These tend to be for a longer term than interest-bearing liabilities, whose interest rate is reset daily<span class=\"_ _15\"></span>. This </td></tr><tr><td class=\"t m0 x186 h4d y2856 ff74 fsf fc0 sc0 ls0 ws0\">used to calculate liabilities increase while the </td><td class=\"t m0 xc8c h4d y2857 ff74 fsf fc0 sc0 ls0 ws0\">makes investment returns vulnerable to volatility in overnight rates and shifts in spreads between overnight </td></tr><tr><td class=\"t m0 x186 h4d y2858 ff74 fsf fc0 sc0 ls0 ws0\">reference rates that underpin investment </td><td class=\"t m0 xc8c h4d y2859 ff74 fsf fc0 sc0 ls0 ws0\">and term rates. Interest rate exposures (and the risk to CCP capital) are managed within defined risk appetite </td></tr><tr><td class=\"t m0 x186 h4d y285a ff74 fsf fc0 sc0 ls0 ws0\">returns decrease (or do not increase by  </td><td class=\"t m0 xc8c h4d y285b ff74 fsf fc0 sc0 ls0 ws0\">parameters against which sensitivities are monitored daily<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y285c ff74 fsf fc0 sc0 ls0 ws0\">the same amount).<span class=\"_ _30b\"> </span></td><td class=\"t m0 xc8c h4d y285d ff74 fsf fc0 sc0 ls0 ws0\">In our review of the sensitivities to potential movements in interest rates, we have considered interest rate </td></tr><tr><td class=\"t m0 x186 h4d y285e ff74 fsf fc0 sc0 ls0 ws0\">Group companies that offer guaranteed </td><td class=\"t m0 xc8c h4d y285f ff74 fsf fc0 sc0 ls0 ws0\">volatility over the last year and prospects for rates over the next 12 months. W<span class=\"_ _15\"></span>e have concluded that a  </td></tr><tr><td class=\"t m0 x186 h4d y2860 ff74 fsf fc0 sc0 ls0 ws0\">settlement of traded securities can also  </td><td class=\"t m0 xc8c h4d y2861 ff74 fsf fc0 sc0 ls0 ws0\">1 percentage point downward movement (with a limited prospect of material upward movement) reflects  </td></tr><tr><td class=\"t m0 x186 h4d y2862 ff74 fsf fc0 sc0 ls0 ws0\">be exposed to latent interest rate risk  </td><td class=\"t m0 xc8c h4d y2863 ff74 fsf fc0 sc0 ls0 ws0\">a reasonable level of risk to current rates. If interest rates on cash and cash equivalents and borrowings had </td></tr><tr><td class=\"c x17e y2864 w6c1 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">(and market risk more generally) in the<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">event of a counterparty default.<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xc8c h4d y2865 ff74 fsf fc0 sc0 ls0 ws0\">been 1 percentage point lower<span class=\"_ _15\"></span>, with all other variables held constant, profit after tax for 2023 would have </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2866 ff74 fsf fc0 sc0 ls0 ws0\">been \u00a39 million lower (2022: \u00a38 million higher<span class=\"_ _15\"></span>, based on interest rates being 1 percentage point higher) </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2867 ff74 fsf fc0 sc0 ls0 ws0\">mainly as a result of lower interest income on floating rate cash and cash equivalents, partially offset by </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2868 ff74 fsf fc0 sc0 ls0 ws0\">lower interest expense on floating rate borrowings.<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xc8c h4d y2869 ff74 fsf fc0 sc0 ls0 ws0\">At the CCP level (in aggregate), if interest rates on the common interest-bearing member liability benchmarks </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286a ff74 fsf fc0 sc0 ls0 ws0\">of EONIA, Fed Funds and SONIA, (for euro, US dollar and sterling liabilities respectively), had been  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286b ff74 fsf fc0 sc0 ls0 ws0\">1 percentage point lower<span class=\"_ _15\"></span>, with all other variables held constant, the Group\u2019s profit after tax would have  </td></tr><tr><td></td><td class=\"t m0 xc8c h4d y286c ff74 fsf fc0 sc0 ls0 ws0\">been \u00a31 million higher (2022: \u00a31 million lower<span class=\"_ _15\"></span>, based on interest rates being 1 percentage point higher).<span class=\"_ _30b\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-703": {
   "value": "17<span class=\"_ _2\"></span>.6 Offsetting financial assets and financial liabilities<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The Group reports financial assets and financial liabilities  on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there  is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously<span class=\"_ _30b\"> </span><span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Group applies the rules of legal right of set off and intent to  net settle within its clearing member balances. The carrying values  of the balances are offset at an appropriate level to arrive at the  net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect  the net assets of the Group.<span class=\"_ _30b\"> </span>The following tables show the impact of netting arrangements on all financial assets and financial liabilities that are reported net on the balance sheet and where balances have not been netted but there is a right to offset in the event of default:<span class=\"_ _30b\"> </span><table class=\"s w58e h130\" id=\"_278944b7-6fb0-4bf8-ab2d-cf6ba1fcc387\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xd22 h4d y286d ff73 fsf fc0 sc0 ls0 ws0\">Amounts <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd23 h4d y286e ff73 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 xd24 h4d y286e ff73 fsf fc0 sc0 ls0 ws0\">not netted, </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd25 h4d y286f ff73 fsf fc0 sc0 ls0 ws0\">as reported in </td><td class=\"t m0 xd26 h4d y286f ff73 fsf fc0 sc0 ls0 ws0\">but available </td><td></td></tr><tr><td></td><td class=\"t m0 xd27 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Gross <span class=\"_ _2\"></span> </td><td class=\"t m0 xd28 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 x182 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">the balance </td><td class=\"t m0 x2f1 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">in event <span class=\"_ _2\"></span> </td><td class=\"t m0 xa73 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Net <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xad2 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">amount </td><td class=\"t m0 xd29 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">offset </td><td class=\"t m0 x438 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">sheet </td><td class=\"t m0 xd2a h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">of default<span class=\"_ _30b\"> </span></td><td class=\"t m0 xd2b h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">amount </td></tr><tr><td class=\"t m0 x186 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ef h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26d6 ff74 fsf fc0 sc0 ls0 ws0\">Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y2412 w6c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,340,881<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2d y2412 w6c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,333,561)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2e y2412 w83 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2f y2412 w6c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(7,320)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd30 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2873 ff74 fsf fc0 sc0 ls0 ws0\">Repurchase agreements<span class=\"_ _30b\"> </span></td><td class=\"c n xd31 y2413 w6c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">769,971<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd32 y2413 w6c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(124,698)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd33 y2413 w6c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">645,273<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd34 y2413 w6c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(645,273)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd35 y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2874 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y242f w3c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">115<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd37 y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd38 y242f w6c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">115<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd39 y242f wc0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3a y242f wc9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w119 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3b y2415 w6ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,110,967<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3c y2415 w6cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,458,259)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3d y2415 w6cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,708<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3e y2415 w6cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(652,605)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3f y2415 wc9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2875 ff74 fsf fc0 sc0 ls0 ws0\">Other financial liabilities<span class=\"_ _30b\"> </span></td><td class=\"c n xd40 y2416 w6ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,353,867)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd41 y2416 w6cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,346,547<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd42 y2416 w6d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(7,320)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd43 y2416 w83 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd44 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w6d1 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Reverse repurchase agreements</div><div class=\"t m0 xd45 h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd46 y2431 w6d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(769,971)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd47 y2431 w6d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">124,698<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd48 y2431 w6d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(645,273)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd49 y2431 w6d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">645,273<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4a y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2876 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y2418 w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4b y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4c y2418 w430 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4d y2418 w12f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4e y2418 w6d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(57)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w144 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4f y2419 w6d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3,123,907)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd50 y2419 w6d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,471,245<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd51 y2419 w6d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(652,662)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd52 y2419 w6da hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,605<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd53 y2419 w6d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(57)<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span><table class=\"s w6db h131\" id=\"_0ddcdc56-a6d0-40eb-aa00-bc6411652555\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x690 h4d y2877 ff74 fsf fc0 sc0 ls0 ws0\">Amounts <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd54 h4d y2878 ff74 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 xd55 h4d y2878 ff74 fsf fc0 sc0 ls0 ws0\">not netted, <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xad5 h4d y2879 ff74 fsf fc0 sc0 ls0 ws0\">as reported in </td><td class=\"t m0 xd56 h4d y2879 ff74 fsf fc0 sc0 ls0 ws0\">but available <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x2fc h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Gross <span class=\"_ _2\"></span> </td><td class=\"t m0 x550 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 x825 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">the balance </td><td class=\"t m0 x17c h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">in event <span class=\"_ _2\"></span> </td><td class=\"t m0 xa73 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Net <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x693 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">amount </td><td class=\"t m0 xd57 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">offset </td><td class=\"t m0 x438 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">sheet </td><td class=\"t m0 xd58 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">of default<span class=\"_ _30b\"> </span></td><td class=\"t m0 x748 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">amount </td></tr><tr><td class=\"t m0 x186 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ef h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y287d ff74 fsf fc0 sc0 ls0 ws0\">Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y2412 w6dc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,404,794<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd59 y2412 w6dd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,397,255)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5a y2412 we0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5b y2412 wef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7,539)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5c y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y287e ff74 fsf fc0 sc0 ls0 ws0\">Repurchase agreements<span class=\"_ _30b\"> </span></td><td class=\"c n xd31 y242e w6de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">798,844<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5d y242e w6df hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(145,013)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5e y242e w6e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,831<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5f y242e w6e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(653,831)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd60 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y287f ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n x700 y25d8 w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xd61 y25d8 wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd62 y25d8 w25b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd63 y25d8 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w119 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd64 y250e w6e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,203,653<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd65 y250e w6e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,542,268)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd66 y250e w6e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,385<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd67 y250e w6e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(661,376)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd68 y250e wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2880 ff74 fsf fc0 sc0 ls0 ws0\">Other financial liabilities<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y250f w6e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,413,095)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd69 y250f w6e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,405,556<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6a y250f wef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7,539)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6b y250f we0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6c y250f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w6d1 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Reverse repurchase agreements</div><div class=\"t m0 xd45 h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd46 y2431 w6e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(798,844)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6d y2431 w6e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">145,013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6e y2431 w6e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(653,831)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6f y2431 w6e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,831<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd70 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2881 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y2510 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(96)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd71 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd72 y2510 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(96)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd73 y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd74 y2510 w6ea hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(90)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w144 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd75 y2419 w6eb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3,212,035)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd76 y2419 w6ec hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,550,569<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd77 y2419 w6da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(661,466)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd78 y2419 w6ed hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,376<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd79 y2419 w6ee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(90)<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The Group\u2019s CCP companies act as principal and sit in the middle of members<span class=\"_ _1\"></span>\u2019 transactions and hold default funds and margin amounts as a contingency against the default of a member<span class=\"_ _15\"></span>. As such, further amounts are available to offset in the event of a default reducing the asset and liability to nil. The Group is subject to master netting arrangements in force with financial counterparties with whom the Group trades derivatives. The master netting arrangements determine the proceedings should either party default on their obligations. In the event of default, the non-defaulting party will calculate the sum of the replacement cost of outstanding transactions and amounts to be settled.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Offset amounts are clearing member trading assets and trading liabilities within the Group\u2019s CCP businesses<span class=\"_ _1\"></span>\u2019 financial instruments.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>The imbalance between assets and liability for gross and offset amounts is caused by the exclusion of settled to mark<span class=\"_ _1\"></span>et (\u201cSTM\u201d) amounts from the gross balance on the ground that these trades are settled.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>Balance includes accrued interest, which has been recorded in T<span class=\"_ _1\"></span>rade and Other Receivables and T<span class=\"_ _2\"></span>rade and Other Payables and ex<span class=\"_ _1\"></span>cludes embedded derivatives<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-689": {
   "value": "17<span class=\"_ _2\"></span>.6 Offsetting financial assets and financial liabilities<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The Group reports financial assets and financial liabilities  on a net basis on the balance sheet where there is a legally enforceable right to offset the recognised amounts and there  is an intention to settle on a net basis, or to realise the asset and settle the liabilities simultaneously<span class=\"_ _30b\"> </span><span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Group applies the rules of legal right of set off and intent to  net settle within its clearing member balances. The carrying values  of the balances are offset at an appropriate level to arrive at the  net balances reported in the balance sheet. The approach adopted is reviewed on a regular basis to ensure it remains the most appropriate. Any change in approach would not materially affect  the net assets of the Group.<span class=\"_ _30b\"> </span>The following tables show the impact of netting arrangements on all financial assets and financial liabilities that are reported net on the balance sheet and where balances have not been netted but there is a right to offset in the event of default:<span class=\"_ _30b\"> </span><table class=\"s w58e h130\" id=\"_278944b7-6fb0-4bf8-ab2d-cf6ba1fcc387\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xd22 h4d y286d ff73 fsf fc0 sc0 ls0 ws0\">Amounts <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd23 h4d y286e ff73 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 xd24 h4d y286e ff73 fsf fc0 sc0 ls0 ws0\">not netted, </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd25 h4d y286f ff73 fsf fc0 sc0 ls0 ws0\">as reported in </td><td class=\"t m0 xd26 h4d y286f ff73 fsf fc0 sc0 ls0 ws0\">but available </td><td></td></tr><tr><td></td><td class=\"t m0 xd27 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Gross <span class=\"_ _2\"></span> </td><td class=\"t m0 xd28 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 x182 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">the balance </td><td class=\"t m0 x2f1 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">in event <span class=\"_ _2\"></span> </td><td class=\"t m0 xa73 h4d y2870 ff73 fsf fc0 sc0 ls0 ws0\">Net <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xad2 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">amount </td><td class=\"t m0 xd29 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">offset </td><td class=\"t m0 x438 h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">sheet </td><td class=\"t m0 xd2a h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">of default<span class=\"_ _30b\"> </span></td><td class=\"t m0 xd2b h4d y2871 ff73 fsf fc0 sc0 ls0 ws0\">amount </td></tr><tr><td class=\"t m0 x186 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ef h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2872 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y26d6 ff74 fsf fc0 sc0 ls0 ws0\">Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y2412 w6c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,340,881<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2d y2412 w6c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,333,561)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2e y2412 w83 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd2f y2412 w6c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(7,320)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd30 y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2873 ff74 fsf fc0 sc0 ls0 ws0\">Repurchase agreements<span class=\"_ _30b\"> </span></td><td class=\"c n xd31 y2413 w6c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">769,971<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd32 y2413 w6c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(124,698)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd33 y2413 w6c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">645,273<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd34 y2413 w6c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(645,273)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd35 y2413 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2874 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y242f w3c8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">115<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd37 y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd38 y242f w6c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">115<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd39 y242f wc0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(12)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3a y242f wc9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2415 w119 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3b y2415 w6ca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,110,967<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3c y2415 w6cb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,458,259)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3d y2415 w6cc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,708<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3e y2415 w6cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(652,605)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd3f y2415 wc9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">103<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2875 ff74 fsf fc0 sc0 ls0 ws0\">Other financial liabilities<span class=\"_ _30b\"> </span></td><td class=\"c n xd40 y2416 w6ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2,353,867)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd41 y2416 w6cf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,346,547<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd42 y2416 w6d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(7,320)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd43 y2416 w83 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,320<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd44 y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w6d1 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Reverse repurchase agreements</div><div class=\"t m0 xd45 h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd46 y2431 w6d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(769,971)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd47 y2431 w6d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">124,698<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd48 y2431 w6d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(645,273)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd49 y2431 w6d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">645,273<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4a y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2876 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y2418 w1a8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4b y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4c y2418 w430 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(69)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4d y2418 w12f hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4e y2418 w6d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(57)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w144 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd4f y2419 w6d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3,123,907)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd50 y2419 w6d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2,471,245<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd51 y2419 w6d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(652,662)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd52 y2419 w6da hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">652,605<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd53 y2419 w6d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(57)<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span><table class=\"s w6db h131\" id=\"_0ddcdc56-a6d0-40eb-aa00-bc6411652555\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x690 h4d y2877 ff74 fsf fc0 sc0 ls0 ws0\">Amounts <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd54 h4d y2878 ff74 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 xd55 h4d y2878 ff74 fsf fc0 sc0 ls0 ws0\">not netted, <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xad5 h4d y2879 ff74 fsf fc0 sc0 ls0 ws0\">as reported in </td><td class=\"t m0 xd56 h4d y2879 ff74 fsf fc0 sc0 ls0 ws0\">but available <span class=\"_ _2\"></span> </td><td></td></tr><tr><td></td><td class=\"t m0 x2fc h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Gross <span class=\"_ _2\"></span> </td><td class=\"t m0 x550 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Amount <span class=\"_ _2\"></span> </td><td class=\"t m0 x825 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">the balance </td><td class=\"t m0 x17c h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">in event <span class=\"_ _2\"></span> </td><td class=\"t m0 xa73 h4d y287a ff74 fsf fc0 sc0 ls0 ws0\">Net <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 x693 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">amount </td><td class=\"t m0 xd57 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">offset </td><td class=\"t m0 x438 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">sheet </td><td class=\"t m0 xd58 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">of default<span class=\"_ _30b\"> </span></td><td class=\"t m0 x748 h4d y287b ff74 fsf fc0 sc0 ls0 ws0\">amount </td></tr><tr><td class=\"t m0 x186 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ef h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f0 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y287c ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y287d ff74 fsf fc0 sc0 ls0 ws0\">Other financial assets<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y2412 w6dc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,404,794<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd59 y2412 w6dd hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,397,255)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5a y2412 we0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5b y2412 wef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7,539)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5c y2412 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y287e ff74 fsf fc0 sc0 ls0 ws0\">Repurchase agreements<span class=\"_ _30b\"> </span></td><td class=\"c n xd31 y242e w6de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">798,844<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5d y242e w6df hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(145,013)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5e y242e w6e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,831<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd5f y242e w6e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(653,831)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd60 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y287f ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n x700 y25d8 w22e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xd61 y25d8 wc1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd62 y25d8 w25b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd63 y25d8 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w119 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd64 y250e w6e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,203,653<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd65 y250e w6e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,542,268)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd66 y250e w6e4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,385<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd67 y250e w6e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(661,376)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd68 y250e wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2880 ff74 fsf fc0 sc0 ls0 ws0\">Other financial liabilities<span class=\"_ _30b\"> </span></td><td class=\"c n xd2c y250f w6e6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(2,413,095)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd69 y250f w6e7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,405,556<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6a y250f wef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(7,539)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6b y250f we0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,539<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6c y250f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2431 w6d1 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Reverse repurchase agreements</div><div class=\"t m0 xd45 h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd46 y2431 w6e8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(798,844)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6d y2431 w6e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">145,013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6e y2431 w6e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(653,831)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd6f y2431 w6e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">653,831<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd70 y2431 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2881 ff74 fsf fc0 sc0 ls0 ws0\">Derivative financial instruments<span class=\"_ _30b\"> </span></td><td class=\"c n xd36 y2510 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(96)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd71 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd72 y2510 w9b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(96)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd73 y2510 wee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd74 y2510 w6ea hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(90)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w144 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd75 y2419 w6eb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(3,212,035)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd76 y2419 w6ec hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2,550,569<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd77 y2419 w6da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(661,466)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd78 y2419 w6ed hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">661,376<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd79 y2419 w6ee hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(90)<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>2,3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The Group\u2019s CCP companies act as principal and sit in the middle of members<span class=\"_ _1\"></span>\u2019 transactions and hold default funds and margin amounts as a contingency against the default of a member<span class=\"_ _15\"></span>. As such, further amounts are available to offset in the event of a default reducing the asset and liability to nil. The Group is subject to master netting arrangements in force with financial counterparties with whom the Group trades derivatives. The master netting arrangements determine the proceedings should either party default on their obligations. In the event of default, the non-defaulting party will calculate the sum of the replacement cost of outstanding transactions and amounts to be settled.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Offset amounts are clearing member trading assets and trading liabilities within the Group\u2019s CCP businesses<span class=\"_ _1\"></span>\u2019 financial instruments.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>The imbalance between assets and liability for gross and offset amounts is caused by the exclusion of settled to mark<span class=\"_ _1\"></span>et (\u201cSTM\u201d) amounts from the gross balance on the ground that these trades are settled.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>Balance includes accrued interest, which has been recorded in T<span class=\"_ _1\"></span>rade and Other Receivables and T<span class=\"_ _2\"></span>rade and Other Payables and ex<span class=\"_ _1\"></span>cludes embedded derivatives<span class=\"_ _30b\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-665": {
   "value": "18. Share capital, share premium and other reserves<span class=\"_ _30b\"> </span>This note details our share capital, share premium and other reserves. During the year<span class=\"_ _15\"></span>, a number of shares were repurchased under our share buyback programmes.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The <span class=\"ff73\">share capital</span> of the Company is the number of shares in issue  at their par value. It consists of balances relating to the Company\u2019<span class=\"_ _1\"></span>s ordinary equity shares, own shares held by the Employee Benefit T<span class=\"_ _2\"></span>rust (EBT) and any treasury shares held by the Company<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span>Shares acquired by the Company from the open market as part of share buyback programmes are referred to as treasury shares and are held by the Company<span class=\"_ _15\"></span>. The consideration payable is deducted from retained earnings. The par value of purchased treasury shares is recorded as a transfer from the Company\u2019s ordinary equity shares to treasury shares within share capital. No gain or loss is recognised by the Company in the income statement on the purchase, sale, issue or cancellation of the Company\u2019s treasury shares or of own shares held by the EBT<span class=\"_ _30b\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span>When the Company issues new shares to the EBT at par<span class=\"_ _2\"></span>, the share capital of the Company is increased by the par value of these own shares, and a corresponding deduction or debit is recorded in the share-based payment reserve.<span class=\"_ _30b\"> </span>The Company may also issue new shares to the EBT to satisfy vesting of specific employee share schemes. These shares may be issued at a subscription price above par value, reflecting the option cost payable by the participant in the employee share scheme. In such instances, the share capital of the Company is increased by  the par value of these own shares and the difference between the subscription price and the par value is recorded in share premium.  A corresponding deduction or debit is recognised in the share-based payment reserve.<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs855\">18.<span class=\"_ _2\"></span>1 Ordinary share capital issued and fully paid<span class=\"_ _30b\"> </span></div><div class=\"gs856\"><table class=\"s w6ef h104\" id=\"_73626c9d-f848-4ce8-9fa3-c2415b1e2e82\"><tr><td></td><td class=\"t m0 xce9 h4d y2882 ff73 fsf fc0 sc0 ls0 ws0\">Number of </td><td class=\"t m0 xd7a h4d y2882 ff73 fsf fc0 sc0 ls0 ws0\">Ordinary </td><td class=\"t m0 x4ed h4d y2882 ff73 fsf fc0 sc0 ls0 ws0\">Share </td><td></td></tr><tr><td></td><td class=\"t m0 x4eb h4d y2883 ff73 fsf fc0 sc0 ls0 ws0\">shares<span class=\"_ _30b\"> </span></td><td class=\"t m0 xad5 h4d y2883 ff73 fsf fc0 sc0 ls0 ws0\">share capital<span class=\"_ _30b\"> </span></td><td class=\"c xd7c y250c w6f0 h113\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">premium</div><div class=\"t m0 xd7b h7d y26a0 ff73 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x2f2 h4d y2883 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x550 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">millions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242e w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd7d y242e w2c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">557<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd7e y242e w112 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">39<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd7f y242e w182 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd80 y242e w6f1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,017<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2885 ff74 fsf fc0 sc0 ls0 ws0\">Issue of shares to the Employee Benefit T<span class=\"_ _15\"></span>rust<span class=\"_ _30b\"> </span></td><td class=\"c n xa18 y242f wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd81 y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd82 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd83 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w6f2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Share buyback<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd84 y250e w373 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd85 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd86 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd87 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd88 y250f w2c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">554<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd89 y250f w6f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">39<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8a y250f w14e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8b y250f w6f1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,017<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2886 ff74 fsf fc0 sc0 ls0 ws0\">Issue of shares to the Employee Benefit T<span class=\"_ _15\"></span>rust<span class=\"_ _30b\"> </span></td><td class=\"c n xd8c y2431 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8d y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8e y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8f y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w6f2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Share buyback<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd90 y2510 w1b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd91 y2510 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd92 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd93 y2510 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd94 y2419 w6f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">541<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd95 y2419 w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd96 y2419 w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd97 y2419 w6f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,016<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs857\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs858\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs859\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs85a\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs85b\">1 <span class=\"_ _32\"> </span>Ordinary share capital consists of 548,841,<span class=\"_ _1\"></span>716 ordinary shares of 6</div><div class=\"t m0 hb6 ff74 fs17 fc0 sc0 ls0 ws0 gs85c\">79/86</div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs85d\"> pence. At 31 December 2023, the Group held 7<span class=\"_ _15\"></span>,632,<span class=\"_ _1\"></span>733 (2022: 3,<span class=\"_ _1\"></span>797<span class=\"_ _2\"></span>,344) treasury shares which were acquired as part of its </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs85e\">share buyback programme.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs85f\">2 <span class=\"_ _33\"> </span>Share premium is the amount subscribed for share capital in ex<span class=\"_ _1\"></span>cess of par value.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs860\">3 <span class=\"_ _33\"> </span>The Board approved the allotment and issue of 98,158 ordinary shares at par to the EB<span class=\"_ _1\"></span>T (2022: 883,<span class=\"_ _1\"></span>174 ordinary shares at par) and the transfer of 1,904,252 treasury shares (2022: nil) to settle </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs861\">employee share plans.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs862\">Share buyback<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs863\">In 2023, the company repurchased 15.2 million (2022: 3.8 million) of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs864\">its own shares. As shown in the consolidated statement of changes  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs865\">in equity<span class=\"_ _15\"></span>, retained earnings have therefore reduced by \u00a31,007 million </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs866\">(2022: \u00a3503 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs867\">During 2023, as part of its 12-month \u00a3750 million share buyback </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs868\">programme launched in 2022, the Company repurchased  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs869\">5.<span class=\"_ _15\"></span>7 million of its own shares for \u00a3450 million (2022: \u00a3300 million)  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs86a\">of which \u00a3200 million had been irrevocably committed to as at  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs86b\">31 December 2022. The deduction from retained earnings of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs86c\">\u00a3253 million (2022: \u00a3503 million) reflects:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs86d\"> <span class=\"_ _35\"></span>\u2014 the \u00a3250 million (2022: \u00a3300 million) to repurchase 3 million of its </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs86e\">own shares from the market;</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs86f\"> <span class=\"_ _35\"></span>\u2014 an irrevocable commitment of \u00a3nil (2022: \u00a3200 million) to purchase </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs870\">shares during the close period; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs871\"> <span class=\"_ _35\"></span>\u2014 total costs directly attributable to this share buyback programme of  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs872\">\u00a33 million (2022: \u00a33 million).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs874\">In September 2023, the Group completed the off-market  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs875\">purchase of limited voting ordinary shares from Y<span class=\"_ _4\"></span>ork Holdings II  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs876\">Limited and Y<span class=\"_ _4\"></span>ork Holdings III Limited. The Shares repurchased  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs877\">were cancelled immediately<span class=\"_ _15\"></span>. The deduction from retained earnings  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs878\">of \u00a3754 million reflects:</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs879\"> <span class=\"_ _35\"></span>\u2014 the \u00a3750 million to repurchase 9<span class=\"_ _15\"></span>.5 million limited voting ordinary </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs87a\">shares; and</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs87b\"> <span class=\"_ _35\"></span>\u2014 total costs directly attributable to this repurchase of \u00a34 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs87d\">18.2 Other reserves<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs87e\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs87f\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs880\">3<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs881\">4<span class=\"_ _30b\"> </span></div><div class=\"gs882\"><table class=\"s w6f6 h132\" id=\"_83245047-b946-4eda-9c6d-c732b29d670d\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x747 h4d y2887 ff73 fsf fc0 sc0 ls0 ws0\">Foreign </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xd98 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">Merger </td><td class=\"t m0 x434 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x437 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">Reverse </td><td></td><td class=\"t m0 x687 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xchange </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xad2 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">relief </td><td class=\"t m0 xd99 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">redemption </td><td class=\"t m0 xd9a h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">acquisition </td><td class=\"t m0 x2f0 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">Hedging </td><td class=\"t m0 x2f1 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">translation </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2e7 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 xd9b h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x437 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ed h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2f2 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x692 h4d y288b ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fc h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242c w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xd9c y242c w6f7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">18,286<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd9d y242c w12d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">514<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd9e y242c w6f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(512)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd9f y242c w63 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda0 y242c w4dc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">505<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda1 y242c w163 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">18,807<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w6f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Changes in fair value recognised<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xda2 y261c w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x792 y261c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x793 y261c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda3 y261c w676 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(113)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda4 y261c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda5 y261c wcb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(113)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w6fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Amount recycled to income statement<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xda6 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda7 y2412 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda8 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda9 y2412 w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x454 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdaa y2412 wcd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w6fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change differences on translation of foreign operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdab y242e w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdac y242e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd5 y242e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd6 y242e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdad y242e w6fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,448<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdae y242e w6fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,448<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w181 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdaf y242f w6f7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">18,286<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb0 y242f w6fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">514<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb1 y242f w3ba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(512)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb2 y242f w1e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(102)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb3 y242f wd4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,953<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb4 y242f w155 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21,139<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w6ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Shares cancelled<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdb5 y250e w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb6 y250e wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb7 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb8 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb9 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdba y250e wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w6f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Changes in fair value recognised<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbb y2416 wc9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbc y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbd y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y2416 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbe y2416 wca hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1a7 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbf y2416 w700 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Amount recycled to income statement<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc0 y2431 wc9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc1 y2431 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc2 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc3 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc4 y2431 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc5 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc6 y2431 w25f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w6fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change differences on translation of foreign operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdab y2418 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdac y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd5 y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd6 y2418 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc7 y2418 w188 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,328)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc8 y2418 w615 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,326)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdc9 y2419 w142 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">18,286<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdca y2419 w1a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">515<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdcb y2419 w5b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(512)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdcc y2419 w106 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdcd y2419 w701 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,625<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdce y2419 w154 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19,874<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs883\">5<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs884\">1 <span class=\"_ _32\"> </span>The merger relief reserve is a potentially distributable reserve arising as a result of shares issued to acquire subsidiaries. </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs885\">2 <span class=\"_ _33\"> </span>The capital redemption reserve was set up as a result of a court approved capital reduction scheme and is non-distributable.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs886\">3 <span class=\"_ _33\"> </span>The reverse acquisition reserve arose as a result of the acquisition of London Stock Ex<span class=\"_ _1\"></span>change plc in 2007<span class=\"_ _15\"></span>. It is recognised on consolidation as a result of a capital reduction scheme and is </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs887\">non-distributable.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs888\">4 <span class=\"_ _33\"> </span>The hedging reserve represents the cumulative fair value adjustments recognised in respect of net investment and cash flow hedges entered into in accordance with hedge accounting </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs889\">principles. It is distributable under certain circumstances. Net gains and losses are recognised in other comprehensive income and balances remain in equity until both the hedging instrument </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs88a\">and the underlying instrument are derecognised. Gains realised on cash flow hedges during the year are amortised through the income statement over the life of the underlying instrument. </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs88b\">During the year<span class=\"_ _15\"></span>, \u00a33 million (2022: \u00a33 million) was recycled back through the income statement.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs88c\">5 <span class=\"_ _33\"> </span>The foreign ex<span class=\"_ _1\"></span>change translation reserve records the cumulative impact of foreign ex<span class=\"_ _1\"></span>change rate movements on the translation of non-sterling subsidiary companies into sterling. It is distributable </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs88d\">under certain circumstances. Net gains and losses on translation are recognised in other comprehensive income and amounts remain in equity until the subsidiary is derecognised.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-624": {
   "value": "<div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs349\">The <span class=\"ff73\">share capital</span> of the Company is the number of shares in issue  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34a\">at their par value. It consists of balances relating to the Company\u2019<span class=\"_ _1\"></span>s </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34b\">ordinary equity shares, own shares held by the Employee Benefit </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs34c\">T<span class=\"_ _2\"></span>rust (EBT) and any treasury shares held by the Company<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div>When the Company issues new shares to the EBT at par<span class=\"_ _2\"></span>, the share capital of the Company is increased by the par value of these own shares, and a corresponding deduction or debit is recorded in the share-based payment reserve",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-625": {
   "value": "<div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs843\">Shares acquired by the Company from the open market as part of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs844\">share buyback programmes are referred to as treasury shares and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs845\">are held by the Company<span class=\"_ _15\"></span>. The consideration payable is deducted </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29b\">from retained earnings. The par value of purchased treasury shares </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29c\">is recorded as a transfer from the Company\u2019s ordinary equity shares </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29d\">to treasury shares within share capital. No gain or loss is recognised </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29e\">by the Company in the income statement on the purchase, sale, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs29f\">issue or cancellation of the Company\u2019s treasury shares or of own </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs2a0\">shares held by the EBT<span class=\"_ _30b\"> </span><span class=\"_ _2\"></span>.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-690": {
   "value": "18.<span class=\"_ _2\"></span>1 Ordinary share capital issued and fully paid<span class=\"_ _30b\"> </span><table class=\"s w6ef h104\" id=\"_73626c9d-f848-4ce8-9fa3-c2415b1e2e82\"><tr><td></td><td class=\"t m0 xce9 h4d y2882 ff73 fsf fc0 sc0 ls0 ws0\">Number of </td><td class=\"t m0 xd7a h4d y2882 ff73 fsf fc0 sc0 ls0 ws0\">Ordinary </td><td class=\"t m0 x4ed h4d y2882 ff73 fsf fc0 sc0 ls0 ws0\">Share </td><td></td></tr><tr><td></td><td class=\"t m0 x4eb h4d y2883 ff73 fsf fc0 sc0 ls0 ws0\">shares<span class=\"_ _30b\"> </span></td><td class=\"t m0 xad5 h4d y2883 ff73 fsf fc0 sc0 ls0 ws0\">share capital<span class=\"_ _30b\"> </span></td><td class=\"c xd7c y250c w6f0 h113\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">premium</div><div class=\"t m0 xd7b h7d y26a0 ff73 fs10 fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x2f2 h4d y2883 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x550 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">millions<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x284 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y2884 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242e w15f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd7d y242e w2c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">557<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd7e y242e w112 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">39<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd7f y242e w182 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd80 y242e w6f1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,017<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2885 ff74 fsf fc0 sc0 ls0 ws0\">Issue of shares to the Employee Benefit T<span class=\"_ _15\"></span>rust<span class=\"_ _30b\"> </span></td><td class=\"c n xa18 y242f wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd81 y242f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd82 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd83 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w6f2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Share buyback<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd84 y250e w373 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd85 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd86 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd87 y250e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd88 y250f w2c9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">554<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd89 y250f w6f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">39<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8a y250f w14e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8b y250f w6f1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,017<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2886 ff74 fsf fc0 sc0 ls0 ws0\">Issue of shares to the Employee Benefit T<span class=\"_ _15\"></span>rust<span class=\"_ _30b\"> </span></td><td class=\"c n xd8c y2431 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8d y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8e y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd8f y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w6f2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Share buyback<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd90 y2510 w1b1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(15)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd91 y2510 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd92 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd93 y2510 w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd94 y2419 w6f4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">541<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd95 y2419 w14b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd96 y2419 w23d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">978<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd97 y2419 w6f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,016<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Ordinary share capital consists of 548,841,<span class=\"_ _1\"></span>716 ordinary shares of 679/86 pence. At 31 December 2023, the Group held 7<span class=\"_ _15\"></span>,632,<span class=\"_ _1\"></span>733 (2022: 3,<span class=\"_ _1\"></span>797<span class=\"_ _2\"></span>,344) treasury shares which were acquired as part of its share buyback programme.<span class=\"_ _30b\"> </span>2 <span class=\"_ _33\"> </span>Share premium is the amount subscribed for share capital in ex<span class=\"_ _1\"></span>cess of par value.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>The Board approved the allotment and issue of 98,158 ordinary shares at par to the EB<span class=\"_ _1\"></span>T (2022: 883,<span class=\"_ _1\"></span>174 ordinary shares at par) and the transfer of 1,904,252 treasury shares (2022: nil) to settle employee share plans.<span class=\"_ _30b\"> </span>Share buyback<span class=\"_ _30b\"> </span>In 2023, the company repurchased 15.2 million (2022: 3.8 million) of  its own shares. As shown in the consolidated statement of changes  in equity<span class=\"_ _15\"></span>, retained earnings have therefore reduced by \u00a31,007 million (2022: \u00a3503 million).<span class=\"_ _30b\"> </span>During 2023, as part of its 12-month \u00a3750 million share buyback programme launched in 2022, the Company repurchased  5.<span class=\"_ _15\"></span>7 million of its own shares for \u00a3450 million (2022: \u00a3300 million)  of which \u00a3200 million had been irrevocably committed to as at  31 December 2022. The deduction from retained earnings of  \u00a3253 million (2022: \u00a3503 million) reflects: <span class=\"_ _35\"></span>\u2014 the \u00a3250 million (2022: \u00a3300 million) to repurchase 3 million of its own shares from the market; <span class=\"_ _35\"></span>\u2014 an irrevocable commitment of \u00a3nil (2022: \u00a3200 million) to purchase shares during the close period; and <span class=\"_ _35\"></span>\u2014 total costs directly attributable to this share buyback programme of  \u00a33 million (2022: \u00a33 million).<span class=\"_ _30b\"> </span>In September 2023, the Group completed the off-market  purchase of limited voting ordinary shares from Y<span class=\"_ _4\"></span>ork Holdings II  Limited and Y<span class=\"_ _4\"></span>ork Holdings III Limited. The Shares repurchased  were cancelled immediately<span class=\"_ _15\"></span>. The deduction from retained earnings  of \u00a3754 million reflects: <span class=\"_ _35\"></span>\u2014 the \u00a3750 million to repurchase 9<span class=\"_ _15\"></span>.5 million limited voting ordinary shares; and <span class=\"_ _35\"></span>\u2014 total costs directly attributable to this repurchase of \u00a34 million.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-691": {
   "value": "18.2 Other reserves<span class=\"_ _30b\"> </span>1<span class=\"_ _30b\"> </span>2<span class=\"_ _30b\"> </span>3<span class=\"_ _30b\"> </span>4<span class=\"_ _30b\"> </span><table class=\"s w6f6 h132\" id=\"_83245047-b946-4eda-9c6d-c732b29d670d\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m0 x747 h4d y2887 ff73 fsf fc0 sc0 ls0 ws0\">Foreign </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xd98 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">Merger </td><td class=\"t m0 x434 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">Capital </td><td class=\"t m0 x437 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">Reverse </td><td></td><td class=\"t m0 x687 h4d y2888 ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xchange </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xad2 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">relief </td><td class=\"t m0 xd99 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">redemption </td><td class=\"t m0 xd9a h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">acquisition </td><td class=\"t m0 x2f0 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">Hedging </td><td class=\"t m0 x2f1 h4d y2889 ff73 fsf fc0 sc0 ls0 ws0\">translation </td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x2e7 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 xd9b h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x437 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4f1 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ed h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">reserve<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2f2 h4d y288a ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 x692 h4d y288b ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fc h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x2fd h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xcaf h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x183 h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x184 h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x185 h4d y288b ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242c w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xd9c y242c w6f7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">18,286<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd9d y242c w12d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">514<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd9e y242c w6f8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(512)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd9f y242c w63 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda0 y242c w4dc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">505<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda1 y242c w163 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">18,807<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w6f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Changes in fair value recognised<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xda2 y261c w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x792 y261c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x793 y261c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda3 y261c w676 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(113)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda4 y261c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda5 y261c wcb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(113)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w6fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Amount recycled to income statement<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xda6 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda7 y2412 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda8 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xda9 y2412 w35f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x454 y2412 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdaa y2412 wcd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w6fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change differences on translation of foreign operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdab y242e w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdac y242e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd5 y242e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd6 y242e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdad y242e w6fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,448<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdae y242e w6fd hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,448<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w181 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdaf y242f w6f7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">18,286<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb0 y242f w6fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">514<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb1 y242f w3ba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(512)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb2 y242f w1e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(102)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb3 y242f wd4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,953<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb4 y242f w155 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">21,139<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w6ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Shares cancelled<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdb5 y250e w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb6 y250e wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb7 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb8 y250e w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdb9 y250e w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdba y250e wd7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w6f9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Changes in fair value recognised<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbb y2416 wc9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbc y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbd y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xaef y2416 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbe y2416 wca hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td><td class=\"c n x1a7 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdbf y2416 w700 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w6fa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Amount recycled to income statement<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc0 y2431 wc9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">17.4<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc1 y2431 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc2 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc3 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc4 y2431 w41 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc5 y2431 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc6 y2431 w25f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w6fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Foreign ex<span class=\"_ _15\"></span>change differences on translation of foreign operations<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdab y2418 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdac y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd5 y2418 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xcd6 y2418 w350 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc7 y2418 w188 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,328)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdc8 y2418 w615 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,326)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xdc9 y2419 w142 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">18,286<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdca y2419 w1a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">515<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdcb y2419 w5b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(512)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdcc y2419 w106 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(40)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdcd y2419 w701 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,625<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdce y2419 w154 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">19,874<span class=\"_ _30b\"> </span></div></td></tr></table>5<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>The merger relief reserve is a potentially distributable reserve arising as a result of shares issued to acquire subsidiaries. 2 <span class=\"_ _33\"> </span>The capital redemption reserve was set up as a result of a court approved capital reduction scheme and is non-distributable.<span class=\"_ _30b\"> </span>3 <span class=\"_ _33\"> </span>The reverse acquisition reserve arose as a result of the acquisition of London Stock Ex<span class=\"_ _1\"></span>change plc in 2007<span class=\"_ _15\"></span>. It is recognised on consolidation as a result of a capital reduction scheme and is non-distributable.<span class=\"_ _30b\"> </span>4 <span class=\"_ _33\"> </span>The hedging reserve represents the cumulative fair value adjustments recognised in respect of net investment and cash flow hedges entered into in accordance with hedge accounting principles. It is distributable under certain circumstances. Net gains and losses are recognised in other comprehensive income and balances remain in equity until both the hedging instrument and the underlying instrument are derecognised. Gains realised on cash flow hedges during the year are amortised through the income statement over the life of the underlying instrument. During the year<span class=\"_ _15\"></span>, \u00a33 million (2022: \u00a33 million) was recycled back through the income statement.<span class=\"_ _30b\"> </span>5 <span class=\"_ _33\"> </span>The foreign ex<span class=\"_ _1\"></span>change translation reserve records the cumulative impact of foreign ex<span class=\"_ _1\"></span>change rate movements on the translation of non-sterling subsidiary companies into sterling. It is distributable under certain circumstances. Net gains and losses on translation are recognised in other comprehensive income and amounts remain in equity until the subsidiary is derecognised.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-666": {
   "value": "19<span class=\"_ _15\"></span>. Non-controlling interests<span class=\"_ _30b\"> </span>A non-controlling interest arises when the Group does not own all  of a subsidiary<span class=\"_ _15\"></span>, but the Group retains control.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>Non-controlling interests<span class=\"_ _30b\"> </span>The Group recognises non-controlling interests in a business either at fair value or at the non-controlling interest's proportionate share of the net assets. This treatment is determined on an acquisition-by-acquisition basis. After initial recognition, the carrying value of the non-controlling interest is adjusted for any changes in equity and the total comprehensive income attributable to the non-controlling interest holders,  less dividends paid.<span class=\"_ _30b\"> </span>Change in the ownership interest of a subsidiary company<span class=\"_ _15\"></span>, without loss of control<span class=\"_ _30b\"> </span>For acquisitions or disposals of non-controlling interests where control of the subsidiary remains with the Group, the difference between any consideration paid or received, and the relevant share of net assets acquired or sold, is recognised in equity<span class=\"_ _30b\"> </span><span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8a0\">Financial information for subsidiary entities or groups that have material </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8a1\">non-controlling interests is provided below:<span class=\"_ _30b\"> </span></div><div class=\"gs8a2\"><table class=\"s w702 hf8\" id=\"_82d77991-0288-4981-b0cf-36dd7693f332\"><tr><td class=\"t m0 x3f5 h4d y2630 ff73 fsf fc0 sc0 ls0 ws0\">Proportion of economic interest  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2416 w703 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">held by non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdcf y2416 w11 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd0 y2416 w12 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2022<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w704 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb group<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd1 y2431 w705 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">49.0%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd2 y2431 w21e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">48.8%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w706 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _1\"></span>CH Group<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd3 y2418 w151 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17.4%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd4 y2418 w707 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">17.4%<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w708 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>urquoise Global Holdings Limited<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd5 y2419 w540 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">15.8%<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd6 y2419 w709 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">15.8%<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs8a3\"><table class=\"s w2ef hf2\" id=\"_cb2695a9-0503-4bae-9cd7-a952adee0e95\"><tr><td class=\"t m0 x3f5 h4d y288c ff73 fsf fc0 sc0 ls0 ws0\">Profit from continuing  </td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x3f5 h4d y288d ff73 fsf fc0 sc0 ls0 ws0\">operations allocated to  </td><td></td><td class=\"t m0 x5ad h4d y288d ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y288d ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y250e w70a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y250e w14 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y288e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y288e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w704 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb group<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd7 y2416 w54f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd8 y2416 w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd9 y2416 w70b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">116<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w706 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _1\"></span>CH Group<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdda y2431 w360 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">19.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xddb y2431 w70c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">77<span class=\"_ _30b\"> </span></div></td><td class=\"c n xddc y2431 w70d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w341 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc35 y2418 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xddd y2418 wd1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n xdde y2419 w99 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">187<span class=\"_ _30b\"> </span></div></td><td class=\"c n xddf y2419 w57f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">189<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs165\"><table class=\"s w3f1 hf0\" id=\"_9c6d1d45-21f0-4d83-b464-7f0045101619\"><tr><td class=\"t m0 x186 h4d y25a5 ff73 fsf fc0 sc0 ls0 ws0\">Accumulated balance of  </td><td></td><td class=\"t m0 x4a9 h4d y25a5 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y25a5 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y2415 w70e hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y2415 w232 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y25a6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y25a6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w70f hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb group<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdd7 y2416 w54f hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19.1</div></td><td class=\"c n xde0 y2416 w291 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,828<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde1 y2416 w710 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,813<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y288f ff74 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _1\"></span>CH Group<span class=\"_ _30b\"> </span></td><td class=\"c n xde2 y2431 w551 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde3 y2431 w711 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">300<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde4 y2431 w712 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">333<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w341 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Other<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n x4db y2418 w297 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde5 y2418 w51f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">9<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x4dd y2419 w713 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2,137<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde6 y2419 w15b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,155<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs8a5\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8a6\">1 <span class=\"_ _32\"> </span>During the year<span class=\"_ _15\"></span>, the LCH Group acquired an additional 11% of L<span class=\"_ _1\"></span>CH SA for \u00a395 million, taking </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8a7\">its ownership to 100%. The Group recognised a decrease in non-controlling interests of  </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8a8\">\u00a353 million and a decrease in equity attributable to equity holders of \u00a342 million.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8a9\">Summarised financial information for the T<span class=\"_ _2\"></span>radeweb and LCH groups is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8aa\">provided below<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs8ab\">19.<span class=\"_ _2\"></span>1 T<span class=\"_ _15\"></span>radeweb group<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8ac\">The Group has a 45.<span class=\"_ _15\"></span>7% economic interest in T<span class=\"_ _15\"></span>radeweb Markets Inc,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8ad\">a US company<span class=\"_ _15\"></span>. T<span class=\"_ _15\"></span>radeweb Markets Inc is the parent company of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8ae\">T<span class=\"_ _2\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C in which the Group holds a further direct  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8af\">interest. This gives the Group an effective economic interest of 51.0%  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8b0\">in T<span class=\"_ _2\"></span>radeweb Markets LL<span class=\"_ _1\"></span>C.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8b1\">The T<span class=\"_ _2\"></span>radeweb group's summarised financial information below differs </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8b2\">from that reported by T<span class=\"_ _2\"></span>radeweb. The numbers disclosed here include </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8b3\">adjustments to bring their accounting policies in line with those used  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8b4\">by the Group and include the impact of acquisition accounting. </div><div class=\"gs8b5\"><table class=\"s w3f1 h133\" id=\"_6cb0c4d0-830b-4912-8d0b-1c83db6ae074\"><tr><td class=\"t m0 x186 h4d y2890 ff73 fsf fc0 sc0 ls0 ws0\">Summarised financial information  </td><td class=\"t m0 x4a9 h4d y2890 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2890 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y2891 ff73 fsf fc0 sc0 ls0 ws0\">attributable to non-controlling interests<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y2891 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2891 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y25a4 w714 he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">Profit for the year attributable to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde7 y25a4 w315 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">110<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde8 y25a4 w313 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">116<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2892 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal comprehensive income for the year </td><td></td><td></td></tr><tr><td class=\"c n x17e y24c8 w715 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">attributable to non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n xde9 y24c8 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdea y24c8 w716 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">308<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2893 ff74 fsf fc0 sc0 ls0 ws0\">Dividends paid to non-controlling interests  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w4b0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">in the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdeb y2419 w717 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">33<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdec y2419 w426 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">30<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs8b6\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8b7\">1 <span class=\"_ _32\"> </span>The summarised financial information includes any amortisation and impairment of goodwill </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8b8\">and purchased intangible assets, and the related deferred tax benefit attributable to </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8b9\">non-controlling interests.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs8ba\">1<span class=\"_ _30b\"> </span></div><div class=\"gs8bb\"><table class=\"s w718 h134\" id=\"_c143e0e3-a1d4-48f9-91e5-26a4da9ed08f\"><tr><td></td><td class=\"t m0 x4a9 h4d y2894 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y2894 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x186 h4d y2895 ff73 fsf fc0 sc0 ls0 ws0\">Summarised balance sheet<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ac h4d y2895 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y2895 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y261c w719 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-current assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xded y261c w59c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7,909</div></td><td class=\"c n xdee y261c w436 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">8,500<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w71a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Current assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdef y2412 w71b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,846<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf0 y2412 w256 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,245<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w71c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Current liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf1 y242e w7a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(540)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf2 y242e w3ba hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(212)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w71d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-current liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf3 y242f w7a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(504)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf4 y242f w71e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(470)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w147 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf5 y250e w24c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,711</div></td><td class=\"c n xdf6 y250e w5c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y2896 ff73 fsf fc0 sc0 ls0 ws0\">Attributable to:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w71f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Equity holders of the company<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf7 y2431 w720 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6,883</div></td><td class=\"c n xdf8 y2431 w721 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">7,250<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w96 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdf9 y2418 w291 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,828<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdfa y2418 w4c0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,813<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w15c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdfb y2419 w24c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,711</div></td><td class=\"c n xdfc y2419 w5c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">9,063<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8bc\">1 <span class=\"_ _32\"> </span>The summarised balance sheet includes goodwill and purchased intangible assets together </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8bd\">with associated amortisation, impairment and deferred tax.<span class=\"_ _30b\"> </span></div><div class=\"gs165\"><table class=\"s w2ef hf0\" id=\"_cc6524ed-9e52-4077-b892-acf6a1133720\"><tr><td class=\"t m0 x3f5 h4d y25a5 ff73 fsf fc0 sc0 ls0 ws0\">Summarised total comprehensive  </td><td class=\"t m0 x5ad h4d y25a5 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y25a5 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c x17e y2415 w722 h135\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">income</div><div class=\"t m0 xdfd h7d y2897 ff73 fs10 fc0 sc0 ls0 ws0\">1</div><div class=\"t m0 xdfe h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">and cash flows<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x5ae h4d y25a6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y25a6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w723 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income for the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xdff y2416 w4e1 hd1\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,078<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe00 y2416 w254 hd1\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">961<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w724 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal profit for the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe01 y2431 w14d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">433<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe02 y2431 w725 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">328<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w167 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal comprehensive income for the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe03 y2418 w3a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">169<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe04 y2418 w409 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">805<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w726 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Net increase in cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe05 y2419 w514 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">288<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe06 y2419 w3c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">331<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8bf\">1 <span class=\"_ _32\"> </span>The summarised total comprehensive income of the T<span class=\"_ _15\"></span>radeweb group excludes any </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8c0\">amortisation and impairment of goodwill and purchased intangible assets (together with any </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8c1\">associated deferred tax) attributable to non-controlling interests.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs8c2\">19.2 L<span class=\"_ _1\"></span>CH Group<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8c3\">The Group owns 82.6% of L<span class=\"_ _1\"></span>CH Group Holdings Limited, which is the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8c4\">parent of L<span class=\"_ _1\"></span>CH Limited, based in the UK, and L<span class=\"_ _1\"></span>CH SA, based in France. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8c5\">During the year<span class=\"_ _15\"></span>, the L<span class=\"_ _1\"></span>CH Group acquired the 11% non-controlling interest </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8c6\">in L<span class=\"_ _1\"></span>CH SA, giving it a 100% interest in L<span class=\"_ _1\"></span>CH SA. </div><div class=\"gs8c7\"><table class=\"s w2ef h136\" id=\"_6253d3df-68b1-497f-8c22-a11b081c8d02\"><tr><td class=\"t m0 x3f5 h4d y2898 ff73 fsf fc0 sc0 ls0 ws0\">Summarised financial information  </td><td class=\"t m0 x5ad h4d y2898 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y2898 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y2899 ff73 fsf fc0 sc0 ls0 ws0\">attributable to non-controlling interests<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y2899 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y2899 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c x17e y289a w714 hd4\"><div class=\"t m0 x173 h4d y23f9 ff74 fsf fc0 sc0 ls0 ws0\">Profit for the year attributable to<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe07 y289a w70c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">77<span class=\"_ _30b\"> </span></div></td><td class=\"c n x63e y289a w3b1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">72<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y289b ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal comprehensive income for the year </td><td></td><td></td></tr><tr><td class=\"c n x17e y25bc w727 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">attributable to non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe08 y25bc w690 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe09 y25bc w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">82<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y289c ff74 fsf fc0 sc0 ls0 ws0\">Dividends paid to non-controlling interests  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w4b0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">in the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe0a y2419 w40e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">47<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe0b y2419 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">50<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs8c8\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8c9\">1 <span class=\"_ _32\"> </span>The summarised financial information includes any amortisation and impairment of goodwill </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8ca\">and purchased intangible assets and the related deferred tax benefit attributable to </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8cb\">non-controlling interests.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs8cc\">1<span class=\"_ _30b\"> </span></div><div class=\"gs8cd\"><table class=\"s w728 h137\" id=\"_7425a2c5-e916-41b4-b61f-f638e7d30fb3\"><tr><td></td><td class=\"t m0 x5ad h4d y289d ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y289d ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y289e ff73 fsf fc0 sc0 ls0 ws0\">Summarised balance sheet<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y289e ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y289e ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y261c w729 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-current assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe0c y261c w487 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">501<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe0d y261c w2c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">557<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w72a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Current assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe0e y2412 w72b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">765,621</div></td><td class=\"c n xe0f y2412 w72c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">794,130<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w71c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Current liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe10 y242e w72d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(764,511)</div></td><td class=\"c n xe11 y242e w72e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(793,064)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w71d hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-current liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe12 y242f w194 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(24)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe13 y242f w48f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(52)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w147 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Net assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe14 y250e w1a2 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,587<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe15 y250e w72f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,571<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y289f ff73 fsf fc0 sc0 ls0 ws0\">Attributable to:<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y2431 w71f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Equity holders of the company<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe16 y2431 w730 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,287<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe17 y2431 w731 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,238<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w96 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Non-controlling interests<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe18 y2418 w732 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">300<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe19 y2418 w733 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">333<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w15c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal equity<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe1a y2419 w734 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,587<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe1b y2419 w72f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1,571<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8ce\">1 <span class=\"_ _32\"> </span>The summarised balance sheet includes goodwill and purchased intangible assets together </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8cf\">with associated amortisation, impairment and deferred tax.<span class=\"_ _30b\"> </span></div><div class=\"gs8d0\"><table class=\"s w2ef h138\" id=\"_4bbe2da2-fc84-4ee5-86d2-bc0f384c4aaa\"><tr><td class=\"t m0 x3f5 h4d y28a0 ff73 fsf fc0 sc0 ls0 ws0\">Summarised total comprehensive income<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ad h4d y28a0 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x40e h4d y28a0 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"t m0 x3f5 h4d y28a1 ff73 fsf fc0 sc0 ls0 ws0\">and cash flows<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5ae h4d y28a1 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y28a1 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2416 w723 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income for the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe1c y2416 w735 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1,063<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe1d y2416 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">952<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y251b w724 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal profit for the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe1e y251b w12c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">418<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe1f y251b w41b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">368<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w167 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal comprehensive income for the year<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe20 y2418 w2b4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">356<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe21 y2418 w736 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">411<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w726 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Net increase in cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe05 y2419 w530 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">239<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe22 y2419 w176 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">126<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs8d1\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8d2\">1 <span class=\"_ _32\"> </span>The summarised total comprehensive income of the LCH Group e<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>cludes any amortisation </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8d3\">and impairment of goodwill and purchased intangible assets (together with any associated </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8d4\">deferred tax) attributable to non-controlling interests.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-626": {
   "value": "<div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs88f\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs890\">Non-controlling interests<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs891\">The Group recognises non-controlling interests in a business </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs892\">either at fair value or at the non-controlling interest's </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs893\">proportionate share of the net assets. This treatment is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs894\">determined on an acquisition-by-acquisition basis. After initial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs895\">recognition, the carrying value of the non-controlling interest is </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs896\">adjusted for any changes in equity and the total comprehensive </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs897\">income attributable to the non-controlling interest holders,  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs898\">less dividends paid.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs899\">Change in the ownership interest of a subsidiary company<span class=\"_ _15\"></span>, </div><div class=\"t m0 h16 ff73 fs9 fc0 sc0 ls0 ws0 gs89a\">without loss of control<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs89b\">For acquisitions or disposals of non-controlling interests where </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs89c\">control of the subsidiary remains with the Group, the difference </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs89d\">between any consideration paid or received, and the relevant </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs89e\">share of net assets acquired or sold, is recognised in equity<span class=\"_ _30b\"> </span><span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-667": {
   "value": "20<span class=\"_ _15\"></span>. Share-based payments<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e operate various employee share-based compensation plans  which allow employees to receive or acquire shares in the Company  in different ways. This note describes our main share plans.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>The Group issues equity-settled share-based awards to certain employees. The share-based payment expense recognised in  the income statement is determined by the fair value (using  a stochastic valuation model) of the options granted or shares awarded at the date of grant. The calculated expenses are recognised over the relevant vesting periods.<span class=\"_ _30b\"> </span>The fair value of the awards granted: <span class=\"_ _35\"></span>\u2014 includes any mark<span class=\"_ _1\"></span>et performance conditions (for e<span class=\"_ _1\"></span>xample,  T<span class=\"_ _2\"></span>otal Shareholder R<span class=\"_ _1\"></span>eturn (TSR)); and  <span class=\"_ _35\"></span>\u2014 e<span class=\"_ _15\"></span>xcludes the impact of any service and non-market performance vesting conditions (for example<span class=\"_ _1\"></span>, the need  to remain an employee for a specified period of time).<span class=\"_ _30b\"> </span>In the very few countries where the Group cannot issue  equity-settled awards due to local restrictions, cash-settled share-based awards are issued instead.<span class=\"_ _30b\"> </span>The charges arising from equity-settled share-based payment plans are as follows:<span class=\"_ _30b\"> </span><table class=\"s w3f1 h139\" id=\"_1d2adb2e-2f58-4151-aae2-1647a63c926f\"><tr><td></td><td></td><td class=\"t m0 x4a9 h4d y28a2 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y28a2 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td class=\"c n x17e y25f5 w231 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Continuing operations<span class=\"_ _30b\"> </span></div></td><td class=\"c n x4ab y25f5 w232 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Notes<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x4ac h4d y28a3 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y28a3 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y28a4 ff74 fsf fc0 sc0 ls0 ws0\">Group share plans<span class=\"_ _30b\"> </span></td><td class=\"c n xde2 y271e w737 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe23 y271e w738 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">87<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe24 y271e w4c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">79<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y28a5 ff74 fsf fc0 sc0 ls0 ws0\">Shares issued to Management </td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25a3 w739 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Incentive Plan (MIP) participants<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe25 y25a3 w73a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe26 y25a3 w350 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe27 y25a3 w97 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">16<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x431 y25a4 w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">89<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe28 y25a4 w27e hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">95<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x186 h4d y28a6 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb share schemes </td><td></td><td></td><td></td></tr><tr><td class=\"c x17e y2510 w73b he4\"><div class=\"t m0 x173 h4d y2524 ff74 fsf fc0 sc0 ls0 ws0\">(recognised in<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">non-controlling interests)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe29 y2510 w73c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">20.3<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe2a y2510 w73d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">54<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe2b y2510 w160 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w73e hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal share-based payment expense<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe2c y2419 w73f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe2d y2419 w574 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">143<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe2e y2419 w2da hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">158<span class=\"_ _30b\"> </span></div></td></tr></table>1<span class=\"_ _30b\"> </span>1 <span class=\"_ _32\"> </span>Charges of \u00a33 million (2022: \u00a31 million) relate to plans that are cash-settled as a result of  local regulations.<span class=\"_ _30b\"> </span>The following amounts were recognised in equity:<span class=\"_ _30b\"> </span><table class=\"s w3f1 hf8\" id=\"_3423d3da-adbc-4947-a1f6-8729fcdad2c5\"><tr><td></td><td class=\"t m0 x4a9 h4d y28a7 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y28a7 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x4ac h4d y28a8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y28a8 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2431 w174 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Share-based payments<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe2f y2431 w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">86<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe30 y2431 w13c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">94<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w740 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cash receipts from employees on vesting<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe31 y2418 w329 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">6<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe32 y2418 w741 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xe33 y2419 w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">92<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe34 y2419 w175 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">99<span class=\"_ _30b\"> </span></div></td></tr></table>20.<span class=\"_ _2\"></span>1 Group share plans<span class=\"_ _30b\"> </span>The Group has the following share plans: <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Save As Y<span class=\"_ _4\"></span>ou Earn and International Sharesave Plan 2018 (SA<span class=\"_ _15\"></span>YE) <span class=\"ff74\"> </span></span>The SA<span class=\"_ _15\"></span>YE schemes provide for grants of options over the Company\u2019s shares to employees who enter into a savings contract. The options are granted at 20% below the market price on the date of grant and vest after three years, subject to continuing employment. The holders of the share options are not entitled to receive dividends declared during the vesting period. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">L<span class=\"_ _1\"></span>ong-T<span class=\"_ _2\"></span>erm Incentive Plan 2014 (L<span class=\"_ _2\"></span>TIP) <span class=\"ff74\"> </span></span>Awards are granted at nil cost to employees. V<span class=\"_ _15\"></span>esting of L<span class=\"_ _2\"></span>TIP awards is dependent on both market and non-mark<span class=\"_ _1\"></span>et performance conditions. The performance conditions include achievement of relative TSR (40%) and adjusted EPS (60%) targets. The holders of L<span class=\"_ _2\"></span>TIP awards are not entitled to receive dividends declared during the vesting period. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">R<span class=\"_ _15\"></span>estricted Share Award Plan 2018 (RSAP) <span class=\"ff74\"> </span></span>The Group operates a restricted share plan, the RSAP<span class=\"_ _2\"></span>. It consists of an award of restricted stock units and matching shares. Matching shares are linked to an investment by the employee in the Company\u2019<span class=\"_ _1\"></span>s shares. Awards are granted at nil cost to employees and generally vest in tranches after one, two and three years, subject to continuing employment. The holders of RSAP awards are not entitled to receive dividends declared during the vesting period.  <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Deferred Bonus Plan (DBP) </span> DBP awards are granted at nil cost to employees. Awards usually vest after two or three years, subject to continuing employment and malus and clawback provisions. The holders of the DBP awards are entitled to receive a cash amount equal to the aggregate amount of the dividends declared during the vesting period. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">International Share Incentive Plan (ISIP) </span> The ISIP is a scheme in which employees can buy shares in the Company monthly via salary deduction. For every four shares purchased (purchased shares) by the employee, the Group awards them one additional share (accumulated shares) which vests after completion of a three-year plan cycle. Accumulated shares are not entitled to receive dividends declared during the vesting period.<span class=\"_ _30b\"> </span>Further details on the Group\u2019<span class=\"_ _1\"></span>s share plans are provided in the Directors\u2019 Remuneration R<span class=\"_ _15\"></span>eport on pages 117 to 153.<span class=\"_ _30b\"> </span>The Company has an Employee Benefit T<span class=\"_ _2\"></span>rust (EBT) to administer the share plans and to acquire Company shares to meet the commitments to Group employees. At 31 December 2023, 1,<span class=\"_ _15\"></span>178,957 Company shares were held by the trust (2022: 259<span class=\"_ _1\"></span>,<span class=\"_ _15\"></span>129). The EBT is fully funded by the Company via loans, cash gifts and the issue and transfer of shares.  The cost of the Group\u2019<span class=\"_ _1\"></span>s shares held by the EBT are recognised directly in equity<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e7\">Movements in the number of share options and awards outstanding and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8e8\">their weighted average ex<span class=\"_ _15\"></span>ercise prices are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs8e9\"><table class=\"s w742 h13a\" id=\"_6f17bf09-5074-4c3f-b68d-a7a6c2bd6b38\"><tr><td></td><td class=\"c n xe35 y28a9 w743 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls33 ws3d\">S<span class=\"_ _34\"></span>AY<span class=\"_ _77\"></span>E</div></td><td class=\"c n xe36 y28a9 w744 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _15\"></span>TIP/RSAP<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 xe37 h4d y28aa ff73 fsf fc0 sc0 ls0 ws0\">ISIP<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td></td><td class=\"t m0 xe38 h4d y28ab ff73 fsf fc0 sc0 ls0 ws0\">W<span class=\"_ _1\"></span>eighted </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xe39 h4d y28ac ff73 fsf fc0 sc0 ls0 ws0\">average </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xe3a h4d y28ad ff73 fsf fc0 sc0 ls0 ws0\">e<span class=\"_ _1\"></span>xercise </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 x918 h4d y28ae ff73 fsf fc0 sc0 ls0 ws0\">price </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xe3b h4d y28af ff73 fsf fc0 sc0 ls0 ws0\">Number<span class=\"_ _30b\"> </span></td><td class=\"c n xc8e y242c w745 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3</div></td><td class=\"c n xe3c y242c w746 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Number</div></td><td class=\"c n xe3d y242c w746 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Number<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y261c w15f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1 January 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe3e y261c w747 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">582,174</div></td><td class=\"c n xe3f y261c w748 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">56.57</div></td><td class=\"c n xe40 y261c w749 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2,846,434<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe41 y261c w74a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,018<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w74b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Granted<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe42 y2412 w74c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">150,359<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe43 y2412 w16b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">63.71</div></td><td class=\"c n xe44 y2412 w74d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1,527,435</div></td><td class=\"c n xe45 y2412 w74e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14,662<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2413 w74f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Ex<span class=\"_ _1\"></span>ercised<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe46 y2413 w750 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(127,662)</div></td><td class=\"c n xe47 y2413 w751 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">38.83</div></td><td class=\"c n xe48 y2413 w752 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(1,038,073)<span class=\"_ _30b\"> </span></div></td><td class=\"c n x901 y2413 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w753 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lapsed/forfeited<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe49 y242f w754 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(70,601)</div></td><td class=\"c n xe4a y242f w4a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">58.47</div></td><td class=\"c n xe4b y242f w755 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(250,125)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe4c y242f w3b8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">(828)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w181 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe4d y250e w756 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">534,270</div></td><td class=\"c n xe4e y250e w748 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">62.57</div></td><td class=\"c n xe4f y250e w757 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,085,671</div></td><td class=\"c n xe50 y250e w758 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14,852<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w74b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Granted<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe51 y2416 w759 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">185,579</div></td><td class=\"c n xe52 y2416 w75a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">65.97</div></td><td class=\"c n xe53 y2416 w75b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1,567,358</div></td><td class=\"c n xe54 y2416 w75c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">18,619<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w74f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Ex<span class=\"_ _1\"></span>ercised<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe55 y2431 w75d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(115,432)</div></td><td class=\"c n xe56 y2431 w75e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">56.53</div></td><td class=\"c n xe57 y2431 w75f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(978,175)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe58 y2431 w4fb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(351)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w753 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Lapsed/forfeited<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe59 y2418 w760 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(58,319)</div></td><td class=\"c n xe5a y2418 w331 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">62.78</div></td><td class=\"c n xe5b y2418 w761 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(506,727)</div></td><td class=\"c n xe5c y2418 w762 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1,787)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w196 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe5d y2419 w763 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">546,098</div></td><td class=\"c n xe5e y2419 w21e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">64.98</div></td><td class=\"c n xe5f y2419 w764 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,168,127</div></td><td class=\"c n xe60 y2419 w765 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">31,333<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs8ea\">1,2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff73 fs10 fc0 sc0 ls0 ws0 gs8eb\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h4d ff74 fsf fc0 sc0 ls0 ws0 gs8ec\">Ex<span class=\"_ _1\"></span>ercisable at<span class=\"_ _30b\"> </span></div><div class=\"gs8ed\"><table class=\"s w766 h13b\" id=\"_7b1aa646-34af-4e31-aa1e-b124efaef287\"><tr><td class=\"c n x17e y2418 w196 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31 December 2023<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe61 y2418 w767 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">10,804</div></td><td class=\"c n xe62 y2418 w768 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">64.61<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe63 y2418 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe64 y2418 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w181 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31 December 2022<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe65 y2419 w294 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3,183</div></td><td class=\"c n xe66 y2419 w769 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">63.39<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe67 y2419 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe68 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8ee\">1 <span class=\"_ _32\"> </span>At 31 December 2023, RSAP awards of 1,237<span class=\"_ _15\"></span>,425 shares were outstanding (2022: 1,078,328).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8ef\">2 <span class=\"_ _33\"> </span>The L<span class=\"_ _15\"></span>TIP/RSAP and ISIP awards have a nil ex<span class=\"_ _1\"></span>ercise price. 9<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>192 matching shares were granted </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs8f0\">under the RSAP in the year (2022: 106,637).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f1\">The weighted average share price of London S<span class=\"_ _1\"></span>tock Ex<span class=\"_ _1\"></span>change Group plc </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f2\">shares during the year was \u00a381.66 (2022: \u00a376.<span class=\"_ _15\"></span>11).<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f4\">The range of ex<span class=\"_ _15\"></span>ercise prices and weighted average remaining </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f5\">contractual life of awards and options outstanding are as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs219\"><table class=\"s w76a h13c\" id=\"_b272642f-deaf-460e-8f3f-b2befb7e9197\"><tr><td></td><td></td><td class=\"c n xe69 y28b0 w11 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xe6a y28b0 w12 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2022</div></td></tr><tr><td></td><td></td><td class=\"t m0 xe6b h4d y28b1 ff73 fsf fc0 sc0 ls0 ws0\"> W<span class=\"_ _1\"></span>eighted </td><td></td><td class=\"t m0 xe6c h4d y28b1 ff74 fsf fc0 sc0 ls0 ws0\"> W<span class=\"_ _1\"></span>eighted </td></tr><tr><td></td><td></td><td class=\"t m0 xe6d h4d y28b2 ff73 fsf fc0 sc0 ls0 ws0\">average </td><td></td><td class=\"t m0 xe6e h4d y28b2 ff74 fsf fc0 sc0 ls0 ws0\">average </td></tr><tr><td></td><td></td><td class=\"t m0 xe6b h4d y28b3 ff73 fsf fc0 sc0 ls0 ws0\">remaining </td><td></td><td class=\"t m0 xe6f h4d y28b3 ff74 fsf fc0 sc0 ls0 ws0\">remaining </td></tr><tr><td></td><td></td><td class=\"t m0 xe70 h4d y28b4 ff73 fsf fc0 sc0 ls0 ws0\">contractual </td><td></td><td class=\"t m0 xe71 h4d y28b4 ff74 fsf fc0 sc0 ls0 ws0\">contractual </td></tr><tr><td></td><td class=\"t m0 xe72 h4d y28b5 ff73 fsf fc0 sc0 ls0 ws0\"> Number </td><td class=\"t m0 xe73 h4d y28b5 ff73 fsf fc0 sc0 ls0 ws0\">life </td><td class=\"t m0 xe74 h4d y28b5 ff74 fsf fc0 sc0 ls0 ws0\"> Number </td><td class=\"t m0 x968 h4d y28b5 ff74 fsf fc0 sc0 ls0 ws0\">life </td></tr><tr><td></td><td class=\"t m0 xe75 h4d y28b6 ff73 fsf fc0 sc0 ls0 ws0\">outstanding </td><td class=\"t m0 xe76 h4d y28b6 ff73 fsf fc0 sc0 ls0 ws0\">Y<span class=\"_ _2\"></span>ears<span class=\"_ _30b\"> </span></td><td class=\"t m0 xe77 h4d y28b6 ff74 fsf fc0 sc0 ls0 ws0\">outstanding </td><td class=\"t m0 x966 h4d y28b6 ff74 fsf fc0 sc0 ls0 ws0\">Y<span class=\"_ _2\"></span>ears<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x421 h4d y28b7 ff73 fsf fc0 sc0 ls33 ws3d\">S<span class=\"_ _34\"></span>AY<span class=\"_ _77\"></span>E<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y25a2 w76b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Less than \u00a360<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe78 y25a2 w3ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">414<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe79 y25a2 w76c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">0.1</div></td><td class=\"c n xe7a y25a2 w76d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">121,379<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe7b y25a2 w76e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">0.1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2489 w76f hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Between<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a360 and \u00a365<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe7c y2489 w770 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">364,237<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe7d y2489 w771 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1.3</div></td><td class=\"c n xe7e y2489 w772 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">412,891<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe7f y2489 w773 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.7<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y2416 w774 hd3\"><div class=\"t m0 x173 h4d y23f3 ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Between<span class=\"_ _30b\"> </span></div><div class=\"t m0 x66a h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a365 and \u00a370<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe80 y2416 w775 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">181,447<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe81 y2416 w776 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">2.9<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe82 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe83 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2431 w777 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _2\"></span>TIP/RSAP<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe84 y2431 w567 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,168,127<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe85 y2431 w771 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1.3</div></td><td class=\"c n xe86 y2431 w778 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,085,671<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe87 y2431 w779 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2418 w77a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">ISIP<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe88 y2418 w77b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">31,333<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe89 y2418 w736 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">1.7</div></td><td class=\"c n xe8a y2418 w758 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">14,852<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe8b y2418 w29 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x41f y2419 w529 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe8c y2419 w77c hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">3,745,558<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xe8d y2419 w77d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3,634,793<span class=\"_ _30b\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f6\">A Monte Carlo simulation was used to calculate the fair value of the 40% </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f7\">of the L<span class=\"_ _2\"></span>TIP awards granted during the year that are subject to a relative </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f8\">TSR condition. The model simulates the TSR and compares it against </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8f9\">the constituents of the UK FTSE 100<span class=\"_ _1\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8fa\">The Black-Scholes model was used to determine the related fair value </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8fb\">for the RSAP<span class=\"_ _2\"></span>, SA<span class=\"_ _15\"></span>YE and remaining 60% of L<span class=\"_ _15\"></span>TIP awards that are subject </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8fc\">to adjusted EPS.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8fd\">The inputs into both models include the share price at grant date, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8fe\">expected volatility<span class=\"_ _15\"></span>, dividend yields, annual risk-free interest rate and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs8ff\">expected life of the awards. The volatility assumption is based on the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs900\">historical three-year volatility of the Company\u2019s share price as at the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs901\">date of grant. The risk-free interest rate represents the yield available  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs902\">on a UK zero-coupon government bond on the date of grant for a term </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs903\">commensurate with the vesting period of the award. The expected life </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs904\">refers to the time from the date of grant to the date the awards vest.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs906\">The key assumptions used in the valuations were as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs157\"><table class=\"s w77e h13d\" id=\"_5c2d1fdd-3486-49f1-ba3f-5a4340d19eb1\"><tr><td></td><td></td><td></td><td class=\"t m0 x759 h4d y28b8 ff73 fsf fc0 sc0 ls0 ws0\">L<span class=\"_ _2\"></span>TIP Performance </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xe8e y2408 w77f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Shares<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xe8f y2408 w780 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">RSAP<span class=\"_ _30b\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m0 x186 h4d y28b9 ff73 fsf fc0 sc0 ls0 ws0\">Date of grant<span class=\"_ _30b\"> </span></td><td></td><td class=\"c n xe90 y2409 w781 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17-Mar</div></td><td class=\"c n xe91 y2409 w782 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">13-Sep</div></td><td class=\"c n xe92 y2409 w783 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">17-Mar</div></td><td class=\"c n xe93 y2409 w784 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">16-Jun</div></td><td class=\"c n xe94 y2409 w782 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">13-Sep</div></td><td class=\"c n xe95 y2409 w785 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">14-Dec<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240a w786 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Grant date share price (\u00a3)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xe96 y240a w787 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">73.26</div></td><td class=\"c n xe97 y240a w788 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">83.34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe98 y240a we0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">73.26</div></td><td class=\"c n xe99 y240a w789 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">87.66</div></td><td class=\"c n xe9a y240a w788 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">83.34</div></td><td class=\"c n xe9b y240a w30e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">93.22<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2429 w78a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Expected life (years)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe9c y2429 w78b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe9d y2429 w78c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.0<span class=\"_ _30b\"> </span></div></td><td class=\"c n x709 y2429 w78d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.0<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe9e y2429 w78e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">0.50<span class=\"_ _30b\"> </span></div></td><td class=\"c n xe9f y2429 w69 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">0.46<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea0 y2429 w78f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">0.22<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea1 y2429 w73c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">0.23<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xea2 y240c w790 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea3 y240c w791 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.0<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea4 y240c w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea5 y240c w792 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.00<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea6 y240c w793 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.75<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea7 y240c w794 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.51<span class=\"_ _30b\"> </span></div></td><td class=\"c n xd09 y240c w795 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">2.98<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w796 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Ex<span class=\"_ _1\"></span>ercise price (\u00a3)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xea8 y240d w797 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td><td class=\"c n xea9 y240d w798 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeaa y240d w798 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeab y240d w799 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeac y240d w798 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td><td class=\"c n xead y240d w798 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240e w79a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Dividend yield (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeae y240e w78b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeaf y240e w79b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.05<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb0 y240e w79c hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.13<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb1 y240e w79d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.03<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb2 y240e w79e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.04<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb3 y240e w79f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.06<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb4 y240e w10d hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.17<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xea2 y240f w790 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb5 y240f w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb6 y240f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb7 y240f w101 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.35<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb8 y240f w7a0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb9 y240f w7a1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.32<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeba y240f w7a2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">1.33<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y28ba w7a3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Risk-free interest rate (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xebb y28ba w78b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xebc y28ba w7a4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.37<span class=\"_ _30b\"> </span></div></td><td class=\"c n xebd y28ba w7a5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.55<span class=\"_ _30b\"> </span></div></td><td class=\"c n xebe y28ba w7a6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.33<span class=\"_ _30b\"> </span></div></td><td class=\"c n xebf y28ba w7a7 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.78<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec0 y28ba w78f hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5.05<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec1 y28ba w710 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.02<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xea2 y261c w790 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb5 y261c w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb6 y261c w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec2 y261c w7a8 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">3.65<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec3 y261c w7a9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">5.10<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec4 y261c w3ba hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.62<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec5 y261c w4f3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">4.64<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w7aa hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">V<span class=\"_ _15\"></span>olatility (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec6 y2412 w78b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec7 y2412 w7ab hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">31.02</div></td><td class=\"c n xec8 y2412 w4d5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">26.63<span class=\"_ _30b\"> </span></div></td><td class=\"c n xec9 y2412 w558 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">20.71<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeca y2412 w7ac hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">19.84<span class=\"_ _30b\"> </span></div></td><td class=\"c n xecb y2412 w7ad hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12.38<span class=\"_ _30b\"> </span></div></td><td class=\"c n xecc y2412 w558 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">12.70<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xea2 y2413 w790 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb5 y2413 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb6 y2413 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xecd y2413 w7ae hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">30.04</div></td><td class=\"c n xece y2413 w7af hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">30.77</div></td><td class=\"c n xecf y2413 w562 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">29.00</div></td><td class=\"c n xed0 y2413 w59e hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">25.84<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w7b0 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Fair value (\u00a3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xed1 y242f w78b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xed2 y242f w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xed3 y242f w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xed4 y242f w83 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">70.32</div></td><td class=\"c n xed5 y242f w7b1 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">84.33</div></td><td class=\"c n xed6 y242f w7b2 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">79.47</div></td><td class=\"c n xed7 y242f w7b3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">90.03<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xea2 y2415 w790 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb5 y2415 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeb6 y2415 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xed8 y2415 w10a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">72.77<span class=\"_ _30b\"> </span></div></td><td class=\"c n xed9 y2415 w471 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">87.12</div></td><td class=\"c n xeda y2415 w291 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">83.10</div></td><td class=\"c n xedb y2415 w21e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">92.94<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2416 w7b4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Fair value TSR (\u00a3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xedc y2416 w7b5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xedd y2416 w7b6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">35.33</div></td><td class=\"c n xede y2416 w21e hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">46.86<span class=\"_ _30b\"> </span></div></td><td class=\"c n xedf y2416 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee0 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee1 y2416 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee2 y2416 w18 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xea2 y251b w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee3 y251b w592 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">34.98<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee4 y251b w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y2418 w7b7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Fair value EPS (\u00a3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee5 y2418 w78b hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee6 y2418 w83 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">70.32</div></td><td class=\"c n xee7 y2418 w302 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">80.58<span class=\"_ _30b\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n xea2 y2419 w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee8 y2419 w592 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">70.99<span class=\"_ _30b\"> </span></div></td><td class=\"c n xee9 y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeea y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeeb y2419 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeec y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeed y2419 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"gs907\"><table class=\"s w7b8 h13e\" id=\"_426d9d42-9003-47b7-9a70-62bd705a0eb7\"><tr><td></td><td></td><td class=\"c n xeee y26e2 w7b9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls33 ws3d\">S<span class=\"_ _34\"></span>AY<span class=\"_ _77\"></span>E<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeef y26e2 w7ba hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">DBP<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef0 y26e2 w77a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">ISIP<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242a w7bb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Date of grant<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef1 y242a w7bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef2 y242a w7bd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">29-Sep</div></td><td class=\"c n xef3 y242a w783 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">17-Mar<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef4 y242a w20c hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1-Jan<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc92 y26e5 w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef5 y26e5 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef6 y26e5 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xef7 y26e5 w7be hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">31-Dec<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2548 w786 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Grant date share price (\u00a3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef8 y2548 w7b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef9 y2548 w7bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">82.40</div></td><td class=\"c n xefa y2548 we0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">73.26</div></td><td class=\"c n xefb y2548 w7c0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">73.46<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc92 y2549 w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef5 y2549 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef6 y2549 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xefc y2549 w7c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">93.58<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242c w78a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Expected life (years)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xefd y242c w7b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n x7ae y242c w70 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.34<span class=\"_ _30b\"> </span></div></td><td class=\"c n xefe y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xeff y242c w6f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">2.28<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc92 y254a w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef5 y254a w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef6 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf00 y254a w101 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.12<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y28bb w796 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Ex<span class=\"_ _1\"></span>ercise price (\u00a3)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf01 y28bb w169 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">65.97<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf02 y28bb w799 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf03 y28bb w798 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">nil<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w79a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Dividend yield (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xefd y242e w7b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf04 y242e w1e2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1.26<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf05 y242e w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x324 y242e w7c2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1.01<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc92 y25d8 w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef5 y25d8 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef6 y25d8 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf00 y25d8 w4bb hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">1.24<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w7a3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Risk-free interest rate (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf06 y250e w7b5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf07 y250e w7a5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">4.55<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf08 y250e w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf09 y250e w7c3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">3.25<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc92 y250f w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef5 y250f w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef6 y250f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf0a y250f w7c4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">5.09<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w7aa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">V<span class=\"_ _15\"></span>olatility (%)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf0b y2431 w7bc hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">from<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf0c y2431 w7c5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">27.23<span class=\"_ _30b\"> </span></div></td><td class=\"c n x193 y2431 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013</div></td><td class=\"c n xf0d y2431 w7c6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">23.94<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"c n xc92 y2510 w790 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">to<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef5 y2510 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xef6 y2510 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf0e y2510 w7c7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">31.13<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w7b0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Fair value (\u00a3)<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf0f y2419 w734 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">27.15</div></td><td class=\"c n x389 y2419 wda hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">73.26</div></td><td class=\"c n xf10 y2419 w53d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">79.36<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs909\">20.2 Management Incentive Plan (MIP)<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs90a\">Members of Refinitiv\u2019<span class=\"_ _15\"></span>s senior management team participated in the MIP set<span class=\"_ _34\"></span> </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs90b\">up by Refinitiv Holding Limited (now Y<span class=\"_ _4\"></span>ork Parent Limited). At the time of <span class=\"ls0\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs90c\">the Refinitiv acquisition, 6,041,336 shares relating to MIP participants were </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs90d\">transferred to Y<span class=\"_ _4\"></span>ork Parent Limited as a part of the purchase consideration. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs90e\">T<span class=\"_ _2\"></span>o improve the retention of the participants, amendments were made to the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs90f\">MIP to include additional service vesting conditions. The Group recognises </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs910\">the MIP as a share-based payment settled by an external shareholder </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs911\">under IFRS 2 and recognises post combination compensation until the <span class=\"ls0\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs912\">end of the three-year vesting period. The MIP share-based payment </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 lsb ws0 gs913\">expense is classified as a non-underlying transaction cost.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs914\">20.3 T<span class=\"_ _2\"></span>radeweb share schemes<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs915\">T<span class=\"_ _2\"></span>radeweb grants awards, including performance-based restricted share </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs916\">units (PRSUs), performance share units (PSUs) stock options, restricted </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs917\">stock units (RSUs) and dividend equivalent rights. The awards may have </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs918\">performance-based and time-based vesting conditions. Stock options </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs919\">have a maximum contractual term of 10 years.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs91a\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">PRSUs (Equity-Settled)</span> </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs91b\">PRSUs are promises to issue shares at the end of a three-year vesting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs91c\">period. The number of shares a participant will receive upon vesting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs91d\">is determined by a performance modifier<span class=\"_ _15\"></span>, which is adjusted based on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs91e\">T<span class=\"_ _2\"></span>radeweb\u2019s financial performance in the grant year<span class=\"_ _2\"></span>. The fair value of </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs122\">the equity-settled PRSUs is calculated as at the grant date using the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs123\">share price.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs920\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">PSUs (Equity-Settled)</span> </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs921\">PSUs are promises to issue shares at the end of a three-year vesting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs126\">period. The number of shares a participant will receive upon vesting </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs127\">is determined by a performance modifier<span class=\"_ _15\"></span>, which is adjusted based on </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs128\">T<span class=\"_ _2\"></span>radeweb\u2019s total shareholder return over a three-year performance </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs129\">period. The fair value of the equity-settled PSUs is calculated as at  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12a\">the grant date using the Monte Carlo Simulation model.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12b\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Options</span> </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd5\">T<span class=\"_ _2\"></span>radeweb awards options with a four-year graded vesting schedule, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12c\">one half vesting based solely on the passage of time and one half </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd7\">vesting only if T<span class=\"_ _2\"></span>radeweb achieves certain performance targets.  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs12d\">Costs related to options are recognised as an expense in the income </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsd9\">statement over the service period. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs922\">The fair value of options is calculated as at the grant date using the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdb\">Black-Scholes model.</div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdc\"> <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">RSUs</span> </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdd\">RSUs are promises to issue shares at the end of a vesting period. </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsde\">RSUs granted to employees vest over a three-year period. RSUs </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gsdf\">granted to non-employee directors vest after one year<span class=\"_ _15\"></span>. The fair value </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gse0\">of the RSUs is calculated as at the grant date using the share price.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-639": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>The Group issues equity-settled share-based awards to certain employees. The share-based payment expense recognised in  the income statement is determined by the fair value (using  a stochastic valuation model) of the options granted or shares awarded at the date of grant. The calculated expenses are recognised over the relevant vesting periods.<span class=\"_ _30b\"> </span>The fair value of the awards granted: <span class=\"_ _35\"></span>\u2014 includes any mark<span class=\"_ _1\"></span>et performance conditions (for e<span class=\"_ _1\"></span>xample,  T<span class=\"_ _2\"></span>otal Shareholder R<span class=\"_ _1\"></span>eturn (TSR)); and  <span class=\"_ _35\"></span>\u2014 e<span class=\"_ _15\"></span>xcludes the impact of any service and non-market performance vesting conditions (for example<span class=\"_ _1\"></span>, the need  to remain an employee for a specified period of time).<span class=\"_ _30b\"> </span>In the very few countries where the Group cannot issue  equity-settled awards due to local restrictions, cash-settled share-based awards are issued instead.<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-668": {
   "value": "21. Business combinations<span class=\"_ _30b\"> </span>During the year<span class=\"_ _15\"></span>, the Group acquired the material businesses listed below<span class=\"_ _1\"></span>. The results of the businesses have been consolidated since the date of acquisition: <span class=\"_ _35\"></span>\u2014 <span class=\"ff76\">AcadiaSoft, Inc. (Acadia)</span> <span class=\"_ _35\"></span>\u2014 <span class=\"ff76\">Yieldbrok<span class=\"_ _1\"></span>er Pty Limited (Yieldbroker)<span class=\"_ _30b\"> </span></span>Accounting policy<span class=\"_ _30b\"> </span>Business combinations are accounted for using the  acquisition method: <span class=\"_ _35\"></span>\u2014 The cost of an acquisition is measured as the aggregate of the consideration transferred and any contingent consideration, which are measured at fair value, and the value of any non-controlling interests in the acquiree. <span class=\"_ _35\"></span>\u2014 On an acquisition-by-acquisition basis, the Group elects whether to measure the non-controlling interests in the acquiree, if any<span class=\"_ _15\"></span>, at fair value or at the proportionate share  of the acquiree\u2019<span class=\"_ _1\"></span>s identifiable net assets (see note 19). <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Identifiable assets, liabilities and contingent liabilities</span> acquired are measured at fair value at acquisition date. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Goodwill</span> is initially measured at the amount by which the aggregate of the consideration transferred and the amount recognised for non-controlling interests (plus any previous interest held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired  and liabilities assumed.<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e evaluate the nature of any compensation for the selling shareholders' continuing employment to determine if any contingent payments are for post-combination employee services. These are ex<span class=\"_ _15\"></span>cluded from consideration and together with other acquisition-related costs are classified as  non-underlying transaction costs in the income statement  (see note 2.3).<span class=\"_ _30b\"> </span>Significant accounting estimates and assumptions<span class=\"_ _30b\"> </span>See note 9 for the significant accounting estimates of intangible assets acquired as part of a business combination.<span class=\"_ _30b\"> </span>The purchase price allocations (PP<span class=\"_ _15\"></span>A) (shown in 21.2 below) have been prepared on a provisional basis in accordance with IFRS 3 <span class=\"ff76\">Business </span>Combinations<span class=\"ff74\">. If new information obtained within one year of the </span>acquisition date, about facts and circumstances that e<span class=\"_ _1\"></span>xisted at the acquisition date, identifies adjustments to the amounts below or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.<span class=\"_ _30b\"> </span><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs942\">21.<span class=\"_ _2\"></span>1 Details of businesses acquired<span class=\"_ _30b\"> </span></div><div class=\"gs943\"><table class=\"s w7c8 h13f\" id=\"_51af171b-7ee1-46c1-af9c-7134a63b7356\"><tr><td></td><td></td><td></td><td></td><td class=\"t m0 xf11 h4d y28bc ff73 fsf fc0 sc0 ls0 ws0\">V<span class=\"_ _15\"></span>oting </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m0 x2f9 h4d y28bd ff73 fsf fc0 sc0 ls0 ws0\">equity </td></tr><tr><td></td><td></td><td></td><td class=\"t m0 xd58 h4d y28be ff73 fsf fc0 sc0 ls0 ws0\">Acquisition </td><td class=\"t m0 xd2b h4d y28be ff73 fsf fc0 sc0 ls0 ws0\">interest </td></tr><tr><td class=\"c n x17e y28bf w200 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Acquired business</div></td><td class=\"c n xf12 y28bf w7c9 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Description of business<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf13 y28bf w7ca hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Reason for acquisition<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xd58 h4d y28c0 ff73 fsf fc0 sc0 ls0 ws0\">date<span class=\"_ _30b\"> </span></td><td class=\"t m0 xf14 h4d y28c0 ff73 fsf fc0 sc0 ls0 ws0\">acquired<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y28c1 w7cb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Acadia<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf15 y28c1 w7cc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">A leading provider of automated<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 xf16 h4d y28c2 ff74 fsf fc0 sc0 ls0 ws0\">With deep domain expertise in margining, collateral and  </td><td class=\"t m0 xd58 h4d y28c2 ff74 fsf fc0 sc0 ls0 ws0\">31 March </td><td class=\"t m0 x2f2 h4d y28c2 ff74 fsf fc0 sc0 ls0 ws0\">86%<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xf17 h4d y28c3 ff74 fsf fc0 sc0 ls0 ws0\">uncleared margin processing and </td><td class=\"t m0 xf16 h4d y28c3 ff74 fsf fc0 sc0 ls0 ws0\">risk management, Acadia is complementary to LSEG\u2019s  </td><td class=\"t m0 xd58 h4d y28c3 ff74 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xf17 h4d y28c4 ff74 fsf fc0 sc0 ls0 ws0\">integrated risk and optimisation services  </td><td class=\"t m0 xf16 h4d y28c4 ff74 fsf fc0 sc0 ls0 ws0\">Post T<span class=\"_ _2\"></span>rade capabilities. The transaction will strengthen </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf17 h4d y28c5 ff74 fsf fc0 sc0 ls0 ws0\">for the global derivatives community<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xf16 h4d y28c5 ff74 fsf fc0 sc0 ls0 ws0\">LSEG\u2019s provision of resilient and systemically important </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xf16 h4d y28c6 ff74 fsf fc0 sc0 ls0 ws0\">financial markets infrastructure to our customers.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x17e y28c7 w7cd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Yieldbroker<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf12 y28c7 w7ce hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Operator of an Australian trading platform</div></td><td class=\"t m0 xf16 h4d y28c8 ff74 fsf fc0 sc0 ls0 ws0\">With innovation relating to the electronification of fix<span class=\"_ _1\"></span>ed </td><td class=\"t m0 xd58 h4d y28c8 ff74 fsf fc0 sc0 ls0 ws0\">31 August </td><td class=\"t m0 x746 h4d y28c8 ff74 fsf fc0 sc0 ls0 ws0\">100%<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xf17 h4d y28c9 ff74 fsf fc0 sc0 ls0 ws0\">for Australian and New Zealand </td><td class=\"t m0 xf16 h4d y28c9 ff74 fsf fc0 sc0 ls0 ws0\">income markets, the acquisition of Yieldbrok<span class=\"_ _1\"></span>er aligns with </td><td class=\"t m0 xd58 h4d y28c9 ff74 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 xf17 h4d y28ca ff74 fsf fc0 sc0 ls0 ws0\">government bonds and interest rate </td><td class=\"t m0 xf16 h4d y28ca ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>radeweb\u2019<span class=\"_ _1\"></span>s capabilities and mission to make mark<span class=\"_ _1\"></span>ets more </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf17 h4d y28cb ff74 fsf fc0 sc0 ls0 ws0\">derivatives covering the institutional  </td><td class=\"t m0 xf16 h4d y28cb ff74 fsf fc0 sc0 ls0 ws0\">efficient. The acquisition will leverage the innovative trading </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 xf17 h4d y28cc ff74 fsf fc0 sc0 ls0 ws0\">and wholesale client sectors.<span class=\"_ _30b\"> </span></td><td class=\"t m0 xf16 h4d y28cc ff74 fsf fc0 sc0 ls0 ws0\">and industry experience of Yieldbrok<span class=\"_ _1\"></span>er to create more liquid, </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m0 xf16 h4d y28cd ff74 fsf fc0 sc0 ls0 ws0\">transparent and efficient fix<span class=\"_ _1\"></span>ed income markets.<span class=\"_ _30b\"> </span></td><td></td><td></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs944\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs945\">1  <span class=\"_ _33\"> </span>Prior to the acquisition LSEG held a 14% interest in Acadia and on 31 March 2023 recognised a \u00a369 million non-underlying remeasurement gain on this investment in associate (see note 2.3).<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs946\">21.2 Consideration transferred, assets acquired and liabilities assumed, and resulting goodwill<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs947\">Goodwill arising from the acquisitions has been recognised as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs948\"><table class=\"s w7cf h11a\" id=\"_a4aab818-f094-4f65-8ab1-37d18369059d\"><tr><td></td><td class=\"t m0 xf18 h4d y28ce ff73 fsf fc0 sc0 ls0 ws0\">Acadia </td><td class=\"t m0 xf19 h4d y28ce ff73 fsf fc0 sc0 ls0 ws0\">Yieldbroker </td><td class=\"t m0 xbda h4d y28ce ff73 fsf fc0 sc0 ls0 ws0\">Other </td><td class=\"t m0 xb45 h4d y28ce ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal </td></tr><tr><td></td><td class=\"t m0 xb10 h4d y28cf ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 xb11 h4d y28cf ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24d h4d y28cf ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x24e h4d y28cf ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x24f h4d y28d0 ff73 fsf fc0 sc0 ls0 ws0\">Purchase consideration<span class=\"_ _30b\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x17e y242a w7d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"> </span>Cash (including settlement of share options)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf1a y242a w2f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">484<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf1b y242a w3ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf1c y242a w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf1d y242a w7d1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">552<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y240d w7d2 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Fair value of previous interest held<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf1e y240d w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">86<span class=\"_ _30b\"> </span></div></td><td class=\"c n xb17 y240d w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n x509 y240d w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf1f y240d w22 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">86<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2548 w7d3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal purchase consideration<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf20 y2548 w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">570<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf21 y2548 w3ce hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">65<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf22 y2548 w3c1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf23 y2548 w582 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">638<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x24f h4d y28d1 ff73 fsf fc0 sc0 ls0 ws0\">Less: Fair value of identifiable net assets acquired</td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x393 h4d y28d2 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Intangible assets: Customer and supplier relationships<span class=\"_ _30b\"> </span></td><td class=\"c n xb25 y242c w7d4 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(250)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf24 y242c w66d hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(31)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf25 y242c w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf26 y242c w171 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(281)</div></td></tr><tr><td class=\"t m0 x393 h4d y28d3 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Intangible assets: Software<span class=\"_ _30b\"> </span></td><td class=\"c n xf27 y254a w428 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(46)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf28 y254a w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf29 y254a w187 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf2a y254a w3bf hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(47)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2412 w7d5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other non-current assets, ex<span class=\"_ _15\"></span>cluding deferred tax assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf2b y2412 w7d6 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf2c y2412 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf2d y2412 w18 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf2e y2412 w484 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(4)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242e w7d7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Cash and cash equivalents<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf2f y242e w361 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(17)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf30 y242e w363 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(10)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf31 y242e w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf32 y242e w106 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(29)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y242f w7d8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>Other current assets<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf33 y242f w5cd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf34 y242f w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf35 y242f w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf36 y242f wc0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(18)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w7d9 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">\u2014<span class=\"_ _12d\"></span><span class=\"_ _12d\"> </span>T<span class=\"_ _2\"></span>otal liabilities, ex<span class=\"_ _1\"></span>cluding deferred tax liabilities<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf37 y250e w700 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">36<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf38 y250e w111 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">11<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf39 y250e wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf3a y250e wca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">48</div></td></tr><tr><td class=\"t m0 x393 h4d y28d4 ff74 fsf fc0 sc0 ls0 ws0\"> <span class=\"_ _41\"></span>\u2014<span class=\"_ _12d\"> </span>Deferred tax liabilities/(assets)<span class=\"_ _30b\"> </span></td><td class=\"c n xc07 y2416 w40 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">66<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf3b y2416 w41 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(3)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf3c y2416 w1a hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf3d y2416 wca hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">63<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2431 w7da hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Fair value of identifiable net assets acquired<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf3e y2431 w7db hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(229)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf3f y2431 w7dc hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(37)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf40 y2431 w242 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(2)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf41 y2431 w7db hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">(268)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2510 w7dd hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Goodwill<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf42 y2510 w574 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">341<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf43 y2510 wf5 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">28<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf44 y2510 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf45 y2510 w236 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">370<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x24b y2419 w7de hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Allocated to cash-generating unit<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf46 y2419 w7df hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Post Trade</div></td><td class=\"c n xf47 y2419 w7e0 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Tradeweb<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf48 y2419 w7e1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">D&amp;A<span class=\"_ _30b\"> </span></div></td><td></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs949\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs94a\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs94b\">2<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs94c\">1 <span class=\"_ _32\"> </span>The fair values of the net assets acquired were determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) mark<span class=\"_ _1\"></span>et and primarily </div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs94d\">included significant unobservable inputs (Level 3 of the fair value hierarchy). The following valuation methodologies were used to determine fair value:</div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs94e\"> <span class=\"_ _121\"> </span>\u2013 Customer relationships: multi-period excess earnings method (MEEM) (income approach)</div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs94f\"> <span class=\"_ _121\"> </span>\u2013 Software: relief from royalty method (income approach)<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs950\">2 <span class=\"_ _33\"> </span>The deferred tax liability mainly comprises the tax effect of the intangible assets.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs951\">The goodwill is attributable to the anticipated growth in the underlying business and future technology not yet developed.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs952\">None of the goodwill recognised is expected to be deductible for income tax purposes.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs954\">21.3 Revenue and profit contribution<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs955\">From the respective acquisition dates, for the period ended  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs956\">31 December 2023, the material acquired businesses contributed </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs957\">revenue and profit before tax as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs4dd\"><table class=\"s w7e2 h140\" id=\"_90d40d94-cf92-4da2-91fa-3c0d2a312694\"><tr><td></td><td></td><td class=\"t m0 xf49 h4d y28d5 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"c n xc2f y2525 w7cb hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Acadia</div></td><td class=\"c n xf4a y2525 w7cd hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Yieldbroker<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td class=\"t m0 x425 h4d y28d6 ff73 fsf fc0 sc0 ls0 ws0\">Nine </td><td class=\"t m0 xe37 h4d y28d6 ff73 fsf fc0 sc0 ls0 ws0\">Four </td></tr><tr><td></td><td class=\"t m0 x80d h4d y28d7 ff73 fsf fc0 sc0 ls0 ws0\">months </td><td class=\"t m0 x80e h4d y28d7 ff73 fsf fc0 sc0 ls0 ws0\">months </td></tr><tr><td></td><td class=\"t m0 xf4b h4d y28d8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x692 h4d y28d8 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2431 w7e3 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Revenue<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf4c y2431 w73d hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">45<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc3c y2431 w7e4 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w7e5 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Adjusted EBITD<span class=\"_ _1\"></span>A<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf4d y2510 w12f hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">12<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf4e y2510 w1a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w7e6 hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Loss before tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf4f y2419 w27a hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(6)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf50 y2419 w187 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">(1)<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs958\">If the acquisitions had all occurred on 1 January 2023, estimated Group </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs959\">revenue and adjusted EBITD<span class=\"_ _1\"></span>A would have been as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs95a\"><table class=\"s w7e7 h107\" id=\"_81fd0d18-71f6-4954-a3fe-4b381bacb478\"><tr><td></td><td class=\"t m0 x4aa h4d y28d9 ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 xf51 h4d y28da ff73 fsf fc0 sc0 ls0 ws0\">Pro-forma <span class=\"_ _2\"></span> </td></tr><tr><td></td><td class=\"t m0 xf16 h4d y28db ff73 fsf fc0 sc0 ls0 ws0\">Group </td></tr><tr><td class=\"t m0 x186 h4d y28dc ff73 fsf fc0 sc0 ls0 ws0\">Continuing<span class=\"_ _30b\"> </span></td><td class=\"t m0 x692 h4d y28dc ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2510 w7e3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Revenue<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf52 y2510 w59 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">8,084<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w7e5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Adjusted EBITD<span class=\"_ _1\"></span>A<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf53 y2419 w713 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3,781<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs95b\">21.4 Acquisition-related costs, including employment-linked </div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs95c\">management incentive and earn-out arrangements<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs95d\">Acquisition-related costs are recognised as non-underlying items in the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs95e\">income statement (see note 2.3). The Group incurred acquisition-related </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs95f\">costs as follows:<span class=\"_ _30b\"> </span></div><div class=\"gs960\"><table class=\"s w7e8 h141\" id=\"_72a1661c-219e-4897-9437-655717de203c\"><tr><td></td><td></td><td class=\"t m0 xf49 h4d y28dd ff73 fsf fc0 sc0 ls0 ws0\">2023<span class=\"_ _30b\"> </span></td></tr><tr><td></td><td class=\"t m0 x68d h4d y28de ff73 fsf fc0 sc0 ls0 ws0\">Acadia </td><td class=\"t m0 xf54 h4d y28de ff73 fsf fc0 sc0 ls0 ws0\">Yieldbroker </td></tr><tr><td></td><td class=\"t m0 xf4b h4d y28df ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x692 h4d y28df ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"t m0 x186 h4d y28e0 ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransaction costs<span class=\"_ _30b\"> </span></td><td class=\"c n xf55 y2431 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf56 y2431 w7e9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">3<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2418 w64 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Finance costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n xc68 y2418 w3b hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf57 y2418 wd7 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w7ea hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Acquisition-related costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf58 y2419 w348 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">7<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf59 y2419 w517 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">4<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 h7d ff74 fs10 fc0 sc0 ls0 ws0 gs961\">1<span class=\"_ _30b\"> </span></div><div class=\"t m0 h1f ff74 fs3 fc0 sc0 ls0 ws0 gs962\">1 <span class=\"_ _32\"> </span>T<span class=\"_ _15\"></span>ransaction costs include retention bonuses and advisor and professional fees.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-640": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Business combinations are accounted for using the  acquisition method: <span class=\"_ _35\"></span>\u2014 The cost of an acquisition is measured as the aggregate of the consideration transferred and any contingent consideration, which are measured at fair value, and the value of any non-controlling interests in the acquiree. <span class=\"_ _35\"></span>\u2014 On an acquisition-by-acquisition basis, the Group elects whether to measure the non-controlling interests in the acquiree, if any<span class=\"_ _15\"></span>, at fair value or at the proportionate share  of the acquiree\u2019<span class=\"_ _1\"></span>s identifiable net assets (see note 19). <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Identifiable assets, liabilities and contingent liabilities</span> acquired are measured at fair value at acquisition date. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Goodwill</span> is initially measured at the amount by which the aggregate of the consideration transferred and the amount recognised for non-controlling interests (plus any previous interest held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired  and liabilities assumed.<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e evaluate the nature of any compensation for the selling shareholders' continuing employment to determine if any contingent payments are for post-combination employee services. These are ex<span class=\"_ _15\"></span>cluded from consideration and together with other acquisition-related costs are classified as  non-underlying transaction costs in the income statement  (see note 2.3).<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-627": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>Business combinations are accounted for using the  acquisition method: <span class=\"_ _35\"></span>\u2014 The cost of an acquisition is measured as the aggregate of the consideration transferred and any contingent consideration, which are measured at fair value, and the value of any non-controlling interests in the acquiree. <span class=\"_ _35\"></span>\u2014 On an acquisition-by-acquisition basis, the Group elects whether to measure the non-controlling interests in the acquiree, if any<span class=\"_ _15\"></span>, at fair value or at the proportionate share  of the acquiree\u2019<span class=\"_ _1\"></span>s identifiable net assets (see note 19). <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Identifiable assets, liabilities and contingent liabilities</span> acquired are measured at fair value at acquisition date. <span class=\"_ _35\"></span>\u2014 <span class=\"ff73\">Goodwill</span> is initially measured at the amount by which the aggregate of the consideration transferred and the amount recognised for non-controlling interests (plus any previous interest held), ex<span class=\"_ _15\"></span>ceeds the net identifiable assets acquired  and liabilities assumed.<span class=\"_ _30b\"> </span>W<span class=\"_ _1\"></span>e evaluate the nature of any compensation for the selling shareholders' continuing employment to determine if any contingent payments are for post-combination employee services. These are ex<span class=\"_ _15\"></span>cluded from consideration and together with other acquisition-related costs are classified as  non-underlying transaction costs in the income statement  (see note 2.3).<span class=\"_ _30b\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-669": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs964\">22. Disposal of businesses and </div><div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs965\">discontinued operations<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs966\">This year we made no material disposals of businesses. This note </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs967\">therefore focuses on the disposal of BET<span class=\"_ _15\"></span>A in 2022.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs968\">Accounting policy<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs969\">An operation is regarded as a <span class=\"ff73\">discontinued operation</span> if it has </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs96a\">already been sold and comprised a major line of business or </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs96b\">geographical area of operation. Discontinued operations are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs96c\">ex<span class=\"_ _15\"></span>cluded from the results of continuing operations and are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs96d\">presented as a single amount of profit or loss after tax from </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs96e\">discontinued operations in the income statement. </div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs96f\">Disposal of BET<span class=\"_ _15\"></span>A during the year ended 31 December 2022<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs970\">On 1 July 2022, the Group disposed of BET<span class=\"_ _15\"></span>A, Maxit and Digital Investor </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs971\">(collectively BET<span class=\"_ _15\"></span>A). For the year ended 31 December 2022 it was </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs972\">presented as a discontinued operation and its results were ex<span class=\"_ _15\"></span>cluded </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs973\">from the continuing operations of the Group.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs974\">22.<span class=\"_ _2\"></span>1 Profit and total comprehensive income from BET<span class=\"_ _1\"></span>A<span class=\"_ _30b\"> </span></div><div class=\"gs975\"><table class=\"s w7eb h108\" id=\"_12ba92fd-4f63-43e4-b247-b40ada89ebfc\"><tr><td></td><td></td><td class=\"t m0 x40e h4d y28e1 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xf5a h4d y28e2 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y28e2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25a0 w7ec hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5b y25a0 w102 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">132<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259c w7ed hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cost of sales and operating expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc78 y259c w17c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(58)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2525 w7ee hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit before tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5c y2525 w7ef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a3 w7f0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls34 ws3e\">Ta<span class=\"_ _77\"></span>x<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5d y25a3 w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a4 w7f1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit after tax of discontinued operation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5e y25a4 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">58<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y24c8 w7f2 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Profit on disposal of discontinued operation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">after tax (non-underlying)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf5f y24c8 w2a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">22.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf60 y24c8 w3bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">454<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y262d ff73 fsf fc0 sc0 ls0 ws0\">Profit (and total comprehensive income)  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w7f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">from discontinued operation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf61 y2419 w8a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">512<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc1 sc0 ls0 ws0 gs976\">22.2 Profit on disposal of discontinued operations, after tax<span class=\"_ _30b\"> </span></div><div class=\"gs977\"><table class=\"s w7f4 h142\" id=\"_98217aa3-7258-4356-8a7f-28f8ae26084c\"><tr><td></td><td class=\"t m0 x40e h4d y28e3 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5af h4d y28e4 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242f w7f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Proceeds from disposal<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf62 y242f we8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">903<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w7f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Carrying value of net assets disposed<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf63 y250e w4f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(241)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w7f7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransaction costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf64 y250f w7f8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(44)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w7f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit on disposal of discontinued operation, before tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf65 y2431 w57f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">618<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w7fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Income tax on gain<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf66 y2510 w4d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(164)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w7fb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit on disposal of discontinued operation, after tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf67 y2419 w3bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">454</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-692": {
   "value": "22. Disposal of businesses and discontinued operations<span class=\"_ _30b\"> </span>This year we made no material disposals of businesses. This note therefore focuses on the disposal of BET<span class=\"_ _15\"></span>A in 2022.<span class=\"_ _30b\"> </span>Accounting policy<span class=\"_ _30b\"> </span>An operation is regarded as a <span class=\"ff73\">discontinued operation</span> if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are ex<span class=\"_ _15\"></span>cluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement. Disposal of BET<span class=\"_ _15\"></span>A during the year ended 31 December 2022<span class=\"_ _30b\"> </span>On 1 July 2022, the Group disposed of BET<span class=\"_ _15\"></span>A, Maxit and Digital Investor (collectively BET<span class=\"_ _15\"></span>A). For the year ended 31 December 2022 it was presented as a discontinued operation and its results were ex<span class=\"_ _15\"></span>cluded from the continuing operations of the Group.<span class=\"_ _30b\"> </span>22.<span class=\"_ _2\"></span>1 Profit and total comprehensive income from BET<span class=\"_ _1\"></span>A<span class=\"_ _30b\"> </span><table class=\"s w7eb h108\" id=\"_12ba92fd-4f63-43e4-b247-b40ada89ebfc\"><tr><td></td><td></td><td class=\"t m0 x40e h4d y28e1 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xf5a h4d y28e2 ff74 fsf fc0 sc0 ls0 ws0\">Note<span class=\"_ _30b\"> </span></td><td class=\"t m0 x5af h4d y28e2 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y25a0 w7ec hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>otal income<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5b y25a0 w102 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">132<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y259c w7ed hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Cost of sales and operating expenses<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xc78 y259c w17c hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(58)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2525 w7ee hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit before tax<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5c y2525 w7ef hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">74<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a3 w7f0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls34 ws3e\">Ta<span class=\"_ _77\"></span>x<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5d y25a3 w6a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(16)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y25a4 w7f1 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit after tax of discontinued operation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf5e y25a4 w141 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">58<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c x17e y24c8 w7f2 hdf\"><div class=\"t m0 x173 h4d y24fb ff74 fsf fc0 sc0 ls0 ws0\">Profit on disposal of discontinued operation,<span class=\"_ _30b\"> </span></div><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">after tax (non-underlying)<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf5f y24c8 w2a4 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">22.2<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf60 y24c8 w3bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">454<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"t m0 x3f5 h4d y262d ff73 fsf fc0 sc0 ls0 ws0\">Profit (and total comprehensive income)  </td><td></td><td></td></tr><tr><td class=\"c n x17e y2419 w7f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">from discontinued operation<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf61 y2419 w8a hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">512<span class=\"_ _30b\"> </span></div></td></tr></table>22.2 Profit on disposal of discontinued operations, after tax<span class=\"_ _30b\"> </span><table class=\"s w7f4 h142\" id=\"_98217aa3-7258-4356-8a7f-28f8ae26084c\"><tr><td></td><td class=\"t m0 x40e h4d y28e3 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 x5af h4d y28e4 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y242f w7f5 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Proceeds from disposal<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf62 y242f we8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">903<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250e w7f6 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Carrying value of net assets disposed<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf63 y250e w4f3 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(241)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y250f w7f7 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _15\"></span>ransaction costs<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf64 y250f w7f8 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(44)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2431 w7f9 hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit on disposal of discontinued operation, before tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf65 y2431 w57f hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">618<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2510 w7fa hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Income tax on gain<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf66 y2510 w4d0 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">(164)<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w7fb hd5\"><div class=\"t m0 x173 h4d y23fc ff73 fsf fc0 sc0 ls0 ws0\">Profit on disposal of discontinued operation, after tax<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf67 y2419 w3bf hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">454</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-646": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>An operation is regarded as a <span class=\"ff73\">discontinued operation</span> if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are ex<span class=\"_ _15\"></span>cluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-641": {
   "value": "Accounting policy<span class=\"_ _30b\"> </span>An operation is regarded as a <span class=\"ff73\">discontinued operation</span> if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are ex<span class=\"_ _15\"></span>cluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-628": {
   "value": "An operation is regarded as a <span class=\"ff73\">discontinued operation</span> if it has already been sold and comprised a major line of business or geographical area of operation. Discontinued operations are ex<span class=\"_ _15\"></span>cluded from the results of continuing operations and are presented as a single amount of profit or loss after tax from discontinued operations in the income statement.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-670": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs979\">23. T<span class=\"_ _4\"></span>ransactions with related parties<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs97a\">The Group has a number of related parties including associates, </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs97b\">Directors and Ex<span class=\"_ _1\"></span>ecutive Committee members (see note 4.<span class=\"_ _15\"></span>1).  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs97c\">All significant transactions with related parties are carried out  </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs97d\">on an arm\u2019<span class=\"_ _1\"></span>s length basis.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs97e\">T<span class=\"_ _15\"></span>ransactions with associates<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs97f\">During the year<span class=\"_ _15\"></span>, the Group recognised the following transactions  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs980\">with its associates:<span class=\"_ _30b\"> </span></div><div class=\"gs981\"><table class=\"s w3f1 h143\" id=\"_d2e6259c-9957-45e5-b809-68701548ed4d\"><tr><td></td><td class=\"t m0 x4a9 h4d y28e5 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y28e5 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xf4b h4d y28e6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y28e6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2419 w7fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Amounts advanced to associates<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf68 y2419 w44 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf69 y2419 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs983\">T<span class=\"_ _15\"></span>ransactions with other related parties<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs984\">Other related party transactions include the \u00a3750 million directed </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs985\">off-market purchase of limited voting ordinary shares from Y<span class=\"_ _4\"></span>ork Holdings </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs986\">II Limited and Y<span class=\"_ _4\"></span>ork Holdings III Limited (see note 18.<span class=\"_ _1\"></span>1). </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-704": {
   "value": "23. T<span class=\"_ _4\"></span>ransactions with related parties<span class=\"_ _30b\"> </span>The Group has a number of related parties including associates, Directors and Ex<span class=\"_ _1\"></span>ecutive Committee members (see note 4.<span class=\"_ _15\"></span>1).  All significant transactions with related parties are carried out  on an arm\u2019<span class=\"_ _1\"></span>s length basis.<span class=\"_ _30b\"> </span>T<span class=\"_ _15\"></span>ransactions with associates<span class=\"_ _30b\"> </span>During the year<span class=\"_ _15\"></span>, the Group recognised the following transactions  with its associates:<span class=\"_ _30b\"> </span><table class=\"s w3f1 h143\" id=\"_d2e6259c-9957-45e5-b809-68701548ed4d\"><tr><td></td><td class=\"t m0 x4a9 h4d y28e5 ff73 fsf fc0 sc0 ls0 ws0\">2023 </td><td class=\"t m0 x4aa h4d y28e5 ff74 fsf fc0 sc0 ls0 ws0\">2022 </td></tr><tr><td></td><td class=\"t m0 xf4b h4d y28e6 ff73 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td><td class=\"t m0 x4ad h4d y28e6 ff74 fsf fc0 sc0 ls0 ws0\">\u00a3m<span class=\"_ _30b\"> </span></td></tr><tr><td class=\"c n x17e y2419 w7fc hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">Amounts advanced to associates<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf68 y2419 w44 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">15<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf69 y2419 w3b hd2\"><div class=\"t m0 x173 h4d y23e6 ff74 fsf fc0 sc0 ls0 ws0\">\u2013<span class=\"_ _30b\"> </span></div></td></tr></table>T<span class=\"_ _15\"></span>ransactions with other related parties<span class=\"_ _30b\"> </span>Other related party transactions include the \u00a3750 million directed off-market purchase of limited voting ordinary shares from Y<span class=\"_ _4\"></span>ork Holdings II Limited and Y<span class=\"_ _4\"></span>ork Holdings III Limited (see note 18.<span class=\"_ _1\"></span>1). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-693": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs988\">24. Commitments and contingencies<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs989\">A commitment is a contractual obligation to make a payment in the future. These amounts are not recorded in the balance sheet as we have not </div><div class=\"t m0 hd ff76 fs9 fc0 sc0 ls0 ws0 gs98a\">yet received the related goods or services. The amounts below are the minimum amounts that we are committed to pay<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs98b\">The Group has the following contracts in place for future expenditure which are not provided for in the consolidated financial statements:<span class=\"_ _30b\"> </span></div><div class=\"gs98c\"><table class=\"s w7fd h144\" id=\"_91615273-c90d-4c95-8c5c-e1afcd9db8b4\"><tr><td class=\"c n x17e y24f7 w7fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Contract<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf6a y24f7 w7ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf6b y24f7 w800 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Minimum commitment<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y28e7 w801 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10-year strategic partnership with <span class=\"ff73\">Microsoft<span class=\"_ _30b\"> </span></span></div></td><td></td><td class=\"c n xf6c y28e7 w802 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o architect LSEG\u2019s data infrastructure using<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x75e h4d y28e8 ff74 fsf fc0 sc0 ls0 ws0\">Minimum cloud-related spend of $2.8 billion  </td></tr><tr><td></td><td></td><td class=\"t m0 x424 h4d y28e9 ff74 fsf fc0 sc0 ls0 ws0\">the Microsoft Cloud, and to jointly develop new  </td><td class=\"c xc92 y2590 w803 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">over the term of the partnership</div><div class=\"t m0 xf6d h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x424 h4d y28ea ff74 fsf fc0 sc0 ls0 ws0\">products and services for data and analytics<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h4d y28eb ff74 fsf fc0 sc0 ls0 ws0\">Agreement with <span class=\"ff73\">Reuters News</span>, entered into  </td><td></td><td class=\"c n xf6e y2502 w804 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o receive news and editorial content<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf6f y2502 w805 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Minimum CPI adjusted payment, which was<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w806 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">in 2018,<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf70 y2419 w807 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">for a 30-year term<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x75e h4d y28ec ff74 fsf fc0 sc0 ls0 ws0\">$368 million for 2023<span class=\"_ _30b\"> </span></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-672": {
   "value": "24. Commitments and contingencies<span class=\"_ _30b\"> </span>A commitment is a contractual obligation to make a payment in the future. These amounts are not recorded in the balance sheet as we have not yet received the related goods or services. The amounts below are the minimum amounts that we are committed to pay<span class=\"_ _15\"></span>.<span class=\"_ _30b\"> </span>The Group has the following contracts in place for future expenditure which are not provided for in the consolidated financial statements:<span class=\"_ _30b\"> </span><table class=\"s w7fd h144\" id=\"_91615273-c90d-4c95-8c5c-e1afcd9db8b4\"><tr><td class=\"c n x17e y24f7 w7fe hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Contract<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"c n xf6a y24f7 w7ff hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Description<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf6b y24f7 w800 hd2\"><div class=\"t m0 x173 h4d y23e6 ff73 fsf fc0 sc0 ls0 ws0\">Minimum commitment<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y28e7 w801 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">10-year strategic partnership with <span class=\"ff73\">Microsoft<span class=\"_ _30b\"> </span></span></div></td><td></td><td class=\"c n xf6c y28e7 w802 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o architect LSEG\u2019s data infrastructure using<span class=\"_ _30b\"> </span></div></td><td class=\"t m0 x75e h4d y28e8 ff74 fsf fc0 sc0 ls0 ws0\">Minimum cloud-related spend of $2.8 billion  </td></tr><tr><td></td><td></td><td class=\"t m0 x424 h4d y28e9 ff74 fsf fc0 sc0 ls0 ws0\">the Microsoft Cloud, and to jointly develop new  </td><td class=\"c xc92 y2590 w803 h113\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">over the term of the partnership</div><div class=\"t m0 xf6d h7d y26a0 ff74 fs10 fc0 sc0 ls0 ws0\">1<span class=\"_ _30b\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m0 x424 h4d y28ea ff74 fsf fc0 sc0 ls0 ws0\">products and services for data and analytics<span class=\"_ _30b\"> </span></td><td></td></tr><tr><td class=\"t m0 x186 h4d y28eb ff74 fsf fc0 sc0 ls0 ws0\">Agreement with <span class=\"ff73\">Reuters News</span>, entered into  </td><td></td><td class=\"c n xf6e y2502 w804 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">T<span class=\"_ _2\"></span>o receive news and editorial content<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf6f y2502 w805 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">Minimum CPI adjusted payment, which was<span class=\"_ _30b\"> </span></div></td></tr><tr><td class=\"c n x17e y2419 w806 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">in 2018,<span class=\"_ _30b\"> </span></div></td><td class=\"c n xf70 y2419 w807 hd5\"><div class=\"t m0 x173 h4d y23fc ff74 fsf fc0 sc0 ls0 ws0\">for a 30-year term<span class=\"_ _30b\"> </span></div></td><td></td><td class=\"t m0 x75e h4d y28ec ff74 fsf fc0 sc0 ls0 ws0\">$368 million for 2023<span class=\"_ _30b\"> </span></td></tr></table>1 <span class=\"_ _32\"> </span>The remaining commitment at 31 December 2023 is $2.8 billion.<span class=\"_ _30b\"> </span>In the normal course of business, the Group can receive legal claims and be involved in legal proceedings and dispute resolution processes including, for example<span class=\"_ _1\"></span>, in relation to commercial matters, service and product quality or liability issues, employee matters and tax audits. The Group is also subject to periodic reviews, inspections and investigations by regulators in the UK and other jurisdictions in which it operates, any of which may result in fines, penalties, business restrictions and other sanctions. A provision for a liability is recognised when it is probable  that an outflow of economic benefits will be required to settle a present obligation from past events and a reliable estimate can be made of  the amount of the obligation. Any provision recognised is inherently subjective and based on judgement.<span class=\"_ _30b\"> </span><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs98e\">For many of these matters it is too early to determine the likely outcome<span class=\"_ _1\"></span>, </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs98f\">or to reliably estimate the amount of any loss as a consequence and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs990\">therefore no provision is made. While the outcome of legal and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs991\">regulatory matters can be inherently difficult to assess and/or the </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs992\">potential loss often cannot be reliably estimated, we do not believe that </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs993\">the liabilities, if any<span class=\"_ _15\"></span>, which could result from the resolution of the legal </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs994\">and regulatory matters that arise in the normal course of business are </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs995\">likely to have a material adverse effect on our consolidated financial </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs996\">position, profit, or cash resources. However<span class=\"_ _15\"></span>, it is possible that future </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs997\">results could be materially affected by any developments relating to  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs998\">any such legal and regulatory matters.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-671": {
   "value": "<div class=\"t m0 h1b ff74 fs1 fc0 sc0 ls0 ws0 gs99a\">25. Events after the reporting period<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs99b\">r8fin acquisition<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs99c\">On 19 January 2024, T<span class=\"_ _2\"></span>radeweb acquired R8FIN Holdings LP (r8fin),  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs99d\">a technology provider that specialises in algorithmic-based ex<span class=\"_ _15\"></span>ecution  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs99e\">for US T<span class=\"_ _2\"></span>reasuries and interest rate futures. The total purchase price </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs99f\">consideration is $125 million, consisting of $90 million in cash and </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9a0\">$35 million in shares of Class A common stock of T<span class=\"_ _2\"></span>radeweb, subject  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9a1\">to working capital and other adjustments.<span class=\"_ _30b\"> </span></div><div class=\"t m0 hd ff75 fs9 fc0 sc0 ls0 ws0 gs9a3\">Purchase of non-controlling interests<span class=\"_ _30b\"> </span></div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9a4\">In February 2024, LSEG acquired 3.24% of the share capital in  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9a5\">L<span class=\"_ _1\"></span>CH Group Holdings Limited from certain minority shareholders  </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9a6\">for \u20ac168 million, taking LSEG\u2019s ownership of L<span class=\"_ _15\"></span>CH Group Holdings </div><div class=\"t m0 h16 ff74 fs9 fc0 sc0 ls0 ws0 gs9a7\">Limited to 85.85%.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:213800QAUUUP6I445N30",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  }
 }
}