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"concept": "haysplc:RestatementOfRepurchasesOfOwnShares",
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"fact-378": {
"value": "1. General information Hays plc is a Company limited by shares, incorporated and domiciled in the United Kingdom and registered in England and Wales and its registered office and principal place of business is 4th Floor, 20 Triton Street, London NW1 3BF . The Consolidated Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards. The Consolidated Financial Statements are presented in sterling, the functional currency of Hays plc. New standards and interpretations The Consolidated Financial Statements have been prepared on the basis of the accounting policies and methods of computation applicable for the year ended 30 June 2023. These accounting policies are consistent with those applied in the preparation of the Consolidated Financial Statements for the year ended 30 June 2022; the Group has applied the IAS 12 amendment which provides an exception from recognising and disclosing information related to Pillar Two top-up taxes (see note 9). There have been no other new standards or amendments to existing standards that are mandatory for the first time in the Group\u2019s accounting period beginning on 1 July 2022 and no new standards have been early adopted. The Group has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but which are only effective for the Group accounting periods beginning on or after 1 July 2023. These new pronouncements are listed as follows: \u2013 IFRS 17 \u2013 \u2018Insurance contracts\u2019 (effective 1 January 2023); \u2013 IAS 1 (amendments) \u2013 \u2018Presentation of Financial Statements\u2019, on classification of liabilities (effective 1 January 2023); \u2013 IAS 12 (amendments) \u2013 \u2018Deferred Tax Related to Asset and Liabilities Arising from a Single Transaction\u2019 (effective 1 January 2023); and \u2013 IAS 12 (amendments) \u2013 \u2018International Tax Reform \u2013 Pillar Two Model Rules\u2019 (effective 1 January 2023). The Directors are currently evaluating the impact of the adoption of the standards, amendments and interpretations but do not expect them to have a material impact on the Group\u2019s operations or results. The Group\u2019s principal accounting policies adopted in the presentation of these Consolidated Financial Statements are set out below and have been consistently applied to all the periods presented. ",
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"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-374": {
"value": "1. General information Hays plc is a Company limited by shares, incorporated and domiciled in the United Kingdom and registered in England and Wales and its registered office and principal place of business is 4th Floor, 20 Triton Street, London NW1 3BF . The Consolidated Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards. The Consolidated Financial Statements are presented in sterling, the functional currency of Hays plc. New standards and interpretations The Consolidated Financial Statements have been prepared on the basis of the accounting policies and methods of computation applicable for the year ended 30 June 2023. These accounting policies are consistent with those applied in the preparation of the Consolidated Financial Statements for the year ended 30 June 2022; the Group has applied the IAS 12 amendment which provides an exception from recognising and disclosing information related to Pillar Two top-up taxes (see note 9). There have been no other new standards or amendments to existing standards that are mandatory for the first time in the Group\u2019s accounting period beginning on 1 July 2022 and no new standards have been early adopted. The Group has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but which are only effective for the Group accounting periods beginning on or after 1 July 2023. These new pronouncements are listed as follows: \u2013 IFRS 17 \u2013 \u2018Insurance contracts\u2019 (effective 1 January 2023); \u2013 IAS 1 (amendments) \u2013 \u2018Presentation of Financial Statements\u2019, on classification of liabilities (effective 1 January 2023); \u2013 IAS 12 (amendments) \u2013 \u2018Deferred Tax Related to Asset and Liabilities Arising from a Single Transaction\u2019 (effective 1 January 2023); and \u2013 IAS 12 (amendments) \u2013 \u2018International Tax Reform \u2013 Pillar Two Model Rules\u2019 (effective 1 January 2023). The Directors are currently evaluating the impact of the adoption of the standards, amendments and interpretations but do not expect them to have a material impact on the Group\u2019s operations or results. The Group\u2019s principal accounting policies adopted in the presentation of these Consolidated Financial Statements are set out below and have been consistently applied to all the periods presented. 2. Significant accounting policies a. Basis of preparation The Consolidated Financial Statements have been prepared on the historical cost basis with the exception of financial instruments, pension assets and share-based payments. Financial instruments have been recorded initially on a fair value basis and then at amortised cost. Pension assets and share-based payments have been measured at fair value. b. Going Concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group, its cash flows and liquidity position are described in the Finance Director\u2019s Review, with details of the Group\u2019s treasury activities, long-term funding arrangements and exposure to financial risk included in notes 18 to 20 to the Consolidated Financial Statements. As in prior years, the Board undertook a strategic business review in the current year which took into account the Group\u2019s current financial position and the potential impact of the principal risks set out in the Annual Report. In addition, and in making this statement, the Board carried out a robust assessment of the principal risks facing the Group, including those that would threaten the Group\u2019s business model, future performance and liquidity. While the review has considered all the principal risks identified by the Group, the resilience of the Group to the occurrence of these risks in severe yet plausible scenarios has been evaluated. Financial position At 30 June 2023, the Group had net cash of \u00a3135.6 million compared to cash of \u00a3296.2 million at 30 June 2022. In addition, the Group currently has an unsecured revolving credit facility (RCF) of \u00a3210 million that reduces in November 2024 to \u00a3170 million, and expires in November 2025. As at 30 June 2023, \u00a3200 million of the facility was undrawn. The net cash position is stated after deducting the currently drawn amount on the RCF. The Group had a strong working capital performance, with significant management focus on cash collection, average trade debtor days remained consistent in the year at 33 days (2022: 33 days). Stress testing The Board approves an annual budget and reviews monthly management reports and quarterly forecasts. The output of the planning and budgeting processes has been used to perform a sensitivity analysis of the Group\u2019s cash flow to model the potential effects should principal risks actually occur either individually or in unison. The sensitivity analysis modelled scenarios in which the Group incurred a sustained loss of business arising from a prolonged global downturn, with a range of recovery scenarios considered. The Group\u2019s \u2018Stress Case\u2019 scenario assumes that the Group experiences another severe downturn similar in scale to the one caused by the COVID-19 pandemic in the year ended 30 June 2020, followed by a period of gradual recovery, as opposed to the significant recovery the Group experienced through the years ended 30 June 2021 and 30 June 2022. The Stress Case scenario assumes a trough level of operating profit of \u00a357 million in the year ended 30 June 2024 before gradually recovering to \u00a3103 million operating profit in the year to June 2026, which models the impact of a long-lasting global economic downturn. In this scenario the Group is forecast to maintain a strong net cash position in excess of \u00a360 million throughout the Going Concern period, with significant headroom against its banking covenants. Set against these downside trading scenarios, the Board considered key mitigating factors including the geographic and sectoral diversity of the Group, its balanced business model across Temporary, Permanent and Contract recruitment services, and the significant working capital inflows which arise in periods of severe downturn, particularly in the Temporary recruitment business, thus protecting liquidity as was the case during the Global Financial Crisis of 2008/09 and which we again experienced in the year ended 30 June 2020. The Group\u2019s history of strong cash generation, tight cost control and flexible workforce management provides further protection, and in addition the Group has a revolving credit facility of \u00a3210 million that reduces in November 2024 to \u00a3170 million, and expires in November 2025. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The Group has sufficient financial resources which, together with
internally generated cash flows, will continue to provide sufficient
sources of liquidity to fund its current operations, including its
contractual and commercial commitments and any proposed
dividends. The Group is therefore well-placed to manage its business
risks. After making enquiries, the Directors have formed the
judgement at the time of approving the Consolidated Financial
Statements, that there is a reasonable expectation that the Group
has adequate resources to continue in operational existence
throughout the Going Concern period, being at least 12 months
from the date of approval of the Consolidated Financial Statements.
For this reason, they continue to adopt the going concern basis of
accounting in preparing the Consolidated Financial Statements.
c. Basis of consolidation
Subsidiaries are fully consolidated from the date on which power
to control is transferred to the Group. They are deconsolidated
from the date on which control ceases.
The acquisition method of accounting is used to account for the
acquisition of subsidiaries by the Group whereby the identifiable
assets, liabilities and contingent liabilities are measured at their
fair values at the date of acquisition. The excess of the cost of
acquisition over the fair value of the Group\u2019s share of the identifiable
net assets acquired is recorded as goodwill. The Consolidated
Financial Statements consolidate the accounts of Hays plc and all
of its subsidiaries. The results of subsidiaries acquired or disposed
during the year are included from the effective date of acquisition
or up to the effective date of disposal, as appropriate.
All intra-Group transactions, balances, income and expenses are
eliminated on consolidation.
d. Turnover
Turnover is measured at the fair value of the consideration received
or receivable at the point in time and represents amounts receivable
for services provided in the normal course of business, net of
discounts, VAT and other sales-related taxes.
Turnover arising from the placement of permanent candidates,
including turnover arising from Recruitment Process Outsourcing
(RPO) services, is recognised at the point in time the candidate
commences full-time employment. Where a permanent candidate
starts employment but does not work for the specified contractual
period, an adjustment is made based on experience in respect
of the expected required refund or credit note due to the client.
The revenue recognised from a permanent placement is typically
based on a percentage of the candidate\u2019s remuneration package.
Turnover arising from temporary placements, including turnover
arising from Managed Service Programme (MSP) services, is
recognised starting at the point in time that temporary workers are
provided and continues through the duration of the placement. In
nearly all contract arrangements the Group acts as principal. Where
the Group is acting as a principal, turnover represents the amounts
billed for the services of the temporary workers, including the
remuneration costs of the temporary workers. The commission
included within the revenue recognised arising from temporary
placements is typically based on a percentage of the placement\u2019s
hourly rate.
Where Hays acts as principal in arrangements that invoice on the
costs incurred with other recruitment agencies as part of the MSP
service provided, and in which Hays manages the recruitment supply
chain, turnover represents amounts invoiced on from other
recruitment agencies, including arrangements where no
commission is directly receivable by the Group.
In some limited instances where the Group is acting as an agent
in arrangements that invoice on behalf of other recruitment
agencies as part of the MSP service provided, turnover represents
commission receivable relating to the supply of temporary workers
and does not include the remuneration costs of the other agency
temporary workers.
Revenue recognition
Revenue is recognised for permanent placements on the day
a candidate starts work. Revenue is recognised for temporary
placements at the point in time that temporary workers are provided
and continues through the duration of the placement.
The factors considered by management on a contract by contract
basis when concluding the Company is acting as principal
(gross basis) rather than agent (net basis) are as follows:
\u2013 The client has a direct relationship with Hays;
\u2013 Hays has the primary responsibility for providing the services to
the client, and engages and contracts directly with the temporary
worker and other recruitment companies;
\u2013 Hays has latitude in establishing the rates directly or indirectly
with all parties; and
\u2013 Hays bears the credit risk on the receivable due from the client.
e. Net fees
Net fees represent turnover less the remuneration costs of
temporary workers for temporary assignments and remuneration
of other recruitment agencies. For the placement of permanent
candidates, net fees are equal to turnover.
f. Foreign currencies
On consolidation, the tangible and intangible assets and liabilities of
subsidiaries denominated in foreign currencies are translated into
sterling at the rates ruling at the balance sheet date. Income and
expense items are translated into sterling at average rates of
exchange for the period. Any exchange differences which have
arisen from an entity\u2019s investment in a foreign subsidiary, including
long-term loans, are recognised as a separate component of equity
and are included in the Group\u2019s cumulative translation reserve.
On disposal of a subsidiary, any amounts transferred to the
translation reserve are included in the calculation of profit and loss
on disposal. All other translation differences are dealt with in the
Consolidated Income Statement.
Goodwill and fair value adjustments arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign entity
and translated at the closing rate.
g. Retirement benefit costs
The expense of defined benefit pension schemes and other
post-retirement employee benefits is determined using the
projected-unit credit method and charged to the Consolidated
Income Statement as an expense, based on actuarial assumptions
reflecting market conditions at the beginning of the financial year.
All remeasurement gains and losses are recognised immediately
in reserves and reported in the Consolidated Statement of
Comprehensive Income in the period in which they occur. Past
service costs, curtailments and settlements are recognised
immediately in the Consolidated Income Statement.
The Group chose under IFRS 1 to recognise in retained earnings all
cumulative remeasurement gains and losses as at 1 July 2004, the
date of transition to IFRS. The Group has chosen to recognise all
remeasurement gains and losses arising subsequent to 1 July 2004
in reserves and reported in the Consolidated Statement of
Comprehensive Income.
The retirement benefit surplus recognised in the Consolidated Balance Sheet represents the fair value of scheme assets less the present value of the defined benefit obligation. The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. Payments to defined contribution schemes are charged as an expense in the Consolidated Income Statement as they fall due. h. Share-based payments The fair value of all share-based remuneration that is assessed upon market-based performance criteria is determined at the date of grant and recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that will vest. The fair value of all share-based remuneration that is assessed upon non-market-based performance criteria is determined at the date of the grant and recognised as an expense in the Consolidated Income Statement over the vesting period, based on the number of shares that are expected to vest. The number of shares that are expected to vest is adjusted accordingly, based on the satisfaction of the performance criteria at each year-end. The fair values are determined by use of the relevant valuation models. All share-based remuneration is equity-settled. i. Borrowing costs Interest costs are recognised as an expense in the Consolidated Income Statement in the period in which they are incurred. Arrangement fees incurred in respect of borrowings are amortised over the term of the agreement. j. Taxation The tax expense is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income or directly to retained earnings, according to the accounting treatment of the related transaction giving rise to the tax. The tax expense comprises both current and deferred tax. Current tax is the tax payable based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred tax liabilities are generally recognised on all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences arising from the initial recognition of goodwill or initial recognition of other assets or liabilities in a transaction (other than a business combination) that affects neither accounting profit nor taxable profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax assets to be recovered. Unrecognised deferred tax assets are also reassessed each balance sheet date and recognised where it has become probable that future taxable profits are available against which the asset can be recovered. Deferred tax is provided using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions The Group operates in many countries and is therefore subject to tax laws in a number of different tax jurisdictions. The amount of tax payable or receivable on profits or losses for any period is subject to the agreement of the tax authority in each respective jurisdiction and the tax liability or asset position is open to review for several years after the relevant accounting period ends. In determining the provisions for income taxes, management is required to make judgements and estimates based on interpretations of tax statute and case law, which it does after taking account of professional advice and prior experience. Uncertainties in respect of enquiries and additional tax assessments raised by tax authorities are measured in accordance with IFRIC 23 using the method that in management\u2019s view, best predicts the resolution of the uncertainty. The amounts ultimately payable or receivable may differ from the amounts of any provisions recognised in the Consolidated Financial Statements as a result of the estimates and assumptions used. k. Goodwill Goodwill arising on consolidation represents the excess of purchase consideration less the fair value of the identifiable tangible and intangible assets and liabilities acquired. Goodwill is recognised as an asset and reviewed for impairment at least annually. For the purpose of impairment testing, assets are grouped at the lowest level for which there are separately identifiable cash flows, known as cash-generating units (CGUs). Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a business the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS (1 July 2004) has been retained at the previous UK GAAP amounts, subject to being tested for impairment at that date. Goodwill arising on acquisitions prior to 1 July 1998 was written off direct to reserves under UK GAAP. This goodwill has not been reinstated and is not included in determining any subsequent profit or loss on disposal. l. Intangible assets Intangible assets acquired as part of a business combination are stated in the Consolidated Balance Sheet at their fair value as at the date of acquisition less accumulated amortisation and any provision for impairment. The Directors review intangible assets for indications of impairment annually. There are no significant intangible assets other than computer software. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software controlled by the Group are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software include employee costs and appropriate overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Internally generated intangible assets are stated in the Consolidated Balance Sheet at the directly attributable cost of creation of the asset, less accumulated amortisation. Intangible assets are amortised on a straight-line basis over their estimated useful lives up to a maximum of 10 years. Software incorporated into major Enterprise Resource Planning (ERP) implementations that support the recruitment process and financial reporting process is amortised over a life of up to seven years. Other software is amortised between three and five years. m. Property, plant and equipment Property, plant and equipment is recorded at cost, net of depreciation and any provision for impairment. Depreciation is provided on a straight-line basis over the anticipated useful working lives of the assets, after they have been brought into use, at the following rates: Leasehold improvements \u2013 The cost is written off over the unexpired term of the lease Plant and machinery \u2013 At rates varying between 5% and 33% Fixtures and fittings \u2013 At rates varying between 10% and 25% n. Trade and other receivables Trade and other receivables are initially measured at the transaction price and then at amortised cost after appropriate allowances for estimated irrecoverable amounts have been recognised in the Consolidated Income Statement. An allowance for impairment is made to both trade receivables and accrued income based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely reduction in the recoverability of the cash flows. o. Cash and cash equivalents Cash and cash equivalents comprise cash-in-hand and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. p. Trade payables Trade payables are measured initially at transaction price and then at amortised cost. q. Bank borrowings Interest-bearing bank loans and overdrafts are recorded initially at fair value and subsequently measured at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct-issue costs, are accounted for on an accrual basis in the Consolidated Income Statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. r. Derivative financial instruments The Group may use certain derivative financial instruments to reduce its exposure to foreign exchange movements. The Group held six foreign exchange contracts at the end of the current year (2022: five forward contracts) to facilitate cash management within the Group. The Group does not hold or use derivative financial instruments for speculative purposes. The fair values of foreign exchange swaps are measured using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments not in a hedge relationship are classified as derivatives at fair value in the Consolidated Income Statement. Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). s. Leases Set out below are the accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease and they are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its leases of property, motor vehicles and equipment where leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. t. Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the liability. u. Government grants A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised net against the related costs for the period in which they are intended to compensate. 3. Critical accounting judgements and key sources of estimation uncertainty The preparation of the Consolidated Financial Statements requires judgement, estimations and assumptions to be made that affect the reported value of assets, liabilities, revenues and expenses. Judgements, estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected. In preparing the Consolidated Financial Statements, the Directors have considered the impact of Climate Change on the Group and have concluded that there is no material impact on financial reporting judgements and estimates (further information is provided in the Strategic Report on page 68). This is consistent with the assertion that risks associated with Climate Change are not expected to have a material impact on the longer term viability of the Group. Furthermore, there is not considered to be a material impact on the carrying value of goodwill, other intangibles or on property, plant and equipment. Whilst the Directors have concluded that there is no material impact of Climate Change on the financial reporting judgements and estimates, they are mindful of the changing nature of the risks of Climate Change. The Directors will therefore continue to monitor these risks and their potential impact on the judgements and estimates used in the Consolidated Financial Statements. In applying the Group\u2019s accounting policies, the Directors have identified that the following areas are the critical accounting judgements and key sources of estimation uncertainty: Critical accounting judgements Management does not consider there to be any critical accounting judgements in either the current or prior years. Estimation uncertainty Goodwill impairment Goodwill is tested for impairment at least annually. In performing these tests assumptions are made in respect of future growth rates and the discount rate to be applied to the future cash flows of cash-generating units (CGUs). These assumptions are set out in note 12 to the Consolidated Financial Statements. Management has determined that there is no impairment required to any of the CGUs in the year ended 30 June 2023. Pension accounting Under IAS 19 \u2018Employee Benefits\u2019, the Group has recognised a pension surplus of \u00a325.7 million (2022: \u00a3102.0 million). A number of assumptions have been made in determining the pension position and these are described in note 22 to the Consolidated Financial Statements. Provisions in respect of recoverability of trade receivables As described in note 17 to the Consolidated Financial Statements, provisions for impairment of trade receivables and accrued income have been made. In reviewing the appropriateness of these provisions, consideration has been given to the ageing of the debt and the potential likelihood of default, taking into account current and future economic conditions. 4. Segmental information IFRS 8 \u2018Operating Segments\u2019 IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision-maker to allocate resources to the segment and to assess their performance. As a result, the Group segments the business into four regions, Germany, United Kingdom & Ireland, Australia & New Zealand and Rest of World. There is no material difference between the segmentation of the Group\u2019s turnover by geographic origin and destination. The Group\u2019s operations comprise one class of business, that of qualified, professional and skilled recruitment. Turnover, net fees and operating profit The Group\u2019s Executive Board, which is regarded as the chief operating decision-maker, uses net fees by segment as its measure of revenue in internal reports, rather than turnover. This is because net fees exclude the remuneration of temporary workers, and payments to other recruitment agencies where the Group acts as principal, which are not considered relevant in allocating resources to segments. The Group\u2019s Executive Board considers net fees for the purpose of making decisions about allocating resources. The Group does not report items below operating profit by segment in its internal management reporting. The full detail of these items can be seen in the Group Consolidated Income Statement on page 157. The reconciliation of turnover to net fees can be found in note 5 to the Consolidated Financial Statements. (In \u00a3s million) Note 2023 2022 Turnover Germany 1,956.3 1,621.9 United Kingdom & Ireland 1,714.6 1,657.2 Australia & New Zealand 1,583.3 1,638.8 Rest of World 2,329.1 1,671.0 Group 5 7,583.3 6,588.9 (In \u00a3s million) Note 2023 2022 Net fees Germany 382.0 313.9 United Kingdom & Ireland 266.1 263.3 Australia & New Zealand 188.4 195.7 Rest of World 458.1 416.5 Group 5 1,294.6 1,189.4 (In \u00a3s million) 2023 2022 Operating profit Germany 100.2 75.6 United Kingdom & Ireland 28.7 43.4 Australia & New Zealand 32.1 51.6 Rest of World 36.0 39.5 Group 197.0 210.1 Net trade receivables For the purpose of monitoring performance and allocating resources from a balance sheet perspective, the Group\u2019s Executive Board monitors trade receivables net of provisions for impairment only on a segmental basis. These are monitored on a constant currency basis for comparability through the year. These are shown below and reconciled to the totals as shown in note 17 to the Consolidated Financial Statements. (In \u00a3s million) As reported internally Exchange adjustments 2023 As reported internally Exchange adjustments 2022 Germany 234.3 (0.3) 234.0 204.3 0.6 204.9 United Kingdom & Ireland 174.2 (0.1) 174.1 149.8 0.1 149.9 Australia & New Zealand 109.4 (8.3) 101.1 75.5 4.9 80.4 Rest of World 221.1 (3.3) 217.8 214.3 13.7 228.0 Group 739.0 (12.0) 727.0 643.9 19.3 663.2 Major customers In the current year and prior year there was no customer that exceeded 10% of the Group\u2019s turnover. 5. Operating profit The following costs are deducted from turnover to determine net fees: (In \u00a3s million) 2023 2022 Turnover 7,583.3 6,588.9 Remuneration of temporary workers (5,212.9) (4,784.1) Remuneration of other recruitment agencies (1,075.8) (615.4) Net fees 1,294.6 1,189.4 The increase in remuneration of other agencies during the year is primarily due to first full-year of large Temp outsourcing contract in our RoW division, where we manage a complex supply chain which includes a significant volume of third-party agency supply. Over time we expect to increase our direct-fill proportion of these contingent workers. Excluding this contract, other agency supply increased by c.\u00a333 million. Operating profit is stated after charging the following items to net fees of \u00a31,294.6 million (2022: \u00a31,189.4 million): (In \u00a3s million) 2023 2022 Staff costs (note 7) 868.8 766.5 Amortisation of intangible assets (note 13) 10.0 10.1 Depreciation of property, plant and equipment (note 14) 10.9 10.0 Depreciation of right-of-use assets (note 15) 46.0 44.0 Loss on closure of Russian business \u2013 4.2 Short-term leases and leases of low-value assets 3.8 3.1 Impairment loss on trade receivables (note 17) 3.0 2.4 Auditor\u2019s remuneration (note 6): \u2013 for statutory audit services 2.1 1.8 \u2013 for other services 0.2 0.2 Other external charges 152.8 137.0 Administrative expenses 1,097.6 979.3 In the year ended 30 June 2022, due to the conflict in Ukraine, the Group announced that it had taken the decision to close its offices in Moscow and St Petersburg, cease trading with immediate effect and exit Russia. Russia generated \u00a37.8 million of net fees and \u00a31.2 million of operating profit in the year ended 30 June 2022. The total one-off cost of closing the Russian business was \u00a34.2 million and, due to the amount being immaterial to the Group, was incurred as an expense within operating profit and not reported as a discontinued operation. 6. Auditor\u2019s remuneration (In \u00a3s million) 2023 2022 Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s annual Financial Statements 0.6 0.5 Fees payable to the Company\u2019s Auditors and their associates for other services to the Group: The audit of the Company\u2019s subsidiaries pursuant to legislation 1.5 1.3 Total audit fees 2.1 1.8 Audit-related assurance services 0.2 0.2 Total non-audit fees 0.2 0.2 7. Staff costs The aggregate staff remuneration (including Executive Directors) was as follows: (In \u00a3s million) 2023 2022 Wages and salaries 737.6 654.1 Social security costs 95.9 81.5 Other pension costs 23.3 20.0 Share-based payments 12.0 10.9 Staff costs 868.8 766.5 Average number of persons employed during the year (including Executive Directors) was as follows: (Number) 2023 2022 Germany 2,994 2,568 United Kingdom & Ireland 3,767 3,430 Australia & New Zealand 1,634 1,563 Rest of World 4,961 4,552 Group 13,356 12,113 Closing number of persons employed at the end of the year (including Executive Directors) was as follows: (Number) 2023 2022 Germany 3,023 2,885 United Kingdom & Ireland 3,656 3,764 Australia & New Zealand 1,581 1,672 Rest of World 4,789 4,913 Group 13,049 13,234 8. Net finance charge (In \u00a3s million) 2023 2022 Interest received on bank deposits 2.0 0.8 Interest payable on bank loans and overdrafts (3.7) (1.2) Interest on lease liabilities (note 15) (4.2) (3.9) Pension Protection Fund levy (0.1) (0.1) Net interest credit/(expense) on defined benefit pension schemes (note 22) 1.1 (1.4) Net finance charge (4.9) (5.8) 9. Tax The tax expense for the year is comprised of the following: (In \u00a3s million) 2023 2022 Current tax Current tax expense in respect of the current year (57.2) (54.8) Adjustments recognised in the current year in relation to the current tax of prior years 6.8 4.0 (50.4) (50.8) Deferred tax Deferred tax (charge)/credit in respect of the current year (5.4) 0.2 Adjustments to deferred tax in relation to prior years 2.0 0.5 (3.4) 0.7 Total income tax expense recognised in the current year (53.8) (50.1) Current tax expense for the year is comprised of the following: (In \u00a3s million) 2023 2022 United Kingdom (5.7) (3.8) Overseas (51.5) (51.0) Group (57.2) (54.8) The income tax expense for the year can be reconciled to the accounting profit as follows: (In \u00a3s million) 2023 2022 Profit before tax 192.1 204.3 Income tax expense calculated at 20.5% (2022: 19.0%) (39.4) (38.8) Net effect of items that are non-deductible in determining taxable profit (3.7) (5.6) Effect of unused tax losses not recognised for deferred tax assets (6.6) (1.1) Effect of tax losses not recognised for deferred tax utilised in the year 0.3 0.8 Effect of tax losses now recognised for deferred tax 1.2 3.1 Effect of other timing differences not recognised for deferred tax assets (1.6) 2.4 Effect of other timing differences previously unrecognised for deferred tax assets 0.8 0.9 Effect of different tax rates of subsidiaries operating in other jurisdictions (13.3) (15.7) Effect of share-based payment charges and share options (0.3) (0.6) Income tax recognised in the current year (62.6) (54.6) Adjustments recognised in the current year in relation to the current tax of prior years 6.8 4.0 Adjustments to deferred tax in relation to prior years 2.0 0.5 Income tax expense recognised in the Consolidated Income Statement (53.8) (50.1) Effective tax rate for the year 28.0% 24.5% The tax rate used for the reconciliation above for the year ended 30 June 2023 is the corporation tax rate of 20.5% (2022: 19.0%), being a blend of the tax rate of 19% up to 31 March 2023 and 25% from 1 April 2023, payable by corporate entities in the United Kingdom on taxable profits under tax law in that jurisdiction. The Group operates in jurisdictions which have tax rates higher than the UK statutory tax rate, the most significant being Germany and Australia with statutory rates of 31.5% and 30% respectively, the impact of which is shown in the above reconciliation under effect of different tax rates of subsidiaries operating in other jurisdictions. In the Spring Budget 2021, the UK government announced an increase in the UK corporation tax rate from 19% to 25% with effect from 1 April 2023. This was substantially enacted in May 2021. Furthermore, on 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group has applied the exception under the IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes. Income tax recognised in other comprehensive income (In \u00a3s million) 2023 2022 Current tax Contributions in respect of defined benefit pension scheme 3.9 \u2013 Tax on foreign exchange movements 1.1 (1.8) Effect of tax losses previously recognised, utilised in the year \u2013 1.8 Deferred tax Actuarial loss/(gain) in respect of defined benefit pension scheme 23.7 (9.9) Contributions in respect of defined benefit pension scheme (4.7) \u2013 Effect of tax losses previously recognised, utilised in the year \u2013 (1.8) Effect of tax losses recognised for deferred tax (4.5) 3.1 Total income tax credit/(charge) recognised in other comprehensive income 19.5 (8.6) 10. Dividends The following dividends were paid by the Group and have been recognised as distributions to equity shareholders in the year: 2023 (pence per share) 2023 (\u00a3s million) 2022 (pence per share) 2022 (\u00a3s million) Prior year final dividend 1.90 30.8 1.22 20.5 Prior year special dividend 7.34 119.1 8.93 150.0 Current year interim dividend 0.95 15.2 0.95 15.9 Total 10.19 165.1 11.10 186.4 The following dividends have been proposed by the Group in respect of the accounting year presented: 2023 (pence per share) 2023 (\u00a3s million) 2022 (pence per share) 2022 (\u00a3s million) Interim dividend (paid) 0.95 15.2 0.95 15.9 Final dividend (proposed) 2.05 32.6 1.90 31.4 Special dividend (proposed) 2.24 35.6 7.3 4 121.2 Total 5.24 83.4 10.19 168.5 The final dividend for 2023 of 2.05 pence per share (\u00a332.6 million) along with a special dividend of 2.24 pence per share (\u00a335.6 million) will be proposed at the Annual General Meeting on 15 November 2023. Neither the final dividend nor the special dividend have been included as a liability. If approved, the final and special dividends will be paid on 17 November 2023 to shareholders on the register at the close of business on 6 October 2023. 11. Earnings per share For the year ended 30 June 2023 Earnings (\u00a3s million) Weighted average number of shares (million) Per share amount (pence) Basic earnings per share 138.3 1,610.0 8.59 Dilution effect of share options \u2013 13.9 (0.07) Diluted earnings per share 138.3 1,623.9 8.52 For the year ended 30 June 2022 Earnings (\u00a3s million) Weighted average number of shares (million) Per share amount (pence) Basic earnings per share 154.2 1,671.7 9.22 Dilution effect of share options \u2013 20.7 (0.11) Diluted earnings per share 154.2 1,692.4 9.11 The weighted average number of shares in issue for the current and prior years exclude shares held in treasury. 12. Goodwill (In \u00a3s million) 2023 2022 At 1 July 202.3 199.9 Exchange adjustments (3.0) 2.4 Additions during the year 1.0 \u2013 At 30 June 200.3 202.3 Goodwill arising on business combinations is reviewed and tested on an annual basis or more frequently if there is an indication that goodwill might be impaired. Goodwill has been tested for impairment by comparing the carrying amount of each cash-generating unit (CGU), including goodwill, with the recoverable amount. The recoverable amounts of the CGUs are determined from value-in-use calculations. The additions during the year of \u00a31.0 million relate to the acquisition of Vercida Consulting, a DE&I advisory business based in the UK, with further amounts payable based on achieving our ambitious growth plans. These amounts will be charged to the Consolidated Income Statement and are not expected to be material. The key assumptions for the value-in-use calculations are as follows: Assumption How determined Operating profit The operating profit is based on the latest one-year forecasts for the CGUs approved by the Group\u2019s Executive Board, and medium-term forecasts over a two to five year period which are compiled using expectations of fee growth, consultant productivity and operating costs, from past experience. The Group prepares cash flow forecasts derived from the most recent one-year financial forecasts approved by the Group\u2019s Executive Board, and extrapolates cash flows in perpetuity based on the long-term growth rates and expected cash conversion rates. Cash flow projections used to measure value-in-use do not include any cash inflows or outflows expected from any future restructurings or asset enhancements. Discount rates The pre-tax rates used to discount the forecast cash flows range between 12.2% and 14.2% (2022: 12.7% and 16.0%) reflecting current market assessments of the time value of money and the country risks specific to the relevant CGUs. The discount rate applied to the cash flows of each of the Group\u2019s operations is based on the weighted average cost of capital (WACC), taking into account adjustments to the risk-free rate for 20-year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect the increased risk of investing in equities and, where appropriate, the systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market risk premium (that is the increased return required over and above a risk-free rate by an investor who is investing in the market as a whole) and the risk adjustment beta, applied to reflect the risk of the specific Group operating company relative to the market as a whole. Growth rates The medium-term growth rates are based on management\u2019s current forecasts for a period of two to five years. These are consistent with a minimum average estimated growth rate for Group of 12.0% (2022: 9.0%). The growth estimates reflect a combination of both past experience and the macroeconomic environment, including GDP expectations driving fee growth. The long-term growth rates are based on management forecasts, which are consistent with external sources of an average estimated growth rate of 2.0% (2022: 2.0%), reflecting a combination of GDP expectations and long-term wage inflation driving fee growth. GDP growth is a key driver of our business, and is therefore a key consideration in developing long-term forecasts. Wage inflation is also an important driver of net fees, as net fees are derived directly from the salary level of candidates placed into employment. Based on past experience a combination of these two factors is considered to be an appropriate basis for assessing long-term growth rates. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments. The carrying amount of goodwill has been allocated as follows: (In \u00a3s million) 2023 2022 Germany 49.8 49.9 United Kingdom & Ireland 94.1 93.1 Rest of World 56.4 59.3 Group 200.3 202.3 Information about the performance of the individual CGUs is provided in the Divisional Operating Reviews, within the Strategic Report on pages 48 to 52. Impairment reviews were performed at the year-end by comparing the carrying value of goodwill with the recoverable amounts of the CGUs to which goodwill has been allocated. In the current year, management has determined that there has been no requirement to impair to any of the CGUs and in respect of these a sensitivity analysis has been performed in assessing recoverable amounts of goodwill. This has been based on changes in key assumptions considered to be reasonably possible by management. This included a change in the pre-tax discount rate of up to 3% and changes in the medium and long-term growth rates of between 0% and 2% in absolute terms. The sensitivity analysis shows that no impairment would arise in isolation under each scenario for any of the CGUs. The average headroom across all the CGUs was 465% and the lowest level of headroom on an individual CGU was 40%. The USA business, which is part of the Rest of World segment, had a challenging year with an industry wide slowdown in Permanent recruitment market, particularly in the Technology sector. As a result, the headroom has decreased from the prior year to \u00a312.3 million on goodwill of \u00a322.2 million. A key assumption in determining the value-in-use calculation is an average annual fee growth of 7% for the period of two to five years, this is in line with Group\u2019s overall strategy to build a strong presence in the USA, and maximise the long-term growth opportunities available in the market. The sensitivity analysis shows that a reduction in average fee growth rate assumption from 7% to 4% will eliminate headroom to nil. The pre-tax rate used to discount the forecast cash flow is 13.6%, a 1% increase to this rate will reduce headroom by c.\u00a33 million. 13. Other intangible assets (In \u00a3s million) 2023 2022 Cost At 1 July 179.2 164.9 Exchange adjustments (1.5) 2.7 Additions 16.8 12.3 Disposals (0.5) (0.7) At 30 June 194.0 179.2 Accumulated amortisation At 1 July 132.1 120.1 Exchange adjustments (1.3) 2.0 Charge for the year 10.0 10.1 Disposals (0.5) (0.1) At 30 June 140.3 132.1 Net book value At 30 June 53.7 47.1 At 1 July 47.1 44.8 All other intangible assets relate mainly to computer software, and of the additions in the current year, \u00a37.3 million relate to internally generated assets (2022: \u00a35.4 million). The estimated average useful life of the computer software related intangible assets is seven years (2022: seven years). Software incorporated into major Enterprise Resource Planning (ERP) implementations is amortised on a straight-line basis over a life of up to seven years. Other software is amortised on a straight-line basis between three and five years. Capital commitments were \u00a31.7 million (2022: \u00a3nil). 14. Property, plant and equipment (In \u00a3s million) Leasehold improvements Plant and machinery Fixtures and fittings Total Cost At 1 July 2022 28.1 54.8 31.4 114.3 Exchange adjustments (1.5) (1.2) (0.3) (3.0) Additions 2.9 5.4 4.0 12.3 Disposals (1.5) (1.7) (1.1) (4.3) At 30 June 2023 28.0 57.3 34.0 119.3 Accumulated depreciation At 1 July 2022 20.7 39.7 24.6 85.0 Exchange adjustments (1.0) (0.9) (0.2) (2.1) Charge for the year 2.3 6.7 1.9 10.9 Disposals (1.5) (1.7) (1.0) (4.2) At 30 June 2023 20.5 43.8 25.3 89.6 Net book value At 30 June 2023 7.5 13.5 8.7 29.7 At 1 July 2022 7.4 15.1 6.8 29.3 (In \u00a3s million) Leasehold improvements Plant and machinery Fixtures and fittings Total Cost At 1 July 2021 26.8 51.4 30.4 108.6 Exchange adjustments 1.2 0.9 0.5 2.6 Additions 1.5 9.2 1.4 12.1 Disposals (1.4) (6.7) (0.9) (9.0) At 30 June 2022 28.1 54.8 31.4 114.3 Accumulated depreciation At 1 July 2021 18.9 39.2 23.1 81.2 Exchange adjustments 0.8 0.7 0.4 1.9 Charge for the year 2.3 5.8 1.9 10.0 Disposals (1.3) (6.0) (0.8) (8.1) At 30 June 2022 20.7 39.7 24.6 85.0 Net book value At 30 June 2022 7.4 15.1 6.8 29.3 At 1 July 2021 7.9 12.2 7.3 27.4 15. Lease accounting (In \u00a3s million) Right-of-use assets Property Motor vehicles Other assets Total lease assets Lease liabilities At 1 July 2022 162.4 9.2 0.1 171.7 (185.1) Exchange adjustments (2.2) \u2013 \u2013 (2.2) 2.2 Lease additions 53.6 8.5 0.1 62.2 (62.2) Lease disposals (9.5) (0.1) \u2013 (9.6) 9.6 Depreciation of right-of-use assets (39.8) (6.1) (0.1) (46.0) \u2013 Lease liability principal repayments \u2013 \u2013 \u2013 \u2013 49.9 Interest on lease liabilities \u2013 \u2013 \u2013 \u2013 (4.2) At 30 June 2023 164.5 11.5 0.1 176.1 (189.8) (In \u00a3s million) Right-of-use assets Property Motor vehicles Other assets Total lease assets Lease liabilities At 1 July 2021 181.8 8.3 0.2 190.3 (201.1) Exchange adjustments 2.5 0.2 \u2013 2.7 (2.4) Lease additions 32.0 6.6 \u2013 38.6 (38.6) Lease disposals (15.7) (0.2) \u2013 (15.9) 15.9 Depreciation of right-of-use assets (38.2) (5.7) (0.1) (44.0) \u2013 Lease liability principal repayments \u2013 \u2013 \u2013 \u2013 45.0 Interest on lease liabilities \u2013 \u2013 \u2013 \u2013 (3.9) At 30 June 2022 162.4 9.2 0.1 171.7 (185.1) Maturity analysis (In \u00a3s million) 2023 2022 Less than one year (41.3) (39.8) One to two years (36.5) (37.1) Two to three years (26.9) (29.9) Three to four years (19.6) (20.7) Four to five years (15.4) (14.4) More than five years (50.1) (43.2) Total lease liabilities (189.8) (185.1) (In \u00a3s million) 2023 2022 Current (41.3) (39.8) Non-current (148.5) (145.3) Total lease liabilities (189.8) (185.1) 16. Deferred tax Deferred tax assets and liabilities in relation to: (In \u00a3s million) 1 July 2022 (Charge)/ credit to Consolidated Income Statement (Charge)/ credit to other comprehensive income Exchange adjustments 30 June 2023 Accelerated tax depreciation (3.8) (1.0) \u2013 \u2013 (4.8) Retirement benefit surplus (25.5) \u2013 19.0 \u2013 (6.5) Share-based payments 1.7 0.6 \u2013 \u2013 2.3 Provisions 8.5 (0.9) \u2013 (0.2) 7.4 Tax losses 17.2 (3.1) (4.5) (0.2) 9.4 Other short-term timing differences 10.4 1.0 \u2013 (0.6) 10.8 Net deferred tax 8.5 (3.4) 14.5 (1.0) 18.6 (In \u00a3s million) 1 July 2021 (Charge)/ credit to Consolidated Income Statement (Charge)/ credit to other comprehensive income Exchange adjustments 30 June 2022 Accelerated tax depreciation (3.4) (0.3) \u2013 (0.1) (3.8) Retirement benefit surplus (11.6) (4.0) (9.9) \u2013 (25.5) Share-based payments 1.6 0.1 \u2013 \u2013 1.7 Provisions 8.4 \u2013 \u2013 0.1 8.5 Tax losses 12.2 3.4 1.3 0.3 17.2 Other short-term timing differences 8.5 1.5 \u2013 0.4 10.4 Net deferred tax 15.7 0.7 (8.6) 0.7 8.5 Deferred tax assets and liabilities are offset where the Group has a legal enforceable right to do so. The analysis of the deferred tax balances (after offset) for financial reporting purposes are as follows: (In \u00a3s million) 2023 2022 Deferred tax assets 21.4 18.5 Deferred tax liabilities (2.8) (10.0) Net deferred tax 18.6 8.5 The deferred tax asset of \u00a321.4 million (2022: \u00a318.5 million) as at 30 June 2023 primarily arises from our Australian and UK businesses and the deferred tax liability of \u00a32.8 million (2022: \u00a310.0 million) as at 30 June 2023 mainly arises from our German business. The increase in the overall deferred tax balance is primarily explained by the reduction in the deferred tax liability driven by a reduction in the retirement benefit surplus, partially offset by the derecognition of deferred tax asset in relation to previously unrecognised tax losses. This is on the basis that the asset can be recovered against the deferred tax liability relating to the retirement benefit surplus when the latter unwinds in the future. Deferred tax assets can, inter alia, be recognised where the potential asset can offset the future unwind of a deferred tax liability. Therefore, when considering the recognition of certain deferred tax assets, management must consider the level of the deferred tax liability recognised in relation to the retirement benefit surplus and the manner in which that deferred tax liability will unwind. Management considers a buy-out of the defined benefit pension scheme to be the most probable manner of recovery of the retirement benefit surplus, based on the progress of the Group\u2019s stated long-term objective of achieving a buy-out of the scheme within the next six years. On this basis, the retirement benefit surplus would unwind as a one-off event, rather than over time, and hence the associated deferred tax liability would unwind simultaneously at that point in time. As such, the extent to which a deferred tax asset can be recognised against this deferred tax liability is capped to the amount of that potential asset that can be utilised in the one period in which the pension related deferred tax liability unwinds. If management were to judge that the retirement benefit surplus would unwind over a number of years, rather than as a one-off event, the deferred tax asset recognised at 30 June 2023 would be \u00a32.4 million higher. The basis for measurement will be assessed at each reporting period based on the latest position in relation to the defined benefit pension scheme as a change in the basis of recovery would result in a different measurement basis and impact the quantum of the deferred tax balance recognised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which they reverse \u2013 being the rates enacted or substantively enacted for those relevant periods applicable for each jurisdiction. Following the legislated increase in the main UK corporation tax rate from 19% to 25% which has effect from 1 April 2023, the UK deferred tax balances were remeasured as at 30 June 2021 and continues to be measured at the tax rates that would apply in the period they are expected to reverse. Unrecognised deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised are attributable to the following: (In \u00a3s million) Gross 2023 Tax 2023 Gross 2022 Tax 2022 Tax losses (revenue in nature) 138.1 34.6 97.8 26.5 Tax losses (capital in nature) 22.1 5.5 22.1 5.5 Total tax losses 160.2 40.1 119.9 32.0 (In \u00a3s million) Gross 2023 Tax 2023 Gross 2022 Tax 2022 Unrecognised deductible temporary differences 49.6 11.9 41.9 10.2 In tax losses (revenue in nature) \u00a30.7 million is due to expire in five years. The remaining tax losses have no fixed expiry date. The capital losses can also be carried forward indefinitely but can only be offset against capital gains. Unrecognised taxable temporary differences associated with investments and interests Taxable temporary differences in relation to investments in subsidiaries, for which deferred tax liabilities have not been recognised are attributable to the following: (In \u00a3s million) 2023 2022 Foreign subsidiaries 34.9 28.3 Tax thereon 2.2 1.8 17. Trade and other receivables (In \u00a3s million) 2023 2022 Net trade receivables 727.0 663.2 Net accrued income 476.8 495.9 Prepayments and other receivables 40.8 46.0 Trade and other receivables 1,244.6 1,205.1 Due to their short-term nature, the Directors consider that the carrying amount of trade receivables approximates to their fair value. The average credit period taken is 33 days (2022: 33 days). Accrued income primarily arises where temporary workers have provided their services but the amount incurred and margin earned thereon has yet to be invoiced on to the client due to timing. The Group\u2019s exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the year-end closing exchange rates in respect of the euro and Australian dollar would result in a \u00a32.8 million and \u00a30.5 million movement in trade receivables respectively. Credit risk The Group\u2019s credit risk is primarily attributable to its trade receivables and the risk of customer default, although the Group is also subject to credit risk on its accrued income. The amounts presented in the Consolidated Balance Sheet for both trade receivables and accrued income are net of allowances for doubtful receivables. An impairment analysis is performed centrally using a provision matrix to measure the expected credit losses, in which the allowance for impairment increases as balances age. Expected credit losses are measured using historical losses for the past five years, adjusted for forward-looking factors impacting the economic environment, such as the GDP growth outlook (based on the IMF\u2019s World Economic Outlook data), and commercial factors deemed to have a significant impact on expected credit loss rates. The provision matrix used to measure the expected credit losses is: As at 30 June 2023 (In \u00a3s million) Gross Expected Credit Loss Provision Net Not yet due 633.2 0.3% (1.7) 631.5 Up to one month past due 81.9 5.7% (4.7) 77.2 One to three months past due 20.1 17.4% (3.5) 16.6 Greater than three months past due 11.0 84.6% (9.3) 1.7 Trade receivables 746.2 2.6% (19.2) 727.0 Accrued income 478.5 0.4% (1.7) 476.8 As at 30 June 2022 (In \u00a3s million) Gross Expected Credit Loss Provision Net Not yet due 570.0 0.4% (2.0) 568.0 Up to one month past due 78.5 2.8% (2.2) 76.3 One to three months past due 22.2 19.4% (4.3) 17.9 Greater than three months past due 10.1 90.1% (9.1) 1.0 Trade receivables 680.8 2.6% (17.6) 663.2 Accrued income 499.0 0.6% (3.1) 495.9 The Group reduces risk through its credit control process and by contractual arrangements with other recruitment agencies in situations where the Group invoices on their behalf. The Group\u2019s exposure is spread over a large number of customers. The movement on the provision for impairment of trade receivables is as follows: (In \u00a3s million) 2023 2022 At 1 July 17.6 16.6 Exchange movement (0.2) 0.2 Charge for the year 3.0 2.4 Uncollectable amounts written off (1.2) (1.6) At 30 June 19.2 17.6 Sensitivity The key sensitivity for credit risk is the movement in recoverability of trade receivables, measured by Days Sales Outstanding (\u2018DSO\u2019). Sensitivity analysis is performed for both an increase and decrease of one DSO, based on actual DSO of 33 days at 30 June 2023 (30 June 2022: 33 days). The sensitivity analysis show that an increase of one DSO will result in an additional \u00a31.1 million impairment allowance, whereas a decrease of one DSO will result in a \u00a31.1 million decrease in impairment allowance. The impact of forward-looking factors on the required provision is immaterial at 30 June 2023, including the impact on the required provision on accrued income. The results of the sensitivity analysis of DSO is shown below: One additional DSO (In \u00a3s million) Adjusted Gross Expected Credit Loss Required Provision Not yet due 670.6 0.3% (1.8) Up to one month past due 87.2 5.7% (5.0) One to three months past due 21.2 17.4% (3.7) Greater than three months past due 11.6 84.6% (9.8) Trade receivables 790.6 2.6% (20.3) One fewer DSO (In \u00a3s million) Adjusted Gross Expected Credit Loss Required Provision Not yet due 600.0 0.3% (1.6) Up to one month past due 78.0 5.7% (4.5) One to three months past due 19.0 17.4% (3.3) Greater than three months past due 10.4 84.6% (8.8) Trade receivables 707.4 2.6% (18.2) The risk disclosures contained on pages 74 to 79 within the Strategic Report form part of these Consolidated Financial Statements. 18. Cash and cash equivalents (In \u00a3s million) 2023 2022 Cash and cash equivalents 145.6 296.2 The effective interest rate on short-term deposits was 3.4% (2022: 0.1%). The average maturity of short-term deposits was 7 days (2022: 19 days). Capital management The Group\u2019s business model remains highly cash generative. The Board\u2019s free cash flow priorities are to fund the Group\u2019s investment and development, maintain a strong balance sheet, deliver a sustainable and appropriate core dividend and to return surplus capital to shareholders via special dividends and share buybacks. The Group\u2019s target core full-year dividend cover range remains 2.0 to 3.0x earnings. The Group\u2019s policy for returning surplus cash to shareholders is based on returning capital above the Group\u2019s cash buffer at each financial year-end (30 June) of \u00a3100 million, subject to the economic outlook. The capital structure of the Group consists of net cash/(debt), which is represented by cash and cash equivalents, bank loans and overdrafts (note 20) and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings. The Group is not restricted to any externally imposed capital requirements. Risk management A description of the Group\u2019s treasury policy and controls is included in the Finance Director\u2019s Review on page 47. Cash management and foreign exchange risk The Group\u2019s cash management policy is to minimise interest payments by closely managing Group cash balances and external borrowings. Euro-denominated cash positions are managed centrally using a cash concentration arrangement which provides visibility over participating country bank balances on a daily basis. Any Group surplus balance is used to repay any maturing loans under the Group\u2019s revolving credit facility or invested in money market funds. As the Group holds a sterling-denominated debt facility and generates significant foreign currency cash flows, the Board considers it appropriate in certain cases to use derivative financial instruments as part of its day-to-day cash management to reduce the Group\u2019s exposure to foreign exchange risk. The Group\u2019s operating profit exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the average exchange rates for the year in respect of the euro and Australian dollar would result in a \u00a31.2 million and \u00a30.2 million change in operating profit respectively. The Group does not use derivatives to hedge balance sheet and income statement translation exposure. Interest rate risk The Group is exposed to interest rate risk on floating rate bank loans and overdrafts. It is the Group\u2019s policy to limit its exposure to fluctuating interest rates by selectively hedging interest rate risk using derivative financial instruments, however there were no interest rate swaps held by the Group during the current or prior year. Cash and cash equivalents carry interest at floating rates based on local money market rates. Counterparty credit risk Counterparty credit risk arises primarily from the investment of surplus funds. Risks are closely monitored using credit ratings assigned to financial institutions by international credit rating agencies. The Group restricts transactions to banks and money market funds that have an acceptable credit profile and limits its exposure to each institution accordingly. 19. Derivative financial instruments (In \u00a3s million) 2023 2022 Net derivative asset/(liability) 0.1 (0.1) As set out in note 18 to the Consolidated Financial Statements and in the treasury management section of the Finance Director\u2019s Review on page 47, in certain cases the Group uses derivative financial instruments to manage its foreign exchange exposures as part of its day-to-day cash management. As at 30 June 2023, the Group had entered into six forward exchange contract arrangements with a counterparty bank (2022: five forward contracts). The fair market value of the contracts as at 30 June 2023 gave rise to a gain resulting in the presentation of a net derivative asset of \u00a30.1 million (2022: liability \u00a30.1 million) in the Consolidated Balance Sheet. In the current year, some of the derivative assets and liabilities met the offsetting criteria of IAS 32 paragraph 42. Consequently, the qualifying gross derivative assets were set off against the qualifying gross derivative liabilities. The Group does not use derivatives for speculative purposes and all transactions are undertaken to manage the risks arising from underlying business activities. These instruments are classified as Level 2 in the IFRS 7 fair value hierarchy. Categories of financial assets and liabilities held by the Group are as follows: (In \u00a3s million) 2023 2022 Financial assets Net trade receivables 727.0 663.2 Net accrued income 476.8 495.9 Cash and cash equivalents 145.6 296.2 Derivative financial instruments 0.1 \u2013 Total financial assets 1,349.5 1,455.3 (In \u00a3s million) 2023 2022 Financial liabilities Trade payables 278.6 279.5 Other payables 87.6 84.2 Other financial liabilities \u2013 56.8 Accruals 537.7 518.9 Derivative financial instruments \u2013 0.1 Bank loans and overdrafts 10.0 \u2013 Total financial liabilities 913.9 939.5 20. Bank loans and overdrafts (In \u00a3s million) 2023 2022 Bank loans 10.0 \u2013 Risk management A description of the Group\u2019s treasury policy and controls is included in the Finance Director\u2019s Review on page 47. Committed facilities On 19 October 2020, the Group extended the maturity of its \u00a3210 million unsecured revolving credit facility by one year to November 2025 at the lower value of \u00a3170 million in its final year due to reduced lender commitments received. The financial covenants within the facility remain unchanged and require the Group\u2019s interest cover ratio to be at least 4:1 and its leverage ratio (net debt to EBITDA) to be no greater than 2.5:1. The interest rate of the facility is based on a ratchet mechanism with a margin payable over SONIA in the range of 0.70% to 1.50%. At 30 June 2023, \u00a3200 million of the committed facility was undrawn (2022: \u00a3210 million undrawn). Interest rates The weighted average interest rates paid were as follows: 2023 2022 Bank borrowings 4.6% 1.7% For every 25 basis points fall or rise in the average SONIA rate in the year, there would be a reduction or increase in profit before tax by approximately \u00a30.1 million. 21. Trade and other payables (In \u00a3s million) 2023 2022 Trade payables 278.6 279.5 Other tax and social security 87.4 90.4 Other payables 87.6 84.2 Other financial liabilities \u2013 56.8 Accruals 537.7 518.9 Trade and other payables 991.3 1,029.8 The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 31 days (2022: 28 days). In the year ended 30 June 2022, the Group commenced a \u00a375.0 million share buyback programme, to be completed over a 12-month period. By 30 June 2022 the Group had purchased and cancelled \u00a318.2 million (15.4 million shares) under this programme. Due to the nature of the cancellation terms in the agreement being not substantive, the outstanding balance under the programme of \u00a356.8 million was recognised as other financial liabilities as at 30 June 2022. This was fully settled in the current financial year. Accruals primarily relate to the remuneration costs for temporary workers and other agencies that have provided their services but remuneration has yet to be made due to timing. 22. Retirement benefit surplus The Group operates a number of retirement benefit schemes in the UK and in other countries. The Group\u2019s principal schemes are within the UK where the Group operates one defined contribution scheme and two defined benefit schemes. The majority of overseas arrangements are either defined contribution or government-sponsored schemes and these arrangements are not material in the context of the Group results. The total cost charged to the Consolidated Income Statement in relation to these overseas arrangements was \u00a317.5 million (2022: \u00a315.1 million). UK Defined Contribution Scheme The Group\u2019s principal defined contribution benefit scheme is the Hays Group Personal Pension Plan which is operated for all qualifying employees and is funded via an employee salary sacrifice arrangement, and for qualifying employees additional employer contributions. Employer contributions are in the range of 3% to 12% of pensionable salary depending on the level of employee contribution and seniority. The total cost charged to the Consolidated Income Statement of \u00a35.8 million (2022: \u00a34.9 million) represents employer\u2019s contributions payable to the money purchase arrangements. There were no contributions outstanding at the end of the current or prior year. The assets of the money purchase arrangements are held separately from those of the Group. UK Defined Benefit Schemes The Group\u2019s principal defined benefit schemes are the Hays Pension Scheme and the Hays Supplementary Scheme both in the UK. The Hays Pension Scheme is a funded final salary defined benefit scheme providing pensions and death benefits to members. The Hays Supplementary Scheme is an unfunded unapproved retirement benefit scheme for employees who were subject to HMRC\u2019s earnings cap on pensionable salary. The Schemes were closed to future accrual from 30 June 2012 with pensions calculated up until the point of closure. The Schemes are governed by a Trustee Board, which is independent of the Group and are subject to full actuarial valuation on a triennial basis. The last formal actuarial valuation of the Hays Pension Scheme was performed at 30 June 2021 and quantified the deficit at \u00a323.9 million. A revised deficit funding schedule, in line with the Group\u2019s strategy to achieve an eventual buy-out of the Scheme, was agreed with effect from 1 July 2021 which maintained the annual contribution at its previous level, subject to a 3% per annum fixed uplift over a period of five and a half years. During the year ended 30 June 2023, the Group made a contribution of \u00a317.2 million to the Hays Pension Scheme (2022: \u00a316.7 million) in accordance with the agreed deficit funding schedule. The cash contributions made during the year mainly related to deficit funding payments. In respect of IFRIC 14, The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. The defined benefit schemes expose the Group to actuarial risks, such as longevity risk, inflation risk, interest rate risk and market (investment) risk. The Group is not exposed to any unusual, entity-specific or scheme-specific risks. The net amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit pension schemes is as follows: (In \u00a3s million) 2023 2022 Present value of defined benefit obligations (475.8) (573.5) Less fair value of defined benefit scheme assets: Bonds and gilts 166.7 218.4 Absolute return funds \u2013 31.2 LDI funds 162.6 139.7 Real estate \u2013 65.9 Buy-in policy and other insurance policies 159.7 191.6 Cash 12.5 28.7 Total fair value of defined benefit scheme assets 501.5 675.5 Net asset arising from defined benefit obligations 25.7 102.0 (In \u00a3s million) Quoted Unquoted 2023 Asset category Bonds and gilts \u2013 166.7 166.7 LDI funds 281.7 (119.1) 162.6 Buy-in policy and other insurance policies \u2013 159.7 159.7 Cash 12.1 0.4 12.5 Total scheme assets 293.8 207.7 501.5 The Trustee Board is responsible for determining the Hays Pension Scheme\u2019s investment strategy, after taking advice from the Schemes\u2019 investment advisor Mercer Limited. The investment objective for the Trustee of the Scheme is to maintain a portfolio of suitable assets of appropriate liquidity which will generate investment returns to meet, together with future contributions, the benefits of the defined benefit scheme as they fall due. The current strategy is to hold investments that share characteristics with the long-term liabilities of the Scheme. The majority of assets are invested in a Liability Driven Investments (LDI) portfolio and corporate bonds and gilts. The Scheme also holds a bulk purchasing annuity policy (buy-in) contract with Canada Life Limited in respect of ensuring all future payments to existing pensioners of the Hays defined benefit Scheme as at 31 December 2017. The Scheme assets do not include any directly held shares issued by the Company or property occupied by the Company. The fair value of financial instruments has been determined using the fair value hierarchy. Where such quoted prices are unavailable, the price of a recent transaction for an identical asset, adjusted if necessary, is used. Where quoted prices are not available and recent transactions of an identical asset on their own are either unavailable or not a good estimate of fair value, valuation techniques are employed using both observable market data and non-observable data. In relation to the LDI funds the valuations have been determined as follows: \u2013 Repurchase agreements (where the Scheme has sold assets with the agreement to repurchase at a fixed date and price) are included in the Consolidated Financial Statements at the fair value of the repurchase price as a liability. The assets sold are reported at their fair value reflecting that the Scheme retains the risks and rewards of ownership of those assets; \u2013 The fair value of the forward currency contracts is based on market forward exchange rates at the year-end and determined as the gain or loss that would arise if the outstanding contract was matched at the year-end with an equal and opposite contract; and \u2013 Swaps represent current value of future cash flows arising from the swap determined using discounted cash flow models and market data at the reporting date. The analysis of the LDI funds included within the pension scheme assets is as follows: (In \u00a3s million) Quoted Unquoted 2023 LDI funds summary valuation Government bonds (35.0) \u2013 (35.0) Government index-linked 301.7 \u2013 301.7 Interest rate swaps \u2013 (26.6) (26.6) Fixed incomes futures 42.0 \u2013 42.0 Liquidity 15.0 \u2013 15.0 Gross funds 323.7 (26.6) 297.1 Repurchase agreements \u2013 (94.5) (94.5) RPI swaps \u2013 2.0 2.0 Futures (42.0) \u2013 (42.0) Gross liabilities (42.0) (92.5) (134.5) Total LDI funds 281.7 (119.1) 162.6 The LDI portfolio is managed by Insight (a Bank of New York Mellon company) under an active mandate and uses government bonds and derivative instruments (such as interest rate swaps, inflation swaps and gilt repurchase transactions) to hedge the impact of interest rate and inflation movements in relation to the long-term liabilities. Under the Schemes\u2019 LDI strategy, if interest rates fall, the value of LDI investments will rise to help match the increase in actuarial liabilities arising from the fall in discount rate. Similarly if interest rates rise, the LDI investments will fall in value, as will the liabilities because of the increase in the discount rate. The extent to which the liability interest rate and inflation risk is not fully matched by the LDI funds, represents the residual interest rate and inflation risk the Scheme remains exposed to. In addition to the above risk, the LDI portfolio forms part of a diversified investment portfolio for the Scheme, with this diversification seeking to reduce investment risk. The Scheme is subject to direct credit risk because it invests in segregated mandates with the LDI portfolio. Credit risk arising on bonds held directly within the LDI portfolio is mitigated by investing mostly in government bonds where the credit risk is minimal. Credit risk arising on the derivatives held in the LDI mandate depends on whether the derivative is exchange traded or over the counter (OTC). OTC derivative contracts are not guaranteed by any regulated exchange and therefore the Scheme is subject to risk of failure of the counterparty. The credit risk for OTC swaps held in the LDI portfolio is reduced by collateral arrangements. The change in the present value of defined benefit obligations is as follows: (In \u00a3s million) 2023 2022 Opening defined benefit obligation at 1 July (573.5) (855.8) Administration costs (3.2) (2.5) Interest on defined benefit scheme liabilities (21.9) (16.3) Net remeasurement losses \u2013 change in experience assumptions (26.5) (12.3) Net remeasurement gains \u2013 change in demographic assumptions 16.8 17.6 Net remeasurement gains \u2013 change in financial assumptions 106.6 256.8 Benefits and expenses paid 25.9 39.0 Closing defined benefit obligation at 30 June (475.8) (573.5) The analysis of the defined benefit obligations is as follows: (In \u00a3s million) 2023 2022 Plans that are wholly or partly funded (470.2) (565.9) Plans that are wholly unfunded (5.6) ( 7.6) Total (475.8) (573.5) The defined benefit schemes\u2019 liability comprises 55% (2022: 57%) in respect of deferred benefit scheme participants and 45% (2022: 43%) in respect of retirees. The weighted average duration of the UK defined benefit scheme liabilities at the end of the reporting year is 15 years (2022: 17 years). The change in the fair value of defined benefit scheme assets is as follows: (In \u00a3s million) 2023 2022 Fair value of plan assets at 1 July 675.5 902.4 Interest income on defined benefit scheme assets 26.2 17.4 Return on scheme assets (192.0) (222.5) Employer contributions (towards funded and unfunded schemes) 17.7 17.2 Benefits and expenses paid (25.9) (39.0) Fair value of plan assets at 30 June 501.5 675.5 During the year the Company made deficit funding contributions of \u00a317.2 million (2022: \u00a316.7 million) into the funded Hays Pension Scheme, and made pension payments amounting to \u00a30.5 million (2022: \u00a30.5 million) in respect of the unfunded Hays Supplementary Scheme. The amount of deficit funding contributions expected to be paid into the funded Hays Pension Scheme in the year to 30 June 2024 is \u00a317.7 million. Following the closure of the schemes in 2012 future service contributions are no longer payable. The net interest credit/(expense) recognised in the Consolidated Income Statement comprised: (In \u00a3s million) 2023 2022 Net interest income 4.3 1.1 Administration costs (3.2) (2.5) Net interest credit/(expense) recognised in the Consolidated Income Statement 1.1 (1.4) The net interest income and administration costs in the current year and prior year were recognised within finance costs. The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows: (In \u00a3s million) 2023 2022 Return on plan assets (excluding amounts included in net interest expense) (192.0) (222.5) Actuarial remeasurement: Net remeasurement losses \u2013 change in experience assumptions (26.5) (12.3) Net remeasurement gains \u2013 change in demographic assumptions 16.8 17.6 Net remeasurement gains \u2013 change in financial assumptions 106.6 256.8 Remeasurement of the net defined benefit surplus (95.1) 39.6 A roll-forward of the actuarial valuation of the Hays Pension Scheme to 30 June 2023 and the valuation of the Hays Supplementary Pension Scheme has been performed by an independent actuary, who is an employee of ISIO Group Limited. The key assumptions used at 30 June are as follows: 2023 2022 Discount rate 5.20% 3.90% RPI inflation 3.25% 3.15% CPI inflation 2.55% 2.45% Rate of increase of pensions in payment 2.90% 3.05% Rate of increase of pensions in deferment 2.55% 2.45% The discount rate has been constructed to reference the AA corporate bond curve (which fits a curve to iBoxx sterling AA corporate data). The corporate bond yield curve has been used to discount the Scheme cash flows using the rates available at each future duration and this had been converted into a single flat rate assumption to give equivalent liabilities to the Scheme\u2019s cash flows. The duration of the Scheme\u2019s liabilities using this approach is 15 years. The RPI inflation assumption has been set as gilt market implied RPI appropriate to the duration of the liabilities (15 years) less a 0.2% per annum inflation risk premium. The CPI inflation assumption has been determined as 0.7% per annum below the RPI assumption (2022: 0.7%). The life expectancy assumptions have been updated and calculated using bespoke 2021 Club Vita base tables along with CMI 2022 projections (smoothing factor of 7 and assuming improvements have peaked) and a long-term improvement rate of 1.25% per annum. On this basis a 65-year-old current pensioner has a life expectancy of 21.8 years for males (2022: 22.3 years) and 23.4 years for females (2022: 23.8 years). Also on the same basis, the life expectancy from age 65 years of a current 45-year-old deferred member is 22.6 years for males (2022: 23.2 years) and 25.4 years for females (2022: 25.8 years). A sensitivity analysis on the principal assumptions used to measure the Scheme\u2019s liabilities at the year-end is: Change in assumption Impact on Scheme\u2019s liabilities Discount rate +/- 0.5% -\u00a331m/+\u00a334m Inflation and pension increases (allowing for caps and collars) +/- 0.5% +\u00a318m/-\u00a316m Assumed life expectancy at age 65 +/- 1 year +\u00a314m/-\u00a314m The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation; it is unlikely that the change in assumptions would occur in isolation to one another as some of the assumptions may be correlated. In presenting the above sensitivity analysis the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Consolidated Balance Sheet. 23. Provisions (In \u00a3s million) Restructuring Legal, tax and other matters Total At 1 July 2022 1.8 19.9 21.7 Charged to income statement \u2013 7.6 7.6 Credited to income statement (0.6) (3.9) (4.5) Utilised (1.2) \u2013 (1.2) At 30 June 2023 \u2013 23.6 23.6 (In \u00a3s million) 2023 2022 Current 10.8 12.7 Non-current 12.8 9.0 Total provisions 23.6 21.7 As a global specialist in recruitment and workforce solutions and in common with other similar organisations, in the ordinary course of our business the Group is exposed to the risk of legal, tax and other disputes. Where costs are likely to arise in defending and concluding such disputes, and these costs can be measured reliably, they are provided for in the Consolidated Financial Statements. These items affect various Group subsidiaries in different geographic regions and the amounts provided for are based on management\u2019s assessment of the specific circumstances in each case. The timing of settlement depends on the circumstances in each case and is uncertain. There are no individually material balances within Legal, tax and other matters, and management does not consider it reasonably possible that any of these balances will materially change in the next 12 months. 24. Called up share capital Called up, allotted and fully paid Ordinary shares of 1 pence each Share capital number (thousand) Share capital (\u00a3s million) At 1 July 2022 1,666,673 16.7 Cancelled in the year (66,240) (0.7) At 30 June 2023 1,600,433 16.0 In accordance with the Companies Act 2006, the Company no longer has an authorised share capital. The Company is allowed to hold 10% of issued share capital in treasury. As at 30 June 2023, the Group has completed the initial \u00a393.2 million share buyback programme, purchasing and cancelling 66.2 million shares under this programme in the year ended 30 June 2023 (2022: 15.4 million). As at 30 June 2023, the Company held 11.3 million (2022: 16.4 million) Hays plc shares in treasury. The shares held in treasury are used to satisfy the exercises in relation to equity-settled share-based payment awards. 25. Merger reserve (In \u00a3s million) Total At 1 July 2022 43.8 At 30 June 2023 43.8 In accordance with Section 612 of the Companies Act 2006, the Merger reserve was generated as a result of the cash box structure used in the equity placing of new shares issued during the year ended 30 June 2020. 26. Share-based payments During the year, \u00a312.0 million (2022: \u00a310.9 million) was charged to the Consolidated Income Statement in relation to equity-settled share- based payments. Share options At 30 June 2023 the following options had been granted and remained outstanding in respect of the Company\u2019s Ordinary shares of 1 pence each under the Company\u2019s share option schemes: Number of shares Nominal value of shares (\u00a3) Subscription price (pence/share) Date normally exercisable Hays UK Sharesave Scheme \u2013 \u2013 \u2013 2023 493,774 4,938 143 2024 1,696,188 16,962 117 2025 1,728,324 17,283 108 2026 3,918,286 39,183 Hays International Sharesave Scheme \u2013 \u2013 \u2013 2023 517,466 5,175 143 2024 681,809 6,818 117 2025 548,143 5,481 108 2026 1,747,418 17, 474 Total Sharesave options outstanding 5,665,704 56,657 The Hays International Sharesave Scheme is available to employees in Germany, the Republic of Ireland, Australia, New Zealand, Canada, Hong Kong SAR, Singapore and the United Arab Emirates. Details of the share options outstanding during the year are as follows: 2023 Number of share options (thousand) 2023 Weighted average exercise price (pence) 2022 Number of share options (thousand) 2022 Weighted average exercise price (pence) Sharesave Outstanding at the beginning of the year 6,125 127 4,679 145 Granted during the year 2,328 108 3,622 117 Forfeited during the year (2,104) 126 (1,716) 144 Exercised during the year \u2013 \u2013 (3) 159 Expired during the year (684) 136 (457) 171 Outstanding at the end of the year 5,665 118 6,125 127 Exercisable at the end of the year \u2013 135 1,124 135 There were no options exercised during the year (2022: weighted average share price for all options exercised of 171 pence). The options outstanding as at 30 June 2023 had a weighted average remaining contractual life of 2 years. Performance Share Plan (PSP) and Deferred Annual Bonus (DAB) The PSP is designed to link reward to the key long-term value drivers of the business and to align the interests of the Executive Directors and approximately 360 of the global senior management population with the long-term interests of shareholders. PSP awards are discretionary and vesting is dependent upon the achievement of performance conditions measured over either a three-year period with a two-year holding period or a one-year period with a two-year holding period. The fair value of both the PSP and DAB awards are calculated using the share price as at the date the shares are granted. Only the Executive Directors and other members of the Executive Board participate in the DAB which promotes a stronger link between short- term and long-term performance through the deferral of annual bonuses into shares for a three-year period. Further details of the schemes for the Executive Directors can be found in the Remuneration Report on pages 110 to 145. Details of the share awards outstanding during the year are as follows: 2023 Number of share options (thousand) 2023 Weighted average fair value at grant (pence) 2022 Number of share options (thousand) 2022 Weighted average fair value at grant (pence) Performance Share Plan Outstanding at the beginning of the year 24,024 137 19,404 145 Granted during the year 10,245 117 8,285 147 Exercised during the year (3,442) 169 (2,210) 206 Lapsed during the year (3,369) 144 (1,455) 191 Outstanding at the end of the year 27,458 127 24,024 137 The weighted average share price on the date of exercise was 115 pence (2022: 167 pence). The options outstanding as at 30 June 2023 had a weighted average remaining contractual life of 2 years. 2023 Number of share options (thousand) 2023 Weighted average fair value at grant (pence) 2022 Number of share options (thousand) 2022 Weighted average fair value at grant (pence) Deferred Annual Bonus Outstanding at the beginning of the year 2,028 157 1,703 180 Granted during the year 1,765 114 1,274 164 Exercised during the year (753) 147 (949) 206 Outstanding at the end of the year 3,040 135 2,028 157 The weighted average share price on the date of exercise was 117 pence (2022: 167 pence). The options outstanding as at 30 June 2023 had a weighted average remaining contractual life of 1.8 years. 27. Related parties Remuneration of key management personnel The remuneration of the Executive Board and Non-Executive Directors, who are key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019 and represents the total compensation costs incurred by the Group in respect of remuneration, not the benefit to the individuals. Further information about the remuneration of Executive and Non-Executive Directors is provided in the Directors\u2019 Remuneration Report on pages 110 to 145. (In \u00a3s million) 2023 2022 Short-term employee benefits 8.9 11.4 Share-based payments 5.1 5.0 Remuneration of key management personnel 14.0 16.4 28. Disaggregation of net fees IFRS 15 requires entities to disaggregate revenue recognised from contracts with customers into relevant categories that depict how the nature, amount and cash flows are affected by economic factors. As a result, we consider the following information relating to net fees to be relevant: For the year ended 30 June 2023 Germany United Kingdom & Ireland Australia & New Zealand Rest of World Group Temporary placements 83% 56% 61% 34% 57% Permanent placements 17% 44% 39% 66% 43% Total 100% 100% 100% 100% 100% Private sector 86% 70% 65% 98% 84% Public sector 14% 30% 35% 2% 16% Total 100% 100% 100% 100% 100% Technology 35% 18% 16% 27% 26% Accountancy & Finance 17% 19% 11% 11% 15% Engineering 26% 2% 0% 6% 10% Construction & Property 4% 16% 21% 9% 10% Office Support 0% 10% 11% 5% 5% Other 18% 35% 41% 42% 34% Total 100% 100% 100% 100% 100% For the year ended 30 June 2022 Germany United Kingdom & Ireland Australia & New Zealand Rest of World Group Temporary placements 83% 55% 62% 32% 55% Permanent placements 17% 45% 38% 68% 45% Total 100% 100% 100% 100% 100% Private sector 87% 72% 66% 99% 85% Public sector 13% 28% 34% 1% 15% Total 100% 100% 100% 100% 100% Technology 38% 17% 15% 26% 26% Accountancy & Finance 16% 19% 10% 12% 14% Engineering 25% 1% 0% 6% 9% Construction & Property 4% 16% 19% 9% 11% Office Support 0% 11% 11% 5% 6% Other 17% 36% 45% 42% 34% Total 100% 100% 100% 100% 100% 29. Subsequent events The final dividend for 2023 of 2.05 pence per share (\u00a332.6 million) along with a special dividend of 2.24 pence per share (\u00a335.6 million) will be proposed at the Annual General Meeting on 15 November 2023. Neither the final dividend nor the special dividend have been included as a liability. If approved, the final and special dividends will be paid on 17 November 2023 to shareholders on the register at the close of business on 6 October 2023.",
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"value": "The Consolidated Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards. ",
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"value": "The Consolidated Financial Statements are presented in sterling, the functional currency of Hays plc. ",
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"value": "New standards and interpretations The Consolidated Financial Statements have been prepared on the basis of the accounting policies and methods of computation applicable for the year ended 30 June 2023. These accounting policies are consistent with those applied in the preparation of the Consolidated Financial Statements for the year ended 30 June 2022; the Group has applied the IAS 12 amendment which provides an exception from recognising and disclosing information related to Pillar Two top-up taxes (see note 9). There have been no other new standards or amendments to existing standards that are mandatory for the first time in the Group\u2019s accounting period beginning on 1 July 2022 and no new standards have been early adopted. The Group has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but which are only effective for the Group accounting periods beginning on or after 1 July 2023. These new pronouncements are listed as follows: \u2013 IFRS 17 \u2013 \u2018Insurance contracts\u2019 (effective 1 January 2023); \u2013 IAS 1 (amendments) \u2013 \u2018Presentation of Financial Statements\u2019, on classification of liabilities (effective 1 January 2023); \u2013 IAS 12 (amendments) \u2013 \u2018Deferred Tax Related to Asset and Liabilities Arising from a Single Transaction\u2019 (effective 1 January 2023); and \u2013 IAS 12 (amendments) \u2013 \u2018International Tax Reform \u2013 Pillar Two Model Rules\u2019 (effective 1 January 2023). The Directors are currently evaluating the impact of the adoption of the standards, amendments and interpretations but do not expect them to have a material impact on the Group\u2019s operations or results. The Group\u2019s principal accounting policies adopted in the presentation of these Consolidated Financial Statements are set out below and have been consistently applied to all the periods presented. ",
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"value": "2. Significant accounting policies a. Basis of preparation The Consolidated Financial Statements have been prepared on the historical cost basis with the exception of financial instruments, pension assets and share-based payments. Financial instruments have been recorded initially on a fair value basis and then at amortised cost. Pension assets and share-based payments have been measured at fair value. b. Going Concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group, its cash flows and liquidity position are described in the Finance Director\u2019s Review, with details of the Group\u2019s treasury activities, long-term funding arrangements and exposure to financial risk included in notes 18 to 20 to the Consolidated Financial Statements. As in prior years, the Board undertook a strategic business review in the current year which took into account the Group\u2019s current financial position and the potential impact of the principal risks set out in the Annual Report. In addition, and in making this statement, the Board carried out a robust assessment of the principal risks facing the Group, including those that would threaten the Group\u2019s business model, future performance and liquidity. While the review has considered all the principal risks identified by the Group, the resilience of the Group to the occurrence of these risks in severe yet plausible scenarios has been evaluated. Financial position At 30 June 2023, the Group had net cash of \u00a3135.6 million compared to cash of \u00a3296.2 million at 30 June 2022. In addition, the Group currently has an unsecured revolving credit facility (RCF) of \u00a3210 million that reduces in November 2024 to \u00a3170 million, and expires in November 2025. As at 30 June 2023, \u00a3200 million of the facility was undrawn. The net cash position is stated after deducting the currently drawn amount on the RCF. The Group had a strong working capital performance, with significant management focus on cash collection, average trade debtor days remained consistent in the year at 33 days (2022: 33 days). Stress testing The Board approves an annual budget and reviews monthly management reports and quarterly forecasts. The output of the planning and budgeting processes has been used to perform a sensitivity analysis of the Group\u2019s cash flow to model the potential effects should principal risks actually occur either individually or in unison. The sensitivity analysis modelled scenarios in which the Group incurred a sustained loss of business arising from a prolonged global downturn, with a range of recovery scenarios considered. The Group\u2019s \u2018Stress Case\u2019 scenario assumes that the Group experiences another severe downturn similar in scale to the one caused by the COVID-19 pandemic in the year ended 30 June 2020, followed by a period of gradual recovery, as opposed to the significant recovery the Group experienced through the years ended 30 June 2021 and 30 June 2022. The Stress Case scenario assumes a trough level of operating profit of \u00a357 million in the year ended 30 June 2024 before gradually recovering to \u00a3103 million operating profit in the year to June 2026, which models the impact of a long-lasting global economic downturn. In this scenario the Group is forecast to maintain a strong net cash position in excess of \u00a360 million throughout the Going Concern period, with significant headroom against its banking covenants. Set against these downside trading scenarios, the Board considered key mitigating factors including the geographic and sectoral diversity of the Group, its balanced business model across Temporary, Permanent and Contract recruitment services, and the significant working capital inflows which arise in periods of severe downturn, particularly in the Temporary recruitment business, thus protecting liquidity as was the case during the Global Financial Crisis of 2008/09 and which we again experienced in the year ended 30 June 2020. The Group\u2019s history of strong cash generation, tight cost control and flexible workforce management provides further protection, and in addition the Group has a revolving credit facility of \u00a3210 million that reduces in November 2024 to \u00a3170 million, and expires in November 2025. The Group has sufficient financial resources which, together with internally generated cash flows, will continue to provide sufficient sources of liquidity to fund its current operations, including its contractual and commercial commitments and any proposed dividends. The Group is therefore well-placed to manage its business risks. After making enquiries, the Directors have formed the judgement at the time of approving the Consolidated Financial Statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence throughout the Going Concern period, being at least 12 months from the date of approval of the Consolidated Financial Statements. For this reason, they continue to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. c. Basis of consolidation Subsidiaries are fully consolidated from the date on which power to control is transferred to the Group. They are deconsolidated from the date on which control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group whereby the identifiable assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. The Consolidated Financial Statements consolidate the accounts of Hays plc and all of its subsidiaries. The results of subsidiaries acquired or disposed during the year are included from the effective date of acquisition or up to the effective date of disposal, as appropriate. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. d. Turnover Turnover is measured at the fair value of the consideration received or receivable at the point in time and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Turnover arising from the placement of permanent candidates, including turnover arising from Recruitment Process Outsourcing (RPO) services, is recognised at the point in time the candidate commences full-time employment. Where a permanent candidate starts employment but does not work for the specified contractual period, an adjustment is made based on experience in respect of the expected required refund or credit note due to the client. The revenue recognised from a permanent placement is typically based on a percentage of the candidate\u2019s remuneration package. Turnover arising from temporary placements, including turnover arising from Managed Service Programme (MSP) services, is recognised starting at the point in time that temporary workers are provided and continues through the duration of the placement. In nearly all contract arrangements the Group acts as principal. Where the Group is acting as a principal, turnover represents the amounts billed for the services of the temporary workers, including the remuneration costs of the temporary workers. The commission included within the revenue recognised arising from temporary placements is typically based on a percentage of the placement\u2019s hourly rate. Where Hays acts as principal in arrangements that invoice on the costs incurred with other recruitment agencies as part of the MSP service provided, and in which Hays manages the recruitment supply chain, turnover represents amounts invoiced on from other recruitment agencies, including arrangements where no commission is directly receivable by the Group. In some limited instances where the Group is acting as an agent in arrangements that invoice on behalf of other recruitment agencies as part of the MSP service provided, turnover represents commission receivable relating to the supply of temporary workers and does not include the remuneration costs of the other agency temporary workers. Revenue recognition Revenue is recognised for permanent placements on the day a candidate starts work. Revenue is recognised for temporary placements at the point in time that temporary workers are provided and continues through the duration of the placement. The factors considered by management on a contract by contract basis when concluding the Company is acting as principal (gross basis) rather than agent (net basis) are as follows: \u2013 The client has a direct relationship with Hays; \u2013 Hays has the primary responsibility for providing the services to the client, and engages and contracts directly with the temporary worker and other recruitment companies; \u2013 Hays has latitude in establishing the rates directly or indirectly with all parties; and \u2013 Hays bears the credit risk on the receivable due from the client. e. Net fees Net fees represent turnover less the remuneration costs of temporary workers for temporary assignments and remuneration of other recruitment agencies. For the placement of permanent candidates, net fees are equal to turnover. f. Foreign currencies On consolidation, the tangible and intangible assets and liabilities of subsidiaries denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. Income and expense items are translated into sterling at average rates of exchange for the period. Any exchange differences which have arisen from an entity\u2019s investment in a foreign subsidiary, including long-term loans, are recognised as a separate component of equity and are included in the Group\u2019s cumulative translation reserve. On disposal of a subsidiary, any amounts transferred to the translation reserve are included in the calculation of profit and loss on disposal. All other translation differences are dealt with in the Consolidated Income Statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. g. Retirement benefit costs The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected-unit credit method and charged to the Consolidated Income Statement as an expense, based on actuarial assumptions reflecting market conditions at the beginning of the financial year. All remeasurement gains and losses are recognised immediately in reserves and reported in the Consolidated Statement of Comprehensive Income in the period in which they occur. Past service costs, curtailments and settlements are recognised immediately in the Consolidated Income Statement. The Group chose under IFRS 1 to recognise in retained earnings all cumulative remeasurement gains and losses as at 1 July 2004, the date of transition to IFRS. The Group has chosen to recognise all remeasurement gains and losses arising subsequent to 1 July 2004 in reserves and reported in the Consolidated Statement of Comprehensive Income. The retirement benefit surplus recognised in the Consolidated Balance Sheet represents the fair value of scheme assets less the present value of the defined benefit obligation. The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. Payments to defined contribution schemes are charged as an expense in the Consolidated Income Statement as they fall due. h. Share-based payments The fair value of all share-based remuneration that is assessed upon market-based performance criteria is determined at the date of grant and recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that will vest. The fair value of all share-based remuneration that is assessed upon non-market-based performance criteria is determined at the date of the grant and recognised as an expense in the Consolidated Income Statement over the vesting period, based on the number of shares that are expected to vest. The number of shares that are expected to vest is adjusted accordingly, based on the satisfaction of the performance criteria at each year-end. The fair values are determined by use of the relevant valuation models. All share-based remuneration is equity-settled. i. Borrowing costs Interest costs are recognised as an expense in the Consolidated Income Statement in the period in which they are incurred. Arrangement fees incurred in respect of borrowings are amortised over the term of the agreement. j. Taxation The tax expense is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income or directly to retained earnings, according to the accounting treatment of the related transaction giving rise to the tax. The tax expense comprises both current and deferred tax. Current tax is the tax payable based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred tax liabilities are generally recognised on all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences arising from the initial recognition of goodwill or initial recognition of other assets or liabilities in a transaction (other than a business combination) that affects neither accounting profit nor taxable profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax assets to be recovered. Unrecognised deferred tax assets are also reassessed each balance sheet date and recognised where it has become probable that future taxable profits are available against which the asset can be recovered. Deferred tax is provided using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions The Group operates in many countries and is therefore subject to tax laws in a number of different tax jurisdictions. The amount of tax payable or receivable on profits or losses for any period is subject to the agreement of the tax authority in each respective jurisdiction and the tax liability or asset position is open to review for several years after the relevant accounting period ends. In determining the provisions for income taxes, management is required to make judgements and estimates based on interpretations of tax statute and case law, which it does after taking account of professional advice and prior experience. Uncertainties in respect of enquiries and additional tax assessments raised by tax authorities are measured in accordance with IFRIC 23 using the method that in management\u2019s view, best predicts the resolution of the uncertainty. The amounts ultimately payable or receivable may differ from the amounts of any provisions recognised in the Consolidated Financial Statements as a result of the estimates and assumptions used. k. Goodwill Goodwill arising on consolidation represents the excess of purchase consideration less the fair value of the identifiable tangible and intangible assets and liabilities acquired. Goodwill is recognised as an asset and reviewed for impairment at least annually. For the purpose of impairment testing, assets are grouped at the lowest level for which there are separately identifiable cash flows, known as cash-generating units (CGUs). Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a business the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS (1 July 2004) has been retained at the previous UK GAAP amounts, subject to being tested for impairment at that date. Goodwill arising on acquisitions prior to 1 July 1998 was written off direct to reserves under UK GAAP. This goodwill has not been reinstated and is not included in determining any subsequent profit or loss on disposal. l. Intangible assets Intangible assets acquired as part of a business combination are stated in the Consolidated Balance Sheet at their fair value as at the date of acquisition less accumulated amortisation and any provision for impairment. The Directors review intangible assets for indications of impairment annually. There are no significant intangible assets other than computer software. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software controlled by the Group are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software include employee costs and appropriate overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Internally generated intangible assets are stated in the Consolidated Balance Sheet at the directly attributable cost of creation of the asset, less accumulated amortisation. Intangible assets are amortised on a straight-line basis over their estimated useful lives up to a maximum of 10 years. Software incorporated into major Enterprise Resource Planning (ERP) implementations that support the recruitment process and financial reporting process is amortised over a life of up to seven years. Other software is amortised between three and five years. m. Property, plant and equipment Property, plant and equipment is recorded at cost, net of depreciation and any provision for impairment. Depreciation is provided on a straight-line basis over the anticipated useful working lives of the assets, after they have been brought into use, at the following rates: Leasehold improvements \u2013 The cost is written off over the unexpired term of the lease Plant and machinery \u2013 At rates varying between 5% and 33% Fixtures and fittings \u2013 At rates varying between 10% and 25% n. Trade and other receivables Trade and other receivables are initially measured at the transaction price and then at amortised cost after appropriate allowances for estimated irrecoverable amounts have been recognised in the Consolidated Income Statement. An allowance for impairment is made to both trade receivables and accrued income based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely reduction in the recoverability of the cash flows. o. Cash and cash equivalents Cash and cash equivalents comprise cash-in-hand and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. p. Trade payables Trade payables are measured initially at transaction price and then at amortised cost. q. Bank borrowings Interest-bearing bank loans and overdrafts are recorded initially at fair value and subsequently measured at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct-issue costs, are accounted for on an accrual basis in the Consolidated Income Statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. r. Derivative financial instruments The Group may use certain derivative financial instruments to reduce its exposure to foreign exchange movements. The Group held six foreign exchange contracts at the end of the current year (2022: five forward contracts) to facilitate cash management within the Group. The Group does not hold or use derivative financial instruments for speculative purposes. The fair values of foreign exchange swaps are measured using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments not in a hedge relationship are classified as derivatives at fair value in the Consolidated Income Statement. Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). s. Leases Set out below are the accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease and they are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its leases of property, motor vehicles and equipment where leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. t. Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the liability. u. Government grants A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised net against the related costs for the period in which they are intended to compensate. ",
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},
"fact-377": {
"value": "b. Going Concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Group, its cash flows and liquidity position are described in the Finance Director\u2019s Review, with details of the Group\u2019s treasury activities, long-term funding arrangements and exposure to financial risk included in notes 18 to 20 to the Consolidated Financial Statements. As in prior years, the Board undertook a strategic business review in the current year which took into account the Group\u2019s current financial position and the potential impact of the principal risks set out in the Annual Report. In addition, and in making this statement, the Board carried out a robust assessment of the principal risks facing the Group, including those that would threaten the Group\u2019s business model, future performance and liquidity. While the review has considered all the principal risks identified by the Group, the resilience of the Group to the occurrence of these risks in severe yet plausible scenarios has been evaluated. Financial position At 30 June 2023, the Group had net cash of \u00a3135.6 million compared to cash of \u00a3296.2 million at 30 June 2022. In addition, the Group currently has an unsecured revolving credit facility (RCF) of \u00a3210 million that reduces in November 2024 to \u00a3170 million, and expires in November 2025. As at 30 June 2023, \u00a3200 million of the facility was undrawn. The net cash position is stated after deducting the currently drawn amount on the RCF. The Group had a strong working capital performance, with significant management focus on cash collection, average trade debtor days remained consistent in the year at 33 days (2022: 33 days). Stress testing The Board approves an annual budget and reviews monthly management reports and quarterly forecasts. The output of the planning and budgeting processes has been used to perform a sensitivity analysis of the Group\u2019s cash flow to model the potential effects should principal risks actually occur either individually or in unison. The sensitivity analysis modelled scenarios in which the Group incurred a sustained loss of business arising from a prolonged global downturn, with a range of recovery scenarios considered. The Group\u2019s \u2018Stress Case\u2019 scenario assumes that the Group experiences another severe downturn similar in scale to the one caused by the COVID-19 pandemic in the year ended 30 June 2020, followed by a period of gradual recovery, as opposed to the significant recovery the Group experienced through the years ended 30 June 2021 and 30 June 2022. The Stress Case scenario assumes a trough level of operating profit of \u00a357 million in the year ended 30 June 2024 before gradually recovering to \u00a3103 million operating profit in the year to June 2026, which models the impact of a long-lasting global economic downturn. In this scenario the Group is forecast to maintain a strong net cash position in excess of \u00a360 million throughout the Going Concern period, with significant headroom against its banking covenants. Set against these downside trading scenarios, the Board considered key mitigating factors including the geographic and sectoral diversity of the Group, its balanced business model across Temporary, Permanent and Contract recruitment services, and the significant working capital inflows which arise in periods of severe downturn, particularly in the Temporary recruitment business, thus protecting liquidity as was the case during the Global Financial Crisis of 2008/09 and which we again experienced in the year ended 30 June 2020. The Group\u2019s history of strong cash generation, tight cost control and flexible workforce management provides further protection, and in addition the Group has a revolving credit facility of \u00a3210 million that reduces in November 2024 to \u00a3170 million, and expires in November 2025. The Group has sufficient financial resources which, together with internally generated cash flows, will continue to provide sufficient sources of liquidity to fund its current operations, including its contractual and commercial commitments and any proposed dividends. The Group is therefore well-placed to manage its business risks. After making enquiries, the Directors have formed the judgement at the time of approving the Consolidated Financial Statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence throughout the Going Concern period, being at least 12 months from the date of approval of the Consolidated Financial Statements. For this reason, they continue to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-379": {
"value": "c. Basis of consolidation Subsidiaries are fully consolidated from the date on which power to control is transferred to the Group. They are deconsolidated from the date on which control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group whereby the identifiable assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. The Consolidated Financial Statements consolidate the accounts of Hays plc and all of its subsidiaries. The results of subsidiaries acquired or disposed during the year are included from the effective date of acquisition or up to the effective date of disposal, as appropriate. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-380": {
"value": "d. Turnover Turnover is measured at the fair value of the consideration received or receivable at the point in time and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Turnover arising from the placement of permanent candidates, including turnover arising from Recruitment Process Outsourcing (RPO) services, is recognised at the point in time the candidate commences full-time employment. Where a permanent candidate starts employment but does not work for the specified contractual period, an adjustment is made based on experience in respect of the expected required refund or credit note due to the client. The revenue recognised from a permanent placement is typically based on a percentage of the candidate\u2019s remuneration package. Turnover arising from temporary placements, including turnover arising from Managed Service Programme (MSP) services, is recognised starting at the point in time that temporary workers are provided and continues through the duration of the placement. In nearly all contract arrangements the Group acts as principal. Where the Group is acting as a principal, turnover represents the amounts billed for the services of the temporary workers, including the remuneration costs of the temporary workers. The commission included within the revenue recognised arising from temporary placements is typically based on a percentage of the placement\u2019s hourly rate. Where Hays acts as principal in arrangements that invoice on the costs incurred with other recruitment agencies as part of the MSP service provided, and in which Hays manages the recruitment supply chain, turnover represents amounts invoiced on from other recruitment agencies, including arrangements where no commission is directly receivable by the Group. In some limited instances where the Group is acting as an agent in arrangements that invoice on behalf of other recruitment agencies as part of the MSP service provided, turnover represents commission receivable relating to the supply of temporary workers and does not include the remuneration costs of the other agency temporary workers. Revenue recognition Revenue is recognised for permanent placements on the day a candidate starts work. Revenue is recognised for temporary placements at the point in time that temporary workers are provided and continues through the duration of the placement. The factors considered by management on a contract by contract basis when concluding the Company is acting as principal (gross basis) rather than agent (net basis) are as follows: \u2013 The client has a direct relationship with Hays; \u2013 Hays has the primary responsibility for providing the services to the client, and engages and contracts directly with the temporary worker and other recruitment companies; \u2013 Hays has latitude in establishing the rates directly or indirectly with all parties; and \u2013 Hays bears the credit risk on the receivable due from the client. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-381": {
"value": "e. Net fees Net fees represent turnover less the remuneration costs of temporary workers for temporary assignments and remuneration of other recruitment agencies. For the placement of permanent candidates, net fees are equal to turnover. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-382": {
"value": "f. Foreign currencies On consolidation, the tangible and intangible assets and liabilities of subsidiaries denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. Income and expense items are translated into sterling at average rates of exchange for the period. Any exchange differences which have arisen from an entity\u2019s investment in a foreign subsidiary, including long-term loans, are recognised as a separate component of equity and are included in the Group\u2019s cumulative translation reserve. On disposal of a subsidiary, any amounts transferred to the translation reserve are included in the calculation of profit and loss on disposal. All other translation differences are dealt with in the Consolidated Income Statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-383": {
"value": "g. Retirement benefit costs The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected-unit credit method and charged to the Consolidated Income Statement as an expense, based on actuarial assumptions reflecting market conditions at the beginning of the financial year. All remeasurement gains and losses are recognised immediately in reserves and reported in the Consolidated Statement of Comprehensive Income in the period in which they occur. Past service costs, curtailments and settlements are recognised immediately in the Consolidated Income Statement. The Group chose under IFRS 1 to recognise in retained earnings all cumulative remeasurement gains and losses as at 1 July 2004, the date of transition to IFRS. The Group has chosen to recognise all remeasurement gains and losses arising subsequent to 1 July 2004 in reserves and reported in the Consolidated Statement of Comprehensive Income. The retirement benefit surplus recognised in the Consolidated Balance Sheet represents the fair value of scheme assets less the present value of the defined benefit obligation. The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. Payments to defined contribution schemes are charged as an expense in the Consolidated Income Statement as they fall due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-384": {
"value": "h. Share-based payments The fair value of all share-based remuneration that is assessed upon market-based performance criteria is determined at the date of grant and recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that will vest. The fair value of all share-based remuneration that is assessed upon non-market-based performance criteria is determined at the date of the grant and recognised as an expense in the Consolidated Income Statement over the vesting period, based on the number of shares that are expected to vest. The number of shares that are expected to vest is adjusted accordingly, based on the satisfaction of the performance criteria at each year-end. The fair values are determined by use of the relevant valuation models. All share-based remuneration is equity-settled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-385": {
"value": "i. Borrowing costs Interest costs are recognised as an expense in the Consolidated Income Statement in the period in which they are incurred. Arrangement fees incurred in respect of borrowings are amortised over the term of the agreement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-386": {
"value": "j. Taxation The tax expense is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income or directly to retained earnings, according to the accounting treatment of the related transaction giving rise to the tax. The tax expense comprises both current and deferred tax. Current tax is the tax payable based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred tax liabilities are generally recognised on all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences arising from the initial recognition of goodwill or initial recognition of other assets or liabilities in a transaction (other than a business combination) that affects neither accounting profit nor taxable profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax assets to be recovered. Unrecognised deferred tax assets are also reassessed each balance sheet date and recognised where it has become probable that future taxable profits are available against which the asset can be recovered. Deferred tax is provided using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions The Group operates in many countries and is therefore subject to tax laws in a number of different tax jurisdictions. The amount of tax payable or receivable on profits or losses for any period is subject to the agreement of the tax authority in each respective jurisdiction and the tax liability or asset position is open to review for several years after the relevant accounting period ends. In determining the provisions for income taxes, management is required to make judgements and estimates based on interpretations of tax statute and case law, which it does after taking account of professional advice and prior experience. Uncertainties in respect of enquiries and additional tax assessments raised by tax authorities are measured in accordance with IFRIC 23 using the method that in management\u2019s view, best predicts the resolution of the uncertainty. The amounts ultimately payable or receivable may differ from the amounts of any provisions recognised in the Consolidated Financial Statements as a result of the estimates and assumptions used. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-428": {
"value": "j. Taxation The tax expense is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income or directly to retained earnings, according to the accounting treatment of the related transaction giving rise to the tax. The tax expense comprises both current and deferred tax. Current tax is the tax payable based on taxable profit for the year. Taxable profit differs from profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. Deferred tax liabilities are generally recognised on all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences arising from the initial recognition of goodwill or initial recognition of other assets or liabilities in a transaction (other than a business combination) that affects neither accounting profit nor taxable profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax assets to be recovered. Unrecognised deferred tax assets are also reassessed each balance sheet date and recognised where it has become probable that future taxable profits are available against which the asset can be recovered. Deferred tax is provided using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Uncertain tax positions The Group operates in many countries and is therefore subject to tax laws in a number of different tax jurisdictions. The amount of tax payable or receivable on profits or losses for any period is subject to the agreement of the tax authority in each respective jurisdiction and the tax liability or asset position is open to review for several years after the relevant accounting period ends. In determining the provisions for income taxes, management is required to make judgements and estimates based on interpretations of tax statute and case law, which it does after taking account of professional advice and prior experience. Uncertainties in respect of enquiries and additional tax assessments raised by tax authorities are measured in accordance with IFRIC 23 using the method that in management\u2019s view, best predicts the resolution of the uncertainty. The amounts ultimately payable or receivable may differ from the amounts of any provisions recognised in the Consolidated Financial Statements as a result of the estimates and assumptions used. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-387": {
"value": "k. Goodwill Goodwill arising on consolidation represents the excess of purchase consideration less the fair value of the identifiable tangible and intangible assets and liabilities acquired. Goodwill is recognised as an asset and reviewed for impairment at least annually. For the purpose of impairment testing, assets are grouped at the lowest level for which there are separately identifiable cash flows, known as cash-generating units (CGUs). Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a business the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS (1 July 2004) has been retained at the previous UK GAAP amounts, subject to being tested for impairment at that date. Goodwill arising on acquisitions prior to 1 July 1998 was written off direct to reserves under UK GAAP. This goodwill has not been reinstated and is not included in determining any subsequent profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-429": {
"value": "k. Goodwill Goodwill arising on consolidation represents the excess of purchase consideration less the fair value of the identifiable tangible and intangible assets and liabilities acquired. Goodwill is recognised as an asset and reviewed for impairment at least annually. For the purpose of impairment testing, assets are grouped at the lowest level for which there are separately identifiable cash flows, known as cash-generating units (CGUs). Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a business the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill arising on acquisitions before the date of transition to IFRS (1 July 2004) has been retained at the previous UK GAAP amounts, subject to being tested for impairment at that date. Goodwill arising on acquisitions prior to 1 July 1998 was written off direct to reserves under UK GAAP. This goodwill has not been reinstated and is not included in determining any subsequent profit or loss on disposal. l. Intangible assets Intangible assets acquired as part of a business combination are stated in the Consolidated Balance Sheet at their fair value as at the date of acquisition less accumulated amortisation and any provision for impairment. The Directors review intangible assets for indications of impairment annually. There are no significant intangible assets other than computer software. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software controlled by the Group are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software include employee costs and appropriate overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Internally generated intangible assets are stated in the Consolidated Balance Sheet at the directly attributable cost of creation of the asset, less accumulated amortisation. Intangible assets are amortised on a straight-line basis over their estimated useful lives up to a maximum of 10 years. Software incorporated into major Enterprise Resource Planning (ERP) implementations that support the recruitment process and financial reporting process is amortised over a life of up to seven years. Other software is amortised between three and five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-388": {
"value": "l. Intangible assets Intangible assets acquired as part of a business combination are stated in the Consolidated Balance Sheet at their fair value as at the date of acquisition less accumulated amortisation and any provision for impairment. The Directors review intangible assets for indications of impairment annually. There are no significant intangible assets other than computer software. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software controlled by the Group are recognised as intangible assets. Directly attributable costs that are capitalised as part of the software include employee costs and appropriate overheads. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Internally generated intangible assets are stated in the Consolidated Balance Sheet at the directly attributable cost of creation of the asset, less accumulated amortisation. Intangible assets are amortised on a straight-line basis over their estimated useful lives up to a maximum of 10 years. Software incorporated into major Enterprise Resource Planning (ERP) implementations that support the recruitment process and financial reporting process is amortised over a life of up to seven years. Other software is amortised between three and five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-390": {
"value": "m. Property, plant and equipment Property, plant and equipment is recorded at cost, net of depreciation and any provision for impairment. Depreciation is provided on a straight-line basis over the anticipated useful working lives of the assets, after they have been brought into use, at the following rates: Leasehold improvements \u2013 The cost is written off over the unexpired term of the lease Plant and machinery \u2013 At rates varying between 5% and 33% Fixtures and fittings \u2013 At rates varying between 10% and 25% ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-391": {
"value": "n. Trade and other receivables Trade and other receivables are initially measured at the transaction price and then at amortised cost after appropriate allowances for estimated irrecoverable amounts have been recognised in the Consolidated Income Statement. An allowance for impairment is made to both trade receivables and accrued income based on historical credit loss experience adjusted for forward-looking factors specific to the debtors and economic environment, as evidence of a likely reduction in the recoverability of the cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-393": {
"value": "o. Cash and cash equivalents Cash and cash equivalents comprise cash-in-hand and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-392": {
"value": "p. Trade payables Trade payables are measured initially at transaction price and then at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-394": {
"value": "q. Bank borrowings Interest-bearing bank loans and overdrafts are recorded initially at fair value and subsequently measured at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct-issue costs, are accounted for on an accrual basis in the Consolidated Income Statement using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-430": {
"value": "r. Derivative financial instruments The Group may use certain derivative financial instruments to reduce its exposure to foreign exchange movements. The Group held six foreign exchange contracts at the end of the current year (2022: five forward contracts) to facilitate cash management within the Group. The Group does not hold or use derivative financial instruments for speculative purposes. The fair values of foreign exchange swaps are measured using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments not in a hedge relationship are classified as derivatives at fair value in the Consolidated Income Statement. Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-389": {
"value": "r. Derivative financial instruments The Group may use certain derivative financial instruments to reduce its exposure to foreign exchange movements. The Group held six foreign exchange contracts at the end of the current year (2022: five forward contracts) to facilitate cash management within the Group. The Group does not hold or use derivative financial instruments for speculative purposes. The fair values of foreign exchange swaps are measured using inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. It is the Group\u2019s policy not to seek to designate these derivatives as hedges. All derivative financial instruments not in a hedge relationship are classified as derivatives at fair value in the Consolidated Income Statement. Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-442": {
"value": "Fair value measurements The information below sets out how the Group determines fair value of various financial assets and financial liabilities. The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-395": {
"value": "s. Leases Set out below are the accounting policies of the Group upon adoption of IFRS 16, which have been applied from the date of initial application: Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease and they are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its leases of property, motor vehicles and equipment where leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-396": {
"value": "t. Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and when the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessment of the time value of money and the risks specific to the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-397": {
"value": "u. Government grants A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised net against the related costs for the period in which they are intended to compensate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-398": {
"value": "3. Critical accounting judgements and key sources of estimation uncertainty The preparation of the Consolidated Financial Statements requires judgement, estimations and assumptions to be made that affect the reported value of assets, liabilities, revenues and expenses. Judgements, estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected. In preparing the Consolidated Financial Statements, the Directors have considered the impact of Climate Change on the Group and have concluded that there is no material impact on financial reporting judgements and estimates (further information is provided in the Strategic Report on page 68). This is consistent with the assertion that risks associated with Climate Change are not expected to have a material impact on the longer term viability of the Group. Furthermore, there is not considered to be a material impact on the carrying value of goodwill, other intangibles or on property, plant and equipment. Whilst the Directors have concluded that there is no material impact of Climate Change on the financial reporting judgements and estimates, they are mindful of the changing nature of the risks of Climate Change. The Directors will therefore continue to monitor these risks and their potential impact on the judgements and estimates used in the Consolidated Financial Statements. In applying the Group\u2019s accounting policies, the Directors have identified that the following areas are the critical accounting judgements and key sources of estimation uncertainty: Critical accounting judgements Management does not consider there to be any critical accounting judgements in either the current or prior years. Estimation uncertainty Goodwill impairment Goodwill is tested for impairment at least annually. In performing these tests assumptions are made in respect of future growth rates and the discount rate to be applied to the future cash flows of cash-generating units (CGUs). These assumptions are set out in note 12 to the Consolidated Financial Statements. Management has determined that there is no impairment required to any of the CGUs in the year ended 30 June 2023. Pension accounting Under IAS 19 \u2018Employee Benefits\u2019, the Group has recognised a pension surplus of \u00a325.7 million (2022: \u00a3102.0 million). A number of assumptions have been made in determining the pension position and these are described in note 22 to the Consolidated Financial Statements. Provisions in respect of recoverability of trade receivables As described in note 17 to the Consolidated Financial Statements, provisions for impairment of trade receivables and accrued income have been made. In reviewing the appropriateness of these provisions, consideration has been given to the ageing of the debt and the potential likelihood of default, taking into account current and future economic conditions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-399": {
"value": "4. Segmental information IFRS 8 \u2018Operating Segments\u2019 IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision-maker to allocate resources to the segment and to assess their performance. As a result, the Group segments the business into four regions, Germany, United Kingdom & Ireland, Australia & New Zealand and Rest of World. There is no material difference between the segmentation of the Group\u2019s turnover by geographic origin and destination. The Group\u2019s operations comprise one class of business, that of qualified, professional and skilled recruitment. Turnover, net fees and operating profit The Group\u2019s Executive Board, which is regarded as the chief operating decision-maker, uses net fees by segment as its measure of revenue in internal reports, rather than turnover. This is because net fees exclude the remuneration of temporary workers, and payments to other recruitment agencies where the Group acts as principal, which are not considered relevant in allocating resources to segments. The Group\u2019s Executive Board considers net fees for the purpose of making decisions about allocating resources. The Group does not report items below operating profit by segment in its internal management reporting. The full detail of these items can be seen in the Group Consolidated Income Statement on page 157. The reconciliation of turnover to net fees can be found in note 5 to the Consolidated Financial Statements. (In \u00a3s million) Note 2023 2022 Turnover Germany 1,956.3 1,621.9 United Kingdom & Ireland 1,714.6 1,657.2 Australia & New Zealand 1,583.3 1,638.8 Rest of World 2,329.1 1,671.0 Group 5 7,583.3 6,588.9 (In \u00a3s million) Note 2023 2022 Net fees Germany 382.0 313.9 United Kingdom & Ireland 266.1 263.3 Australia & New Zealand 188.4 195.7 Rest of World 458.1 416.5 Group 5 1,294.6 1,189.4 (In \u00a3s million) 2023 2022 Operating profit Germany 100.2 75.6 United Kingdom & Ireland 28.7 43.4 Australia & New Zealand 32.1 51.6 Rest of World 36.0 39.5 Group 197.0 210.1 Net trade receivables For the purpose of monitoring performance and allocating resources from a balance sheet perspective, the Group\u2019s Executive Board monitors trade receivables net of provisions for impairment only on a segmental basis. These are monitored on a constant currency basis for comparability through the year. These are shown below and reconciled to the totals as shown in note 17 to the Consolidated Financial Statements. (In \u00a3s million) As reported internally Exchange adjustments 2023 As reported internally Exchange adjustments 2022 Germany 234.3 (0.3) 234.0 204.3 0.6 204.9 United Kingdom & Ireland 174.2 (0.1) 174.1 149.8 0.1 149.9 Australia & New Zealand 109.4 (8.3) 101.1 75.5 4.9 80.4 Rest of World 221.1 (3.3) 217.8 214.3 13.7 228.0 Group 739.0 (12.0) 727.0 643.9 19.3 663.2 Major customers In the current year and prior year there was no customer that exceeded 10% of the Group\u2019s turnover.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-400": {
"value": "5. Operating profit The following costs are deducted from turnover to determine net fees: (In \u00a3s million) 2023 2022 Turnover 7,583.3 6,588.9 Remuneration of temporary workers (5,212.9) (4,784.1) Remuneration of other recruitment agencies (1,075.8) (615.4) Net fees 1,294.6 1,189.4 The increase in remuneration of other agencies during the year is primarily due to first full-year of large Temp outsourcing contract in our RoW division, where we manage a complex supply chain which includes a significant volume of third-party agency supply. Over time we expect to increase our direct-fill proportion of these contingent workers. Excluding this contract, other agency supply increased by c.\u00a333 million. Operating profit is stated after charging the following items to net fees of \u00a31,294.6 million (2022: \u00a31,189.4 million): (In \u00a3s million) 2023 2022 Staff costs (note 7) 868.8 766.5 Amortisation of intangible assets (note 13) 10.0 10.1 Depreciation of property, plant and equipment (note 14) 10.9 10.0 Depreciation of right-of-use assets (note 15) 46.0 44.0 Loss on closure of Russian business \u2013 4.2 Short-term leases and leases of low-value assets 3.8 3.1 Impairment loss on trade receivables (note 17) 3.0 2.4 Auditor\u2019s remuneration (note 6): \u2013 for statutory audit services 2.1 1.8 \u2013 for other services 0.2 0.2 Other external charges 152.8 137.0 Administrative expenses 1,097.6 979.3 In the year ended 30 June 2022, due to the conflict in Ukraine, the Group announced that it had taken the decision to close its offices in Moscow and St Petersburg, cease trading with immediate effect and exit Russia. Russia generated \u00a37.8 million of net fees and \u00a31.2 million of operating profit in the year ended 30 June 2022. The total one-off cost of closing the Russian business was \u00a34.2 million and, due to the amount being immaterial to the Group, was incurred as an expense within operating profit and not reported as a discontinued operation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-401": {
"value": "6. Auditor\u2019s remuneration (In \u00a3s million) 2023 2022 Fees payable to the Company\u2019s Auditors for the audit of the Company\u2019s annual Financial Statements 0.6 0.5 Fees payable to the Company\u2019s Auditors and their associates for other services to the Group: The audit of the Company\u2019s subsidiaries pursuant to legislation 1.5 1.3 Total audit fees 2.1 1.8 Audit-related assurance services 0.2 0.2 Total non-audit fees 0.2 0.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-404": {
"value": "7. Staff costs
The aggregate staff remuneration (including Executive Directors) was as follows:
(In \u00a3s million) 2023 2022
Wages and salaries 737.6 654.1
Social security costs 95.9 81.5
Other pension costs 23.3 20.0
Share-based payments 12.0 10.9
Staff costs 868.8 766.5
Average number of persons employed during the year (including Executive Directors) was as follows:
(Number) 2023 2022
Germany 2,994 2,568
United Kingdom & Ireland 3,767 3,430
Australia & New Zealand 1,634 1,563
Rest of World 4,961 4,552
Group 13,356 12,113
Closing number of persons employed at the end of the year (including Executive Directors) was as follows:
(Number) 2023 2022
Germany 3,023 2,885
United Kingdom & Ireland 3,656 3,764
Australia & New Zealand 1,581 1,672
Rest of World 4,789 4,913
Group 13,049 13,234
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-402": {
"value": "8. Net finance charge (In \u00a3s million) 2023 2022 Interest received on bank deposits 2.0 0.8 Interest payable on bank loans and overdrafts (3.7) (1.2) Interest on lease liabilities (note 15) (4.2) (3.9) Pension Protection Fund levy (0.1) (0.1) Net interest credit/(expense) on defined benefit pension schemes (note 22) 1.1 (1.4) Net finance charge (4.9) (5.8) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-443": {
"value": "8. Net finance charge (In \u00a3s million) 2023 2022 Interest received on bank deposits 2.0 0.8 Interest payable on bank loans and overdrafts (3.7) (1.2) Interest on lease liabilities (note 15) (4.2) (3.9) Pension Protection Fund levy (0.1) (0.1) Net interest credit/(expense) on defined benefit pension schemes (note 22) 1.1 (1.4) Net finance charge (4.9) (5.8) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-431": {
"value": "8. Net finance charge (In \u00a3s million) 2023 2022 Interest received on bank deposits 2.0 0.8 Interest payable on bank loans and overdrafts (3.7) (1.2) Interest on lease liabilities (note 15) (4.2) (3.9) Pension Protection Fund levy (0.1) (0.1) Net interest credit/(expense) on defined benefit pension schemes (note 22) 1.1 (1.4) Net finance charge (4.9) (5.8) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-403": {
"value": "9. Tax The tax expense for the year is comprised of the following: (In \u00a3s million) 2023 2022 Current tax Current tax expense in respect of the current year (57.2) (54.8) Adjustments recognised in the current year in relation to the current tax of prior years 6.8 4.0 (50.4) (50.8) Deferred tax Deferred tax (charge)/credit in respect of the current year (5.4) 0.2 Adjustments to deferred tax in relation to prior years 2.0 0.5 (3.4) 0.7 Total income tax expense recognised in the current year (53.8) (50.1) Current tax expense for the year is comprised of the following: (In \u00a3s million) 2023 2022 United Kingdom (5.7) (3.8) Overseas (51.5) (51.0) Group (57.2) (54.8) The income tax expense for the year can be reconciled to the accounting profit as follows: (In \u00a3s million) 2023 2022 Profit before tax 192.1 204.3 Income tax expense calculated at 20.5% (2022: 19.0%) (39.4) (38.8) Net effect of items that are non-deductible in determining taxable profit (3.7) (5.6) Effect of unused tax losses not recognised for deferred tax assets (6.6) (1.1) Effect of tax losses not recognised for deferred tax utilised in the year 0.3 0.8 Effect of tax losses now recognised for deferred tax 1.2 3.1 Effect of other timing differences not recognised for deferred tax assets (1.6) 2.4 Effect of other timing differences previously unrecognised for deferred tax assets 0.8 0.9 Effect of different tax rates of subsidiaries operating in other jurisdictions (13.3) (15.7) Effect of share-based payment charges and share options (0.3) (0.6) Income tax recognised in the current year (62.6) (54.6) Adjustments recognised in the current year in relation to the current tax of prior years 6.8 4.0 Adjustments to deferred tax in relation to prior years 2.0 0.5 Income tax expense recognised in the Consolidated Income Statement (53.8) (50.1) Effective tax rate for the year 28.0% 24.5% The tax rate used for the reconciliation above for the year ended 30 June 2023 is the corporation tax rate of 20.5% (2022: 19.0%), being a blend of the tax rate of 19% up to 31 March 2023 and 25% from 1 April 2023, payable by corporate entities in the United Kingdom on taxable profits under tax law in that jurisdiction. The Group operates in jurisdictions which have tax rates higher than the UK statutory tax rate, the most significant being Germany and Australia with statutory rates of 31.5% and 30% respectively, the impact of which is shown in the above reconciliation under effect of different tax rates of subsidiaries operating in other jurisdictions. In the Spring Budget 2021, the UK government announced an increase in the UK corporation tax rate from 19% to 25% with effect from 1 April 2023. This was substantially enacted in May 2021. Furthermore, on 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group has applied the exception under the IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes. Income tax recognised in other comprehensive income (In \u00a3s million) 2023 2022 Current tax Contributions in respect of defined benefit pension scheme 3.9 \u2013 Tax on foreign exchange movements 1.1 (1.8) Effect of tax losses previously recognised, utilised in the year \u2013 1.8 Deferred tax Actuarial loss/(gain) in respect of defined benefit pension scheme 23.7 (9.9) Contributions in respect of defined benefit pension scheme (4.7) \u2013 Effect of tax losses previously recognised, utilised in the year \u2013 (1.8) Effect of tax losses recognised for deferred tax (4.5) 3.1 Total income tax credit/(charge) recognised in other comprehensive income 19.5 (8.6) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-405": {
"value": "10. Dividends The following dividends were paid by the Group and have been recognised as distributions to equity shareholders in the year: 2023 (pence per share) 2023 (\u00a3s million) 2022 (pence per share) 2022 (\u00a3s million) Prior year final dividend 1.90 30.8 1.22 20.5 Prior year special dividend 7.34 119.1 8.93 150.0 Current year interim dividend 0.95 15.2 0.95 15.9 Total 10.19 165.1 11.10 186.4 The following dividends have been proposed by the Group in respect of the accounting year presented: 2023 (pence per share) 2023 (\u00a3s million) 2022 (pence per share) 2022 (\u00a3s million) Interim dividend (paid) 0.95 15.2 0.95 15.9 Final dividend (proposed) 2.05 32.6 1.90 31.4 Special dividend (proposed) 2.24 35.6 7.3 4 121.2 Total 5.24 83.4 10.19 168.5 The final dividend for 2023 of 2.05 pence per share (\u00a332.6 million) along with a special dividend of 2.24 pence per share (\u00a335.6 million) will be proposed at the Annual General Meeting on 15 November 2023. Neither the final dividend nor the special dividend have been included as a liability. If approved, the final and special dividends will be paid on 17 November 2023 to shareholders on the register at the close of business on 6 October 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-406": {
"value": "11. Earnings per share For the year ended 30 June 2023 Earnings (\u00a3s million) Weighted average number of shares (million) Per share amount (pence) Basic earnings per share 138.3 1,610.0 8.59 Dilution effect of share options \u2013 13.9 (0.07) Diluted earnings per share 138.3 1,623.9 8.52 For the year ended 30 June 2022 Earnings (\u00a3s million) Weighted average number of shares (million) Per share amount (pence) Basic earnings per share 154.2 1,671.7 9.22 Dilution effect of share options \u2013 20.7 (0.11) Diluted earnings per share 154.2 1,692.4 9.11 The weighted average number of shares in issue for the current and prior years exclude shares held in treasury. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-407": {
"value": "12. Goodwill
(In \u00a3s million) 2023 2022
At 1 July 202.3 199.9
Exchange adjustments (3.0) 2.4
Additions during the year 1.0 \u2013
At 30 June 200.3 202.3
Goodwill arising on business combinations is reviewed and tested on an annual basis or more frequently if there is an indication that goodwill
might be impaired. Goodwill has been tested for impairment by comparing the carrying amount of each cash-generating unit (CGU),
including goodwill, with the recoverable amount. The recoverable amounts of the CGUs are determined from value-in-use calculations.
The additions during the year of \u00a31.0 million relate to the acquisition of Vercida Consulting, a DE&I advisory business based in the UK, with
further amounts payable based on achieving our ambitious growth plans. These amounts will be charged to the Consolidated Income
Statement and are not expected to be material.
The key assumptions for the value-in-use calculations are as follows:
Assumption How determined
Operating profit The operating profit is based on the latest one-year forecasts for the CGUs approved by the Group\u2019s Executive Board,
and medium-term forecasts over a two to five year period which are compiled using expectations of fee growth,
consultant productivity and operating costs, from past experience. The Group prepares cash flow forecasts derived
from the most recent one-year financial forecasts approved by the Group\u2019s Executive Board, and extrapolates cash
flows in perpetuity based on the long-term growth rates and expected cash conversion rates.
Cash flow projections used to measure value-in-use do not include any cash inflows or outflows expected from any
future restructurings or asset enhancements.
Discount rates The pre-tax rates used to discount the forecast cash flows range between 12.2% and 14.2% (2022: 12.7% and 16.0%)
reflecting current market assessments of the time value of money and the country risks specific to the relevant CGUs.
The discount rate applied to the cash flows of each of the Group\u2019s operations is based on the weighted average cost
of capital (WACC), taking into account adjustments to the risk-free rate for 20-year bonds issued by the government
in the respective market. Where government bond rates contain a material component of credit risk, high-quality
local corporate bond rates may be used.
These rates are adjusted for a risk premium to reflect the increased risk of investing in equities and, where appropriate,
the systematic risk of the specific Group operating company. In making this adjustment, inputs required are the
equity market risk premium (that is the increased return required over and above a risk-free rate by an investor who
is investing in the market as a whole) and the risk adjustment beta, applied to reflect the risk of the specific Group
operating company relative to the market as a whole.
Growth rates The medium-term growth rates are based on management\u2019s current forecasts for a period of two to five years.
These are consistent with a minimum average estimated growth rate for Group of 12.0% (2022: 9.0%). The growth
estimates reflect a combination of both past experience and the macroeconomic environment, including GDP
expectations driving fee growth.
The long-term growth rates are based on management forecasts, which are consistent with external sources of an
average estimated growth rate of 2.0% (2022: 2.0%), reflecting a combination of GDP expectations and long-term
wage inflation driving fee growth.
GDP growth is a key driver of our business, and is therefore a key consideration in developing long-term forecasts.
Wage inflation is also an important driver of net fees, as net fees are derived directly from the salary level of
candidates placed into employment. Based on past experience a combination of these two factors is considered
to be an appropriate basis for assessing long-term growth rates.
Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments. The carrying amount of goodwill has been allocated as follows: (In \u00a3s million) 2023 2022 Germany 49.8 49.9 United Kingdom & Ireland 94.1 93.1 Rest of World 56.4 59.3 Group 200.3 202.3 Information about the performance of the individual CGUs is provided in the Divisional Operating Reviews, within the Strategic Report on pages 48 to 52. Impairment reviews were performed at the year-end by comparing the carrying value of goodwill with the recoverable amounts of the CGUs to which goodwill has been allocated. In the current year, management has determined that there has been no requirement to impair to any of the CGUs and in respect of these a sensitivity analysis has been performed in assessing recoverable amounts of goodwill. This has been based on changes in key assumptions considered to be reasonably possible by management. This included a change in the pre-tax discount rate of up to 3% and changes in the medium and long-term growth rates of between 0% and 2% in absolute terms. The sensitivity analysis shows that no impairment would arise in isolation under each scenario for any of the CGUs. The average headroom across all the CGUs was 465% and the lowest level of headroom on an individual CGU was 40%. The USA business, which is part of the Rest of World segment, had a challenging year with an industry wide slowdown in Permanent recruitment market, particularly in the Technology sector. As a result, the headroom has decreased from the prior year to \u00a312.3 million on goodwill of \u00a322.2 million. A key assumption in determining the value-in-use calculation is an average annual fee growth of 7% for the period of two to five years, this is in line with Group\u2019s overall strategy to build a strong presence in the USA, and maximise the long-term growth opportunities available in the market. The sensitivity analysis shows that a reduction in average fee growth rate assumption from 7% to 4% will eliminate headroom to nil. The pre-tax rate used to discount the forecast cash flow is 13.6%, a 1% increase to this rate will reduce headroom by c.\u00a33 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-432": {
"value": "12. Goodwill (In \u00a3s million) 2023 2022 At 1 July 202.3 199.9 Exchange adjustments (3.0) 2.4 Additions during the year 1.0 \u2013 At 30 June 200.3 202.3 Goodwill arising on business combinations is reviewed and tested on an annual basis or more frequently if there is an indication that goodwill might be impaired. Goodwill has been tested for impairment by comparing the carrying amount of each cash-generating unit (CGU), including goodwill, with the recoverable amount. The recoverable amounts of the CGUs are determined from value-in-use calculations. The additions during the year of \u00a31.0 million relate to the acquisition of Vercida Consulting, a DE&I advisory business based in the UK, with further amounts payable based on achieving our ambitious growth plans. These amounts will be charged to the Consolidated Income Statement and are not expected to be material. The key assumptions for the value-in-use calculations are as follows: Assumption How determined Operating profit The operating profit is based on the latest one-year forecasts for the CGUs approved by the Group\u2019s Executive Board, and medium-term forecasts over a two to five year period which are compiled using expectations of fee growth, consultant productivity and operating costs, from past experience. The Group prepares cash flow forecasts derived from the most recent one-year financial forecasts approved by the Group\u2019s Executive Board, and extrapolates cash flows in perpetuity based on the long-term growth rates and expected cash conversion rates. Cash flow projections used to measure value-in-use do not include any cash inflows or outflows expected from any future restructurings or asset enhancements. Discount rates The pre-tax rates used to discount the forecast cash flows range between 12.2% and 14.2% (2022: 12.7% and 16.0%) reflecting current market assessments of the time value of money and the country risks specific to the relevant CGUs. The discount rate applied to the cash flows of each of the Group\u2019s operations is based on the weighted average cost of capital (WACC), taking into account adjustments to the risk-free rate for 20-year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect the increased risk of investing in equities and, where appropriate, the systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market risk premium (that is the increased return required over and above a risk-free rate by an investor who is investing in the market as a whole) and the risk adjustment beta, applied to reflect the risk of the specific Group operating company relative to the market as a whole. Growth rates The medium-term growth rates are based on management\u2019s current forecasts for a period of two to five years. These are consistent with a minimum average estimated growth rate for Group of 12.0% (2022: 9.0%). The growth estimates reflect a combination of both past experience and the macroeconomic environment, including GDP expectations driving fee growth. The long-term growth rates are based on management forecasts, which are consistent with external sources of an average estimated growth rate of 2.0% (2022: 2.0%), reflecting a combination of GDP expectations and long-term wage inflation driving fee growth. GDP growth is a key driver of our business, and is therefore a key consideration in developing long-term forecasts. Wage inflation is also an important driver of net fees, as net fees are derived directly from the salary level of candidates placed into employment. Based on past experience a combination of these two factors is considered to be an appropriate basis for assessing long-term growth rates. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments. The carrying amount of goodwill has been allocated as follows: (In \u00a3s million) 2023 2022 Germany 49.8 49.9 United Kingdom & Ireland 94.1 93.1 Rest of World 56.4 59.3 Group 200.3 202.3 Information about the performance of the individual CGUs is provided in the Divisional Operating Reviews, within the Strategic Report on pages 48 to 52. Impairment reviews were performed at the year-end by comparing the carrying value of goodwill with the recoverable amounts of the CGUs to which goodwill has been allocated. In the current year, management has determined that there has been no requirement to impair to any of the CGUs and in respect of these a sensitivity analysis has been performed in assessing recoverable amounts of goodwill. This has been based on changes in key assumptions considered to be reasonably possible by management. This included a change in the pre-tax discount rate of up to 3% and changes in the medium and long-term growth rates of between 0% and 2% in absolute terms. The sensitivity analysis shows that no impairment would arise in isolation under each scenario for any of the CGUs. The average headroom across all the CGUs was 465% and the lowest level of headroom on an individual CGU was 40%. The USA business, which is part of the Rest of World segment, had a challenging year with an industry wide slowdown in Permanent recruitment market, particularly in the Technology sector. As a result, the headroom has decreased from the prior year to \u00a312.3 million on goodwill of \u00a322.2 million. A key assumption in determining the value-in-use calculation is an average annual fee growth of 7% for the period of two to five years, this is in line with Group\u2019s overall strategy to build a strong presence in the USA, and maximise the long-term growth opportunities available in the market. The sensitivity analysis shows that a reduction in average fee growth rate assumption from 7% to 4% will eliminate headroom to nil. The pre-tax rate used to discount the forecast cash flow is 13.6%, a 1% increase to this rate will reduce headroom by c.\u00a33 million. 13. Other intangible assets (In \u00a3s million) 2023 2022 Cost At 1 July 179.2 164.9 Exchange adjustments (1.5) 2.7 Additions 16.8 12.3 Disposals (0.5) (0.7) At 30 June 194.0 179.2 Accumulated amortisation At 1 July 132.1 120.1 Exchange adjustments (1.3) 2.0 Charge for the year 10.0 10.1 Disposals (0.5) (0.1) At 30 June 140.3 132.1 Net book value At 30 June 53.7 47.1 At 1 July 47.1 44.8 All other intangible assets relate mainly to computer software, and of the additions in the current year, \u00a37.3 million relate to internally generated assets (2022: \u00a35.4 million). The estimated average useful life of the computer software related intangible assets is seven years (2022: seven years). Software incorporated into major Enterprise Resource Planning (ERP) implementations is amortised on a straight-line basis over a life of up to seven years. Other software is amortised on a straight-line basis between three and five years. Capital commitments were \u00a31.7 million (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-408": {
"value": "13. Other intangible assets (In \u00a3s million) 2023 2022 Cost At 1 July 179.2 164.9 Exchange adjustments (1.5) 2.7 Additions 16.8 12.3 Disposals (0.5) (0.7) At 30 June 194.0 179.2 Accumulated amortisation At 1 July 132.1 120.1 Exchange adjustments (1.3) 2.0 Charge for the year 10.0 10.1 Disposals (0.5) (0.1) At 30 June 140.3 132.1 Net book value At 30 June 53.7 47.1 At 1 July 47.1 44.8 All other intangible assets relate mainly to computer software, and of the additions in the current year, \u00a37.3 million relate to internally generated assets (2022: \u00a35.4 million). The estimated average useful life of the computer software related intangible assets is seven years (2022: seven years). Software incorporated into major Enterprise Resource Planning (ERP) implementations is amortised on a straight-line basis over a life of up to seven years. Other software is amortised on a straight-line basis between three and five years. Capital commitments were \u00a31.7 million (2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-409": {
"value": "14. Property, plant and equipment (In \u00a3s million) Leasehold improvements Plant and machinery Fixtures and fittings Total Cost At 1 July 2022 28.1 54.8 31.4 114.3 Exchange adjustments (1.5) (1.2) (0.3) (3.0) Additions 2.9 5.4 4.0 12.3 Disposals (1.5) (1.7) (1.1) (4.3) At 30 June 2023 28.0 57.3 34.0 119.3 Accumulated depreciation At 1 July 2022 20.7 39.7 24.6 85.0 Exchange adjustments (1.0) (0.9) (0.2) (2.1) Charge for the year 2.3 6.7 1.9 10.9 Disposals (1.5) (1.7) (1.0) (4.2) At 30 June 2023 20.5 43.8 25.3 89.6 Net book value At 30 June 2023 7.5 13.5 8.7 29.7 At 1 July 2022 7.4 15.1 6.8 29.3 (In \u00a3s million) Leasehold improvements Plant and machinery Fixtures and fittings Total Cost At 1 July 2021 26.8 51.4 30.4 108.6 Exchange adjustments 1.2 0.9 0.5 2.6 Additions 1.5 9.2 1.4 12.1 Disposals (1.4) (6.7) (0.9) (9.0) At 30 June 2022 28.1 54.8 31.4 114.3 Accumulated depreciation At 1 July 2021 18.9 39.2 23.1 81.2 Exchange adjustments 0.8 0.7 0.4 1.9 Charge for the year 2.3 5.8 1.9 10.0 Disposals (1.3) (6.0) (0.8) (8.1) At 30 June 2022 20.7 39.7 24.6 85.0 Net book value At 30 June 2022 7.4 15.1 6.8 29.3 At 1 July 2021 7.9 12.2 7.3 27.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-410": {
"value": "15. Lease accounting (In \u00a3s million) Right-of-use assets Property Motor vehicles Other assets Total lease assets Lease liabilities At 1 July 2022 162.4 9.2 0.1 171.7 (185.1) Exchange adjustments (2.2) \u2013 \u2013 (2.2) 2.2 Lease additions 53.6 8.5 0.1 62.2 (62.2) Lease disposals (9.5) (0.1) \u2013 (9.6) 9.6 Depreciation of right-of-use assets (39.8) (6.1) (0.1) (46.0) \u2013 Lease liability principal repayments \u2013 \u2013 \u2013 \u2013 49.9 Interest on lease liabilities \u2013 \u2013 \u2013 \u2013 (4.2) At 30 June 2023 164.5 11.5 0.1 176.1 (189.8) (In \u00a3s million) Right-of-use assets Property Motor vehicles Other assets Total lease assets Lease liabilities At 1 July 2021 181.8 8.3 0.2 190.3 (201.1) Exchange adjustments 2.5 0.2 \u2013 2.7 (2.4) Lease additions 32.0 6.6 \u2013 38.6 (38.6) Lease disposals (15.7) (0.2) \u2013 (15.9) 15.9 Depreciation of right-of-use assets (38.2) (5.7) (0.1) (44.0) \u2013 Lease liability principal repayments \u2013 \u2013 \u2013 \u2013 45.0 Interest on lease liabilities \u2013 \u2013 \u2013 \u2013 (3.9) At 30 June 2022 162.4 9.2 0.1 171.7 (185.1) Maturity analysis (In \u00a3s million) 2023 2022 Less than one year (41.3) (39.8) One to two years (36.5) (37.1) Two to three years (26.9) (29.9) Three to four years (19.6) (20.7) Four to five years (15.4) (14.4) More than five years (50.1) (43.2) Total lease liabilities (189.8) (185.1) (In \u00a3s million) 2023 2022 Current (41.3) (39.8) Non-current (148.5) (145.3) Total lease liabilities (189.8) (185.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-433": {
"value": "15. Lease accounting (In \u00a3s million) Right-of-use assets Property Motor vehicles Other assets Total lease assets Lease liabilities At 1 July 2022 162.4 9.2 0.1 171.7 (185.1) Exchange adjustments (2.2) \u2013 \u2013 (2.2) 2.2 Lease additions 53.6 8.5 0.1 62.2 (62.2) Lease disposals (9.5) (0.1) \u2013 (9.6) 9.6 Depreciation of right-of-use assets (39.8) (6.1) (0.1) (46.0) \u2013 Lease liability principal repayments \u2013 \u2013 \u2013 \u2013 49.9 Interest on lease liabilities \u2013 \u2013 \u2013 \u2013 (4.2) At 30 June 2023 164.5 11.5 0.1 176.1 (189.8) (In \u00a3s million) Right-of-use assets Property Motor vehicles Other assets Total lease assets Lease liabilities At 1 July 2021 181.8 8.3 0.2 190.3 (201.1) Exchange adjustments 2.5 0.2 \u2013 2.7 (2.4) Lease additions 32.0 6.6 \u2013 38.6 (38.6) Lease disposals (15.7) (0.2) \u2013 (15.9) 15.9 Depreciation of right-of-use assets (38.2) (5.7) (0.1) (44.0) \u2013 Lease liability principal repayments \u2013 \u2013 \u2013 \u2013 45.0 Interest on lease liabilities \u2013 \u2013 \u2013 \u2013 (3.9) At 30 June 2022 162.4 9.2 0.1 171.7 (185.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-411": {
"value": "16. Deferred tax Deferred tax assets and liabilities in relation to: (In \u00a3s million) 1 July 2022 (Charge)/ credit to Consolidated Income Statement (Charge)/ credit to other comprehensive income Exchange adjustments 30 June 2023 Accelerated tax depreciation (3.8) (1.0) \u2013 \u2013 (4.8) Retirement benefit surplus (25.5) \u2013 19.0 \u2013 (6.5) Share-based payments 1.7 0.6 \u2013 \u2013 2.3 Provisions 8.5 (0.9) \u2013 (0.2) 7.4 Tax losses 17.2 (3.1) (4.5) (0.2) 9.4 Other short-term timing differences 10.4 1.0 \u2013 (0.6) 10.8 Net deferred tax 8.5 (3.4) 14.5 (1.0) 18.6 (In \u00a3s million) 1 July 2021 (Charge)/ credit to Consolidated Income Statement (Charge)/ credit to other comprehensive income Exchange adjustments 30 June 2022 Accelerated tax depreciation (3.4) (0.3) \u2013 (0.1) (3.8) Retirement benefit surplus (11.6) (4.0) (9.9) \u2013 (25.5) Share-based payments 1.6 0.1 \u2013 \u2013 1.7 Provisions 8.4 \u2013 \u2013 0.1 8.5 Tax losses 12.2 3.4 1.3 0.3 17.2 Other short-term timing differences 8.5 1.5 \u2013 0.4 10.4 Net deferred tax 15.7 0.7 (8.6) 0.7 8.5 Deferred tax assets and liabilities are offset where the Group has a legal enforceable right to do so. The analysis of the deferred tax balances (after offset) for financial reporting purposes are as follows: (In \u00a3s million) 2023 2022 Deferred tax assets 21.4 18.5 Deferred tax liabilities (2.8) (10.0) Net deferred tax 18.6 8.5 The deferred tax asset of \u00a321.4 million (2022: \u00a318.5 million) as at 30 June 2023 primarily arises from our Australian and UK businesses and the deferred tax liability of \u00a32.8 million (2022: \u00a310.0 million) as at 30 June 2023 mainly arises from our German business. The increase in the overall deferred tax balance is primarily explained by the reduction in the deferred tax liability driven by a reduction in the retirement benefit surplus, partially offset by the derecognition of deferred tax asset in relation to previously unrecognised tax losses. This is on the basis that the asset can be recovered against the deferred tax liability relating to the retirement benefit surplus when the latter unwinds in the future. Deferred tax assets can, inter alia, be recognised where the potential asset can offset the future unwind of a deferred tax liability. Therefore, when considering the recognition of certain deferred tax assets, management must consider the level of the deferred tax liability recognised in relation to the retirement benefit surplus and the manner in which that deferred tax liability will unwind. Management considers a buy-out of the defined benefit pension scheme to be the most probable manner of recovery of the retirement benefit surplus, based on the progress of the Group\u2019s stated long-term objective of achieving a buy-out of the scheme within the next six years. On this basis, the retirement benefit surplus would unwind as a one-off event, rather than over time, and hence the associated deferred tax liability would unwind simultaneously at that point in time. As such, the extent to which a deferred tax asset can be recognised against this deferred tax liability is capped to the amount of that potential asset that can be utilised in the one period in which the pension related deferred tax liability unwinds. If management were to judge that the retirement benefit surplus would unwind over a number of years, rather than as a one-off event, the deferred tax asset recognised at 30 June 2023 would be \u00a32.4 million higher. The basis for measurement will be assessed at each reporting period based on the latest position in relation to the defined benefit pension scheme as a change in the basis of recovery would result in a different measurement basis and impact the quantum of the deferred tax balance recognised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which they reverse \u2013 being the rates enacted or substantively enacted for those relevant periods applicable for each jurisdiction. Following the legislated increase in the main UK corporation tax rate from 19% to 25% which has effect from 1 April 2023, the UK deferred tax balances were remeasured as at 30 June 2021 and continues to be measured at the tax rates that would apply in the period they are expected to reverse. Unrecognised deductible temporary differences, unused tax losses and unused tax credits Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognised are attributable to the following: (In \u00a3s million) Gross 2023 Tax 2023 Gross 2022 Tax 2022 Tax losses (revenue in nature) 138.1 34.6 97.8 26.5 Tax losses (capital in nature) 22.1 5.5 22.1 5.5 Total tax losses 160.2 40.1 119.9 32.0 (In \u00a3s million) Gross 2023 Tax 2023 Gross 2022 Tax 2022 Unrecognised deductible temporary differences 49.6 11.9 41.9 10.2 In tax losses (revenue in nature) \u00a30.7 million is due to expire in five years. The remaining tax losses have no fixed expiry date. The capital losses can also be carried forward indefinitely but can only be offset against capital gains. Unrecognised taxable temporary differences associated with investments and interests Taxable temporary differences in relation to investments in subsidiaries, for which deferred tax liabilities have not been recognised are attributable to the following: (In \u00a3s million) 2023 2022 Foreign subsidiaries 34.9 28.3 Tax thereon 2.2 1.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-412": {
"value": "17. Trade and other receivables (In \u00a3s million) 2023 2022 Net trade receivables 727.0 663.2 Net accrued income 476.8 495.9 Prepayments and other receivables 40.8 46.0 Trade and other receivables 1,244.6 1,205.1 Due to their short-term nature, the Directors consider that the carrying amount of trade receivables approximates to their fair value. The average credit period taken is 33 days (2022: 33 days). Accrued income primarily arises where temporary workers have provided their services but the amount incurred and margin earned thereon has yet to be invoiced on to the client due to timing. The Group\u2019s exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the year-end closing exchange rates in respect of the euro and Australian dollar would result in a \u00a32.8 million and \u00a30.5 million movement in trade receivables respectively. Credit risk The Group\u2019s credit risk is primarily attributable to its trade receivables and the risk of customer default, although the Group is also subject to credit risk on its accrued income. The amounts presented in the Consolidated Balance Sheet for both trade receivables and accrued income are net of allowances for doubtful receivables. An impairment analysis is performed centrally using a provision matrix to measure the expected credit losses, in which the allowance for impairment increases as balances age. Expected credit losses are measured using historical losses for the past five years, adjusted for forward-looking factors impacting the economic environment, such as the GDP growth outlook (based on the IMF\u2019s World Economic Outlook data), and commercial factors deemed to have a significant impact on expected credit loss rates. The provision matrix used to measure the expected credit losses is: As at 30 June 2023 (In \u00a3s million) Gross Expected Credit Loss Provision Net Not yet due 633.2 0.3% (1.7) 631.5 Up to one month past due 81.9 5.7% (4.7) 77.2 One to three months past due 20.1 17.4% (3.5) 16.6 Greater than three months past due 11.0 84.6% (9.3) 1.7 Trade receivables 746.2 2.6% (19.2) 727.0 Accrued income 478.5 0.4% (1.7) 476.8 As at 30 June 2022 (In \u00a3s million) Gross Expected Credit Loss Provision Net Not yet due 570.0 0.4% (2.0) 568.0 Up to one month past due 78.5 2.8% (2.2) 76.3 One to three months past due 22.2 19.4% (4.3) 17.9 Greater than three months past due 10.1 90.1% (9.1) 1.0 Trade receivables 680.8 2.6% (17.6) 663.2 Accrued income 499.0 0.6% (3.1) 495.9 The Group reduces risk through its credit control process and by contractual arrangements with other recruitment agencies in situations where the Group invoices on their behalf. The Group\u2019s exposure is spread over a large number of customers. The movement on the provision for impairment of trade receivables is as follows: (In \u00a3s million) 2023 2022 At 1 July 17.6 16.6 Exchange movement (0.2) 0.2 Charge for the year 3.0 2.4 Uncollectable amounts written off (1.2) (1.6) At 30 June 19.2 17.6 Sensitivity The key sensitivity for credit risk is the movement in recoverability of trade receivables, measured by Days Sales Outstanding (\u2018DSO\u2019). Sensitivity analysis is performed for both an increase and decrease of one DSO, based on actual DSO of 33 days at 30 June 2023 (30 June 2022: 33 days). The sensitivity analysis show that an increase of one DSO will result in an additional \u00a31.1 million impairment allowance, whereas a decrease of one DSO will result in a \u00a31.1 million decrease in impairment allowance. The impact of forward-looking factors on the required provision is immaterial at 30 June 2023, including the impact on the required provision on accrued income. The results of the sensitivity analysis of DSO is shown below: One additional DSO (In \u00a3s million) Adjusted Gross Expected Credit Loss Required Provision Not yet due 670.6 0.3% (1.8) Up to one month past due 87.2 5.7% (5.0) One to three months past due 21.2 17.4% (3.7) Greater than three months past due 11.6 84.6% (9.8) Trade receivables 790.6 2.6% (20.3) One fewer DSO (In \u00a3s million) Adjusted Gross Expected Credit Loss Required Provision Not yet due 600.0 0.3% (1.6) Up to one month past due 78.0 5.7% (4.5) One to three months past due 19.0 17.4% (3.3) Greater than three months past due 10.4 84.6% (8.8) Trade receivables 707.4 2.6% (18.2) The risk disclosures contained on pages 74 to 79 within the Strategic Report form part of these Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-434": {
"value": "Credit risk The Group\u2019s credit risk is primarily attributable to its trade receivables and the risk of customer default, although the Group is also subject to credit risk on its accrued income. The amounts presented in the Consolidated Balance Sheet for both trade receivables and accrued income are net of allowances for doubtful receivables. An impairment analysis is performed centrally using a provision matrix to measure the expected credit losses, in which the allowance for impairment increases as balances age. Expected credit losses are measured using historical losses for the past five years, adjusted for forward-looking factors impacting the economic environment, such as the GDP growth outlook (based on the IMF\u2019s World Economic Outlook data), and commercial factors deemed to have a significant impact on expected credit loss rates. The provision matrix used to measure the expected credit losses is: As at 30 June 2023 (In \u00a3s million) Gross Expected Credit Loss Provision Net Not yet due 633.2 0.3% (1.7) 631.5 Up to one month past due 81.9 5.7% (4.7) 77.2 One to three months past due 20.1 17.4% (3.5) 16.6 Greater than three months past due 11.0 84.6% (9.3) 1.7 Trade receivables 746.2 2.6% (19.2) 727.0 Accrued income 478.5 0.4% (1.7) 476.8 As at 30 June 2022 (In \u00a3s million) Gross Expected Credit Loss Provision Net Not yet due 570.0 0.4% (2.0) 568.0 Up to one month past due 78.5 2.8% (2.2) 76.3 One to three months past due 22.2 19.4% (4.3) 17.9 Greater than three months past due 10.1 90.1% (9.1) 1.0 Trade receivables 680.8 2.6% (17.6) 663.2 Accrued income 499.0 0.6% (3.1) 495.9 The Group reduces risk through its credit control process and by contractual arrangements with other recruitment agencies in situations where the Group invoices on their behalf. The Group\u2019s exposure is spread over a large number of customers. The movement on the provision for impairment of trade receivables is as follows: (In \u00a3s million) 2023 2022 At 1 July 17.6 16.6 Exchange movement (0.2) 0.2 Charge for the year 3.0 2.4 Uncollectable amounts written off (1.2) (1.6) At 30 June 19.2 17.6 Counterparty credit risk Counterparty credit risk arises primarily from the investment of surplus funds. Risks are closely monitored using credit ratings assigned to financial institutions by international credit rating agencies. The Group restricts transactions to banks and money market funds that have an acceptable credit profile and limits its exposure to each institution accordingly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-435": {
"value": "Sensitivity The key sensitivity for credit risk is the movement in recoverability of trade receivables, measured by Days Sales Outstanding (\u2018DSO\u2019). Sensitivity analysis is performed for both an increase and decrease of one DSO, based on actual DSO of 33 days at 30 June 2023 (30 June 2022: 33 days). The sensitivity analysis show that an increase of one DSO will result in an additional \u00a31.1 million impairment allowance, whereas a decrease of one DSO will result in a \u00a31.1 million decrease in impairment allowance. The impact of forward-looking factors on the required provision is immaterial at 30 June 2023, including the impact on the required provision on accrued income. The results of the sensitivity analysis of DSO is shown below: One additional DSO (In \u00a3s million) Adjusted Gross Expected Credit Loss Required Provision Not yet due 670.6 0.3% (1.8) Up to one month past due 87.2 5.7% (5.0) One to three months past due 21.2 17.4% (3.7) Greater than three months past due 11.6 84.6% (9.8) Trade receivables 790.6 2.6% (20.3) One fewer DSO (In \u00a3s million) Adjusted Gross Expected Credit Loss Required Provision Not yet due 600.0 0.3% (1.6) Up to one month past due 78.0 5.7% (4.5) One to three months past due 19.0 17.4% (3.3) Greater than three months past due 10.4 84.6% (8.8) Trade receivables 707.4 2.6% (18.2) The risk disclosures contained on pages 74 to 79 within the Strategic Report form part of these Consolidated Financial Statements. 177 Financial StatementsGovernanceStrategic ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-413": {
"value": "18. Cash and cash equivalents (In \u00a3s million) 2023 2022 Cash and cash equivalents 145.6 296.2 The effective interest rate on short-term deposits was 3.4% (2022: 0.1%). The average maturity of short-term deposits was 7 days (2022: 19 days). Capital management The Group\u2019s business model remains highly cash generative. The Board\u2019s free cash flow priorities are to fund the Group\u2019s investment and development, maintain a strong balance sheet, deliver a sustainable and appropriate core dividend and to return surplus capital to shareholders via special dividends and share buybacks. The Group\u2019s target core full-year dividend cover range remains 2.0 to 3.0x earnings. The Group\u2019s policy for returning surplus cash to shareholders is based on returning capital above the Group\u2019s cash buffer at each financial year-end (30 June) of \u00a3100 million, subject to the economic outlook. The capital structure of the Group consists of net cash/(debt), which is represented by cash and cash equivalents, bank loans and overdrafts (note 20) and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings. The Group is not restricted to any externally imposed capital requirements. Risk management A description of the Group\u2019s treasury policy and controls is included in the Finance Director\u2019s Review on page 47. Cash management and foreign exchange risk The Group\u2019s cash management policy is to minimise interest payments by closely managing Group cash balances and external borrowings. Euro-denominated cash positions are managed centrally using a cash concentration arrangement which provides visibility over participating country bank balances on a daily basis. Any Group surplus balance is used to repay any maturing loans under the Group\u2019s revolving credit facility or invested in money market funds. As the Group holds a sterling-denominated debt facility and generates significant foreign currency cash flows, the Board considers it appropriate in certain cases to use derivative financial instruments as part of its day-to-day cash management to reduce the Group\u2019s exposure to foreign exchange risk. The Group\u2019s operating profit exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the average exchange rates for the year in respect of the euro and Australian dollar would result in a \u00a31.2 million and \u00a30.2 million change in operating profit respectively. The Group does not use derivatives to hedge balance sheet and income statement translation exposure. Interest rate risk The Group is exposed to interest rate risk on floating rate bank loans and overdrafts. It is the Group\u2019s policy to limit its exposure to fluctuating interest rates by selectively hedging interest rate risk using derivative financial instruments, however there were no interest rate swaps held by the Group during the current or prior year. Cash and cash equivalents carry interest at floating rates based on local money market rates. Counterparty credit risk Counterparty credit risk arises primarily from the investment of surplus funds. Risks are closely monitored using credit ratings assigned to financial institutions by international credit rating agencies. The Group restricts transactions to banks and money market funds that have an acceptable credit profile and limits its exposure to each institution accordingly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-436": {
"value": "Capital management The Group\u2019s business model remains highly cash generative. The Board\u2019s free cash flow priorities are to fund the Group\u2019s investment and development, maintain a strong balance sheet, deliver a sustainable and appropriate core dividend and to return surplus capital to shareholders via special dividends and share buybacks. The Group\u2019s target core full-year dividend cover range remains 2.0 to 3.0x earnings. The Group\u2019s policy for returning surplus cash to shareholders is based on returning capital above the Group\u2019s cash buffer at each financial year-end (30 June) of \u00a3100 million, subject to the economic outlook. The capital structure of the Group consists of net cash/(debt), which is represented by cash and cash equivalents, bank loans and overdrafts (note 20) and equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings. The Group is not restricted to any externally imposed capital requirements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-437": {
"value": "Cash management and foreign exchange risk The Group\u2019s cash management policy is to minimise interest payments by closely managing Group cash balances and external borrowings. Euro-denominated cash positions are managed centrally using a cash concentration arrangement which provides visibility over participating country bank balances on a daily basis. Any Group surplus balance is used to repay any maturing loans under the Group\u2019s revolving credit facility or invested in money market funds. As the Group holds a sterling-denominated debt facility and generates significant foreign currency cash flows, the Board considers it appropriate in certain cases to use derivative financial instruments as part of its day-to-day cash management to reduce the Group\u2019s exposure to foreign exchange risk. The Group\u2019s operating profit exposure to foreign currency translation is primarily in respect of the euro and the Australian dollar. The sensitivity of a 1 cent change in the average exchange rates for the year in respect of the euro and Australian dollar would result in a \u00a31.2 million and \u00a30.2 million change in operating profit respectively. The Group does not use derivatives to hedge balance sheet and income statement translation exposure. Interest rate risk The Group is exposed to interest rate risk on floating rate bank loans and overdrafts. It is the Group\u2019s policy to limit its exposure to fluctuating interest rates by selectively hedging interest rate risk using derivative financial instruments, however there were no interest rate swaps held by the Group during the current or prior year. Cash and cash equivalents carry interest at floating rates based on local money market rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-414": {
"value": "19. Derivative financial instruments (In \u00a3s million) 2023 2022 Net derivative asset/(liability) 0.1 (0.1) As set out in note 18 to the Consolidated Financial Statements and in the treasury management section of the Finance Director\u2019s Review on page 47, in certain cases the Group uses derivative financial instruments to manage its foreign exchange exposures as part of its day-to-day cash management. As at 30 June 2023, the Group had entered into six forward exchange contract arrangements with a counterparty bank (2022: five forward contracts). The fair market value of the contracts as at 30 June 2023 gave rise to a gain resulting in the presentation of a net derivative asset of \u00a30.1 million (2022: liability \u00a30.1 million) in the Consolidated Balance Sheet. In the current year, some of the derivative assets and liabilities met the offsetting criteria of IAS 32 paragraph 42. Consequently, the qualifying gross derivative assets were set off against the qualifying gross derivative liabilities. The Group does not use derivatives for speculative purposes and all transactions are undertaken to manage the risks arising from underlying business activities. These instruments are classified as Level 2 in the IFRS 7 fair value hierarchy. Categories of financial assets and liabilities held by the Group are as follows: (In \u00a3s million) 2023 2022 Financial assets Net trade receivables 727.0 663.2 Net accrued income 476.8 495.9 Cash and cash equivalents 145.6 296.2 Derivative financial instruments 0.1 \u2013 Total financial assets 1,349.5 1,455.3 (In \u00a3s million) 2023 2022 Financial liabilities Trade payables 278.6 279.5 Other payables 87.6 84.2 Other financial liabilities \u2013 56.8 Accruals 537.7 518.9 Derivative financial instruments \u2013 0.1 Bank loans and overdrafts 10.0 \u2013 Total financial liabilities 913.9 939.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-415": {
"value": "20. Bank loans and overdrafts (In \u00a3s million) 2023 2022 Bank loans 10.0 \u2013 Risk management A description of the Group\u2019s treasury policy and controls is included in the Finance Director\u2019s Review on page 47. Committed facilities On 19 October 2020, the Group extended the maturity of its \u00a3210 million unsecured revolving credit facility by one year to November 2025 at the lower value of \u00a3170 million in its final year due to reduced lender commitments received. The financial covenants within the facility remain unchanged and require the Group\u2019s interest cover ratio to be at least 4:1 and its leverage ratio (net debt to EBITDA) to be no greater than 2.5:1. The interest rate of the facility is based on a ratchet mechanism with a margin payable over SONIA in the range of 0.70% to 1.50%. At 30 June 2023, \u00a3200 million of the committed facility was undrawn (2022: \u00a3210 million undrawn). Interest rates The weighted average interest rates paid were as follows: 2023 2022 Bank borrowings 4.6% 1.7% For every 25 basis points fall or rise in the average SONIA rate in the year, there would be a reduction or increase in profit before tax by approximately \u00a30.1 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-416": {
"value": "21. Trade and other payables (In \u00a3s million) 2023 2022 Trade payables 278.6 279.5 Other tax and social security 87.4 90.4 Other payables 87.6 84.2 Other financial liabilities \u2013 56.8 Accruals 537.7 518.9 Trade and other payables 991.3 1,029.8 The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 31 days (2022: 28 days). In the year ended 30 June 2022, the Group commenced a \u00a375.0 million share buyback programme, to be completed over a 12-month period. By 30 June 2022 the Group had purchased and cancelled \u00a318.2 million (15.4 million shares) under this programme. Due to the nature of the cancellation terms in the agreement being not substantive, the outstanding balance under the programme of \u00a356.8 million was recognised as other financial liabilities as at 30 June 2022. This was fully settled in the current financial year. Accruals primarily relate to the remuneration costs for temporary workers and other agencies that have provided their services but remuneration has yet to be made due to timing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-417": {
"value": "22. Retirement benefit surplus The Group operates a number of retirement benefit schemes in the UK and in other countries. The Group\u2019s principal schemes are within the UK where the Group operates one defined contribution scheme and two defined benefit schemes. The majority of overseas arrangements are either defined contribution or government-sponsored schemes and these arrangements are not material in the context of the Group results. The total cost charged to the Consolidated Income Statement in relation to these overseas arrangements was \u00a317.5 million (2022: \u00a315.1 million). UK Defined Contribution Scheme The Group\u2019s principal defined contribution benefit scheme is the Hays Group Personal Pension Plan which is operated for all qualifying employees and is funded via an employee salary sacrifice arrangement, and for qualifying employees additional employer contributions. Employer contributions are in the range of 3% to 12% of pensionable salary depending on the level of employee contribution and seniority. The total cost charged to the Consolidated Income Statement of \u00a35.8 million (2022: \u00a34.9 million) represents employer\u2019s contributions payable to the money purchase arrangements. There were no contributions outstanding at the end of the current or prior year. The assets of the money purchase arrangements are held separately from those of the Group. UK Defined Benefit Schemes The Group\u2019s principal defined benefit schemes are the Hays Pension Scheme and the Hays Supplementary Scheme both in the UK. The Hays Pension Scheme is a funded final salary defined benefit scheme providing pensions and death benefits to members. The Hays Supplementary Scheme is an unfunded unapproved retirement benefit scheme for employees who were subject to HMRC\u2019s earnings cap on pensionable salary. The Schemes were closed to future accrual from 30 June 2012 with pensions calculated up until the point of closure. The Schemes are governed by a Trustee Board, which is independent of the Group and are subject to full actuarial valuation on a triennial basis. The last formal actuarial valuation of the Hays Pension Scheme was performed at 30 June 2021 and quantified the deficit at \u00a323.9 million. A revised deficit funding schedule, in line with the Group\u2019s strategy to achieve an eventual buy-out of the Scheme, was agreed with effect from 1 July 2021 which maintained the annual contribution at its previous level, subject to a 3% per annum fixed uplift over a period of five and a half years. During the year ended 30 June 2023, the Group made a contribution of \u00a317.2 million to the Hays Pension Scheme (2022: \u00a316.7 million) in accordance with the agreed deficit funding schedule. The cash contributions made during the year mainly related to deficit funding payments. In respect of IFRIC 14, The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. The defined benefit schemes expose the Group to actuarial risks, such as longevity risk, inflation risk, interest rate risk and market (investment) risk. The Group is not exposed to any unusual, entity-specific or scheme-specific risks. The net amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit pension schemes is as follows: (In \u00a3s million) 2023 2022 Present value of defined benefit obligations (475.8) (573.5) Less fair value of defined benefit scheme assets: Bonds and gilts 166.7 218.4 Absolute return funds \u2013 31.2 LDI funds 162.6 139.7 Real estate \u2013 65.9 Buy-in policy and other insurance policies 159.7 191.6 Cash 12.5 28.7 Total fair value of defined benefit scheme assets 501.5 675.5 Net asset arising from defined benefit obligations 25.7 102.0 (In \u00a3s million) Quoted Unquoted 2023 Asset category Bonds and gilts \u2013 166.7 166.7 LDI funds 281.7 (119.1) 162.6 Buy-in policy and other insurance policies \u2013 159.7 159.7 Cash 12.1 0.4 12.5 Total scheme assets 293.8 207.7 501.5 The Trustee Board is responsible for determining the Hays Pension Scheme\u2019s investment strategy, after taking advice from the Schemes\u2019 investment advisor Mercer Limited. The investment objective for the Trustee of the Scheme is to maintain a portfolio of suitable assets of appropriate liquidity which will generate investment returns to meet, together with future contributions, the benefits of the defined benefit scheme as they fall due. The current strategy is to hold investments that share characteristics with the long-term liabilities of the Scheme. The majority of assets are invested in a Liability Driven Investments (LDI) portfolio and corporate bonds and gilts. The Scheme also holds a bulk purchasing annuity policy (buy-in) contract with Canada Life Limited in respect of ensuring all future payments to existing pensioners of the Hays defined benefit Scheme as at 31 December 2017. The Scheme assets do not include any directly held shares issued by the Company or property occupied by the Company. The fair value of financial instruments has been determined using the fair value hierarchy. Where such quoted prices are unavailable, the price of a recent transaction for an identical asset, adjusted if necessary, is used. Where quoted prices are not available and recent transactions of an identical asset on their own are either unavailable or not a good estimate of fair value, valuation techniques are employed using both observable market data and non-observable data. In relation to the LDI funds the valuations have been determined as follows: \u2013 Repurchase agreements (where the Scheme has sold assets with the agreement to repurchase at a fixed date and price) are included in the Consolidated Financial Statements at the fair value of the repurchase price as a liability. The assets sold are reported at their fair value reflecting that the Scheme retains the risks and rewards of ownership of those assets; \u2013 The fair value of the forward currency contracts is based on market forward exchange rates at the year-end and determined as the gain or loss that would arise if the outstanding contract was matched at the year-end with an equal and opposite contract; and \u2013 Swaps represent current value of future cash flows arising from the swap determined using discounted cash flow models and market data at the reporting date. The analysis of the LDI funds included within the pension scheme assets is as follows: (In \u00a3s million) Quoted Unquoted 2023 LDI funds summary valuation Government bonds (35.0) \u2013 (35.0) Government index-linked 301.7 \u2013 301.7 Interest rate swaps \u2013 (26.6) (26.6) Fixed incomes futures 42.0 \u2013 42.0 Liquidity 15.0 \u2013 15.0 Gross funds 323.7 (26.6) 297.1 Repurchase agreements \u2013 (94.5) (94.5) RPI swaps \u2013 2.0 2.0 Futures (42.0) \u2013 (42.0) Gross liabilities (42.0) (92.5) (134.5) Total LDI funds 281.7 (119.1) 162.6 The LDI portfolio is managed by Insight (a Bank of New York Mellon company) under an active mandate and uses government bonds and derivative instruments (such as interest rate swaps, inflation swaps and gilt repurchase transactions) to hedge the impact of interest rate and inflation movements in relation to the long-term liabilities. Under the Schemes\u2019 LDI strategy, if interest rates fall, the value of LDI investments will rise to help match the increase in actuarial liabilities arising from the fall in discount rate. Similarly if interest rates rise, the LDI investments will fall in value, as will the liabilities because of the increase in the discount rate. The extent to which the liability interest rate and inflation risk is not fully matched by the LDI funds, represents the residual interest rate and inflation risk the Scheme remains exposed to. In addition to the above risk, the LDI portfolio forms part of a diversified investment portfolio for the Scheme, with this diversification seeking to reduce investment risk. The Scheme is subject to direct credit risk because it invests in segregated mandates with the LDI portfolio. Credit risk arising on bonds held directly within the LDI portfolio is mitigated by investing mostly in government bonds where the credit risk is minimal. Credit risk arising on the derivatives held in the LDI mandate depends on whether the derivative is exchange traded or over the counter (OTC). OTC derivative contracts are not guaranteed by any regulated exchange and therefore the Scheme is subject to risk of failure of the counterparty. The credit risk for OTC swaps held in the LDI portfolio is reduced by collateral arrangements. The change in the present value of defined benefit obligations is as follows: (In \u00a3s million) 2023 2022 Opening defined benefit obligation at 1 July (573.5) (855.8) Administration costs (3.2) (2.5) Interest on defined benefit scheme liabilities (21.9) (16.3) Net remeasurement losses \u2013 change in experience assumptions (26.5) (12.3) Net remeasurement gains \u2013 change in demographic assumptions 16.8 17.6 Net remeasurement gains \u2013 change in financial assumptions 106.6 256.8 Benefits and expenses paid 25.9 39.0 Closing defined benefit obligation at 30 June (475.8) (573.5) The analysis of the defined benefit obligations is as follows: (In \u00a3s million) 2023 2022 Plans that are wholly or partly funded (470.2) (565.9) Plans that are wholly unfunded (5.6) ( 7.6) Total (475.8) (573.5) The defined benefit schemes\u2019 liability comprises 55% (2022: 57%) in respect of deferred benefit scheme participants and 45% (2022: 43%) in respect of retirees. The weighted average duration of the UK defined benefit scheme liabilities at the end of the reporting year is 15 years (2022: 17 years). The change in the fair value of defined benefit scheme assets is as follows: (In \u00a3s million) 2023 2022 Fair value of plan assets at 1 July 675.5 902.4 Interest income on defined benefit scheme assets 26.2 17.4 Return on scheme assets (192.0) (222.5) Employer contributions (towards funded and unfunded schemes) 17.7 17.2 Benefits and expenses paid (25.9) (39.0) Fair value of plan assets at 30 June 501.5 675.5 During the year the Company made deficit funding contributions of \u00a317.2 million (2022: \u00a316.7 million) into the funded Hays Pension Scheme, and made pension payments amounting to \u00a30.5 million (2022: \u00a30.5 million) in respect of the unfunded Hays Supplementary Scheme. The amount of deficit funding contributions expected to be paid into the funded Hays Pension Scheme in the year to 30 June 2024 is \u00a317.7 million. Following the closure of the schemes in 2012 future service contributions are no longer payable. The net interest credit/(expense) recognised in the Consolidated Income Statement comprised: (In \u00a3s million) 2023 2022 Net interest income 4.3 1.1 Administration costs (3.2) (2.5) Net interest credit/(expense) recognised in the Consolidated Income Statement 1.1 (1.4) The net interest income and administration costs in the current year and prior year were recognised within finance costs. The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows: (In \u00a3s million) 2023 2022 Return on plan assets (excluding amounts included in net interest expense) (192.0) (222.5) Actuarial remeasurement: Net remeasurement losses \u2013 change in experience assumptions (26.5) (12.3) Net remeasurement gains \u2013 change in demographic assumptions 16.8 17.6 Net remeasurement gains \u2013 change in financial assumptions 106.6 256.8 Remeasurement of the net defined benefit surplus (95.1) 39.6 A roll-forward of the actuarial valuation of the Hays Pension Scheme to 30 June 2023 and the valuation of the Hays Supplementary Pension Scheme has been performed by an independent actuary, who is an employee of ISIO Group Limited. The key assumptions used at 30 June are as follows: 2023 2022 Discount rate 5.20% 3.90% RPI inflation 3.25% 3.15% CPI inflation 2.55% 2.45% Rate of increase of pensions in payment 2.90% 3.05% Rate of increase of pensions in deferment 2.55% 2.45% The discount rate has been constructed to reference the AA corporate bond curve (which fits a curve to iBoxx sterling AA corporate data). The corporate bond yield curve has been used to discount the Scheme cash flows using the rates available at each future duration and this had been converted into a single flat rate assumption to give equivalent liabilities to the Scheme\u2019s cash flows. The duration of the Scheme\u2019s liabilities using this approach is 15 years. The RPI inflation assumption has been set as gilt market implied RPI appropriate to the duration of the liabilities (15 years) less a 0.2% per annum inflation risk premium. The CPI inflation assumption has been determined as 0.7% per annum below the RPI assumption (2022: 0.7%). The life expectancy assumptions have been updated and calculated using bespoke 2021 Club Vita base tables along with CMI 2022 projections (smoothing factor of 7 and assuming improvements have peaked) and a long-term improvement rate of 1.25% per annum. On this basis a 65-year-old current pensioner has a life expectancy of 21.8 years for males (2022: 22.3 years) and 23.4 years for females (2022: 23.8 years). Also on the same basis, the life expectancy from age 65 years of a current 45-year-old deferred member is 22.6 years for males (2022: 23.2 years) and 25.4 years for females (2022: 25.8 years). A sensitivity analysis on the principal assumptions used to measure the Scheme\u2019s liabilities at the year-end is: Change in assumption Impact on Scheme\u2019s liabilities Discount rate +/- 0.5% -\u00a331m/+\u00a334m Inflation and pension increases (allowing for caps and collars) +/- 0.5% +\u00a318m/-\u00a316m Assumed life expectancy at age 65 +/- 1 year +\u00a314m/-\u00a314m The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation; it is unlikely that the change in assumptions would occur in isolation to one another as some of the assumptions may be correlated. In presenting the above sensitivity analysis the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Consolidated Balance Sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-438": {
"value": "UK Defined Contribution Scheme The Group\u2019s principal defined contribution benefit scheme is the Hays Group Personal Pension Plan which is operated for all qualifying employees and is funded via an employee salary sacrifice arrangement, and for qualifying employees additional employer contributions. Employer contributions are in the range of 3% to 12% of pensionable salary depending on the level of employee contribution and seniority. The total cost charged to the Consolidated Income Statement of \u00a35.8 million (2022: \u00a34.9 million) represents employer\u2019s contributions payable to the money purchase arrangements. There were no contributions outstanding at the end of the current or prior year. The assets of the money purchase arrangements are held separately from those of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-439": {
"value": "UK Defined Benefit Schemes The Group\u2019s principal defined benefit schemes are the Hays Pension Scheme and the Hays Supplementary Scheme both in the UK. The Hays Pension Scheme is a funded final salary defined benefit scheme providing pensions and death benefits to members. The Hays Supplementary Scheme is an unfunded unapproved retirement benefit scheme for employees who were subject to HMRC\u2019s earnings cap on pensionable salary. The Schemes were closed to future accrual from 30 June 2012 with pensions calculated up until the point of closure. The Schemes are governed by a Trustee Board, which is independent of the Group and are subject to full actuarial valuation on a triennial basis. The last formal actuarial valuation of the Hays Pension Scheme was performed at 30 June 2021 and quantified the deficit at \u00a323.9 million. A revised deficit funding schedule, in line with the Group\u2019s strategy to achieve an eventual buy-out of the Scheme, was agreed with effect from 1 July 2021 which maintained the annual contribution at its previous level, subject to a 3% per annum fixed uplift over a period of five and a half years. During the year ended 30 June 2023, the Group made a contribution of \u00a317.2 million to the Hays Pension Scheme (2022: \u00a316.7 million) in accordance with the agreed deficit funding schedule. The cash contributions made during the year mainly related to deficit funding payments. In respect of IFRIC 14, The Hays Pension Scheme Definitive Deed and Rules is considered to provide Hays with an unconditional right to a refund of surplus assets and therefore the recognition of a net defined benefit scheme asset is not restricted and agreements to make funding contributions do not give rise to any additional liabilities in respect of the Scheme. The defined benefit schemes expose the Group to actuarial risks, such as longevity risk, inflation risk, interest rate risk and market (investment) risk. The Group is not exposed to any unusual, entity-specific or scheme-specific risks. The net amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit pension schemes is as follows: (In \u00a3s million) 2023 2022 Present value of defined benefit obligations (475.8) (573.5) Less fair value of defined benefit scheme assets: Bonds and gilts 166.7 218.4 Absolute return funds \u2013 31.2 LDI funds 162.6 139.7 Real estate \u2013 65.9 Buy-in policy and other insurance policies 159.7 191.6 Cash 12.5 28.7 Total fair value of defined benefit scheme assets 501.5 675.5 Net asset arising from defined benefit obligations 25.7 102.0 (In \u00a3s million) Quoted Unquoted 2023 Asset category Bonds and gilts \u2013 166.7 166.7 LDI funds 281.7 (119.1) 162.6 Buy-in policy and other insurance policies \u2013 159.7 159.7 Cash 12.1 0.4 12.5 Total scheme assets 293.8 207.7 501.5 The Trustee Board is responsible for determining the Hays Pension Scheme\u2019s investment strategy, after taking advice from the Schemes\u2019 investment advisor Mercer Limited. The investment objective for the Trustee of the Scheme is to maintain a portfolio of suitable assets of appropriate liquidity which will generate investment returns to meet, together with future contributions, the benefits of the defined benefit scheme as they fall due. The current strategy is to hold investments that share characteristics with the long-term liabilities of the Scheme. The majority of assets are invested in a Liability Driven Investments (LDI) portfolio and corporate bonds and gilts. The Scheme also holds a bulk purchasing annuity policy (buy-in) contract with Canada Life Limited in respect of ensuring all future payments to existing pensioners of the Hays defined benefit Scheme as at 31 December 2017. The Scheme assets do not include any directly held shares issued by the Company or property occupied by the Company. The fair value of financial instruments has been determined using the fair value hierarchy. Where such quoted prices are unavailable, the price of a recent transaction for an identical asset, adjusted if necessary, is used. Where quoted prices are not available and recent transactions of an identical asset on their own are either unavailable or not a good estimate of fair value, valuation techniques are employed using both observable market data and non-observable data. In relation to the LDI funds the valuations have been determined as follows: \u2013 Repurchase agreements (where the Scheme has sold assets with the agreement to repurchase at a fixed date and price) are included in the Consolidated Financial Statements at the fair value of the repurchase price as a liability. The assets sold are reported at their fair value reflecting that the Scheme retains the risks and rewards of ownership of those assets; \u2013 The fair value of the forward currency contracts is based on market forward exchange rates at the year-end and determined as the gain or loss that would arise if the outstanding contract was matched at the year-end with an equal and opposite contract; and \u2013 Swaps represent current value of future cash flows arising from the swap determined using discounted cash flow models and market data at the reporting date. The analysis of the LDI funds included within the pension scheme assets is as follows: (In \u00a3s million) Quoted Unquoted 2023 LDI funds summary valuation Government bonds (35.0) \u2013 (35.0) Government index-linked 301.7 \u2013 301.7 Interest rate swaps \u2013 (26.6) (26.6) Fixed incomes futures 42.0 \u2013 42.0 Liquidity 15.0 \u2013 15.0 Gross funds 323.7 (26.6) 297.1 Repurchase agreements \u2013 (94.5) (94.5) RPI swaps \u2013 2.0 2.0 Futures (42.0) \u2013 (42.0) Gross liabilities (42.0) (92.5) (134.5) Total LDI funds 281.7 (119.1) 162.6 The LDI portfolio is managed by Insight (a Bank of New York Mellon company) under an active mandate and uses government bonds and derivative instruments (such as interest rate swaps, inflation swaps and gilt repurchase transactions) to hedge the impact of interest rate and inflation movements in relation to the long-term liabilities. Under the Schemes\u2019 LDI strategy, if interest rates fall, the value of LDI investments will rise to help match the increase in actuarial liabilities arising from the fall in discount rate. Similarly if interest rates rise, the LDI investments will fall in value, as will the liabilities because of the increase in the discount rate. The extent to which the liability interest rate and inflation risk is not fully matched by the LDI funds, represents the residual interest rate and inflation risk the Scheme remains exposed to. In addition to the above risk, the LDI portfolio forms part of a diversified investment portfolio for the Scheme, with this diversification seeking to reduce investment risk. The Scheme is subject to direct credit risk because it invests in segregated mandates with the LDI portfolio. Credit risk arising on bonds held directly within the LDI portfolio is mitigated by investing mostly in government bonds where the credit risk is minimal. Credit risk arising on the derivatives held in the LDI mandate depends on whether the derivative is exchange traded or over the counter (OTC). OTC derivative contracts are not guaranteed by any regulated exchange and therefore the Scheme is subject to risk of failure of the counterparty. The credit risk for OTC swaps held in the LDI portfolio is reduced by collateral arrangements. The change in the present value of defined benefit obligations is as follows: (In \u00a3s million) 2023 2022 Opening defined benefit obligation at 1 July (573.5) (855.8) Administration costs (3.2) (2.5) Interest on defined benefit scheme liabilities (21.9) (16.3) Net remeasurement losses \u2013 change in experience assumptions (26.5) (12.3) Net remeasurement gains \u2013 change in demographic assumptions 16.8 17.6 Net remeasurement gains \u2013 change in financial assumptions 106.6 256.8 Benefits and expenses paid 25.9 39.0 Closing defined benefit obligation at 30 June (475.8) (573.5) The analysis of the defined benefit obligations is as follows: (In \u00a3s million) 2023 2022 Plans that are wholly or partly funded (470.2) (565.9) Plans that are wholly unfunded (5.6) ( 7.6) Total (475.8) (573.5) The defined benefit schemes\u2019 liability comprises 55% (2022: 57%) in respect of deferred benefit scheme participants and 45% (2022: 43%) in respect of retirees. The weighted average duration of the UK defined benefit scheme liabilities at the end of the reporting year is 15 years (2022: 17 years). The change in the fair value of defined benefit scheme assets is as follows: (In \u00a3s million) 2023 2022 Fair value of plan assets at 1 July 675.5 902.4 Interest income on defined benefit scheme assets 26.2 17.4 Return on scheme assets (192.0) (222.5) Employer contributions (towards funded and unfunded schemes) 17.7 17.2 Benefits and expenses paid (25.9) (39.0) Fair value of plan assets at 30 June 501.5 675.5 During the year the Company made deficit funding contributions of \u00a317.2 million (2022: \u00a316.7 million) into the funded Hays Pension Scheme, and made pension payments amounting to \u00a30.5 million (2022: \u00a30.5 million) in respect of the unfunded Hays Supplementary Scheme. The amount of deficit funding contributions expected to be paid into the funded Hays Pension Scheme in the year to 30 June 2024 is \u00a317.7 million. Following the closure of the schemes in 2012 future service contributions are no longer payable. The net interest credit/(expense) recognised in the Consolidated Income Statement comprised: (In \u00a3s million) 2023 2022 Net interest income 4.3 1.1 Administration costs (3.2) (2.5) Net interest credit/(expense) recognised in the Consolidated Income Statement 1.1 (1.4) The net interest income and administration costs in the current year and prior year were recognised within finance costs. The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows: (In \u00a3s million) 2023 2022 Return on plan assets (excluding amounts included in net interest expense) (192.0) (222.5) Actuarial remeasurement: Net remeasurement losses \u2013 change in experience assumptions (26.5) (12.3) Net remeasurement gains \u2013 change in demographic assumptions 16.8 17.6 Net remeasurement gains \u2013 change in financial assumptions 106.6 256.8 Remeasurement of the net defined benefit surplus (95.1) 39.6 A roll-forward of the actuarial valuation of the Hays Pension Scheme to 30 June 2023 and the valuation of the Hays Supplementary Pension Scheme has been performed by an independent actuary, who is an employee of ISIO Group Limited. The key assumptions used at 30 June are as follows: 2023 2022 Discount rate 5.20% 3.90% RPI inflation 3.25% 3.15% CPI inflation 2.55% 2.45% Rate of increase of pensions in payment 2.90% 3.05% Rate of increase of pensions in deferment 2.55% 2.45% The discount rate has been constructed to reference the AA corporate bond curve (which fits a curve to iBoxx sterling AA corporate data). The corporate bond yield curve has been used to discount the Scheme cash flows using the rates available at each future duration and this had been converted into a single flat rate assumption to give equivalent liabilities to the Scheme\u2019s cash flows. The duration of the Scheme\u2019s liabilities using this approach is 15 years. The RPI inflation assumption has been set as gilt market implied RPI appropriate to the duration of the liabilities (15 years) less a 0.2% per annum inflation risk premium. The CPI inflation assumption has been determined as 0.7% per annum below the RPI assumption (2022: 0.7%). The life expectancy assumptions have been updated and calculated using bespoke 2021 Club Vita base tables along with CMI 2022 projections (smoothing factor of 7 and assuming improvements have peaked) and a long-term improvement rate of 1.25% per annum. On this basis a 65-year-old current pensioner has a life expectancy of 21.8 years for males (2022: 22.3 years) and 23.4 years for females (2022: 23.8 years). Also on the same basis, the life expectancy from age 65 years of a current 45-year-old deferred member is 22.6 years for males (2022: 23.2 years) and 25.4 years for females (2022: 25.8 years). A sensitivity analysis on the principal assumptions used to measure the Scheme\u2019s liabilities at the year-end is: Change in assumption Impact on Scheme\u2019s liabilities Discount rate +/- 0.5% -\u00a331m/+\u00a334m Inflation and pension increases (allowing for caps and collars) +/- 0.5% +\u00a318m/-\u00a316m Assumed life expectancy at age 65 +/- 1 year +\u00a314m/-\u00a314m The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation; it is unlikely that the change in assumptions would occur in isolation to one another as some of the assumptions may be correlated. In presenting the above sensitivity analysis the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Consolidated Balance Sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-418": {
"value": "23. Provisions (In \u00a3s million) Restructuring Legal, tax and other matters Total At 1 July 2022 1.8 19.9 21.7 Charged to income statement \u2013 7.6 7.6 Credited to income statement (0.6) (3.9) (4.5) Utilised (1.2) \u2013 (1.2) At 30 June 2023 \u2013 23.6 23.6 (In \u00a3s million) 2023 2022 Current 10.8 12.7 Non-current 12.8 9.0 Total provisions 23.6 21.7 As a global specialist in recruitment and workforce solutions and in common with other similar organisations, in the ordinary course of our business the Group is exposed to the risk of legal, tax and other disputes. Where costs are likely to arise in defending and concluding such disputes, and these costs can be measured reliably, they are provided for in the Consolidated Financial Statements. These items affect various Group subsidiaries in different geographic regions and the amounts provided for are based on management\u2019s assessment of the specific circumstances in each case. The timing of settlement depends on the circumstances in each case and is uncertain. There are no individually material balances within Legal, tax and other matters, and management does not consider it reasonably possible that any of these balances will materially change in the next 12 months. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-419": {
"value": "24. Called up share capital Called up, allotted and fully paid Ordinary shares of 1 pence each Share capital number (thousand) Share capital (\u00a3s million) At 1 July 2022 1,666,673 16.7 Cancelled in the year (66,240) (0.7) At 30 June 2023 1,600,433 16.0 In accordance with the Companies Act 2006, the Company no longer has an authorised share capital. The Company is allowed to hold 10% of issued share capital in treasury. As at 30 June 2023, the Group has completed the initial \u00a393.2 million share buyback programme, purchasing and cancelling 66.2 million shares under this programme in the year ended 30 June 2023 (2022: 15.4 million). As at 30 June 2023, the Company held 11.3 million (2022: 16.4 million) Hays plc shares in treasury. The shares held in treasury are used to satisfy the exercises in relation to equity-settled share-based payment awards. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-440": {
"value": "24. Called up share capital Called up, allotted and fully paid Ordinary shares of 1 pence each Share capital number (thousand) Share capital (\u00a3s million) At 1 July 2022 1,666,673 16.7 Cancelled in the year (66,240) (0.7) At 30 June 2023 1,600,433 16.0 In accordance with the Companies Act 2006, the Company no longer has an authorised share capital. The Company is allowed to hold 10% of issued share capital in treasury. As at 30 June 2023, the Group has completed the initial \u00a393.2 million share buyback programme, purchasing and cancelling 66.2 million shares under this programme in the year ended 30 June 2023 (2022: 15.4 million). As at 30 June 2023, the Company held 11.3 million (2022: 16.4 million) Hays plc shares in treasury. The shares held in treasury are used to satisfy the exercises in relation to equity-settled share-based payment awards. 25. Merger reserve (In \u00a3s million) Total At 1 July 2022 43.8 At 30 June 2023 43.8 In accordance with Section 612 of the Companies Act 2006, the Merger reserve was generated as a result of the cash box structure used in the equity placing of new shares issued during the year ended 30 June 2020. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-420": {
"value": "25. Merger reserve (In \u00a3s million) Total At 1 July 2022 43.8 At 30 June 2023 43.8 In accordance with Section 612 of the Companies Act 2006, the Merger reserve was generated as a result of the cash box structure used in the equity placing of new shares issued during the year ended 30 June 2020. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-421": {
"value": "26. Share-based payments During the year, \u00a312.0 million (2022: \u00a310.9 million) was charged to the Consolidated Income Statement in relation to equity-settled share- based payments. Share options At 30 June 2023 the following options had been granted and remained outstanding in respect of the Company\u2019s Ordinary shares of 1 pence each under the Company\u2019s share option schemes: Number of shares Nominal value of shares (\u00a3) Subscription price (pence/share) Date normally exercisable Hays UK Sharesave Scheme \u2013 \u2013 \u2013 2023 493,774 4,938 143 2024 1,696,188 16,962 117 2025 1,728,324 17,283 108 2026 3,918,286 39,183 Hays International Sharesave Scheme \u2013 \u2013 \u2013 2023 517,466 5,175 143 2024 681,809 6,818 117 2025 548,143 5,481 108 2026 1,747,418 17, 474 Total Sharesave options outstanding 5,665,704 56,657 The Hays International Sharesave Scheme is available to employees in Germany, the Republic of Ireland, Australia, New Zealand, Canada, Hong Kong SAR, Singapore and the United Arab Emirates. Details of the share options outstanding during the year are as follows: 2023 Number of share options (thousand) 2023 Weighted average exercise price (pence) 2022 Number of share options (thousand) 2022 Weighted average exercise price (pence) Sharesave Outstanding at the beginning of the year 6,125 127 4,679 145 Granted during the year 2,328 108 3,622 117 Forfeited during the year (2,104) 126 (1,716) 144 Exercised during the year \u2013 \u2013 (3) 159 Expired during the year (684) 136 (457) 171 Outstanding at the end of the year 5,665 118 6,125 127 Exercisable at the end of the year \u2013 135 1,124 135 There were no options exercised during the year (2022: weighted average share price for all options exercised of 171 pence). The options outstanding as at 30 June 2023 had a weighted average remaining contractual life of 2 years. Performance Share Plan (PSP) and Deferred Annual Bonus (DAB) The PSP is designed to link reward to the key long-term value drivers of the business and to align the interests of the Executive Directors and approximately 360 of the global senior management population with the long-term interests of shareholders. PSP awards are discretionary and vesting is dependent upon the achievement of performance conditions measured over either a three-year period with a two-year holding period or a one-year period with a two-year holding period. The fair value of both the PSP and DAB awards are calculated using the share price as at the date the shares are granted. Only the Executive Directors and other members of the Executive Board participate in the DAB which promotes a stronger link between short- term and long-term performance through the deferral of annual bonuses into shares for a three-year period. Further details of the schemes for the Executive Directors can be found in the Remuneration Report on pages 110 to 145. Details of the share awards outstanding during the year are as follows: 2023 Number of share options (thousand) 2023 Weighted average fair value at grant (pence) 2022 Number of share options (thousand) 2022 Weighted average fair value at grant (pence) Performance Share Plan Outstanding at the beginning of the year 24,024 137 19,404 145 Granted during the year 10,245 117 8,285 147 Exercised during the year (3,442) 169 (2,210) 206 Lapsed during the year (3,369) 144 (1,455) 191 Outstanding at the end of the year 27,458 127 24,024 137 The weighted average share price on the date of exercise was 115 pence (2022: 167 pence). The options outstanding as at 30 June 2023 had a weighted average remaining contractual life of 2 years. 2023 Number of share options (thousand) 2023 Weighted average fair value at grant (pence) 2022 Number of share options (thousand) 2022 Weighted average fair value at grant (pence) Deferred Annual Bonus Outstanding at the beginning of the year 2,028 157 1,703 180 Granted during the year 1,765 114 1,274 164 Exercised during the year (753) 147 (949) 206 Outstanding at the end of the year 3,040 135 2,028 157 The weighted average share price on the date of exercise was 117 pence (2022: 167 pence). The options outstanding as at 30 June 2023 had a weighted average remaining contractual life of 1.8 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-422": {
"value": "27. Related parties Remuneration of key management personnel The remuneration of the Executive Board and Non-Executive Directors, who are key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019 and represents the total compensation costs incurred by the Group in respect of remuneration, not the benefit to the individuals. Further information about the remuneration of Executive and Non-Executive Directors is provided in the Directors\u2019 Remuneration Report on pages 110 to 145. (In \u00a3s million) 2023 2022 Short-term employee benefits 8.9 11.4 Share-based payments 5.1 5.0 Remuneration of key management personnel 14.0 16.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-441": {
"value": "Remuneration of key management personnel The remuneration of the Executive Board and Non-Executive Directors, who are key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019 and represents the total compensation costs incurred by the Group in respect of remuneration, not the benefit to the individuals. Further information about the remuneration of Executive and Non-Executive Directors is provided in the Directors\u2019 Remuneration Report on pages 110 to 145. (In \u00a3s million) 2023 2022 Short-term employee benefits 8.9 11.4 Share-based payments 5.1 5.0 Remuneration of key management personnel 14.0 16.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-423": {
"value": "28. Disaggregation of net fees
IFRS 15 requires entities to disaggregate revenue recognised from contracts with customers into relevant categories that depict how the
nature, amount and cash flows are affected by economic factors. As a result, we consider the following information relating to net fees to be
relevant:
For the year ended 30 June 2023
Germany
United
Kingdom &
Ireland
Australia &
New Zealand Rest of World Group
Temporary placements 83% 56% 61% 34% 57%
Permanent placements 17% 44% 39% 66% 43%
Total 100% 100% 100% 100% 100%
Private sector 86% 70% 65% 98% 84%
Public sector 14% 30% 35% 2% 16%
Total 100% 100% 100% 100% 100%
Technology 35% 18% 16% 27% 26%
Accountancy & Finance 17% 19% 11% 11% 15%
Engineering 26% 2% 0% 6% 10%
Construction & Property 4% 16% 21% 9% 10%
Office Support 0% 10% 11% 5% 5%
Other 18% 35% 41% 42% 34%
Total 100% 100% 100% 100% 100%
For the year ended 30 June 2022
Germany
United
Kingdom &
Ireland
Australia &
New Zealand Rest of World Group
Temporary placements 83% 55% 62% 32% 55%
Permanent placements 17% 45% 38% 68% 45%
Total 100% 100% 100% 100% 100%
Private sector 87% 72% 66% 99% 85%
Public sector 13% 28% 34% 1% 15%
Total 100% 100% 100% 100% 100%
Technology 38% 17% 15% 26% 26%
Accountancy & Finance 16% 19% 10% 12% 14%
Engineering 25% 1% 0% 6% 9%
Construction & Property 4% 16% 19% 9% 11%
Office Support 0% 11% 11% 5% 6%
Other 17% 36% 45% 42% 34%
Total 100% 100% 100% 100% 100%
",
"dimensions": {
"concept": "haysplc:DisclosureOfDisaggregationOfNetFees",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-424": {
"value": "29. Subsequent events The final dividend for 2023 of 2.05 pence per share (\u00a332.6 million) along with a special dividend of 2.24 pence per share (\u00a335.6 million) will be proposed at the Annual General Meeting on 15 November 2023. Neither the final dividend nor the special dividend have been included as a liability. If approved, the final and special dividends will be paid on 17 November 2023 to shareholders on the register at the close of business on 6 October 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800QC8AWD4BO8TH08",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}