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"value": "Notes to the consolidated and parent company financial statements For the year ended 31 March 2023 1. General information and basis of preparation Corporate information CMC Markets plc (the \u201cCompany\u201d) is a public company limited by shares incorporated in the United Kingdom and domiciled in England and Wales under the Companies Act 2006. The nature of the operations and principal activities of CMC Markets plc and its subsidiaries (collectively the \u201cGroup\u201d) are set out in note 3. Functional and presentation currency Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The Group\u2019s Financial Statements are presented in Sterling (GBP), which is the Company\u2019s functional and the Group\u2019s presentation currency. Foreign operations are included in accordance with the policies set out in note 2. Going concern The Directors have prepared the Financial Statements on a going concern basis which requires the Directors to have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. The Group has considerable financial resources, a broad range of products and a geographically diversified business. Consequently, the Directors believe that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Directors have reasonable expectation that the Group has adequate resources for that period and believe it is appropriate to adopt the going concern basis in preparing the Financial Statements. Further details are set out in the Viability statement on page 66. Basis of accounting The Financial Statements of the Group and the Company have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The Financial Statements of the Group and the Company have been prepared in accordance with the going concern basis, under the historical cost convention, except in the case of \u201cFinancial instruments at fair value through profit or loss (\u201cFVPL\u201d)\u201d and \u201cFinancial instruments at fair value through other comprehensive income (\u201cFVOCI\u201d)\u201d. The financial information is rounded to the nearest thousand except where otherwise indicated. The Company and Group\u2019s principal accounting policies adopted in the preparation of these Financial Statements are set out in note 2 below. These policies have been consistently applied to all years presented, with the exception of the adoption of the new and revised standards as set out below. The Financial Statements presented are at and for the years ended 31 March 2023 and 31 March 2022. Financial annual years are referred to as 2023 and 2022 in the Financial Statements. Application of new and revised accounting standards The following standards and interpretations applied for the first time in the current financial year, but do not have a significant impact on the Financial Statements of the Company and the Group: Reference to the conceptual framework \u2013 Amendments to IFRS 3 Annual improvements to IFRS Standards 2018-2020 New accounting standards in issue but not yet effective At the date of authorisation of the Financial Statements, the following new standards and interpretations relevant to the Company and the Group were in issue but not yet effective and have not been applied to the Financial Statements: IFRS 17 \u201cInsurance Contracts\u201d Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 Definition of Accounting Estimate \u2013 Amendments to IAS 8 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Company and the Group in future periods. Basis of consolidation The Financial Statements incorporate the financial information of the Company and its subsidiaries. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. CMC Markets plc became the ultimate holding company of the Group under a Group reorganisation in 2006. The pooling of interests method of accounting was applied to the Group reorganisation as it fell outside the scope of IFRS 3 \u201cBusiness Combinations\u201d. The Directors adopted the pooling of interests as they believed it best reflected the true nature of the Group. All other business combinations have been accounted for by the acquisition method of accounting. Under the acquisition method of accounting, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured initially at their fair values at the date of acquisition, irrespective of the extent of any minority interest. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Acquisition-related costs are expensed as incurred. Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those adopted by the Group. All inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. 1. General information and basis of preparation continued
Significant accounting judgements and estimates
The preparation of Financial Statements in conformity with IFRSs requires the use of certain significant accounting judgements. It also requires management
to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or where
assumptions and estimates are significant to the Consolidated Financial Statements are:
Contingent liabilities
Judgement has been applied in evaluating the accounting treatment of the specific matters described in note 35 (Contingent Liabilities), notably the probability of any
obligation or future payments arising.
Accounting for cryptocurrencies
The Group has recognised \u00a31,984,000 (31 March 2022: \u00a313,443,000) of cryptocurrency assets and rights to cryptocurrency assets on its Statement of Financial
Position as at 31 March 2023. These assets are used for hedging purposes and held for sale in the ordinary course of business. A judgement has been made to apply
the measurement principles of IFRS 13 \u201cFair Value Measurement\u201d in accounting for these assets. The assets are presented as \u2018other assets\u2019 on the Consolidated
Statement of Financial Position. Please refer to Note 2 for other assets accounting policy.
Intangible assets
The Group has recognised \u00a313,550,000 (31 March 2022: \u00a314,237,000) of customer relationship intangible on its Statement of Financial Position as at 31 March 2023
relating to the transaction with Australia and New Zealand Banking Group Limited (\u201cANZ\u2019\u2019) to transition its portfolio of Share Investing clients to CMC for AUD$25
million. A judgement has been made to apply the recognition and measurement principles of IAS 38 \u201cIntangibles\u201d in accounting for these assets.
Key financial estimates
The Group has recognised \u00a311,316,000 (31 March 2022: \u00a37,965,000) of internally generated software in intangible assets on its Statement of Financial Position
as at 31 March 2023, of which \u00a35,016,000 (31 March 2022: \u00a36,054,000) relates to the development of CMC Invest UK trading platform. In performing the annual
impairment assessment, which concluded that no impairment was required, it was determined that the recoverable amount of the asset is a source of estimation
uncertainty which is sensitive to the estimated future revenues from the CMC Invest UK business. We found the recoverable amount of the intangible asset to have
been based on reasonable, supportable assumptions. B2B revenue, discount rates, useful economic life, cost per trading customer acquisition, customer retention
rates and average portfolio sizes represent significant sources of estimation uncertainty. Relevant disclosure is included in note 12.
2. Summary of significant accounting policies
Total revenue
Revenue
Revenue comprises the fair value of the consideration received from the provision of online financial services in the ordinary course of the Group\u2019s activities, net of
client rebates. Revenue is shown net of value added tax after eliminating sales within the Group.
The Group generates revenue principally from commissions, spreads and financing income associated with stockbroking and acting as a spread bet and contract
for difference market maker to its clients, and the transactions undertaken to hedge the resulting risks.
Trading \u2013 Contracts for difference (\u201cCFD\u201d) and spread bet
Revenue from CFD and spread bet represents:
\u2013 fees paid by clients for commission and funding charges in respect of the opening, holding and closing of financial spread bets and contracts for difference,
together with the spread and fair value gains and losses for the Group arising on client trading activity; less
\u2013 fees paid by the Group in commissions and funding charges arising in respect of hedging the risk associated with the client trading activity and the Group\u2019s
currency exposures, together with the spread and fair value gains and losses incurred by the Group arising on hedging activity.
Spread, fair value gains and losses, commission and funding charges are accounted for in accordance with IFRS 9 \u201cFinancial Instruments\u201d and IFRS 13 \u201cFair Value
Measurement\u201d. Commission income is earned and recognised when the trade is placed, and funding charges when an open position is held by a customer at
5:00pm New York time. Open client and hedging positions are fair valued on a daily basis and the unrealised gains and losses arising on this valuation are recognised
in revenue, alongside realised gains and losses on positions that have closed.
Investing \u2013 Stockbroking revenue from contracts with customers
Revenue from the provision of financial information and stockbroking services to third parties represents fee and commission income. These are are accounted for
in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d. The Group recognises this revenue when the amount for the service can be determined and
the performance obligation has been satisfied, this leads to the revenue being recognised on the date of the Group providing the service to the client.
Other revenue from contracts with customers
Other revenue from the provision of financial information, dormancy fees and balance conversions are accounted for in accordance with IFRS 15 \u201cRevenue from
Contracts with Customers\u201d.
Interest income
Total revenue also includes interest earned on the Group\u2019s own funds, Money market funds, clients\u2019 funds and net broker trading deposits net of interest paid to clients
on their free cash balance. Interest income is accrued based on the effective interest rate method, by reference to the principal outstanding/free cash held and at
the interest rate applicable. In addition, the Group earns interest income on UK government securities held as financial investments, calculated using the effective
interest method.
2. Summary of significant accounting policies continued
Total revenue continued
Interest income continued
Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the
leases. This is presented within other interest income.
Introducing partner commissions and betting levies
Commissions payable to introducing partners and spread betting levies are charged to the income statement when the associated revenue is recognised and are
disclosed as a deduction from total revenue in deriving net operating income. Betting levy is payable on net gains generated from clients on spread betting and the
Countdowns products.
Segmental reporting
The Group\u2019s segmental information is disclosed in a manner consistent with the internal reporting provided to the chief operating decision maker (\u201cCODM\u201d). The
chief operating decision maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the
CMC Markets plc Board. Operating segments that do not meet the quantitative thresholds required by IFRS 8 are aggregated. The segments are subject to annual
review and the comparatives restated to reflect any reclassifications within the segmental reporting.
Share-based payment
The Group issues equity settled and cash settled share-based payments to certain employees.
Equity settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at date of grant. The fair value
determined at the grant date of the equity settled share-based payment is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate
of shares that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of
the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement such that the
cumulative expense reflects the revised estimate, with a corresponding adjustment to the retained earnings.
The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and
behavioural considerations.
Cash settled share-based payments are measured at expected value at vesting date at least once per year, along with the likelihood of meeting non-market-based
vesting conditions and the number of shares that are expected to vest. The cost is recognised in the income statement with a corresponding liability recorded.
Retirement benefit costs
A defined contribution plan is a post-employment benefit plan into which the Group pays fixed contributions to a third-party pension provider and has no legal or
constructive obligation to pay further amounts. Contributions are recognised as staff expenses in profit or loss in the years during which related employee services
are fulfilled.
The Group operates defined contribution pension schemes for its Directors and employees. The assets of the schemes are held separately from those of the Group
in independently administered funds.
Taxation
The tax expense represents the sum of tax currently payable and movements in deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax 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.
The Group\u2019s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount
of assets and liabilities in the financial information and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are
recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences may be utilised. Deferred tax is calculated using tax rates and laws enacted or substantively enacted by the balance sheet date and
are expected to apply when the asset or liability is settled.
Such assets and liabilities are not recognised if the temporary difference arises from the goodwill or from the initial recognition (other than in a business combination)
of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal
of the temporary difference 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 asset to be recovered.
Deferred tax assets and liabilities are offset 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.
Current and deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity, in which
case the tax is also dealt with in equity.
2. Summary of significant accounting policies continued
Foreign currencies
Transactions denominated in currencies, other than the functional currency, are recorded at the rates of exchange prevailing on the date of the transaction. At each
balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains
and losses arising on retranslation are included in the income statement for the year, except for exchange differences arising on non-monetary assets and liabilities
where the changes in fair value are recognised directly in equity.
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income
and expense items are translated at the average exchange rates applicable to the relevant year. Exchange differences arising, if any, are classified as equity and
transferred to the Group\u2019s translation reserve.
Such translation differences are recognised as income or expense in the year in which the operation is disposed of.
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.
Intangible assets
Goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities
of a subsidiary, at the date of acquisition. Goodwill arising on the acquisition of subsidiaries is included within \u201cintangible assets\u201d at cost less accumulated
impairment losses.
Goodwill is tested for impairment annually. Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On
disposal of a subsidiary, the attributed amount of goodwill, which has not been subject to impairment, is included in the determination of the profit or loss on disposal.
Goodwill is allocated to cash-generating units for purposes of impairment testing. The allocation is made to those cash-generating units or groups of cash-
generating units that are expected to benefit from the business combination, identified according to business segment.
Computer software (purchased and developed)
Purchased software is recognised as an intangible asset at cost when acquired. Costs associated with maintaining computer software are recognised as an
expense as incurred. Costs directly attributable to internally developed software are recognised as an intangible asset only if all of the following conditions are met:
\u2013 it is technically feasible to complete the software so that it will be available for use;
\u2013 management intends to complete the software and use it;
\u2013 there is an ability to use the software;
\u2013 it can be demonstrated how the software will generate probable future economic benefits;
\u2013 adequate technical, financial and other resources to complete the development and to use the software are available; and
\u2013 the expenditure attributable to the software during its development can be reliably measured.
Where the above conditions are not met, costs are expensed as incurred. Directly attributable costs that are capitalised include contractor costs associated with the
development of software. Costs which have been recognised as an asset are amortised on a straight-line basis over the asset\u2019s estimated useful life from the point at
which the asset is ready to use.
Trademarks and trading licences
Trademarks and trading licences that are separately acquired are capitalised at cost and those acquired from a business combination are capitalised at the fair value
at the date of acquisition. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives.
Client relationships
The fair value attributable to client relationships acquired through a business combination is included as an intangible asset and amortised over the estimated useful
life on a straight-line basis. The fair value of client relationships is calculated at the date of acquisition on the basis of the expected future cash flows to be generated
from that asset. Separate values are not attributed to internally generated client relationships.
Following initial recognition, computer software, trademarks and trading licences and client relationships are carried at cost or initial fair value less accumulated
amortisation. Amortisation is provided on all intangible assets at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the
balance sheet date, of each asset on a straight-line basis over its expected useful life as follows:
Item Amortisation policy
Computer software (purchased and developed) 3\u201310 years or life of licence
Trademarks and trading licences 10\u201320 years
Client relationships 10-14 years
Useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Assets under development are transferred
to the relevant intangible asset class and amortised over their useful life from the point at which the asset is ready to use. Assets under development are tested for
impairment annually.
2. Summary of significant accounting policies continued
Property, plant and equipment
Property, plant and equipment (\u201cPPE\u201d) is stated at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase
price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided on all PPE at rates calculated to
write off the cost, less estimated residual value based on prices prevailing at the balance sheet date, of each asset on a straight-line basis over its expected useful life
as follows:
Item Depreciation policy
Furniture, fixtures and equipment 5 years
Computer hardware 5 years
Leasehold improvements 15 years or life of lease
The useful lives and residual values of the assets are assessed annually and may be adjusted depending on a number of factors. In reassessing asset lives, factors
such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as
future market conditions, the remaining life of the asset and projected disposal values. Consideration is also given to the extent of current profits and losses on the
disposal of similar assets.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset
and is recognised in the Consolidated Income Statement.
Investment in subsidiary undertakings
In the Parent Company Statement of Financial Position, investment in subsidiary undertakings is stated at cost less any provision for impairment.
Impairment of assets
Assets subject to amortisation or depreciation are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the asset
may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to
which the asset belongs.
The recoverable amount is the higher of fair value less cost to sell and value in use. Value in use is the estimated discounted future cash flows generated from the
asset\u2019s continued use, including those from its ultimate disposal. Net realisable value is the estimated amount at which an asset can be disposed of, less any direct
selling costs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
Impairment losses are recognised as an expense immediately.
An assessment is made at each balance sheet date as to whether there is any indication that previously recognised impairment losses may no longer exist or may
have decreased. If such indication exists, the recoverable amount is estimated and previously recognised impairment losses are reversed only if there has been a
change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of
the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, had no impairment
loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.
Financial instruments
Classification
The Group classifies its financial assets in the following measurement categories:
\u2013 those to be measured subsequently at fair value (either through other comprehensive income (\u201cOCI\u201d), or through profit or loss); and
\u2013 those to be measured at amortised cost.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset measured through other comprehensive income or at
amortised cost, transaction costs that are both incremental and directly attributable to the acquisition of the financial asset. Regular way transactions are recognised
on trade date.
The Group subsequently measures cash and cash equivalents, amounts due from brokers and trade and other receivables at amortised cost. The Group
subsequently measures derivative financial instruments at fair value through profit or loss, unless designated as instrument in an effective hedge accounting
relationship, and financial investments at fair value through other comprehensive income.
Derecognition of financial assets and liabilities
A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expired.
Cash and cash equivalents
Cash and cash equivalents comprises of cash on hand and short-term deposits. Cash and cash equivalents are short-term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. This includes money market funds.
Amounts due from/due to brokers
Amounts due from/due to brokers represent funds placed with hedging counterparties, a proportion of which are posted to meet broker margin requirements.
All financial instruments used as hedges held for trading are margin traded. Assets or liabilities resulting from profits or losses on open positions are recognised
separately as derivative financial instruments, where IAS 32 offsetting criteria is not met.
2. Summary of significant accounting policies continued
Other assets
Other assets represent cryptocurrencies controlled by the Group. The Group offers CFDs on cryptocurrencies as a product that can be traded on its platform. As
part of a wider hedging strategy, the Group purchases and sells cryptocurrencies to hedge the clients\u2019 positions.
The Group holds cryptocurrency assets for trading in the ordinary course of its business, effectively acting as a commodity broker-dealer in respect of the underlying
cryptocurrency asset. The assets are recognised on trade date and measured at fair value with changes in valuation being recorded in the income statement in the
period in which they arise. Cryptocurrency assets are not financial instruments, and they are categorised as non-financial assets.
Trade and other receivables
Trade receivables primarily comprise amounts due from clients and stockbroking settlement balances. They are short term in nature are recognised initially at fair
value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses.
Trade receivables are short term and do not contain a significant financing element and therefore expected credit losses are measured using the simplified approach
permitted by IFRS 9, which requires expected lifetime losses to be recognised from the initial recognition of the receivables. Amounts are written off when there is no
reasonable expectation of recovery of the amount.
The expected loss model for these trade receivables has been built based on the levels of loss experienced, with due consideration given to forward-looking information.
The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement within
net impairment gains/(losses) on financial assets. When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables.
Subsequent recoveries of amounts previously written off are credited against net impairment gains/(losses) in the income statement.
Financial investments
Under IFRS 9, financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling and that
contain contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest (\u2018\u2018SPPI\u2019\u2019) are measured at FVOCI.
Financial investments in UK Government securities are non-derivative financial assets and are recognised on a trade date basis. These financial investments are
initially measured at fair value plus directly related transactions costs. They are re-measured at fair value. Interest calculated using the effective interest method is
recognised in the income statement. All other net gains and losses are recognised directly in other comprehensive income until the assets are sold or disposed of. On
derecognition, gains and losses accumulated in OCI are reclassified to the income statement.
Financial investments in Equity securities are non-derivative financial assets and are recognised on a trade date basis and are measured at FVTPL.
The Group recognises a charge for expected credit losses in the income statement. As financial investments are measured at fair value, the charge does not adjust
the carrying value of the asset, and this is reflected in other comprehensive income.
Derivative financial instruments
Derivative financial instruments, comprising index, commodities, foreign exchange and treasury futures and forward foreign exchange contracts, are classified as \u201cfair
value through profit or loss\u201d under IFRS 9, unless designated as accounting hedges. Derivatives are initially recognised at fair value. Subsequent to initial recognition,
changes in fair value of derivatives that are not designated as accounting hedges, and gains or losses on their settlement, are recognised in the income statement.
For accounting hedges, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk
management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an
ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
The Group categorises certain derivatives as either:
Held for trading
The Group uses derivative financial instruments in order to economically hedge derivative exposures arising from open client positions, which are classified as
held for trading. All derivatives held for trading are carried in the statement of financial position at fair value with gains or losses recognised in revenue in the income
statement.
Held as hedges of net investments in foreign operations
Where a foreign currency derivative financial instrument is a formally designated accounting hedge of a net investment in a foreign operation, foreign exchange
differences arising on translation of the financial instrument are recognised in the net investment hedging reserve via other comprehensive income to the extent the
hedge is effective. The Group assesses the effectiveness of its net investment hedges based on fair value changes due to foreign exchange risk of its net assets and
the fair value changes of the relevant financial instrument. The gain or loss relating to the ineffective portion is recognised immediately in operating expenses in the
income statement. Accumulated gains and losses recorded in the net investment hedging reserve are recognised in operating costs in the income statement on
disposal of the foreign operation.
Economic hedges (held as hedges of monetary assets and liabilities, financial commitments or forecast transactions)
These are derivatives held to mitigate the foreign exchange risk on monetary assets and liabilities, financial commitments or forecast transactions. Where a derivative
financial instrument is used as an economic hedge of the foreign exchange exposure of a recognised monetary asset or liability, financial commitment or forecast
transaction, but does not meet the criteria to qualify for hedge accounting under IFRS, no hedge accounting is applied and any gain or loss resulting from changes in
fair value of the hedging instrument is recognised in operating costs in the income statement.
2. Summary of significant accounting policies continued
Trade and other payables
Trade and other payables are not interest bearing and are stated at fair value on initial recognition and subsequently at amortised cost.
Leases
Under IFRS 16, when the Group is the lessee, it is required to recognise both:
\u2013 a lease liability, measured at the present value of remaining cash flows on the lease; and
\u2013 a right-of-use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made prior to commencement date
initial direct costs, and estimated costs of restoring the underlying asset to the condition required by the lease, less any lease incentives received.
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.
Subsequently, the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the lease, and reduce when the
payments are made. The right of use asset will amortise to the income statement over the life of the lease. The lease liability is remeasured when there is a change in
one of the following:
\u2013 future lease payments arising from a change in an index or rate;
\u2013 the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee; or
\u2013 the Group\u2019s assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in the income statement if the
carrying amount of the ROU asset has been reduced to \u00a3nil.
On the Consolidated Statement of Financial Position, the ROU assets are included within property, plant and equipment.
The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the
commencement date). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.
Extension and termination options are included in a number of property leases in the Group. Management considers the facts and circumstances that may create an
economic incentive to exercise an extension or termination option in order to determine whether the lease term should include or exclude such options. Extension
or termination options are only included within the lease term if they are reasonably certain to be exercised in the case of extension options and not exercised in the
case of termination options.
The Group enters into lease agreements as a lessor with respect to some of its vehicles that it leases under head leases. When the Group is an intermediate lessor,
it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease of vehicles is classified as a finance lease. Amounts due from the lessees
under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting
periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases.
Borrowings
All loans and borrowings are initially recognised at cost, being the fair value of the consideration received, net of issue costs associated with the borrowing. After
initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is
calculated by taking into account any issue costs, and any discount or premium on settlement.
Provisions
A provision is a liability of uncertain timing or amount that is recognised when the Group has a present obligation (legal or constructive) as a result of a past event
where it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to
settle the obligation at the balance sheet date and are discounted to present value where the effect is material. The increase in the provision due to the unwind of the
discount to present value over time is recognised as an interest expense.
Share capital
Ordinary and Deferred Shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
Own shares held in trusts
Shares held in trust by the Company for the purposes of employee share schemes are classified as a deduction from shareholders\u2019 equity and are recognised at
cost. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of equity shares.
Capital redemption reserve
The capital redemption reserve was created for capital maintenance purposes as a result of the share buyback programme. When shares are repurchased out of the
Company\u2019s profits, the amount by which the Company\u2019s issued share capital is diminished must be transferred to the capital redemption reserve. This amount is the
nominal value of the shares bought back. See note 25.
2. Summary of significant accounting policies continued
Share buyback reserve
The share buyback reserve was created as a result of the share buyback programme and on inception of the contract amounted to the full value of the share
buyback programme plus directly attributed costs. As shares are repurchased, the share buyback reserve amount is reduced by the consideration paid for the
repurchased shares with a corresponding transaction recorded within retained earnings to reflect the consumption of distributable profits. See note 27.
Employee benefit trusts
Assets held in employee benefit trusts (\u201cEBT\u201d) are recognised as assets of the Group, until these vest unconditionally to identified employees. A full provision is made
in respect of assets held by the trust as there is an obligation to distribute these assets to the beneficiaries of the employee benefit trust.
The employee benefit trusts own equity shares in the Company. These investments in the Company\u2019s own shares are held at cost and are included as a deduction
from equity attributable to the Company\u2019s equity owners until such time as the shares are cancelled or transferred. Where such shares are subsequently transferred,
any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the
Company\u2019s equity owners.
Client money
The Group holds money on behalf of clients in accordance with the Client Asset (\u201cCASS\u201d) rules of the FCA and other financial markets regulators in the countries in
which the Group operates. Segregated client funds comprise individual client balances which are pooled in segregated client money bank accounts. Segregated
client money bank accounts hold statutory trust status restricting the Group\u2019s ability to use the monies and accordingly such amounts and are not recognised on the
Group\u2019s Statement of Financial Position.
3. Segmental reporting
The Group\u2019s principal business is providing leveraged online retail financial services and providing its clients with the ability to trade contracts for difference (\u201cCFD\u201d)
and financial spread betting on a range of underlying shares, indices, foreign currencies, commodities and treasuries. The Group also makes these services available
to institutional partners through white label and introducing broker arrangements. The Group\u2019s CFDs are traded worldwide; spread bets only in the UK and Ireland
and the Group provides stockbroking services only in Australia. The Group\u2019s business is generally managed on a geographical basis and, for management purposes,
the Group is organised into four segments:
\u2013 Trading \u2013 CFD and spread bet \u2013 UK and Ireland (\u201cUK & IE\u201d);
\u2013 Trading \u2013 CFD \u2013 Europe;
\u2013 Trading \u2013 CFD \u2013 Australia, New Zealand and Singapore (\u201cAPAC\u201d) and Canada; and
\u2013 Investing \u2013 Stockbroking \u2013 Australia.
These segments are in line with the management information received by the chief operating decision maker (\u201cCODM\u201d). Revenues and segment operating
expenses are allocated to the segments that originated the transaction.
Operating expenses in the central segment relate to costs that are not directly related to activities in one region or are not controlled by regional management.
These centrally generated costs are allocated to segments on an equitable basis, mainly based on revenue, headcount or active client levels, or where central
costs are directly attributed to specific segments. An impairment of \u00a3432,000 relating to internally generated computer software assets was recognised in Trading
segment in UK and Ireland during the period.
Year ended 31 March 2023
Trading Investing
GROUP
UK & IE
\u00a3\u2019000
Europe
\u00a3\u2019000
APAC &
Canada
\u00a3\u2019000
Trading total
\u00a3\u2019000
Australia
\u00a3\u2019000
Central
\u00a3\u2019000
Group total
\u00a3\u2019000
Revenue 98,579 50,620 106,329 255,528 55,682 \u2014 311,210
Interest income 3,762 239 3,390 7,391 6,536 \u2014 13,927
Total revenue 102,341 50,859 109,719 262,919 62,218 \u2014 325,137
Introducing partner commissions
and betting levies (7,398) (353) (11,209) (18,960) (17,754) \u2014 (36,714)
Net operating income 94,943 50,506 98,510 243,959 44,464 \u2014 288,423
Segment operating expenses (28,147) (7,405) (26,459) (62,011) (14,282) (157,652) (233,945)
Segment contribution 66,796 43,101 72,051 181,948 30,182 (157,652) 54,478
Allocation of central finance
operating expenses (48,075) (32,649) (45,861) (126,585) (31,067) 157,652 \u2014
Operating profit / (loss) 18,721 10,452 26,190 55,363 (885) \u2014 54,478
Finance costs (566) (331) (199) (1,096) (179) (1,040) (2,315)
Allocation of central finance costs (513) (163) (364) (1,040) \u2014 1,040 \u2014
Profit / (loss) before taxation 17,642 9,958 25,627 53,227 (1,064) \u2014 52,163
3. Segmental reporting continued
Year ended 31 March 2022 (Restated)
Trad ing Investing
GROUP
UK & IE
\u00a3\u2019000
Europe
\u00a3\u2019000
APAC &
Canada
\u00a3\u2019000
Trading total
\u00a3\u2019000
Australia
\u00a3\u2019000
Central
\u00a3\u2019000
Group total
\u00a3\u2019000
Revenue 87,168 45,312 118,911 251,391 74,418 \u2014 325,809
Interest income (413) \u2014 335 (78) 912 \u2014 834
Total revenue 86,755 45,312 119,246 251,313 75,330 \u2014 326,643
Introducing partner commissions and betting levies (6,277) (1,517) (10,527) (18,321) (26,372) \u2014 (44,693)
Net operating income 80,478 43,795 108,719 232,992 48,958 \u2014 281,950
Segment operating expenses (19,421) (6,480) (22,755) (48,656) (10,422) (129,213) (188,291)
Segment contribution 61,057 37, 315 85,964 184,336 38,536 (129,213) 93,659
Allocation of central operating expenses (35,527) (30,597) (40,689) (106,813) (22,400) 129,213 \u2014
Operating profit 25,530 6,718 45,275 77, 523 16,136 \u2014 93,659
Finance costs (419) (290) (195) (904) (168) (1,092) (2,164)
Allocation of central finance costs (474) (207) (411) (1,092) \u2014 1,092 \u2014
Profit before taxation 24,637 6,221 44,669 75,527 15,968 \u2014 91,495
The measurement of net operating income for segmental analysis is consistent with that in the income statement and is broken down by geographic location and
business line below.
Net operating income by geography
Year ended 31 March 2023
\u00a3\u2019000
Year ended 31 March 2022
\u00a3\u2019000
Trading Investing Total Tra ding Investing Total
UK 94,943 \u2014 94,943 80,478 \u2014 80,478
Australia 46,850 44,464 91,314 49,020 48,958 97,978
Other countries 102,166 \u2014 102,166 103,494 \u2014 103,494
Total net operating income 243,959 44,464 288,423 232,992 48,958 281,950
The Group uses \u201csegment contribution\u201d to assess the financial performance of each segment. Segment contribution comprises operating profit for the year before
finance costs and taxation and an allocation of central operating expenses.
The measurement of segment assets for segmental analysis is consistent with that in the balance sheet. The total of non-current assets other than deferred tax
assets, broken down by location and business line of the assets, is shown below.
Year ended 31
March 2023
\u00a3\u2019000
Total
Year ended 31
March 2022
(Restated)
\u00a3\u2019000
Total
UK 30,996 39,397
Australia 25,348 26,254
Other countries 4,469 3,092
Total non-current assets 60,813 68,743
4. Total revenue
Revenue
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Trading 252,012 247,987
Investing 55,687 74 ,326
Other 3,511 3,496
Total 311,210 325,809
Trading revenue (previously presented as leveraged revenue) represents CFD and spread bet revenue (net of hedging costs) accounted for in accordance with IFRS
9 \u201cFinancial Instruments\u2019\u2019. Investing revenue (previously presented as non-leveraged revenue) represents stockbroking revenue accounted for in accordance with
IFRS 15 \u201cRevenue from Contracts with Customers\u2019\u2019.
4. Total revenue continued
Interest income
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Bank and broker interest 13,482 825
Interest on financial investments 440 9
Other interest income 5 \u2014
Total 13,927 834
The Group earns interest income from its own corporate funds and from segregated client funds.
5. Operating expenses
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
Net staff costs (note 6) 101,560 84,862
IT costs 33,723 28,721
Sales and marketing 38,304 27,363
Premises 5,706 4,510
Legal and professional fees 8,605 8,568
Regulatory fees 9,436 5,576
Depreciation and amortisation 15,637 12,388
Bank charges 7,362 7,642
Irrecoverable sales tax 2,972 2,789
Other 10,810 6,344
234,115 188,763
Capitalised internal software development costs (170) (472)
Operating expenses 233,945 188,291
The above presentation reflects the breakdown of operating expenses by nature of expense.
6. Employee information
The aggregate employment costs of staff and Directors were:
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Wages and salaries 92,758 74,352
Social security costs 11,850 9,475
Other pension costs 2,743 2,230
Share-based payments 2,229 2,418
Total Directors and employee costs 109,580 88,475
Contract staff costs 3,101 3,880
112,681 92,355
Capitalised internal software development costs (11,121) (7,493)
Net staff costs 101,560 84,862
Compensation of key management personnel is disclosed in note 34.
6. Employee information continued
The monthly average number of Directors and employees of the Group during the year is set out below:
GROUP
Year ended
31 March 2023
Number
Year ended
31 March 2022
Number
By activity:
Key management 9 8
Client acquisition and maintenance 489 420
IT development and support 315 252
Global support functions 254 215
Total Directors and employees 1,067 895
Contract staff 20 22
Total staff 1,087 917
The Company had no employees during the current year or prior year.
7. Finance costs
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
Interest and fees on bank borrowings 1,657 1,451
Interest on lease liabilities 658 687
Other finance costs \u2014 26
Total 2,315 2,164
8. Profit before taxation
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
Profit before tax is stated after charging/(crediting):
Depreciation 9,962 9,568
Amortisation and impairment of intangible assets 5,675 2,820
Net foreign exchange gain/(loss) 1,044 (1,179)
Auditor\u2019s remuneration for audit and other services (see below) 2,490 2,057
Fees payable to the Company\u2019s auditor, Deloitte LLP (year ended 31 March 2022: PricewaterhouseCoopers LLP), were as follows:
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Audit services
Audit of CMC Markets plc\u2019s Financial Statements 814 659
Audit of CMC Markets plc\u2019s subsidiaries 978 780
Total audit fees 1,792 1,439
Non-audit services
Audit-related services 698 618
Total non-audit fees 698 618
Total fees 2,490 2,057
9. Taxation
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
Analysis of charge for the year
Current tax:
Current tax on profit for the year 9,873 18,521
Adjustments in respect of previous years (991) (465)
Total current tax 8,882 18,056
Deferred tax:
Origination and reversal of temporary differences 1,180 1,698
Adjustments in respect of previous years 200 409
Impact of change in tax rate 462 (147)
Total deferred tax 1,842 1,960
Total tax 10,724 20,016
The standard rate of UK corporation tax charged was 19% with effect from 1 April 2017. Taxation outside the UK is calculated at the rates prevailing in the respective
jurisdictions. The effective tax rate of 20.56% (year ended 31 March 2022: 21.86%) differs from the standard rate of UK corporation tax of 19% (year ended 31 March
2022: 19%). The differences are explained below:
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
Profit before taxation 52,163 91,495
Profit multiplied by the standard rate of corporation tax in the UK of 19% (year ended 31 March 2022: 19%) 9,911 17,384
Adjustment in respect of foreign tax rates 1,205 2,500
Adjustments in respect of previous years (791) (56)
Impact of change in tax rate 462 (147)
Expenses not deductible for tax purposes 49 291
Income not subject to tax \u2014 (62)
Recognition of previously unrecognised tax losses (132) \u2014
Tax losses for which no deferred tax asset recognised 173 (43)
Other differences (153) 149
Total tax 10,724 20,016
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Tax on items recognised directly in equity
Tax credit on share-based payments \u2014 553
10. Earnings per share (\u201cEPS\u201d)
Basic EPS is calculated by dividing the earnings attributable to the equity owners of the Company by the weighted average number of Ordinary Shares in issue
during each year excluding those held in employee share trusts which are treated as cancelled. For diluted earnings per share, the weighted average number of
Ordinary Shares in issue, excluding those held in employee share trusts, is adjusted to assume conversion vesting of all dilutive potential weighted average Ordinary
Shares and that vesting is satisfied by the issue of new Ordinary Shares.
GROUP
Year ended
31 March 2023
Year ended
31 March 2022
(Restated)
Earnings attributable to Ordinary Shareholders (\u00a3\u2019000) 41,439 71,479
Weighted average number of shares used in the calculation of basic EPS (\u2019000) 282,295 290,815
Dilutive effect of share options (\u2019000) 1,598 1,022
Weighted average number of shares used in the calculation of diluted EPS (\u2019000) 283,893 291,837
Basic EPS 14.7p 24.6p
Diluted EPS 14.6p 24.5p
For the year ended 31 March 2023, 1,598,000 (year ended 31 March 2022: 1,022,000) potentially dilutive weighted average Ordinary Shares in respect of share
awards in issue were included in the calculation of diluted EPS.
11. Dividends
GROUP AND COMPANY
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Declared and paid in each year
Final dividend for 2022 at 8.88p per share (2021: 21.43p) 25,250 62,410
Interim dividend for 2023 at 3.50p per share (2022: 3.50p) 9,790 10,194
Total 35,040 72,604
The final dividend for 2023 of 3.90 pence per share, amounting to \u00a310,913,000 was proposed by the Board on 12 June 2023 and has not been included as a liability
at 31 March 2023. The dividend will be paid on 11 August 2023, following approval at the Company\u2019s Annual General Meeting, to those members on the register at the
close of business on 14 July 2023. The dividends paid or declared in relation to the financial year are set out below:
GROUP AND COMPANY
Year ended
31 March 2023
Pence
Year ended
31 March 2022
Pence
Declared per share
Interim dividend 3.50 3.50
Final dividend 3.90 8.88
Total dividend 7.40 12.38
12. Intangible assets
GROUP
Goodwill
\u00a3\u2019000
Computer
software
\u00a3\u2019000
Trademarks and
trading licences
\u00a3\u2019000
Client
relationships
\u00a3\u2019000
Assets under
development
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 April 2021 11,500 125,995 1,397 2,995 6,148 148,035
Additions \u2014 77 \u2014 \u2014 21,736 21,813
Transfers \u2014 5,246 \u2014 \u2014 (5,246) \u2014
Disposals \u2014 \u2014 (356) \u2014 \u2014 (356)
Foreign currency translation \u2014 869 11 100 970 1,950
At 31 March 2022 11,500 132,187 1,052 3,095 23,608 171,442
Additions \u2014 291 23 \u2014 11,316 11,630
Transfers \u2014 12,803 \u2014 14,103 (26,906) \u2014
Foreign currency translation \u2014 (1,290) (29) (703) (311) (2,333)
At 31 March 2023 11,500 143,991 1,046 16,495 7,707 180,739
Accumulated amortisation and impairment
At 1 April 2021 (11,500) (122,075) (1,135) (2,995) \u2014 (137,705)
Charge for the year \u2014 (2,773) (47) \u2014 \u2014 (2,820)
Disposals \u2014 \u2014 287 \u2014 \u2014 287
Foreign currency translation \u2014 (764) (12) (100) \u2014 (876)
At 31 March 2022 (11,500) (125,612) (907) (3,095) \u2014 (141,114)
Charge for the year \u2014 (4,441) (34) (768) \u2014 (5,243)
Impairment \u2014 (432) \u2014 \u2014 \u2014 (432)
Foreign currency translation \u2014 1,181 27 184 \u2014 1,392
At 31 March 2023 (11,500) (129,304) (914) (3,679) \u2014 (145,397)
Carrying amount
At 1 April 2021 \u2014 3,920 262 \u2014 6,148 10,330
At 31 March 2022 \u2014 6,575 145 \u2014 23,608 30,328
At 31 March 2023 \u2014 14,687 132 12,816 7,707 35,342
Computer software includes capitalised development costs of \u00a326,487,000 relating to the Group\u2019s Next Generation trading platform which has been fully amortised.
Research and Development expenditure recognised as expense during the year amounted to \u00a3893,344 (31 March 2022: \u00a31,690,00). Client relationships include
the transaction with ANZ to transition its portfolio of Share Investing clients to CMC for AUD$25m, which has a remaining amortisation period of 8.5 years. During
the year ended 31 March 2023 the Group recorded an impairment of \u00a3432,000 (year ended 31 March 2022: \u00a3nil) relating to internally generated computer software
assets. The carrying value of the assets impaired at 1 April 2022 was \u00a3841,000, amortisation during the year ended 31 March 2023 was \u00a3409,000 until the date of
decommissioning the asset resulting in an impairment of \u00a3432,000. The impaired asset provided an enhanced functionality to the clients but this functionality was
removed from the Next Generation platform.
12. Intangible assets continued
Impairment
Intangibles are tested for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets under
development are tested for impairment annually. Impairment of \u00a3432,000 was identified in the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil).
At 31 March 2023, the Group had no material capital commitments in respect of intangible assets (31 March 2022: \u00a3nil).
Impairment sensitivity analysis
The recoverable amount of the asset under development relating to the Invest UK platform has been determined using a value-in-use discounted cash flow
calculation. These cash flow projections use the most recent Board-approved forecast that cover a 10-year period, reflecting the longer useful expected life of the
asset based on comparable experiences the Group has in software development. A discount rate of 9.3% and long term growth rate (beyond the forecasting period)
of 0% has been used. The remaining amortisation period for this asset is 9.5 years.
The discount rates used to calculate the recoverable amount of the Invest UK platform is based on the Group post tax weighted average cost of capital (WACC).
The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information,
and inputs relating to the equity market and industry specific risks.
Projected revenues have been estimated using available market information and internal data. The key assumptions that drive the uncertainty of revenue are:
\u2013 Client acquisition, measured as marketing cost to acquire a trading customer
\u2013 Estimates of B2B revenues from white-label, Software as a Service deals and the provision of API technology
\u2013 Direct-to-consumer client behaviour measured through average portfolio size, average number of trades and customer retention rates
\u2013 Interest earned on client funds
A 6.0% reduction in forecast revenues would determine a recoverable amount equal to the carrying value of \u00a311,676,000. A 17.3% reduction in forecast revenues
would result in the full impairment of the asset.
13. Property, plant and equipment
GROUP
Leasehold
improvements
\u00a3\u2019000
Furniture,
fixtures and
equipment
\u00a3\u2019000
Computer
hardware
\u00a3\u2019000
Right-of-use
asset
\u00a3\u2019000
Construction in
progress
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 31 March 2021 (Reported) 19,273 9,656 36,249 19,146 \u2014 84,324
Correction of error \u2014 \u2014 \u2014 (1,563) \u2014 (1,563)
At 1 April 2021 (Restated) 19,273 9,656 36,249 17, 583 \u2014 82,761
Additions 106 198 3,196 4,213 \u2014 7,713
Disposals (2,733) (1,007) (2,262) (275) \u2014 (6,277)
Foreign currency translation 237 75 192 324 \u2014 828
At 31 March 2022 (Restated) 16,883 8,922 37,375 21,845 \u2014 85,025
Additions 722 479 5,788 2,872 211 10,072
Reclassification 36 18 \u2014 \u2014 (54) \u2014
Disposals (887) (72) (579) (1,813) \u2014 (3,351)
Foreign currency translation (189) (26) (164) (270) (5) (654)
At 31 March 2023 16,565 9,321 42,420 22,634 152 91,092
Accumulated depreciation
At 31 March 2021 (Reported) (14,393) (8,795) (27, 235) (7,796) \u2014 (58,219)
Correction of error \u2014 \u2014 \u2014 429 \u2014 429
At 1 April 2021 (restated) (14,393) (8,795) (27, 235) (7,367) \u2014 (57,790)
Charge for the year (1,642) (414) (3,225) (4,287) \u2014 (9,568)
Disposals 2,736 1,001 2,248 181 \u2014 6,166
Foreign currency translation (222) (72) (148) (221) \u2014 (663)
At 31 March 2022 (restated) (13,521) (8,280) (28,360) (11,694) \u2014 (61,855)
Charge for the year (1,585) (407) (3,749) (4,221) \u2014 (9,962)
Disposals 839 59 340 1,801 \u2014 3,039
Foreign currency translation 175 22 108 152 \u2014 457
At 31 March 2023 (14,092) (8,606) (31,661) (13,962) \u2014 (68,321)
Carrying amount
At 1 April 2021 (Restated) 4,880 861 9,014 10,216 \u2014 24,971
At 31 March 2022 (Restated) 3,362 642 9,015 10,151 \u2014 23,170
At 31 March 2023 2,473 715 10,759 8,672 152 22,771
13. Property, plant and equipment continued
The carrying amount of recognised right-of-use assets relate to the following types of assets:
GROUP
Computer
hardware
\u00a3\u2019000
Leasehold
properties
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2021 305 10,216 10,521
Additions \u2014 4,213 4,213
Disposals \u2014 (94) (94)
Charge for the year (305) (4,287) (4,592)
Foreign currency translation \u2014 103 103
At 31 March 2022 \u2014 10,151 10,151
Additions \u2014 2,872 2,872
Disposals \u2014 (12) (12)
Charge for the year \u2014 (4,221) (4,221)
Foreign currency translation \u2014 (118) (118)
At 31 March 2023 \u2014 8,672 8,672
Refer to note 23 for further details on lease liabilities.
14. Deferred tax
Deferred income taxes are calculated on all temporary differences under the liability method at the tax rate expected to apply when the deferred tax will crystallise.
The gross movement on deferred tax is as follows:
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
At 1 April 2,713 4,748
Charge to income for the year (1,380) (2,108)
Charge to equity for the year \u2014 (135)
Change in tax rate (462) 147
Foreign currency translation (115) 61
At 31 March 756 2,713
The following table details the deferred tax assets and liabilities recognised by the Group and movements thereon during the year:
GROUP
Tax los ses
\u00a3\u2019000
Accelerated
capital
allowances
\u00a3\u2019000
Other timing
differences
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2021 135 (2,352) 6,965 4,748
Charge to income for the year (41) 1,894 (3,961) (2,108)
Charge to equity for the year \u2014 \u2014 (135) (135)
Research and development tax credit (1) 169 (21) 147
Foreign currency translation \u2014 11 50 61
At 31 March 2022 93 (278) 2,898 2,713
Charge to income for the year 5 (1,590) 206 (1,379)
Change in tax rate (7) (192) (263) (462)
Foreign currency translation 4 (22) (96) (114)
At 31 March 2023 95 (2,082) 2,744 756
The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against
which the reversal of the temporary differences can be deducted. The recoverability of the Group\u2019s deferred tax asset in respect of carry forward losses is based on
an assessment of the future levels of taxable profit expected to arise that can be offset against these losses. The Group\u2019s expectations as to the level of future taxable
profits take into account the Group\u2019s long-term financial and strategic plans and anticipated future tax adjusting items. In making this assessment, account is taken of
business plans including the Board-approved Group budget. Key budget assumptions are discussed in the Directors\u2019 viability statement.
Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable.
As at 31 March 2023, the Group did not recognise deferred tax assets of \u00a3298,000 (year ended 31 March 2022: \u00a3181,000) in respect of losses amounting to
\u00a31,540,000 (year ended 31 March 2022: \u00a3724,000). \u00a3520,000 (year ended 31 March 2022: \u00a3724,000) of the losses relates to the Group\u2019s Information Internet
Limited subsidiary and \u00a31,020,000 (year ended 31 March 2022: \u00a30) of the losses relates to CMC Markets Singapore Invest Pte Ltd subsidiary. There is no time limit
on their utilisation.
14. Deferred tax continued
The Group has recognised a deferred tax asset of \u00a395,000 (year ended 31 March 2022: \u00a393,000) in respect of losses of \u00a3428,000 (year ended 31 March 2022:
\u00a3375,000). \u00a3321,000 (year ended 31 March 2022: \u00a3375,000) of the losses relates to the Group\u2019s Information Internet Limited subsidiary and \u00a3107,000 (year ended 31
March 2022: \u00a3nil) of the losses relates to the Polish branch of the Group\u2019s CMC Markets Germany GmbH subsidiary as at 31 March 2023.
On 5 March 2021 the UK government announced that from 1 April 2023 the Corporation Tax main rate will be increased from 19% to 25%. This was substantively
enacted on 24 May 2021. Deferred tax balances are reported at the substantively enacted corporation tax rate of 25%, the substantively enacted tax rate at the
balance sheet date.
15. Investment in subsidiary undertakings
COMPANY
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
At 1 April (Restated) 167,722 167,607
Capital contribution relating to share-based payments 2,121 2,272
Amounts contributed by subsidiaries in relation to share-based payments (2,753) (2,157)
At 31 March 167,090 167,722
The Company\u2019s investments in its subsidiary undertakings is carried at cost lest accumulated provision for impairment. In determining the provision for impairment,
the carrying value of the investment is compared to the recoverable amount of the investment. The estimated recoverable amount of these investments is
determined based on an estimate of the fair value less costs to sell of the subsidiary undertaking or the value in use of the subsidiary undertaking, whichever is higher.
Investment in subsidiary undertakings are tested for impairment annually. Total provision for impairment recorded during the year ended 31 March 2023 was \u00a3nil
(year ended 31 March 2022 Restated: \u00a3nil).
The list below includes all of the Group\u2019s direct and indirect subsidiaries as at 31 March 2023:
Country of
incorporation Principal activities Held
CMC Markets Holdings Ltd England Holding company Directly
CMC Markets UK Holdings Ltd England Holding company Indirectly
CMC Markets Investments Limited England Online investing Indirectly
CMC Markets Investments Nominee Limited England Nominee entity Indirectly
CMC Markets UK plc England Online trading Indirectly
Information Internet Ltd England IT development Indirectly
CMC Spreadbet plc England Financial spread betting Indirectly
CMC Markets Overseas Holdings Ltd England Holding company Indirectly
CMC Markets Asia Pacific Pty Ltd Australia Online trading Indirectly
CMC Markets Group Australia Pty Ltd Australia Holding company Indirectly
CMC Markets Stockbroking Ltd Australia Stockbroking Indirectly
CMC Markets Stockbroking Services Pty Ltd Australia Employee services Indirectly
CMC Markets Stockbroking Nominees Pty Ltd Australia Nominee entity Indirectly
CMC Markets Stockbroking Nominees (No. 2 Account) Pty Ltd Australia Nominee entity Indirectly
CMC Markets Canada Inc Canada Online trading Indirectly
CMC Markets NZ Ltd New Zealand Online trading Indirectly
CMC Markets Singapore Pte Ltd Singapore Online trading Indirectly
CMC Markets Singapore Invest Pte Ltd Singapore Online investing Indirectly
CMC Business Services (Shanghai) Limited China Training and education Indirectly
CMC Markets Germany GmbH Germany Online trading Indirectly
CMC Markets Middle East Ltd UAE Online trading Indirectly
Please refer to pages 186 and 187 for the registered office addresses of the subsidiaries above.
All shareholdings are of Ordinary Shares. The issued share capital of all subsidiary undertakings is 100% owned, which also represents the proportion of the voting
rights in the subsidiary undertakings.
15. Investment in subsidiary undertakings continued
The list below includes all of the Group\u2019s employee benefit trusts as at 31 March 2023:
Country of
incorporation
CMC Markets plc Employee Share Trust Jersey
CMC Markets plc UK Share Incentive Plan England
CMC Markets plc (Discretionary Schemes) Employee Share Trust England
16. Trade and other receivables
GROUP COMPANY
31 March 2023
\u00a3\u2019000
31 March 2022
(Restated)
\u00a3\u2019000
31 March 2023
\u00a3\u2019000
31 March 2022
\u00a3\u2019000
Current
Gross trade receivables 8,721 6,546 \u2014 \u2014
Less: loss allowance (4,247) (6,219) \u2014 \u2014
Trade receivables 4,474 327 \u2014 \u2014
Amounts due from Group companies \u2014 \u2014 1,879 1,013
Prepayments 14,985 10,621 51 7
Accrued income 2,335 522 2 \u2014
Stockbroking debtors 105,103 134,325 \u2014 \u2014
Other debtors 3,719 2,413 \u2014 \u2014
130,616 148,208 1,932 1,020
Non-current
Other debtors 2,666 1,797 \u2014 \u2014
Total 133,282 150,005 1,932 1,020
Stockbroking debtors represent the amount receivable in respect of equity security transactions executed on behalf of clients with a corresponding balance
included within trade and other payables (note 21).
All amounts due from Group companies in the Company Financial Statements are repayable on demand and are non-interest bearing.
At 31 March 2023 the Group has lease receivables amounting to \u00a3384,000 (31 March 2022: \u00a3nil). The Group is an intermediate lessor on these leases and has
recognised finance income of \u00a35,000 during the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil).
17. Derivative financial instruments
Assets
GROUP
31 March 2023
Notional
amount
\u00a3m
31 March 2023
Carrying
amount
\u00a3\u2019000
31 March 2022
Notional
amount
(Restated)
\u00a3m
31 March 2022
Carrying
amount
(Restated)
\u00a3\u2019000
Held for trading
Client trading positions 120.9 13,125 76.9 8,710
Held for hedging
Forward foreign exchange contracts \u2013 economic hedges 73.6 1,106 \u2014 \u2014
Forward foreign exchange contracts \u2013 net investment hedges \u2014 \u2014 40.0 78
Total 194.5 14,231 116.9 8,788
17. Derivative financial instruments continued
Liabilities
GROUP
31 March 2023
Notional
amount
\u00a3m
31 March 2023
Carrying
amount
\u00a3\u2019000
31 March 2022
Notional
amount
(Restated)
\u00a3m
31 March 2022
Carrying
amount
(Restated)
\u00a3\u2019000
Held for trading
Client trading positions 35.7 (2,033) 37.0 (3,227)
Held for hedging
Forward foreign exchange contracts \u2013 economic hedges \u2014 \u2014 36.0 (452)
Total 35.7 (2,033) 73.0 (3,679)
The fair value of derivative contracts are based on the market price of comparable instruments at the balance sheet date. All derivative financial instruments have a
maturity date of less than one year.
Held for trading
As described in note 30, the Group enters into derivative contracts in order to hedge its market price risk exposure arising from open client trading positions.
Held for hedging
The Group\u2019s forward foreign exchange contracts are categorised as either economic or net investment hedges.
Economic hedges are held for the purpose of mitigating currency risk relating to transactional currency flows arising from earnings in foreign currencies but do not
meet the criteria for designation in a hedge accounting relationship. During the year ended 31 March 2023, \u00a3845,000 of net loss relating to economic hedges were
recognised in the consolidated income statement (year ended 31 March 2022: gains of \u00a3869,000).
The Group has designated a number of foreign exchange derivative contracts as hedges of the net investment in the Group\u2019s foreign operations. At 31 March 2023,
\u00a38,748,000 (31 March 2022: \u00a38,662,000) of fair value losses were recorded in net investment hedging reserve within other reserves. At 31 March 2023, \u00a36,304,000
(31 March 2022: \u00a37,827,000) of fair value gains were recorded in the translation reserve within other reserves.
The net investment hedge programme closed at the end of April 2022. During the year ended 31 March 2023, fair value losses of \u00a386,000 (year ended 31 March
2022: losses of \u00a31,089,000) relating to net investment hedges were recognised in other comprehensive income. All changes in the fair value were treated as being
effective under IFRS 9 \u201cFinancial Instruments\u201d; as a result there was no amount recognised directly in the income statement.
The maximum exposure to credit risk at the reporting date is the carrying value of the derivative assets at the balance sheet date.
The Group\u2019s derivative positions are reported gross on the statement of financial position, as required by IAS 32 where the criteria for offset are not met.
18. Other assets
GROUP
31 March 2023
\u00a3\u2019000
31 March 2022
\u00a3\u2019000
Exchange 1,178 953
Vaults 806 12,490
Total 1,984 13,443
Other assets are cryptocurrencies, which are owned and controlled by the Group for the purpose of hedging the Group\u2019s exposure to clients\u2019 cryptocurrency trading
positions. The fair value of cryptocurrencies are based on the market price of these instruments as at the balance sheet date.
As presented above, the Group holds cryptocurrencies on exchange and in vault. Cryptocurrencies held on vaults are held in a wallet that has additional security
features. Other assets are measured at fair value less costs to sell.
19. Financial investments
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
UK government securities
At 1 April 27,875 28,037
Purchase of securities 17,345 28,337
Maturity of securities and coupon receipts (14,878) (28,428)
Net accrued interest 440 (17)
Changes in the fair value of debt instruments at fair value through other comprehensive income (210) (54)
At 31 March 30,572 27,875
Equity securities
At 1 April 70 67
Impairment (34) \u2014
Foreign currency translation (2) 3
At 31 March 34 70
Total 30,606 27,945
The effective interest rates of UK government securities held at the year end range from 1.72% to 4.05% (31 March 2022: -0.19% to 1.72%).
GROUP
31 March 2023
\u00a3\u2019000
31 March 2022
\u00a3\u2019000
Analysis of financial investments
Non-current 34 13,448
Current 30,572 14,497
Total 30,606 27,945
Financial investments are shown as current assets when they have a maturity of less than one year and as non-current when they have a maturity of more than one
year. The majority of these UK government securities are held to meet the Group\u2019s regulatory threshold requirements under IFPR. These UK government securities
are in Stage 1 and ECL is immaterial for the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil).
20. Cash and cash equivalents
GROUP COMPANY
31 March 2023
\u00a3\u2019000
31 March 2022
\u00a3\u2019000
31 March 2023
\u00a3\u2019000
31 March 2022
(Restated)
\u00a3\u2019000
Cash and cash equivalents 146,218 176,578 586 28,446
Analysed as:
Cash at bank 146,218 176,578 586 28,446
Cash and cash equivalents comprises of cash on hand and short-term deposits. Cash and cash equivalents are short-term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. This includes money market funds. While cash and cash
equivalents are also subject to the impairment requirements of IFRS 9, the ECL is immaterial for the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil).
Analysis of net cash
GROUP
31 March 2023
\u00a3\u2019000
31 March 2022
(Restated)
\u00a3\u2019000
Cash and cash equivalents 146,218 176,578
Borrowings \u2014 (194)
Share buyback liability \u2014 (27, 264)
Lease liabilities (11,818) (14,251)
Net cash 134,400 134,869
20. Cash and cash equivalents continued
GROUP
Borrowings
\u00a3\u2019000
Lease
liabilities
\u00a3\u2019000
Share buyback
liability
\u00a3\u2019000
Changes in
liabilities arising
from financing
\u00a3\u2019000
Cash and cash
equivalents
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2021 (Restated) (1,139) (15,387) \u2014 (16,526) 118,921 102,395
Cash flows \u2014 \u2014 \u2014 \u2014 56,281 56,281
Financing cash flows 945 4,808 2,975 8,728 \u2014 8,728
Share buyback liability recognised \u2014 \u2014 (30,239) (30,239) (30,239)
Inception/modification of leases \u2014 (3,510) \u2014 (3,510) \u2014 (3,510)
Foreign exchange adjustments \u2014 (162) \u2014 (162) 1,376 1,214
At 31 March 2022 (Restated) (194) (14,251) (27, 264) (41,709) 176,578 134,869
Cash flows \u2014 \u2014 \u2014 \u2014 (29,058) (29,058)
Financing cash flows 194 5,454 27, 264 32,912 \u2014 32,912
Inception/modification of leases \u2014 (3,223) \u2014 (3,223) \u2014 (3,223)
Foreign exchange adjustments \u2014 202 \u2014 202 (1,302) (1,100)
At 31 March 2023 \u2014 (11,818) \u2014 (11,818) 146,218 134,400
21. Trade and other payables
GROUP COMPANY
31 March 2023
\u00a3\u2019000
31 March 2022
(Restated)
\u00a3\u2019000
31 March 2023
\u00a3\u2019000
31 March 2022
(Restated)
\u00a3\u2019000
Client payables 49,409 44,133 \u2014 \u2014
Tax and social security 1,272 2,242 \u2014 \u2014
Stockbroking creditors 98,428 123,875 \u2014 \u2014
Accruals and other creditors 33,175 42,376 122 176
Total 182,284 212,626 122 176
Stockbroking creditors represent the amount payable in respect of equity and securities transactions executed on behalf of clients with a corresponding balance
included within trade and other receivables (note 16).
22. Borrowings
GROUP
31 March 2023
\u00a3\u2019000
31 March 2022
\u00a3\u2019000
Current
Other liabilities \u2014 194
\u2014 194
Non-current
Other liabilities \u2014 \u2014
Amount due to Group companies \u2014 \u2014
\u2014 \u2014
Total \u2014 194
The fair value of financial liabilities is approximately equivalent to the book value shown above.
Bank loans
In March 2023, the syndicated revolving credit facility was renewed at a level of \u00a355,000,000 (31 March 2022: \u00a355,000,000) where \u00a327,500,000 had a maturity
date of March 2024 and \u00a327,500,000 had a maturity date of March 2026. This facility can only be used to meet broker margin requirements of the Group. The rate of
interest payable on any loans is the aggregate of the applicable margin and SONIA. Other fees such as commitment fees, legal fees and arrangement fees are also
payable on this facility (note 7).
No amount was outstanding on this facility at 31 March 2023 (31 March 2022: \u00a3nil).
All amounts due to Group companies in the Company financial statements are repayable on demand and are non-interest bearing.
23. Leases liabilities
The Group leases several assets including leasehold properties and computer hardware to meet its operational business requirements. The average lease term is
2.6 years.
ROU asset balances relate to both leasehold properties and computer hardware. Refer to note 13 for a breakdown of the carrying amount of ROU assets.
The movements in lease liabilities during the year were as follows:
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
At 1 April (Restated) 14,251 15,386
Additions/modifications of new leases during the year 3,223 3,510
Interest expense 658 687
Lease payments made during the year (6,112) (5,495)
Foreign currency translation (202) 163
At 31 March 11,818 14,251
GROUP
31 March 2023
\u00a3\u2019000
31 March 2022
(Restated)
\u00a3\u2019000
Analysis of lease liabilities
Non-current 6,228 9,302
Current 5,590 4,949
Total 11,818 14,251
The lease payments for the year ended 31 March 2023 relating to short-term leases amounted to \u00a3402,000 (year ended 31 March 2022: \u00a3207,000).
As at 31 March 2023 the potential future undiscounted cash outflows that have not been included in the lease liability due to lack of reasonable certainty the lease
extension options might be exercised amounted to \u00a3nil (31 March 2022: \u00a3nil).
Refer to note 29 for maturity analysis of lease liabilities.
24. Provisions
GROUP
Property
related
\u00a3\u2019000
Other
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2021 2,101 1,599 3,700
Additional provision 623 \u2014 623
Utilisation of provision (326) (1,506) (1,832)
Currency translation 18 (23) (5)
At 31 March 2022 2,416 70 2,486
Additional provision 82 856 938
Utilisation of provision (143) (370) (513)
Currency translation (9) \u2014 (9)
At 31 March 2023 2,346 556 2,902
The property-related provisions include dilapidation provisions. Dilapidation provisions have been capitalised as part of cost of ROU assets and are amortised over
the term of the lease. These dilapidation provisions are utilised as and when the Group vacates a property and expenditure is incurred to restore the property to its
original condition.
The other provisions balance as at 31 March 2023 relates to provisions made for potential litigation associated with client complaints. The expected timing of
outflows is uncertain as at 31 March 2023. The other provisions balance as at 31 March 2022 predominantly related to provisions made for client complaints linked to
market volatility during Q1 2021.
24. Provisions continued
GROUP
31 March 2023
\u00a3\u2019000
31 March 2022
\u00a3\u2019000
Analysis of total provisions
Current 815 369
Non-current 2,087 2,117
Total 2,902 2,486
25. Share capital, share premium and capital redemption reserve
Number \u00a3\u2019000
GROUP AND COMPANY 31 March 2023 31 March 2022 31 March 2023 31 March 2022
Authorised
Ordinary Shares of 25p 400,000,000 400,000,000 100,000 100,000
Allotted, issued and fully paid
Ordinary Shares of 25p 279,815,463 290,293,919 69,953 72,573
Deferred Shares of 25p 2,478,086 2,478,086 620 620
Total 282,293,549 292,772,005 70,573 73,193
Share class rights
The Company has two classes of shares, Ordinary and Deferred, neither of which carries a right to fixed income. Deferred Shares have no voting or dividend rights.
In the event of a winding-up, Ordinary Shares shall be repaid at nominal value plus \u00a3500,000 each in priority to Deferred Shares.
GROUP AND COMPANY
Ordinary Shares
Number
Deferred Shares
Number
Total
Number
At 1 April 2021 290,717,473 2,478,086 293,195,559
New shares issued 700,000 \u2014 700,000
Shares cancelled (1,123,554) \u2014 (1,123,554)
At 31 March 2022 290,293,919 2,478,086 292,772,005
New shares issued \u2014 \u2014 \u2014
Shares cancelled (10,478,456) \u2014 (10,478,456)
At 31 March 2023 279,815,463 2,478,086 282,293,549
GROUP AND COMPANY
Ordinary Shares
\u00a3\u2019000
Deferred Shares
\u00a3\u2019000
Share premium
\u00a3\u2019000
Capital
redemption
reserve
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2021 72,679 620 46,236 \u2014 119,535
New shares issued 175 \u2014 \u2014 \u2014 175
Shares cancelled (281) \u2014 \u2014 281 \u2014
At 31 March 2022 72,573 620 46,236 281 119,710
New shares issued \u2014 \u2014 \u2014 \u2014 \u2014
Shares cancelled (2,620) \u2014 \u2014 2,620 \u2014
At 31 March 2023 69,953 620 46,236 2,901 119,710
Movements in share capital and premium
During the year ended 31 March 2023, no (year ended 31 March 2022: 700,000) shares with nominal value of 25 pence were issued to Employee Benefit Trusts (\u201cEBTs\u201d).
During the year ended 31 March 2023, 10,478,456 (year ended 31 March 2022: 1,123,554) shares with nominal value of 25 pence were cancelled pursuant to the share
buyback programme.
During the year ended 31 March 2023, no Ordinary Shares were converted to Deferred Shares in accordance with the terms of grant to employees who have now
left the Group (year ended 31 March 2022: nil).
Capital redemption reserve
On 14 March 2022, the Board approved a share buyback programme with up to \u00a330.0 million to be returned to shareholders.
During the period starting 17 March 2022 and up to 19 October 2022, the Company repurchased and cancelled 11,602,010 Ordinary Shares with nominal value of
25 pence. The amount by which the Company\u2019s share capital is diminished on the cancellation of the purchased shares is transferred to the capital redemption
reserve. This amounted to \u00a32,619,614 for the year ended 31 March 2023.
26. Own shares held in trust
GROUP AND COMPANY Number \u00a3\u2019000
Ordinary Shares of 25p
At 1 April 2021 336,011 382
Acquisition 1,039,903 1,006
Utilisation (722,299) (294)
At 31 March 2022 653,615 1,094
Acquisition 460,840 1,106
Utilisation (408,688) (691)
At 31 March 2023 705,767 1,509
The shares are held by various EBTs for the purpose of encouraging or facilitating the holding of shares in the Company for the benefit of employees and the trustees
will apply the whole or part of the trust\u2019s funds to facilitate dealing in shares by such beneficiaries.
27. Other reserves
GROUP
Translation
reserve
\u00a3\u2019000
Net investment
hedging reserve
\u00a3\u2019000
FVOCI
reserve
\u00a3\u2019000
Merger
reserve
\u00a3\u2019000
Share
buyback
reserve
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 April 2021 6,066 (7, 573) (27) (47, 800) \u2014 (49,334)
Currency translation differences 1,761 \u2014 \u2014 \u2014 \u2014 1,761
Share buyback \u2014 \u2014 \u2014 \u2014 (27,264) (27, 264)
Losses on net investment hedges \u2014 (1,089) \u2014 \u2014 \u2014 (1,089)
Losses on financial investments at FVOCI \u2014 \u2014 (54) \u2014 \u2014 (54)
At 31 March 2022 7,827 (8,662) (81) (47,800) (27,264) (75,980)
Currency translation differences (1,760) \u2014 \u2014 \u2014 \u2014 (1,760)
Share buyback \u2014 \u2014 \u2014 \u2014 27, 264 27,264
Gains recycled from equity to income statement 237 \u2014 \u2014 \u2014 \u2014 237
Losses on net investment hedges \u2014 (86) \u2014 \u2014 \u2014 (86)
Losses on financial investments at FVOCI \u2014 \u2014 (210) \u2014 \u2014 (210)
At 31 March 2023 6,304 (8,748) (291) (47,800) \u2014 (50,535)
Translation reserve
The translation reserve is comprised of translation differences on foreign currency net investments held by the Group.
Net investment hedging reserve
The net investment hedge programme closed at the end of April 2022. Overseas net investments are hedged using forward foreign exchange contracts. Gains and
losses on instruments used to hedge these overseas net investments are shown in the net investment hedging reserve. These instruments hedge balance sheet
translation risk, which is the risk of changes in reserves due to fluctuations in currency exchange rates. All changes in the fair value of these hedging instruments were
treated as being effective under IFRS 9 \u201cFinancial Instruments\u201d.
FVOCI reserve
The Group holds certain UK government securities measured at FVOCI. Unrealised gains and losses arising from changes in the fair value of these financial assets
are recognised in the FVOCI reserve.
Merger reserve
The merger reserve arose following a corporate restructure in 2006 when a new holding company, CMC Markets plc, was created to bring all CMC companies
into the same corporate structure. The merger reserve represents the difference between the nominal value of the holding Company\u2019s share capital and that of the
acquired companies.
Share buyback reserve
On 14 March 2022, the Board approved a share buyback programme with up to \u00a330.0 million to be returned to shareholders. On inception of the contract, a financial
liability of \u00a330,239,000 was established representing the financial liability for the full value of the share buyback programme plus directly attributable costs.
The share buyback reserve amount is reduced by the consideration paid for the repurchased shares with a corresponding transaction recorded within Retained
earnings to reflect the consumption of distributable profits. The share buyback reserve is presented in both the consolidate and parent company statements of
changes in equity.
The shares purchased and the average price paid per share for the year ended 31 March 2023 were as follows:
Year ended 31 March Number of shares purchased Aggregate purchase amount Average price of shares purchased
2023 10,478,456 \u00a327,236,000 \u00a32.60
2022 1,123,554 \u00a32,975,000 \u00a32.65
28. Cash generated from/(used in) operations
GROUP COMPANY
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
Cash flows from operating activities
Profit before taxation 52,163 91,495 33,763 102,841
Adjustments for:
Interest income (13,927) (834) \u2014 \u2014
Dividends received \u2014 \u2014 (34,260) (103,617)
Finance costs 2,315 2,164 318 475
Depreciation 9,962 9,568 \u2014 \u2014
Amortisation of intangible assets 5,675 2,820 \u2014 \u2014
Research and development tax credit (651) (74 3) \u2014 \u2014
(Profit)/Loss on disposal of property, plant and equipment (27) 86 \u2014 \u2014
Other non-cash movements including exchange rate movements 980 (681) \u2014 \u2014
Share-based payment 1,651 356 \u2014 \u2014
Changes in working capital
Decrease /(Increase) in trade and other receivables 17,222 (18,492) 840 14,126
Decrease in amounts due from/due to brokers 17,261 57, 523 \u2014 \u2014
Decrease /(Increase) in other assets 11,459 (13,443) \u2014 \u2014
(Decrease)/Increase in trade and other payables
1
(20,792) 44,828 (54) 96
Increase in net derivative financial instruments liabilities (7,167) (1,705) \u2014 \u2014
Increase/(Decrease) in provisions 460 (1,814) \u2014 \u2014
Cash generated from operations 76,584 171,128 607 13,921
1 This change in working capital for the year ended 31 March 2023 is stated after offsetting a payment amounting to \u00a39,500,000 made to Australia and New Zealand Banking Group Limited in relation to the portfolio of
share investing clients acquired during the year ended 31 March 2022.
29. Financial instruments
Analysis of financial instruments by category
The following tables analyse financial assets and liabilities in accordance with the categories of financial instruments on an IFRS 9 basis.
31 March 2023
GROUP
Assets
at FVOCI
\u00a3\u2019000
Assets
at FVPL
\u00a3\u2019000
Assets at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 \u2014 146,218 146,218
Financial investments 30,572 34 \u2014 30,606
Amounts due from brokers \u2014 \u2014 188,154 188,154
Derivative financial instruments \u2014 14,231 \u2014 14,231
Trade and other receivables excluding non-financial assets \u2014 \u2014 117,905 117,905
30,572 14,265 452,277 497,114
31 March 2023
GROUP
Liabilities
at FVOCI
\u00a3\u2019000
Liabilities
at FVPL
\u00a3\u2019000
Liabilities at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial liabilities
Trade and other payables excluding non-financial liabilities \u2014 \u2014 (181,012) (181,012)
Amounts due to brokers \u2014 \u2014 (8,927) (8,927)
Derivative financial instruments \u2014 (2,033) \u2014 (2,033)
Lease liabilities \u2014 \u2014 (11,818) (11,818)
\u2014 (2,033) (201,757) (203,790)
29. Financial instruments continued
Analysis of financial instruments by category continued
31 March 2022 (Restated)
GROUP
Assets
at FVOCI
\u00a3\u2019000
Assets
at FVPL
\u00a3\u2019000
Assets at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 \u2014 176,578 176,578
Financial investments 27,875 70 \u2014 27,94 5
Amounts due from brokers \u2014 \u2014 208,882 208,882
Derivative financial instruments \u2014 8,788 \u2014 8,788
Trade and other receivables excluding non-financial assets \u2014 \u2014 139,383 139,383
27, 875 8,858 524,843 561,576
31 March 2022 (Restated)
GROUP
Liabilities
at FVOCI
\u00a3\u2019000
Liabilities
at FVPL
\u00a3\u2019000
Liabilities at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial liabilities
Trade and other payables excluding non-financial liabilities \u2014 \u2014 (210,384) (210,384)
Amounts due to brokers \u2014 \u2014 (12,394) (12,394)
Share buyback liability \u2014 \u2014 (27, 264) (27, 264)
Derivative financial instruments \u2014 (3,679) \u2014 (3,679)
Borrowings \u2014 \u2014 (194) (194)
Lease liabilities \u2014 \u2014 (14,251) (14,251)
\u2014 (3,679) (264,487) (268,166)
The maximum exposure to credit risk at the reporting date is the fair value of the financial assets at the balance sheet date.
31 March 2023
COMPANY
Assets
at FVOCI
\u00a3\u2019000
Assets
at FVPL
\u00a3\u2019000
Assets at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 \u2014 586 586
Trade and other receivables excluding non-financial assets \u2014 \u2014 1,879 1,879
\u2014 \u2014 2,465 2,465
31 March 2023
COMPANY
Liabilities
at FVOCI
\u00a3\u2019000
Liabilities
at FVPL
\u00a3\u2019000
Liabilities at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial liabilities
Trade and other payables excluding non-financial liabilities \u2014 \u2014 (122) (122)
\u2014 \u2014 (122) (122)
31 March 2022 (Restated)
COMPANY
Assets
at FVOCI
\u00a3\u2019000
Assets
at FVPL
\u00a3\u2019000
Assets at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 \u2014 28,446 28,446
Trade and other receivables excluding non-financial assets \u2014 \u2014 1,013 1,013
\u2014 \u2014 29,459 29,459
29. Financial instruments continued
Analysis of financial instruments by category continued
31 March 2022 (Restated)
COMPANY
Liabilities
at FVOCI
\u00a3\u2019000
Liabilities
at FVPL
\u00a3\u2019000
Liabilities at
amortised cost
\u00a3\u2019000
Total
\u00a3\u2019000
Financial liabilities
Share buyback liability \u2014 \u2014 (27, 264) (27, 264)
Trade and other payables excluding non-financial liabilities \u2014 \u2014 (176) (176)
\u2014 \u2014 (27,440) (27,440)
Maturity analysis
31 March 2023
GROUP
On demand
\u00a3\u2019000
Less than
three months
\u00a3\u2019000
Three months
to one year
\u00a3\u2019000
After
one year
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents 146,218 \u2014 \u2014 \u2014 146,218
Financial investments 34 \u2014 15,330 16,007 31,371
Amounts due from brokers 188,154 \u2014 \u2014 \u2014 188,154
Derivative financial instruments 13,125 1,106 \u2014 \u2014 14,231
Trade and other receivables excluding non-financial assets 113,283 2,465 495 1,662 117,905
460,814 3,571 15,825 17,669 497,879
Financial liabilities
Trade and other payables excluding non-financial liabilities (181,012) \u2014 \u2014 \u2014 (181,012)
Amounts due to brokers (8,927) \u2014 \u2014 \u2014 (8,927)
Derivative financial instruments (2,033) \u2014 \u2014 \u2014 (2,033)
Lease liabilities \u2014 (1,525) (4,412) (8,041) (13,978)
(191,972) (1,525) (4,412) (8,041) (205,950)
Net liquidity gap 268,842 2,046 11,413 9,628 291,929
31 March 2022 (Restated)
GROUP
On demand
\u00a3\u2019000
Less than
three months
\u00a3\u2019000
Three months
to one year
\u00a3\u2019000
After
one year
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents 176,578 \u2014 \u2014 \u2014 176,578
Financial investments 70 \u2014 14,837 13,338 28,245
Amounts due from brokers 208,882 \u2014 \u2014 \u2014 208,882
Derivative financial instruments 8,710 78 \u2014 \u2014 8,788
Trade and other receivables excluding non-financial assets 135,655 1,810 354 1,564 139,383
529,895 1,888 15,191 14,902 561,876
Financial liabilities
Trade and other payables excluding non-financial liabilities (210,384) \u2014 \u2014 \u2014 (210,384)
Share buyback liability (27,264) \u2014 \u2014 \u2014 (27,264)
Amounts due to brokers (12,394) \u2014 \u2014 \u2014 (12,394)
Derivative financial instruments (3,227) (452) \u2014 \u2014 (3,679)
Borrowings \u2014 \u2014 (194) \u2014 (194)
Lease liabilities \u2014 (1,443) (4,146) (9,506) (15,095)
(253,269) (1,895) (4,340) (9,506) (269,010)
Net liquidity gap 276,626 (7) 10,851 5,396 292,866
The amounts disclosed in the table are the contractual undiscounted cash flows, including principal and interest payments, these amounts will not reconcile to the
amounts disclosed in the Statement of Financial Position.
Given that 93% of the Group\u2019s financial assets are available on demand, there is no significant maturity risk as at 31 March 2023 (31 March 2022: 94%).
29. Financial instruments continued
Maturity analysis continued
31 March 2023
COMPANY
On demand
\u00a3\u2019000
Less than
three months
\u00a3\u2019000
Three months
to one year
\u00a3\u2019000
After
one year
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents 586 \u2014 \u2014 \u2014 586
Trade and other receivables excluding non-financial assets 1,879 \u2014 \u2014 \u2014 1,879
2,465 \u2014 \u2014 \u2014 2,465
Financial liabilities
Trade and other payables excluding non-financial liabilities (122) \u2014 \u2014 \u2014 (122)
Share buyback liability \u2014 \u2014 \u2014 \u2014 \u2014
(122) \u2014 \u2014 \u2014 (122)
Net liquidity gap 2,343 \u2014 \u2014 \u2014 2,343
31 March 2022 (Restated)
COMPANY
On demand
\u00a3\u2019000
Less than
three months
\u00a3\u2019000
Three months
to one year
\u00a3\u2019000
After
one year
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets
Cash and cash equivalents 28,446 \u2014 \u2014 \u2014 28,446
Trade and other receivables excluding non-financial assets 1,013 \u2014 \u2014 \u2014 1,013
29,459 \u2014 \u2014 \u2014 29,459
Financial liabilities
Trade and other payables excluding non-financial liabilities (176) \u2014 \u2014 \u2014 (176)
Share buyback liability (27,264) \u2014 \u2014 \u2014 (27,264)
(27,440) \u2014 \u2014 \u2014 (27,4 40)
Net liquidity gap 2,019 \u2014 \u2014 \u2014 2,019
Offseting financial instruments
The Group enters into various collateral arrangements with their counterparties. These agreements provide the Group with the right, in the ordinary course of
business and/ or in the event of a counterparty default (such as bankruptcy or a counterparty\u2019s failure to pay or perform), to net a counterparty\u2019s rights and obligations
under such agreement and, in the event of counterparty default, set off collateral held by the Group against the net amount owed by the counterparty. Certain
derivatives and broker balances, where the requirements of IAS 32 are met, are offset in the Group\u2019s consolidated balance sheet. The Group transacts bilateral OTC
derivatives (OTC derivatives) mainly under International Swaps and Derivatives Association (ISDA) Master Agreements or under terms of business for CFD clients.
These agreements provide for the net settlement of all transactions under the agreement through a single payment. They allow the Group to offset balances from
derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives
is received and provided in the form of cash. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. For derivatives
transacted with exchanges (exchange-traded derivatives), positive and negative P&L and related cash collateral may be offset if the terms of the rules and
regulations governing these exchanges and central clearing counterparties permit such netting and offset. Where no such agreements or terms exist or the Group
cannot demonstrate the intent to settle net, fair values are recorded on a gross basis, including any cross-currency exposure with the same counterparty.
Fair value estimation
IFRS 13 Fair Value Measurement requires the Group to classify its financial assets and liabilities according to a hierarchy that reflects the observability of significant
market inputs. The three levels of the fair value hierarchy are defined below:
\u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is,
derived from prices); or
\u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Valuation techniques
Specific valuation techniques used to value financial instruments include:
\u2013 The use of quoted market prices or dealer quotes for similar instruments.
\u2013 For foreign currency forwards \u2013 forward exchange rates at the balance sheet date.
There have been no changes to the fair value hierarchy or valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 March 2022: none).
29. Financial instruments continued
Fair value estimation continued
The fair value of the Group\u2019s financial assets and liabilities measured at amortised cost approximates their carrying amount.
31 March 2023
GROUP
Level 1
\u00a3\u2019000
Level 2
\u00a3\u2019000
Level 3
\u00a3\u2019000
Total
\u00a3\u2019000
Financial investments 30,572 \u2014 34 30,606
Derivative financial instruments (current assets) \u2014 14,231 \u2014 14,231
Derivative financial instruments (current liabilities) \u2014 (2,033) \u2014 (2,033)
30,572 12,198 34 42,804
31 March 2022 (Restated)
GROUP
Level 1
\u00a3\u2019000
Level 2
\u00a3\u2019000
Level 3
\u00a3\u2019000
Total
\u00a3\u2019000
Financial investments 27, 875 \u2014 70 27, 945
Derivative financial instruments (current assets) \u2014 8,788 \u2014 8,788
Derivative financial instruments (current liabilities) \u2014 (3,679) \u2014 (3,679)
27, 875 5,109 70 33,054
30. Financial risk management
The Group\u2019s day-to-day business activities naturally expose it to strategic, financial (including credit, counterparty, market and liquidity) and operational risks. The
Board accepts that it cannot place a cap or limit on all of the risks to which the Group is exposed to, however, effective risk management ensures that risks are
managed to an acceptable level. The Board is ultimately responsible for the implementation of an appropriate risk strategy, defining and communicating the Group\u2019s
risk appetite, the establishment and maintenance of effective systems and controls, and continued monitoring of the adherence to Group policies. The Group has
adopted a standard risk process, through a five-step approach to risk management: risk identification; risk assessment; risk management; risk reporting; and risk
monitoring. The approach to managing risk within the business is governed by the Board-approved Risk Appetite Statement and Risk Management Framework.
The Board sets the strategy and the policies for managing these risks and delegates the monitoring and management of these risks to various Committees including
the Executive Risk Committee, which in turn reports to the Group Risk Committee.
The Group\u2019s ICARA review document is prepared in accordance with the Investment Firm Prudential Regime (\u201cIFPR\u201d) that is articulated in the Financial Conduct
Authority\u2019s (\u201cFCA\u201d) MIFIDPRU Prudential sourcebook. The ICARA process is designed to cover the identification, monitoring and mitigation of harms, business
model planning and forecasting, recovery and wind-down planning; and assessing the adequacy of financial resources.
Financial risks arising from financial instruments are categorised into market, credit, counterparty and liquidity risks which, together with how the Group categorises
and manages these risks, are described below.
Market risk
Market risk is defined as the risk that the value of our residual portfolio will decrease due to the change in market risk factors. The three standard market risk factors
are price moves, interest rates and foreign exchange rates.
Mitigation of market risk
The Group benefits from a number of factors which also reduce the volatility of its revenue and protect it from market shocks as follows:
\u2013 Natural mitigation of concentration
The Group acts as a market maker in over 10,000 cross asset class instruments, specifically equities, equity indices, commodities, treasuries, foreign exchange and
cryptocurrencies. Due to the high level of notional turnover there is a high level of internal crossing and natural aggregation across instruments and asset classes to
mitigate significant single instrument concentration risk within the portfolio.
\u2013 Natural aggregation
In the year ended 31 March 2023, the Group had over 58,000 trading active clients. This large international client base has a diverse range of trading strategies
resulting in the Group enjoying a high degree of natural aggregation between clients. This \u201cportfolio effect\u201d leads to a significant reduction in the Group\u2019s net market
risk exposure.
\u2013 Ease of hedging
The Group predominantly acts as a market maker in linear, highly liquid financial instruments in which it can easily neutralise market risk exposure through its prime
broker (\u201cPB\u201d) arrangements. In order to avoid over-reliance on one arrangement the Group policy is to have two PBs per asset class. For instruments where there
is no equivalent underlying market (e.g. Countdowns) the Group controls its risk through setting prudent position/exposure limits. This is further augmented by
dealer monitoring and intervention, which can take the form of restricting the size offered or, if deemed necessary, restricting the clients\u2019 ability to take a position in
an instrument.
30. Financial risk management continued
Market risk continued
Market risk limits
Market risk exposures are managed in accordance with the Group\u2019s Risk Appetite Statement and Group Risk Management Framework to ensure that the Group has
sufficient capital resources to support the calculated market risk capital requirement as well as staying within its risk appetite. The Group manages this component
under notional position limits that are set on an instrument and asset class level with overarching capital-based limits.
Client exposures can vary significantly over a short period of time and are highly dependent on underlying market conditions. The Group\u2019s own funds requirements
(\u201cOFR\u201d) are calculated in accordance with the IFPR. The market risk OFR has increased compared to the prior year and remains within the Board-approved
risk appetite.
GROUP OFR
31 March 2023
\u00a3\u2019000
31 March 2022
\u00a3\u2019000
Asset class
Consolidated equities 38,872 20,284
Commodities 6,562 7, 586
Fixed income and interest rates 677 2,062
Foreign exchange 21,806 14,222
Cryptocurrencies 589 551
68,506 44,705
Market price risk \u2013 stress testing
Group Financial Risk conducts market price risk stress testing on a daily basis to quantify the potential losses to which the Group is exposed to from adverse market
moves to its residual exposure. The residual exposure is derived by all products offered to clients, after taking into account the hedging performed by the Group in
accordance with the hedging strategy.
A range of risk measurement techniques are used including Value at Risk (\u201cVaR\u201d), Expected Shortfall (\u201cES\u201d) and Stress-Testing models. The models are performed
for both likely and probable scenario as well as extreme stress scenario, where the stress factors simulate low probability high severity events to assess potential
losses from tail events.
The end-of-day market risk VaR model is performed using one day holding period with a 99% confidence interval with a 12 month lookback. A more severe stress is
also performed, based on maximum daily moves in the same lookback period.
In addition, for asset classes where the Group sees high intraday client turnover, stress testing is performed on intraday exposures by stressing the largest positions
during the trading session.
The VaR holding period is one day, therefore the model assumes exposure is maintained and does not take into account potential risk mitigation actions which the
desk can take by hedging the net exposure intraday. The stress factors are reviewed and updated periodically ensuring recent volatility is captured in the model.
The table below shows the end-of-day market risk VaR model results:
31 March
2023
\u00a3\u2019000
31 March
2022
\u00a3\u2019000
Market risk (18,284) (5,121)
Non-trading book interest rate risk
Interest rate risk arises from either less interest being earned or more being paid on interest-bearing assets and liabilities due to a change in the relevant floating rate.
Interest rate risk is felt by the Group through a limited number of channels: income on segregated client and own funds; debits on client balances that are over a pre-
defined threshold; an exposure to the credit market through liquidity money market funds; and changes to the value of fixed rate UK government securities held.
The sensitivity analysis performed is based on a reasonable and possible move in the floating rate by 1.00% upwards and 0.50% downwards.
This is summarised in the below table and reflects the Group\u2019s view that in the current economic environment, interest rate volatility is unlikely to have a significant
impact on the profits of the Group.
30. Financial risk management continued
Market risk continued
Market price risk \u2013 stress testing continued
Changes in interest rate variables result in a decrease/increase in the fair value of fixed rate financial assets classified as fair value through OCI. This has no material
impact on the Group\u2019s equity.
31 March 2023
GROUP
Absolute
increase
\u00a3\u2019000
Absolute
decrease
\u00a3\u2019000
Impact of 1.00% change 0.50% change
Profit after tax 4,274 (2,572)
Equity 4,274 (2,572)
31 March 2022
GROUP
Absolute
increase
\u00a3\u2019000
Absolute
decrease
\u00a3\u2019000
Impact of 1.25% change 0.25% change
Profit after tax 5,776 (990)
Equity 5,776 (990)
Non-trading book foreign exchange risk
Foreign exchange risk is the risk that the Group\u2019s results are impacted by movements in foreign exchange rates.
CMC is exposed to foreign exchange risk in the form of transaction and translation exposure.
Transaction exposure is from holdings of cash and other current assets and liabilities in a currency other than the base currency of the entity. This risk is hedged each
month by the Treasury team according to a policy based on a cap and floor model, with gains/losses recognised in the income statement. Any foreign exchange
transaction exposures are hedged in accordance with Group Foreign Exchange Hedging Policy. Given the effectiveness of the hedging programme (Income
statement impact in year ended 31 March 2023: loss of \u00a3845,000 (year ended 31 March 2022: gain of \u00a352,000), no sensitivity analysis has been performed. The
instruments used for economically hedging foreign exchange risk are derivative financial instruments and are reported as described in note 17.
Translation exposure occurs when the net assets of an entity are denominated in a foreign currency other than GBP, when the Consolidated Statement of Financial
Position is prepared.
Credit risk
Credit risk is the risk of losses arising from a counterparty failing to meet its obligations as they fall due. Credit risk is divided into credit, counterparty and settlement
risk. Below are the channels of credit risk the Group is exposed through:
\u2013 Financial Institutions (\u201cFIs\u201d); and
\u2013 Client.
Financial institution credit risk
The Group has relationships with a number of counterparties that provide prime brokerage and/or banking services (e.g. cash accounts, foreign exchange trading,
credit facilities, custodian services, etc.).
FI credit risk can be felt in the following ways:
\u2013 For FIs used as a bank and those as a broker, the Group does not receive the funds the FIs hold on the Group\u2019s account.
\u2013 For FIs used as a prime broker, a default will result in a loss of any unrealised profits and could cause the need to re-hedge at a different broker at a different price.
\u2013 For FIs used as a cryptocurrency counterparty, the loss of physical assets.
30. Financial risk management continued
Credit risk continued
Mitigation of FIs credit risk
To mitigate or avoid a credit loss:
\u2013 The Group maintains, where practical, a range of relationships to reduce over-reliance on a single FI \u2013 as detailed in the Group Counterparty Concentration
Risk Policy.
\u2013 The Group regularly monitors the credit worthiness of the Institutions that it is exposed to and reviews counterparties at least annually \u2013 as detailed in the Group
Hedge Counterparty Selection Policy.
Contractual losses can be reduced by the \u201cclose-out netting\u201d conditions in the ISDA and broker agreements. If a specified event of default occurs, all transactions
or all of a given type are terminated and netted (i.e. set off against each other) at market value or, if otherwise specified in the contract or if it is not possible to obtain a
market value, at an amount equal to the loss suffered by the non-defaulting party in replacing the relevant contract.
In order to manage both credit and counterparty credit risk within appetite the Group sets internal limits. As defined in the Group\u2019s policies the limits determine the
total balance that can be held with each rated FI, each unrated FI and each cryptocurrency counterparty. These limits are expressed as a maximum percentage of
capital, in the case of rated FIs, or a fixed amount for both unrated FIs and cryptocurrency counterparties. Liquidity Risk Management monitors the credit quality of all
FIs and cryptocurrency counterparties, by tracking the credit ratings issued by Standard & Poor\u2019s and Fitch rating agencies, the credit default swap (\u201cCDS\u201d) spreads
determined in the CDS market, share price, performance against a relevant index, and other relevant metrics.
All rated FIs that the Group transacts with are of investment grade quality; however, no quantitative credit rating limits are set by the Group that FIs must exceed
because the choice of suitable FIs is finite and therefore setting minimum rating limits could lead to the possibility that no FIs are able to meet them. As an alternative,
the Group reviews negative rating action and large CDS spread widening to FIs on a case-by-case basis. Should an institution\u2019s credit rating fall below investment
grade, the Risk Management Committee will be called and options discussed. Possible actions by the Group to reduce exposure to FIs depend on the nature of the
relationship and the practical availability of substitute FIs. Possible actions include the withdrawal of cash balances from a FI on a daily basis, switching a proportion of
hedge trading to another prime broker FI or ceasing all commercial activity with the FI.
The tables below present CMC Markets plc\u2019s exposure to credit institutions (or similar) based on their long-term credit rating:
31 March 2023
GROUP
Cash and cash
equivalents
\u00a3\u2019000
Amounts due
from brokers
\u00a3\u2019000
Other assets
\u00a3\u2019000
Net derivative
financial
instruments
\u00a3\u2019000
Total
\u00a3\u2019000
AA+ to AA- 52,744 \u2014 \u2014 \u2014 52,744
A+ to A- 37,138 \u2014 \u2014 \u2014 37,138
BBB+ to BBB- 41,361 182,951 \u2014 1,106 225,418
Unrated 14,975 5,203 1,984 11,092 33,254
146,218 188,154 1,984 12,198 348,554
31 March 2022 (Restated)
GROUP
Cash and cash
equivalents
\u00a3\u2019000
Amounts due
from brokers
\u00a3\u2019000
Other assets
\u00a3\u2019000
Net derivative
financial
instruments
\u00a3\u2019000
Total
\u00a3\u2019000
AA+ to AA- 56,252 \u2014 \u2014 \u2014 56,252
A+ to A- 26,618 \u2014 \u2014 \u2014 26,618
BBB+ to BBB- 79,055 185,543 \u2014 (373) 264,225
Unrated 14,653 23,339 13,443 5,482 56,917
176,578 208,882 13,443 5,109 404,012
30. Financial risk management continued
Credit risk continued
Client counterparty risk
The Group\u2019s CFD and spread bet business operates a real-time mark-to-market trading facility where clients are required to lodge collateral against positions, with
any profits and losses generated by the client credited and debited automatically to their account. As with any leveraged product offering, there is the potential for a
client to lose more than the collateral lodged.
Client counterparty risk captures the risk associated with a client defaulting on its obligations due to the Group. As the Group does not offer most of its retail clients
credit terms and has a robust liquidation process, client counterparty risk will in general only arise when markets and instruments gap and the movement in the value
of a client\u2019s leveraged portfolio exceeds the value of the equity that the client has held at the Group leaving the client account in deficit.
\u201cNegative balance protection\u201d accounts do not pose counterparty risk to the Group as the maximum loss for this account type is limited to their account value.
Further to this the Group operates as a designated clearing broker in Australia, where trading is subject to a settlement process for financial products transacted on
the Australian Security Exchange and Chi-X Australia. As a result of this clearing process, the Group has settlement risk if a client or counterparty do not fulfil their
side of the agreement by failing to deliver the underlying stock or value of the contract. While international securities trading is further offered to clients, this trading is
predominantly fully vetted, which limits the settlement exposure generation.
Mitigation of client counterparty risk
\u2013 Liquidation process
This is the automated process of closing a client\u2019s open position(s) if the account\u2019s total equity is not enough to cover a predefined percentage of required margin
for the portfolio held.
\u2013 Pre-emptive processes are also in place where a client\u2019s free equity (total equity less total margin requirement) becomes negative
1
. At this point the client\u2019s account
is restricted from increasing their position and a notification is sent inviting them to review their account.
1 Clients in some regions may use limited risk accounts, where it is guaranteed that a client cannot move to a negative equity balance.
\u2013 Tiered margin
Tiered margins were implemented in September 2013 on the Next Generation platform. It enables the Group to set higher margin rates (therefore requiring a client
to lodge more collateral) against positions that are deemed to be more risky due to risk profile, which could be due to size relative to the underlying turnover, the
Group\u2019s risk appetite or volatility of the instrument.
\u2013 Position limits
Position limits can be implemented on an instrument and client level. The instrument level enables the Group to control the total exposure the Group acquires in
a single instrument. At a client level this ensures that the client can only reach a pre-defined size in any one instrument or asset class. Additionally, a position limit
on an underlying instrument can be applied limiting the overall exposure that can be reached through different futures of the same underlying. For FX the client
position limits are based on Net Open Position (\u201cNOP\u201d) which limits the currency exposure a client can reached via different FX pairs.
Client counterparty risk stress testing
Group Financial Risk conducts client counterparty risk stress testing on a daily basis based on an internal model developed to assess the potential client
counterparty risk exposure. The Group\u2019s stress testing is based on scenarios with different severity including stress factors which simulate low probability severe
events to assess potential impact.
Client receivables history
The Group determines expected credit losses for amounts due from clients, based on historic experience and forward looking considerations. The gain for the year
was \u00a31,408,000 (year ended 31 March 2022: \u00a3575,000 expense), which amounts to 0.4% of total revenue (year ended 31 March 2022: 0.2%). During the year, trade
receivables of \u00a31,615,000 were written off, which represented 0.5% of revenue (year ended 31 March 2022: \u00a32,118,000, 0.7% of revenue).
The table below details the movement on the Group allowance for expected credit losses of trade receivables under the expected credit loss model:
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
At the beginning of the year 6,219 7,762
Loss allowance on trade receivables (reversed)/provided (357) 575
Trade receivables written off (1,615) (2,118)
At the end of the year 4,247 6,219
30. Financial risk management continued
Credit risk continued
Debt ageing analysis
The Group seeks to minimise the effects of client debts on the Company\u2019s profit and loss. Client debts are managed very early in their life cycle in order to minimise
the likelihood of them ageing. Debts that are past due carry an expected credit loss provision as set out in the table below:
31 March 2023
GROUP
Debt
\u00a3\u2019000
Provision
\u00a3\u2019000
Less than one month 936 23
One to three months 3,367 11
Three to twelve months 189 146
Over twelve months 4,229 4,066
8,721 4,247
31 March 2022
GROUP
Debt
\u00a3\u2019000
Provision
\u00a3\u2019000
Less than one month 221 28
One to three months 200 81
Three to twelve months 371 366
Over twelve months 5,754 5,744
6,546 6,219
The ECL on amounts due from brokers, accrued income and the Company\u2019s trade and other receivables balances is immaterial in both current and prior years.
Please refer to note 19 for information on the ECL on UK government securities and note 20 for information on the ECL on cash and cash equivalents.
Liquidity risk
Liquidity risk is the risk that there is insufficient available liquidity to meet the obligations of the Group as they fall due.
Liquidity is managed centrally for the Group by the Treasury team. The Group utilises a combination of liquidity forecasting and stress testing (formally in the ICARA)
to ensure that it retains access to sufficient liquid resources under both normal and stressed conditions to meet its liabilities as they fall due. Liquidity forecasting
incorporates the impact of liquidity regulations in force in each jurisdiction that the Group is active in and other impediments to the free movement of liquidity around
the Group, including its own protocols on minimum liquidity to be retained by overseas entities.
Liquidity stress testing is performed quarterly using a range of firm-specific and market-wide scenarios that represent severe but plausible stress events that the
Group could be exposed to over the short and medium term. The Group ensures that the tests are commensurate to its current and future liquidity risk profile. Output
from the quarterly stress testing process is used to calibrate a series of limits and metrics which are monitored and reported to senior management daily. This
process seeks to ensure that the Group has appropriate sources of liquidity in place to meet its liabilities as they fall due under both \u201cbusiness as usual\u201d and stressed
conditions. Due to the risk management strategy adopted and the changeable scale of the client trading book, the largest and most variable consumer of liquidity is
PB margin requirements. The collateral calls are met in cash from own funds but to ensure liquidity is available for extreme spikes, the Group has a committed bank
facility of \u00a355.0 million to meet short-term liquidity obligations to PBs in the event that it does not have sufficient access to own cash and to leave a sufficient liquidity
buffer to cope with a stress event.
The Group does not actively engage in maturity transformation as part of its underlying business model and therefore maturity mismatch of assets and liabilities does
not represent a material liquidity risk. The maturity analysis tables are presented in note 29.
30. Financial risk management continued
Liquidity risk continued
Own funds
Own funds is a key measure the Group uses to monitor the overall level of liquidity available to the Group. Own funds includes investments in UK government
securities, the majority of which are held to meet the Group\u2019s regulatory threshold requirements under IFPR. The derivation of own funds is shown in the table below:
GROUP
31 March 2023
\u00a3\u2019000
31 March 2022
(Restated)
\u00a3\u2019000
Cash and cash equivalents (net of bank overdraft) 146,218 176,578
Amount due from brokers 188,154 208,882
Other assets 1,984 13,443
Financial investments 30,606 27,945
Derivative financial instruments (excluding Client CFD positions) (current assets) 1,106 78
368,068 426,926
Less: title transfer funds (49,409) (44,133)
Less: Amount due to brokers (8,927) (12,394)
Less: derivative financial instruments (excluding Client CFD positions) (current liabilities) \u2014 (452)
Own funds 309,732 369,947
The following Own Funds Flow Statement summarises the Group\u2019s generation of own funds during each year and excludes all cash flows in relation to monies
held on behalf of clients. Additionally, short-term financial investments, amounts due from brokers and amounts receivable/(payable) on the derivative financial
instruments have been included within \u201cown funds\u201d in order to provide a clear presentation of the Group\u2019s potential cash resources.
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
(Restated)
\u00a3\u2019000
Operating activities
Profit before tax 52,163 91,495
Adjustments for:
Depreciation and amortisation 15,637 12,388
Other non-cash adjustments 1,629 (1,124)
Tax pai d (17,060) (14,651)
Own funds generated from operating activities 52,369 88,108
Movement in working capital (13,995) 9,032
Outflow from investing activities
Net purchase of property, plant and equipment and intangible assets (28,221) (15,813)
Other outflow from investing activities (8) (998)
Outflow from financing activities
Dividends paid (35,040) (72,604)
Share buyback (27,264) (2,975)
Other outflow from financing activities (6,754) (6,584)
Total outflow from investing and financing activities (97,287) (98,974)
(Decrease)/increase in own funds (58,913) (1,834)
Own funds at the beginning of the year 369,947 370,405
Effect of foreign exchange rate changes (1,302) 1,376
Own funds at the end of the year 309,732 369,947
Capital management
The Group\u2019s objectives for managing capital are as follows:
\u2013 to comply with the capital requirements set by the financial market regulators to which the Group is subject;
\u2013 to ensure that all Group entities are able to operate as going concerns and satisfy any minimum externally imposed capital requirements; and
\u2013 to ensure that the Group maintains a strong capital base to support the development of its business.
30. Financial risk management continued
Capital management continued
The capital resources of the Group consist of equity, being share capital reduced by own shares held in trust, share premium, other reserves and retained earnings,
which at 31 March 2023 totalled \u00a3374,015,000 (31 March 2022 Restated: \u00a3368,878,000). The Group has been compliant with all applicable prudential regulatory
requirements to which it is subject throughout the year.
The Group\u2019s ICARA review document, prepared in accordance with FCA requirements, is an ongoing assessment of CMC Markets plc\u2019 risks and risk mitigation
strategies, to ensure that adequate financial resources are maintained against risks that the Group wishes to take to achieve its business objectives.
The outcome of the ICARA is presented as an Internal Capital and Liquidity Assessment document covering the Group. It is reviewed and approved by the Board on
an annual basis.
Disclosure documents have been prepared that contain relevant information regarding the Group\u2019s FCA regulated entities\u2019 capital adequacy, risk management
objectives and policies, governance and remuneration policies and practices. These are available on the CMC Markets plc website (www.cmcmarkets.com/group).
The Group\u2019s country-by-country reporting disclosure is also available in the same location on the website.
31. Share-based payment
The Group operates both equity and cash settled share options schemes for certain employees including Directors.
Current awards have been granted under the terms of the Management Equity Plan 2015 (\u201c2015 MEP\u201d), the Combined Incentive Plan (\u201c2018 CIP\u201d), the UK Share
Incentive Plan (\u201cUK SIP\u201d) and the International Share Incentive Plan (\u201cAustralian SIP\u201d). Equity settled schemes are offered to certain employees, including Executive
Directors in the UK and Australia and automatically vest on vest date subject to conditions described below for each scheme. Cash settled schemes are offered to
certain employees outside of the UK and Australia. Equity schemes for UK employees are settled net of employee taxes due. The rights of participants in the various
employee share schemes are governed by detailed terms, including in relation to arrangements which would apply in the event of a takeover.
Consolidated Income statement charge for share-based payments
The total costs relating to these schemes for the year ended 31 March 2023 was \u00a32,229,000 (year ended 31 March 2022: \u00a32,418,000).
For the year ended 31 March 2023 the charge relating to equity settled share-based payments was \u00a32,123,000 (year ended 31 March 2022: \u00a32,269,000) and the
charge relating to cash settled share-based payments was \u00a3106,000 (year ended 31 March 2022: \u00a3149,000).
No shares were gifted to employees during the year (year ended 31 March 2022: nil).
Current schemes
2015 MEP
Share awards granted under the 2015 MEP are predominantly equity settled, with the exception of certain participants that are cash settled. The awards granted
have been in the form of \u201cnon-market performance\u201d awards. The Remuneration Committee approves any awards made under the 2015 MEP. Current schemes are:
\u2013 Long Term Incentive Plan: awards to senior management and critical staff, excluding Executive Directors. The awards have dividend equivalence where
additional shares will be awarded in place of dividends on vesting. The only vesting conditions of the 2020 and 2021 equity settled awards is that employees
remain employed by the Group, with the 2022 equity awards having a non-market performance condition of cumulative PBT over a three-year period in addition
to remaining employed by the Group. This was revised in May 2023, with the performance condition now being aligned to net operating income over the
same period.
The fair value of awards were calculated using the average of the share price three days prior to the grant date.
2018 CIP
Share awards granted to the Executive Directors under the 2018 CIP have been in the form of conditional awards and are equity settled. The Remuneration
Committee approves any awards made under the 2018 CIP. Shares awarded are deferred over a period of at least three years subject to a performance underpin.
The Committee will review Group performance over the relevant period, taking into account factors such as a) the Company\u2019s TSR performance, b) aggregate profit
levels and c) any regulatory breaches during the period.
31. Share-based payment continued
Current schemes continued
2018 CIP continued
Number
Scheme
Share price
at award Vesting date
At the start
of the year
Awarded
during the
year
Forfeited
during the
year
Dividend
equivalent
awarded
during the
year
Exercised
during the
year
At the end
of the year
Combined Incentive Plan 349.2p 20 July 2023 104,779 \u2014 \u2014 2,995 \u2014 107,774
Combined Incentive Plan 349.2p 20 July 2024 78,584 \u2014 \u2014 2,247 \u2014 80,831
Combined Incentive Plan 349.2p 20 July 2025 78,581 \u2014 \u2014 2,247 \u2014 80,828
Combined Incentive Plan 445.8p 22 July 2024 114,418 \u2014 \u2014 3,274 \u2014 117,692
Combined Incentive Plan 445.8p 21 July 2025 85,813 \u2014 \u2014 2,455 \u2014 88,268
Combined Incentive Plan 445.8p 20 July 2026 85,813 \u2014 \u2014 2,455 \u2014 88,268
Combined Incentive Plan 280.8p 14 July 2025 \u2014 93,422 \u2014 3,366 \u2014 96,788
Combined Incentive Plan 280.8p 13 July 2026 \u2014 70,067 \u2014 2,524 \u2014 72,591
Combined Incentive Plan 280.8p 12 July 2027 \u2014 70,067 \u2014 2,524 \u2014 72,591
Long Term Incentive Plan 349.2p 20 July 2022 492,440 \u2014 (17,224) \u2014 (475,216) \u2014
Long Term Incentive Plan 445.8p 20 July 2023 442,513 \u2014 (55,387) 14,967 \u2014 402,093
Long Term Incentive Plan 280.8p 20 July 2025 \u2014 1,515,656 (94,485) 51,849 \u2014 1,473,020
Total 1,482,941 1,749,212 (167,096) 90,903 (475,216) 2,680,744
The weighted average share price at exercise of awards was 292.0 pence and the weighted average exercise price of exercised awards for UK participants (346,736
shares) was \u00a3nil and for Australian participants (128,480 shares) was \u00a3nil. The weighted average remaining contractual life of share awards outstanding at 31 March 2023
was 2.0 years and the weighted average share price of awards granted during the period was 280.8 pence.
In addition, cash settled awards have been granted and vest in periods from April 2023 to July 2025. Balances of 32,484 awards, 55,792, 14,534 awards, 15,899 awards
and 206,402 awards in each of the five tranches remained at the end of the period, with a total carrying value of \u00a3197,000 as at 31 March 2023 (31 March 2022:
\u00a3369,000). All of these awards benefit from dividend equivalence. The value of these awards is the share price on the date these awards vest. The weighted average
remaining contractual life of share awards outstanding at 31 March 2023 was 1.7 years and the weighted average exercise price of exercised awards was \u00a3nil.
UK and Australia SIP awards
Shares awarded under the UK SIP scheme are held in trust in accordance with UK tax authority conditions and all shares awarded under the Australian scheme are
held in a UK trust. Employees are entitled to receive dividends in the form of additional shares on the shares held in trust as long as they remain employees.
UK employees are invited to subscribe for up to \u00a31,800 of partnership shares relating to each tax year with the Company matching on a one-for-one basis. All matching
shares vest after three years should the employee remain employed by the Group for the term of the award.
Australian employees are invited to subscribe for up to the equivalent of \u00a31,800 of investment shares with the Company matching on a one-for-one basis. Matching
shares for each scheme vest on the third anniversary after award date should the employee remain employed by the Group for the term of the award.
31. Share-based payment continued Current schemes continued UK and Australia SIP awards continued Number Country of award Award date Share price at award Vesting period/date At the start of the year Awarded during the year Forfeited during the year Exercised during the year At the end of the year UK April 2019 to March 2020 79.3p to 179.2p April 2022 to March 2023 94,226 \u2014 (3,305) (90,921) \u2014 UK April 2020 to March 2021 194.6p to 425.2p April 2023 to March 2024 48,924 \u2014 (3,116) \u2014 45,808 UK April 2021 to March 2022 225.8p to 518.0p April 2024 to March 2025 73,513 \u2014 (6,655) \u2014 66,858 UK April 2022 to March 2023 219.0p to 313.6p April 2025 to March 2026 \u2014 104,159 (6,320) \u2014 97,839 Australia 5 April 2019 83.5p 5 April 2022 6,432 \u2014 \u2014 (6,432) \u2014 Australia 5 April 2020 201.0p 5 April 2023 3,179 \u2014 (865) \u2014 2,314 Australia 6 April 2021 527.0p 6 April 2024 2,904 \u2014 (341) \u2014 2,563 Australia 6 April 2022 270.0p 8 April 2025 \u2014 3,175 (1) \u2014 3,174 Total 229,178 107,334 (20,603) (97,353) 218,556 The weighted share price at the exercise date of awards exercised during the year ended 31 March 2023 was 253.5 pence (year ended 31 March 2022: 366.9 pence). The fair value of SIP awards is determined to be the share price at grant date without making adjustments for dividends as awardees are entitled to dividend equivalents over the vesting period. Movement in share options 1,947,449 new share awards were granted in the year ended 31 March 2023 (year ended 31 March 2022: 890,633) and these are detailed above in the current schemes section. Movements in the number of share awards outstanding are as follows: GROUP Year ended 31 March 2023 Number Year ended 31 March 2022 Number At beginning of year 1,712,119 2,038,686 Awarded (including dividend equivalents) 1,947,449 890,633 Forfeited (187,699) (93,628) Exercised (572,569) (1,123,572) At end of year 2,899,300 1,712,119 32. Retirement benefit plans A defined contribution plan is a post-employment benefit plan into which the Group pays fixed contributions to a third-party pension provider and has no legal or constructive obligation to pay further amounts. Contributions are recognised as staff expenses in the income statement in the years during which related employee services are fulfilled. The Group operates defined contribution pension schemes for its Directors and employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension charge for these plans for the year ended 31 March 2023 was \u00a32,743,000 (year ended 31 March 2022: \u00a32,230,000) . 33. Correction of errors
The consolidated income statement for the year ended 31 March 2022, the consolidated statement of financial position as at 31 March 2022 and as at 1 April 2021
and consolidated statement of cash flows for the year ended 31 March 2022 have been restated for the following reasons:
1. The Group recorded certain amounts relating to levies payable on its UK properties as part of the lease liabilities and calculated the value of the right of use assets
accordingly at the inception of these leases. The statutory obligation to settle these levies rests with the Group and is not linked to the leases. The inclusion of these
levies as part of lease liabilities and right of use assets was recorded incorrectly and as a result the Consolidated income statement, Consolidated statement of
financial position and Consolidated statement of Cash flows have been restated.
2. IAS 32: Financial instruments: Presentation \u2013 Offsetting provisions
The Group has relationships with a number of FIs that provide brokerage services. The Group holds funds with these FIs in various currencies and enters into
contracts with these FIs which include derivative financial instruments. Upon review of the legal contracts entered into with these FIs it was concluded that the
criteria for offsetting a financial asset and a financial liability as set out in IAS 32 \u201cFinancial Instruments : Presentation\u201d is not met for certain FIs. The Consolidated
statement of financial position has been restated to correct this error.
In addition, the Group has historically presented all its Current Tax recoverables / Current tax payables as a net figure on the Statement of Financial position at the
end of the year. This presentation is incorrect as the net amount presented represents amounts recoverable / payable from / to various tax authorities across the
jurisdictions where the Group operates. A Gross presentation is more accurate as individual amounts recoverable / payable from a tax authorities represents a
separate asset / liability.The Consolidated statement of financial position has been restated to correct this error.
3. The Group offers CFDs and portfolio services to its clients in various jurisdictions and segregates client funds in accordance with the rules set by various regulators
within these jurisdictions. In one jurisdiction the Group is not permitted to segregate unrealised client profits / losses in to the pooled segregated client money bank
accounts. Segregation only takes place once the profits / losses have realised. The Group has previously presented these unrealised client losses / profits within
Trade and other receivables or Trade and other payable respectively. As these unrealised profits / losses relate to derivative products, the correct presentation is
within Derivative financial instruments within Current assets and Current liabilities. The Consolidated statement of financial position has been restated to correct
this error.
4. The Group acquired a portfolio of Share Investing clients from Australia and New Zealand Banking Group Limited (\u201cANZ\u201d) in a transaction amounting to
AUD$25.0 million (\u00a313,317,000) during the year ended 31 March 2022. This investment in intangible assets was presented in the condensed consolidated
statement of cash flows as fully settled in cash during the year ended 31 March 2022. This transaction was presented incorrectly in the condensed consolidated
statement of cash flows as only a third of the amount was paid as at 31 March 2022 to settle the associated liability. Comparative periods have been restated to
reflect this correction in the tables below. All amounts due were settled as at 31 March 2023.
Consolidated income statement for the year ended 31 March 2022
GROUP
Year end
31 March 2022
(Reported)
\u00a3\u2019000
Restatement 1
\u00a3\u2019000
Year end
31 March 2022
(Restated)
\u00a3\u2019000
Operating expenses (187,637) (654) (188,291)
Operating profit 94,313 (654) 93,659
Finance costs (2,177) 13 (2,164)
Profit before taxation 92,136 (641) 91,495
Taxation (20,138) 122 (20,016)
Profit for the year attributable to owners of the parent 71,998 (519) 71,479
Please note we have reclassified the impairment line in the consolidated income statement for the year ended 31 March 2022 to operating expenses for
presentational purposes.
33. Correction of error continued
Consolidated statement of financial position as at 31 March 2022
GROUP Note
Year end
31 March 2022
(Reported)
\u00a3\u2019000
Restatement 1
\u00a3\u2019000
Restatement 2
\u00a3\u2019000
Restatement 3
\u00a3\u2019000
Year end
31 March 2022
(Restated)
\u00a3\u2019000
Non-current assets
Property, plant and equipment 13 24,941 (1,771) \u2014 \u2014 23,170
Total non-current assets 76,536 (1,771) \u2014 \u2014 74,765
Current assets
Trade and other receivables 16 156,917 \u2014 \u2014 (8,709) 148,208
Derivatives financial instruments 17 2,359 \u2014 (2,280) 8,709 8,788
Current tax recoverable \u2014 350 1,299 \u2014 1,649
Amounts due from brokers 196,117 \u2014 12,765 \u2014 208,882
Total current assets 559,911 350 11,784 \u2014 572,045
Total assets 636,447 (1,421) 11,784 \u2014 646,810
Current liabilities
Trade and other payables 21 215,853 \u2014 \u2014 (3,227) 212,626
Amounts due to brokers \u2014 \u2014 12,394 \u2014 12,394
Derivatives financial instruments 17 2,362 \u2014 (1,910) 3,227 3,679
Lease liabilities 23 4,916 33 \u2014 \u2014 4,949
Current tax payable 429 \u2014 1,300 \u2014 1,729
Total current liabilities 251,387 33 11,784 \u2014 263,204
Non-current liabilities
Lease liabilities 23 9,269 33 \u2014 \u2014 9,302
Total non-current liabilities 14,695 33 \u2014 \u2014 14,728
Total liabilities 266,082 66 11,784 \u2014 277,932
Equity
Retained earnings 327,729 (1,487) \u2014 \u2014 326,242
Total equity 370,365 (1,487) \u2014 \u2014 368,878
Total equity and liabilities 636,447 (1,421) 11,784 \u2014 646,810
33. Correction of error continued
Consolidated statement of financial position as at 1 April 2021
GROUP Note
As at 1 April 2021
(Reported)
\u00a3\u2019000
Restatement 1
\u00a3\u2019000
Restatement 2
\u00a3\u2019000
Restatement 3
\u00a3\u2019000
As at 1 April 2021
(Restated)
\u00a3\u2019000
Non-current assets
Property, plant and equipment 26,105 (1,134) \u2014 \u2014 24,971
Total non-current assets 44,605 (1,134) \u2014 \u2014 43,471
Current assets
Trade and other receivables 127,119 \u2014 \u2014 2,599 129,718
Derivatives financial instruments 3,241 \u2014 (3,071) 6,044 6,214
Current tax recoverable 1,749 227 257 \u2014 2,233
Amounts due from brokers 253,895 \u2014 13,911 \u2014 267. 806
Total current assets 533,029 227 11,097 8,643 552,996
Total assets 577,634 (907) 11,097 8,643 596,467
Current liabilities
Trade and other payables 152,253 \u2014 \u2014 6,044 158,297
Amounts due to brokers \u2014 \u2014 13,796 \u2014 13,796
Derivatives financial instruments 3,077 \u2014 (2,956) 2,599 2,720
Lease liabilities 4,599 18 \u2014 \u2014 4,617
Current tax payable \u2014 \u2014 257 \u2014 257
Total current liabilities 162,763 18 11,097 8,643 182,521
Non-current liabilities
Lease liabilities 10,727 43 \u2014 \u2014 10,770
Total non-current liabilities 14,354 43 \u2014 \u2014 14,397
Total liabilities 177,117 61 11,097 8,643 196,918
Equity attributable to owners of the Company
Retained earnings 330,698 (968) \u2014 \u2014 329,730
Total equity 400,517 (968) \u2014 \u2014 399,549
Total equity and liabilities 577,634 (907) 11,097 8,643 596,467
Consolidated statement of cash flows for the year ended 31 March 2022
GROUP Note
Year end
31 March 2022
(Reported)
\u00a3\u2019000
Restatements 1 and 4
\u00a3\u2019000
Year end
31 March 2022
(Restated)
\u00a3\u2019000
Cash flows from operating activities
Cash generated from operations 28 181,795 (10,667) 171,128
Finance costs paid \u2014 (2,138) (2,138)
Net cash generated from operating activities 168,886 (12,805) 156,081
Cash flows from investing activities
Investment in intangible assets (21,813) 9,500 (12,313)
Net cash used in investing activities (27,137) 9.500 (17,637)
Cash flows from financing activities
Principal elements of lease payments (5,962) 1,154 (4,808)
Finance costs paid (2,151) 2,151 \u2014
Net cash used in financing activities (85,468) 3,305 (82,163)
The above presentation of consolidated statement of cash flows includes a change in accounting policy whereby finance costs paid are presented within cash flows
from operating activities.
33. Correction of error continued
The Parent company statement of financial position as at 31 March 2022 and as at 1 April 2021 and Parent company statement of cash flows for the year ended 31
March 2022 have been restated for the following reason:
5. The Company has Employee Benefit Trusts that hold shares on the behalf of employees for share based payment schemes and acts on the Company\u2019s
instructions to distribute the shares to employees upon vesting. The application of look-through accounting for the relationship was incorrectly applied and as
a result comparatives periods have been restated to reflect this correction in the below tables. In addition, amounts contributed by subsidiaries in relation to
share-based payments was over-stated by \u00a31,127,000 within the Parent company statement of cash flow. This error has been corrected and presented within
Restatement 5 below.
Parent company statement of financial position as at 31 March 2022
COMPANY Note
Year end
31 March 2022
(Reported)
\u00a3\u2019000
Restatement 5
\u00a3\u2019000
Year end
31 March 2022
(Restated)
\u00a3\u2019000
Non-current assets
Investment in subsidiary undertakings 15 168,962 (1,240) 167,722
Total non-current assets 168,962 (1,240) 167,722
Current assets
Cash and cash equivalents 20 28,263 183 28,446
Total current assets 29,283 183 29,466
Total assets 198,245 (1,057) 197,188
Current liabilities
Trade and other payables 21 143 33 176
Total current liabilities 27,407 33 27,440
Total liabilities 27,407 33 27,440
Equity attributable to owners of the Company
Own shares held in trust 26 \u2014 (1,094) (1,094)
Retained earnings 78,392 4 78,396
Total equity 170,838 (1,090) 169,74 8
Total equity and liabilities 198,245 (1,057) 197,188
Parent company statement of financial position as at 1 April 2021
COMPANY Note
As at 1 April2021
(Reported)
\u00a3\u2019000
Restatement 5
\u00a3\u2019000
As at 1 April 2021
(Restated)
\u00a3\u2019000
Non-current assets
Investment in subsidiary undertakings 168,111 (504) 167,607
Total non-current assets 168,111 (504) 167,607
Current assets
Cash and cash equivalents 167 145 312
Total current assets 14,186 145 14,331
Total assets 182,297 (359) 181,938
Current liabilities
Trade and other payables 60 20 80
Total current liabilities 60 20 80
Total liabilities 13,609 20 13,629
Equity attributable to owners of the Company
Own shares held in trust \u2014 (382) (382)
Retained earnings 49,153 3 49,156
Total equity 168,688 (379) 168,309
Total equity and liabilities 182,297 (359) 181,938
33. Correction of error continued
Parent company statement of cash flow for the year ended 31 March 2022
COMPANY Note
Year end
31 March 2022
(Reported)
\u00a3\u2019000
Restatement 5
\u00a3\u2019000
Year end
31 March 2022
(Restated)
\u00a3\u2019000
Cash flows from operating activities
Cash generated from operations 28 12,784 1,137 13,921
Net cash generated from operating activities 12,309 1,137 13,446
Cash flows from investing activities
Investment in subsidiaries (1,030) 1,030 \u2014
Amounts contributed by subsidiaries in relation to share-based payments 2,157 (1,127) 1,030
Net cash generated from investing activities 104,744 (97) 104,647
Cash flows from financing activities
Proceeds from issue of Ordinary Shares 175 (175) \u2014
Acquisition of own shares \u2014 (831) (831)
Dividends paid (72,608) 4 (72,604)
Net cash used in financing activities (89,957) (1,002) (89,959)
Net increase in cash and cash equivalents 28,096 38 28,134
Cash and cash equivalents at the beginning of the year 167 145 312
Cash and cash equivalents at the end of the year 28,263 183 28,446
34. Related party transactions
Company
The amounts outstanding with Group entities at year end were as follows:
COMPANY
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Amounts due from subsidiaries 1,879 1,013
All amounts above are repayable on demand and are non-interest bearing.
Group
Transactions between the Group and its other related parties are disclosed below:
Compensation of key management personnel
GROUP
Year ended
31 March 2023
\u00a3\u2019000
Year ended
31 March 2022
\u00a3\u2019000
Key management compensation:
Short-term employee benefits 2,620 2,599
Post-employment benefits 57 50
Share-based payments 609 462
3,286 3,111
Aggregate remuneration of highest paid Director 871 858
Key management comprises the Board of CMC Markets plc only. Compensation of key management personnel is disclosed in the Directors\u2019 remuneration report
on page 98.
During the year \u00a35,592.23 relating to a personal expense for Lord Cruddas was paid by CMC Markets UK plc due to an administrative error. This amount will be
reimbursed.
Directors\u2019 transactions
A number of the Directors have company credit cards and have, during the course of the year, used the company credit cards for personal expenses. All personal
expenses have been reimbursed by the Directors, with the exception of the item above.
There were no other transactions with Directors.
35. Contingent liabilities
The Group operates in a number of jurisdictions around the world and as a result uncertainties exist regarding the interpretation of regulatory, tax and legal matters
in these territories. In addition, the Group engages in partnership contracts that could result in non-performance claims and from time-to-time is involved in disputes
during the ordinary course of business.
Sometimes legal disputes can have a financially significant face value, but the Group\u2019s experience is that such claims are usually resolved without any material loss.
The Group provides for claims where costs are likely to be incurred.
Where there are uncertainties regarding regulatory, tax and legal matters and a provision has not been made and there are no contingent liabilities where the Group
considers any material adverse financial impact to be probable.
Notice of class action lawsuit
The Group received notice of a class action lawsuit being brought against one of its operating entities on 31 May 2022. The scope of the claim is still being defined,
and there has been no material progress. As a result an assessment regarding the probability and size of financial outflow cannot be determined.
ANZ commitment
As at 31 March 2023, the Group had a commitment to the Australian and New Zealand Banking Group Limited (\u2018ANZ\u2019) of up to AUD$25 million should ANZ have
recourse over the Group as a result of CMC Markets Stockbroking Limited not meeting certain obligations under its white label contractual arrangement with
ANZ. This commitment is classed as a contingent liability as neither the probability nor amount of any potential outflow could be determined. This commitment and
associated letter of credit which existed on 31 March 2023 was extinguished on 22 May 2023.
Brexit approach
There is regulatory uncertainty regarding the Group\u2019s historical approach to the use of reverse solicitation provisions allowing EEA clients to trade with UK subsidiaries after
31 December 2020. The risk to the approach has now been mitigated given the majority of EEA clients\u2019 activities with the UK subsidiary ceased prior to 31 March 2021. The
Group continues to engage with the regulatory authorities in the EEA markets where the UK subsidiary continued to service clients after 31 December 2020. Whilst it is
possible that regulatory censure may result from these matters, they are in their early stages and such an outcome is not currently considered probable.
UK banking surcharge
In the absence of them qualifying for a specific exemption, the Group\u2019s regulated companies in the UK would be subject to the Bank Corporation Tax surcharge of 8%
on taxable profits over \u00a325 million. The Group has concluded that the relevant entities meet the exemption requirements and therefore the related tax charge, which
would amount to \u00a323.4 million (31 March 2022: \u00a321.8 million) in respect of all relevant periods, has not been provided for. The Group\u2019s position is supported by external
advice although it is possible that it could be challenged.
36. Ultimate controlling party
The Group\u2019s ultimate controlling party is Lord Cruddas by virtue of his majority shareholding in CMC Markets plc.
37. Events after the reporting period
On 6 June 2023 a subsidiary of the Group made a \u00a32.8 million investment in StrikeX Technologies, a technology start up focused on Web3-enabled software and
tokenisation technology.
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"value": "Corporate information CMC Markets plc (the \u201cCompany\u201d) is a public company limited by shares incorporated in the United Kingdom and domiciled in England and Wales under the Companies Act 2006. The nature of the operations and principal activities of CMC Markets plc and its subsidiaries (collectively the \u201cGroup\u201d) are set out in note 3. ",
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"value": "CMC Markets plc (the \u201cCompany\u201d) is a public company limited by shares incorporated in the United Kingdom and domiciled in England and Wales under the ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-369": {
"value": "Functional and presentation currency Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The Group\u2019s Financial Statements are presented in Sterling (GBP), which is the Company\u2019s functional and the Group\u2019s presentation currency. Foreign operations are included in accordance with the policies set out in note 2. ",
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"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-370": {
"value": "Going concern The Directors have prepared the Financial Statements on a going concern basis which requires the Directors to have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. The Group has considerable financial resources, a broad range of products and a geographically diversified business. Consequently, the Directors believe that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Directors have reasonable expectation that the Group has adequate resources for that period and believe it is appropriate to adopt the going concern basis in preparing the Financial Statements. Further details are set out in the Viability statement on page 66. ",
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"fact-371": {
"value": "Basis of accounting The Financial Statements of the Group and the Company have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The Financial Statements of the Group and the Company have been prepared in accordance with the going concern basis, under the historical cost convention, except in the case of \u201cFinancial instruments at fair value through profit or loss (\u201cFVPL\u201d)\u201d and \u201cFinancial instruments at fair value through other comprehensive income (\u201cFVOCI\u201d)\u201d. The financial information is rounded to the nearest thousand except where otherwise indicated. The Company and Group\u2019s principal accounting policies adopted in the preparation of these Financial Statements are set out in note 2 below. These policies have been consistently applied to all years presented, with the exception of the adoption of the new and revised standards as set out below. The Financial Statements presented are at and for the years ended 31 March 2023 and 31 March 2022. Financial annual years are referred to as 2023 and 2022 in the Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-436": {
"value": "The Financial Statements of the Group and the Company have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and the disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-372": {
"value": "Application of new and revised accounting standards The following standards and interpretations applied for the first time in the current financial year, but do not have a significant impact on the Financial Statements of the Company and the Group: Reference to the conceptual framework \u2013 Amendments to IFRS 3 Annual improvements to IFRS Standards 2018-2020 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-437": {
"value": "Application of new and revised accounting standards The following standards and interpretations applied for the first time in the current financial year, but do not have a significant impact on the Financial Statements of the Company and the Group: Reference to the conceptual framework \u2013 Amendments to IFRS 3 Annual improvements to IFRS Standards 2018-2020 New accounting standards in issue but not yet effective At the date of authorisation of the Financial Statements, the following new standards and interpretations relevant to the Company and the Group were in issue but not yet effective and have not been applied to the Financial Statements: IFRS 17 \u201cInsurance Contracts\u201d Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 Definition of Accounting Estimate \u2013 Amendments to IAS 8 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Company and the Group in future periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-373": {
"value": "New accounting standards in issue but not yet effective At the date of authorisation of the Financial Statements, the following new standards and interpretations relevant to the Company and the Group were in issue but not yet effective and have not been applied to the Financial Statements: IFRS 17 \u201cInsurance Contracts\u201d Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 Definition of Accounting Estimate \u2013 Amendments to IAS 8 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Company and the Group in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-374": {
"value": "Basis of consolidation The Financial Statements incorporate the financial information of the Company and its subsidiaries. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. CMC Markets plc became the ultimate holding company of the Group under a Group reorganisation in 2006. The pooling of interests method of accounting was applied to the Group reorganisation as it fell outside the scope of IFRS 3 \u201cBusiness Combinations\u201d. The Directors adopted the pooling of interests as they believed it best reflected the true nature of the Group. All other business combinations have been accounted for by the acquisition method of accounting. Under the acquisition method of accounting, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured initially at their fair values at the date of acquisition, irrespective of the extent of any minority interest. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Acquisition-related costs are expensed as incurred. Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those adopted by the Group. All inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-375": {
"value": "Significant accounting judgements and estimates The preparation of Financial Statements in conformity with IFRSs requires the use of certain significant accounting judgements. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or where assumptions and estimates are significant to the Consolidated Financial Statements are: Contingent liabilities Judgement has been applied in evaluating the accounting treatment of the specific matters described in note 35 (Contingent Liabilities), notably the probability of any obligation or future payments arising. Accounting for cryptocurrencies The Group has recognised \u00a31,984,000 (31 March 2022: \u00a313,443,000) of cryptocurrency assets and rights to cryptocurrency assets on its Statement of Financial Position as at 31 March 2023. These assets are used for hedging purposes and held for sale in the ordinary course of business. A judgement has been made to apply the measurement principles of IFRS 13 \u201cFair Value Measurement\u201d in accounting for these assets. The assets are presented as \u2018other assets\u2019 on the Consolidated Statement of Financial Position. Please refer to Note 2 for other assets accounting policy. Intangible assets The Group has recognised \u00a313,550,000 (31 March 2022: \u00a314,237,000) of customer relationship intangible on its Statement of Financial Position as at 31 March 2023 relating to the transaction with Australia and New Zealand Banking Group Limited (\u201cANZ\u2019\u2019) to transition its portfolio of Share Investing clients to CMC for AUD$25 million. A judgement has been made to apply the recognition and measurement principles of IAS 38 \u201cIntangibles\u201d in accounting for these assets. Key financial estimates The Group has recognised \u00a311,316,000 (31 March 2022: \u00a37,965,000) of internally generated software in intangible assets on its Statement of Financial Position as at 31 March 2023, of which \u00a35,016,000 (31 March 2022: \u00a36,054,000) relates to the development of CMC Invest UK trading platform. In performing the annual impairment assessment, which concluded that no impairment was required, it was determined that the recoverable amount of the asset is a source of estimation uncertainty which is sensitive to the estimated future revenues from the CMC Invest UK business. We found the recoverable amount of the intangible asset to have been based on reasonable, supportable assumptions. B2B revenue, discount rates, useful economic life, cost per trading customer acquisition, customer retention rates and average portfolio sizes represent significant sources of estimation uncertainty. Relevant disclosure is included in note 12. ",
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"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-367": {
"value": "2. Summary of significant accounting policies Total revenue Revenue Revenue comprises the fair value of the consideration received from the provision of online financial services in the ordinary course of the Group\u2019s activities, net of client rebates. Revenue is shown net of value added tax after eliminating sales within the Group. The Group generates revenue principally from commissions, spreads and financing income associated with stockbroking and acting as a spread bet and contract for difference market maker to its clients, and the transactions undertaken to hedge the resulting risks. Trading \u2013 Contracts for difference (\u201cCFD\u201d) and spread bet Revenue from CFD and spread bet represents: \u2013 fees paid by clients for commission and funding charges in respect of the opening, holding and closing of financial spread bets and contracts for difference, together with the spread and fair value gains and losses for the Group arising on client trading activity; less \u2013 fees paid by the Group in commissions and funding charges arising in respect of hedging the risk associated with the client trading activity and the Group\u2019s currency exposures, together with the spread and fair value gains and losses incurred by the Group arising on hedging activity. Spread, fair value gains and losses, commission and funding charges are accounted for in accordance with IFRS 9 \u201cFinancial Instruments\u201d and IFRS 13 \u201cFair Value Measurement\u201d. Commission income is earned and recognised when the trade is placed, and funding charges when an open position is held by a customer at 5:00pm New York time. Open client and hedging positions are fair valued on a daily basis and the unrealised gains and losses arising on this valuation are recognised in revenue, alongside realised gains and losses on positions that have closed. Investing \u2013 Stockbroking revenue from contracts with customers Revenue from the provision of financial information and stockbroking services to third parties represents fee and commission income. These are are accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d. The Group recognises this revenue when the amount for the service can be determined and the performance obligation has been satisfied, this leads to the revenue being recognised on the date of the Group providing the service to the client. Other revenue from contracts with customers Other revenue from the provision of financial information, dormancy fees and balance conversions are accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d. Interest income Total revenue also includes interest earned on the Group\u2019s own funds, Money market funds, clients\u2019 funds and net broker trading deposits net of interest paid to clients on their free cash balance. Interest income is accrued based on the effective interest rate method, by reference to the principal outstanding/free cash held and at the interest rate applicable. In addition, the Group earns interest income on UK government securities held as financial investments, calculated using the effective interest method. 2. Summary of significant accounting policies continued Total revenue continued Interest income continued Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. This is presented within other interest income. Introducing partner commissions and betting levies Commissions payable to introducing partners and spread betting levies are charged to the income statement when the associated revenue is recognised and are disclosed as a deduction from total revenue in deriving net operating income. Betting levy is payable on net gains generated from clients on spread betting and the Countdowns products. Segmental reporting The Group\u2019s segmental information is disclosed in a manner consistent with the internal reporting provided to the chief operating decision maker (\u201cCODM\u201d). The chief operating decision maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the CMC Markets plc Board. Operating segments that do not meet the quantitative thresholds required by IFRS 8 are aggregated. The segments are subject to annual review and the comparatives restated to reflect any reclassifications within the segmental reporting. Share-based payment The Group issues equity settled and cash settled share-based payments to certain employees. Equity settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at date of grant. The fair value determined at the grant date of the equity settled share-based payment is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the retained earnings. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Cash settled share-based payments are measured at expected value at vesting date at least once per year, along with the likelihood of meeting non-market-based vesting conditions and the number of shares that are expected to vest. The cost is recognised in the income statement with a corresponding liability recorded. Retirement benefit costs A defined contribution plan is a post-employment benefit plan into which the Group pays fixed contributions to a third-party pension provider and has no legal or constructive obligation to pay further amounts. Contributions are recognised as staff expenses in profit or loss in the years during which related employee services are fulfilled. The Group operates defined contribution pension schemes for its Directors and employees. The assets of the schemes are held separately from those of the Group in independently administered funds. Taxation The tax expense represents the sum of tax currently payable and movements in deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax 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. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial information and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences may be utilised. Deferred tax is calculated using tax rates and laws enacted or substantively enacted by the balance sheet date and are expected to apply when the asset or liability is settled. Such assets and liabilities are not recognised if the temporary difference arises from the goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference 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 asset to be recovered. Deferred tax assets and liabilities are offset 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. Current and deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity, in which case the tax is also dealt with in equity. 2. Summary of significant accounting policies continued Foreign currencies Transactions denominated in currencies, other than the functional currency, are recorded at the rates of exchange prevailing on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in the income statement for the year, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates applicable to the relevant year. Exchange differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expense in the year in which the operation is disposed of. 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. Intangible assets Goodwill Goodwill represents the excess of the cost of acquisition over the fair value of the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities of a subsidiary, at the date of acquisition. Goodwill arising on the acquisition of subsidiaries is included within \u201cintangible assets\u201d at cost less accumulated impairment losses. Goodwill is tested for impairment annually. Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a subsidiary, the attributed amount of goodwill, which has not been subject to impairment, is included in the determination of the profit or loss on disposal. Goodwill is allocated to cash-generating units for purposes of impairment testing. The allocation is made to those cash-generating units or groups of cash- generating units that are expected to benefit from the business combination, identified according to business segment. Computer software (purchased and developed) Purchased software is recognised as an intangible asset at cost when acquired. Costs associated with maintaining computer software are recognised as an expense as incurred. Costs directly attributable to internally developed software are recognised as an intangible asset only if all of the following conditions are met: \u2013 it is technically feasible to complete the software so that it will be available for use; \u2013 management intends to complete the software and use it; \u2013 there is an ability to use the software; \u2013 it can be demonstrated how the software will generate probable future economic benefits; \u2013 adequate technical, financial and other resources to complete the development and to use the software are available; and \u2013 the expenditure attributable to the software during its development can be reliably measured. Where the above conditions are not met, costs are expensed as incurred. Directly attributable costs that are capitalised include contractor costs associated with the development of software. Costs which have been recognised as an asset are amortised on a straight-line basis over the asset\u2019s estimated useful life from the point at which the asset is ready to use. Trademarks and trading licences Trademarks and trading licences that are separately acquired are capitalised at cost and those acquired from a business combination are capitalised at the fair value at the date of acquisition. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives. Client relationships The fair value attributable to client relationships acquired through a business combination is included as an intangible asset and amortised over the estimated useful life on a straight-line basis. The fair value of client relationships is calculated at the date of acquisition on the basis of the expected future cash flows to be generated from that asset. Separate values are not attributed to internally generated client relationships. Following initial recognition, computer software, trademarks and trading licences and client relationships are carried at cost or initial fair value less accumulated amortisation. Amortisation is provided on all intangible assets at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the balance sheet date, of each asset on a straight-line basis over its expected useful life as follows: Item Amortisation policy Computer software (purchased and developed) 3\u201310 years or life of licence Trademarks and trading licences 10\u201320 years Client relationships 10-14 years Useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Assets under development are transferred to the relevant intangible asset class and amortised over their useful life from the point at which the asset is ready to use. Assets under development are tested for impairment annually. 2. Summary of significant accounting policies continued Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) is stated at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided on all PPE at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the balance sheet date, of each asset on a straight-line basis over its expected useful life as follows: Item Depreciation policy Furniture, fixtures and equipment 5 years Computer hardware 5 years Leasehold improvements 15 years or life of lease The useful lives and residual values of the assets are assessed annually and may be adjusted depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Consideration is also given to the extent of current profits and losses on the disposal of similar assets. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Consolidated Income Statement. Investment in subsidiary undertakings In the Parent Company Statement of Financial Position, investment in subsidiary undertakings is stated at cost less any provision for impairment. Impairment of assets Assets subject to amortisation or depreciation are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less cost to sell and value in use. Value in use is the estimated discounted future cash flows generated from the asset\u2019s continued use, including those from its ultimate disposal. Net realisable value is the estimated amount at which an asset can be disposed of, less any direct selling costs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately. An assessment is made at each balance sheet date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated and previously recognised impairment losses are reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. Financial instruments Classification The Group classifies its financial assets in the following measurement categories: \u2013 those to be measured subsequently at fair value (either through other comprehensive income (\u201cOCI\u201d), or through profit or loss); and \u2013 those to be measured at amortised cost. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset measured through other comprehensive income or at amortised cost, transaction costs that are both incremental and directly attributable to the acquisition of the financial asset. Regular way transactions are recognised on trade date. The Group subsequently measures cash and cash equivalents, amounts due from brokers and trade and other receivables at amortised cost. The Group subsequently measures derivative financial instruments at fair value through profit or loss, unless designated as instrument in an effective hedge accounting relationship, and financial investments at fair value through other comprehensive income. Derecognition of financial assets and liabilities A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expired. Cash and cash equivalents Cash and cash equivalents comprises of cash on hand and short-term deposits. Cash and cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. This includes money market funds. Amounts due from/due to brokers Amounts due from/due to brokers represent funds placed with hedging counterparties, a proportion of which are posted to meet broker margin requirements. All financial instruments used as hedges held for trading are margin traded. Assets or liabilities resulting from profits or losses on open positions are recognised separately as derivative financial instruments, where IAS 32 offsetting criteria is not met. 2. Summary of significant accounting policies continued Other assets Other assets represent cryptocurrencies controlled by the Group. The Group offers CFDs on cryptocurrencies as a product that can be traded on its platform. As part of a wider hedging strategy, the Group purchases and sells cryptocurrencies to hedge the clients\u2019 positions. The Group holds cryptocurrency assets for trading in the ordinary course of its business, effectively acting as a commodity broker-dealer in respect of the underlying cryptocurrency asset. The assets are recognised on trade date and measured at fair value with changes in valuation being recorded in the income statement in the period in which they arise. Cryptocurrency assets are not financial instruments, and they are categorised as non-financial assets. Trade and other receivables Trade receivables primarily comprise amounts due from clients and stockbroking settlement balances. They are short term in nature are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses. Trade receivables are short term and do not contain a significant financing element and therefore expected credit losses are measured using the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from the initial recognition of the receivables. Amounts are written off when there is no reasonable expectation of recovery of the amount. The expected loss model for these trade receivables has been built based on the levels of loss experienced, with due consideration given to forward-looking information. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement within net impairment gains/(losses) on financial assets. When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net impairment gains/(losses) in the income statement. Financial investments Under IFRS 9, financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling and that contain contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest (\u2018\u2018SPPI\u2019\u2019) are measured at FVOCI. Financial investments in UK Government securities are non-derivative financial assets and are recognised on a trade date basis. These financial investments are initially measured at fair value plus directly related transactions costs. They are re-measured at fair value. Interest calculated using the effective interest method is recognised in the income statement. All other net gains and losses are recognised directly in other comprehensive income until the assets are sold or disposed of. On derecognition, gains and losses accumulated in OCI are reclassified to the income statement. Financial investments in Equity securities are non-derivative financial assets and are recognised on a trade date basis and are measured at FVTPL. The Group recognises a charge for expected credit losses in the income statement. As financial investments are measured at fair value, the charge does not adjust the carrying value of the asset, and this is reflected in other comprehensive income. Derivative financial instruments Derivative financial instruments, comprising index, commodities, foreign exchange and treasury futures and forward foreign exchange contracts, are classified as \u201cfair value through profit or loss\u201d under IFRS 9, unless designated as accounting hedges. Derivatives are initially recognised at fair value. Subsequent to initial recognition, changes in fair value of derivatives that are not designated as accounting hedges, and gains or losses on their settlement, are recognised in the income statement. For accounting hedges, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group categorises certain derivatives as either: Held for trading The Group uses derivative financial instruments in order to economically hedge derivative exposures arising from open client positions, which are classified as held for trading. All derivatives held for trading are carried in the statement of financial position at fair value with gains or losses recognised in revenue in the income statement. Held as hedges of net investments in foreign operations Where a foreign currency derivative financial instrument is a formally designated accounting hedge of a net investment in a foreign operation, foreign exchange differences arising on translation of the financial instrument are recognised in the net investment hedging reserve via other comprehensive income to the extent the hedge is effective. The Group assesses the effectiveness of its net investment hedges based on fair value changes due to foreign exchange risk of its net assets and the fair value changes of the relevant financial instrument. The gain or loss relating to the ineffective portion is recognised immediately in operating expenses in the income statement. Accumulated gains and losses recorded in the net investment hedging reserve are recognised in operating costs in the income statement on disposal of the foreign operation. Economic hedges (held as hedges of monetary assets and liabilities, financial commitments or forecast transactions) These are derivatives held to mitigate the foreign exchange risk on monetary assets and liabilities, financial commitments or forecast transactions. Where a derivative financial instrument is used as an economic hedge of the foreign exchange exposure of a recognised monetary asset or liability, financial commitment or forecast transaction, but does not meet the criteria to qualify for hedge accounting under IFRS, no hedge accounting is applied and any gain or loss resulting from changes in fair value of the hedging instrument is recognised in operating costs in the income statement. 2. Summary of significant accounting policies continued Trade and other payables Trade and other payables are not interest bearing and are stated at fair value on initial recognition and subsequently at amortised cost. Leases Under IFRS 16, when the Group is the lessee, it is required to recognise both: \u2013 a lease liability, measured at the present value of remaining cash flows on the lease; and \u2013 a right-of-use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made prior to commencement date initial direct costs, and estimated costs of restoring the underlying asset to the condition required by the lease, less any lease incentives received. 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. Subsequently, the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the lease, and reduce when the payments are made. The right of use asset will amortise to the income statement over the life of the lease. The lease liability is remeasured when there is a change in one of the following: \u2013 future lease payments arising from a change in an index or rate; \u2013 the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee; or \u2013 the Group\u2019s assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in the income statement if the carrying amount of the ROU asset has been reduced to \u00a3nil. On the Consolidated Statement of Financial Position, the ROU assets are included within property, plant and equipment. The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. Extension and termination options are included in a number of property leases in the Group. Management considers the facts and circumstances that may create an economic incentive to exercise an extension or termination option in order to determine whether the lease term should include or exclude such options. Extension or termination options are only included within the lease term if they are reasonably certain to be exercised in the case of extension options and not exercised in the case of termination options. The Group enters into lease agreements as a lessor with respect to some of its vehicles that it leases under head leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease of vehicles is classified as a finance lease. Amounts due from the lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Borrowings All loans and borrowings are initially recognised at cost, being the fair value of the consideration received, net of issue costs associated with the borrowing. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Provisions A provision is a liability of uncertain timing or amount that is recognised when the Group has a present obligation (legal or constructive) as a result of a past event where it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. The increase in the provision due to the unwind of the discount to present value over time is recognised as an interest expense. Share capital Ordinary and Deferred Shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Own shares held in trusts Shares held in trust by the Company for the purposes of employee share schemes are classified as a deduction from shareholders\u2019 equity and are recognised at cost. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of equity shares. Capital redemption reserve The capital redemption reserve was created for capital maintenance purposes as a result of the share buyback programme. When shares are repurchased out of the Company\u2019s profits, the amount by which the Company\u2019s issued share capital is diminished must be transferred to the capital redemption reserve. This amount is the nominal value of the shares bought back. See note 25. 2. Summary of significant accounting policies continued Share buyback reserve The share buyback reserve was created as a result of the share buyback programme and on inception of the contract amounted to the full value of the share buyback programme plus directly attributed costs. As shares are repurchased, the share buyback reserve amount is reduced by the consideration paid for the repurchased shares with a corresponding transaction recorded within retained earnings to reflect the consumption of distributable profits. See note 27. Employee benefit trusts Assets held in employee benefit trusts (\u201cEBT\u201d) are recognised as assets of the Group, until these vest unconditionally to identified employees. A full provision is made in respect of assets held by the trust as there is an obligation to distribute these assets to the beneficiaries of the employee benefit trust. The employee benefit trusts own equity shares in the Company. These investments in the Company\u2019s own shares are held at cost and are included as a deduction from equity attributable to the Company\u2019s equity owners until such time as the shares are cancelled or transferred. Where such shares are subsequently transferred, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity owners. Client money The Group holds money on behalf of clients in accordance with the Client Asset (\u201cCASS\u201d) rules of the FCA and other financial markets regulators in the countries in which the Group operates. Segregated client funds comprise individual client balances which are pooled in segregated client money bank accounts. Segregated client money bank accounts hold statutory trust status restricting the Group\u2019s ability to use the monies and accordingly such amounts and are not recognised on the Group\u2019s Statement of Financial Position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-376": {
"value": "Total revenue Revenue Revenue comprises the fair value of the consideration received from the provision of online financial services in the ordinary course of the Group\u2019s activities, net of client rebates. Revenue is shown net of value added tax after eliminating sales within the Group. The Group generates revenue principally from commissions, spreads and financing income associated with stockbroking and acting as a spread bet and contract for difference market maker to its clients, and the transactions undertaken to hedge the resulting risks. Trading \u2013 Contracts for difference (\u201cCFD\u201d) and spread bet Revenue from CFD and spread bet represents: \u2013 fees paid by clients for commission and funding charges in respect of the opening, holding and closing of financial spread bets and contracts for difference, together with the spread and fair value gains and losses for the Group arising on client trading activity; less \u2013 fees paid by the Group in commissions and funding charges arising in respect of hedging the risk associated with the client trading activity and the Group\u2019s currency exposures, together with the spread and fair value gains and losses incurred by the Group arising on hedging activity. Spread, fair value gains and losses, commission and funding charges are accounted for in accordance with IFRS 9 \u201cFinancial Instruments\u201d and IFRS 13 \u201cFair Value Measurement\u201d. Commission income is earned and recognised when the trade is placed, and funding charges when an open position is held by a customer at 5:00pm New York time. Open client and hedging positions are fair valued on a daily basis and the unrealised gains and losses arising on this valuation are recognised in revenue, alongside realised gains and losses on positions that have closed. Investing \u2013 Stockbroking revenue from contracts with customers Revenue from the provision of financial information and stockbroking services to third parties represents fee and commission income. These are are accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d. The Group recognises this revenue when the amount for the service can be determined and the performance obligation has been satisfied, this leads to the revenue being recognised on the date of the Group providing the service to the client. Other revenue from contracts with customers Other revenue from the provision of financial information, dormancy fees and balance conversions are accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d. Interest income Total revenue also includes interest earned on the Group\u2019s own funds, Money market funds, clients\u2019 funds and net broker trading deposits net of interest paid to clients on their free cash balance. Interest income is accrued based on the effective interest rate method, by reference to the principal outstanding/free cash held and at the interest rate applicable. In addition, the Group earns interest income on UK government securities held as financial investments, calculated using the effective interest method. Total revenue continued Interest income continued Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. This is presented within other interest income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-438": {
"value": "Interest income Total revenue also includes interest earned on the Group\u2019s own funds, Money market funds, clients\u2019 funds and net broker trading deposits net of interest paid to clients on their free cash balance. Interest income is accrued based on the effective interest rate method, by reference to the principal outstanding/free cash held and at the interest rate applicable. In addition, the Group earns interest income on UK government securities held as financial investments, calculated using the effective interest method. Interest income continued Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. This is presented within other interest income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-377": {
"value": "Introducing partner commissions and betting levies Commissions payable to introducing partners and spread betting levies are charged to the income statement when the associated revenue is recognised and are disclosed as a deduction from total revenue in deriving net operating income. Betting levy is payable on net gains generated from clients on spread betting and the Countdowns products. ",
"dimensions": {
"concept": "cmcmarketsplc:DescriptionOfAccoutingPolicyForIntroducingPartnerCommissionsAndBettingLevies",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-378": {
"value": "Segmental reporting The Group\u2019s segmental information is disclosed in a manner consistent with the internal reporting provided to the chief operating decision maker (\u201cCODM\u201d). The chief operating decision maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the CMC Markets plc Board. Operating segments that do not meet the quantitative thresholds required by IFRS 8 are aggregated. The segments are subject to annual review and the comparatives restated to reflect any reclassifications within the segmental reporting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-379": {
"value": "Share-based payment The Group issues equity settled and cash settled share-based payments to certain employees. Equity settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at date of grant. The fair value determined at the grant date of the equity settled share-based payment is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the retained earnings. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Cash settled share-based payments are measured at expected value at vesting date at least once per year, along with the likelihood of meeting non-market-based vesting conditions and the number of shares that are expected to vest. The cost is recognised in the income statement with a corresponding liability recorded. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-380": {
"value": "Retirement benefit costs A defined contribution plan is a post-employment benefit plan into which the Group pays fixed contributions to a third-party pension provider and has no legal or constructive obligation to pay further amounts. Contributions are recognised as staff expenses in profit or loss in the years during which related employee services are fulfilled. The Group operates defined contribution pension schemes for its Directors and employees. The assets of the schemes are held separately from those of the Group in independently administered funds. Employee benefit trusts Assets held in employee benefit trusts (\u201cEBT\u201d) are recognised as assets of the Group, until these vest unconditionally to identified employees. A full provision is made in respect of assets held by the trust as there is an obligation to distribute these assets to the beneficiaries of the employee benefit trust. The employee benefit trusts own equity shares in the Company. These investments in the Company\u2019s own shares are held at cost and are included as a deduction from equity attributable to the Company\u2019s equity owners until such time as the shares are cancelled or transferred. Where such shares are subsequently transferred, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity owners. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-439": {
"value": "Taxation The tax expense represents the sum of tax currently payable and movements in deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax 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. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial information and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences may be utilised. Deferred tax is calculated using tax rates and laws enacted or substantively enacted by the balance sheet date and are expected to apply when the asset or liability is settled. Such assets and liabilities are not recognised if the temporary difference arises from the goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference 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 asset to be recovered. Deferred tax assets and liabilities are offset 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. Current and deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity, in which case the tax is also dealt with in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-381": {
"value": "Taxation The tax expense represents the sum of tax currently payable and movements in deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax 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. The Group\u2019s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial information and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences may be utilised. Deferred tax is calculated using tax rates and laws enacted or substantively enacted by the balance sheet date and are expected to apply when the asset or liability is settled. Such assets and liabilities are not recognised if the temporary difference arises from the goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference 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 asset to be recovered. Deferred tax assets and liabilities are offset 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. Current and deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity, in which case the tax is also dealt with in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-382": {
"value": "Foreign currencies Transactions denominated in currencies, other than the functional currency, are recorded at the rates of exchange prevailing on the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in the income statement for the year, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates applicable to the relevant year. Exchange differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expense in the year in which the operation is disposed of. 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:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-383": {
"value": "Intangible assets Goodwill Goodwill represents the excess of the cost of acquisition over the fair value of the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities of a subsidiary, at the date of acquisition. Goodwill arising on the acquisition of subsidiaries is included within \u201cintangible assets\u201d at cost less accumulated impairment losses. Goodwill is tested for impairment annually. Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a subsidiary, the attributed amount of goodwill, which has not been subject to impairment, is included in the determination of the profit or loss on disposal. Goodwill is allocated to cash-generating units for purposes of impairment testing. The allocation is made to those cash-generating units or groups of cash- generating units that are expected to benefit from the business combination, identified according to business segment. Computer software (purchased and developed) Purchased software is recognised as an intangible asset at cost when acquired. Costs associated with maintaining computer software are recognised as an expense as incurred. Costs directly attributable to internally developed software are recognised as an intangible asset only if all of the following conditions are met: \u2013 it is technically feasible to complete the software so that it will be available for use; \u2013 management intends to complete the software and use it; \u2013 there is an ability to use the software; \u2013 it can be demonstrated how the software will generate probable future economic benefits; \u2013 adequate technical, financial and other resources to complete the development and to use the software are available; and \u2013 the expenditure attributable to the software during its development can be reliably measured. Where the above conditions are not met, costs are expensed as incurred. Directly attributable costs that are capitalised include contractor costs associated with the development of software. Costs which have been recognised as an asset are amortised on a straight-line basis over the asset\u2019s estimated useful life from the point at which the asset is ready to use. Trademarks and trading licences Trademarks and trading licences that are separately acquired are capitalised at cost and those acquired from a business combination are capitalised at the fair value at the date of acquisition. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives. Client relationships The fair value attributable to client relationships acquired through a business combination is included as an intangible asset and amortised over the estimated useful life on a straight-line basis. The fair value of client relationships is calculated at the date of acquisition on the basis of the expected future cash flows to be generated from that asset. Separate values are not attributed to internally generated client relationships. Following initial recognition, computer software, trademarks and trading licences and client relationships are carried at cost or initial fair value less accumulated amortisation. Amortisation is provided on all intangible assets at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the balance sheet date, of each asset on a straight-line basis over its expected useful life as follows: Item Amortisation policy Computer software (purchased and developed) 3\u201310 years or life of licence Trademarks and trading licences 10\u201320 years Client relationships 10-14 years Useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Assets under development are transferred to the relevant intangible asset class and amortised over their useful life from the point at which the asset is ready to use. Assets under development are tested for impairment annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-440": {
"value": "Goodwill Goodwill represents the excess of the cost of acquisition over the fair value of the Group\u2019s interest in the identifiable assets, liabilities and contingent liabilities of a subsidiary, at the date of acquisition. Goodwill arising on the acquisition of subsidiaries is included within \u201cintangible assets\u201d at cost less accumulated impairment losses. Goodwill is tested for impairment annually. Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal of a subsidiary, the attributed amount of goodwill, which has not been subject to impairment, is included in the determination of the profit or loss on disposal. Goodwill is allocated to cash-generating units for purposes of impairment testing. The allocation is made to those cash-generating units or groups of cash- generating units that are expected to benefit from the business combination, identified according to business segment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-441": {
"value": "Computer software (purchased and developed) Purchased software is recognised as an intangible asset at cost when acquired. Costs associated with maintaining computer software are recognised as an expense as incurred. Costs directly attributable to internally developed software are recognised as an intangible asset only if all of the following conditions are met: \u2013 it is technically feasible to complete the software so that it will be available for use; \u2013 management intends to complete the software and use it; \u2013 there is an ability to use the software; \u2013 it can be demonstrated how the software will generate probable future economic benefits; \u2013 adequate technical, financial and other resources to complete the development and to use the software are available; and \u2013 the expenditure attributable to the software during its development can be reliably measured. Where the above conditions are not met, costs are expensed as incurred. Directly attributable costs that are capitalised include contractor costs associated with the development of software. Costs which have been recognised as an asset are amortised on a straight-line basis over the asset\u2019s estimated useful life from the point at which the asset is ready to use. Trademarks and trading licences Trademarks and trading licences that are separately acquired are capitalised at cost and those acquired from a business combination are capitalised at the fair value at the date of acquisition. Amortisation is charged to the income statement on a straight-line basis over their estimated useful lives. Client relationships The fair value attributable to client relationships acquired through a business combination is included as an intangible asset and amortised over the estimated useful life on a straight-line basis. The fair value of client relationships is calculated at the date of acquisition on the basis of the expected future cash flows to be generated from that asset. Separate values are not attributed to internally generated client relationships. Following initial recognition, computer software, trademarks and trading licences and client relationships are carried at cost or initial fair value less accumulated amortisation. Amortisation is provided on all intangible assets at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the balance sheet date, of each asset on a straight-line basis over its expected useful life as follows: Item Amortisation policy Computer software (purchased and developed) 3\u201310 years or life of licence Trademarks and trading licences 10\u201320 years Client relationships 10-14 years Useful lives are also examined on an annual basis and adjustments, where applicable, are made on a prospective basis. Assets under development are transferred to the relevant intangible asset class and amortised over their useful life from the point at which the asset is ready to use. Assets under development are tested for impairment annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-384": {
"value": "Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) is stated at cost less accumulated depreciation and any recognised impairment loss. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided on all PPE at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the balance sheet date, of each asset on a straight-line basis over its expected useful life as follows: Item Depreciation policy Furniture, fixtures and equipment 5 years Computer hardware 5 years Leasehold improvements 15 years or life of lease The useful lives and residual values of the assets are assessed annually and may be adjusted depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Consideration is also given to the extent of current profits and losses on the disposal of similar assets. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-385": {
"value": "Investment in subsidiary undertakings In the Parent Company Statement of Financial Position, investment in subsidiary undertakings is stated at cost less any provision for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-386": {
"value": "Impairment of assets Assets subject to amortisation or depreciation are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less cost to sell and value in use. Value in use is the estimated discounted future cash flows generated from the asset\u2019s continued use, including those from its ultimate disposal. Net realisable value is the estimated amount at which an asset can be disposed of, less any direct selling costs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately. An assessment is made at each balance sheet date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated and previously recognised impairment losses are reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-387": {
"value": "Financial instruments Classification The Group classifies its financial assets in the following measurement categories: \u2013 those to be measured subsequently at fair value (either through other comprehensive income (\u201cOCI\u201d), or through profit or loss); and \u2013 those to be measured at amortised cost. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset measured through other comprehensive income or at amortised cost, transaction costs that are both incremental and directly attributable to the acquisition of the financial asset. Regular way transactions are recognised on trade date. The Group subsequently measures cash and cash equivalents, amounts due from brokers and trade and other receivables at amortised cost. The Group subsequently measures derivative financial instruments at fair value through profit or loss, unless designated as instrument in an effective hedge accounting relationship, and financial investments at fair value through other comprehensive income. Derecognition of financial assets and liabilities A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-442": {
"value": "Derecognition of financial assets and liabilities A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-388": {
"value": "Cash and cash equivalents Cash and cash equivalents comprises of cash on hand and short-term deposits. Cash and cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. This includes money market funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-389": {
"value": "Amounts due from/due to brokers Amounts due from/due to brokers represent funds placed with hedging counterparties, a proportion of which are posted to meet broker margin requirements. All financial instruments used as hedges held for trading are margin traded. Assets or liabilities resulting from profits or losses on open positions are recognised separately as derivative financial instruments, where IAS 32 offsetting criteria is not met. ",
"dimensions": {
"concept": "cmcmarketsplc:DescriptionOfAccountingPolicyForAmountsDueFromDueToBrokers",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-390": {
"value": "Other assets Other assets represent cryptocurrencies controlled by the Group. The Group offers CFDs on cryptocurrencies as a product that can be traded on its platform. As part of a wider hedging strategy, the Group purchases and sells cryptocurrencies to hedge the clients\u2019 positions. The Group holds cryptocurrency assets for trading in the ordinary course of its business, effectively acting as a commodity broker-dealer in respect of the underlying cryptocurrency asset. The assets are recognised on trade date and measured at fair value with changes in valuation being recorded in the income statement in the period in which they arise. Cryptocurrency assets are not financial instruments, and they are categorised as non-financial assets. ",
"dimensions": {
"concept": "cmcmarketsplc:DescriptionOfAccountingPolicyForOtherAssets",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-391": {
"value": "Trade and other receivables Trade receivables primarily comprise amounts due from clients and stockbroking settlement balances. They are short term in nature are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for expected credit losses. Trade receivables are short term and do not contain a significant financing element and therefore expected credit losses are measured using the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from the initial recognition of the receivables. Amounts are written off when there is no reasonable expectation of recovery of the amount. The expected loss model for these trade receivables has been built based on the levels of loss experienced, with due consideration given to forward-looking information. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement within net impairment gains/(losses) on financial assets. When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against net impairment gains/(losses) in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-392": {
"value": "Financial investments Under IFRS 9, financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling and that contain contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest (\u2018\u2018SPPI\u2019\u2019) are measured at FVOCI. Financial investments in UK Government securities are non-derivative financial assets and are recognised on a trade date basis. These financial investments are initially measured at fair value plus directly related transactions costs. They are re-measured at fair value. Interest calculated using the effective interest method is recognised in the income statement. All other net gains and losses are recognised directly in other comprehensive income until the assets are sold or disposed of. On derecognition, gains and losses accumulated in OCI are reclassified to the income statement. Financial investments in Equity securities are non-derivative financial assets and are recognised on a trade date basis and are measured at FVTPL. The Group recognises a charge for expected credit losses in the income statement. As financial investments are measured at fair value, the charge does not adjust the carrying value of the asset, and this is reflected in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-443": {
"value": "Derivative financial instruments Derivative financial instruments, comprising index, commodities, foreign exchange and treasury futures and forward foreign exchange contracts, are classified as \u201cfair value through profit or loss\u201d under IFRS 9, unless designated as accounting hedges. Derivatives are initially recognised at fair value. Subsequent to initial recognition, changes in fair value of derivatives that are not designated as accounting hedges, and gains or losses on their settlement, are recognised in the income statement. For accounting hedges, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group categorises certain derivatives as either: Held for trading The Group uses derivative financial instruments in order to economically hedge derivative exposures arising from open client positions, which are classified as held for trading. All derivatives held for trading are carried in the statement of financial position at fair value with gains or losses recognised in revenue in the income statement. Held as hedges of net investments in foreign operations Where a foreign currency derivative financial instrument is a formally designated accounting hedge of a net investment in a foreign operation, foreign exchange differences arising on translation of the financial instrument are recognised in the net investment hedging reserve via other comprehensive income to the extent the hedge is effective. The Group assesses the effectiveness of its net investment hedges based on fair value changes due to foreign exchange risk of its net assets and the fair value changes of the relevant financial instrument. The gain or loss relating to the ineffective portion is recognised immediately in operating expenses in the income statement. Accumulated gains and losses recorded in the net investment hedging reserve are recognised in operating costs in the income statement on disposal of the foreign operation. Economic hedges (held as hedges of monetary assets and liabilities, financial commitments or forecast transactions) These are derivatives held to mitigate the foreign exchange risk on monetary assets and liabilities, financial commitments or forecast transactions. Where a derivative financial instrument is used as an economic hedge of the foreign exchange exposure of a recognised monetary asset or liability, financial commitment or forecast transaction, but does not meet the criteria to qualify for hedge accounting under IFRS, no hedge accounting is applied and any gain or loss resulting from changes in fair value of the hedging instrument is recognised in operating costs in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-393": {
"value": "Derivative financial instruments Derivative financial instruments, comprising index, commodities, foreign exchange and treasury futures and forward foreign exchange contracts, are classified as \u201cfair value through profit or loss\u201d under IFRS 9, unless designated as accounting hedges. Derivatives are initially recognised at fair value. Subsequent to initial recognition, changes in fair value of derivatives that are not designated as accounting hedges, and gains or losses on their settlement, are recognised in the income statement. For accounting hedges, the Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Group categorises certain derivatives as either: Held for trading The Group uses derivative financial instruments in order to economically hedge derivative exposures arising from open client positions, which are classified as held for trading. All derivatives held for trading are carried in the statement of financial position at fair value with gains or losses recognised in revenue in the income statement. Held as hedges of net investments in foreign operations Where a foreign currency derivative financial instrument is a formally designated accounting hedge of a net investment in a foreign operation, foreign exchange differences arising on translation of the financial instrument are recognised in the net investment hedging reserve via other comprehensive income to the extent the hedge is effective. The Group assesses the effectiveness of its net investment hedges based on fair value changes due to foreign exchange risk of its net assets and the fair value changes of the relevant financial instrument. The gain or loss relating to the ineffective portion is recognised immediately in operating expenses in the income statement. Accumulated gains and losses recorded in the net investment hedging reserve are recognised in operating costs in the income statement on disposal of the foreign operation. Economic hedges (held as hedges of monetary assets and liabilities, financial commitments or forecast transactions) These are derivatives held to mitigate the foreign exchange risk on monetary assets and liabilities, financial commitments or forecast transactions. Where a derivative financial instrument is used as an economic hedge of the foreign exchange exposure of a recognised monetary asset or liability, financial commitment or forecast transaction, but does not meet the criteria to qualify for hedge accounting under IFRS, no hedge accounting is applied and any gain or loss resulting from changes in fair value of the hedging instrument is recognised in operating costs in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-394": {
"value": "Trade and other payables Trade and other payables are not interest bearing and are stated at fair value on initial recognition and subsequently at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-395": {
"value": "Leases Under IFRS 16, when the Group is the lessee, it is required to recognise both: \u2013 a lease liability, measured at the present value of remaining cash flows on the lease; and \u2013 a right-of-use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made prior to commencement date initial direct costs, and estimated costs of restoring the underlying asset to the condition required by the lease, less any lease incentives received. 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. Subsequently, the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the lease, and reduce when the payments are made. The right of use asset will amortise to the income statement over the life of the lease. The lease liability is remeasured when there is a change in one of the following: \u2013 future lease payments arising from a change in an index or rate; \u2013 the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee; or \u2013 the Group\u2019s assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in the income statement if the carrying amount of the ROU asset has been reduced to \u00a3nil. On the Consolidated Statement of Financial Position, the ROU assets are included within property, plant and equipment. The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. Extension and termination options are included in a number of property leases in the Group. Management considers the facts and circumstances that may create an economic incentive to exercise an extension or termination option in order to determine whether the lease term should include or exclude such options. Extension or termination options are only included within the lease term if they are reasonably certain to be exercised in the case of extension options and not exercised in the case of termination options. The Group enters into lease agreements as a lessor with respect to some of its vehicles that it leases under head leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease of vehicles is classified as a finance lease. Amounts due from the lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-396": {
"value": "Borrowings All loans and borrowings are initially recognised at cost, being the fair value of the consideration received, net of issue costs associated with the borrowing. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-397": {
"value": "Provisions A provision is a liability of uncertain timing or amount that is recognised when the Group has a present obligation (legal or constructive) as a result of a past event where it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. The increase in the provision due to the unwind of the discount to present value over time is recognised as an interest expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-398": {
"value": "Share capital Ordinary and Deferred Shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-399": {
"value": "Own shares held in trusts Shares held in trust by the Company for the purposes of employee share schemes are classified as a deduction from shareholders\u2019 equity and are recognised at cost. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of equity shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-400": {
"value": "Capital redemption reserve The capital redemption reserve was created for capital maintenance purposes as a result of the share buyback programme. When shares are repurchased out of the Company\u2019s profits, the amount by which the Company\u2019s issued share capital is diminished must be transferred to the capital redemption reserve. This amount is the nominal value of the shares bought back. See note 25. ",
"dimensions": {
"concept": "cmcmarketsplc:DescriptionOfAccountingPolicyForCapitalRedemptionReserve",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-401": {
"value": "Share buyback reserve The share buyback reserve was created as a result of the share buyback programme and on inception of the contract amounted to the full value of the share buyback programme plus directly attributed costs. As shares are repurchased, the share buyback reserve amount is reduced by the consideration paid for the repurchased shares with a corresponding transaction recorded within retained earnings to reflect the consumption of distributable profits. See note 27. ",
"dimensions": {
"concept": "cmcmarketsplc:DescriptionOfAccountingPolicyForShareBuybackReserve",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-402": {
"value": "Client money The Group holds money on behalf of clients in accordance with the Client Asset (\u201cCASS\u201d) rules of the FCA and other financial markets regulators in the countries in which the Group operates. Segregated client funds comprise individual client balances which are pooled in segregated client money bank accounts. Segregated client money bank accounts hold statutory trust status restricting the Group\u2019s ability to use the monies and accordingly such amounts and are not recognised on the Group\u2019s Statement of Financial Position. ",
"dimensions": {
"concept": "cmcmarketsplc:DescriptionOfAccountingPolicyForClientMoney",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-403": {
"value": "3. Segmental reporting The Group\u2019s principal business is providing leveraged online retail financial services and providing its clients with the ability to trade contracts for difference (\u201cCFD\u201d) and financial spread betting on a range of underlying shares, indices, foreign currencies, commodities and treasuries. The Group also makes these services available to institutional partners through white label and introducing broker arrangements. The Group\u2019s CFDs are traded worldwide; spread bets only in the UK and Ireland and the Group provides stockbroking services only in Australia. The Group\u2019s business is generally managed on a geographical basis and, for management purposes, the Group is organised into four segments: \u2013 Trading \u2013 CFD and spread bet \u2013 UK and Ireland (\u201cUK & IE\u201d); \u2013 Trading \u2013 CFD \u2013 Europe; \u2013 Trading \u2013 CFD \u2013 Australia, New Zealand and Singapore (\u201cAPAC\u201d) and Canada; and \u2013 Investing \u2013 Stockbroking \u2013 Australia. These segments are in line with the management information received by the chief operating decision maker (\u201cCODM\u201d). Revenues and segment operating expenses are allocated to the segments that originated the transaction. Operating expenses in the central segment relate to costs that are not directly related to activities in one region or are not controlled by regional management. These centrally generated costs are allocated to segments on an equitable basis, mainly based on revenue, headcount or active client levels, or where central costs are directly attributed to specific segments. An impairment of \u00a3432,000 relating to internally generated computer software assets was recognised in Trading segment in UK and Ireland during the period. Year ended 31 March 2023 Trading Investing GROUP UK & IE \u00a3\u2019000 Europe \u00a3\u2019000 APAC & Canada \u00a3\u2019000 Trading total \u00a3\u2019000 Australia \u00a3\u2019000 Central \u00a3\u2019000 Group total \u00a3\u2019000 Revenue 98,579 50,620 106,329 255,528 55,682 \u2014 311,210 Interest income 3,762 239 3,390 7,391 6,536 \u2014 13,927 Total revenue 102,341 50,859 109,719 262,919 62,218 \u2014 325,137 Introducing partner commissions and betting levies (7,398) (353) (11,209) (18,960) (17,754) \u2014 (36,714) Net operating income 94,943 50,506 98,510 243,959 44,464 \u2014 288,423 Segment operating expenses (28,147) (7,405) (26,459) (62,011) (14,282) (157,652) (233,945) Segment contribution 66,796 43,101 72,051 181,948 30,182 (157,652) 54,478 Allocation of central finance operating expenses (48,075) (32,649) (45,861) (126,585) (31,067) 157,652 \u2014 Operating profit / (loss) 18,721 10,452 26,190 55,363 (885) \u2014 54,478 Finance costs (566) (331) (199) (1,096) (179) (1,040) (2,315) Allocation of central finance costs (513) (163) (364) (1,040) \u2014 1,040 \u2014 Profit / (loss) before taxation 17,642 9,958 25,627 53,227 (1,064) \u2014 52,163 3. Segmental reporting continued Year ended 31 March 2022 (Restated) Trad ing Investing GROUP UK & IE \u00a3\u2019000 Europe \u00a3\u2019000 APAC & Canada \u00a3\u2019000 Trading total \u00a3\u2019000 Australia \u00a3\u2019000 Central \u00a3\u2019000 Group total \u00a3\u2019000 Revenue 87,168 45,312 118,911 251,391 74,418 \u2014 325,809 Interest income (413) \u2014 335 (78) 912 \u2014 834 Total revenue 86,755 45,312 119,246 251,313 75,330 \u2014 326,643 Introducing partner commissions and betting levies (6,277) (1,517) (10,527) (18,321) (26,372) \u2014 (44,693) Net operating income 80,478 43,795 108,719 232,992 48,958 \u2014 281,950 Segment operating expenses (19,421) (6,480) (22,755) (48,656) (10,422) (129,213) (188,291) Segment contribution 61,057 37, 315 85,964 184,336 38,536 (129,213) 93,659 Allocation of central operating expenses (35,527) (30,597) (40,689) (106,813) (22,400) 129,213 \u2014 Operating profit 25,530 6,718 45,275 77, 523 16,136 \u2014 93,659 Finance costs (419) (290) (195) (904) (168) (1,092) (2,164) Allocation of central finance costs (474) (207) (411) (1,092) \u2014 1,092 \u2014 Profit before taxation 24,637 6,221 44,669 75,527 15,968 \u2014 91,495 The measurement of net operating income for segmental analysis is consistent with that in the income statement and is broken down by geographic location and business line below. Net operating income by geography Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Trading Investing Total Tra ding Investing Total UK 94,943 \u2014 94,943 80,478 \u2014 80,478 Australia 46,850 44,464 91,314 49,020 48,958 97,978 Other countries 102,166 \u2014 102,166 103,494 \u2014 103,494 Total net operating income 243,959 44,464 288,423 232,992 48,958 281,950 The Group uses \u201csegment contribution\u201d to assess the financial performance of each segment. Segment contribution comprises operating profit for the year before finance costs and taxation and an allocation of central operating expenses. The measurement of segment assets for segmental analysis is consistent with that in the balance sheet. The total of non-current assets other than deferred tax assets, broken down by location and business line of the assets, is shown below. Year ended 31 March 2023 \u00a3\u2019000 Total Year ended 31 March 2022 (Restated) \u00a3\u2019000 Total UK 30,996 39,397 Australia 25,348 26,254 Other countries 4,469 3,092 Total non-current assets 60,813 68,743 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-365": {
"value": "The Group\u2019s principal business is providing leveraged online retail financial services and providing its clients with the ability to trade contracts for difference (\u201cCFD\u201d) and financial spread betting on a range of underlying shares, indices, foreign currencies, commodities and treasuries. The Group also makes these services available to institutional partners through white label and introducing broker arrangements. The Group\u2019s CFDs are traded worldwide; spread bets only in the UK and Ireland and the Group provides stockbroking services only in Australia. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-404": {
"value": "4. Total revenue Revenue GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Trading 252,012 247,987 Investing 55,687 74 ,326 Other 3,511 3,496 Total 311,210 325,809 Trading revenue (previously presented as leveraged revenue) represents CFD and spread bet revenue (net of hedging costs) accounted for in accordance with IFRS 9 \u201cFinancial Instruments\u2019\u2019. Investing revenue (previously presented as non-leveraged revenue) represents stockbroking revenue accounted for in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u2019\u2019. 4. Total revenue continued Interest income GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Bank and broker interest 13,482 825 Interest on financial investments 440 9 Other interest income 5 \u2014 Total 13,927 834 The Group earns interest income from its own corporate funds and from segregated client funds. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-405": {
"value": "5. Operating expenses GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Net staff costs (note 6) 101,560 84,862 IT costs 33,723 28,721 Sales and marketing 38,304 27,363 Premises 5,706 4,510 Legal and professional fees 8,605 8,568 Regulatory fees 9,436 5,576 Depreciation and amortisation 15,637 12,388 Bank charges 7,362 7,642 Irrecoverable sales tax 2,972 2,789 Other 10,810 6,344 234,115 188,763 Capitalised internal software development costs (170) (472) Operating expenses 233,945 188,291 The above presentation reflects the breakdown of operating expenses by nature of expense. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-406": {
"value": "6. Employee information The aggregate employment costs of staff and Directors were: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Wages and salaries 92,758 74,352 Social security costs 11,850 9,475 Other pension costs 2,743 2,230 Share-based payments 2,229 2,418 Total Directors and employee costs 109,580 88,475 Contract staff costs 3,101 3,880 112,681 92,355 Capitalised internal software development costs (11,121) (7,493) Net staff costs 101,560 84,862 Compensation of key management personnel is disclosed in note 34. 6. Employee information continued The monthly average number of Directors and employees of the Group during the year is set out below: GROUP Year ended 31 March 2023 Number Year ended 31 March 2022 Number By activity: Key management 9 8 Client acquisition and maintenance 489 420 IT development and support 315 252 Global support functions 254 215 Total Directors and employees 1,067 895 Contract staff 20 22 Total staff 1,087 917 The Company had no employees during the current year or prior year. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-444": {
"value": "7. Finance costs GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Interest and fees on bank borrowings 1,657 1,451 Interest on lease liabilities 658 687 Other finance costs \u2014 26 Total 2,315 2,164 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-407": {
"value": "7. Finance costs GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Interest and fees on bank borrowings 1,657 1,451 Interest on lease liabilities 658 687 Other finance costs \u2014 26 Total 2,315 2,164 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-408": {
"value": "8. Profit before taxation GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Profit before tax is stated after charging/(crediting): Depreciation 9,962 9,568 Amortisation and impairment of intangible assets 5,675 2,820 Net foreign exchange gain/(loss) 1,044 (1,179) Auditor\u2019s remuneration for audit and other services (see below) 2,490 2,057 Fees payable to the Company\u2019s auditor, Deloitte LLP (year ended 31 March 2022: PricewaterhouseCoopers LLP), were as follows: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Audit services Audit of CMC Markets plc\u2019s Financial Statements 814 659 Audit of CMC Markets plc\u2019s subsidiaries 978 780 Total audit fees 1,792 1,439 Non-audit services Audit-related services 698 618 Total non-audit fees 698 618 Total fees 2,490 2,057 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-445": {
"value": "Fees payable to the Company\u2019s auditor, Deloitte LLP (year ended 31 March 2022: PricewaterhouseCoopers LLP), were as follows: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Audit services Audit of CMC Markets plc\u2019s Financial Statements 814 659 Audit of CMC Markets plc\u2019s subsidiaries 978 780 Total audit fees 1,792 1,439 Non-audit services Audit-related services 698 618 Total non-audit fees 698 618 Total fees 2,490 2,057 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-409": {
"value": "9. Taxation GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Analysis of charge for the year Current tax: Current tax on profit for the year 9,873 18,521 Adjustments in respect of previous years (991) (465) Total current tax 8,882 18,056 Deferred tax: Origination and reversal of temporary differences 1,180 1,698 Adjustments in respect of previous years 200 409 Impact of change in tax rate 462 (147) Total deferred tax 1,842 1,960 Total tax 10,724 20,016 The standard rate of UK corporation tax charged was 19% with effect from 1 April 2017. Taxation outside the UK is calculated at the rates prevailing in the respective jurisdictions. The effective tax rate of 20.56% (year ended 31 March 2022: 21.86%) differs from the standard rate of UK corporation tax of 19% (year ended 31 March 2022: 19%). The differences are explained below: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Profit before taxation 52,163 91,495 Profit multiplied by the standard rate of corporation tax in the UK of 19% (year ended 31 March 2022: 19%) 9,911 17,384 Adjustment in respect of foreign tax rates 1,205 2,500 Adjustments in respect of previous years (791) (56) Impact of change in tax rate 462 (147) Expenses not deductible for tax purposes 49 291 Income not subject to tax \u2014 (62) Recognition of previously unrecognised tax losses (132) \u2014 Tax losses for which no deferred tax asset recognised 173 (43) Other differences (153) 149 Total tax 10,724 20,016 GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Tax on items recognised directly in equity Tax credit on share-based payments \u2014 553 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-410": {
"value": "10. Earnings per share (\u201cEPS\u201d) Basic EPS is calculated by dividing the earnings attributable to the equity owners of the Company by the weighted average number of Ordinary Shares in issue during each year excluding those held in employee share trusts which are treated as cancelled. For diluted earnings per share, the weighted average number of Ordinary Shares in issue, excluding those held in employee share trusts, is adjusted to assume conversion vesting of all dilutive potential weighted average Ordinary Shares and that vesting is satisfied by the issue of new Ordinary Shares. GROUP Year ended 31 March 2023 Year ended 31 March 2022 (Restated) Earnings attributable to Ordinary Shareholders (\u00a3\u2019000) 41,439 71,479 Weighted average number of shares used in the calculation of basic EPS (\u2019000) 282,295 290,815 Dilutive effect of share options (\u2019000) 1,598 1,022 Weighted average number of shares used in the calculation of diluted EPS (\u2019000) 283,893 291,837 Basic EPS 14.7p 24.6p Diluted EPS 14.6p 24.5p For the year ended 31 March 2023, 1,598,000 (year ended 31 March 2022: 1,022,000) potentially dilutive weighted average Ordinary Shares in respect of share awards in issue were included in the calculation of diluted EPS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-411": {
"value": "11. Dividends GROUP AND COMPANY Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Declared and paid in each year Final dividend for 2022 at 8.88p per share (2021: 21.43p) 25,250 62,410 Interim dividend for 2023 at 3.50p per share (2022: 3.50p) 9,790 10,194 Total 35,040 72,604 The final dividend for 2023 of 3.90 pence per share, amounting to \u00a310,913,000 was proposed by the Board on 12 June 2023 and has not been included as a liability at 31 March 2023. The dividend will be paid on 11 August 2023, following approval at the Company\u2019s Annual General Meeting, to those members on the register at the close of business on 14 July 2023. The dividends paid or declared in relation to the financial year are set out below: GROUP AND COMPANY Year ended 31 March 2023 Pence Year ended 31 March 2022 Pence Declared per share Interim dividend 3.50 3.50 Final dividend 3.90 8.88 Total dividend 7.40 12.38 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-458": {
"value": "12. Intangible assets GROUP Goodwill \u00a3\u2019000 Computer software \u00a3\u2019000 Trademarks and trading licences \u00a3\u2019000 Client relationships \u00a3\u2019000 Assets under development \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 April 2021 11,500 125,995 1,397 2,995 6,148 148,035 Additions \u2014 77 \u2014 \u2014 21,736 21,813 Transfers \u2014 5,246 \u2014 \u2014 (5,246) \u2014 Disposals \u2014 \u2014 (356) \u2014 \u2014 (356) Foreign currency translation \u2014 869 11 100 970 1,950 At 31 March 2022 11,500 132,187 1,052 3,095 23,608 171,442 Additions \u2014 291 23 \u2014 11,316 11,630 Transfers \u2014 12,803 \u2014 14,103 (26,906) \u2014 Foreign currency translation \u2014 (1,290) (29) (703) (311) (2,333) At 31 March 2023 11,500 143,991 1,046 16,495 7,707 180,739 Accumulated amortisation and impairment At 1 April 2021 (11,500) (122,075) (1,135) (2,995) \u2014 (137,705) Charge for the year \u2014 (2,773) (47) \u2014 \u2014 (2,820) Disposals \u2014 \u2014 287 \u2014 \u2014 287 Foreign currency translation \u2014 (764) (12) (100) \u2014 (876) At 31 March 2022 (11,500) (125,612) (907) (3,095) \u2014 (141,114) Charge for the year \u2014 (4,441) (34) (768) \u2014 (5,243) Impairment \u2014 (432) \u2014 \u2014 \u2014 (432) Foreign currency translation \u2014 1,181 27 184 \u2014 1,392 At 31 March 2023 (11,500) (129,304) (914) (3,679) \u2014 (145,397) Carrying amount At 1 April 2021 \u2014 3,920 262 \u2014 6,148 10,330 At 31 March 2022 \u2014 6,575 145 \u2014 23,608 30,328 At 31 March 2023 \u2014 14,687 132 12,816 7,707 35,342 Computer software includes capitalised development costs of \u00a326,487,000 relating to the Group\u2019s Next Generation trading platform which has been fully amortised. Research and Development expenditure recognised as expense during the year amounted to \u00a3893,344 (31 March 2022: \u00a31,690,00). Client relationships include the transaction with ANZ to transition its portfolio of Share Investing clients to CMC for AUD$25m, which has a remaining amortisation period of 8.5 years. During the year ended 31 March 2023 the Group recorded an impairment of \u00a3432,000 (year ended 31 March 2022: \u00a3nil) relating to internally generated computer software assets. The carrying value of the assets impaired at 1 April 2022 was \u00a3841,000, amortisation during the year ended 31 March 2023 was \u00a3409,000 until the date of decommissioning the asset resulting in an impairment of \u00a3432,000. The impaired asset provided an enhanced functionality to the clients but this functionality was removed from the Next Generation platform. 12. Intangible assets continued Impairment Intangibles are tested for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets under development are tested for impairment annually. Impairment of \u00a3432,000 was identified in the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil). At 31 March 2023, the Group had no material capital commitments in respect of intangible assets (31 March 2022: \u00a3nil). Impairment sensitivity analysis The recoverable amount of the asset under development relating to the Invest UK platform has been determined using a value-in-use discounted cash flow calculation. These cash flow projections use the most recent Board-approved forecast that cover a 10-year period, reflecting the longer useful expected life of the asset based on comparable experiences the Group has in software development. A discount rate of 9.3% and long term growth rate (beyond the forecasting period) of 0% has been used. The remaining amortisation period for this asset is 9.5 years. The discount rates used to calculate the recoverable amount of the Invest UK platform is based on the Group post tax weighted average cost of capital (WACC). The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the equity market and industry specific risks. Projected revenues have been estimated using available market information and internal data. The key assumptions that drive the uncertainty of revenue are: \u2013 Client acquisition, measured as marketing cost to acquire a trading customer \u2013 Estimates of B2B revenues from white-label, Software as a Service deals and the provision of API technology \u2013 Direct-to-consumer client behaviour measured through average portfolio size, average number of trades and customer retention rates \u2013 Interest earned on client funds A 6.0% reduction in forecast revenues would determine a recoverable amount equal to the carrying value of \u00a311,676,000. A 17.3% reduction in forecast revenues would result in the full impairment of the asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-446": {
"value": "12. Intangible assets GROUP Goodwill \u00a3\u2019000 Computer software \u00a3\u2019000 Trademarks and trading licences \u00a3\u2019000 Client relationships \u00a3\u2019000 Assets under development \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 April 2021 11,500 125,995 1,397 2,995 6,148 148,035 Additions \u2014 77 \u2014 \u2014 21,736 21,813 Transfers \u2014 5,246 \u2014 \u2014 (5,246) \u2014 Disposals \u2014 \u2014 (356) \u2014 \u2014 (356) Foreign currency translation \u2014 869 11 100 970 1,950 At 31 March 2022 11,500 132,187 1,052 3,095 23,608 171,442 Additions \u2014 291 23 \u2014 11,316 11,630 Transfers \u2014 12,803 \u2014 14,103 (26,906) \u2014 Foreign currency translation \u2014 (1,290) (29) (703) (311) (2,333) At 31 March 2023 11,500 143,991 1,046 16,495 7,707 180,739 Accumulated amortisation and impairment At 1 April 2021 (11,500) (122,075) (1,135) (2,995) \u2014 (137,705) Charge for the year \u2014 (2,773) (47) \u2014 \u2014 (2,820) Disposals \u2014 \u2014 287 \u2014 \u2014 287 Foreign currency translation \u2014 (764) (12) (100) \u2014 (876) At 31 March 2022 (11,500) (125,612) (907) (3,095) \u2014 (141,114) Charge for the year \u2014 (4,441) (34) (768) \u2014 (5,243) Impairment \u2014 (432) \u2014 \u2014 \u2014 (432) Foreign currency translation \u2014 1,181 27 184 \u2014 1,392 At 31 March 2023 (11,500) (129,304) (914) (3,679) \u2014 (145,397) Carrying amount At 1 April 2021 \u2014 3,920 262 \u2014 6,148 10,330 At 31 March 2022 \u2014 6,575 145 \u2014 23,608 30,328 At 31 March 2023 \u2014 14,687 132 12,816 7,707 35,342 Computer software includes capitalised development costs of \u00a326,487,000 relating to the Group\u2019s Next Generation trading platform which has been fully amortised. Research and Development expenditure recognised as expense during the year amounted to \u00a3893,344 (31 March 2022: \u00a31,690,00). Client relationships include the transaction with ANZ to transition its portfolio of Share Investing clients to CMC for AUD$25m, which has a remaining amortisation period of 8.5 years. During the year ended 31 March 2023 the Group recorded an impairment of \u00a3432,000 (year ended 31 March 2022: \u00a3nil) relating to internally generated computer software assets. The carrying value of the assets impaired at 1 April 2022 was \u00a3841,000, amortisation during the year ended 31 March 2023 was \u00a3409,000 until the date of decommissioning the asset resulting in an impairment of \u00a3432,000. The impaired asset provided an enhanced functionality to the clients but this functionality was removed from the Next Generation platform. 12. Intangible assets continued Impairment Intangibles are tested for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets under development are tested for impairment annually. Impairment of \u00a3432,000 was identified in the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil). At 31 March 2023, the Group had no material capital commitments in respect of intangible assets (31 March 2022: \u00a3nil). Impairment sensitivity analysis The recoverable amount of the asset under development relating to the Invest UK platform has been determined using a value-in-use discounted cash flow calculation. These cash flow projections use the most recent Board-approved forecast that cover a 10-year period, reflecting the longer useful expected life of the asset based on comparable experiences the Group has in software development. A discount rate of 9.3% and long term growth rate (beyond the forecasting period) of 0% has been used. The remaining amortisation period for this asset is 9.5 years. The discount rates used to calculate the recoverable amount of the Invest UK platform is based on the Group post tax weighted average cost of capital (WACC). The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the equity market and industry specific risks. Projected revenues have been estimated using available market information and internal data. The key assumptions that drive the uncertainty of revenue are: \u2013 Client acquisition, measured as marketing cost to acquire a trading customer \u2013 Estimates of B2B revenues from white-label, Software as a Service deals and the provision of API technology \u2013 Direct-to-consumer client behaviour measured through average portfolio size, average number of trades and customer retention rates \u2013 Interest earned on client funds A 6.0% reduction in forecast revenues would determine a recoverable amount equal to the carrying value of \u00a311,676,000. A 17.3% reduction in forecast revenues would result in the full impairment of the asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-412": {
"value": "12. Intangible assets GROUP Goodwill \u00a3\u2019000 Computer software \u00a3\u2019000 Trademarks and trading licences \u00a3\u2019000 Client relationships \u00a3\u2019000 Assets under development \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 April 2021 11,500 125,995 1,397 2,995 6,148 148,035 Additions \u2014 77 \u2014 \u2014 21,736 21,813 Transfers \u2014 5,246 \u2014 \u2014 (5,246) \u2014 Disposals \u2014 \u2014 (356) \u2014 \u2014 (356) Foreign currency translation \u2014 869 11 100 970 1,950 At 31 March 2022 11,500 132,187 1,052 3,095 23,608 171,442 Additions \u2014 291 23 \u2014 11,316 11,630 Transfers \u2014 12,803 \u2014 14,103 (26,906) \u2014 Foreign currency translation \u2014 (1,290) (29) (703) (311) (2,333) At 31 March 2023 11,500 143,991 1,046 16,495 7,707 180,739 Accumulated amortisation and impairment At 1 April 2021 (11,500) (122,075) (1,135) (2,995) \u2014 (137,705) Charge for the year \u2014 (2,773) (47) \u2014 \u2014 (2,820) Disposals \u2014 \u2014 287 \u2014 \u2014 287 Foreign currency translation \u2014 (764) (12) (100) \u2014 (876) At 31 March 2022 (11,500) (125,612) (907) (3,095) \u2014 (141,114) Charge for the year \u2014 (4,441) (34) (768) \u2014 (5,243) Impairment \u2014 (432) \u2014 \u2014 \u2014 (432) Foreign currency translation \u2014 1,181 27 184 \u2014 1,392 At 31 March 2023 (11,500) (129,304) (914) (3,679) \u2014 (145,397) Carrying amount At 1 April 2021 \u2014 3,920 262 \u2014 6,148 10,330 At 31 March 2022 \u2014 6,575 145 \u2014 23,608 30,328 At 31 March 2023 \u2014 14,687 132 12,816 7,707 35,342 Computer software includes capitalised development costs of \u00a326,487,000 relating to the Group\u2019s Next Generation trading platform which has been fully amortised. Research and Development expenditure recognised as expense during the year amounted to \u00a3893,344 (31 March 2022: \u00a31,690,00). Client relationships include the transaction with ANZ to transition its portfolio of Share Investing clients to CMC for AUD$25m, which has a remaining amortisation period of 8.5 years. During the year ended 31 March 2023 the Group recorded an impairment of \u00a3432,000 (year ended 31 March 2022: \u00a3nil) relating to internally generated computer software assets. The carrying value of the assets impaired at 1 April 2022 was \u00a3841,000, amortisation during the year ended 31 March 2023 was \u00a3409,000 until the date of decommissioning the asset resulting in an impairment of \u00a3432,000. The impaired asset provided an enhanced functionality to the clients but this functionality was removed from the Next Generation platform. 12. Intangible assets continued Impairment Intangibles are tested for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets under development are tested for impairment annually. Impairment of \u00a3432,000 was identified in the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil). At 31 March 2023, the Group had no material capital commitments in respect of intangible assets (31 March 2022: \u00a3nil). Impairment sensitivity analysis The recoverable amount of the asset under development relating to the Invest UK platform has been determined using a value-in-use discounted cash flow calculation. These cash flow projections use the most recent Board-approved forecast that cover a 10-year period, reflecting the longer useful expected life of the asset based on comparable experiences the Group has in software development. A discount rate of 9.3% and long term growth rate (beyond the forecasting period) of 0% has been used. The remaining amortisation period for this asset is 9.5 years. The discount rates used to calculate the recoverable amount of the Invest UK platform is based on the Group post tax weighted average cost of capital (WACC). The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the equity market and industry specific risks. Projected revenues have been estimated using available market information and internal data. The key assumptions that drive the uncertainty of revenue are: \u2013 Client acquisition, measured as marketing cost to acquire a trading customer \u2013 Estimates of B2B revenues from white-label, Software as a Service deals and the provision of API technology \u2013 Direct-to-consumer client behaviour measured through average portfolio size, average number of trades and customer retention rates \u2013 Interest earned on client funds A 6.0% reduction in forecast revenues would determine a recoverable amount equal to the carrying value of \u00a311,676,000. A 17.3% reduction in forecast revenues would result in the full impairment of the asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-413": {
"value": "13. Property, plant and equipment GROUP Leasehold improvements \u00a3\u2019000 Furniture, fixtures and equipment \u00a3\u2019000 Computer hardware \u00a3\u2019000 Right-of-use asset \u00a3\u2019000 Construction in progress \u00a3\u2019000 Total \u00a3\u2019000 Cost At 31 March 2021 (Reported) 19,273 9,656 36,249 19,146 \u2014 84,324 Correction of error \u2014 \u2014 \u2014 (1,563) \u2014 (1,563) At 1 April 2021 (Restated) 19,273 9,656 36,249 17, 583 \u2014 82,761 Additions 106 198 3,196 4,213 \u2014 7,713 Disposals (2,733) (1,007) (2,262) (275) \u2014 (6,277) Foreign currency translation 237 75 192 324 \u2014 828 At 31 March 2022 (Restated) 16,883 8,922 37,375 21,845 \u2014 85,025 Additions 722 479 5,788 2,872 211 10,072 Reclassification 36 18 \u2014 \u2014 (54) \u2014 Disposals (887) (72) (579) (1,813) \u2014 (3,351) Foreign currency translation (189) (26) (164) (270) (5) (654) At 31 March 2023 16,565 9,321 42,420 22,634 152 91,092 Accumulated depreciation At 31 March 2021 (Reported) (14,393) (8,795) (27, 235) (7,796) \u2014 (58,219) Correction of error \u2014 \u2014 \u2014 429 \u2014 429 At 1 April 2021 (restated) (14,393) (8,795) (27, 235) (7,367) \u2014 (57,790) Charge for the year (1,642) (414) (3,225) (4,287) \u2014 (9,568) Disposals 2,736 1,001 2,248 181 \u2014 6,166 Foreign currency translation (222) (72) (148) (221) \u2014 (663) At 31 March 2022 (restated) (13,521) (8,280) (28,360) (11,694) \u2014 (61,855) Charge for the year (1,585) (407) (3,749) (4,221) \u2014 (9,962) Disposals 839 59 340 1,801 \u2014 3,039 Foreign currency translation 175 22 108 152 \u2014 457 At 31 March 2023 (14,092) (8,606) (31,661) (13,962) \u2014 (68,321) Carrying amount At 1 April 2021 (Restated) 4,880 861 9,014 10,216 \u2014 24,971 At 31 March 2022 (Restated) 3,362 642 9,015 10,151 \u2014 23,170 At 31 March 2023 2,473 715 10,759 8,672 152 22,771 13. Property, plant and equipment continued The carrying amount of recognised right-of-use assets relate to the following types of assets: GROUP Computer hardware \u00a3\u2019000 Leasehold properties \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 305 10,216 10,521 Additions \u2014 4,213 4,213 Disposals \u2014 (94) (94) Charge for the year (305) (4,287) (4,592) Foreign currency translation \u2014 103 103 At 31 March 2022 \u2014 10,151 10,151 Additions \u2014 2,872 2,872 Disposals \u2014 (12) (12) Charge for the year \u2014 (4,221) (4,221) Foreign currency translation \u2014 (118) (118) At 31 March 2023 \u2014 8,672 8,672 Refer to note 23 for further details on lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-414": {
"value": "14. Deferred tax Deferred income taxes are calculated on all temporary differences under the liability method at the tax rate expected to apply when the deferred tax will crystallise. The gross movement on deferred tax is as follows: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 At 1 April 2,713 4,748 Charge to income for the year (1,380) (2,108) Charge to equity for the year \u2014 (135) Change in tax rate (462) 147 Foreign currency translation (115) 61 At 31 March 756 2,713 The following table details the deferred tax assets and liabilities recognised by the Group and movements thereon during the year: GROUP Tax los ses \u00a3\u2019000 Accelerated capital allowances \u00a3\u2019000 Other timing differences \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 135 (2,352) 6,965 4,748 Charge to income for the year (41) 1,894 (3,961) (2,108) Charge to equity for the year \u2014 \u2014 (135) (135) Research and development tax credit (1) 169 (21) 147 Foreign currency translation \u2014 11 50 61 At 31 March 2022 93 (278) 2,898 2,713 Charge to income for the year 5 (1,590) 206 (1,379) Change in tax rate (7) (192) (263) (462) Foreign currency translation 4 (22) (96) (114) At 31 March 2023 95 (2,082) 2,744 756 The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of the temporary differences can be deducted. The recoverability of the Group\u2019s deferred tax asset in respect of carry forward losses is based on an assessment of the future levels of taxable profit expected to arise that can be offset against these losses. The Group\u2019s expectations as to the level of future taxable profits take into account the Group\u2019s long-term financial and strategic plans and anticipated future tax adjusting items. In making this assessment, account is taken of business plans including the Board-approved Group budget. Key budget assumptions are discussed in the Directors\u2019 viability statement. Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. As at 31 March 2023, the Group did not recognise deferred tax assets of \u00a3298,000 (year ended 31 March 2022: \u00a3181,000) in respect of losses amounting to \u00a31,540,000 (year ended 31 March 2022: \u00a3724,000). \u00a3520,000 (year ended 31 March 2022: \u00a3724,000) of the losses relates to the Group\u2019s Information Internet Limited subsidiary and \u00a31,020,000 (year ended 31 March 2022: \u00a30) of the losses relates to CMC Markets Singapore Invest Pte Ltd subsidiary. There is no time limit on their utilisation. 14. Deferred tax continued The Group has recognised a deferred tax asset of \u00a395,000 (year ended 31 March 2022: \u00a393,000) in respect of losses of \u00a3428,000 (year ended 31 March 2022: \u00a3375,000). \u00a3321,000 (year ended 31 March 2022: \u00a3375,000) of the losses relates to the Group\u2019s Information Internet Limited subsidiary and \u00a3107,000 (year ended 31 March 2022: \u00a3nil) of the losses relates to the Polish branch of the Group\u2019s CMC Markets Germany GmbH subsidiary as at 31 March 2023. On 5 March 2021 the UK government announced that from 1 April 2023 the Corporation Tax main rate will be increased from 19% to 25%. This was substantively enacted on 24 May 2021. Deferred tax balances are reported at the substantively enacted corporation tax rate of 25%, the substantively enacted tax rate at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-447": {
"value": "15. Investment in subsidiary undertakings COMPANY Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 At 1 April (Restated) 167,722 167,607 Capital contribution relating to share-based payments 2,121 2,272 Amounts contributed by subsidiaries in relation to share-based payments (2,753) (2,157) At 31 March 167,090 167,722 The Company\u2019s investments in its subsidiary undertakings is carried at cost lest accumulated provision for impairment. In determining the provision for impairment, the carrying value of the investment is compared to the recoverable amount of the investment. The estimated recoverable amount of these investments is determined based on an estimate of the fair value less costs to sell of the subsidiary undertaking or the value in use of the subsidiary undertaking, whichever is higher. Investment in subsidiary undertakings are tested for impairment annually. Total provision for impairment recorded during the year ended 31 March 2023 was \u00a3nil (year ended 31 March 2022 Restated: \u00a3nil). The list below includes all of the Group\u2019s direct and indirect subsidiaries as at 31 March 2023: Country of incorporation Principal activities Held CMC Markets Holdings Ltd England Holding company Directly CMC Markets UK Holdings Ltd England Holding company Indirectly CMC Markets Investments Limited England Online investing Indirectly CMC Markets Investments Nominee Limited England Nominee entity Indirectly CMC Markets UK plc England Online trading Indirectly Information Internet Ltd England IT development Indirectly CMC Spreadbet plc England Financial spread betting Indirectly CMC Markets Overseas Holdings Ltd England Holding company Indirectly CMC Markets Asia Pacific Pty Ltd Australia Online trading Indirectly CMC Markets Group Australia Pty Ltd Australia Holding company Indirectly CMC Markets Stockbroking Ltd Australia Stockbroking Indirectly CMC Markets Stockbroking Services Pty Ltd Australia Employee services Indirectly CMC Markets Stockbroking Nominees Pty Ltd Australia Nominee entity Indirectly CMC Markets Stockbroking Nominees (No. 2 Account) Pty Ltd Australia Nominee entity Indirectly CMC Markets Canada Inc Canada Online trading Indirectly CMC Markets NZ Ltd New Zealand Online trading Indirectly CMC Markets Singapore Pte Ltd Singapore Online trading Indirectly CMC Markets Singapore Invest Pte Ltd Singapore Online investing Indirectly CMC Business Services (Shanghai) Limited China Training and education Indirectly CMC Markets Germany GmbH Germany Online trading Indirectly CMC Markets Middle East Ltd UAE Online trading Indirectly Please refer to pages 186 and 187 for the registered office addresses of the subsidiaries above. All shareholdings are of Ordinary Shares. The issued share capital of all subsidiary undertakings is 100% owned, which also represents the proportion of the voting rights in the subsidiary undertakings. 15. Investment in subsidiary undertakings continued The list below includes all of the Group\u2019s employee benefit trusts as at 31 March 2023: Country of incorporation CMC Markets plc Employee Share Trust Jersey CMC Markets plc UK Share Incentive Plan England CMC Markets plc (Discretionary Schemes) Employee Share Trust England ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-415": {
"value": "15. Investment in subsidiary undertakings COMPANY Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 At 1 April (Restated) 167,722 167,607 Capital contribution relating to share-based payments 2,121 2,272 Amounts contributed by subsidiaries in relation to share-based payments (2,753) (2,157) At 31 March 167,090 167,722 The Company\u2019s investments in its subsidiary undertakings is carried at cost lest accumulated provision for impairment. In determining the provision for impairment, the carrying value of the investment is compared to the recoverable amount of the investment. The estimated recoverable amount of these investments is determined based on an estimate of the fair value less costs to sell of the subsidiary undertaking or the value in use of the subsidiary undertaking, whichever is higher. Investment in subsidiary undertakings are tested for impairment annually. Total provision for impairment recorded during the year ended 31 March 2023 was \u00a3nil (year ended 31 March 2022 Restated: \u00a3nil). The list below includes all of the Group\u2019s direct and indirect subsidiaries as at 31 March 2023: Country of incorporation Principal activities Held CMC Markets Holdings Ltd England Holding company Directly CMC Markets UK Holdings Ltd England Holding company Indirectly CMC Markets Investments Limited England Online investing Indirectly CMC Markets Investments Nominee Limited England Nominee entity Indirectly CMC Markets UK plc England Online trading Indirectly Information Internet Ltd England IT development Indirectly CMC Spreadbet plc England Financial spread betting Indirectly CMC Markets Overseas Holdings Ltd England Holding company Indirectly CMC Markets Asia Pacific Pty Ltd Australia Online trading Indirectly CMC Markets Group Australia Pty Ltd Australia Holding company Indirectly CMC Markets Stockbroking Ltd Australia Stockbroking Indirectly CMC Markets Stockbroking Services Pty Ltd Australia Employee services Indirectly CMC Markets Stockbroking Nominees Pty Ltd Australia Nominee entity Indirectly CMC Markets Stockbroking Nominees (No. 2 Account) Pty Ltd Australia Nominee entity Indirectly CMC Markets Canada Inc Canada Online trading Indirectly CMC Markets NZ Ltd New Zealand Online trading Indirectly CMC Markets Singapore Pte Ltd Singapore Online trading Indirectly CMC Markets Singapore Invest Pte Ltd Singapore Online investing Indirectly CMC Business Services (Shanghai) Limited China Training and education Indirectly CMC Markets Germany GmbH Germany Online trading Indirectly CMC Markets Middle East Ltd UAE Online trading Indirectly Please refer to pages 186 and 187 for the registered office addresses of the subsidiaries above. All shareholdings are of Ordinary Shares. The issued share capital of all subsidiary undertakings is 100% owned, which also represents the proportion of the voting rights in the subsidiary undertakings. 15. Investment in subsidiary undertakings continued The list below includes all of the Group\u2019s employee benefit trusts as at 31 March 2023: Country of incorporation CMC Markets plc Employee Share Trust Jersey CMC Markets plc UK Share Incentive Plan England CMC Markets plc (Discretionary Schemes) Employee Share Trust England ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-416": {
"value": "16. Trade and other receivables GROUP COMPANY 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Current Gross trade receivables 8,721 6,546 \u2014 \u2014 Less: loss allowance (4,247) (6,219) \u2014 \u2014 Trade receivables 4,474 327 \u2014 \u2014 Amounts due from Group companies \u2014 \u2014 1,879 1,013 Prepayments 14,985 10,621 51 7 Accrued income 2,335 522 2 \u2014 Stockbroking debtors 105,103 134,325 \u2014 \u2014 Other debtors 3,719 2,413 \u2014 \u2014 130,616 148,208 1,932 1,020 Non-current Other debtors 2,666 1,797 \u2014 \u2014 Total 133,282 150,005 1,932 1,020 Stockbroking debtors represent the amount receivable in respect of equity security transactions executed on behalf of clients with a corresponding balance included within trade and other payables (note 21). All amounts due from Group companies in the Company Financial Statements are repayable on demand and are non-interest bearing. At 31 March 2023 the Group has lease receivables amounting to \u00a3384,000 (31 March 2022: \u00a3nil). The Group is an intermediate lessor on these leases and has recognised finance income of \u00a35,000 during the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-417": {
"value": "17. Derivative financial instruments Assets GROUP 31 March 2023 Notional amount \u00a3m 31 March 2023 Carrying amount \u00a3\u2019000 31 March 2022 Notional amount (Restated) \u00a3m 31 March 2022 Carrying amount (Restated) \u00a3\u2019000 Held for trading Client trading positions 120.9 13,125 76.9 8,710 Held for hedging Forward foreign exchange contracts \u2013 economic hedges 73.6 1,106 \u2014 \u2014 Forward foreign exchange contracts \u2013 net investment hedges \u2014 \u2014 40.0 78 Total 194.5 14,231 116.9 8,788 17. Derivative financial instruments continued Liabilities GROUP 31 March 2023 Notional amount \u00a3m 31 March 2023 Carrying amount \u00a3\u2019000 31 March 2022 Notional amount (Restated) \u00a3m 31 March 2022 Carrying amount (Restated) \u00a3\u2019000 Held for trading Client trading positions 35.7 (2,033) 37.0 (3,227) Held for hedging Forward foreign exchange contracts \u2013 economic hedges \u2014 \u2014 36.0 (452) Total 35.7 (2,033) 73.0 (3,679) The fair value of derivative contracts are based on the market price of comparable instruments at the balance sheet date. All derivative financial instruments have a maturity date of less than one year. Held for trading As described in note 30, the Group enters into derivative contracts in order to hedge its market price risk exposure arising from open client trading positions. Held for hedging The Group\u2019s forward foreign exchange contracts are categorised as either economic or net investment hedges. Economic hedges are held for the purpose of mitigating currency risk relating to transactional currency flows arising from earnings in foreign currencies but do not meet the criteria for designation in a hedge accounting relationship. During the year ended 31 March 2023, \u00a3845,000 of net loss relating to economic hedges were recognised in the consolidated income statement (year ended 31 March 2022: gains of \u00a3869,000). The Group has designated a number of foreign exchange derivative contracts as hedges of the net investment in the Group\u2019s foreign operations. At 31 March 2023, \u00a38,748,000 (31 March 2022: \u00a38,662,000) of fair value losses were recorded in net investment hedging reserve within other reserves. At 31 March 2023, \u00a36,304,000 (31 March 2022: \u00a37,827,000) of fair value gains were recorded in the translation reserve within other reserves. The net investment hedge programme closed at the end of April 2022. During the year ended 31 March 2023, fair value losses of \u00a386,000 (year ended 31 March 2022: losses of \u00a31,089,000) relating to net investment hedges were recognised in other comprehensive income. All changes in the fair value were treated as being effective under IFRS 9 \u201cFinancial Instruments\u201d; as a result there was no amount recognised directly in the income statement. The maximum exposure to credit risk at the reporting date is the carrying value of the derivative assets at the balance sheet date. The Group\u2019s derivative positions are reported gross on the statement of financial position, as required by IAS 32 where the criteria for offset are not met. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-418": {
"value": "18. Other assets GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Exchange 1,178 953 Vaults 806 12,490 Total 1,984 13,443 Other assets are cryptocurrencies, which are owned and controlled by the Group for the purpose of hedging the Group\u2019s exposure to clients\u2019 cryptocurrency trading positions. The fair value of cryptocurrencies are based on the market price of these instruments as at the balance sheet date. As presented above, the Group holds cryptocurrencies on exchange and in vault. Cryptocurrencies held on vaults are held in a wallet that has additional security features. Other assets are measured at fair value less costs to sell. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-419": {
"value": "19. Financial investments GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 UK government securities At 1 April 27,875 28,037 Purchase of securities 17,345 28,337 Maturity of securities and coupon receipts (14,878) (28,428) Net accrued interest 440 (17) Changes in the fair value of debt instruments at fair value through other comprehensive income (210) (54) At 31 March 30,572 27,875 Equity securities At 1 April 70 67 Impairment (34) \u2014 Foreign currency translation (2) 3 At 31 March 34 70 Total 30,606 27,945 The effective interest rates of UK government securities held at the year end range from 1.72% to 4.05% (31 March 2022: -0.19% to 1.72%). GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Analysis of financial investments Non-current 34 13,448 Current 30,572 14,497 Total 30,606 27,945 Financial investments are shown as current assets when they have a maturity of less than one year and as non-current when they have a maturity of more than one year. The majority of these UK government securities are held to meet the Group\u2019s regulatory threshold requirements under IFPR. These UK government securities are in Stage 1 and ECL is immaterial for the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil). ",
"dimensions": {
"concept": "cmcmarketsplc:DisclosureOfFinancialInvestments",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-420": {
"value": "20. Cash and cash equivalents GROUP COMPANY 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 Cash and cash equivalents 146,218 176,578 586 28,446 Analysed as: Cash at bank 146,218 176,578 586 28,446 Cash and cash equivalents comprises of cash on hand and short-term deposits. Cash and cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. This includes money market funds. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the ECL is immaterial for the year ended 31 March 2023 (year ended 31 March 2022: \u00a3nil). Analysis of net cash GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 Cash and cash equivalents 146,218 176,578 Borrowings \u2014 (194) Share buyback liability \u2014 (27, 264) Lease liabilities (11,818) (14,251) Net cash 134,400 134,869 20. Cash and cash equivalents continued GROUP Borrowings \u00a3\u2019000 Lease liabilities \u00a3\u2019000 Share buyback liability \u00a3\u2019000 Changes in liabilities arising from financing \u00a3\u2019000 Cash and cash equivalents \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 (Restated) (1,139) (15,387) \u2014 (16,526) 118,921 102,395 Cash flows \u2014 \u2014 \u2014 \u2014 56,281 56,281 Financing cash flows 945 4,808 2,975 8,728 \u2014 8,728 Share buyback liability recognised \u2014 \u2014 (30,239) (30,239) (30,239) Inception/modification of leases \u2014 (3,510) \u2014 (3,510) \u2014 (3,510) Foreign exchange adjustments \u2014 (162) \u2014 (162) 1,376 1,214 At 31 March 2022 (Restated) (194) (14,251) (27, 264) (41,709) 176,578 134,869 Cash flows \u2014 \u2014 \u2014 \u2014 (29,058) (29,058) Financing cash flows 194 5,454 27, 264 32,912 \u2014 32,912 Inception/modification of leases \u2014 (3,223) \u2014 (3,223) \u2014 (3,223) Foreign exchange adjustments \u2014 202 \u2014 202 (1,302) (1,100) At 31 March 2023 \u2014 (11,818) \u2014 (11,818) 146,218 134,400 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-421": {
"value": "21. Trade and other payables GROUP COMPANY 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 Client payables 49,409 44,133 \u2014 \u2014 Tax and social security 1,272 2,242 \u2014 \u2014 Stockbroking creditors 98,428 123,875 \u2014 \u2014 Accruals and other creditors 33,175 42,376 122 176 Total 182,284 212,626 122 176 Stockbroking creditors represent the amount payable in respect of equity and securities transactions executed on behalf of clients with a corresponding balance included within trade and other receivables (note 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-422": {
"value": "22. Borrowings GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Current Other liabilities \u2014 194 \u2014 194 Non-current Other liabilities \u2014 \u2014 Amount due to Group companies \u2014 \u2014 \u2014 \u2014 Total \u2014 194 The fair value of financial liabilities is approximately equivalent to the book value shown above. Bank loans In March 2023, the syndicated revolving credit facility was renewed at a level of \u00a355,000,000 (31 March 2022: \u00a355,000,000) where \u00a327,500,000 had a maturity date of March 2024 and \u00a327,500,000 had a maturity date of March 2026. This facility can only be used to meet broker margin requirements of the Group. The rate of interest payable on any loans is the aggregate of the applicable margin and SONIA. Other fees such as commitment fees, legal fees and arrangement fees are also payable on this facility (note 7). No amount was outstanding on this facility at 31 March 2023 (31 March 2022: \u00a3nil). All amounts due to Group companies in the Company financial statements are repayable on demand and are non-interest bearing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-423": {
"value": "23. Leases liabilities The Group leases several assets including leasehold properties and computer hardware to meet its operational business requirements. The average lease term is 2.6 years. ROU asset balances relate to both leasehold properties and computer hardware. Refer to note 13 for a breakdown of the carrying amount of ROU assets. The movements in lease liabilities during the year were as follows: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 At 1 April (Restated) 14,251 15,386 Additions/modifications of new leases during the year 3,223 3,510 Interest expense 658 687 Lease payments made during the year (6,112) (5,495) Foreign currency translation (202) 163 At 31 March 11,818 14,251 GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 Analysis of lease liabilities Non-current 6,228 9,302 Current 5,590 4,949 Total 11,818 14,251 The lease payments for the year ended 31 March 2023 relating to short-term leases amounted to \u00a3402,000 (year ended 31 March 2022: \u00a3207,000). As at 31 March 2023 the potential future undiscounted cash outflows that have not been included in the lease liability due to lack of reasonable certainty the lease extension options might be exercised amounted to \u00a3nil (31 March 2022: \u00a3nil). Refer to note 29 for maturity analysis of lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-424": {
"value": "24. Provisions GROUP Property related \u00a3\u2019000 Other \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 2,101 1,599 3,700 Additional provision 623 \u2014 623 Utilisation of provision (326) (1,506) (1,832) Currency translation 18 (23) (5) At 31 March 2022 2,416 70 2,486 Additional provision 82 856 938 Utilisation of provision (143) (370) (513) Currency translation (9) \u2014 (9) At 31 March 2023 2,346 556 2,902 The property-related provisions include dilapidation provisions. Dilapidation provisions have been capitalised as part of cost of ROU assets and are amortised over the term of the lease. These dilapidation provisions are utilised as and when the Group vacates a property and expenditure is incurred to restore the property to its original condition. The other provisions balance as at 31 March 2023 relates to provisions made for potential litigation associated with client complaints. The expected timing of outflows is uncertain as at 31 March 2023. The other provisions balance as at 31 March 2022 predominantly related to provisions made for client complaints linked to market volatility during Q1 2021. 24. Provisions continued GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Analysis of total provisions Current 815 369 Non-current 2,087 2,117 Total 2,902 2,486 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-448": {
"value": "25. Share capital, share premium and capital redemption reserve Number \u00a3\u2019000 GROUP AND COMPANY 31 March 2023 31 March 2022 31 March 2023 31 March 2022 Authorised Ordinary Shares of 25p 400,000,000 400,000,000 100,000 100,000 Allotted, issued and fully paid Ordinary Shares of 25p 279,815,463 290,293,919 69,953 72,573 Deferred Shares of 25p 2,478,086 2,478,086 620 620 Total 282,293,549 292,772,005 70,573 73,193 Share class rights The Company has two classes of shares, Ordinary and Deferred, neither of which carries a right to fixed income. Deferred Shares have no voting or dividend rights. In the event of a winding-up, Ordinary Shares shall be repaid at nominal value plus \u00a3500,000 each in priority to Deferred Shares. GROUP AND COMPANY Ordinary Shares Number Deferred Shares Number Total Number At 1 April 2021 290,717,473 2,478,086 293,195,559 New shares issued 700,000 \u2014 700,000 Shares cancelled (1,123,554) \u2014 (1,123,554) At 31 March 2022 290,293,919 2,478,086 292,772,005 New shares issued \u2014 \u2014 \u2014 Shares cancelled (10,478,456) \u2014 (10,478,456) At 31 March 2023 279,815,463 2,478,086 282,293,549 GROUP AND COMPANY Ordinary Shares \u00a3\u2019000 Deferred Shares \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 72,679 620 46,236 \u2014 119,535 New shares issued 175 \u2014 \u2014 \u2014 175 Shares cancelled (281) \u2014 \u2014 281 \u2014 At 31 March 2022 72,573 620 46,236 281 119,710 New shares issued \u2014 \u2014 \u2014 \u2014 \u2014 Shares cancelled (2,620) \u2014 \u2014 2,620 \u2014 At 31 March 2023 69,953 620 46,236 2,901 119,710 Movements in share capital and premium During the year ended 31 March 2023, no (year ended 31 March 2022: 700,000) shares with nominal value of 25 pence were issued to Employee Benefit Trusts (\u201cEBTs\u201d). During the year ended 31 March 2023, 10,478,456 (year ended 31 March 2022: 1,123,554) shares with nominal value of 25 pence were cancelled pursuant to the share buyback programme. During the year ended 31 March 2023, no Ordinary Shares were converted to Deferred Shares in accordance with the terms of grant to employees who have now left the Group (year ended 31 March 2022: nil). Capital redemption reserve On 14 March 2022, the Board approved a share buyback programme with up to \u00a330.0 million to be returned to shareholders. During the period starting 17 March 2022 and up to 19 October 2022, the Company repurchased and cancelled 11,602,010 Ordinary Shares with nominal value of 25 pence. The amount by which the Company\u2019s share capital is diminished on the cancellation of the purchased shares is transferred to the capital redemption reserve. This amounted to \u00a32,619,614 for the year ended 31 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-425": {
"value": "25. Share capital, share premium and capital redemption reserve Number \u00a3\u2019000 GROUP AND COMPANY 31 March 2023 31 March 2022 31 March 2023 31 March 2022 Authorised Ordinary Shares of 25p 400,000,000 400,000,000 100,000 100,000 Allotted, issued and fully paid Ordinary Shares of 25p 279,815,463 290,293,919 69,953 72,573 Deferred Shares of 25p 2,478,086 2,478,086 620 620 Total 282,293,549 292,772,005 70,573 73,193 Share class rights The Company has two classes of shares, Ordinary and Deferred, neither of which carries a right to fixed income. Deferred Shares have no voting or dividend rights. In the event of a winding-up, Ordinary Shares shall be repaid at nominal value plus \u00a3500,000 each in priority to Deferred Shares. GROUP AND COMPANY Ordinary Shares Number Deferred Shares Number Total Number At 1 April 2021 290,717,473 2,478,086 293,195,559 New shares issued 700,000 \u2014 700,000 Shares cancelled (1,123,554) \u2014 (1,123,554) At 31 March 2022 290,293,919 2,478,086 292,772,005 New shares issued \u2014 \u2014 \u2014 Shares cancelled (10,478,456) \u2014 (10,478,456) At 31 March 2023 279,815,463 2,478,086 282,293,549 GROUP AND COMPANY Ordinary Shares \u00a3\u2019000 Deferred Shares \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 72,679 620 46,236 \u2014 119,535 New shares issued 175 \u2014 \u2014 \u2014 175 Shares cancelled (281) \u2014 \u2014 281 \u2014 At 31 March 2022 72,573 620 46,236 281 119,710 New shares issued \u2014 \u2014 \u2014 \u2014 \u2014 Shares cancelled (2,620) \u2014 \u2014 2,620 \u2014 At 31 March 2023 69,953 620 46,236 2,901 119,710 Movements in share capital and premium During the year ended 31 March 2023, no (year ended 31 March 2022: 700,000) shares with nominal value of 25 pence were issued to Employee Benefit Trusts (\u201cEBTs\u201d). During the year ended 31 March 2023, 10,478,456 (year ended 31 March 2022: 1,123,554) shares with nominal value of 25 pence were cancelled pursuant to the share buyback programme. During the year ended 31 March 2023, no Ordinary Shares were converted to Deferred Shares in accordance with the terms of grant to employees who have now left the Group (year ended 31 March 2022: nil). Capital redemption reserve On 14 March 2022, the Board approved a share buyback programme with up to \u00a330.0 million to be returned to shareholders. During the period starting 17 March 2022 and up to 19 October 2022, the Company repurchased and cancelled 11,602,010 Ordinary Shares with nominal value of 25 pence. The amount by which the Company\u2019s share capital is diminished on the cancellation of the purchased shares is transferred to the capital redemption reserve. This amounted to \u00a32,619,614 for the year ended 31 March 2023. 26. Own shares held in trust GROUP AND COMPANY Number \u00a3\u2019000 Ordinary Shares of 25p At 1 April 2021 336,011 382 Acquisition 1,039,903 1,006 Utilisation (722,299) (294) At 31 March 2022 653,615 1,094 Acquisition 460,840 1,106 Utilisation (408,688) (691) At 31 March 2023 705,767 1,509 The shares are held by various EBTs for the purpose of encouraging or facilitating the holding of shares in the Company for the benefit of employees and the trustees will apply the whole or part of the trust\u2019s funds to facilitate dealing in shares by such beneficiaries. 27. Other reserves GROUP Translation reserve \u00a3\u2019000 Net investment hedging reserve \u00a3\u2019000 FVOCI reserve \u00a3\u2019000 Merger reserve \u00a3\u2019000 Share buyback reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 6,066 (7, 573) (27) (47, 800) \u2014 (49,334) Currency translation differences 1,761 \u2014 \u2014 \u2014 \u2014 1,761 Share buyback \u2014 \u2014 \u2014 \u2014 (27,264) (27, 264) Losses on net investment hedges \u2014 (1,089) \u2014 \u2014 \u2014 (1,089) Losses on financial investments at FVOCI \u2014 \u2014 (54) \u2014 \u2014 (54) At 31 March 2022 7,827 (8,662) (81) (47,800) (27,264) (75,980) Currency translation differences (1,760) \u2014 \u2014 \u2014 \u2014 (1,760) Share buyback \u2014 \u2014 \u2014 \u2014 27, 264 27,264 Gains recycled from equity to income statement 237 \u2014 \u2014 \u2014 \u2014 237 Losses on net investment hedges \u2014 (86) \u2014 \u2014 \u2014 (86) Losses on financial investments at FVOCI \u2014 \u2014 (210) \u2014 \u2014 (210) At 31 March 2023 6,304 (8,748) (291) (47,800) \u2014 (50,535) Translation reserve The translation reserve is comprised of translation differences on foreign currency net investments held by the Group. Net investment hedging reserve The net investment hedge programme closed at the end of April 2022. Overseas net investments are hedged using forward foreign exchange contracts. Gains and losses on instruments used to hedge these overseas net investments are shown in the net investment hedging reserve. These instruments hedge balance sheet translation risk, which is the risk of changes in reserves due to fluctuations in currency exchange rates. All changes in the fair value of these hedging instruments were treated as being effective under IFRS 9 \u201cFinancial Instruments\u201d. FVOCI reserve The Group holds certain UK government securities measured at FVOCI. Unrealised gains and losses arising from changes in the fair value of these financial assets are recognised in the FVOCI reserve. Merger reserve The merger reserve arose following a corporate restructure in 2006 when a new holding company, CMC Markets plc, was created to bring all CMC companies into the same corporate structure. The merger reserve represents the difference between the nominal value of the holding Company\u2019s share capital and that of the acquired companies. Share buyback reserve On 14 March 2022, the Board approved a share buyback programme with up to \u00a330.0 million to be returned to shareholders. On inception of the contract, a financial liability of \u00a330,239,000 was established representing the financial liability for the full value of the share buyback programme plus directly attributable costs. The share buyback reserve amount is reduced by the consideration paid for the repurchased shares with a corresponding transaction recorded within Retained earnings to reflect the consumption of distributable profits. The share buyback reserve is presented in both the consolidate and parent company statements of changes in equity. The shares purchased and the average price paid per share for the year ended 31 March 2023 were as follows: Year ended 31 March Number of shares purchased Aggregate purchase amount Average price of shares purchased 2023 10,478,456 \u00a327,236,000 \u00a32.60 2022 1,123,554 \u00a32,975,000 \u00a32.65 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-449": {
"value": "26. Own shares held in trust GROUP AND COMPANY Number \u00a3\u2019000 Ordinary Shares of 25p At 1 April 2021 336,011 382 Acquisition 1,039,903 1,006 Utilisation (722,299) (294) At 31 March 2022 653,615 1,094 Acquisition 460,840 1,106 Utilisation (408,688) (691) At 31 March 2023 705,767 1,509 The shares are held by various EBTs for the purpose of encouraging or facilitating the holding of shares in the Company for the benefit of employees and the trustees will apply the whole or part of the trust\u2019s funds to facilitate dealing in shares by such beneficiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-450": {
"value": "27. Other reserves GROUP Translation reserve \u00a3\u2019000 Net investment hedging reserve \u00a3\u2019000 FVOCI reserve \u00a3\u2019000 Merger reserve \u00a3\u2019000 Share buyback reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 April 2021 6,066 (7, 573) (27) (47, 800) \u2014 (49,334) Currency translation differences 1,761 \u2014 \u2014 \u2014 \u2014 1,761 Share buyback \u2014 \u2014 \u2014 \u2014 (27,264) (27, 264) Losses on net investment hedges \u2014 (1,089) \u2014 \u2014 \u2014 (1,089) Losses on financial investments at FVOCI \u2014 \u2014 (54) \u2014 \u2014 (54) At 31 March 2022 7,827 (8,662) (81) (47,800) (27,264) (75,980) Currency translation differences (1,760) \u2014 \u2014 \u2014 \u2014 (1,760) Share buyback \u2014 \u2014 \u2014 \u2014 27, 264 27,264 Gains recycled from equity to income statement 237 \u2014 \u2014 \u2014 \u2014 237 Losses on net investment hedges \u2014 (86) \u2014 \u2014 \u2014 (86) Losses on financial investments at FVOCI \u2014 \u2014 (210) \u2014 \u2014 (210) At 31 March 2023 6,304 (8,748) (291) (47,800) \u2014 (50,535) Translation reserve The translation reserve is comprised of translation differences on foreign currency net investments held by the Group. Net investment hedging reserve The net investment hedge programme closed at the end of April 2022. Overseas net investments are hedged using forward foreign exchange contracts. Gains and losses on instruments used to hedge these overseas net investments are shown in the net investment hedging reserve. These instruments hedge balance sheet translation risk, which is the risk of changes in reserves due to fluctuations in currency exchange rates. All changes in the fair value of these hedging instruments were treated as being effective under IFRS 9 \u201cFinancial Instruments\u201d. FVOCI reserve The Group holds certain UK government securities measured at FVOCI. Unrealised gains and losses arising from changes in the fair value of these financial assets are recognised in the FVOCI reserve. Merger reserve The merger reserve arose following a corporate restructure in 2006 when a new holding company, CMC Markets plc, was created to bring all CMC companies into the same corporate structure. The merger reserve represents the difference between the nominal value of the holding Company\u2019s share capital and that of the acquired companies. Share buyback reserve On 14 March 2022, the Board approved a share buyback programme with up to \u00a330.0 million to be returned to shareholders. On inception of the contract, a financial liability of \u00a330,239,000 was established representing the financial liability for the full value of the share buyback programme plus directly attributable costs. The share buyback reserve amount is reduced by the consideration paid for the repurchased shares with a corresponding transaction recorded within Retained earnings to reflect the consumption of distributable profits. The share buyback reserve is presented in both the consolidate and parent company statements of changes in equity. The shares purchased and the average price paid per share for the year ended 31 March 2023 were as follows: Year ended 31 March Number of shares purchased Aggregate purchase amount Average price of shares purchased 2023 10,478,456 \u00a327,236,000 \u00a32.60 2022 1,123,554 \u00a32,975,000 \u00a32.65 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "28. Cash generated from/(used in) operations GROUP COMPANY Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Cash flows from operating activities Profit before taxation 52,163 91,495 33,763 102,841 Adjustments for: Interest income (13,927) (834) \u2014 \u2014 Dividends received \u2014 \u2014 (34,260) (103,617) Finance costs 2,315 2,164 318 475 Depreciation 9,962 9,568 \u2014 \u2014 Amortisation of intangible assets 5,675 2,820 \u2014 \u2014 Research and development tax credit (651) (74 3) \u2014 \u2014 (Profit)/Loss on disposal of property, plant and equipment (27) 86 \u2014 \u2014 Other non-cash movements including exchange rate movements 980 (681) \u2014 \u2014 Share-based payment 1,651 356 \u2014 \u2014 Changes in working capital Decrease /(Increase) in trade and other receivables 17,222 (18,492) 840 14,126 Decrease in amounts due from/due to brokers 17,261 57, 523 \u2014 \u2014 Decrease /(Increase) in other assets 11,459 (13,443) \u2014 \u2014 (Decrease)/Increase in trade and other payables1 (20,792) 44,828 (54) 96 Increase in net derivative financial instruments liabilities (7,167) (1,705) \u2014 \u2014 Increase/(Decrease) in provisions 460 (1,814) \u2014 \u2014 Cash generated from operations 76,584 171,128 607 13,921 1 This change in working capital for the year ended 31 March 2023 is stated after offsetting a payment amounting to \u00a39,500,000 made to Australia and New Zealand Banking Group Limited in relation to the portfolio of share investing clients acquired during the year ended 31 March 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "29. Financial instruments Analysis of financial instruments by category The following tables analyse financial assets and liabilities in accordance with the categories of financial instruments on an IFRS 9 basis. 31 March 2023 GROUP Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 146,218 146,218 Financial investments 30,572 34 \u2014 30,606 Amounts due from brokers \u2014 \u2014 188,154 188,154 Derivative financial instruments \u2014 14,231 \u2014 14,231 Trade and other receivables excluding non-financial assets \u2014 \u2014 117,905 117,905 30,572 14,265 452,277 497,114 31 March 2023 GROUP Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Trade and other payables excluding non-financial liabilities \u2014 \u2014 (181,012) (181,012) Amounts due to brokers \u2014 \u2014 (8,927) (8,927) Derivative financial instruments \u2014 (2,033) \u2014 (2,033) Lease liabilities \u2014 \u2014 (11,818) (11,818) \u2014 (2,033) (201,757) (203,790) 29. Financial instruments continued Analysis of financial instruments by category continued 31 March 2022 (Restated) GROUP Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 176,578 176,578 Financial investments 27,875 70 \u2014 27,94 5 Amounts due from brokers \u2014 \u2014 208,882 208,882 Derivative financial instruments \u2014 8,788 \u2014 8,788 Trade and other receivables excluding non-financial assets \u2014 \u2014 139,383 139,383 27, 875 8,858 524,843 561,576 31 March 2022 (Restated) GROUP Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Trade and other payables excluding non-financial liabilities \u2014 \u2014 (210,384) (210,384) Amounts due to brokers \u2014 \u2014 (12,394) (12,394) Share buyback liability \u2014 \u2014 (27, 264) (27, 264) Derivative financial instruments \u2014 (3,679) \u2014 (3,679) Borrowings \u2014 \u2014 (194) (194) Lease liabilities \u2014 \u2014 (14,251) (14,251) \u2014 (3,679) (264,487) (268,166) The maximum exposure to credit risk at the reporting date is the fair value of the financial assets at the balance sheet date. 31 March 2023 COMPANY Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 586 586 Trade and other receivables excluding non-financial assets \u2014 \u2014 1,879 1,879 \u2014 \u2014 2,465 2,465 31 March 2023 COMPANY Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Trade and other payables excluding non-financial liabilities \u2014 \u2014 (122) (122) \u2014 \u2014 (122) (122) 31 March 2022 (Restated) COMPANY Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 28,446 28,446 Trade and other receivables excluding non-financial assets \u2014 \u2014 1,013 1,013 \u2014 \u2014 29,459 29,459 29. Financial instruments continued Analysis of financial instruments by category continued 31 March 2022 (Restated) COMPANY Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Share buyback liability \u2014 \u2014 (27, 264) (27, 264) Trade and other payables excluding non-financial liabilities \u2014 \u2014 (176) (176) \u2014 \u2014 (27,440) (27,440) Maturity analysis 31 March 2023 GROUP On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 146,218 \u2014 \u2014 \u2014 146,218 Financial investments 34 \u2014 15,330 16,007 31,371 Amounts due from brokers 188,154 \u2014 \u2014 \u2014 188,154 Derivative financial instruments 13,125 1,106 \u2014 \u2014 14,231 Trade and other receivables excluding non-financial assets 113,283 2,465 495 1,662 117,905 460,814 3,571 15,825 17,669 497,879 Financial liabilities Trade and other payables excluding non-financial liabilities (181,012) \u2014 \u2014 \u2014 (181,012) Amounts due to brokers (8,927) \u2014 \u2014 \u2014 (8,927) Derivative financial instruments (2,033) \u2014 \u2014 \u2014 (2,033) Lease liabilities \u2014 (1,525) (4,412) (8,041) (13,978) (191,972) (1,525) (4,412) (8,041) (205,950) Net liquidity gap 268,842 2,046 11,413 9,628 291,929 31 March 2022 (Restated) GROUP On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 176,578 \u2014 \u2014 \u2014 176,578 Financial investments 70 \u2014 14,837 13,338 28,245 Amounts due from brokers 208,882 \u2014 \u2014 \u2014 208,882 Derivative financial instruments 8,710 78 \u2014 \u2014 8,788 Trade and other receivables excluding non-financial assets 135,655 1,810 354 1,564 139,383 529,895 1,888 15,191 14,902 561,876 Financial liabilities Trade and other payables excluding non-financial liabilities (210,384) \u2014 \u2014 \u2014 (210,384) Share buyback liability (27,264) \u2014 \u2014 \u2014 (27,264) Amounts due to brokers (12,394) \u2014 \u2014 \u2014 (12,394) Derivative financial instruments (3,227) (452) \u2014 \u2014 (3,679) Borrowings \u2014 \u2014 (194) \u2014 (194) Lease liabilities \u2014 (1,443) (4,146) (9,506) (15,095) (253,269) (1,895) (4,340) (9,506) (269,010) Net liquidity gap 276,626 (7) 10,851 5,396 292,866 The amounts disclosed in the table are the contractual undiscounted cash flows, including principal and interest payments, these amounts will not reconcile to the amounts disclosed in the Statement of Financial Position. Given that 93% of the Group\u2019s financial assets are available on demand, there is no significant maturity risk as at 31 March 2023 (31 March 2022: 94%). 29. Financial instruments continued Maturity analysis continued 31 March 2023 COMPANY On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 586 \u2014 \u2014 \u2014 586 Trade and other receivables excluding non-financial assets 1,879 \u2014 \u2014 \u2014 1,879 2,465 \u2014 \u2014 \u2014 2,465 Financial liabilities Trade and other payables excluding non-financial liabilities (122) \u2014 \u2014 \u2014 (122) Share buyback liability \u2014 \u2014 \u2014 \u2014 \u2014 (122) \u2014 \u2014 \u2014 (122) Net liquidity gap 2,343 \u2014 \u2014 \u2014 2,343 31 March 2022 (Restated) COMPANY On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 28,446 \u2014 \u2014 \u2014 28,446 Trade and other receivables excluding non-financial assets 1,013 \u2014 \u2014 \u2014 1,013 29,459 \u2014 \u2014 \u2014 29,459 Financial liabilities Trade and other payables excluding non-financial liabilities (176) \u2014 \u2014 \u2014 (176) Share buyback liability (27,264) \u2014 \u2014 \u2014 (27,264) (27,440) \u2014 \u2014 \u2014 (27,4 40) Net liquidity gap 2,019 \u2014 \u2014 \u2014 2,019 Offseting financial instruments The Group enters into various collateral arrangements with their counterparties. These agreements provide the Group with the right, in the ordinary course of business and/ or in the event of a counterparty default (such as bankruptcy or a counterparty\u2019s failure to pay or perform), to net a counterparty\u2019s rights and obligations under such agreement and, in the event of counterparty default, set off collateral held by the Group against the net amount owed by the counterparty. Certain derivatives and broker balances, where the requirements of IAS 32 are met, are offset in the Group\u2019s consolidated balance sheet. The Group transacts bilateral OTC derivatives (OTC derivatives) mainly under International Swaps and Derivatives Association (ISDA) Master Agreements or under terms of business for CFD clients. These agreements provide for the net settlement of all transactions under the agreement through a single payment. They allow the Group to offset balances from derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives is received and provided in the form of cash. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. For derivatives transacted with exchanges (exchange-traded derivatives), positive and negative P&L and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. Where no such agreements or terms exist or the Group cannot demonstrate the intent to settle net, fair values are recorded on a gross basis, including any cross-currency exposure with the same counterparty. Fair value estimation IFRS 13 Fair Value Measurement requires the Group to classify its financial assets and liabilities according to a hierarchy that reflects the observability of significant market inputs. The three levels of the fair value hierarchy are defined below: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); or \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Valuation techniques Specific valuation techniques used to value financial instruments include: \u2013 The use of quoted market prices or dealer quotes for similar instruments. \u2013 For foreign currency forwards \u2013 forward exchange rates at the balance sheet date. There have been no changes to the fair value hierarchy or valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 March 2022: none). 29. Financial instruments continued Fair value estimation continued The fair value of the Group\u2019s financial assets and liabilities measured at amortised cost approximates their carrying amount. 31 March 2023 GROUP Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial investments 30,572 \u2014 34 30,606 Derivative financial instruments (current assets) \u2014 14,231 \u2014 14,231 Derivative financial instruments (current liabilities) \u2014 (2,033) \u2014 (2,033) 30,572 12,198 34 42,804 31 March 2022 (Restated) GROUP Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial investments 27, 875 \u2014 70 27, 945 Derivative financial instruments (current assets) \u2014 8,788 \u2014 8,788 Derivative financial instruments (current liabilities) \u2014 (3,679) \u2014 (3,679) 27, 875 5,109 70 33,054 ",
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},
"fact-451": {
"value": "Analysis of financial instruments by category The following tables analyse financial assets and liabilities in accordance with the categories of financial instruments on an IFRS 9 basis. 31 March 2023 GROUP Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 146,218 146,218 Financial investments 30,572 34 \u2014 30,606 Amounts due from brokers \u2014 \u2014 188,154 188,154 Derivative financial instruments \u2014 14,231 \u2014 14,231 Trade and other receivables excluding non-financial assets \u2014 \u2014 117,905 117,905 30,572 14,265 452,277 497,114 31 March 2023 GROUP Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Trade and other payables excluding non-financial liabilities \u2014 \u2014 (181,012) (181,012) Amounts due to brokers \u2014 \u2014 (8,927) (8,927) Derivative financial instruments \u2014 (2,033) \u2014 (2,033) Lease liabilities \u2014 \u2014 (11,818) (11,818) \u2014 (2,033) (201,757) (203,790) 29. Financial instruments continued Analysis of financial instruments by category continued 31 March 2022 (Restated) GROUP Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 176,578 176,578 Financial investments 27,875 70 \u2014 27,94 5 Amounts due from brokers \u2014 \u2014 208,882 208,882 Derivative financial instruments \u2014 8,788 \u2014 8,788 Trade and other receivables excluding non-financial assets \u2014 \u2014 139,383 139,383 27, 875 8,858 524,843 561,576 31 March 2022 (Restated) GROUP Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Trade and other payables excluding non-financial liabilities \u2014 \u2014 (210,384) (210,384) Amounts due to brokers \u2014 \u2014 (12,394) (12,394) Share buyback liability \u2014 \u2014 (27, 264) (27, 264) Derivative financial instruments \u2014 (3,679) \u2014 (3,679) Borrowings \u2014 \u2014 (194) (194) Lease liabilities \u2014 \u2014 (14,251) (14,251) \u2014 (3,679) (264,487) (268,166) The maximum exposure to credit risk at the reporting date is the fair value of the financial assets at the balance sheet date. 31 March 2023 COMPANY Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 586 586 Trade and other receivables excluding non-financial assets \u2014 \u2014 1,879 1,879 \u2014 \u2014 2,465 2,465 31 March 2023 COMPANY Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Trade and other payables excluding non-financial liabilities \u2014 \u2014 (122) (122) \u2014 \u2014 (122) (122) 31 March 2022 (Restated) COMPANY Assets at FVOCI \u00a3\u2019000 Assets at FVPL \u00a3\u2019000 Assets at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents \u2014 \u2014 28,446 28,446 Trade and other receivables excluding non-financial assets \u2014 \u2014 1,013 1,013 \u2014 \u2014 29,459 29,459 29. Financial instruments continued Analysis of financial instruments by category continued 31 March 2022 (Restated) COMPANY Liabilities at FVOCI \u00a3\u2019000 Liabilities at FVPL \u00a3\u2019000 Liabilities at amortised cost \u00a3\u2019000 Total \u00a3\u2019000 Financial liabilities Share buyback liability \u2014 \u2014 (27, 264) (27, 264) Trade and other payables excluding non-financial liabilities \u2014 \u2014 (176) (176) \u2014 \u2014 (27,440) (27,440) Maturity analysis 31 March 2023 GROUP On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 146,218 \u2014 \u2014 \u2014 146,218 Financial investments 34 \u2014 15,330 16,007 31,371 Amounts due from brokers 188,154 \u2014 \u2014 \u2014 188,154 Derivative financial instruments 13,125 1,106 \u2014 \u2014 14,231 Trade and other receivables excluding non-financial assets 113,283 2,465 495 1,662 117,905 460,814 3,571 15,825 17,669 497,879 Financial liabilities Trade and other payables excluding non-financial liabilities (181,012) \u2014 \u2014 \u2014 (181,012) Amounts due to brokers (8,927) \u2014 \u2014 \u2014 (8,927) Derivative financial instruments (2,033) \u2014 \u2014 \u2014 (2,033) Lease liabilities \u2014 (1,525) (4,412) (8,041) (13,978) (191,972) (1,525) (4,412) (8,041) (205,950) Net liquidity gap 268,842 2,046 11,413 9,628 291,929 31 March 2022 (Restated) GROUP On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 176,578 \u2014 \u2014 \u2014 176,578 Financial investments 70 \u2014 14,837 13,338 28,245 Amounts due from brokers 208,882 \u2014 \u2014 \u2014 208,882 Derivative financial instruments 8,710 78 \u2014 \u2014 8,788 Trade and other receivables excluding non-financial assets 135,655 1,810 354 1,564 139,383 529,895 1,888 15,191 14,902 561,876 Financial liabilities Trade and other payables excluding non-financial liabilities (210,384) \u2014 \u2014 \u2014 (210,384) Share buyback liability (27,264) \u2014 \u2014 \u2014 (27,264) Amounts due to brokers (12,394) \u2014 \u2014 \u2014 (12,394) Derivative financial instruments (3,227) (452) \u2014 \u2014 (3,679) Borrowings \u2014 \u2014 (194) \u2014 (194) Lease liabilities \u2014 (1,443) (4,146) (9,506) (15,095) (253,269) (1,895) (4,340) (9,506) (269,010) Net liquidity gap 276,626 (7) 10,851 5,396 292,866 The amounts disclosed in the table are the contractual undiscounted cash flows, including principal and interest payments, these amounts will not reconcile to the amounts disclosed in the Statement of Financial Position. Given that 93% of the Group\u2019s financial assets are available on demand, there is no significant maturity risk as at 31 March 2023 (31 March 2022: 94%). 29. Financial instruments continued Maturity analysis continued 31 March 2023 COMPANY On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 586 \u2014 \u2014 \u2014 586 Trade and other receivables excluding non-financial assets 1,879 \u2014 \u2014 \u2014 1,879 2,465 \u2014 \u2014 \u2014 2,465 Financial liabilities Trade and other payables excluding non-financial liabilities (122) \u2014 \u2014 \u2014 (122) Share buyback liability \u2014 \u2014 \u2014 \u2014 \u2014 (122) \u2014 \u2014 \u2014 (122) Net liquidity gap 2,343 \u2014 \u2014 \u2014 2,343 31 March 2022 (Restated) COMPANY On demand \u00a3\u2019000 Less than three months \u00a3\u2019000 Three months to one year \u00a3\u2019000 After one year \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Cash and cash equivalents 28,446 \u2014 \u2014 \u2014 28,446 Trade and other receivables excluding non-financial assets 1,013 \u2014 \u2014 \u2014 1,013 29,459 \u2014 \u2014 \u2014 29,459 Financial liabilities Trade and other payables excluding non-financial liabilities (176) \u2014 \u2014 \u2014 (176) Share buyback liability (27,264) \u2014 \u2014 \u2014 (27,264) (27,440) \u2014 \u2014 \u2014 (27,4 40) Net liquidity gap 2,019 \u2014 \u2014 \u2014 2,019 Offseting financial instruments The Group enters into various collateral arrangements with their counterparties. These agreements provide the Group with the right, in the ordinary course of business and/ or in the event of a counterparty default (such as bankruptcy or a counterparty\u2019s failure to pay or perform), to net a counterparty\u2019s rights and obligations under such agreement and, in the event of counterparty default, set off collateral held by the Group against the net amount owed by the counterparty. Certain derivatives and broker balances, where the requirements of IAS 32 are met, are offset in the Group\u2019s consolidated balance sheet. The Group transacts bilateral OTC derivatives (OTC derivatives) mainly under International Swaps and Derivatives Association (ISDA) Master Agreements or under terms of business for CFD clients. These agreements provide for the net settlement of all transactions under the agreement through a single payment. They allow the Group to offset balances from derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives is received and provided in the form of cash. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. For derivatives transacted with exchanges (exchange-traded derivatives), positive and negative P&L and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. Where no such agreements or terms exist or the Group cannot demonstrate the intent to settle net, fair values are recorded on a gross basis, including any cross-currency exposure with the same counterparty. Fair value estimation IFRS 13 Fair Value Measurement requires the Group to classify its financial assets and liabilities according to a hierarchy that reflects the observability of significant market inputs. The three levels of the fair value hierarchy are defined below: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); or \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Valuation techniques Specific valuation techniques used to value financial instruments include: \u2013 The use of quoted market prices or dealer quotes for similar instruments. \u2013 For foreign currency forwards \u2013 forward exchange rates at the balance sheet date. There have been no changes to the fair value hierarchy or valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 March 2022: none). 29. Financial instruments continued Fair value estimation continued The fair value of the Group\u2019s financial assets and liabilities measured at amortised cost approximates their carrying amount. 31 March 2023 GROUP Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial investments 30,572 \u2014 34 30,606 Derivative financial instruments (current assets) \u2014 14,231 \u2014 14,231 Derivative financial instruments (current liabilities) \u2014 (2,033) \u2014 (2,033) 30,572 12,198 34 42,804 31 March 2022 (Restated) GROUP Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial investments 27, 875 \u2014 70 27, 945 Derivative financial instruments (current assets) \u2014 8,788 \u2014 8,788 Derivative financial instruments (current liabilities) \u2014 (3,679) \u2014 (3,679) 27, 875 5,109 70 33,054 ",
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"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-459": {
"value": "Fair value estimation IFRS 13 Fair Value Measurement requires the Group to classify its financial assets and liabilities according to a hierarchy that reflects the observability of significant market inputs. The three levels of the fair value hierarchy are defined below: \u2013 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); or \u2013 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Valuation techniques Specific valuation techniques used to value financial instruments include: \u2013 The use of quoted market prices or dealer quotes for similar instruments. \u2013 For foreign currency forwards \u2013 forward exchange rates at the balance sheet date. There have been no changes to the fair value hierarchy or valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 March 2022: none). Fair value estimation continued The fair value of the Group\u2019s financial assets and liabilities measured at amortised cost approximates their carrying amount. 31 March 2023 GROUP Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial investments 30,572 \u2014 34 30,606 Derivative financial instruments (current assets) \u2014 14,231 \u2014 14,231 Derivative financial instruments (current liabilities) \u2014 (2,033) \u2014 (2,033) 30,572 12,198 34 42,804 31 March 2022 (Restated) GROUP Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial investments 27, 875 \u2014 70 27, 945 Derivative financial instruments (current assets) \u2014 8,788 \u2014 8,788 Derivative financial instruments (current liabilities) \u2014 (3,679) \u2014 (3,679) 27, 875 5,109 70 33,054 ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "30. Financial risk management The Group\u2019s day-to-day business activities naturally expose it to strategic, financial (including credit, counterparty, market and liquidity) and operational risks. The Board accepts that it cannot place a cap or limit on all of the risks to which the Group is exposed to, however, effective risk management ensures that risks are managed to an acceptable level. The Board is ultimately responsible for the implementation of an appropriate risk strategy, defining and communicating the Group\u2019s risk appetite, the establishment and maintenance of effective systems and controls, and continued monitoring of the adherence to Group policies. The Group has adopted a standard risk process, through a five-step approach to risk management: risk identification; risk assessment; risk management; risk reporting; and risk monitoring. The approach to managing risk within the business is governed by the Board-approved Risk Appetite Statement and Risk Management Framework. The Board sets the strategy and the policies for managing these risks and delegates the monitoring and management of these risks to various Committees including the Executive Risk Committee, which in turn reports to the Group Risk Committee. The Group\u2019s ICARA review document is prepared in accordance with the Investment Firm Prudential Regime (\u201cIFPR\u201d) that is articulated in the Financial Conduct Authority\u2019s (\u201cFCA\u201d) MIFIDPRU Prudential sourcebook. The ICARA process is designed to cover the identification, monitoring and mitigation of harms, business model planning and forecasting, recovery and wind-down planning; and assessing the adequacy of financial resources. Financial risks arising from financial instruments are categorised into market, credit, counterparty and liquidity risks which, together with how the Group categorises and manages these risks, are described below. Market risk Market risk is defined as the risk that the value of our residual portfolio will decrease due to the change in market risk factors. The three standard market risk factors are price moves, interest rates and foreign exchange rates. Mitigation of market risk The Group benefits from a number of factors which also reduce the volatility of its revenue and protect it from market shocks as follows: \u2013 Natural mitigation of concentration The Group acts as a market maker in over 10,000 cross asset class instruments, specifically equities, equity indices, commodities, treasuries, foreign exchange and cryptocurrencies. Due to the high level of notional turnover there is a high level of internal crossing and natural aggregation across instruments and asset classes to mitigate significant single instrument concentration risk within the portfolio. \u2013 Natural aggregation In the year ended 31 March 2023, the Group had over 58,000 trading active clients. This large international client base has a diverse range of trading strategies resulting in the Group enjoying a high degree of natural aggregation between clients. This \u201cportfolio effect\u201d leads to a significant reduction in the Group\u2019s net market risk exposure. \u2013 Ease of hedging The Group predominantly acts as a market maker in linear, highly liquid financial instruments in which it can easily neutralise market risk exposure through its prime broker (\u201cPB\u201d) arrangements. In order to avoid over-reliance on one arrangement the Group policy is to have two PBs per asset class. For instruments where there is no equivalent underlying market (e.g. Countdowns) the Group controls its risk through setting prudent position/exposure limits. This is further augmented by dealer monitoring and intervention, which can take the form of restricting the size offered or, if deemed necessary, restricting the clients\u2019 ability to take a position in an instrument. 30. Financial risk management continued Market risk continued Market risk limits Market risk exposures are managed in accordance with the Group\u2019s Risk Appetite Statement and Group Risk Management Framework to ensure that the Group has sufficient capital resources to support the calculated market risk capital requirement as well as staying within its risk appetite. The Group manages this component under notional position limits that are set on an instrument and asset class level with overarching capital-based limits. Client exposures can vary significantly over a short period of time and are highly dependent on underlying market conditions. The Group\u2019s own funds requirements (\u201cOFR\u201d) are calculated in accordance with the IFPR. The market risk OFR has increased compared to the prior year and remains within the Board-approved risk appetite. GROUP OFR 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Asset class Consolidated equities 38,872 20,284 Commodities 6,562 7, 586 Fixed income and interest rates 677 2,062 Foreign exchange 21,806 14,222 Cryptocurrencies 589 551 68,506 44,705 Market price risk \u2013 stress testing Group Financial Risk conducts market price risk stress testing on a daily basis to quantify the potential losses to which the Group is exposed to from adverse market moves to its residual exposure. The residual exposure is derived by all products offered to clients, after taking into account the hedging performed by the Group in accordance with the hedging strategy. A range of risk measurement techniques are used including Value at Risk (\u201cVaR\u201d), Expected Shortfall (\u201cES\u201d) and Stress-Testing models. The models are performed for both likely and probable scenario as well as extreme stress scenario, where the stress factors simulate low probability high severity events to assess potential losses from tail events. The end-of-day market risk VaR model is performed using one day holding period with a 99% confidence interval with a 12 month lookback. A more severe stress is also performed, based on maximum daily moves in the same lookback period. In addition, for asset classes where the Group sees high intraday client turnover, stress testing is performed on intraday exposures by stressing the largest positions during the trading session. The VaR holding period is one day, therefore the model assumes exposure is maintained and does not take into account potential risk mitigation actions which the desk can take by hedging the net exposure intraday. The stress factors are reviewed and updated periodically ensuring recent volatility is captured in the model. The table below shows the end-of-day market risk VaR model results: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Market risk (18,284) (5,121) Non-trading book interest rate risk Interest rate risk arises from either less interest being earned or more being paid on interest-bearing assets and liabilities due to a change in the relevant floating rate. Interest rate risk is felt by the Group through a limited number of channels: income on segregated client and own funds; debits on client balances that are over a pre- defined threshold; an exposure to the credit market through liquidity money market funds; and changes to the value of fixed rate UK government securities held. The sensitivity analysis performed is based on a reasonable and possible move in the floating rate by 1.00% upwards and 0.50% downwards. This is summarised in the below table and reflects the Group\u2019s view that in the current economic environment, interest rate volatility is unlikely to have a significant impact on the profits of the Group. 30. Financial risk management continued Market risk continued Market price risk \u2013 stress testing continued Changes in interest rate variables result in a decrease/increase in the fair value of fixed rate financial assets classified as fair value through OCI. This has no material impact on the Group\u2019s equity. 31 March 2023 GROUP Absolute increase \u00a3\u2019000 Absolute decrease \u00a3\u2019000 Impact of 1.00% change 0.50% change Profit after tax 4,274 (2,572) Equity 4,274 (2,572) 31 March 2022 GROUP Absolute increase \u00a3\u2019000 Absolute decrease \u00a3\u2019000 Impact of 1.25% change 0.25% change Profit after tax 5,776 (990) Equity 5,776 (990) Non-trading book foreign exchange risk Foreign exchange risk is the risk that the Group\u2019s results are impacted by movements in foreign exchange rates. CMC is exposed to foreign exchange risk in the form of transaction and translation exposure. Transaction exposure is from holdings of cash and other current assets and liabilities in a currency other than the base currency of the entity. This risk is hedged each month by the Treasury team according to a policy based on a cap and floor model, with gains/losses recognised in the income statement. Any foreign exchange transaction exposures are hedged in accordance with Group Foreign Exchange Hedging Policy. Given the effectiveness of the hedging programme (Income statement impact in year ended 31 March 2023: loss of \u00a3845,000 (year ended 31 March 2022: gain of \u00a352,000), no sensitivity analysis has been performed. The instruments used for economically hedging foreign exchange risk are derivative financial instruments and are reported as described in note 17. Translation exposure occurs when the net assets of an entity are denominated in a foreign currency other than GBP, when the Consolidated Statement of Financial Position is prepared. Credit risk Credit risk is the risk of losses arising from a counterparty failing to meet its obligations as they fall due. Credit risk is divided into credit, counterparty and settlement risk. Below are the channels of credit risk the Group is exposed through: \u2013 Financial Institutions (\u201cFIs\u201d); and \u2013 Client. Financial institution credit risk The Group has relationships with a number of counterparties that provide prime brokerage and/or banking services (e.g. cash accounts, foreign exchange trading, credit facilities, custodian services, etc.). FI credit risk can be felt in the following ways: \u2013 For FIs used as a bank and those as a broker, the Group does not receive the funds the FIs hold on the Group\u2019s account. \u2013 For FIs used as a prime broker, a default will result in a loss of any unrealised profits and could cause the need to re-hedge at a different broker at a different price. \u2013 For FIs used as a cryptocurrency counterparty, the loss of physical assets. 30. Financial risk management continued Credit risk continued Mitigation of FIs credit risk To mitigate or avoid a credit loss: \u2013 The Group maintains, where practical, a range of relationships to reduce over-reliance on a single FI \u2013 as detailed in the Group Counterparty Concentration Risk Policy. \u2013 The Group regularly monitors the credit worthiness of the Institutions that it is exposed to and reviews counterparties at least annually \u2013 as detailed in the Group Hedge Counterparty Selection Policy. Contractual losses can be reduced by the \u201cclose-out netting\u201d conditions in the ISDA and broker agreements. If a specified event of default occurs, all transactions or all of a given type are terminated and netted (i.e. set off against each other) at market value or, if otherwise specified in the contract or if it is not possible to obtain a market value, at an amount equal to the loss suffered by the non-defaulting party in replacing the relevant contract. In order to manage both credit and counterparty credit risk within appetite the Group sets internal limits. As defined in the Group\u2019s policies the limits determine the total balance that can be held with each rated FI, each unrated FI and each cryptocurrency counterparty. These limits are expressed as a maximum percentage of capital, in the case of rated FIs, or a fixed amount for both unrated FIs and cryptocurrency counterparties. Liquidity Risk Management monitors the credit quality of all FIs and cryptocurrency counterparties, by tracking the credit ratings issued by Standard & Poor\u2019s and Fitch rating agencies, the credit default swap (\u201cCDS\u201d) spreads determined in the CDS market, share price, performance against a relevant index, and other relevant metrics. All rated FIs that the Group transacts with are of investment grade quality; however, no quantitative credit rating limits are set by the Group that FIs must exceed because the choice of suitable FIs is finite and therefore setting minimum rating limits could lead to the possibility that no FIs are able to meet them. As an alternative, the Group reviews negative rating action and large CDS spread widening to FIs on a case-by-case basis. Should an institution\u2019s credit rating fall below investment grade, the Risk Management Committee will be called and options discussed. Possible actions by the Group to reduce exposure to FIs depend on the nature of the relationship and the practical availability of substitute FIs. Possible actions include the withdrawal of cash balances from a FI on a daily basis, switching a proportion of hedge trading to another prime broker FI or ceasing all commercial activity with the FI. The tables below present CMC Markets plc\u2019s exposure to credit institutions (or similar) based on their long-term credit rating: 31 March 2023 GROUP Cash and cash equivalents \u00a3\u2019000 Amounts due from brokers \u00a3\u2019000 Other assets \u00a3\u2019000 Net derivative financial instruments \u00a3\u2019000 Total \u00a3\u2019000 AA+ to AA- 52,744 \u2014 \u2014 \u2014 52,744 A+ to A- 37,138 \u2014 \u2014 \u2014 37,138 BBB+ to BBB- 41,361 182,951 \u2014 1,106 225,418 Unrated 14,975 5,203 1,984 11,092 33,254 146,218 188,154 1,984 12,198 348,554 31 March 2022 (Restated) GROUP Cash and cash equivalents \u00a3\u2019000 Amounts due from brokers \u00a3\u2019000 Other assets \u00a3\u2019000 Net derivative financial instruments \u00a3\u2019000 Total \u00a3\u2019000 AA+ to AA- 56,252 \u2014 \u2014 \u2014 56,252 A+ to A- 26,618 \u2014 \u2014 \u2014 26,618 BBB+ to BBB- 79,055 185,543 \u2014 (373) 264,225 Unrated 14,653 23,339 13,443 5,482 56,917 176,578 208,882 13,443 5,109 404,012 30. Financial risk management continued Credit risk continued Client counterparty risk The Group\u2019s CFD and spread bet business operates a real-time mark-to-market trading facility where clients are required to lodge collateral against positions, with any profits and losses generated by the client credited and debited automatically to their account. As with any leveraged product offering, there is the potential for a client to lose more than the collateral lodged. Client counterparty risk captures the risk associated with a client defaulting on its obligations due to the Group. As the Group does not offer most of its retail clients credit terms and has a robust liquidation process, client counterparty risk will in general only arise when markets and instruments gap and the movement in the value of a client\u2019s leveraged portfolio exceeds the value of the equity that the client has held at the Group leaving the client account in deficit. \u201cNegative balance protection\u201d accounts do not pose counterparty risk to the Group as the maximum loss for this account type is limited to their account value. Further to this the Group operates as a designated clearing broker in Australia, where trading is subject to a settlement process for financial products transacted on the Australian Security Exchange and Chi-X Australia. As a result of this clearing process, the Group has settlement risk if a client or counterparty do not fulfil their side of the agreement by failing to deliver the underlying stock or value of the contract. While international securities trading is further offered to clients, this trading is predominantly fully vetted, which limits the settlement exposure generation. Mitigation of client counterparty risk \u2013 Liquidation process This is the automated process of closing a client\u2019s open position(s) if the account\u2019s total equity is not enough to cover a predefined percentage of required margin for the portfolio held. \u2013 Pre-emptive processes are also in place where a client\u2019s free equity (total equity less total margin requirement) becomes negative1 . At this point the client\u2019s account is restricted from increasing their position and a notification is sent inviting them to review their account. 1 Clients in some regions may use limited risk accounts, where it is guaranteed that a client cannot move to a negative equity balance. \u2013 Tiered margin Tiered margins were implemented in September 2013 on the Next Generation platform. It enables the Group to set higher margin rates (therefore requiring a client to lodge more collateral) against positions that are deemed to be more risky due to risk profile, which could be due to size relative to the underlying turnover, the Group\u2019s risk appetite or volatility of the instrument. \u2013 Position limits Position limits can be implemented on an instrument and client level. The instrument level enables the Group to control the total exposure the Group acquires in a single instrument. At a client level this ensures that the client can only reach a pre-defined size in any one instrument or asset class. Additionally, a position limit on an underlying instrument can be applied limiting the overall exposure that can be reached through different futures of the same underlying. For FX the client position limits are based on Net Open Position (\u201cNOP\u201d) which limits the currency exposure a client can reached via different FX pairs. Client counterparty risk stress testing Group Financial Risk conducts client counterparty risk stress testing on a daily basis based on an internal model developed to assess the potential client counterparty risk exposure. The Group\u2019s stress testing is based on scenarios with different severity including stress factors which simulate low probability severe events to assess potential impact. Client receivables history The Group determines expected credit losses for amounts due from clients, based on historic experience and forward looking considerations. The gain for the year was \u00a31,408,000 (year ended 31 March 2022: \u00a3575,000 expense), which amounts to 0.4% of total revenue (year ended 31 March 2022: 0.2%). During the year, trade receivables of \u00a31,615,000 were written off, which represented 0.5% of revenue (year ended 31 March 2022: \u00a32,118,000, 0.7% of revenue). The table below details the movement on the Group allowance for expected credit losses of trade receivables under the expected credit loss model: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 At the beginning of the year 6,219 7,762 Loss allowance on trade receivables (reversed)/provided (357) 575 Trade receivables written off (1,615) (2,118) At the end of the year 4,247 6,219 30. Financial risk management continued Credit risk continued Debt ageing analysis The Group seeks to minimise the effects of client debts on the Company\u2019s profit and loss. Client debts are managed very early in their life cycle in order to minimise the likelihood of them ageing. Debts that are past due carry an expected credit loss provision as set out in the table below: 31 March 2023 GROUP Debt \u00a3\u2019000 Provision \u00a3\u2019000 Less than one month 936 23 One to three months 3,367 11 Three to twelve months 189 146 Over twelve months 4,229 4,066 8,721 4,247 31 March 2022 GROUP Debt \u00a3\u2019000 Provision \u00a3\u2019000 Less than one month 221 28 One to three months 200 81 Three to twelve months 371 366 Over twelve months 5,754 5,744 6,546 6,219 The ECL on amounts due from brokers, accrued income and the Company\u2019s trade and other receivables balances is immaterial in both current and prior years. Please refer to note 19 for information on the ECL on UK government securities and note 20 for information on the ECL on cash and cash equivalents. Liquidity risk Liquidity risk is the risk that there is insufficient available liquidity to meet the obligations of the Group as they fall due. Liquidity is managed centrally for the Group by the Treasury team. The Group utilises a combination of liquidity forecasting and stress testing (formally in the ICARA) to ensure that it retains access to sufficient liquid resources under both normal and stressed conditions to meet its liabilities as they fall due. Liquidity forecasting incorporates the impact of liquidity regulations in force in each jurisdiction that the Group is active in and other impediments to the free movement of liquidity around the Group, including its own protocols on minimum liquidity to be retained by overseas entities. Liquidity stress testing is performed quarterly using a range of firm-specific and market-wide scenarios that represent severe but plausible stress events that the Group could be exposed to over the short and medium term. The Group ensures that the tests are commensurate to its current and future liquidity risk profile. Output from the quarterly stress testing process is used to calibrate a series of limits and metrics which are monitored and reported to senior management daily. This process seeks to ensure that the Group has appropriate sources of liquidity in place to meet its liabilities as they fall due under both \u201cbusiness as usual\u201d and stressed conditions. Due to the risk management strategy adopted and the changeable scale of the client trading book, the largest and most variable consumer of liquidity is PB margin requirements. The collateral calls are met in cash from own funds but to ensure liquidity is available for extreme spikes, the Group has a committed bank facility of \u00a355.0 million to meet short-term liquidity obligations to PBs in the event that it does not have sufficient access to own cash and to leave a sufficient liquidity buffer to cope with a stress event. The Group does not actively engage in maturity transformation as part of its underlying business model and therefore maturity mismatch of assets and liabilities does not represent a material liquidity risk. The maturity analysis tables are presented in note 29. 30. Financial risk management continued Liquidity risk continued Own funds Own funds is a key measure the Group uses to monitor the overall level of liquidity available to the Group. Own funds includes investments in UK government securities, the majority of which are held to meet the Group\u2019s regulatory threshold requirements under IFPR. The derivation of own funds is shown in the table below: GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 Cash and cash equivalents (net of bank overdraft) 146,218 176,578 Amount due from brokers 188,154 208,882 Other assets 1,984 13,443 Financial investments 30,606 27,945 Derivative financial instruments (excluding Client CFD positions) (current assets) 1,106 78 368,068 426,926 Less: title transfer funds (49,409) (44,133) Less: Amount due to brokers (8,927) (12,394) Less: derivative financial instruments (excluding Client CFD positions) (current liabilities) \u2014 (452) Own funds 309,732 369,947 The following Own Funds Flow Statement summarises the Group\u2019s generation of own funds during each year and excludes all cash flows in relation to monies held on behalf of clients. Additionally, short-term financial investments, amounts due from brokers and amounts receivable/(payable) on the derivative financial instruments have been included within \u201cown funds\u201d in order to provide a clear presentation of the Group\u2019s potential cash resources. GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Operating activities Profit before tax 52,163 91,495 Adjustments for: Depreciation and amortisation 15,637 12,388 Other non-cash adjustments 1,629 (1,124) Tax pai d (17,060) (14,651) Own funds generated from operating activities 52,369 88,108 Movement in working capital (13,995) 9,032 Outflow from investing activities Net purchase of property, plant and equipment and intangible assets (28,221) (15,813) Other outflow from investing activities (8) (998) Outflow from financing activities Dividends paid (35,040) (72,604) Share buyback (27,264) (2,975) Other outflow from financing activities (6,754) (6,584) Total outflow from investing and financing activities (97,287) (98,974) (Decrease)/increase in own funds (58,913) (1,834) Own funds at the beginning of the year 369,947 370,405 Effect of foreign exchange rate changes (1,302) 1,376 Own funds at the end of the year 309,732 369,947 Capital management The Group\u2019s objectives for managing capital are as follows: \u2013 to comply with the capital requirements set by the financial market regulators to which the Group is subject; \u2013 to ensure that all Group entities are able to operate as going concerns and satisfy any minimum externally imposed capital requirements; and \u2013 to ensure that the Group maintains a strong capital base to support the development of its business. 30. Financial risk management continued Capital management continued The capital resources of the Group consist of equity, being share capital reduced by own shares held in trust, share premium, other reserves and retained earnings, which at 31 March 2023 totalled \u00a3374,015,000 (31 March 2022 Restated: \u00a3368,878,000). The Group has been compliant with all applicable prudential regulatory requirements to which it is subject throughout the year. The Group\u2019s ICARA review document, prepared in accordance with FCA requirements, is an ongoing assessment of CMC Markets plc\u2019 risks and risk mitigation strategies, to ensure that adequate financial resources are maintained against risks that the Group wishes to take to achieve its business objectives. The outcome of the ICARA is presented as an Internal Capital and Liquidity Assessment document covering the Group. It is reviewed and approved by the Board on an annual basis. Disclosure documents have been prepared that contain relevant information regarding the Group\u2019s FCA regulated entities\u2019 capital adequacy, risk management objectives and policies, governance and remuneration policies and practices. These are available on the CMC Markets plc website (www.cmcmarkets.com/group). The Group\u2019s country-by-country reporting disclosure is also available in the same location on the website. ",
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"fact-452": {
"value": "Market risk Market risk is defined as the risk that the value of our residual portfolio will decrease due to the change in market risk factors. The three standard market risk factors are price moves, interest rates and foreign exchange rates. Mitigation of market risk The Group benefits from a number of factors which also reduce the volatility of its revenue and protect it from market shocks as follows: \u2013 Natural mitigation of concentration The Group acts as a market maker in over 10,000 cross asset class instruments, specifically equities, equity indices, commodities, treasuries, foreign exchange and cryptocurrencies. Due to the high level of notional turnover there is a high level of internal crossing and natural aggregation across instruments and asset classes to mitigate significant single instrument concentration risk within the portfolio. \u2013 Natural aggregation In the year ended 31 March 2023, the Group had over 58,000 trading active clients. This large international client base has a diverse range of trading strategies resulting in the Group enjoying a high degree of natural aggregation between clients. This \u201cportfolio effect\u201d leads to a significant reduction in the Group\u2019s net market risk exposure. \u2013 Ease of hedging The Group predominantly acts as a market maker in linear, highly liquid financial instruments in which it can easily neutralise market risk exposure through its prime broker (\u201cPB\u201d) arrangements. In order to avoid over-reliance on one arrangement the Group policy is to have two PBs per asset class. For instruments where there is no equivalent underlying market (e.g. Countdowns) the Group controls its risk through setting prudent position/exposure limits. This is further augmented by dealer monitoring and intervention, which can take the form of restricting the size offered or, if deemed necessary, restricting the clients\u2019 ability to take a position in an instrument. Market risk continued Market risk limits Market risk exposures are managed in accordance with the Group\u2019s Risk Appetite Statement and Group Risk Management Framework to ensure that the Group has sufficient capital resources to support the calculated market risk capital requirement as well as staying within its risk appetite. The Group manages this component under notional position limits that are set on an instrument and asset class level with overarching capital-based limits. Client exposures can vary significantly over a short period of time and are highly dependent on underlying market conditions. The Group\u2019s own funds requirements (\u201cOFR\u201d) are calculated in accordance with the IFPR. The market risk OFR has increased compared to the prior year and remains within the Board-approved risk appetite. GROUP OFR 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Asset class Consolidated equities 38,872 20,284 Commodities 6,562 7, 586 Fixed income and interest rates 677 2,062 Foreign exchange 21,806 14,222 Cryptocurrencies 589 551 68,506 44,705 Market price risk \u2013 stress testing Group Financial Risk conducts market price risk stress testing on a daily basis to quantify the potential losses to which the Group is exposed to from adverse market moves to its residual exposure. The residual exposure is derived by all products offered to clients, after taking into account the hedging performed by the Group in accordance with the hedging strategy. A range of risk measurement techniques are used including Value at Risk (\u201cVaR\u201d), Expected Shortfall (\u201cES\u201d) and Stress-Testing models. The models are performed for both likely and probable scenario as well as extreme stress scenario, where the stress factors simulate low probability high severity events to assess potential losses from tail events. The end-of-day market risk VaR model is performed using one day holding period with a 99% confidence interval with a 12 month lookback. A more severe stress is also performed, based on maximum daily moves in the same lookback period. In addition, for asset classes where the Group sees high intraday client turnover, stress testing is performed on intraday exposures by stressing the largest positions during the trading session. The VaR holding period is one day, therefore the model assumes exposure is maintained and does not take into account potential risk mitigation actions which the desk can take by hedging the net exposure intraday. The stress factors are reviewed and updated periodically ensuring recent volatility is captured in the model. The table below shows the end-of-day market risk VaR model results: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Market risk (18,284) (5,121) Non-trading book interest rate risk Interest rate risk arises from either less interest being earned or more being paid on interest-bearing assets and liabilities due to a change in the relevant floating rate. Interest rate risk is felt by the Group through a limited number of channels: income on segregated client and own funds; debits on client balances that are over a pre- defined threshold; an exposure to the credit market through liquidity money market funds; and changes to the value of fixed rate UK government securities held. The sensitivity analysis performed is based on a reasonable and possible move in the floating rate by 1.00% upwards and 0.50% downwards. This is summarised in the below table and reflects the Group\u2019s view that in the current economic environment, interest rate volatility is unlikely to have a significant impact on the profits of the Group. Market risk continued Market price risk \u2013 stress testing continued Changes in interest rate variables result in a decrease/increase in the fair value of fixed rate financial assets classified as fair value through OCI. This has no material impact on the Group\u2019s equity. 31 March 2023 GROUP Absolute increase \u00a3\u2019000 Absolute decrease \u00a3\u2019000 Impact of 1.00% change 0.50% change Profit after tax 4,274 (2,572) Equity 4,274 (2,572) 31 March 2022 GROUP Absolute increase \u00a3\u2019000 Absolute decrease \u00a3\u2019000 Impact of 1.25% change 0.25% change Profit after tax 5,776 (990) Equity 5,776 (990) Non-trading book foreign exchange risk Foreign exchange risk is the risk that the Group\u2019s results are impacted by movements in foreign exchange rates. CMC is exposed to foreign exchange risk in the form of transaction and translation exposure. Transaction exposure is from holdings of cash and other current assets and liabilities in a currency other than the base currency of the entity. This risk is hedged each month by the Treasury team according to a policy based on a cap and floor model, with gains/losses recognised in the income statement. Any foreign exchange transaction exposures are hedged in accordance with Group Foreign Exchange Hedging Policy. Given the effectiveness of the hedging programme (Income statement impact in year ended 31 March 2023: loss of \u00a3845,000 (year ended 31 March 2022: gain of \u00a352,000), no sensitivity analysis has been performed. The instruments used for economically hedging foreign exchange risk are derivative financial instruments and are reported as described in note 17. Translation exposure occurs when the net assets of an entity are denominated in a foreign currency other than GBP, when the Consolidated Statement of Financial Position is prepared. ",
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"fact-453": {
"value": "Credit risk Credit risk is the risk of losses arising from a counterparty failing to meet its obligations as they fall due. Credit risk is divided into credit, counterparty and settlement risk. Below are the channels of credit risk the Group is exposed through: \u2013 Financial Institutions (\u201cFIs\u201d); and \u2013 Client. Financial institution credit risk The Group has relationships with a number of counterparties that provide prime brokerage and/or banking services (e.g. cash accounts, foreign exchange trading, credit facilities, custodian services, etc.). FI credit risk can be felt in the following ways: \u2013 For FIs used as a bank and those as a broker, the Group does not receive the funds the FIs hold on the Group\u2019s account. \u2013 For FIs used as a prime broker, a default will result in a loss of any unrealised profits and could cause the need to re-hedge at a different broker at a different price. \u2013 For FIs used as a cryptocurrency counterparty, the loss of physical assets. Credit risk continued Mitigation of FIs credit risk To mitigate or avoid a credit loss: \u2013 The Group maintains, where practical, a range of relationships to reduce over-reliance on a single FI \u2013 as detailed in the Group Counterparty Concentration Risk Policy. \u2013 The Group regularly monitors the credit worthiness of the Institutions that it is exposed to and reviews counterparties at least annually \u2013 as detailed in the Group Hedge Counterparty Selection Policy. Contractual losses can be reduced by the \u201cclose-out netting\u201d conditions in the ISDA and broker agreements. If a specified event of default occurs, all transactions or all of a given type are terminated and netted (i.e. set off against each other) at market value or, if otherwise specified in the contract or if it is not possible to obtain a market value, at an amount equal to the loss suffered by the non-defaulting party in replacing the relevant contract. In order to manage both credit and counterparty credit risk within appetite the Group sets internal limits. As defined in the Group\u2019s policies the limits determine the total balance that can be held with each rated FI, each unrated FI and each cryptocurrency counterparty. These limits are expressed as a maximum percentage of capital, in the case of rated FIs, or a fixed amount for both unrated FIs and cryptocurrency counterparties. Liquidity Risk Management monitors the credit quality of all FIs and cryptocurrency counterparties, by tracking the credit ratings issued by Standard & Poor\u2019s and Fitch rating agencies, the credit default swap (\u201cCDS\u201d) spreads determined in the CDS market, share price, performance against a relevant index, and other relevant metrics. All rated FIs that the Group transacts with are of investment grade quality; however, no quantitative credit rating limits are set by the Group that FIs must exceed because the choice of suitable FIs is finite and therefore setting minimum rating limits could lead to the possibility that no FIs are able to meet them. As an alternative, the Group reviews negative rating action and large CDS spread widening to FIs on a case-by-case basis. Should an institution\u2019s credit rating fall below investment grade, the Risk Management Committee will be called and options discussed. Possible actions by the Group to reduce exposure to FIs depend on the nature of the relationship and the practical availability of substitute FIs. Possible actions include the withdrawal of cash balances from a FI on a daily basis, switching a proportion of hedge trading to another prime broker FI or ceasing all commercial activity with the FI. The tables below present CMC Markets plc\u2019s exposure to credit institutions (or similar) based on their long-term credit rating: 31 March 2023 GROUP Cash and cash equivalents \u00a3\u2019000 Amounts due from brokers \u00a3\u2019000 Other assets \u00a3\u2019000 Net derivative financial instruments \u00a3\u2019000 Total \u00a3\u2019000 AA+ to AA- 52,744 \u2014 \u2014 \u2014 52,744 A+ to A- 37,138 \u2014 \u2014 \u2014 37,138 BBB+ to BBB- 41,361 182,951 \u2014 1,106 225,418 Unrated 14,975 5,203 1,984 11,092 33,254 146,218 188,154 1,984 12,198 348,554 31 March 2022 (Restated) GROUP Cash and cash equivalents \u00a3\u2019000 Amounts due from brokers \u00a3\u2019000 Other assets \u00a3\u2019000 Net derivative financial instruments \u00a3\u2019000 Total \u00a3\u2019000 AA+ to AA- 56,252 \u2014 \u2014 \u2014 56,252 A+ to A- 26,618 \u2014 \u2014 \u2014 26,618 BBB+ to BBB- 79,055 185,543 \u2014 (373) 264,225 Unrated 14,653 23,339 13,443 5,482 56,917 176,578 208,882 13,443 5,109 404,012 Credit risk continued Client counterparty risk The Group\u2019s CFD and spread bet business operates a real-time mark-to-market trading facility where clients are required to lodge collateral against positions, with any profits and losses generated by the client credited and debited automatically to their account. As with any leveraged product offering, there is the potential for a client to lose more than the collateral lodged. Client counterparty risk captures the risk associated with a client defaulting on its obligations due to the Group. As the Group does not offer most of its retail clients credit terms and has a robust liquidation process, client counterparty risk will in general only arise when markets and instruments gap and the movement in the value of a client\u2019s leveraged portfolio exceeds the value of the equity that the client has held at the Group leaving the client account in deficit. \u201cNegative balance protection\u201d accounts do not pose counterparty risk to the Group as the maximum loss for this account type is limited to their account value. Further to this the Group operates as a designated clearing broker in Australia, where trading is subject to a settlement process for financial products transacted on the Australian Security Exchange and Chi-X Australia. As a result of this clearing process, the Group has settlement risk if a client or counterparty do not fulfil their side of the agreement by failing to deliver the underlying stock or value of the contract. While international securities trading is further offered to clients, this trading is predominantly fully vetted, which limits the settlement exposure generation. Mitigation of client counterparty risk \u2013 Liquidation process This is the automated process of closing a client\u2019s open position(s) if the account\u2019s total equity is not enough to cover a predefined percentage of required margin for the portfolio held. \u2013 Pre-emptive processes are also in place where a client\u2019s free equity (total equity less total margin requirement) becomes negative1 . At this point the client\u2019s account is restricted from increasing their position and a notification is sent inviting them to review their account. 1 Clients in some regions may use limited risk accounts, where it is guaranteed that a client cannot move to a negative equity balance. \u2013 Tiered margin Tiered margins were implemented in September 2013 on the Next Generation platform. It enables the Group to set higher margin rates (therefore requiring a client to lodge more collateral) against positions that are deemed to be more risky due to risk profile, which could be due to size relative to the underlying turnover, the Group\u2019s risk appetite or volatility of the instrument. \u2013 Position limits Position limits can be implemented on an instrument and client level. The instrument level enables the Group to control the total exposure the Group acquires in a single instrument. At a client level this ensures that the client can only reach a pre-defined size in any one instrument or asset class. Additionally, a position limit on an underlying instrument can be applied limiting the overall exposure that can be reached through different futures of the same underlying. For FX the client position limits are based on Net Open Position (\u201cNOP\u201d) which limits the currency exposure a client can reached via different FX pairs. Client counterparty risk stress testing Group Financial Risk conducts client counterparty risk stress testing on a daily basis based on an internal model developed to assess the potential client counterparty risk exposure. The Group\u2019s stress testing is based on scenarios with different severity including stress factors which simulate low probability severe events to assess potential impact. Client receivables history The Group determines expected credit losses for amounts due from clients, based on historic experience and forward looking considerations. The gain for the year was \u00a31,408,000 (year ended 31 March 2022: \u00a3575,000 expense), which amounts to 0.4% of total revenue (year ended 31 March 2022: 0.2%). During the year, trade receivables of \u00a31,615,000 were written off, which represented 0.5% of revenue (year ended 31 March 2022: \u00a32,118,000, 0.7% of revenue). The table below details the movement on the Group allowance for expected credit losses of trade receivables under the expected credit loss model: GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 At the beginning of the year 6,219 7,762 Loss allowance on trade receivables (reversed)/provided (357) 575 Trade receivables written off (1,615) (2,118) At the end of the year 4,247 6,219 Credit risk continued Debt ageing analysis The Group seeks to minimise the effects of client debts on the Company\u2019s profit and loss. Client debts are managed very early in their life cycle in order to minimise the likelihood of them ageing. Debts that are past due carry an expected credit loss provision as set out in the table below: 31 March 2023 GROUP Debt \u00a3\u2019000 Provision \u00a3\u2019000 Less than one month 936 23 One to three months 3,367 11 Three to twelve months 189 146 Over twelve months 4,229 4,066 8,721 4,247 31 March 2022 GROUP Debt \u00a3\u2019000 Provision \u00a3\u2019000 Less than one month 221 28 One to three months 200 81 Three to twelve months 371 366 Over twelve months 5,754 5,744 6,546 6,219 The ECL on amounts due from brokers, accrued income and the Company\u2019s trade and other receivables balances is immaterial in both current and prior years. Please refer to note 19 for information on the ECL on UK government securities and note 20 for information on the ECL on cash and cash equivalents. ",
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"fact-454": {
"value": "Liquidity risk Liquidity risk is the risk that there is insufficient available liquidity to meet the obligations of the Group as they fall due. Liquidity is managed centrally for the Group by the Treasury team. The Group utilises a combination of liquidity forecasting and stress testing (formally in the ICARA) to ensure that it retains access to sufficient liquid resources under both normal and stressed conditions to meet its liabilities as they fall due. Liquidity forecasting incorporates the impact of liquidity regulations in force in each jurisdiction that the Group is active in and other impediments to the free movement of liquidity around the Group, including its own protocols on minimum liquidity to be retained by overseas entities. Liquidity stress testing is performed quarterly using a range of firm-specific and market-wide scenarios that represent severe but plausible stress events that the Group could be exposed to over the short and medium term. The Group ensures that the tests are commensurate to its current and future liquidity risk profile. Output from the quarterly stress testing process is used to calibrate a series of limits and metrics which are monitored and reported to senior management daily. This process seeks to ensure that the Group has appropriate sources of liquidity in place to meet its liabilities as they fall due under both \u201cbusiness as usual\u201d and stressed conditions. Due to the risk management strategy adopted and the changeable scale of the client trading book, the largest and most variable consumer of liquidity is PB margin requirements. The collateral calls are met in cash from own funds but to ensure liquidity is available for extreme spikes, the Group has a committed bank facility of \u00a355.0 million to meet short-term liquidity obligations to PBs in the event that it does not have sufficient access to own cash and to leave a sufficient liquidity buffer to cope with a stress event. The Group does not actively engage in maturity transformation as part of its underlying business model and therefore maturity mismatch of assets and liabilities does not represent a material liquidity risk. The maturity analysis tables are presented in note 29. Liquidity risk continued Own funds Own funds is a key measure the Group uses to monitor the overall level of liquidity available to the Group. Own funds includes investments in UK government securities, the majority of which are held to meet the Group\u2019s regulatory threshold requirements under IFPR. The derivation of own funds is shown in the table below: GROUP 31 March 2023 \u00a3\u2019000 31 March 2022 (Restated) \u00a3\u2019000 Cash and cash equivalents (net of bank overdraft) 146,218 176,578 Amount due from brokers 188,154 208,882 Other assets 1,984 13,443 Financial investments 30,606 27,945 Derivative financial instruments (excluding Client CFD positions) (current assets) 1,106 78 368,068 426,926 Less: title transfer funds (49,409) (44,133) Less: Amount due to brokers (8,927) (12,394) Less: derivative financial instruments (excluding Client CFD positions) (current liabilities) \u2014 (452) Own funds 309,732 369,947 The following Own Funds Flow Statement summarises the Group\u2019s generation of own funds during each year and excludes all cash flows in relation to monies held on behalf of clients. Additionally, short-term financial investments, amounts due from brokers and amounts receivable/(payable) on the derivative financial instruments have been included within \u201cown funds\u201d in order to provide a clear presentation of the Group\u2019s potential cash resources. GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 (Restated) \u00a3\u2019000 Operating activities Profit before tax 52,163 91,495 Adjustments for: Depreciation and amortisation 15,637 12,388 Other non-cash adjustments 1,629 (1,124) Tax pai d (17,060) (14,651) Own funds generated from operating activities 52,369 88,108 Movement in working capital (13,995) 9,032 Outflow from investing activities Net purchase of property, plant and equipment and intangible assets (28,221) (15,813) Other outflow from investing activities (8) (998) Outflow from financing activities Dividends paid (35,040) (72,604) Share buyback (27,264) (2,975) Other outflow from financing activities (6,754) (6,584) Total outflow from investing and financing activities (97,287) (98,974) (Decrease)/increase in own funds (58,913) (1,834) Own funds at the beginning of the year 369,947 370,405 Effect of foreign exchange rate changes (1,302) 1,376 Own funds at the end of the year 309,732 369,947 ",
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"fact-455": {
"value": "Capital management The Group\u2019s objectives for managing capital are as follows: \u2013 to comply with the capital requirements set by the financial market regulators to which the Group is subject; \u2013 to ensure that all Group entities are able to operate as going concerns and satisfy any minimum externally imposed capital requirements; and \u2013 to ensure that the Group maintains a strong capital base to support the development of its business. Capital management continued The capital resources of the Group consist of equity, being share capital reduced by own shares held in trust, share premium, other reserves and retained earnings, which at 31 March 2023 totalled \u00a3374,015,000 (31 March 2022 Restated: \u00a3368,878,000). The Group has been compliant with all applicable prudential regulatory requirements to which it is subject throughout the year. The Group\u2019s ICARA review document, prepared in accordance with FCA requirements, is an ongoing assessment of CMC Markets plc\u2019 risks and risk mitigation strategies, to ensure that adequate financial resources are maintained against risks that the Group wishes to take to achieve its business objectives. The outcome of the ICARA is presented as an Internal Capital and Liquidity Assessment document covering the Group. It is reviewed and approved by the Board on an annual basis. Disclosure documents have been prepared that contain relevant information regarding the Group\u2019s FCA regulated entities\u2019 capital adequacy, risk management objectives and policies, governance and remuneration policies and practices. These are available on the CMC Markets plc website (www.cmcmarkets.com/group). The Group\u2019s country-by-country reporting disclosure is also available in the same location on the website. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-429": {
"value": "31. Share-based payment The Group operates both equity and cash settled share options schemes for certain employees including Directors. Current awards have been granted under the terms of the Management Equity Plan 2015 (\u201c2015 MEP\u201d), the Combined Incentive Plan (\u201c2018 CIP\u201d), the UK Share Incentive Plan (\u201cUK SIP\u201d) and the International Share Incentive Plan (\u201cAustralian SIP\u201d). Equity settled schemes are offered to certain employees, including Executive Directors in the UK and Australia and automatically vest on vest date subject to conditions described below for each scheme. Cash settled schemes are offered to certain employees outside of the UK and Australia. Equity schemes for UK employees are settled net of employee taxes due. The rights of participants in the various employee share schemes are governed by detailed terms, including in relation to arrangements which would apply in the event of a takeover. Consolidated Income statement charge for share-based payments The total costs relating to these schemes for the year ended 31 March 2023 was \u00a32,229,000 (year ended 31 March 2022: \u00a32,418,000). For the year ended 31 March 2023 the charge relating to equity settled share-based payments was \u00a32,123,000 (year ended 31 March 2022: \u00a32,269,000) and the charge relating to cash settled share-based payments was \u00a3106,000 (year ended 31 March 2022: \u00a3149,000). No shares were gifted to employees during the year (year ended 31 March 2022: nil). Current schemes 2015 MEP Share awards granted under the 2015 MEP are predominantly equity settled, with the exception of certain participants that are cash settled. The awards granted have been in the form of \u201cnon-market performance\u201d awards. The Remuneration Committee approves any awards made under the 2015 MEP. Current schemes are: \u2013 Long Term Incentive Plan: awards to senior management and critical staff, excluding Executive Directors. The awards have dividend equivalence where additional shares will be awarded in place of dividends on vesting. The only vesting conditions of the 2020 and 2021 equity settled awards is that employees remain employed by the Group, with the 2022 equity awards having a non-market performance condition of cumulative PBT over a three-year period in addition to remaining employed by the Group. This was revised in May 2023, with the performance condition now being aligned to net operating income over the same period. The fair value of awards were calculated using the average of the share price three days prior to the grant date. 2018 CIP Share awards granted to the Executive Directors under the 2018 CIP have been in the form of conditional awards and are equity settled. The Remuneration Committee approves any awards made under the 2018 CIP. Shares awarded are deferred over a period of at least three years subject to a performance underpin. The Committee will review Group performance over the relevant period, taking into account factors such as a) the Company\u2019s TSR performance, b) aggregate profit levels and c) any regulatory breaches during the period. 31. Share-based payment continued Current schemes continued 2018 CIP continued Number Scheme Share price at award Vesting date At the start of the year Awarded during the year Forfeited during the year Dividend equivalent awarded during the year Exercised during the year At the end of the year Combined Incentive Plan 349.2p 20 July 2023 104,779 \u2014 \u2014 2,995 \u2014 107,774 Combined Incentive Plan 349.2p 20 July 2024 78,584 \u2014 \u2014 2,247 \u2014 80,831 Combined Incentive Plan 349.2p 20 July 2025 78,581 \u2014 \u2014 2,247 \u2014 80,828 Combined Incentive Plan 445.8p 22 July 2024 114,418 \u2014 \u2014 3,274 \u2014 117,692 Combined Incentive Plan 445.8p 21 July 2025 85,813 \u2014 \u2014 2,455 \u2014 88,268 Combined Incentive Plan 445.8p 20 July 2026 85,813 \u2014 \u2014 2,455 \u2014 88,268 Combined Incentive Plan 280.8p 14 July 2025 \u2014 93,422 \u2014 3,366 \u2014 96,788 Combined Incentive Plan 280.8p 13 July 2026 \u2014 70,067 \u2014 2,524 \u2014 72,591 Combined Incentive Plan 280.8p 12 July 2027 \u2014 70,067 \u2014 2,524 \u2014 72,591 Long Term Incentive Plan 349.2p 20 July 2022 492,440 \u2014 (17,224) \u2014 (475,216) \u2014 Long Term Incentive Plan 445.8p 20 July 2023 442,513 \u2014 (55,387) 14,967 \u2014 402,093 Long Term Incentive Plan 280.8p 20 July 2025 \u2014 1,515,656 (94,485) 51,849 \u2014 1,473,020 Total 1,482,941 1,749,212 (167,096) 90,903 (475,216) 2,680,744 The weighted average share price at exercise of awards was 292.0 pence and the weighted average exercise price of exercised awards for UK participants (346,736 shares) was \u00a3nil and for Australian participants (128,480 shares) was \u00a3nil. The weighted average remaining contractual life of share awards outstanding at 31 March 2023 was 2.0 years and the weighted average share price of awards granted during the period was 280.8 pence. In addition, cash settled awards have been granted and vest in periods from April 2023 to July 2025. Balances of 32,484 awards, 55,792, 14,534 awards, 15,899 awards and 206,402 awards in each of the five tranches remained at the end of the period, with a total carrying value of \u00a3197,000 as at 31 March 2023 (31 March 2022: \u00a3369,000). All of these awards benefit from dividend equivalence. The value of these awards is the share price on the date these awards vest. The weighted average remaining contractual life of share awards outstanding at 31 March 2023 was 1.7 years and the weighted average exercise price of exercised awards was \u00a3nil. UK and Australia SIP awards Shares awarded under the UK SIP scheme are held in trust in accordance with UK tax authority conditions and all shares awarded under the Australian scheme are held in a UK trust. Employees are entitled to receive dividends in the form of additional shares on the shares held in trust as long as they remain employees. UK employees are invited to subscribe for up to \u00a31,800 of partnership shares relating to each tax year with the Company matching on a one-for-one basis. All matching shares vest after three years should the employee remain employed by the Group for the term of the award. Australian employees are invited to subscribe for up to the equivalent of \u00a31,800 of investment shares with the Company matching on a one-for-one basis. Matching shares for each scheme vest on the third anniversary after award date should the employee remain employed by the Group for the term of the award. 31. Share-based payment continued Current schemes continued UK and Australia SIP awards continued Number Country of award Award date Share price at award Vesting period/date At the start of the year Awarded during the year Forfeited during the year Exercised during the year At the end of the year UK April 2019 to March 2020 79.3p to 179.2p April 2022 to March 2023 94,226 \u2014 (3,305) (90,921) \u2014 UK April 2020 to March 2021 194.6p to 425.2p April 2023 to March 2024 48,924 \u2014 (3,116) \u2014 45,808 UK April 2021 to March 2022 225.8p to 518.0p April 2024 to March 2025 73,513 \u2014 (6,655) \u2014 66,858 UK April 2022 to March 2023 219.0p to 313.6p April 2025 to March 2026 \u2014 104,159 (6,320) \u2014 97,839 Australia 5 April 2019 83.5p 5 April 2022 6,432 \u2014 \u2014 (6,432) \u2014 Australia 5 April 2020 201.0p 5 April 2023 3,179 \u2014 (865) \u2014 2,314 Australia 6 April 2021 527.0p 6 April 2024 2,904 \u2014 (341) \u2014 2,563 Australia 6 April 2022 270.0p 8 April 2025 \u2014 3,175 (1) \u2014 3,174 Total 229,178 107,334 (20,603) (97,353) 218,556 The weighted share price at the exercise date of awards exercised during the year ended 31 March 2023 was 253.5 pence (year ended 31 March 2022: 366.9 pence). The fair value of SIP awards is determined to be the share price at grant date without making adjustments for dividends as awardees are entitled to dividend equivalents over the vesting period. Movement in share options 1,947,449 new share awards were granted in the year ended 31 March 2023 (year ended 31 March 2022: 890,633) and these are detailed above in the current schemes section. Movements in the number of share awards outstanding are as follows: GROUP Year ended 31 March 2023 Number Year ended 31 March 2022 Number At beginning of year 1,712,119 2,038,686 Awarded (including dividend equivalents) 1,947,449 890,633 Forfeited (187,699) (93,628) Exercised (572,569) (1,123,572) At end of year 2,899,300 1,712,119 ",
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"value": "32. Retirement benefit plans A defined contribution plan is a post-employment benefit plan into which the Group pays fixed contributions to a third-party pension provider and has no legal or constructive obligation to pay further amounts. Contributions are recognised as staff expenses in the income statement in the years during which related employee services are fulfilled. The Group operates defined contribution pension schemes for its Directors and employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension charge for these plans for the year ended 31 March 2023 was \u00a32,743,000 (year ended 31 March 2022: \u00a32,230,000) . ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"value": "32. Retirement benefit plans A defined contribution plan is a post-employment benefit plan into which the Group pays fixed contributions to a third-party pension provider and has no legal or constructive obligation to pay further amounts. Contributions are recognised as staff expenses in the income statement in the years during which related employee services are fulfilled. The Group operates defined contribution pension schemes for its Directors and employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension charge for these plans for the year ended 31 March 2023 was \u00a32,743,000 (year ended 31 March 2022: \u00a32,230,000) ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-431": {
"value": "33. Correction of errors The consolidated income statement for the year ended 31 March 2022, the consolidated statement of financial position as at 31 March 2022 and as at 1 April 2021 and consolidated statement of cash flows for the year ended 31 March 2022 have been restated for the following reasons: 1. The Group recorded certain amounts relating to levies payable on its UK properties as part of the lease liabilities and calculated the value of the right of use assets accordingly at the inception of these leases. The statutory obligation to settle these levies rests with the Group and is not linked to the leases. The inclusion of these levies as part of lease liabilities and right of use assets was recorded incorrectly and as a result the Consolidated income statement, Consolidated statement of financial position and Consolidated statement of Cash flows have been restated. 2. IAS 32: Financial instruments: Presentation \u2013 Offsetting provisions The Group has relationships with a number of FIs that provide brokerage services. The Group holds funds with these FIs in various currencies and enters into contracts with these FIs which include derivative financial instruments. Upon review of the legal contracts entered into with these FIs it was concluded that the criteria for offsetting a financial asset and a financial liability as set out in IAS 32 \u201cFinancial Instruments : Presentation\u201d is not met for certain FIs. The Consolidated statement of financial position has been restated to correct this error. In addition, the Group has historically presented all its Current Tax recoverables / Current tax payables as a net figure on the Statement of Financial position at the end of the year. This presentation is incorrect as the net amount presented represents amounts recoverable / payable from / to various tax authorities across the jurisdictions where the Group operates. A Gross presentation is more accurate as individual amounts recoverable / payable from a tax authorities represents a separate asset / liability.The Consolidated statement of financial position has been restated to correct this error. 3. The Group offers CFDs and portfolio services to its clients in various jurisdictions and segregates client funds in accordance with the rules set by various regulators within these jurisdictions. In one jurisdiction the Group is not permitted to segregate unrealised client profits / losses in to the pooled segregated client money bank accounts. Segregation only takes place once the profits / losses have realised. The Group has previously presented these unrealised client losses / profits within Trade and other receivables or Trade and other payable respectively. As these unrealised profits / losses relate to derivative products, the correct presentation is within Derivative financial instruments within Current assets and Current liabilities. The Consolidated statement of financial position has been restated to correct this error. 4. The Group acquired a portfolio of Share Investing clients from Australia and New Zealand Banking Group Limited (\u201cANZ\u201d) in a transaction amounting to AUD$25.0 million (\u00a313,317,000) during the year ended 31 March 2022. This investment in intangible assets was presented in the condensed consolidated statement of cash flows as fully settled in cash during the year ended 31 March 2022. This transaction was presented incorrectly in the condensed consolidated statement of cash flows as only a third of the amount was paid as at 31 March 2022 to settle the associated liability. Comparative periods have been restated to reflect this correction in the tables below. All amounts due were settled as at 31 March 2023. Consolidated income statement for the year ended 31 March 2022 GROUP Year end 31 March 2022 (Reported) \u00a3\u2019000 Restatement 1 \u00a3\u2019000 Year end 31 March 2022 (Restated) \u00a3\u2019000 Operating expenses (187,637) (654) (188,291) Operating profit 94,313 (654) 93,659 Finance costs (2,177) 13 (2,164) Profit before taxation 92,136 (641) 91,495 Taxation (20,138) 122 (20,016) Profit for the year attributable to owners of the parent 71,998 (519) 71,479 Please note we have reclassified the impairment line in the consolidated income statement for the year ended 31 March 2022 to operating expenses for presentational purposes. 33. Correction of error continued Consolidated statement of financial position as at 31 March 2022 GROUP Note Year end 31 March 2022 (Reported) \u00a3\u2019000 Restatement 1 \u00a3\u2019000 Restatement 2 \u00a3\u2019000 Restatement 3 \u00a3\u2019000 Year end 31 March 2022 (Restated) \u00a3\u2019000 Non-current assets Property, plant and equipment 13 24,941 (1,771) \u2014 \u2014 23,170 Total non-current assets 76,536 (1,771) \u2014 \u2014 74,765 Current assets Trade and other receivables 16 156,917 \u2014 \u2014 (8,709) 148,208 Derivatives financial instruments 17 2,359 \u2014 (2,280) 8,709 8,788 Current tax recoverable \u2014 350 1,299 \u2014 1,649 Amounts due from brokers 196,117 \u2014 12,765 \u2014 208,882 Total current assets 559,911 350 11,784 \u2014 572,045 Total assets 636,447 (1,421) 11,784 \u2014 646,810 Current liabilities Trade and other payables 21 215,853 \u2014 \u2014 (3,227) 212,626 Amounts due to brokers \u2014 \u2014 12,394 \u2014 12,394 Derivatives financial instruments 17 2,362 \u2014 (1,910) 3,227 3,679 Lease liabilities 23 4,916 33 \u2014 \u2014 4,949 Current tax payable 429 \u2014 1,300 \u2014 1,729 Total current liabilities 251,387 33 11,784 \u2014 263,204 Non-current liabilities Lease liabilities 23 9,269 33 \u2014 \u2014 9,302 Total non-current liabilities 14,695 33 \u2014 \u2014 14,728 Total liabilities 266,082 66 11,784 \u2014 277,932 Equity Retained earnings 327,729 (1,487) \u2014 \u2014 326,242 Total equity 370,365 (1,487) \u2014 \u2014 368,878 Total equity and liabilities 636,447 (1,421) 11,784 \u2014 646,810 33. Correction of error continued Consolidated statement of financial position as at 1 April 2021 GROUP Note As at 1 April 2021 (Reported) \u00a3\u2019000 Restatement 1 \u00a3\u2019000 Restatement 2 \u00a3\u2019000 Restatement 3 \u00a3\u2019000 As at 1 April 2021 (Restated) \u00a3\u2019000 Non-current assets Property, plant and equipment 26,105 (1,134) \u2014 \u2014 24,971 Total non-current assets 44,605 (1,134) \u2014 \u2014 43,471 Current assets Trade and other receivables 127,119 \u2014 \u2014 2,599 129,718 Derivatives financial instruments 3,241 \u2014 (3,071) 6,044 6,214 Current tax recoverable 1,749 227 257 \u2014 2,233 Amounts due from brokers 253,895 \u2014 13,911 \u2014 267. 806 Total current assets 533,029 227 11,097 8,643 552,996 Total assets 577,634 (907) 11,097 8,643 596,467 Current liabilities Trade and other payables 152,253 \u2014 \u2014 6,044 158,297 Amounts due to brokers \u2014 \u2014 13,796 \u2014 13,796 Derivatives financial instruments 3,077 \u2014 (2,956) 2,599 2,720 Lease liabilities 4,599 18 \u2014 \u2014 4,617 Current tax payable \u2014 \u2014 257 \u2014 257 Total current liabilities 162,763 18 11,097 8,643 182,521 Non-current liabilities Lease liabilities 10,727 43 \u2014 \u2014 10,770 Total non-current liabilities 14,354 43 \u2014 \u2014 14,397 Total liabilities 177,117 61 11,097 8,643 196,918 Equity attributable to owners of the Company Retained earnings 330,698 (968) \u2014 \u2014 329,730 Total equity 400,517 (968) \u2014 \u2014 399,549 Total equity and liabilities 577,634 (907) 11,097 8,643 596,467 Consolidated statement of cash flows for the year ended 31 March 2022 GROUP Note Year end 31 March 2022 (Reported) \u00a3\u2019000 Restatements 1 and 4 \u00a3\u2019000 Year end 31 March 2022 (Restated) \u00a3\u2019000 Cash flows from operating activities Cash generated from operations 28 181,795 (10,667) 171,128 Finance costs paid \u2014 (2,138) (2,138) Net cash generated from operating activities 168,886 (12,805) 156,081 Cash flows from investing activities Investment in intangible assets (21,813) 9,500 (12,313) Net cash used in investing activities (27,137) 9.500 (17,637) Cash flows from financing activities Principal elements of lease payments (5,962) 1,154 (4,808) Finance costs paid (2,151) 2,151 \u2014 Net cash used in financing activities (85,468) 3,305 (82,163) The above presentation of consolidated statement of cash flows includes a change in accounting policy whereby finance costs paid are presented within cash flows from operating activities. 33. Correction of error continued The Parent company statement of financial position as at 31 March 2022 and as at 1 April 2021 and Parent company statement of cash flows for the year ended 31 March 2022 have been restated for the following reason: 5. The Company has Employee Benefit Trusts that hold shares on the behalf of employees for share based payment schemes and acts on the Company\u2019s instructions to distribute the shares to employees upon vesting. The application of look-through accounting for the relationship was incorrectly applied and as a result comparatives periods have been restated to reflect this correction in the below tables. In addition, amounts contributed by subsidiaries in relation to share-based payments was over-stated by \u00a31,127,000 within the Parent company statement of cash flow. This error has been corrected and presented within Restatement 5 below. Parent company statement of financial position as at 31 March 2022 COMPANY Note Year end 31 March 2022 (Reported) \u00a3\u2019000 Restatement 5 \u00a3\u2019000 Year end 31 March 2022 (Restated) \u00a3\u2019000 Non-current assets Investment in subsidiary undertakings 15 168,962 (1,240) 167,722 Total non-current assets 168,962 (1,240) 167,722 Current assets Cash and cash equivalents 20 28,263 183 28,446 Total current assets 29,283 183 29,466 Total assets 198,245 (1,057) 197,188 Current liabilities Trade and other payables 21 143 33 176 Total current liabilities 27,407 33 27,440 Total liabilities 27,407 33 27,440 Equity attributable to owners of the Company Own shares held in trust 26 \u2014 (1,094) (1,094) Retained earnings 78,392 4 78,396 Total equity 170,838 (1,090) 169,74 8 Total equity and liabilities 198,245 (1,057) 197,188 Parent company statement of financial position as at 1 April 2021 COMPANY Note As at 1 April2021 (Reported) \u00a3\u2019000 Restatement 5 \u00a3\u2019000 As at 1 April 2021 (Restated) \u00a3\u2019000 Non-current assets Investment in subsidiary undertakings 168,111 (504) 167,607 Total non-current assets 168,111 (504) 167,607 Current assets Cash and cash equivalents 167 145 312 Total current assets 14,186 145 14,331 Total assets 182,297 (359) 181,938 Current liabilities Trade and other payables 60 20 80 Total current liabilities 60 20 80 Total liabilities 13,609 20 13,629 Equity attributable to owners of the Company Own shares held in trust \u2014 (382) (382) Retained earnings 49,153 3 49,156 Total equity 168,688 (379) 168,309 Total equity and liabilities 182,297 (359) 181,938 33. Correction of error continued Parent company statement of cash flow for the year ended 31 March 2022 COMPANY Note Year end 31 March 2022 (Reported) \u00a3\u2019000 Restatement 5 \u00a3\u2019000 Year end 31 March 2022 (Restated) \u00a3\u2019000 Cash flows from operating activities Cash generated from operations 28 12,784 1,137 13,921 Net cash generated from operating activities 12,309 1,137 13,446 Cash flows from investing activities Investment in subsidiaries (1,030) 1,030 \u2014 Amounts contributed by subsidiaries in relation to share-based payments 2,157 (1,127) 1,030 Net cash generated from investing activities 104,744 (97) 104,647 Cash flows from financing activities Proceeds from issue of Ordinary Shares 175 (175) \u2014 Acquisition of own shares \u2014 (831) (831) Dividends paid (72,608) 4 (72,604) Net cash used in financing activities (89,957) (1,002) (89,959) Net increase in cash and cash equivalents 28,096 38 28,134 Cash and cash equivalents at the beginning of the year 167 145 312 Cash and cash equivalents at the end of the year 28,263 183 28,446 ",
"dimensions": {
"concept": "cmcmarketsplc:DisclosureOfCorrectionOfErrors",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-432": {
"value": "34. Related party transactions Company The amounts outstanding with Group entities at year end were as follows: COMPANY Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Amounts due from subsidiaries 1,879 1,013 All amounts above are repayable on demand and are non-interest bearing. Group Transactions between the Group and its other related parties are disclosed below: Compensation of key management personnel GROUP Year ended 31 March 2023 \u00a3\u2019000 Year ended 31 March 2022 \u00a3\u2019000 Key management compensation: Short-term employee benefits 2,620 2,599 Post-employment benefits 57 50 Share-based payments 609 462 3,286 3,111 Aggregate remuneration of highest paid Director 871 858 Key management comprises the Board of CMC Markets plc only. Compensation of key management personnel is disclosed in the Directors\u2019 remuneration report on page 98. During the year \u00a35,592.23 relating to a personal expense for Lord Cruddas was paid by CMC Markets UK plc due to an administrative error. This amount will be reimbursed. Directors\u2019 transactions A number of the Directors have company credit cards and have, during the course of the year, used the company credit cards for personal expenses. All personal expenses have been reimbursed by the Directors, with the exception of the item above. There were no other transactions with Directors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-457": {
"value": "35. Contingent liabilities The Group operates in a number of jurisdictions around the world and as a result uncertainties exist regarding the interpretation of regulatory, tax and legal matters in these territories. In addition, the Group engages in partnership contracts that could result in non-performance claims and from time-to-time is involved in disputes during the ordinary course of business. Sometimes legal disputes can have a financially significant face value, but the Group\u2019s experience is that such claims are usually resolved without any material loss. The Group provides for claims where costs are likely to be incurred. Where there are uncertainties regarding regulatory, tax and legal matters and a provision has not been made and there are no contingent liabilities where the Group considers any material adverse financial impact to be probable. Notice of class action lawsuit The Group received notice of a class action lawsuit being brought against one of its operating entities on 31 May 2022. The scope of the claim is still being defined, and there has been no material progress. As a result an assessment regarding the probability and size of financial outflow cannot be determined. ANZ commitment As at 31 March 2023, the Group had a commitment to the Australian and New Zealand Banking Group Limited (\u2018ANZ\u2019) of up to AUD$25 million should ANZ have recourse over the Group as a result of CMC Markets Stockbroking Limited not meeting certain obligations under its white label contractual arrangement with ANZ. This commitment is classed as a contingent liability as neither the probability nor amount of any potential outflow could be determined. This commitment and associated letter of credit which existed on 31 March 2023 was extinguished on 22 May 2023. Brexit approach There is regulatory uncertainty regarding the Group\u2019s historical approach to the use of reverse solicitation provisions allowing EEA clients to trade with UK subsidiaries after 31 December 2020. The risk to the approach has now been mitigated given the majority of EEA clients\u2019 activities with the UK subsidiary ceased prior to 31 March 2021. The Group continues to engage with the regulatory authorities in the EEA markets where the UK subsidiary continued to service clients after 31 December 2020. Whilst it is possible that regulatory censure may result from these matters, they are in their early stages and such an outcome is not currently considered probable. UK banking surcharge In the absence of them qualifying for a specific exemption, the Group\u2019s regulated companies in the UK would be subject to the Bank Corporation Tax surcharge of 8% on taxable profits over \u00a325 million. The Group has concluded that the relevant entities meet the exemption requirements and therefore the related tax charge, which would amount to \u00a323.4 million (31 March 2022: \u00a321.8 million) in respect of all relevant periods, has not been provided for. The Group\u2019s position is supported by external advice although it is possible that it could be challenged. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-433": {
"value": "35. Contingent liabilities The Group operates in a number of jurisdictions around the world and as a result uncertainties exist regarding the interpretation of regulatory, tax and legal matters in these territories. In addition, the Group engages in partnership contracts that could result in non-performance claims and from time-to-time is involved in disputes during the ordinary course of business. Sometimes legal disputes can have a financially significant face value, but the Group\u2019s experience is that such claims are usually resolved without any material loss. The Group provides for claims where costs are likely to be incurred. Where there are uncertainties regarding regulatory, tax and legal matters and a provision has not been made and there are no contingent liabilities where the Group considers any material adverse financial impact to be probable. Notice of class action lawsuit The Group received notice of a class action lawsuit being brought against one of its operating entities on 31 May 2022. The scope of the claim is still being defined, and there has been no material progress. As a result an assessment regarding the probability and size of financial outflow cannot be determined. ANZ commitment As at 31 March 2023, the Group had a commitment to the Australian and New Zealand Banking Group Limited (\u2018ANZ\u2019) of up to AUD$25 million should ANZ have recourse over the Group as a result of CMC Markets Stockbroking Limited not meeting certain obligations under its white label contractual arrangement with ANZ. This commitment is classed as a contingent liability as neither the probability nor amount of any potential outflow could be determined. This commitment and associated letter of credit which existed on 31 March 2023 was extinguished on 22 May 2023. Brexit approach There is regulatory uncertainty regarding the Group\u2019s historical approach to the use of reverse solicitation provisions allowing EEA clients to trade with UK subsidiaries after 31 December 2020. The risk to the approach has now been mitigated given the majority of EEA clients\u2019 activities with the UK subsidiary ceased prior to 31 March 2021. The Group continues to engage with the regulatory authorities in the EEA markets where the UK subsidiary continued to service clients after 31 December 2020. Whilst it is possible that regulatory censure may result from these matters, they are in their early stages and such an outcome is not currently considered probable. UK banking surcharge In the absence of them qualifying for a specific exemption, the Group\u2019s regulated companies in the UK would be subject to the Bank Corporation Tax surcharge of 8% on taxable profits over \u00a325 million. The Group has concluded that the relevant entities meet the exemption requirements and therefore the related tax charge, which would amount to \u00a323.4 million (31 March 2022: \u00a321.8 million) in respect of all relevant periods, has not been provided for. The Group\u2019s position is supported by external advice although it is possible that it could be challenged.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-434": {
"value": "36. Ultimate controlling party The Group\u2019s ultimate controlling party is Lord Cruddas by virtue of his majority shareholding in CMC Markets plc. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-435": {
"value": "37. Events after the reporting period On 6 June 2023 a subsidiary of the Group made a \u00a32.8 million investment in StrikeX Technologies, a technology start up focused on Web3-enabled software and tokenisation technology.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-5": {
"value": "133 Houndsditch London EC3A 7BX United Kingdom",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800VB75KAZBFH5U07",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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}
}