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"fact-394": {
"value": "Total regulatory capital4 \u2013 audited 1,510.8 1,596.7 Mitigation (audited) The group retains a range of capital risk mitigants, the most notable being its strong capital generating capacity, as evidenced by its track record of sustained profitability. It also maintains access to capital markets and in recent years has successfully renewed and increased its tier 2 capital instrument.",
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"value": "Mitigation (audited)
Credit assessment and lending criteria
The Banking division\u2019s general approach to credit
mitigation is based on the provision of affordable lending on
a secured or structurally protected basis, against assets that
are known and understood. These assets are typically easily
realisable with strong secondary markets and predictable
values, and spread across a broad range of classes within
established sectors.
Whilst diverse, the businesses adhere to a set of common
lending principles resulting in stable portfolio credit quality
and consistently low loss rates through the cycle.
The common lending principles are as follows:
1. Predominantly secured lender: 97.9% of loan book
secured or structurally protected.
2. Short average tenor: portfolio residual maturity of
16 months.
3. Small average loan size and low single-name
concentration risk with balance for the top 10 facility limits
representing less than 6% of book.
4. Further diversification by sector, asset class
and UK geography.
5. Local underwriting expertise with central oversight: focus
on assets that are known and understood, with continued
investments in people and systems.
Exposure to credit losses is minimised by applying these strict lending criteria when testing the credit quality of the borrower and maintaining consistent and conservative LTV ratios with low average loan size and short-term tenors. All lending criteria and assessment procedures are thoroughly documented in robust credit policies and standards, at both a bank and business level Credit Risk Highlights (audited)
31 July 2023
\u00a3 million
31 July 2022
\u00a3 million
Gross loans and advances to customers
Property business 1,744.8 1,510.2
Retail business 3,091.2 3,133.9
Commercial business 4,799.6 4,500.4
Of which Novitas: 244.0 272.7
Excluding Novitas: 4,555.6 4,227.7
Total gross loans and advances to customers 9,635.6 9,144.5
Impairment provisions
Property business 41.7 36.7
Retail business 89.4 69.9
Commercial business 249.5 179.0
Of which Novitas: 184.1 113.3
Excluding Novitas: 65.4 65.7
Total impairment provision 380.6 285.6
Provision coverage ratio
Property business 2.4% 2.4%
Retail business 2.9% 2.2%
Commercial business 5.2% 4.0%
Novitas only: 75.5% 41.5%
Excluding Novitas: 1.4% 1.6%
Total impairment coverage ratio 3.9% 3.1%
Part- and non-performing loans
Loans in Stage 2 1,062.0 1,158.9
Of which Novitas: 1.3 96.0
Loans in Stage 3 583.4 358.6
Of which Novitas: 241.7 75.4
Stage 2 coverage 3.0% 6.8%
Excluding Novitas: 3.0% 2.6%
Stage 3 coverage 49.8% 43.8%
Excluding Novitas: 31.2% 36.4%
Stage allocation of loans and advances to customers has
been applied in line with the definitions set out on page 213
of the notes to the financial statements.
During the year the staging profile of loans and advances to
customers deteriorated as a result of Novitas migrations into
Stage 3. At 31 July 2023, 82.9% (31 July 2022: 83.4%) of
gross loans and advances to customers were Stage 1. Stage
2 loans and advances to customers decreased to 11.0%
(31 July 2022: 12.7%) as transfers into Stage 3 have offset
migrations into Stage 2 associated with a significant increase
in credit risk. The remaining 6.1% (31 July 2022: 3.9%) of
loans and advances to customers was deemed to be
credit-impaired and was classified as Stage 3.
Overall impairment provisions increased to \u00a3380.6 million
(31 July 2022: \u00a3285.6 million), following regular reviews of
staging and provision coverage for individual loans and
portfolios. The movement in impairment provisions was
driven by Novitas, which reflects the latest case failure, time
to recover and recovery rate assumptions used. Excluding
Novitas, impairment provisions increased across the
remainder of the Banking division to \u00a3196.5 million
(31 July 2022: \u00a3172.3 million), reflecting the impact of
external pressures resulting from deterioration in the
macroeconomic environment.
As a result, there has been an increase in provision coverage
to 3.9% (31 July 2022: 3.1%).
Provision Coverage Analysis by Business
(audited)
In Commercial, the impairment coverage ratio increased
to 5.2% (31 July 2022: 4.0%), reflecting the impacts of
updated Novitas assumptions. The significant increase in
credit provisions against the Novitas loan book reflects the
latest assumptions on case failure, time to recover and
recovery rates.
Excluding Novitas, the Commercial provision coverage
ratio decreased to 1.4% (31 July 2022: 1.6%) as additional
provisions to take into account weaker macroeconomic
variables and outlook were offset by write-offs on
Stage 3 balances.
In Retail, the provision coverage ratio increased to
2.9% (31 July 2022: 2.2%), reflecting the uncertain
macroeconomic outlook and increased arrears and
forbearance levels in Motor Finance business as a result
of continued cost of living pressures on customers.
In Property, the provision coverage ratio was stable at 2.4%
(31 July 2022: 2.4%), with write-offs on well-provided single
names offset by deteriorating macroeconomic conditions
and strong levels of new business.
See note 10 to the financial statements for full staging tables
and analysis, and pages 110 to 113 for additional detail on
changes to macroeconomic forecasts that have impacted
provisions during this financial year.
Use of Judgements (audited)
In the application of the group\u2019s accounting policies,
which are described in note 1 to the financial statements,
judgements that are considered by the board to have the
most significant effect on the amounts in the financial
statements are as follows.
Significant increase in credit risk
Assets are transferred from Stage 1 to Stage 2 when there
has been a significant increase in credit risk since initial
recognition. Typically, the group assesses whether a
significant increase in credit risk has occurred based on a
quantitative and qualitative assessment, with a \u201c30 days
past due\u201d backstop.
Due to the diverse nature of the group\u2019s lending businesses,
the specific indicators of a significant increase in credit risk
vary by business and may include some or all of the
following factors:
\u2022 quantitative assessment: the lifetime probability of default
(\u201cPD\u201d) has increased by more than an agreed threshold
relative to the equivalent at origination. Thresholds are
based on a fixed number of risk grade movements which
are bespoke to each business to ensure that the increased
risk since origination is appropriately captured;
\u2022 qualitative assessment: events or observed behaviour
indicate credit deterioration. This includes a wide range of
information that is reasonably available, including
individual credit assessments of the financial performance
of borrowers as appropriate during routine reviews, plus
forbearance and watch list information; or
\u2022 backstop criteria: the \u201c30 days past due\u201d backstop is met.
Definition of default
The definition of default is an important building block for
expected credit loss models and is considered a key
judgement. A default is considered to have occurred if any
unlikeliness to pay criterion is met or when a financial asset
meets a \u201c90 days past due\u201d backstop. While some criteria
are factual (e.g. administration, insolvency or bankruptcy),
others require a judgemental assessment of whether the
borrower has financial difficulties which are expected to have
a detrimental impact on their ability to meet contractual
obligations. A change in the definition of default may have a
material impact on the expected credit loss provision.
Use of Estimates (audited)
Expected credit loss provisions are a key source of
estimation uncertainty which, depending on a wide range of
factors, could result in a material adjustment to the carrying
amounts of assets and liabilities in the next financial year.
The accuracy of expected credit loss provisions can be
impacted by unpredictable effects or unanticipated changes
to modelled estimates. In addition, forecasting errors could
also occur due to macroeconomic scenarios or weightings
differing from actual outcomes observed. Regular model
monitoring, validations and provision adequacy reviews are
key mechanisms to manage estimation uncertainty across
model estimates. Provisions relating to Novitas loans are
also sensitive to specific estimation uncertainty associated
with case failure rates, expected recovery rates and time to
recover periods. Further detail on these most significant
estimates is set out in the following section.
Modelled estimates
The calculation of expected credit losses (\u201cECL\u201d) for loans
and advances to customers, either on a 12-month or lifetime
basis, is based on the PD, the exposure at default (\u201cEAD\u201d)
and the loss given default (\u201cLGD\u201d), and includes forward-
looking macroeconomic information where appropriate.
PD, EAD and LGD parameters are projected over the
remaining life of each exposure. ECL is calculated for each
future quarter by multiplying the three parameters and is then
discounted back to the reporting date and summed. The
discount rate used in the ECL calculation is the effective
interest rate.
IFRS 9 risk parameters are estimated using historical data
wherever possible, and in the absence of sufficient loss
history an expert judgement approach is considered for
some parameters.
Probability of default
PD estimates represent the likelihood of a borrower
defaulting on their financial obligation. Bespoke model-
based approaches to estimate PDs are employed across the
Commercial, Retail and Property businesses. The framework
applied typically includes an economic response model to
quantify the impact of macroeconomic forecasts and a risk
ranking mechanism (e.g. a scorecard) to quantify obligor-
level likelihood of default. Risk characteristics that feed into
the PD model framework include current and past
information related to borrowers, transaction and payment
profiles, and future economic forecasts. Statistical
techniques, based on evidence observed in historical data,
and business knowledge are used to determine which
characteristics are predictive of default behaviour.
Exposure at default
EAD represents the amounts expected to be owed at the
time of default and is estimated using an amortising
schedule for the large majority of exposures, or a credit
conversion factor, depending on the nature of lending.
Loss given default
LGD represents an expectation of the extent of loss on a
defaulted exposure after taking into account cash recoveries,
including the value of collateral held and other credit risk
mitigants. LGD methodologies vary by the nature of assets
financed and can include estimates for the likelihood of
collateral recovery and a separate calculation for the likely
loss on recovery. For some businesses, LGDs are estimated
using liquidation curves based on historical cash flows.
Recoveries are adjusted to account for the impact of
discounting using the effective interest rate.
Novitas loans
Since 31 July 2022, there has been an increase in the
expected credit loss provision in Novitas. The two
assumptions requiring the most significant judgement relate
to expected recovery rates and time to recover periods in
Novitas. During 2021 and 2022, expected case failure rates
were considered a significant judgement. Due to the
migration of loans to Stage 3, as explained on page 109,
expected case failure rates are no longer considered to be a
significant judgement, while time to recovery periods have
become a significant judgement.
Case failure rates represent a forward-looking probability
assessment of successful case outcomes through court
proceedings or out-of-court settlements. Recovery rates
represent the level of interest and capital that is covered by
an insurance policy and expected to be recoverable once a
case fails. Time to recover periods represent management\u2019s
view on timing using weighted probabilities.
Novitas provides funding to individuals who wish to pursue
legal cases. The majority of the Novitas portfolio, and
therefore provision, relates to civil litigation cases.
To protect customers in the event that their case fails, it was
a condition of the Novitas loan agreements that an individual
purchased an After the Event (\u201cATE\u201d) insurance policy which
covered the loan.
As previously announced, following a strategic review,
in July 2021 the group decided to cease permanently the
approval of lending to new customers across all of the
products offered by Novitas and withdraw from the legal
services financing market. Since that time, the Novitas loan
book has been in run-off, and the business has continued to
work with solicitors and insurers, with a focus on supporting
existing customers and managing the existing book to
ensure good customer outcomes, where it is within
Novitas\u2019 ability to do so.
In the first half of the financial year under review,
management reviewed and updated its assumptions for
expected case failure rates, expected time to recover
periods and expected recovery rates to reflect experienced
credit performance and ongoing dialogue with customers\u2019
insurers. This included initiating formal legal action against
one of the ATE insurers regarding the potential recoverability
of funds in relation to failed cases and considering its
position in respect of other insurers. As a result, a number of
updates were made to the expected credit loss provision
calculation, resulting in an increase of \u00a370.8 million to
\u00a3184.1 million (31 July 2022: \u00a3113.3 million). The increase to
the expected credit loss provision is net of write-offs
previously provided for and does not include write-offs and
costs taken directly to the income statement.
Based on the current position, the majority of loans in the
portfolio have been assessed as credit-impaired and have
been migrated to Stage 3, with expected case failure rates
increased accordingly. Expected credit losses for the
portfolio have been calculated by comparing the gross loan
balance to expected cash flows discounted at the original
effective interest rate, over an appropriate time to recovery
period. In line with IFRS 9, a proportion of the expected
credit loss is expected to unwind, over the estimated time to
recover period, to interest income, which reflects the
requirement to recognise interest income on Stage 3 loans
on a net basis.
Since 31 July 2022, a material increase in the expected case
failure rate assumptions and decrease in the expected
recovery rate assumptions have been recognised and the
recoverability of interest on relevant loans has been
reassessed.
Further detail on the impairment provision is included in note
10 to the financial statements.
Given that the majority of the Novitas portfolio is in Stage 3, the key sources of estimation uncertainty for the portfolio\u2019s expected credit loss provision are time to recover periods and recovery rates. On this basis, management have assessed and completed sensitivity analysis when compared to the expected credit loss provision for Novitas of \u00a3184.1 million (31 July 2022: \u00a3113.3 million). At 31 July 2023, a 10% absolute deterioration or improvement in recovery rates would increase or decrease the ECL provision by \u00a311.0 million. Separately, a 12-month improvement in the time to recover period will reduce the ECL provision by \u00a312.1 million, while a 12-month delay in the time to recover period will increase the ECL provision by \u00a310.0 million. Forward-looking information Determining expected credit losses under IFRS 9 requires the incorporation of forward-looking macroeconomic information that is reasonable, supportable and includes assumptions linked to economic variables that impact losses in each portfolio. The introduction of macroeconomic information introduces additional volatility to provisions. In order to calculate forward-looking provisions, economic scenarios are sourced from Moody\u2019s Analytics. These scenarios cover a range of plausible economic conditions that are then used to project potential credit outcomes for each portfolio. An overview of these scenarios using key macroeconomic indicators is provided on pages 110 to 113. Ongoing benchmarking of the scenarios to other economic providers is carried out monthly to provide management with comfort on Moody\u2019s Analytics scenario paths. Five different projected economic scenarios are currently considered to cover a range of possible outcomes. These include a baseline scenario, which reflects the best view of future economic events. In addition, one upside scenario and three downside scenario paths are defined relative to the baseline. Management assigns the scenarios a probability weighting to reflect the likelihood of specific scenarios, and therefore loss outcomes, materialising, using a combination of quantitative analysis and expert judgement. The impact of forward-looking information varies across the group\u2019s lending businesses because of the differing sensitivity of each portfolio to specific macroeconomic variables. This is reflected through the development of bespoke macroeconomic models that recognise the specific response of each business to the macroeconomic environment. The modelled impact of macroeconomic scenarios and their respective weightings is reviewed by business experts in relation to stage allocation and coverage ratios at the individual and portfolio level, incorporating management\u2019s experience and knowledge of customers, the sectors in which they operate, and the assets financed This includes assessment of the reaction of the ECL in the
context of the prevailing and forecast economic conditions,
for example where currently higher interest rates and
inflationary conditions exist compared to recent periods.
Economic forecasts have evolved over the course of 2023
and reflect the continued economic challenges and
uncertainty. Forecasts deployed in IFRS 9 macroeconomic
models are updated on a monthly basis. At 31 July 2023, the
latest baseline scenario forecasts GDP growth of 0.5% in
calendar year 2023 and an average base rate of 4.9% across
calendar year 2023. CPI is forecast to be 5.2% in calendar
year 2023 in the baseline scenario, with 1.5% forecast in the
protracted downside scenario over the same period.
At 31 July 2022, the scenario weightings were: 30% strong
upside, 32.5% baseline, 20% mild downside, 10.5%
moderate downside and 7% protracted downside. As
economic forecasts are considered to appropriately
recognise deterioration in the macroeconomic environment,
no change has been made to the weightings ascribed to the
scenarios since 31 July 2022.
Given the current economic uncertainty, further analysis has
been undertaken to assess the appropriateness of the five
scenarios used. This included benchmarking the baseline
scenario to consensus economic views, as well as
consideration of an additional forecast related to
stagflation, which could be considered as an alternative
downside scenario.
Compared to the scenarios in use in the expected credit
losses calculation, the stagflation scenario includes a longer
period of higher interest rates coupled with a shallower but
extended impact on GDP. Due to the relatively short tenor of
the portfolios, the stagflation scenario is considered to be of
less relevance than those deployed. This is supported by the
fact that, due to the higher severity of recessionary factors in
the existing scenarios, using the stagflation scenario instead
of the moderate or protracted downside scenario would
result in lower expected credit losses.
The final scenarios deployed reflect overall deterioration in
the UK economic outlook relative to 31 July 2022, and factor
in recent developments including dampened GDP growth for
2024 and 2025 and a Bank of England base rate peak in late
2023 following persistent high levels of inflation. Under the
baseline scenario, UK headline CPI inflation continues to fall
from its peak owing to sustained base rate increases and
eased supply chain pressures. House price outlook includes
contraction across all scenarios; however, house prices
return to growth sooner than previously anticipated.
Unemployment rate forecasts have marginally improved
compared to 31 July 2022.
Scenario Forecasts and Weights Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted) 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 At 31 July 2023 UK GDP growth 0.5% 0.3% 1.3% 3.0% (0.2)% (2.3)% (0.6)% (4.8)% (0.8)% (6.2)% UK unemployment 4.1% 4.4% 3.9% 3.9% 4.2% 4.8% 4.4% 6.5% 4.5% 7.7% UK HPI growth (6.3)% (1.4)% (0.4)% 8.3% (9.1)% (6.9)% (10.8)% (13.2)% (12.6)% (20.1)% BoE base rate 4.9% 5.5% 4.9% 5.7% 4.8% 4.8% 4.7% 4.2% 4.5% 3.6% Consumer Price Index 5.2% 2.2% 4.8% 2.2% 3.8% 1.2% 3.0% (0.3)% 1.5% (2.3)% Weighting 32.5% 30% 20% 10.5% 7% Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted) 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 At 31 July 2022 UK GDP growth 3.4% 0.8% 4.1% 2.9% 2.7% (1.8)% 2.4% (4.4)% 2.1% (5.9)% UK unemployment 3.8% 4.1% 3.6% 3.6% 4.0% 4.6% 4.1% 6.2% 4.2% 7.4% UK HPI growth 4.3% 2.6% 10.9% 12.7% 1.1% (3.1)% (0.5)% (9.1)% (2.4)% (15.9)% BoE base rate 1.1% 1.8% 1.1% 1.7% 1.3% 1.0% 1.4% 1.1% 1.5% 1.2% Consumer Price Index 10.7% 2.8% 10.3% 2.8% 12.3% 0.4% 14.2% 0.2% 17.1% (2.2)% Weighting 32.5% 30% 20% 10.5% 7% Notes: UK GDP growth: National Accounts Annual Real Gross Domestic Product, Seasonally Adjusted \u2013 year-on-year change (%). UK unemployment: ONS Labour Force Survey, Seasonally Adjusted \u2013 Average (%). UK HPI growth: Average nominal house prices, Land Registry, Seasonally Adjusted \u2013 Q4-to-Q4 change (%). BoE base rate: Bank of England base rate \u2013 Average (%). Consumer Price Index: ONS, All items, annual inflation \u2013 Q4-to-Q4 change (%) Five-year average (calendar years 2023 to 2027)
Baseline
Upside
(strong)
Downside
(mild)
Downside
(moderate)
Downside
(protracted)
At 31 July 2023
UK GDP growth 0.9% 1.7% 0.5% 0.0% (0.1)%
UK unemployment 4.4% 3.9% 4.6% 6.4% 7.3%
UK HPI growth 0.5% 2.1% (1.1)% (2.9)% (5.4)%
BoE base rate 3.8% 3.8% 3.5% 2.8% 2.3%
Consumer Price Index 2.6% 2.6% 2.1% 1.6% 0.7%
Weighting 32.5% 30% 20% 10.5% 7%
Five-year average (calendar years 2022 to 2026)
Baseline
Upside
(strong)
Downside
(mild)
Downside
(moderate)
Downside
(protracted)
At 31 July 2022
UK GDP growth 1.2% 1.7% 0.8% 0.2% (0.1)%
UK unemployment 4.4% 3.8% 4.6% 6.4% 7.2%
UK HPI growth 0.1% 1.8% (1.3)% (2.5)% (4.6)%
BoE base rate 2.0% 2.0% 1.5% 0.9% 0.6%
Consumer Price Index 3.8% 3.8% 3.7% 3.6% 3.4%
Weighting 32.5% 30% 20% 10.5% 7%
Notes:
UK GDP growth: National Accounts Annual Real Gross Domestic Product, Seasonally Adjusted \u2013 CAGR (%).
UK unemployment: ONS Labour Force Survey, Seasonally Adjusted \u2013 Average (%).
UK HPI growth: Average nominal house prices, Land Registry, Seasonally Adjusted \u2013 CAGR (%).
BoE base rate: Bank of England base rate \u2013 Average (%).
Consumer Price Index: ONS, All items, annual inflation \u2013 CAGR (%).
The forecasts represent an economic view at 31 July 2023,
after which the economic uncertainty has continued. These
trends, including the risk of further interest rate rises, and
their impact on scenarios and weightings, are subject to
ongoing monitoring by management.
The tables on pages 110 to 111 show economic
assumptions within each scenario, and the weighting applied
to each at 31 July 2023. The metrics shown are key UK
economic indicators, chosen to describe the economic
scenarios. These are the main metrics used to set scenario
paths, which then influence a wide range of additional
metrics that are used in expected credit loss models. The
first tables show the forecasts of the key metrics for the
scenarios utilised for calendar years 2022 and 2023. The
subsequent tables show averages and peak-to-trough
ranges for the same key metrics over the five-year period
from 2023 to 2027.
These periods have been included as they demonstrate
the short, medium and long-term outlooks for the key
macroeconomic indicators which form the basis of the
scenario forecasts. The portfolio has an average residual
maturity of 16 months, with c.98% of loan value having a
maturity of five years or less.
The following charts on page 112 represent the quarterly
forecast data included in the above tables incorporating
actual metrics up to 31 July 2023. The dark blue line shows
the baseline scenario, while the other lines represent the
various upside and downside scenarios.
The tables on page 113 provide a summary for the five-year
period (calendar years 2023 to 2027) of the peak-to-trough
range of values of the key UK economic variables used
within the economic scenarios at 31 July 2023 and
31 July 2022.
Unemployment Rate (%)
2022 20272026 2028202520242023
(end of quarter percentage values)
Baseline Mild Downside
Moderate Downside Protracted Downside
Upside
0
1
2
3
4
5
6
Bank of England Base Rate (%)
2022 2027 20282026202520242023
Base Rate
(end of quarter percentage values)
Baseline Mild Downside
Moderate Downside Protracted Downside
Upside
-25
-20
-15
-10
-5
0
5
10
15
House Price Index \u2013 Current Prices
(Annual % Change)
2022 20272026 2028202520242023
HPI Growth (percentage change
in quarter from previous year)
Baseline Mild Downside
Moderate Downside Protracted Downside
Upside
-4
-2
0
2
4
6
8
10
12
Consumer Price Index (Annual % Change)
2022 2027
2026202520242023
Baseline
Mild Downside
Moderate Downside Protracted Downside
Five-year period (calendar year 2023 to 2027)
Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted)
Peak Trough Peak Trough Peak Trough Peak Trough Peak Trough
At 31 July 2023
UK GDP growth 4.6% 0.1% 8.7% 0.1% 2.5% (3.0)% 0.3% (5.9)% 0.3% (8.1)%
UK unemployment 4.6% 3.9% 4.1% 3.7% 4.9% 3.9% 7.3% 3.9% 8.5% 3.9%
UK HPI growth 2.6% (7.8)% 12.9% (3.1)% (0.5)% (15.4)% (0.5)% (24.0)% (0.5)% (32.1)%
BoE base rate 5.8% 2.3% 5.9% 2.3% 5.4% 2.2% 5.2% 1.3% 5.2% 0.6%
Consumer Price
Index 10.2% 1.8% 10.2% 1.8% 10.2% 0.8% 10.2% (1.0)% 10.2% (3.8)%
Weighting 32.5% 30% 20% 10.5% 7%
Five-year period (calendar year 2022 to 2026)
Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted)
Peak Trough Peak Trough Peak Trough Peak Trough Peak Trough
At 31 July 2022
UK GDP growth 6.3% 0.4% 9.0% 0.4% 4.1% (2.6)% 1.0% (5.1)% 0.8% (6.9)%
UK unemployment 4.8% 3.7% 4.2% 3.5% 4.8% 3.7% 7.4% 3.7% 8.4% 3.7%
UK HPI growth 2.0% (5.0)% 16.7% (1.1)% 2.0% (11.7)% 2.0% (17.9)% 2.0% (26.0)%
BoE base rate 2.5% 0.5% 2.5% 0.5% 2.5% 0.1% 2.4% 0.1% 2.6% 0.1%
Consumer Price
Index 10.7% 2.0% 10.3% 2.0% 12.3% 0.4% 14.2% 0.1% 17.1% (2.2)%
Weighting 32.5% 30% 20% 10.5% 7%
Notes:
UK GDP growth: Maximum and minimum quarterly GDP as a percentage change from start of period (%).
UK unemployment: Maximum and minimum unemployment rate (%).
UK HPI growth: Maximum and minimum average nominal house price as a percentage change from start of period (%).
BoE base rate: Maximum and minimum Bank of England base rate (%).
Consumer Price Index: Maximum and minimum inflation rate over the five-year period (%).
Scenario sensitivity analysis
The expected credit loss provision is sensitive to judgements
and estimations made with regard to the selection and
weighting of multiple economic scenarios. As a result,
management has assessed and considered the sensitivity of
the provision as follows:
\u2022 For the majority of the portfolios, the modelled expected
credit loss provision has been recalculated under the
upside strong and downside protracted scenarios
described above, applying a 100% weighting to each
scenario in turn. The change in provision requirement is
driven by the movement in risk metrics under each
scenario and resulting impact on stage allocation.
\u2022 Expected credit losses based on a simplified approach,
which do not utilise a macroeconomic model and require
expert judgement, are excluded from the sensitivity
analysis.
\u2022 In addition to the above, key considerations for the
sensitivity analysis are set out below, by segment:
\u2013 In Commercial, the sensitivity analysis excludes
Novitas, which is subject to a separate approach, as it
is deemed more sensitive to credit factors than
macroeconomic factors.
\u2013 In Retail, the sensitivity analysis does not apply further
stress to the expected credit loss provision on loans
and advances to customers in Stage 3, because the
measurement of expected credit losses is considered
more sensitive to credit factors specific to the borrower
than macroeconomic scenarios.
\u2013 In Property, the sensitivity analysis excludes individually
assessed provisions, and certain sub-portfolios which
are deemed more sensitive to credit factors than the
macroeconomic scenarios.
Based on the above analysis, at 31 July 2023, application of
100% weighting to the upside strong scenario would
decrease the expected credit loss by \u00a318.1 million whilst
application of 100% weighting to the downside protracted
scenario would increase the expected credit loss by
\u00a332.7 million, driven by the aforementioned changes in risk
metrics and stage allocation of the portfolios.
When performing sensitivity analysis there is a high degree of
estimation uncertainty. On this basis, 100% weighted
expected credit loss provisions presented for the upside and
downside scenarios should not be taken to represent the
lower or upper range of possible and actual expected credit
loss outcomes. The recalculated expected credit loss
provision for each of the scenarios should be read in the
context of the sensitivity analysis as a whole and in
conjunction with the disclosures provided in note 10 to the
financial statements. The modelled impact presented is
based on gross loans and advances to customers at 31 July
2023; it does not incorporate future changes relating to
performance, growth or credit risk. In addition, given the
change in the macroeconomic conditions, underlying
modelled provisions and methodology, and refined approach
to adjustments, comparison between the sensitivity results at
31 July 2023 and 31 July 2022 is not appropriate.
The economic environment remains uncertain and future
impairment charges may be subject to further volatility,
including from changes to macroeconomic variable forecasts
impacted by geopolitical tensions and sustained cost of
living pressures.
Use of Adjustments (audited)
Limitations in the group\u2019s expected credit loss models or
input data may be identified through ongoing model
monitoring and validation of models. In certain
circumstances, management make appropriate adjustments
to model-calculated expected credit losses. These
adjustments are based on management judgements or
quantitative back-testing to ensure expected credit loss
provisions adequately reflect all known information. These
adjustments are generally determined by considering the
attributes or risks of a financial asset which are not captured
by existing expected credit loss model outputs. Management
adjustments are actively monitored, reviewed and
incorporated into future model developments where
applicable.
Macroeconomic forecasts continue to react to a range of
external factors including the ongoing conflict in Ukraine,
government attempts to address cost of living and
inflationary pressures, and long-term impacts of the
pandemic. In response, our use of adjustments has
evolved. In particular, adjustments have been applied in
the second half of the year in response to improvements
in macroeconomic forecasts that resulted in releases in
modelled provisions. A number of these releases were
considered premature or counterintuitive by
management and adjustments have been made as
a result. These adjustments recognise the ongoing
uncertainty associated with the current environment.
The approach to adjustments continues to reflect the use
of expert management judgement which incorporates
management\u2019s experience and knowledge of customers,
the areas in which they operate, and the underlying
assets financed.
The need for adjustments will continue to be monitored as
new information emerges which might not be recognised in
existing models.
At 31 July 2023, \u00a317.0 million (31 July 2022: \u00a3(2.8) million)
of the expected credit loss provision was attributable
to adjustments.
Other Credit Risk Tables (audited)
Segmental credit risk
The table on page 115 sets out loans and advances to
customers, trade receivables and undrawn facilities by the
group\u2019s internal credit risk grading and illustrates the
allocation of these per IFRS 9 staging category for
comparative purposes. The analysis of lending has been
prepared based on the following risk categories:
\u2022 Low risk: The credit risk profile of the borrower is
considered acceptable with the borrower considered likely
to meet obligations as they fall due. Standard monitoring
is in place.
\u2022 Medium risk: Evidence of deterioration in the credit risk
profile of the borrower exists which requires increased
monitoring. Potential concerns over their ability to meet
obligations as they fall due may exist.
\u2022 High risk: Evidence of significant deterioration in the credit
risk profile of the borrower exists which requires enhanced
management. Full repayment may not be achieved, with
potential for loss identified.
Low risk loans and advances to customers represent 87%
(31 July 2022: 88%) of the overall portfolio, reflective of a
prudent and consistent approach to credit risk management.
80% (31 July 2022: 80%) of total advances are classified as
low risk Stage 1, driven by the strong quality of the portfolio.
Low risk Stage 2 represents 7% (31 July 2022: 8%) of loans
and advances to customers, largely comprising early arrears
cases, or agreements which have triggered a significant
increase in credit risk indicator, or the \u201c30 days past due\u201d
backstop. Low risk Stage 3 loans and advances to
customers primarily relate to agreements which have
triggered the \u201c90 days past due\u201d backstop but where full
repayment is expected.
Medium risk loans account for 7% (31 July 2022: 8%) of total
loans and advances to customers, of which the majority is in
Stage 2. Medium risk Stage 1 remained stable at 3% (31 July
2022: 3%). Medium risk Stage 2 represents 3% (31 July
2022: 4%) of the overall portfolio. Loans and advances to
customers reflected as medium risk Stage 3 primarily relate
to agreements that have triggered the \u201c90 days past due\u201d
backstop in addition to other significant increases in credit
risk triggers.
High risk loans account for 6% (31 July 2022: 4%) of
total loans and advances to customers, with the majority
corresponding to Stage 3. This increase reflects the
significant migration of Novitas accounts into Stage 3
following updates to assumptions for expected case
failure rates, expected time to recover periods and
expected recovery rates.
Stage 1
\u00a3 million
Stage 2
\u00a3 million
Stage 3
\u00a3 million
Total
\u00a3 million
At 31 July 2023
Gross loans and advances to customers
Low risk 7,702.4 693.9 23.2 8,419.5
Medium risk 278.7 313.1 48.8 640.6
High risk 9.1 55.0 511.4 575.5
Total 7,990.2 1,062.0 583.4 9,635.6
Undrawn commitments
Low risk 1,202.3 21.5 0.1 1,223.9
Medium risk \u2013 2.7 \u2013 2.7
High risk \u2013 \u2013 1.9 1.9
Total 1,202.3 24.2 2.0 1,228.5
Trade receivables
1
Low risk 10.0 \u2013 \u2013 10.0
Medium risk \u2013 0.6 \u2013 0.6
High risk \u2013 \u2013 0.7 0.7
Total 10.0 0.6 0.7 11.3
Stage 1
\u00a3 million
Stage 2
\u00a3 million
Stage 3
\u00a3 million
Total
\u00a3 million
At 31 July 2022
Gross loans and advances to customers
Low risk 7,356.7 706.9 21.4 8,085.0
Medium risk 259.3 401.9 47.3 708.5
High risk 11.0 50.1 289.9 351.0
Total 7,627.0 1,158.9 358.6 9,144.5
Undrawn commitments
Low risk 1,205.9 10.7 \u2013 1,216.6
Medium risk 0.4 3.8 \u2013 4.2
High risk \u2013 2.4 0.2 2.6
Total 1,206.3 16.9 0.2 1,223.4
Trade receivables
1
Low risk 8.6 \u2013 \u2013 8.6
Medium risk \u2013 0.4 \u2013 0.4
High risk \u2013 \u2013 0.8 0.8
Total 8.6 0.4 0.8 9.8
1. Lifetime expected credit losses are recognised for all trade receivables under the IFRS 9 simplified approach. The figures presented are on a net basis after
deducting for expected credit losses of \u00a32.0 million (31 July 2022: \u00a33.2 million) relating to predominantly Stage 3 receivables.
Forbearance
Forbearance occurs when a customer is experiencing
difficulty in meeting their financial commitments and a
concession is granted, by changing the terms of the financial
arrangement, which would not otherwise be considered. This
arrangement can be temporary or permanent, depending on
the customer\u2019s circumstances. The Banking division reports
on forborne exposures as either performing or non-
performing in line with regulatory requirements. A
forbearance policy is maintained to ensure the necessary
processes are in place to enable consistently fair treatment
of all customers and that each is managed based on their
individual circumstances. The arrangements agreed with
customers will aim to create a sustainable and affordable
financial position, thereby reducing the likelihood of suffering
a credit loss. The forbearance policy is periodically reviewed
to ensure it remains effective.
The Banking division offers a range of concessions to
support customers which vary depending on the product
and the customer\u2019s status. Such concessions include an
extension outside terms (for example, a higher LTV or
overpayments) and refinancing, which may incorporate an
extension of the loan tenor and capitalisation of arrears.
Furthermore, other forms of forbearance such as moratorium,
covenant waivers and rate concessions are also offered.
Loans are classified as forborne at the time a customer in
financial difficulty is granted a concession and the loan will
remain treated and recorded as forborne until the following
exit conditions are met:
1. the loan is considered as performing and there is no
past-due amount according to the amended
contractual terms;
2. a minimum two-year probation period has passed from
the date the forborne exposure was considered as
performing, during which time regular and timely
payments have been made; and
3. none of the customer\u2019s exposures with Close Brothers
are more than 30 days past due at the end of the
probation period.
At 31 July 2023, the gross carrying amount of exposures with
forbearance measures was \u00a3214.6 million (31 July
2022: \u00a3208.9 million). The key driver of this increase has
been movement of high-value individual exposures in
Property and higher volumes of business-as-usual
forbearance in our Motor Finance business resulting from
enduring cost of living pressures on customers.
The reduction in volumes across all segments is driven by
the continued run-off of Covid-19-related concessions, lower
volumes in Premium Finance related to short loan tenors and
general resilience across all portfolios.
As the number of customers supported via Covid-19-related
concessions has continued to reduce (noting no new
Covid-19 forbearance arrangements have been offered in
the period), the low outstanding volumes have been
consolidated into the single forbearance total in the tables
on pages 116 to 117.
An analysis of forborne loans is shown in the table below:
Gross loans and
advances to
customers
\u00a3 million
Forborne loans
\u00a3 million
Forborne loans as a
percentage of gross
loans and advances
to customers
%
Provision on
forborne loans
\u00a3 million
Number of
customers
supported
At 31 July 2023 9,635.6 214.6 2.2% 56.1 6,996
At 31 July 2022 9,144.5 208.9 2.3% 44.3 11,043
The following is a breakdown of forborne loans by segment:
31 July 2023
\u00a3 million
31 July 2022
\u00a3 million
Commercial 38.0 62.3
Retail 28.8 23.0
Property 147.8 123.6
Total 214.6 208.9
The following is a breakdown of the number of customers supported by segment:
31 July 2023
Number of
customers supported
31 July 2022
Number of
customers supported
Commercial 243 518
Retail 6,700 10,467
Property 53 58
Total 6,996 11,043
The following is a breakdown of forborne loans by concession type:
31 July 2023
\u00a3 million
31 July 2022
\u00a3 million
Extension outside terms 105.8 113.0
Refinancing 10.4 3.0
Moratorium 66.1 69.9
Other modifications 32.3 23.0
Total 214.6 208.9
Government lending schemes
Over the pandemic period, following accreditation,
customers were offered facilities under the UK government-
introduced CBILS, the CLBILS and the Bounce Back Loan
Scheme (\u201cBBLS\u201d), thereby enabling the Banking division to
maximise its support to small businesses. At 31 July 2023,
there are 4,364 (31 July 2022: 5,445) remaining facilities,
with a residual balance of \u00a3456.3 million (31 July 2022:
\u00a3747.5 million) following repayments across the Property,
Asset Finance & Leasing and Invoice & Speciality
Finance businesses.
The Banking division also received accreditation to offer
products under the RLS, and schemes in the Republic of
Ireland. Applications for facilities under phase 2 of the RLS
closed in June 2022 and recently facilities have been offered
under the new RLS phase 3. At 31 July 2023, there are 943
(31 July 2022: 560) live facilities, with balances of
\u00a3276.2 million (31 July 2022: \u00a3166.1 million), and a further 58
(31 July 2022: 73) approved facilities with limits of
\u00a314.3 million (31 July 2022: \u00a315.6 million).
The Banking division maintains a regular reporting cycle of
these facilities to monitor performance. To date, a number of
claims have been made and payments received under the
government guarantee.
Collateral held The group mitigates credit risk through holding collateral against loans and advances to customers. The group has internal policies on the acceptability of specific collateral types, the requirements for ensuring effective enforceability and monitoring of collateral in-life. Internal policies define, amongst other things, legal documentation requirements, the nature of assets accepted, LTV and age at origination, and exposure maturity and in-life inspection requirements. An asset valuation is undertaken as part of the loan origination process. The principal types of collateral held by the group against loans and advances to customers in the Property and Commercial businesses include residential and commercial property and charges over business assets such as equipment, inventory and accounts receivable. Within Retail, the group holds collateral primarily in the form of vehicles in Motor Finance and refundable insurance premiums in Premium Finance, where an additional layer of protection may exist through broker recourse. The Banking division\u2019s collateral policies have not materially changed during the reporting period. There has been an increase in the proportion of exposures in higher LTV bands as exposures backed by government lending schemes have run-off and been replaced by more normalised LTV profiles. Unsecured and structurally protected populations have reduced year-on-year, consistent with limited appetite for growth in unsecured lending and lower new business volumes in structurally protected portfolios. Analysis of gross loans and advances to customers by LTV ratio is provided on page 118. The value of collateral used in determining the LTV ratio is based upon data captured at loan origination or, where available, a more recent valuation Commercial
\u00a3 million
Retail
\u00a3 million
Property
\u00a3 million
Total
\u00a3 million
LTV
1
60% or lower 1,021.0 150.3 1,083.9 2,255.2
>60% to 70% 588.6 152.4 475.3 1,216.3
>70% to 80% 468.7 336.3 84.0 889.0
>80% to 90% 777.9 1,067.5 12.3 1,857.7
>90% to 100% 1,285.2 505.0 14.1 1,804.3
Greater than 100% 226.5 387.7 74.7 688.9
Structurally protected
2
265.5 452.0 \u2013 717.5
Unsecured 166.2 40.0 0.5 206.7
At 31 July 2023 4,799.6 3,091.2 1,744.8 9,635.6
Commercial
\u00a3 million
Retail
\u00a3 million
Property
\u00a3 million
Total
\u00a3 million
LTV
1
60% or lower 1,238.2 179.5 1,011.4 2,429.1
>60% to 70% 471.6 179.5 367.3 1,018.4
>70% to 80% 375.5 374.9 49.8 800.2
>80% to 90% 692.7 1,108.0 4.5 1,805.2
>90% to 100% 1,052.6 477.6 \u2013 1,530.2
Greater than 100% 213.3 318.9 77.2 609.4
Structurally protected
2
291.7 452.8 \u2013 744.5
Unsecured 164.8 42.7 \u2013 207.5
At 31 July 2022 4,500.4 3,133.9 1,510.2 9,144.5
Gross loans and advances to customers which are credit-impaired split by LTV ratio:
Commercial
\u00a3 million
Retail
\u00a3 million
Property
\u00a3 million
Total
\u00a3 million
LTV
60% or lower 48.7 1.7 31.7 82.1
>60% to 70% 4.6 2.3 15.9 22.8
>70% to 80% 4.2 6.9 23.9 35.0
>80% to 90% 8.9 19.3 9.1 37.3
>90% to 100% 19.2 22.2 13.6 55.0
Greater than 100% 4.7 15.7 74.7 95.1
Structurally protected
2
229.5 5.0 \u2013 234.5
Unsecured 19.6 1.5 0.5 21.6
At 31 July 2023 339.4 74.6 169.4 583.4
Commercial
\u00a3 million
Retail
\u00a3 million
Property
\u00a3 million
Total
\u00a3 million
LTV
60% or lower 42.5 1.7 9.2 53.4
>60% to 70% 0.7 2.4 14.2 17.3
>70% to 80% 2.7 7.0 19.1 28.8
>80% to 90% 16.4 17.9 4.4 38.7
>90% to 100% 10.1 19.1 \u2013 29.2
Greater than 100% 4.8 11.9 77.1 93.8
Structurally protected
2
56.5 4.1 \u2013 60.6
Unsecured 35.4 1.4 \u2013 36.8
At 31 July 2022 169.1 65.5 124.0 358.6
1. Government lending scheme facilities totalling \u00a3732.4 million (31 July 2022: \u00a3913.5 million) are allocated to a low LTV category reflecting the nature of the
government guarantee and resultant level of lending risk.
2. Exposures are considered structurally protected when, in management\u2019s judgement, they have characteristics which mitigate the credit risk of the exposure
to a significant extent, in spite of not representing tangible security. The increase in credit-impaired structurally protected gross loans and advances is a result
of updates to Novitas assumptions which are detailed on pages 108 to 109.
(c) Credit risk Credit risk is the risk of a reduction in earnings and/or value, as a result of the failure of a counterparty or associated party, with whom the group has contracted, to meet its obligations as they fall due. Credit risk across the group mainly arises through the lending and treasury activities of the Banking division. Maximum exposure to credit risk The table below presents the group\u2019s maximum exposure to credit risk, before taking account of any collateral and credit risk mitigation, arising from its on balance sheet and off balance sheet financial instruments. For off balance sheet instruments, the maximum exposure to credit risk represents the contractual nominal amounts. 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million On balance sheet Cash and balances at central banks 1,937.0 1,254.7 Settlement balances 707.0 799.3 Loans and advances to banks 330.3 165.4 Loans and advances to customers 9,255.0 8,858.9 Debt securities 307.6 612.8 Loans to money brokers against stock advanced 37.6 48.4 Derivative financial instruments 88.5 71.2 Other financial assets 95.5 84.3 12,758.5 11,895.0 Off balance sheet Irrevocable undrawn commitments 263.9 277.8 Total maximum exposure to credit risk 13,022.4 12,172.8 Assets pledged and received as collateral The group pledges assets for repurchase agreements and securities borrowing agreements which are generally conducted under terms that are customary to standard borrowing contracts. The group is a participant of the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d) and the Indexed Long-Term Repo (\u201cILTR\u201d). Under these schemes, asset finance loan receivables of \u00a3863.4 million (31 July 2022: \u00a3626.1 million), UK gilts with a market
value of \u00a3nil (31 July 2022: \u00a372.6 million), UK T-Bills with a market value of \u00a3nil (31 July 2022: \u00a3144.3 million) and retained
notes relating to Motor Finance loan receivables of \u00a383.4 million (31 July 2022: \u00a324.3 million) were positioned as collateral with
the Bank of England, against which \u00a3600.0 million (31 July 2022: \u00a3600.0 million) of cash was drawn from the TFSME and
\u00a35.0 million (31 July 2022: \u00a3nil) from the ILTR.
The term of the TFSME transactions is four years from the date of each drawdown but the group may choose to repay earlier
at its discretion. The term of the ILTR transaction is six months and cannot be repaid earlier. The risks and rewards of the loan
receivables remain with the group and continue to be recognised in loans and advances to customers on the consolidated
balance sheet.
The group has securitised without recourse and restrictions \u00a31,436.3 million (31 July 2022: \u00a31,626.8 million) of its insurance
premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,187.4 million (31 July 2022:
\u00a31,156.0 million restated). This includes the \u00a383.4 million (31 July 2022: \u00a324.3 million) retained notes positioned as collateral
with the Bank of England. As the group has retained exposure to substantially all the credit risk and rewards of the residual
benefit of the underlying assets it continues to recognise these assets in loans and advances to customers on its consolidated
balance sheet.
The majority of loans and advances to customers are secured against specific assets. Consistent and prudent lending criteria
are applied across the whole loan book with emphasis on the quality of the security provided.
Financial assets: Loans and advances to customers
The group\u2019s approach to managing credit risk relating to loans and advances to customers is set out on pages 104 to 105 in
the Risk Report.
Information on the group\u2019s internal credit risk reporting can be found on pages 114 to 115 in the Risk Report, including an
analysis of gross loans and advances to customers, trade receivables and undrawn facilities by the group\u2019s internal credit
risk grading.
Information on the collateral held in relation to loans and advances to customers can be found on pages 117 to 118 in the
Risk Report, including analyses of gross loans and advances to customers by LTV ratio.
Financial assets: Treasury assets
The credit risk presented by the group\u2019s treasury assets is low. Immaterial impairment provisions are recognised for cash and
balances at central banks, certificates of deposit and sovereign and central bank debt. These financial assets are investment
grade and in Stage 1.
Financial assets: Settlement balances and loans to money brokers against stock advanced
The credit risk presented by settlement balances in the Securities division is limited, as such balances represent delivery
versus payment transactions where delivery of securities occurs simultaneously with payment. The credit risk is therefore
limited to the change in market price of a security between trade date and settlement date and not the absolute value of the
trade. Winterflood is a market maker and trades on a principal-only basis with regulated counterparties including stockbrokers,
wealth managers, institutions and hedge funds who are either authorised and regulated by the PRA and/or FCA or equivalent
regulator in the respective country.
Counterparty exposure and settlement failure monitoring controls are in place as part of an overall risk management framework
and settlement balances past due are actively managed.
Loans to money brokers against stock advanced of \u00a337.6 million (31 July 2022: \u00a348.4 million) is the cash collateral provided to
these institutions, for stock borrowing by Winterflood. The stock borrowing to which the cash deposits relate is short term in
nature and is recorded at the amount payable. The credit risk of this financial asset is therefore limited.
The following table shows the ageing of settlement balances: Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Impairment provisions \u00a3 million Total \u00a3 million A t 31 July 2023 Not past due 622.1 \u2013 \u2013 \u2013 622.1 Less than 30 days past due 83.9 \u2013 \u2013 \u2013 83.9 More than 30 days but less than 90 days past due \u2013 0.6 \u2013 \u2013 0.6 More than 90 days past due \u2013 \u2013 0.5 (0.1) 0.4 706.0 0.6 0.5 (0.1) 707.0 Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Impairment provisions \u00a3 million Total \u00a3 million A t 31 July 2022 Not past due 726.0 \u2013 \u2013 \u2013 726.0 Less than 30 days past due 70.6 \u2013 \u2013 \u2013 70.6 More than 30 days but less than 90 days past due \u2013 1.4 \u2013 \u2013 1.4 More than 90 days past due \u2013 \u2013 1.5 (0.2) 1.3 796.6 1.4 1.5 (0.2) 799.3 Company financial assets: Amounts owed by subsidiaries Amounts owed by subsidiaries on the company balance sheet largely relate to Close Brothers Limited and Close Brothers Holdings Limited, and the credit risk presented by these financial assets is immaterial. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-396": {
"value": "Mitigation (audited) This funding approach is based on the principles of \u201cborrow long, lend short\u201d and ensuring a diverse range of sources and channels of funding. In the Banking division, retail and corporate customer funding is supported by wholesale funding programmes including unsecured medium-term notes and securitisation programmes. The bank has also drawn against the Bank of England\u2019s Term Funding Scheme (\u201cTFSME\u201d), that was introduced to support lending in the then prevailing low interest rate environment. Total available funding is kept well in excess of the loan book funding requirement to ensure funding is available when needed. The following tables analyse the contractual maturities of the group\u2019s on-balance sheet financial liabilities on an undiscounted cash flow basis. On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million At 31 July 2023 Deposits by banks 10.3 43.7 89.7 \u2013 \u2013 \u2013 143.7 Deposits by customers 175.1 1,838.3 1,972.9 1,869.6 2,140.6 \u2013 7,996.5 Loans and overdrafts from banks 31.8 25.2 7.6 243.8 383.2 \u2013 691.6 Debt securities in issue \u2013 46.7 132.3 168.1 1,705.1 416.3 2,468.5 Subordinated loan capital \u2013 2.0 \u2013 2.0 16.0 213.0 233.0 Total 217.2 1,955.9 2,202.5 2,283.5 4,244.9 629.3 11,533.3 On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million At 31 July 2022 Deposits by banks 6.0 51.9 98.9 4.1 \u2013 \u2013 160.9 Deposits by customers 120.9 1,645.1 2,046.5 1,600.1 1,427.2 \u2013 6,839.8 Loans and overdrafts from banks 12.0 12.0 1.9 3.7 610.5 \u2013 640.1 Debt securities in issue \u2013 30.3 256.2 619.5 890.7 444.2 2,240.9 Subordinated loan capital \u2013 2.0 \u2013 2.0 15.0 218.0 237.0 Total 138.9 1,741.3 2,403.5 2,229.4 2,943.4 662.2 10,118.7 Growth in the balance sheet over the current year has been funded through longer-term customer deposits with maturities between one and five years, supporting and maintaining the principles of \u201cborrow long, lend short\u201d (e) Liquidity risk Liquidity risk is the risk that liabilities cannot be met when they fall due or can only be met at an uneconomic price and arises mainly in the Banking division. The following table analyses the contractual maturities of the group\u2019s on balance sheet financial liabilities on an undiscounted cash flow basis. Additional disclosures on the group\u2019s liquidity risk can be found on page 120 of the Risk Report. On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million A t 31 July 2023 Settlement balances \u2013 686.0 \u2013 \u2013 \u2013 \u2013 686.0 Deposits by banks 10.3 43.7 89.7 \u2013 \u2013 \u2013 143.7 Deposits by customers 175.1 1,838.3 1,972.9 1,869.6 2,140.6 \u2013 7,996.5 Loans and overdrafts from banks 31.8 25.2 7.6 243.8 383.2 \u2013 691.6 Debt securities in issue \u2013 46.7 132.3 168.1 1,705.1 416.3 2,468.5 Loans from money brokers against stock advanced 4.8 \u2013 \u2013 \u2013 \u2013 \u2013 4.8 Subordinated loan capital \u2013 2.0 \u2013 2.0 16.0 213.0 233.0 Derivative financial instruments 0.2 21.7 23.5 39.0 167.6 73.0 325.0 Lease liabilities 0.2 4.8 4.1 6.9 26.7 19.6 62.3 Other financial liabilities 20.3 111.6 0.9 10.6 28.0 8.7 180.1 Total 242.7 2,780.0 2,231.0 2,340.0 4,467.2 730.6 12,791.5 On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million A t 31 July 2022 Settlement balances \u2013 780.7 \u2013 \u2013 \u2013 \u2013 780.7 Deposits by banks 6.0 51.9 98.9 4.1 \u2013 \u2013 160.9 Deposits by customers 120.9 1,645.1 2,046.5 1,600.1 1,427.2 \u2013 6,839.8 Loans and overdrafts from banks 12.0 12.0 1.9 3.7 610.5 \u2013 640.1 Debt securities in issue \u2013 30.3 256.2 619.5 890.7 444.2 2,240.9 Loans from money brokers against stock advanced \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Subordinated loan capital \u2013 2.0 \u2013 2.0 15.0 218.0 237.0 Derivative financial instruments \u2013 6.4 9.0 16.0 89.0 55.6 176.0 Lease liabilities 0.2 4.2 3.6 7.3 33.9 11.8 61.0 Other financial liabilities 16.1 124.6 5.3 6.8 34.4 7.0 194.2 Total 155.2 2,657.2 2,421.4 2,259.5 3,100.7 736.6 11,330.6 Derivative financial instruments in the table above includes net currency swaps. The following table shows the currency swaps on a gross basis: On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million A t 31 July 2023 41.2 153.9 26.0 39.4 167.5 73.0 501.0 A t 31 July 2022 1.7 69.8 9.0 16.0 88.9 55.6 241.0 ",
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"value": "EaR impact (audited) The table below sets out the assessed impact on net interest income over a 12-month period from interest rate changes. The results shown are for an instantaneous and parallel change in interest rates at 31 July 2023: 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million 0.5% increase 4.5 4.3 2.5% increase 22.6 22.3 0.5% decrease (4.5) (1.0) 2.5% decrease (22.8) 16.7 The group also monitors any potential earning exposure from basis mismatches between its lending and funding activities on a monthly cadence. To provide a clearer assessment of the group\u2019s exposure to interest rate changes, this has been excluded from the EaR numbers disclosed for the current year and the prior year comparatives. The prior year comparatives have also been restated to include EaR risk within the company as compared to Bank only in prior years. The group\u2019s EaR at 31 July 2023 reflects its policy to ensure exposure to interest rate shocks is managed within the group\u2019s risk appetites. The EaR measure is a combination of the group\u2019s repricing profile, which is positively correlated to rising rates, and its optionality risk, which is negligible in the current higher rate environment. EV impact (audited) The following table sets out the assessed impact on our base case EV, which measures the impact on equity value of an instantaneous and parallel change in interest rates at 31 July 2023: 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million 0.5% increase 4.4 1.5 2.5% increase 21.5 8.4 0.5% decrease (4.4) (1.2) 2.5% decrease (21.9) 3.3 The group\u2019s EV at 31 July 2023 reflects its policy to ensure exposure to interest rate shocks is managed within the group\u2019s risk appetites. In a rising rate environment, the distance to the interest rate floors increases and so the benefit of the floors on the group\u2019s lending decreases. This explains the movement seen for the parallel rate up and down 2.5% scenarios. The EV measure is a combination of our repricing profile, which is positively correlated to rising rates, offset partially by embedded optionality to cover interest rate floors within the bank\u2019s lending and borrowing activities. The prior year comparatives have been restated to include EV risk within the company as compared to Bank only in prior years. Foreign exchange risk (audited) The group is exposed to transaction, translation and structural foreign exchange risk. Transaction risk is measured daily within treasury based on net cash flows and contracted future exposures. Translation risk is monitored within each Banking business monthly, translating non-UK profits regularly to mitigate fluctuations in foreign exchange rates. Structural risk is assessed at least annually as part of the group\u2019s ICAAP and is deemed to be immaterial. The group\u2019s largest FX exposure is from its euro lending and funding activities. A change in the euro exchange rate would increase the group\u2019s equity by the following amounts: 2023 \u00a3 million 2022 \u00a3 million 20% strengthening of sterling against the euro 0.3 (1.7) The bank seeks to match its assets and liabilities by currency; any remaining gaps are hedged using exchange rate derivative contracts. Details of these derivatives are disclosed in note 13. The group also has exposures which arise from share trading settled in foreign currency in Winterflood and foreign currency equity investments. The group has policies and processes in place to manage foreign currency risk, and as such the impact of any reasonably expected exchange rate fluctuations would not be material. Mitigation (audited) The group maintains a limited appetite for interest rate risk with simple hedging strategies in place to mitigate risk. The Banking division\u2019s treasury is responsible for hedging the non-traded interest rate risk. Any residual risk which cannot be naturally matched is hedged utilising vanilla derivative transactions to remain within prescribed risk limits. The Group Asset and Liability Committee (\u201cGALCO\u201d) and ALCO are respectively responsible for approving any changes to hedging strategies before implementation for the company and Bank. Derivative transactions can only be undertaken with approved counterparties and within the respective credit risk limits assigned to those counterparties. All marketable securities are \u201chold to collect and sell\u201d and have their interest rate exposure hedged with vanilla interest rate swaps. Foreign exchange exposures are generally hedged using foreign exchange forwards or currency swaps with exposures monitored daily against approved limits Mitigation (audited) The management of traded market risk is fully embedded within Winterflood\u2019s training and governance framework. Key attributes include: \u2022 an established training programme for junior dealers, requiring their supervision by a senior dealer until deemed competent to trade on their own; \u2022 the provision of training to all new joiners and newly certified staff by the front office controls team. This training includes market risk considerations as well as details on order entry controls; \u2022 the maintenance of risk mandates for all traders, detailing the group\u2019s market-making strategy, controls frameworks and policies and procedures; \u2022 oversight of all risk issues, including traded market risk, via the Winterflood Risk and Compliance Committee. Management information and key risk indicators are reported to the committee on a monthly basis with escalation to the GRCC and Risk Committee where needed; \u2022 the maintenance of a group Market Risk Policy and a specific Traded Market Risk Standard at Winterflood, outlining minimum governance requirements and escalation. Implementation of these requirements is achieved through documented front office procedures; \u2022 order entry controls in place across the trading floor limiting, amongst other trading variables, the executable value per order (these are documented in a front office procedure); and \u2022 daily total value traded caps to limit the amount the business can trade through a single broker. Trading Financial Instruments: Equity Shares and Debt Securities (Audited) The group\u2019s trading activities relate to Winterflood. The following table shows the group\u2019s trading book exposure to market risk: Highest exposure \u00a3 million Lowest exposure \u00a3 million Average exposure \u00a3 million Exposure at 31 July 2023 \u00a3 million For the year ended 31 July 2023 Equity shares Long 68.3 21.8 28.3 27.8 Short 20.1 4.7 7.7 6.4 Net position 20.6 21.4 Debt securities Long 37.4 10.6 15.8 15.2 Short 11.8 3.6 6.4 3.5 Net position 9.4 11.7 Highest exposure \u00a3 million Lowest exposure \u00a3 million Average exposure \u00a3 million Exposure at 31 July 2022 \u00a3 million For the year ended 31 July 2022 Equity shares Long 54.0 25.3 32.6 27.1 Short 28.9 5.3 10.0 7.9 Net position 22.6 19.2 Debt securities Long 23.8 14.2 19.5 12.4 Short 16.1 7.2 11.5 7.5 Net position 8.0 4.9 With respect to the long and short positions on debt securities, \u00a311.0 million and \u00a30.3 million (2022: \u00a38.0 million and \u00a31.7 million) were due to mature within one year respectively. The average exposure has been calculated on a daily basis. The highest and lowest exposure columns reflect the absolute maximum and minimum long and short debt and equity exposures across the relevant period (rather than the maximum and minimum net position). Based upon the 31 July 2023 trading book exposure given above, a hypothetical fall of 10% in equity prices would result in a \u00a32.1 million decrease (31 July 2022: \u00a31.9 million decrease) in the group\u2019s income and net assets. A hypothetical 10% fall across the fixed income desk would result in a \u00a31.2 million decrease (31 July 2022: \u00a30.5 million decrease) in the group\u2019s income and net assets. However, the group\u2019s trading activity is mainly market-making, in which positions are managed throughout the day on a continuous basis. Accordingly, the sensitivity referred to above is purely hypothetical. (d) Market risk Interest rate risk Additional disclosures on the group\u2019s interest rate risk can be found on pages 123 to 124 in the Risk Report. Interest rate benchmark reform In the prior year, the group completed the transition away from the use of LIBOR to alternative benchmark rates in loan documentation, treasury transactions and other forms of contract. At 31 July 2021, loans and advances to customers amounting to \u00a3995.5 million and derivatives with a notional value of \u00a384.7 million were yet to transition to an alternative benchmark rate. The transition was subsequently completed by 31 December 2021 in compliance with the requirements set by the Prudential Regulation Authority and Financial Conduct Authority. There were no significant changes to the nature of the risks arising from financial instruments to which the group is exposed as a result of the transition. Foreign exchange risk Additional disclosures on the group\u2019s foreign exchange risk can be found on page 124 in the Risk Report. Market price risk Trading financial instruments: Equity shares and debt securities The group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found on pages 129 to 130 of the Risk Report. Non-trading financial instruments Net gains and losses on non-trading financial instruments are disclosed in notes 12 and 13. ",
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"value": "1. Significant Accounting Policies (a) Reporting entity Close Brothers Group plc (\u201cthe company\u201d), a public limited company by shares incorporated and domiciled in the UK (England), together with its subsidiaries (collectively, \u201cthe group\u201d), operates through five (2022: five) operating segments: Commercial, Retail, Property, Asset Management and Securities, and is primarily located within the UK. (b) Basis of preparation The audited consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d). The company financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 \u2018\u2018The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\u2019\u2019 (\u2018\u2018FRS 102\u2019\u2019) and the Companies Act 2006, under the provision of the Large and Medium-sized Companies and Groups (Accounts and Financial Instruments: Recognition and Measurement Reports) Regulations 2008 (SI 2008/410). As permitted by FRS 102, the company has chosen to adopt IFRS 9 Financial Instruments where applicable and taken advantage of the disclosure exemptions available under that standard in relation to the presentation of a cash flow statement, share-based payments and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements of the group. The company has also taken advantage of the exemption in section 408 of the Companies Act 2006 not to present its company income statement and related notes. Where relevant, the accounting policies of the company are the same as those of the group set out in this note except for (l) Leases. For the company, rental costs under operating leases are charged to the income statement in equal instalments over the period of the lease. The consolidated and company financial statements have been prepared on a going concern basis and under the historical cost convention, except for financial assets and liabilities held at fair value through profit or loss and financial assets held at fair value through other comprehensive income. The prior year company balance sheet has been restated to correct a misstatement relating to the maturity of the company\u2019s senior bond issuance and an associated intragroup transaction. An amount of \u00a3139.7 million has been transferred from \u2018Amounts owed by subsidiaries due after more than one year\u2019 to \u2018within one year\u2019, resulting in an increase in the \u2018within one year\u2019 balance to \u00a3590.1 million. In addition, an amount of \u00a3249.7 million has been transferred from \u2018Debt securities in issue falling due after more than one year\u2019 to \u2018within one year\u2019, resulting in an increase in the \u2018within one year\u2019 balance to \u00a3251.5 million. (c) Accounting developments Standards adopted during the year The accounting policies applied this financial year are set out in this note and are consistent with those of the previous financial year. Finance (No.2) Act 2023 was substantively enacted in June 2023, and introduced the Pillar Two global minimum tax rate of 15% and a UK domestic minimum top-up tax with effect from 1 January 2024. The group has adopted the IAS 12 exception from recognition and disclosure regarding the impact on deferred tax assets and liabilities arising from this legislation. The company has adopted the same exception under FRS 102. Future accounting developments IFRS 17 Insurance Contracts and minor amendments to IFRSs issued by the IASB are effective for the group from 1 August 2023. These changes are expected to have no or an immaterial impact on the group. (d) Consolidation and investment in subsidiary Subsidiaries Subsidiaries are all entities over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Such power generally accompanies a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which the group effectively obtains control. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries. Under the acquisition method of accounting, with some limited exceptions, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any non-controlling interest is measured either at fair value or at the non-controlling interest\u2019s proportion of the net assets acquired. Acquisition related costs are accounted for as expenses when incurred, unless directly related to the issue of debt or equity securities. Any excess of the cost of acquisition over net assets is capitalised as goodwill. All intra-group balances, transactions, income and expenses are eliminated. The company\u2019s investment in its subsidiary is valued at cost less any accumulated impairment losses. (e) Foreign currency translation For the company and those subsidiaries whose balance sheets are denominated in sterling, which is the company\u2019s functional and presentation currency, monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates of exchange at the balance sheet date. Foreign currency transactions are translated into sterling at average rates of exchange at the date of the transaction and exchange differences arising are taken to the consolidated income statement.The balance sheets of subsidiaries denominated in foreign currencies are translated into sterling at the closing rates. The income statements for these subsidiaries are translated at the average rates and exchange differences arising are taken to equity. Such exchange differences are reclassified to the consolidated income statement in the period in which the subsidiary is disposed of. (f) Revenue recognition Interest income Interest on loans and advances made by the group, and fee income and expense and other direct costs relating to loan origination, restructuring or commitments are recognised in the consolidated income statement using the effective interest rate method. The effective interest rate method applies a rate that discounts estimated future cash payments or receipts over the expected life of a financial instrument to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. The cash flows take into account all contractual terms of the financial instrument including transaction costs and all other premiums or discounts but not future credit losses. Interest income is recognised on a contractual basis where it is not possible to reliably estimate the cash flows or expected life of a financial instrument. Fees and commissions Where fees that have not been included within the effective interest rate method are earned on the execution of a significant act, such as fees arising from negotiating or arranging a transaction for a third party, they are recognised as revenue when that act has been completed. Fees and corresponding expenses in respect of other services are recognised in the consolidated income statement as the right to consideration or payment accrues through performance of services. To the extent that fees and commissions are recognised in advance of billing they are included as accrued income or expense. Dividends Dividend income is recognised when the right to receive payment is established. Gains less losses arising from dealing in securities Net realised and unrealised gains arising from both buying and selling securities and from positions held in securities, including related interest income and dividends. (g) Adjusted measures Adjusted measures exclude amortisation of intangible assets on acquisition. Amortisation of intangible assets on acquisition is excluded to present the performance of the group\u2019s acquired businesses consistent with its other businesses. Exceptional items are income and expense items that are material by size and/or nature and are non- recurring. The separate reporting of these items helps give an indication of the group\u2019s underlying performance. (h) Financial assets and liabilities (excluding derivatives) Classification and measurement Financial assets are classified at initial recognition on the basis of the business model within which they are managed and their contractual cash flow characteristics. The classification categories are amortised cost, fair value through other comprehensive income (\u201cFVOCI\u201d) and fair value through profit or loss (\u201cFVTPL\u201d). Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Initial recognition is at fair value plus directly attributable transaction costs. Interest income is accounted for using the effective interest rate method. Financial assets that are held to collect contractual cash flows and for subsequent sale, where the assets\u2019 cash flows represent solely payments of principal and interest, are classified at FVOCI. Directly attributable transaction costs are added to the initial fair value. Gains and losses are recognised in other comprehensive income, except for impairment gains and losses, until the financial asset is either sold or matures, at which time the cumulative gain or loss is recognised in the income statement. Impairment gains and losses are recognised in the income statement. Financial assets are classified at FVTPL where they do not meet the criteria to be measured at amortised cost or FVOCI or where they are designated at FVTPL to reduce an accounting mismatch. Financial assets at FVTPL are recognised at fair value. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Gains and losses that subsequently arise on changes in fair value are recognised in the income statement. Financial liabilities are classified at initial recognition at amortised cost except for the following instruments which are classified at FVTPL: derivatives; financial liabilities held for trading; and financial liabilities designated at FVTPL to eliminate an accounting mismatch. Financial liabilities at amortised cost are measured at fair value less directly attributable transaction costs on initial recognition. Interest expense is accounted for using the effective interest rate method. Financial liabilities at FVTPL are measured at fair value on initial recognition. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Subsequent changes in fair value are recognised in the income statement except for financial liabilities designated at FVTPL; changes in fair value attributable to changes in credit risk are recognised in other comprehensive income. The fair values of quoted financial assets or financial liabilities in active markets are based on bid or offer prices. If the market for a financial asset or financial liability is not active, or they relate to unlisted securities, the group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or where the group has transferred the contractual rights to receive cash flows and transferred substantially all risks and rewards of ownership. If substantially all the risks and rewards have been neither retained nor transferred the assets continue to be recognised to the extent of the group\u2019s continuing involvement. Financial liabilities are derecognised when they are extinguished. Modifications The terms or cash flows of a financial asset or liability may be modified due to renegotiation or otherwise. If the terms or cash flows are substantially different to the original, then the financial asset or liability is derecognised and a new financial asset or liability is recognised at fair value. If the terms or cash flows are not substantially different to the original, then the financial asset or liability carrying value is adjusted to reflect the present value of modified cash flows discounted at the original EIR. The adjustment is recognised within income on the income statement. (i) Impairment of financial assets Expected credit losses In accordance with IFRS 9, expected credit losses (\u201cECL\u201d) are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets measured at FVOCI, loan commitments and financial guarantee contracts. The impairment charge in the income statement includes the change in expected credit losses and fraud costs. At initial recognition, financial assets are considered to be in Stage 1 and a provision is recognised for 12 months of expected credit losses. If a significant increase in credit risk since initial recognition occurs, these financial assets are considered to be in Stage 2 and a provision is made for the lifetime expected credit losses. As a backstop, all financial assets 30 days past due are considered to have experienced a significant increase in credit risk and are transferred to Stage 2. A financial asset will remain classified as Stage 2 until the credit risk has improved and it can be returned to Stage 1 or until it deteriorates such that it meets the criteria to move to Stage 3. Where a financial asset no longer represents a significant increase in credit risk since origination it can move from Stage 2 back to Stage 1. As a minimum this means that all payments must be up-to-date, the quantitative probability of default assessment trigger is no longer met, and the account is not evidencing qualitative assessment triggers . When objective evidence exists that a financial asset is credit impaired, such as the occurrence of a credit default event or identification of an unlikeliness to pay indicator, the financial asset is considered to be in Stage 3. As a backstop, all financial assets 90 days or more past due are considered to be credit impaired and transferred to Stage 3. Cure definitions are in operation where financial assets in Stage 3 can move back to Stage 2, subject to Stage 3 indicators no longer being in effect, and meeting the appropriate cure period. In all circumstances loans and advances to customers are written off against the related provisions when there are no reasonable expectations of further recovery. This is typically following realisation of all associated collateral and available recovery actions against the customer. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. The calculation of expected credit losses for loans and advances to customers, either on a 12-month or lifetime basis, is based on the probability of default (\u201cPD\u201d), the exposure at default (\u201cEAD\u201d) and the loss given default (\u201cLGD\u201d), and includes forward-looking macroeconomic information where appropriate. Further information on this calculation methodology can be found in the \u2018Use of estimates\u2019 section on pages 109 to 114 of the Risk Report. The calculation of expected credit losses for some loan portfolios, receivables relating to operating lease assets and settlement balances is based on a simplified lifetime only expected credit loss approach. Under the simplified approach, stage classification represents management\u2019s internal assessment of credit risk. Expected credit losses are assessed against actual loss experience via a series of provision adequacy reviews. These reviews also incorporate management judgement to ensure that our ECL coverage ratios remain appropriate. (j) Settlement accounts Settlement balance debtors and creditors are the amounts due to and from counterparties in respect of the group\u2019s market-making activities and are carried at amortised cost. The balances are short term in nature, do not earn interest and are recorded at the amount receivable or payable. (k) Loans to and from money brokers against stock advanced Loans to money brokers against stock advanced is the cash collateral provided to these institutions for stock borrowing by the group\u2019s market-making activities and is carried at amortised cost. Interest is paid on the stock borrowed and earned on the cash deposits advanced. The stock borrowing to which the cash deposits relate is short term in nature and is recorded at the amount receivable. Loans from money brokers against stock collateral provided are recorded at the amount payable. Interest is paid on the loans. (l) Leases Lessor A finance lease is a lease or hire purchase contract that transfers substantially all the risks and rewards incidental to ownership of an asset to the lessee. Finance leases are recognised as loans at an amount equal to the gross investment in the lease, which comprises the lease payments receivable and any unguaranteed residual value, discounted at its implicit interest rate. Finance charges on finance leases are taken to income in proportion to the net funds invested. An operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an asset to the lessee. Rental income from operating leases is recognised in equal instalments over the period of the leases and included in other income in the consolidated income statement. Lessee A lease liability and right of use asset are recognised on the balance sheet at the lease commencement date. The lease liability is measured at the present value of future lease payments. The discount rate is the rate implicit in the lease, or if that cannot be determined, the group\u2019s incremental borrowing rate appropriate for the right of use asset. The right of use asset is measured at cost, comprising the initial lease liability, payments made at or before the commencement date less lease incentives received, initial direct costs, and estimated costs of restoring the underlying asset to the condition required by the lease. Lease payments are allocated between the liability and finance cost. The finance cost relating to the lease liability is charged to the consolidated income statement over the lease term. The right of use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight line basis. (m) Sale and repurchase agreements and other secured lending and borrowings Securities may be sold subject to a commitment to repurchase them. Such securities are retained on the consolidated balance sheet when substantially all the risks and rewards of ownership remain with the group. The transactions are treated as collateralised borrowing and the counterparty liability is included within loans and overdrafts from banks. Similar secured borrowing transactions, including securities lending transactions and collateralised short-term notes, are treated and presented in the same way. These secured financing transactions are initially recognised at fair value, and subsequently valued at amortised cost, using the effective interest rate method. (n) Securitisation transactions The group securitises its own financial assets via the sale of these assets to special purpose entities, which in turn issue securities to investors. All financial assets continue to be held on the group\u2019s consolidated balance sheet together with debt securities in issue recognised for the funding \u2013 see derecognition policy (h). (o) Offsetting financial instruments Financial assets and financial liabilities are offset and the net amount presented on the consolidated balance sheet if, and only if, there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise an asset and settle the liability simultaneously. ( p) Derivatives and hedge accounting On adoption of IFRS 9 Financial Instruments in 2018, the group elected to continue applying hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement. In general, derivatives are used to minimise the impact of interest, currency rate and equity price changes to the group\u2019s financial instruments. They are carried on the consolidated balance sheet at fair value which is obtained from quoted market prices in active markets, including recent market transactions and discounted cash flow models. On acquisition, certain derivatives are designated as a hedge and the group formally documents the relationship between these derivatives and the hedged item. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivative is highly effective in offsetting changes in fair values or cash flows of hedged items. If a hedge was deemed partially ineffective but continues to qualify for hedge accounting, the amount of the ineffectiveness, taking into account the timing of the expected cash flows where relevant, would be recorded in the consolidated income statement. If the hedge is not, or has ceased to be, highly effective, the group discontinues hedge accounting. For fair value hedges, changes in the fair value are recognised in the consolidated income statement, together with changes in the fair value of the hedged item. For cash flow hedges, the fair value gain or loss associated with the effective proportion of the cash flow hedge is recognised initially directly in equity and recycled to the consolidated income statement in the period when the hedged item affects income.(q) Intangible assets Computer software (acquired and costs associated with development) and intangible assets on acquisition (excluding goodwill) are stated at cost less accumulated amortisation and provisions for impairment which are reviewed at least annually. Amortisation is calculated to write off their cost on a straight-line basis over the estimated useful lives as follows: Computer software 3 to 5 years Intangible assets on acquisition 8 to 20 years Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is assessed annually for impairment and carried at cost less any accumulated impairment. (r) Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and provisions for impairment which are reviewed at least annually. Depreciation is calculated to write off their cost on a straight-line basis over their estimated useful lives as follows: Long leasehold property 40 years Short leasehold property Over the length of the lease Fixtures, fittings and equipment 3 to 5 years A ssets held under operating leases 1 to 20 years Motor vehicles 1 to 5 years (s) Share capital Share issue costs Incremental costs directly attributable to the issue of new shares or options, including those issued on the acquisition of a business, are shown in equity as a deduction, net of tax, from the proceeds. Dividends on ordinary shares Dividends on ordinary shares are recognised in equity in the period in which they are paid or, if earlier, approved by shareholders. Treasury shares Where the company or any member of the group purchases the company\u2019s share capital, the consideration paid is deducted from shareholders\u2019 equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity. (t) Employee benefits The group operates defined contribution pension schemes for eligible employees as well as a defined benefit pension scheme which is closed to new members and further accrual. Under the defined contribution scheme the group pays fixed contributions into a fund separate from the group\u2019s assets. Contributions are charged in the consolidated income statement when they become payable. The expected cost of providing pensions within the funded defined benefit scheme, determined on the basis of annual valuations using the projected unit method, is charged to the consolidated income statement. Actuarial gains and losses are recognised in full in the period in which they occur and recognised in other comprehensive income. The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation, as adjusted for unrecognised past service cost, and as reduced by the fair value of scheme assets at the balance sheet date. Both the return on investment expected in the period and the expected financing cost of the liability, as estimated at the beginning of the period, are recognised in the results for the period. Any variances against these estimates in the year form part of the actuarial gain or loss. The assets of the scheme are held separately from those of the group in an independently managed fund. (u) Share-based payments to employees The group operates three (2022: three) share-based award schemes: the Deferred Share Awards (\u201cDSA\u201d) scheme, the Long Term Incentive Plan (\u201cLTIP\u201d), and the HMRC approved Save As You Earn (\u201cSAYE\u201d) scheme. The costs of the awards granted under the DSA scheme are based on the salary of the individual at the time the award is made. The value of the share award at the grant date is charged to the group\u2019s consolidated income statement in the year to which the award relates. The costs of LTIP and SAYE are based on the fair value of awards on the date of grant. Fair values of share-based awards are determined using the Black-Scholes pricing model, with the exception of fair values for market-based performance conditions, which are determined using Monte Carlo simulation. Both models take into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the company\u2019s share price over the life of the option award and other relevant factors. For non-market-based performance conditions, vesting conditions are not taken into account when measuring fair value, but are reflected by adjusting the number of shares in each award such that the amount recognised reflects the number that are expected to, and then actually do, vest. The fair value is expensed in the consolidated income statement on a straight-line basis over the vesting period, with a corresponding credit to the share- based payments reserve. At the end of the vesting period, or upon exercise, lapse or forfeit if earlier, this credit is transferred to retained earnings. Further information on the group\u2019s schemes is provided in note 24 and in the Directors\u2019 Remuneration Report. (v) Provisions and contingent liabilities Provisions are recognised in respect of present obligations arising from past events where it is probable that outflows of resources will be required to settle the obligations and they can be reliably estimated. Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless they are deemed remote. (w) Taxes, including deferred taxes Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income and expense that are taxable or deductible in other years and items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. To enable the tax charge to be based on the profit for the year, deferred tax is provided in full on temporary timing differences, at the rates of tax expected to apply when these differences crystallise. Deferred tax assets are recognised only to the extent that it is probable that sufficient taxable profits will be available against which temporary differences can be set. Deferred tax liabilities are offset against deferred tax assets when there is both a legal right to set off and an intention to settle on a net basis. (x) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprises cash and demand deposits with banks, together with short-term highly liquid investments that are readily convertible to known amounts of cash . (y) Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is considered the group\u2019s chief operating decision maker. All transactions between business segments are conducted on an arm\u2019s length basis, with intra-segment revenue and costs being eliminated on consolidation. Income and expenses directly associated with each segment are included in determining business segment performance. ",
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"value": "(a) Reporting entity Close Brothers Group plc (\u201cthe company\u201d), a public limited company by shares incorporated and domiciled in the UK (England), together with its subsidiaries (collectively, \u201cthe group\u201d), operates through five (2022: five) operating segments: Commercial, Retail, Property, Asset Management and Securities, and is primarily located within the UK. ",
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"value": "company by shares incorporated and domiciled in the UK ",
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"fact-344": {
"value": "(b) Basis of preparation The audited consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d). The company financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 \u2018\u2018The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\u2019\u2019 (\u2018\u2018FRS 102\u2019\u2019) and the Companies Act 2006, under the provision of the Large and Medium-sized Companies and Groups (Accounts and Financial Instruments: Recognition and Measurement Reports) Regulations 2008 (SI 2008/410). As permitted by FRS 102, the company has chosen to adopt IFRS 9 Financial Instruments where applicable and taken advantage of the disclosure exemptions available under that standard in relation to the presentation of a cash flow statement, share-based payments and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements of the group. The company has also taken advantage of the exemption in section 408 of the Companies Act 2006 not to present its company income statement and related notes. Where relevant, the accounting policies of the company are the same as those of the group set out in this note except for (l) Leases. For the company, rental costs under operating leases are charged to the income statement in equal instalments over the period of the lease. The consolidated and company financial statements have been prepared on a going concern basis and under the historical cost convention, except for financial assets and liabilities held at fair value through profit or loss and financial assets held at fair value through other comprehensive income. The prior year company balance sheet has been restated to correct a misstatement relating to the maturity of the company\u2019s senior bond issuance and an associated intragroup transaction. An amount of \u00a3139.7 million has been transferred from \u2018Amounts owed by subsidiaries due after more than one year\u2019 to \u2018within one year\u2019, resulting in an increase in the \u2018within one year\u2019 balance to \u00a3590.1 million. In addition, an amount of \u00a3249.7 million has been transferred from \u2018Debt securities in issue falling due after more than one year\u2019 to \u2018within one year\u2019, resulting in an increase in the \u2018within one year\u2019 balance to \u00a3251.5 million. ",
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"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
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"fact-401": {
"value": "(b) Basis of preparation The audited consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d). The company financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 \u2018\u2018The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\u2019\u2019 (\u2018\u2018FRS 102\u2019\u2019) and the Companies Act 2006, under the provision of the Large and Medium-sized Companies and Groups (Accounts and Financial Instruments: Recognition and Measurement Reports) Regulations 2008 (SI 2008/410). As permitted by FRS 102, the company has chosen to adopt IFRS 9 Financial Instruments where applicable and taken advantage of the disclosure exemptions available under that standard in relation to the presentation of a cash flow statement, share-based payments and related party transactions. Where required, equivalent disclosures are given in the consolidated financial statements of the group. The company has also taken advantage of the exemption in section 408 of the Companies Act 2006 not to present its company income statement and related notes. Where relevant, the accounting policies of the company are the same as those of the group set out in this note except for (l) Leases. For the company, rental costs under operating leases are charged to the income statement in equal instalments over the period of the lease. The consolidated and company financial statements have been prepared on a going concern basis and under the historical cost convention, except for financial assets and liabilities held at fair value through profit or loss and financial assets held at fair value through other comprehensive income. The prior year company balance sheet has been restated to correct a misstatement relating to the maturity of the company\u2019s senior bond issuance and an associated intragroup transaction. An amount of \u00a3139.7 million has been transferred from \u2018Amounts owed by subsidiaries due after more than one year\u2019 to \u2018within one year\u2019, resulting in an increase in the \u2018within one year\u2019 balance to \u00a3590.1 million. In addition, an amount of \u00a3249.7 million has been transferred from \u2018Debt securities in issue falling due after more than one year\u2019 to \u2018within one year\u2019, resulting in an increase in the \u2018within one year\u2019 balance to \u00a3251.5 million. ",
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"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-399": {
"value": "(c) Accounting developments Standards adopted during the year The accounting policies applied this financial year are set out in this note and are consistent with those of the previous financial year. Finance (No.2) Act 2023 was substantively enacted in June 2023, and introduced the Pillar Two global minimum tax rate of 15% and a UK domestic minimum top-up tax with effect from 1 January 2024. The group has adopted the IAS 12 exception from recognition and disclosure regarding the impact on deferred tax assets and liabilities arising from this legislation. The company has adopted the same exception under FRS 102. Future accounting developments IFRS 17 Insurance Contracts and minor amendments to IFRSs issued by the IASB are effective for the group from 1 August 2023. These changes are expected to have no or an immaterial impact on the group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-400": {
"value": "(d) Consolidation and investment in subsidiary Subsidiaries Subsidiaries are all entities over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Such power generally accompanies a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which the group effectively obtains control. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries. Under the acquisition method of accounting, with some limited exceptions, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any non-controlling interest is measured either at fair value or at the non-controlling interest\u2019s proportion of the net assets acquired. Acquisition related costs are accounted for as expenses when incurred, unless directly related to the issue of debt or equity securities. Any excess of the cost of acquisition over net assets is capitalised as goodwill. All intra-group balances, transactions, income and expenses are eliminated. The company\u2019s investment in its subsidiary is valued at cost less any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-345": {
"value": "(d) Consolidation and investment in subsidiary Subsidiaries Subsidiaries are all entities over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Such power generally accompanies a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which the group effectively obtains control. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries. Under the acquisition method of accounting, with some limited exceptions, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any non-controlling interest is measured either at fair value or at the non-controlling interest\u2019s proportion of the net assets acquired. Acquisition related costs are accounted for as expenses when incurred, unless directly related to the issue of debt or equity securities. Any excess of the cost of acquisition over net assets is capitalised as goodwill. All intra-group balances, transactions, income and expenses are eliminated. The company\u2019s investment in its subsidiary is valued at cost less any accumulated impairment losses",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-346": {
"value": "(e) Foreign currency translation For the company and those subsidiaries whose balance sheets are denominated in sterling, which is the company\u2019s functional and presentation currency, monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates of exchange at the balance sheet date. Foreign currency transactions are translated into sterling at average rates of exchange at the date of the transaction and exchange differences arising are taken to the consolidated income statement. The balance sheets of subsidiaries denominated in foreign currencies are translated into sterling at the closing rates. The income statements for these subsidiaries are translated at the average rates and exchange differences arising are taken to equity. Such exchange differences are reclassified to the consolidated income statement in the period in which the subsidiary is disposed of. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-398": {
"value": "For the company and those subsidiaries whose balance sheets are denominated in sterling, which is the company\u2019s functional and presentation currency, monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates of exchange at the balance sheet date. Foreign currency transactions are translated into sterling at average rates of exchange at the date of the transaction and exchange differences arising are taken to the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-347": {
"value": "(f) Revenue recognition Interest income Interest on loans and advances made by the group, and fee income and expense and other direct costs relating to loan origination, restructuring or commitments are recognised in the consolidated income statement using the effective interest rate method. The effective interest rate method applies a rate that discounts estimated future cash payments or receipts over the expected life of a financial instrument to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. The cash flows take into account all contractual terms of the financial instrument including transaction costs and all other premiums or discounts but not future credit losses. Interest income is recognised on a contractual basis where it is not possible to reliably estimate the cash flows or expected life of a financial instrument. Fees and commissions Where fees that have not been included within the effective interest rate method are earned on the execution of a significant act, such as fees arising from negotiating or arranging a transaction for a third party, they are recognised as revenue when that act has been completed. Fees and corresponding expenses in respect of other services are recognised in the consolidated income statement as the right to consideration or payment accrues through performance of services. To the extent that fees and commissions are recognised in advance of billing they are included as accrued income or expense. Dividends Dividend income is recognised when the right to receive payment is established. Gains less losses arising from dealing in securities Net realised and unrealised gains arising from both buying and selling securities and from positions held in securities, including related interest income and dividends. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-403": {
"value": "Interest income Interest on loans and advances made by the group, and fee income and expense and other direct costs relating to loan origination, restructuring or commitments are recognised in the consolidated income statement using the effective interest rate method. The effective interest rate method applies a rate that discounts estimated future cash payments or receipts over the expected life of a financial instrument to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. The cash flows take into account all contractual terms of the financial instrument including transaction costs and all other premiums or discounts but not future credit losses. Interest income is recognised on a contractual basis where it is not possible to reliably estimate the cash flows or expected life of a financial instrument. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-404": {
"value": "Fees and commissions Where fees that have not been included within the effective interest rate method are earned on the execution of a significant act, such as fees arising from negotiating or arranging a transaction for a third party, they are recognised as revenue when that act has been completed. Fees and corresponding expenses in respect of other services are recognised in the consolidated income statement as the right to consideration or payment accrues through performance of services. To the extent that fees and commissions are recognised in advance of billing they are included as accrued income or expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-405": {
"value": "Dividends Dividend income is recognised when the right to receive payment is established. Dividends on ordinary shares Dividends on ordinary shares are recognised in equity in the period in which they are paid or, if earlier, approved by shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-348": {
"value": "(g) Adjusted measures Adjusted measures exclude amortisation of intangible assets on acquisition. Amortisation of intangible assets on acquisition is excluded to present the performance of the group\u2019s acquired businesses consistent with its other businesses. Exceptional items are income and expense items that are material by size and/or nature and are non- recurring. The separate reporting of these items helps give an indication of the group\u2019s underlying performance. ",
"dimensions": {
"concept": "closebrothers:DescriptionOfAccountingPolicyForAdjustedMeasures",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-432": {
"value": "(h) Financial assets and liabilities (excluding derivatives) Classification and measurement Financial assets are classified at initial recognition on the basis of the business model within which they are managed and their contractual cash flow characteristics. The classification categories are amortised cost, fair value through other comprehensive income (\u201cFVOCI\u201d) and fair value through profit or loss (\u201cFVTPL\u201d). Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Initial recognition is at fair value plus directly attributable transaction costs. Interest income is accounted for using the effective interest rate method. Financial assets that are held to collect contractual cash flows and for subsequent sale, where the assets\u2019 cash flows represent solely payments of principal and interest, are classified at FVOCI. Directly attributable transaction costs are added to the initial fair value. Gains and losses are recognised in other comprehensive income, except for impairment gains and losses, until the financial asset is either sold or matures, at which time the cumulative gain or loss is recognised in the income statement. Impairment gains and losses are recognised in the income statement. Financial assets are classified at FVTPL where they do not meet the criteria to be measured at amortised cost or FVOCI or where they are designated at FVTPL to reduce an accounting mismatch. Financial assets at FVTPL are recognised at fair value. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Gains and losses that subsequently arise on changes in fair value are recognised in the income statement. Financial liabilities are classified at initial recognition at amortised cost except for the following instruments which are classified at FVTPL: derivatives; financial liabilities held for trading; and financial liabilities designated at FVTPL to eliminate an accounting mismatch. Financial liabilities at amortised cost are measured at fair value less directly attributable transaction costs on initial recognition. Interest expense is accounted for using the effective interest rate method. Financial liabilities at FVTPL are measured at fair value on initial recognition. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Subsequent changes in fair value are recognised in the income statement except for financial liabilities designated at FVTPL; changes in fair value attributable to changes in credit risk are recognised in other comprehensive income. The fair values of quoted financial assets or financial liabilities in active markets are based on bid or offer prices. If the market for a financial asset or financial liability is not active, or they relate to unlisted securities, the group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or where the group has transferred the contractual rights to receive cash flows and transferred substantially all risks and rewards of ownership. If substantially all the risks and rewards have been neither retained nor transferred the assets continue to be recognised to the extent of the group\u2019s continuing involvement. Financial liabilities are derecognised when they are extinguished. Modifications The terms or cash flows of a financial asset or liability may be modified due to renegotiation or otherwise. If the terms or cash flows are substantially different to the original, then the financial asset or liability is derecognised and a new financial asset or liability is recognised at fair value. If the terms or cash flows are not substantially different to the original, then the financial asset or liability carrying value is adjusted to reflect the present value of modified cash flows discounted at the original EIR. The adjustment is recognised within income on the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-349": {
"value": "(h) Financial assets and liabilities (excluding derivatives) Classification and measurement Financial assets are classified at initial recognition on the basis of the business model within which they are managed and their contractual cash flow characteristics. The classification categories are amortised cost, fair value through other comprehensive income (\u201cFVOCI\u201d) and fair value through profit or loss (\u201cFVTPL\u201d). Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Initial recognition is at fair value plus directly attributable transaction costs. Interest income is accounted for using the effective interest rate method. Financial assets that are held to collect contractual cash flows and for subsequent sale, where the assets\u2019 cash flows represent solely payments of principal and interest, are classified at FVOCI. Directly attributable transaction costs are added to the initial fair value. Gains and losses are recognised in other comprehensive income, except for impairment gains and losses, until the financial asset is either sold or matures, at which time the cumulative gain or loss is recognised in the income statement. Impairment gains and losses are recognised in the income statement. Financial assets are classified at FVTPL where they do not meet the criteria to be measured at amortised cost or FVOCI or where they are designated at FVTPL to reduce an accounting mismatch. Financial assets at FVTPL are recognised at fair value. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Gains and losses that subsequently arise on changes in fair value are recognised in the income statement. Financial liabilities are classified at initial recognition at amortised cost except for the following instruments which are classified at FVTPL: derivatives; financial liabilities held for trading; and financial liabilities designated at FVTPL to eliminate an accounting mismatch. Financial liabilities at amortised cost are measured at fair value less directly attributable transaction costs on initial recognition. Interest expense is accounted for using the effective interest rate method. Financial liabilities at FVTPL are measured at fair value on initial recognition. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Subsequent changes in fair value are recognised in the income statement except for financial liabilities designated at FVTPL; changes in fair value attributable to changes in credit risk are recognised in other comprehensive income. The fair values of quoted financial assets or financial liabilities in active markets are based on bid or offer prices. If the market for a financial asset or financial liability is not active, or they relate to unlisted securities, the group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or where the group has transferred the contractual rights to receive cash flows and transferred substantially all risks and rewards of ownership. If substantially all the risks and rewards have been neither retained nor transferred the assets continue to be recognised to the extent of the group\u2019s continuing involvement. Financial liabilities are derecognised when they are extinguished. Modifications The terms or cash flows of a financial asset or liability may be modified due to renegotiation or otherwise. If the terms or cash flows are substantially different to the original, then the financial asset or liability is derecognised and a new financial asset or liability is recognised at fair value. If the terms or cash flows are not substantially different to the original, then the financial asset or liability carrying value is adjusted to reflect the present value of modified cash flows discounted at the original EIR. The adjustment is recognised within income on the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-402": {
"value": "(h) Financial assets and liabilities (excluding derivatives) Classification and measurement Financial assets are classified at initial recognition on the basis of the business model within which they are managed and their contractual cash flow characteristics. The classification categories are amortised cost, fair value through other comprehensive income (\u201cFVOCI\u201d) and fair value through profit or loss (\u201cFVTPL\u201d). Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Initial recognition is at fair value plus directly attributable transaction costs. Interest income is accounted for using the effective interest rate method. Financial assets that are held to collect contractual cash flows and for subsequent sale, where the assets\u2019 cash flows represent solely payments of principal and interest, are classified at FVOCI. Directly attributable transaction costs are added to the initial fair value. Gains and losses are recognised in other comprehensive income, except for impairment gains and losses, until the financial asset is either sold or matures, at which time the cumulative gain or loss is recognised in the income statement. Impairment gains and losses are recognised in the income statement. Financial assets are classified at FVTPL where they do not meet the criteria to be measured at amortised cost or FVOCI or where they are designated at FVTPL to reduce an accounting mismatch. Financial assets at FVTPL are recognised at fair value. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Gains and losses that subsequently arise on changes in fair value are recognised in the income statement. Financial liabilities are classified at initial recognition at amortised cost except for the following instruments which are classified at FVTPL: derivatives; financial liabilities held for trading; and financial liabilities designated at FVTPL to eliminate an accounting mismatch. Financial liabilities at amortised cost are measured at fair value less directly attributable transaction costs on initial recognition. Interest expense is accounted for using the effective interest rate method. Financial liabilities at FVTPL are measured at fair value on initial recognition. Transaction costs are not added to or deducted from the initial fair value, they are immediately recognised in profit or loss on initial recognition. Subsequent changes in fair value are recognised in the income statement except for financial liabilities designated at FVTPL; changes in fair value attributable to changes in credit risk are recognised in other comprehensive income. The fair values of quoted financial assets or financial liabilities in active markets are based on bid or offer prices. If the market for a financial asset or financial liability is not active, or they relate to unlisted securities, the group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or where the group has transferred the contractual rights to receive cash flows and transferred substantially all risks and rewards of ownership. If substantially all the risks and rewards have been neither retained nor transferred the assets continue to be recognised to the extent of the group\u2019s continuing involvement. Financial liabilities are derecognised when they are extinguished. Modifications The terms or cash flows of a financial asset or liability may be modified due to renegotiation or otherwise. If the terms or cash flows are substantially different to the original, then the financial asset or liability is derecognised and a new financial asset or liability is recognised at fair value. If the terms or cash flows are not substantially different to the original, then the financial asset or liability carrying value is adjusted to reflect the present value of modified cash flows discounted at the original EIR. The adjustment is recognised within income on the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-450": {
"value": "Derecognition Financial assets are derecognised when the contractual rights to receive cash flows from the financial assets have expired or where the group has transferred the contractual rights to receive cash flows and transferred substantially all risks and rewards of ownership. If substantially all the risks and rewards have been neither retained nor transferred the assets continue to be recognised to the extent of the group\u2019s continuing involvement. Financial liabilities are derecognised when they are extinguished. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-350": {
"value": "(i) Impairment of financial assets Expected credit losses In accordance with IFRS 9, expected credit losses (\u201cECL\u201d) are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets measured at FVOCI, loan commitments and financial guarantee contracts. The impairment charge in the income statement includes the change in expected credit losses and fraud costs. At initial recognition, financial assets are considered to be in Stage 1 and a provision is recognised for 12 months of expected credit losses. If a significant increase in credit risk since initial recognition occurs, these financial assets are considered to be in Stage 2 and a provision is made for the lifetime expected credit losses. As a backstop, all financial assets 30 days past due are considered to have experienced a significant increase in credit risk and are transferred to Stage 2. A financial asset will remain classified as Stage 2 until the credit risk has improved and it can be returned to Stage 1 or until it deteriorates such that it meets the criteria to move to Stage 3. Where a financial asset no longer represents a significant increase in credit risk since origination it can move from Stage 2 back to Stage 1. As a minimum this means that all payments must be up-to-date, the quantitative probability of default assessment trigger is no longer met, and the account is not evidencing qualitative assessment triggers When objective evidence exists that a financial asset is credit impaired, such as the occurrence of a credit default event or identification of an unlikeliness to pay indicator, the financial asset is considered to be in Stage 3. As a backstop, all financial assets 90 days or more past due are considered to be credit impaired and transferred to Stage 3. Cure definitions are in operation where financial assets in Stage 3 can move back to Stage 2, subject to Stage 3 indicators no longer being in effect, and meeting the appropriate cure period. In all circumstances loans and advances to customers are written off against the related provisions when there are no reasonable expectations of further recovery. This is typically following realisation of all associated collateral and available recovery actions against the customer. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. The calculation of expected credit losses for loans and advances to customers, either on a 12-month or lifetime basis, is based on the probability of default (\u201cPD\u201d), the exposure at default (\u201cEAD\u201d) and the loss given default (\u201cLGD\u201d), and includes forward-looking macroeconomic information where appropriate. Further information on this calculation methodology can be found in the \u2018Use of estimates\u2019 section on pages 109 to 114 of the Risk Report. The calculation of expected credit losses for some loan portfolios, receivables relating to operating lease assets and settlement balances is based on a simplified lifetime only expected credit loss approach. Under the simplified approach, stage classification represents management\u2019s internal assessment of credit risk. Expected credit losses are assessed against actual loss experience via a series of provision adequacy reviews. These reviews also incorporate management judgement to ensure that our ECL coverage ratios remain appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-351": {
"value": "(j) Settlement accounts Settlement balance debtors and creditors are the amounts due to and from counterparties in respect of the group\u2019s market-making activities and are carried at amortised cost. The balances are short term in nature, do not earn interest and are recorded at the amount receivable or payable. ",
"dimensions": {
"concept": "closebrothers:DescriptionOfAccountingPolicyForSettlementAccounts",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-352": {
"value": "(k) Loans to and from money brokers against stock advanced Loans to money brokers against stock advanced is the cash collateral provided to these institutions for stock borrowing by the group\u2019s market-making activities and is carried at amortised cost. Interest is paid on the stock borrowed and earned on the cash deposits advanced. The stock borrowing to which the cash deposits relate is short term in nature and is recorded at the amount receivable. Loans from money brokers against stock collateral provided are recorded at the amount payable. Interest is paid on the loans. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-353": {
"value": "(l) Leases Lessor A finance lease is a lease or hire purchase contract that transfers substantially all the risks and rewards incidental to ownership of an asset to the lessee. Finance leases are recognised as loans at an amount equal to the gross investment in the lease, which comprises the lease payments receivable and any unguaranteed residual value, discounted at its implicit interest rate. Finance charges on finance leases are taken to income in proportion to the net funds invested. An operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an asset to the lessee. Rental income from operating leases is recognised in equal instalments over the period of the leases and included in other income in the consolidated income statement. Lessee A lease liability and right of use asset are recognised on the balance sheet at the lease commencement date. The lease liability is measured at the present value of future lease payments. The discount rate is the rate implicit in the lease, or if that cannot be determined, the group\u2019s incremental borrowing rate appropriate for the right of use asset. The right of use asset is measured at cost, comprising the initial lease liability, payments made at or before the commencement date less lease incentives received, initial direct costs, and estimated costs of restoring the underlying asset to the condition required by the lease. Lease payments are allocated between the liability and finance cost. The finance cost relating to the lease liability is charged to the consolidated income statement over the lease term. The right of use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-354": {
"value": "(m) Sale and repurchase agreements and other secured lending and borrowings Securities may be sold subject to a commitment to repurchase them. Such securities are retained on the consolidated balance sheet when substantially all the risks and rewards of ownership remain with the group. The transactions are treated as collateralised borrowing and the counterparty liability is included within loans and overdrafts from banks. Similar secured borrowing transactions, including securities lending transactions and collateralised short-term notes, are treated and presented in the same way. These secured financing transactions are initially recognised at fair value, and subsequently valued at amortised cost, using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-407": {
"value": "(m) Sale and repurchase agreements and other secured lending and borrowings Securities may be sold subject to a commitment to repurchase them. Such securities are retained on the consolidated balance sheet when substantially all the risks and rewards of ownership remain with the group. The transactions are treated as collateralised borrowing and the counterparty liability is included within loans and overdrafts from banks. Similar secured borrowing transactions, including securities lending transactions and collateralised short-term notes, are treated and presented in the same way. These secured financing transactions are initially recognised at fair value, and subsequently valued at amortised cost, using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-355": {
"value": "(n) Securitisation transactions The group securitises its own financial assets via the sale of these assets to special purpose entities, which in turn issue securities to investors. All financial assets continue to be held on the group\u2019s consolidated balance sheet together with debt securities in issue recognised for the funding \u2013 see derecognition policy (h). ",
"dimensions": {
"concept": "closebrothers:DescriptionOfAccountingPolicyForSecuritisationTransactions",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-356": {
"value": "(o) Offsetting financial instruments Financial assets and financial liabilities are offset and the net amount presented on the consolidated balance sheet if, and only if, there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise an asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-433": {
"value": "( p) Derivatives and hedge accounting On adoption of IFRS 9 Financial Instruments in 2018, the group elected to continue applying hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement. In general, derivatives are used to minimise the impact of interest, currency rate and equity price changes to the group\u2019s financial instruments. They are carried on the consolidated balance sheet at fair value which is obtained from quoted market prices in active markets, including recent market transactions and discounted cash flow models. On acquisition, certain derivatives are designated as a hedge and the group formally documents the relationship between these derivatives and the hedged item. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivative is highly effective in offsetting changes in fair values or cash flows of hedged items. If a hedge was deemed partially ineffective but continues to qualify for hedge accounting, the amount of the ineffectiveness, taking into account the timing of the expected cash flows where relevant, would be recorded in the consolidated income statement. If the hedge is not, or has ceased to be, highly effective, the group discontinues hedge accounting. For fair value hedges, changes in the fair value are recognised in the consolidated income statement, together with changes in the fair value of the hedged item. For cash flow hedges, the fair value gain or loss associated with the effective proportion of the cash flow hedge is recognised initially directly in equity and recycled to the consolidated income statement in the period when the hedged item affects income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-357": {
"value": "( p) Derivatives and hedge accounting On adoption of IFRS 9 Financial Instruments in 2018, the group elected to continue applying hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement. In general, derivatives are used to minimise the impact of interest, currency rate and equity price changes to the group\u2019s financial instruments. They are carried on the consolidated balance sheet at fair value which is obtained from quoted market prices in active markets, including recent market transactions and discounted cash flow models. On acquisition, certain derivatives are designated as a hedge and the group formally documents the relationship between these derivatives and the hedged item. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivative is highly effective in offsetting changes in fair values or cash flows of hedged items. If a hedge was deemed partially ineffective but continues to qualify for hedge accounting, the amount of the ineffectiveness, taking into account the timing of the expected cash flows where relevant, would be recorded in the consolidated income statement. If the hedge is not, or has ceased to be, highly effective, the group discontinues hedge accounting. For fair value hedges, changes in the fair value are recognised in the consolidated income statement, together with changes in the fair value of the hedged item. For cash flow hedges, the fair value gain or loss associated with the effective proportion of the cash flow hedge is recognised initially directly in equity and recycled to the consolidated income statement in the period when the hedged item affects income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-406": {
"value": "p) Derivatives and hedge accounting On adoption of IFRS 9 Financial Instruments in 2018, the group elected to continue applying hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement. In general, derivatives are used to minimise the impact of interest, currency rate and equity price changes to the group\u2019s financial instruments. They are carried on the consolidated balance sheet at fair value which is obtained from quoted market prices in active markets, including recent market transactions and discounted cash flow models. On acquisition, certain derivatives are designated as a hedge and the group formally documents the relationship between these derivatives and the hedged item. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivative is highly effective in offsetting changes in fair values or cash flows of hedged items. If a hedge was deemed partially ineffective but continues to qualify for hedge accounting, the amount of the ineffectiveness, taking into account the timing of the expected cash flows where relevant, would be recorded in the consolidated income statement. If the hedge is not, or has ceased to be, highly effective, the group discontinues hedge accounting. For fair value hedges, changes in the fair value are recognised in the consolidated income statement, together with changes in the fair value of the hedged item. For cash flow hedges, the fair value gain or loss associated with the effective proportion of the cash flow hedge is recognised initially directly in equity and recycled to the consolidated income statement in the period when the hedged item affects income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-434": {
"value": "(q) Intangible assets Computer software (acquired and costs associated with development) and intangible assets on acquisition (excluding goodwill) are stated at cost less accumulated amortisation and provisions for impairment which are reviewed at least annually. Amortisation is calculated to write off their cost on a straight-line basis over the estimated useful lives as follows: Computer software 3 to 5 years Intangible assets on acquisition 8 to 20 years Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is assessed annually for impairment and carried at cost less any accumulated impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-408": {
"value": "(q) Intangible assets Computer software (acquired and costs associated with development) and intangible assets on acquisition (excluding goodwill) are stated at cost less accumulated amortisation and provisions for impairment which are reviewed at least annually. Amortisation is calculated to write off their cost on a straight-line basis over the estimated useful lives as follows: Computer software 3 to 5 years Intangible assets on acquisition 8 to 20 years Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is assessed annually for impairment and carried at cost less any accumulated impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-358": {
"value": "(q) Intangible assets Computer software (acquired and costs associated with development) and intangible assets on acquisition (excluding goodwill) are stated at cost less accumulated amortisation and provisions for impairment which are reviewed at least annually. Amortisation is calculated to write off their cost on a straight-line basis over the estimated useful lives as follows: Computer software 3 to 5 years Intangible assets on acquisition 8 to 20 years Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is assessed annually for impairment and carried at cost less any accumulated impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-359": {
"value": "(r) Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and provisions for impairment which are reviewed at least annually. Depreciation is calculated to write off their cost on a straight-line basis over their estimated useful lives as follows: Long leasehold property 40 years Short leasehold property Over the length of the lease Fixtures, fittings and equipment 3 to 5 years A ssets held under operating leases 1 to 20 years Motor vehicles 1 to 5 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-360": {
"value": "(s) Share capital Share issue costs Incremental costs directly attributable to the issue of new shares or options, including those issued on the acquisition of a business, are shown in equity as a deduction, net of tax, from the proceeds. Dividends on ordinary shares Dividends on ordinary shares are recognised in equity in the period in which they are paid or, if earlier, approved by shareholders. Treasury shares Where the company or any member of the group purchases the company\u2019s share capital, the consideration paid is deducted from shareholders\u2019 equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-409": {
"value": "Treasury shares Where the company or any member of the group purchases the company\u2019s share capital, the consideration paid is deducted from shareholders\u2019 equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-361": {
"value": "(t) Employee benefits The group operates defined contribution pension schemes for eligible employees as well as a defined benefit pension scheme which is closed to new members and further accrual. Under the defined contribution scheme the group pays fixed contributions into a fund separate from the group\u2019s assets. Contributions are charged in the consolidated income statement when they become payable. The expected cost of providing pensions within the funded defined benefit scheme, determined on the basis of annual valuations using the projected unit method, is charged to the consolidated income statement. Actuarial gains and losses are recognised in full in the period in which they occur and recognised in other comprehensive income. The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation, as adjusted for unrecognised past service cost, and as reduced by the fair value of scheme assets at the balance sheet date. Both the return on investment expected in the period and the expected financing cost of the liability, as estimated at the beginning of the period, are recognised in the results for the period. Any variances against these estimates in the year form part of the actuarial gain or loss. The assets of the scheme are held separately from those of the group in an independently managed fund. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-362": {
"value": "(u) Share-based payments to employees The group operates three (2022: three) share-based award schemes: the Deferred Share Awards (\u201cDSA\u201d) scheme, the Long Term Incentive Plan (\u201cLTIP\u201d), and the HMRC approved Save As You Earn (\u201cSAYE\u201d) scheme. The costs of the awards granted under the DSA scheme are based on the salary of the individual at the time the award is made. The value of the share award at the grant date is charged to the group\u2019s consolidated income statement in the year to which the award relates. The costs of LTIP and SAYE are based on the fair value of awards on the date of grant. Fair values of share-based awards are determined using the Black-Scholes pricing model, with the exception of fair values for market-based performance conditions, which are determined using Monte Carlo simulation. Both models take into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the company\u2019s share price over the life of the option award and other relevant factors. For non-market-based performance conditions, vesting conditions are not taken into account when measuring fair value, but are reflected by adjusting the number of shares in each award such that the amount recognised reflects the number that are expected to, and then actually do, vest. The fair value is expensed in the consolidated income statement on a straight-line basis over the vesting period, with a corresponding credit to the share- based payments reserve. At the end of the vesting period, or upon exercise, lapse or forfeit if earlier, this credit is transferred to retained earnings. Further information on the group\u2019s schemes is provided in note 24 and in the Directors\u2019 Remuneration Report. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-410": {
"value": "(v) Provisions and contingent liabilities Provisions are recognised in respect of present obligations arising from past events where it is probable that outflows of resources will be required to settle the obligations and they can be reliably estimated. Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless they are deemed remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-363": {
"value": "(v) Provisions and contingent liabilities Provisions are recognised in respect of present obligations arising from past events where it is probable that outflows of resources will be required to settle the obligations and they can be reliably estimated. Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless they are deemed remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-411": {
"value": "(w) Taxes, including deferred taxes Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income and expense that are taxable or deductible in other years and items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. To enable the tax charge to be based on the profit for the year, deferred tax is provided in full on temporary timing differences, at the rates of tax expected to apply when these differences crystallise. Deferred tax assets are recognised only to the extent that it is probable that sufficient taxable profits will be available against which temporary differences can be set. Deferred tax liabilities are offset against deferred tax assets when there is both a legal right to set off and an intention to settle on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-364": {
"value": "(w) Taxes, including deferred taxes Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income and expense that are taxable or deductible in other years and items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. To enable the tax charge to be based on the profit for the year, deferred tax is provided in full on temporary timing differences, at the rates of tax expected to apply when these differences crystallise. Deferred tax assets are recognised only to the extent that it is probable that sufficient taxable profits will be available against which temporary differences can be set. Deferred tax liabilities are offset against deferred tax assets when there is both a legal right to set off and an intention to settle on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-435": {
"value": "(x) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprises cash and demand deposits with banks, together with short-term highly liquid investments that are readily convertible to known amounts of cash ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-365": {
"value": "(x) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprises cash and demand deposits with banks, together with short-term highly liquid investments that are readily convertible to known amounts of cash . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-366": {
"value": "(y) Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is considered the group\u2019s chief operating decision maker. All transactions between business segments are conducted on an arm\u2019s length basis, with intra-segment revenue and costs being eliminated on consolidation. Income and expenses directly associated with each segment are included in determining business segment performance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-367": {
"value": "2. Critical Accounting Judgements and Estimates The reported results of the group are sensitive to the judgements, estimates and assumptions that underlie the application of its accounting policies and preparation of its financial statements. UK company law and IFRS require the directors, in preparing the group\u2019s financial statements, to select suitable accounting policies, apply them consistently and make judgements, estimates and assumptions that are reasonable. The group\u2019s estimates and assumptions are based on historical experience and reasonable expectations of future events and are reviewed on an ongoing basis. Actual results in the future may differ from the amounts estimated due to the inherent uncertainty. The group\u2019s critical accounting judgements, made in applying its accounting policies as described in note 1, and the key sources of estimation uncertainty that may have a significant risk of causing a material adjustment within the next financial year are set out below. There are no critical accounting judgements or key sources of estimation uncertainty relating to the company. The impact of climate change on the group\u2019s judgements, estimates and assumptions has been considered in preparing these financial statements. While no material impact has been identified, climate risk continues to be monitored on an ongoing basis as set out in more detail on page 135 in the Risk Report. Critical accounting judgements The critical accounting judgements of the group relate to expected credit loss provisions calculated under IFRS 9 and are as follows: \u2022 Establishing the criteria for a significant increase in credit risk; and \u2022 Determining the appropriate definition of default. Further information on these areas of judgements can be found in the \u2018Use of judgements\u2019 section on pages 107 to 108 in the Risk Report. Key sources of estimation uncertainty The key sources of estimation uncertainty of the group relate to expected credit loss provisions and goodwill and are as follows: \u2022 Two key model estimates, being time to recover periods and recovery rates, underpinning the expected credit loss provision of Novitas. The key Novitas estimates in the prior year were case failure rates and recovery rates; \u2022 Forward-looking macroeconomic information incorporated into expected credit loss models. This was also a key estimate in the prior year; \u2022 Adjustments by management to model calculated expected credit losses due to limitations in the group\u2019s expected credit loss models or input data, which may be identified through ongoing model monitoring and validation of models. This is a new key estimate this year due to an increase in the size of the adjustment; and \u2022 Estimate of future cash flow forecasts in the calculation of value in use for the testing of goodwill for impairment in relation to the Winterflood Securities cash generating unit. This is a new key estimate this year due to increased market uncertainty. Additional disclosures on the estimation uncertainty relating to forward-looking macroeconomic information, model adjustments and goodwill can be found in the \u2018Use of estimates\u2019 section on pages 109 to 114, \u2018Use of Adjustments\u2019 section on page 114, both in the Risk Report, and Note 14 \u2018Intangibles Assets\u2019 on pages 232 to 233 respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-368": {
"value": "3. Segmental Analysis The directors manage the group by class of business and present the segmental analysis on that basis. The group\u2019s activities are presented in five (2022: five) operating segments: Commercial, Retail, Property, Asset Management and Securities. In the segmental reporting information that follows, Group consists of central functions as well as various non-trading head office companies and consolidation adjustments and is set out in order that the information presented reconciles to the consolidated income statement. The Group balance sheet primarily includes treasury assets and liabilities comprising cash and balances at central banks, debt securities, customer deposits and other borrowings. Divisions continue to charge market prices for the limited services rendered to other parts of the group. Funding charges between segments take into account commercial demands. More than 90% of the group\u2019s activities, revenue and assets are located in the UK. Banking Commercial \u00a3 million Retail \u00a3 million Property \u00a3 million Asset Management \u00a3 million Securities \u00a3 million Group \u00a3 million Total \u00a3 million Summary income statement for the year ended 31 July 2023 Net interest income/(expense) 251.2 218.4 117.1 6.7 0.5 (1.3) 592.6 Non-interest income 96.6 29.7 0.8 138.1 74.8 \u2013 340.0 Operating income/(expense) 347.8 248.1 117.9 144.8 75.3 (1.3) 932.6 A dministrative expenses (171.5) (142.8) (26.5) (123.3) (67.5) (22.2) (553.8) Depreciation and amortisation (22.9) (21.6) (4.4) (5.5) (4.3) (2.5) (61.2) Impairment losses on financial assets (137.5) (49.0) (17.5) (0.1) \u2013 \u2013 (204.1) Total operating expenses before amortisation of intangible assets on acquisition (331.9) (213.4) (48.4) (128.9) (71.8) (24.7) (819.1) A djusted operating pro\ufb01t/(loss) 1 15.9 34.7 69.5 15.9 3.5 (26.0) 113.5 Amortisation of intangible assets on acquisition \u2013 \u2013 \u2013 (1.5) \u2013 \u2013 (1.5) Operating pro\ufb01t/(loss) before tax 15.9 34.7 69.5 14.4 3.5 (26.0) 112.0 External operating income/(expense) 451.1 308.6 170.3 144.2 75.3 (216.9) 932.6 Inter segment operating (expense)/income (103.3) (60.5) (52.4) 0.6 \u2013 215.6 \u2013 Segment operating income/(expense) 347.8 248.1 117.9 144.8 75.3 (1.3) 932.6 1. Adjusted operating pro\ufb01t/(loss) is stated before amortisation of intangible assets on acquisition and tax. The Commercial operating segment above includes Novitas, which ceased lending to new customers in July 2021 following a strategic review. Novitas recorded an operating loss of \u00a384.2 million (2022: loss of \u00a339.3 million), driven by impairment losses of \u00a3116.8 million (2022: \u00a360.7 million). Novitas\u2019 income was \u00a318.9 million (2022: \u00a336.0 million) and expenses were \u00a38.7 million (2022: \u00a314.6 million). In line with IFRS 9\u2019s requirement to recognise interest income on Stage 3 loans on a net basis, income includes the partial unwinding over time of the expected credit loss recognised in the year following the transfer of the majority of loans to Stage 3. Further information on Novitas can be found in the Credit Risk section of the Risk Report. Banking Commercial \u00a3 million Retail \u00a3 million Property \u00a3 million Asset Management \u00a3 million Securities \u00a3 million Group 2 \u00a3 million Total \u00a3 million Summary balance sheet information at 31 July 2023 Total assets 1 4,821.3 3,001.8 1,703.1 177.9 870.5 2,975.7 13,550.3 Total liabilities \u2013 \u2013 \u2013 64.1 778.1 11,063.2 11,905.4 1. Total assets for the Banking operating segments comprise the loan book and operating lease assets only. The Commercial operating segment includes the net loan book of Novitas of \u00a359.9 million. 2. Balance sheet includes \u00a32,977.4 million assets and \u00a311,151.9 million liabilities attributable to the Banking division primarily comprising the treasury balances described in the second paragraph of this note. Equity is allocated across the group as set out below. Banking division equity, which is managed as a whole rather than on a segmental basis, reflects loan book and operating lease assets of \u00a39,526.2 million, in addition to assets and liabilities of \u00a32,977.4 million and \u00a311,151.9 million respectively primarily comprising treasury balances which are included within the Group column above. Banking \u00a3 million Asset Management \u00a3 million Securities \u00a3 million Group \u00a3 million Total \u00a3 million Equity 1,351.7 113.8 92.4 87.0 1,644.9 Banking Commercial Retail Property Asset Management Securities Group Total Other segmental information for the year ended 31 July 2023 Employees (average number) 1 1,450 1,194 201 814 320 81 4,060 1. Banking segments are inclusive of a central function headcount allocation. The company\u2019s average number of employees is equivalent to the Group number. Banking Commercial \u00a3 million Retail \u00a3 million Property \u00a3 million Asset Management \u00a3 million Securities \u00a3 million Group \u00a3 million Total \u00a3 million Summary income statement for the year ended 31 July 2022 Net interest income/(expense) 257.1 210.8 112.1 (0.7) (1.1) (0.2) 578.0 Non-interest income 86.3 26.2 0.6 148.7 96.3 \u2013 358.1 Operating income/(expense) 343.4 237.0 112.7 148.0 95.2 (0.2) 936.1 A dministrative expenses (158.3) (131.3) (27.0) (120.7) (77.2) (25.8) (540.3) Depreciation and amortisation (21.7) (20.3) (4.0) (5.6) (3.9) (2.2) (57.7) Impairment losses on financial assets (72.4) (24.4) (6.5) \u2013 \u2013 \u2013 (103.3) Total operating expenses before amortisation of intangible assets on acquisition (252.4) (176.0) (37.5) (126.3) (81.1) (28.0) (701.3) A djusted operating pro\ufb01t/(loss) 1 91.0 61.0 75.2 21.7 14.1 (28.2) 234.8 Amortisation of intangible assets on acquisition (0.1) \u2013 \u2013 (1.9) \u2013 \u2013 (2.0) Operating pro\ufb01t/(loss) before tax 90.9 61.0 75.2 19.8 14.1 (28.2) 232.8 External operating income/(expense) 391.7 268.3 129.4 148.1 95.2 (96.6) 936.1 Inter segment operating (expense)/income (48.3) (31.3) (16.7) (0.1) \u2013 96.4 \u2013 Segment operating income/(expense) 343.4 237.0 112.7 148.0 95.2 (0.2) 936.1 1. Adjusted operating pro\ufb01t/(loss) is stated before amortisation of intangible assets on acquisition and tax. Banking Commercial \u00a3 million Retail \u00a3 million Property \u00a3 million Asset Management \u00a3 million Securities \u00a3 million Group 2 \u00a3 million Total \u00a3 million Summary balance sheet information at 31 July 2022 Total assets 1 4,561.4 3,064.0 1,473.5 172.8 972.3 2,434.3 12,678.3 Total liabilities \u2013 \u2013 \u2013 70.5 880.6 10,069.7 11,020.8 1. Total assets for the Banking operating segments comprise the loan book and operating lease assets only. The Commercial operating segment includes the net loan book of Novitas of \u00a3159.4 million. 2. Balance sheet includes \u00a32,425.0 million assets and \u00a310,181.9 million liabilities attributable to the Banking division primarily comprising the treasury balances described in the second paragraph of this note. Equity is allocated across the group as set out below. Banking division equity, which is managed as a whole rather than on a segmental basis, reflects loan book and operating lease assets of \u00a39,098.9 million, in addition to assets and liabilities of \u00a32,425.0 million and \u00a310,181.9 million respectively primarily comprising treasury balances which are included within the Group column above. Banking \u00a3 million Asset Management \u00a3 million Securities \u00a3 million Group \u00a3 million Total \u00a3 million Equity 1,342.0 102.3 91.7 121.5 1,657.5 Banking Commercial Retail Property Asset Management Securities Group Total Other segmental information for the year ended 31 July 2022 Employees (average number) 1 1,348 1,153 190 722 318 79 3,810 1. Banking segments are inclusive of a central function headcount allocation. The company\u2019s average number of employees is equivalent to the Group number. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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},
"fact-369": {
"value": "4. Operating Profit before Tax 2023 \u00a3 million 2022 \u00a3 million Interest income 1 Cash and balances at central banks 64.5 5.9 Loans and advances to banks 4.2 0.3 Loans and advances to customers 807.4 680.4 Other interest income 21.4 3.4 897.5 690.0 Interest expense Deposits by banks (3.2) (0.1) Deposits by customers (203.6) (64.1) Borrowings (90.2) (33.2) Other interest expense2 (7.9) (14.6) (304.9) (112.0) Net interest income 592.6 578.0 1. Interest income calculated using the effective interest method. 2. Other interest expense includes interest income of \u00a38.3 million relating to derivative assets and liabilities (2022: \u00a30.1 million interest expense). 2 023 \u00a3 million 2022 \u00a3 million Fee and commission income Banking 110.6 98.1 A sset Management 138.7 148.8 Securities 13.6 12.6 262.9 259.5 Fee and commission expense (17.9) (17.2) Net fee and commission income 245.0 242.3 Fee income and expense (other than amounts calculated using the effective interest rate method) on financial instruments that are not at fair value through profit or loss were \u00a3110.6 million (2022: \u00a398.1 million) and \u00a315.1 million (2022: \u00a314.7 million) respectively. Fee income and expense arising from trust and other fiduciary activities amounted to \u00a3138.7 million (2022: \u00a3148.8 million) and \u00a31.6 million (2022: \u00a31.8 million) respectively. 2023 \u00a3 million 2022 \u00a3 million Other income Operating lease assets rental income 91.1 85.4 Other 1 23.1 20.7 114.2 106.1 1. Includes income from services provided in relation to operating lease assets. 2023 \u00a3 million 2022 \u00a3 million A dministrative expenses Staff costs: Wages and salaries 288.0 283.9 Social security costs 38.1 38.8 Share-based awards 2.0 4.9 Pension costs 18.9 16.9 347.0 344.5 Depreciation and amortisation 61.2 57.7 Other administrative expenses 206.8 195.8 615.0 598.0 Staff costs of the company total \u00a312.5 million (2022: \u00a316.6 million) comprising largely of wages and salaries of \u00a311.4 million (2022: \u00a311.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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},
"fact-460": {
"value": "4. Operating Profit before Tax 2023 \u00a3 million 2022 \u00a3 million Interest income 1 Cash and balances at central banks 64.5 5.9 Loans and advances to banks 4.2 0.3 Loans and advances to customers 807.4 680.4 Other interest income 21.4 3.4 897.5 690.0 Interest expense Deposits by banks (3.2) (0.1) Deposits by customers (203.6) (64.1) Borrowings (90.2) (33.2) Other interest expense2 (7.9) (14.6) (304.9) (112.0) Net interest income 592.6 578.0 1. Interest income calculated using the effective interest method. 2. Other interest expense includes interest income of \u00a38.3 million relating to derivative assets and liabilities (2022: \u00a30.1 million interest expense). 023 \u00a3 million 2022 \u00a3 million Fee and commission income Banking 110.6 98.1 A sset Management 138.7 148.8 Securities 13.6 12.6 262.9 259.5 Fee and commission expense (17.9) (17.2) Net fee and commission income 245.0 242.3 Fee income and expense (other than amounts calculated using the effective interest rate method) on financial instruments that are not at fair value through profit or loss were \u00a3110.6 million (2022: \u00a398.1 million) and \u00a315.1 million (2022: \u00a314.7 million) respectively. Fee income and expense arising from trust and other fiduciary activities amounted to \u00a3138.7 million (2022: \u00a3148.8 million) and \u00a31.6 million (2022: \u00a31.8 million) respectively. 2023 \u00a3 million 2022 \u00a3 million Other income Operating lease assets rental income 91.1 85.4 Other 1 23.1 20.7 114.2 106.1 1. Includes income from services provided in relation to operating lease assets. 2023 \u00a3 million 2022 \u00a3 million A dministrative expenses Staff costs: Wages and salaries 288.0 283.9 Social security costs 38.1 38.8 Share-based awards 2.0 4.9 Pension costs 18.9 16.9 347.0 344.5 Depreciation and amortisation 61.2 57.7 Other administrative expenses 206.8 195.8 615.0 598.0 Staff costs of the company total \u00a312.5 million (2022: \u00a316.6 million) comprising largely of wages and salaries of \u00a311.4 million (2022: \u00a311.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-458": {
"value": "4. Operating Profit before Tax 2023 \u00a3 million 2022 \u00a3 million Interest income 1 Cash and balances at central banks 64.5 5.9 Loans and advances to banks 4.2 0.3 Loans and advances to customers 807.4 680.4 Other interest income 21.4 3.4 897.5 690.0 Interest expense Deposits by banks (3.2) (0.1) Deposits by customers (203.6) (64.1) Borrowings (90.2) (33.2) Other interest expense2 (7.9) (14.6) (304.9) (112.0) Net interest income 592.6 578.0 1. Interest income calculated using the effective interest method. 2. Other interest expense includes interest income of \u00a38.3 million relating to derivative assets and liabilities (2022: \u00a30.1 million interest expense). 2 023 \u00a3 million 2022 \u00a3 million Fee and commission income Banking 110.6 98.1 A sset Management 138.7 148.8 Securities 13.6 12.6 262.9 259.5 Fee and commission expense (17.9) (17.2) Net fee and commission income 245.0 242.3 Fee income and expense (other than amounts calculated using the effective interest rate method) on financial instruments that are not at fair value through profit or loss were \u00a3110.6 million (2022: \u00a398.1 million) and \u00a315.1 million (2022: \u00a314.7 million) respectively. Fee income and expense arising from trust and other fiduciary activities amounted to \u00a3138.7 million (2022: \u00a3148.8 million) and \u00a31.6 million (2022: \u00a31.8 million) respectively. 2023 \u00a3 million 2022 \u00a3 million Other income Operating lease assets rental income 91.1 85.4 Other 1 23.1 20.7 114.2 106.1 1. Includes income from services provided in relation to operating lease assets. 2023 \u00a3 million 2022 \u00a3 million A dministrative expenses Staff costs: Wages and salaries 288.0 283.9 Social security costs 38.1 38.8 Share-based awards 2.0 4.9 Pension costs 18.9 16.9 347.0 344.5 Depreciation and amortisation 61.2 57.7 Other administrative expenses 206.8 195.8 615.0 598.0 Staff costs of the company total \u00a312.5 million (2022: \u00a316.6 million) comprising largely of wages and salaries of \u00a311.4 million (2022: \u00a311.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-412": {
"value": "4. Operating Profit before Tax 2023 \u00a3 million 2022 \u00a3 million Interest income 1 Cash and balances at central banks 64.5 5.9 Loans and advances to banks 4.2 0.3 Loans and advances to customers 807.4 680.4 Other interest income 21.4 3.4 897.5 690.0 Interest expense Deposits by banks (3.2) (0.1) Deposits by customers (203.6) (64.1) Borrowings (90.2) (33.2) Other interest expense2 (7.9) (14.6) (304.9) (112.0) Net interest income 592.6 578.0 1. Interest income calculated using the effective interest method. 2. Other interest expense includes interest income of \u00a38.3 million relating to derivative assets and liabilities (2022: \u00a30.1 million interest expense). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-451": {
"value": "2023 \u00a3 million 2022 \u00a3 million Interest income 1 Cash and balances at central banks 64.5 5.9 Loans and advances to banks 4.2 0.3 Loans and advances to customers 807.4 680.4 Other interest income 21.4 3.4 897.5 690.0 Interest expense Deposits by banks (3.2) (0.1) Deposits by customers (203.6) (64.1) Borrowings (90.2) (33.2) Other interest expense2 (7.9) (14.6) (304.9) (112.0) Net interest income 592.6 578.0 1. Interest income calculated using the effective interest method. 2. Other interest expense includes interest income of \u00a38.3 million relating to derivative assets and liabilities (2022: \u00a30.1 million interest expense). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-436": {
"value": "2023 \u00a3 million 2022 \u00a3 million Interest income 1 Cash and balances at central banks 64.5 5.9 Loans and advances to banks 4.2 0.3 Loans and advances to customers 807.4 680.4 Other interest income 21.4 3.4 897.5 690.0 Interest expense Deposits by banks (3.2) (0.1) Deposits by customers (203.6) (64.1) Borrowings (90.2) (33.2) Other interest expense2 (7.9) (14.6) (304.9) (112.0) Net interest income 592.6 578.0 1. Interest income calculated using the effective interest method. 2. Other interest expense includes interest income of \u00a38.3 million relating to derivative assets and liabilities (2022: \u00a30.1 million interest expense). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-413": {
"value": "Fee and commission expense (17.9) (17.2) Net fee and commission income 245.0 242.3 Fee income and expense (other than amounts calculated using the effective interest rate method) on financial instruments that are not at fair value through profit or loss were \u00a3110.6 million (2022: \u00a398.1 million) and \u00a315.1 million (2022: \u00a314.7 million) respectively. Fee income and expense arising from trust and other fiduciary activities amounted to \u00a3138.7 million (2022: \u00a3148.8 million) and \u00a31.6 million (2022: \u00a31.8 million) respectively. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-414": {
"value": "2023 \u00a3 million 2022 \u00a3 million A dministrative expenses Staff costs: Wages and salaries 288.0 283.9 Social security costs 38.1 38.8 Share-based awards 2.0 4.9 Pension costs 18.9 16.9 347.0 344.5 Depreciation and amortisation 61.2 57.7 Other administrative expenses 206.8 195.8 615.0 598.0 Staff costs of the company total \u00a312.5 million (2022: \u00a316.6 million) comprising largely of wages and salaries of \u00a311.4 million (2022: \u00a311.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-370": {
"value": "5. Information Regarding the Auditors 2023 1 \u00a3 million 2022 1 \u00a3 million Fees payable A udit of the company\u2019s annual accounts 0.9 0.6 A udit of the company\u2019s subsidiaries pursuant to legislation 3.0 2.3 A udit related services 0.6 0.5 Other services 0.2 0.3 4.7 3.7 1. During the year, an additional audit fee of \u00a30.2 million (2022: \u00a30.2 million) was paid to the auditors in relation to scope changes in the prior year audit, which is not included above. The auditors of the group was PricewaterhouseCoopers LLP (2022: PricewaterhouseCoopers LLP). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-371": {
"value": "6. Taxation 2023 \u00a3 million 2022 \u00a3 million Tax charged/(credited) to the income statement Current tax: UK corporation tax 18.1 53.7 Foreign tax 2.3 1.9 A djustments in respect of previous years (8.2) (2.8) 12.2 52.8 Deferred tax: Deferred tax charge for the current year 11.4 11.8 A djustments in respect of previous years 7.3 3.0 30.9 67.6 Tax on items not (credited)/charged to the income statement Current tax relating to: Share-based payments (0.2) \u2013 Deferred tax relating to: Cash flow hedging 4.9 8.6 Defined benefit pension scheme (1.6) (0.3) Financial instruments classified as fair value through other comprehensive income (1.1) (0.4) Share-based payments 0.3 1.1 Currency translation gains/(losses) 0.5 (0.3) 2.8 8.7 Reconciliation to tax expense UK corporation tax for the year at 21.0% (2022: 19.0%) on operating profit before tax 23.5 44.2 Effect of different tax rates in other jurisdictions (0.3) (0.3) Disallowable items and other permanent differences 1.6 0.9 Banking surcharge 6.2 14.9 Deferred tax impact of decreased tax rates 0.8 7.7 Prior year tax provision (0.9) 0.2 30.9 67.6 The standard UK corporation tax rate for the financial year is 21.0% (2022: 19.0%). However, an additional 6.3% (2022: 8.0%) surcharge applies to banking company profits as defined in legislation (and only above a threshold amount). The 6.3% surcharge rate for the financial year arises due to the reduction in the surcharge from 8% to 3% from April 2023. The effective tax rate of 27.6% (2022: 29.0%) is above the UK corporation tax rate primarily due to the surcharge applying to most of the group\u2019s profits. Movements in deferred tax assets and liabilities were as follows: Capital allowances \u00a3 million Pension scheme \u00a3 million Share-based payments and deferred compensation \u00a3 million Impairment Losses \u00a3 million Cash flow hedging \u00a3 million Intangible assets \u00a3 million Other \u00a3 million Total \u00a3 million Group A t 1 August 2021 36.1 (2.2) 15.5 8.8 0.1 (1.7) (0.6) 56.0 (Charge)/credit to the income statement (10.9) \u2013 (1.5) (3.0) \u2013 0.4 0.2 (14.8) Credit/(charge) to other comprehensive income 0.3 0.3 \u2013 \u2013 (8.6) \u2013 0.4 (7.6) Charge to equity \u2013 \u2013 (1.1) \u2013 \u2013 \u2013 \u2013 (1.1) A t 31 July 2022 25.5 (1.9) 12.9 5.8 (8.5) (1.3) \u2013 32.5 (Charge)/credit to the income statement (12.1) \u2013 (3.9) 0.1 \u2013 0.4 (3.2) (18.7) (Charge)/credit to other comprehensive income (0.5) 1.6 \u2013 \u2013 (4.9) \u2013 1.1 (2.7) Charge to equity \u2013 \u2013 (0.3) \u2013 \u2013 \u2013 \u2013 (0.3) A t 31 July 2023 12.9 (0.3) 8.7 5.9 (13.4) (0.9) (2.1) 10.8 The group\u2019s deferred tax asset comprises \u00a30.7 million (31 July 2022: \u00a312.5 million) due within one year and \u00a310.1 million (31 July 2022: \u00a320.0 million) due after more than one year. Capital allowances \u00a3 million Pension scheme \u00a3 million Share-based payments and deferred compensation \u00a3 million Total \u00a3 million Company A t 1 August 2021 (0.6) (2.2) 2.0 (0.8) Credit to the income statement 0.3 \u2013 \u2013 0.3 Credit to other comprehensive income \u2013 0.3 \u2013 0.3 A t 31 July 2022 (0.3) (1.9) 2.0 (0.2) Charge to the income statement (0.1) \u2013 (0.9) (1.0) Credit to other comprehensive income \u2013 1.6 \u2013 1.6 A t 31 July 2023 (0.4) (0.3) 1.1 0.4 The company\u2019s deferred tax asset comprises \u00a30.2 million (31 July 2022: \u00a30.4 million) due within one year and \u00a30.2 million (31 July 2022: \u00a30.6 million liabilities) due after more than one year. As the group has been and is expected to continue to be consistently profitable, the full deferred tax assets have been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-415": {
"value": "6. Taxation 2023 \u00a3 million 2022 \u00a3 million Tax charged/(credited) to the income statement Current tax: UK corporation tax 18.1 53.7 Foreign tax 2.3 1.9 A djustments in respect of previous years (8.2) (2.8) 12.2 52.8 Deferred tax: Deferred tax charge for the current year 11.4 11.8 A djustments in respect of previous years 7.3 3.0 30.9 67.6 Tax on items not (credited)/charged to the income statement Current tax relating to: Share-based payments (0.2) \u2013 Deferred tax relating to: Cash flow hedging 4.9 8.6 Defined benefit pension scheme (1.6) (0.3) Financial instruments classified as fair value through other comprehensive income (1.1) (0.4) Share-based payments 0.3 1.1 Currency translation gains/(losses) 0.5 (0.3) 2.8 8.7 Reconciliation to tax expense UK corporation tax for the year at 21.0% (2022: 19.0%) on operating profit before tax 23.5 44.2 Effect of different tax rates in other jurisdictions (0.3) (0.3) Disallowable items and other permanent differences 1.6 0.9 Banking surcharge 6.2 14.9 Deferred tax impact of decreased tax rates 0.8 7.7 Prior year tax provision (0.9) 0.2 30.9 67.6 The standard UK corporation tax rate for the financial year is 21.0% (2022: 19.0%). However, an additional 6.3% (2022: 8.0%) surcharge applies to banking company profits as defined in legislation (and only above a threshold amount). The 6.3% surcharge rate for the financial year arises due to the reduction in the surcharge from 8% to 3% from April 2023. The effective tax rate of 27.6% (2022: 29.0%) is above the UK corporation tax rate primarily due to the surcharge applying to most of the group\u2019s profits. Movements in deferred tax assets and liabilities were as follows: Capital allowances \u00a3 million Pension scheme \u00a3 million Share-based payments and deferred compensation \u00a3 million Impairment Losses \u00a3 million Cash flow hedging \u00a3 million Intangible assets \u00a3 million Other \u00a3 million Total \u00a3 million Group A t 1 August 2021 36.1 (2.2) 15.5 8.8 0.1 (1.7) (0.6) 56.0 (Charge)/credit to the income statement (10.9) \u2013 (1.5) (3.0) \u2013 0.4 0.2 (14.8) Credit/(charge) to other comprehensive income 0.3 0.3 \u2013 \u2013 (8.6) \u2013 0.4 (7.6) Charge to equity \u2013 \u2013 (1.1) \u2013 \u2013 \u2013 \u2013 (1.1) A t 31 July 2022 25.5 (1.9) 12.9 5.8 (8.5) (1.3) \u2013 32.5 (Charge)/credit to the income statement (12.1) \u2013 (3.9) 0.1 \u2013 0.4 (3.2) (18.7) (Charge)/credit to other comprehensive income (0.5) 1.6 \u2013 \u2013 (4.9) \u2013 1.1 (2.7) Charge to equity \u2013 \u2013 (0.3) \u2013 \u2013 \u2013 \u2013 (0.3) A t 31 July 2023 12.9 (0.3) 8.7 5.9 (13.4) (0.9) (2.1) 10.8 The group\u2019s deferred tax asset comprises \u00a30.7 million (31 July 2022: \u00a312.5 million) due within one year and \u00a310.1 million (31 July 2022: \u00a320.0 million) due after more than one year. Capital allowances \u00a3 million Pension scheme \u00a3 million Share-based payments and deferred compensation \u00a3 million Total \u00a3 million Company A t 1 August 2021 (0.6) (2.2) 2.0 (0.8) Credit to the income statement 0.3 \u2013 \u2013 0.3 Credit to other comprehensive income \u2013 0.3 \u2013 0.3 A t 31 July 2022 (0.3) (1.9) 2.0 (0.2) Charge to the income statement (0.1) \u2013 (0.9) (1.0) Credit to other comprehensive income \u2013 1.6 \u2013 1.6 A t 31 July 2023 (0.4) (0.3) 1.1 0.4 The company\u2019s deferred tax asset comprises \u00a30.2 million (31 July 2022: \u00a30.4 million) due within one year and \u00a30.2 million (31 July 2022: \u00a30.6 million liabilities) due after more than one year. As the group has been and is expected to continue to be consistently profitable, the full deferred tax assets have been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-372": {
"value": "7. Earnings per Share The calculation of basic earnings per share is based on the profit attributable to shareholders and the number of basic weighted average shares. When calculating the diluted earnings per share, the weighted average number of shares in issue is adjusted for the effects of all dilutive share options and awards. 2023 2022 Basic 54.3p 110.4p Diluted 54.2p 109.9p Adjusted basic 1 55.1p 111.5p Adjusted diluted 1 55.0p 111.0p 1. Excludes amortisation of intangible assets on acquisition and tax. 2023 \u00a3 million 2022 \u00a3 million Pro\ufb01t attributable to shareholders 81.1 165.2 Adjustments: Amortisation of intangible assets on acquisition 1.5 2.0 Tax effect of adjustments (0.3) (0.4) A djusted pro\ufb01t attributable to shareholders 82.3 166.8 2023 million 2022 million Average number of shares Basic weighted 149.4 149.6 Effect of dilutive share options and awards 0.2 0.7 Diluted weighted 149.6 150.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-373": {
"value": "8. Dividends 2023 \u00a3 million 2022 \u00a3 million For each ordinary share Final dividend for previous financial year paid in November 2022: 44.0p (November 2021: 42.0p) 65.6 62.7 Interim dividend for current financial year paid in April 2023: 22.5p (April 2022: 22.0p) 33.5 32.8 99.1 95.5 A final dividend relating to the year ended 31 July 2023 of 45.0p, amounting to an estimated \u00a367.0 million, is proposed. This final dividend, which is due to be paid on 24 November 2023 to shareholders on the register at 20 October 2023, is not reflected in these financial statements. ",
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"fact-374": {
"value": "9. Loans and Advances to Banks On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million Total \u00a3 million A t 31 July 2023 290.9 21.6 2.0 3.0 12.8 330.3 A t 31 July 2022 147.0 1.9 10.0 2.4 4.1 165.4 ",
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"fact-461": {
"value": "9. Loans and Advances to Banks On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million Total \u00a3 million A t 31 July 2023 290.9 21.6 2.0 3.0 12.8 330.3 A t 31 July 2022 147.0 1.9 10.0 2.4 4.1 165.4 10. Loans and Advances to Customers (a) Maturity analysis of loans and advances to customers The following table sets out a maturity analysis of loans and advances to customers. At 31 July 2023 loans and advances to customers with a maturity of two years or less was \u00a37,158.8 million (31 July 2022: \u00a36,733.0 million) representing 74.3% (31 July 2022: 73.6%) of total gross loans and advances to customers: On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total gross loans and advances to customers \u00a3 million Impairment provisions \u00a3 million Total net loans and advances to customers \u00a3 million A t 31 July 2023 76.5 2,597.8 2,636.5 1,848.0 2,337.2 139.6 9,635.6 (380.6) 9,255.0 A t 31 July 2022 141.3 2,354.2 2,369.0 1,868.5 2,235.0 176.5 9,144.5 (285.6) 8,858.9 (b) Loans and advances to customers and impairment provisions by stage Gross loans and advances to customers by stage and the corresponding impairment provisions and provision coverage ratios are set out below: Stage 2 Stage 1 \u00a3 million Less than 30 days past due \u00a3 million Greater than or equal to 30 days past due \u00a3 million Total \u00a3 million Stage 3 \u00a3 million Total \u00a3 million A t 31 July 2023 Gross loans and advances to customers Commercial 3,686.1 750.9 23.2 774.1 339.4 4,799.6 Of which: Commercial excluding Novitas 3,685.1 749.6 23.2 772.8 97.7 4,555.6 Of which: Novitas 1.0 1.3 \u2013 1.3 241.7 244.0 Retail 2,839.1 159.1 18.4 177.5 74.6 3,091.2 Property 1,465.0 85.7 24.7 110.4 169.4 1,744.8 7,990.2 995.7 66.3 1,062.0 583.4 9,635.6 Impairment provisions Commercial 25.1 13.9 2.4 16.3 208.1 249.5 Of which: Commercial excluding Novitas 24.9 13.6 2.4 16.0 24.5 65.4 Of which: Novitas 0.2 0.3 \u2013 0.3 183.6 184.1 Retail 27.9 11.6 2.6 14.2 47.3 89.4 Property 5.1 1.4 0.3 1.7 34.9 41.7 58.1 26.9 5.3 32.2 290.3 380.6 Provision coverage ratio Commercial 0.7% 1.9% 10.3% 2.1% 61.3% 5.2% Within which: Commercial excluding Novitas 0.7% 1.8% 10.3% 2.1% 25.1% 1.4% Within which: Novitas 20.0% 23.1% \u2013 23.1% 76.0% 75.5% Retail 1.0% 7.3% 14.1% 8.0% 63.4% 2.9% Property 0.3% 1.6% 1.2% 1.5% 20.6% 2.4% 0.7% 2.7% 8.0% 3.0% 49.8% 3.9% Stage 2 Stage 1 \u00a3 million Less than 30 days past due \u00a3 million Greater than or equal to 30 days past due \u00a3 million Total \u00a3 million Stage 3 \u00a3 million Total \u00a3 million A t 31 July 2022 Gross loans and advances to customers Commercial 3,433.1 778.8 119.4 898.2 169.1 4,500.4 Of which: Commercial excluding Novitas 3,331.8 776.6 25.6 802.2 93.7 4,227.7 Of which: Novitas 101.3 2.2 93.8 96.0 75.4 272.7 Retail 2,937.6 121.4 9.4 130.8 65.5 3,133.9 Property 1,256.3 83.8 46.1 129.9 124.0 1,510.2 7,627.0 984.0 174.9 1,158.9 358.6 9,144.5 Impairment provisions Commercial 25.6 14.3 52.0 66.3 87.1 179.0 Of which: Commercial excluding Novitas 16.8 13.3 2.5 15.8 33.1 65.7 Of which: Novitas 8.8 1.0 49.5 50.5 54.0 113.3 Retail 22.1 4.9 1.7 6.6 41.2 69.9 Property 2.6 4.2 1.2 5.4 28.7 36.7 50.3 23.4 54.9 78.3 157.0 285.6 Provision coverage ratio Commercial 0.7% 1.8% 43.6% 7.4% 51.5% 4.0% Within which: Commercial excluding Novitas 0.5% 1.7% 9.8% 2.0% 35.3% 1.6% Within which: Novitas 8.7% 45.5% 52.8% 52.6% 71.6% 41.5% Retail 0.8% 4.0% 18.1% 5.0% 62.9% 2.2% Property 0.2% 5.0% 2.6% 4.2% 23.1% 2.4% 0.7% 2.4% 31.4% 6.8% 43.8% 3.1% Stage allocation of loans and advances to customers has been applied in line with the definitions set out on page 213 in Note 1 \u2018Significant Accounting Policies\u2019. Additional disclosures on the stage allocation and movements of loans and advances to customers can be found on page 107 in the Risk Report. (c) Adjustments By their nature, limitations in the group\u2019s expected credit loss models or input data may be identified through ongoing model monitoring and validation of models. In certain circumstances, management make appropriate adjustments to model- calculated expected credit losses. Adjustments have been identified as a key source of estimation uncertainty as set out in Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. (d) Reconciliation of loans and advances to customers and impairment provisions Reconciliations of gross loans and advances to customers and associated impairment provisions are set out below. New financial assets originate in Stage 1 only, and the amount presented represents the value at origination. Subsequently, a loan may transfer between stages, and the presentation of such transfers is based on a comparison of the loan at the beginning of the year (or at origination if this occurred during the year) and the end of the year (or just prior to final repayment or write off). Repayments relating to loans which transferred between stages during the year are presented within the transfers between stages lines. Such transfers do not represent overnight reclassification from one stage to another. All other repayments are presented in a separate line. ECL model methodologies may be updated or enhanced from time to time and the impacts of such changes are presented on a separate line. During the year, a number of enhancements were made to the models in the Premium business. The enhancements were made to address known model limitations and to ensure modelled provisions better reflect future loss emergence. Enhancements to our model suite are a contributory factor to ECL movements and such factors have been taken into consideration when assessing any required adjustments to modelled output and ensuring appropriate provision coverage levels. A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral and available recovery actions against the customer. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 1 \u00a3 million Total \u00a3 million Gross loans and advances to customers A t 1 August 2022 7,627.0 1,158.9 358.6 9,144.5 New financial assets originated 6,604.0 \u2013 \u2013 6,604.0 Transfers to Stage 1 276.2 (373.2) (6.8) (103.8) Transfers to Stage 2 (1,068.6) 878.6 (16.1) (206.1) Transfers to Stage 3 (303.6) (194.4) 421.5 (76.5) Net transfers between stages and repayments2 (1,096.0) 311.0 398.6 (386.4) Repayments while stage remained unchanged and final repayments (5,118.8) (403.5) (100.4) (5,622.7) Changes to model methodologies (25.6) (4.0) 29.6 \u2013 Write offs (0.4) (0.4) (103.0) (103.8) A t 31 July 2023 7,990.2 1,062.0 583.4 9,635.6 1. A signi\ufb01cant proportion of the Stage 3 movements is driven by Novitas with \u00a3174.4 million of transfers to Stage 3 and \u00a337.4 million of write-offs. In addition, \u00a349.2 million of Novitas movements are included within \u2018Repayments while stage remained unchanged and \ufb01nal repayments\u2019, comprising largely of accrued interest. The accrued interest is partly offset by ECL increases included within the adjacent ECL reconciliation, in line with IFRS 9\u2019s requirement to recognise interest income on Stage 3 loans on a net basis. Further information on Novitas can be found in the Credit Risk section of the Risk Report. 2. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Total \u00a3 million Gross loans and advances to customers A t 1 August 2021 7,434.3 960.2 330.4 8,724.9 New financial assets originated 6,537.4 \u2013 \u2013 6,537.4 Transfers to Stage 1 196.2 (278.6) (5.3) (87.7) Transfers to Stage 2 (1,056.3) 959.9 (21.4) (117.8) Transfers to Stage 3 (206.9) (137.5) 278.6 (65.8) Net transfers between stages and repayments1 (1,067.0) 543.8 251.9 (271.3) Repayments while stage remained unchanged and final repayments (5,241.7) (354.2) (157.8) (5,753.7) Changes to model methodologies (33.3) 31.6 1.8 0.1 Write offs (2.7) (22.5) (67.7) (92.9) A t 31 July 2022 7,627.0 1,158.9 358.6 9,144.5 1. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. The gross carrying amount before modification of loans and advances to customers which were modified during the year while in Stage 2 or 3 was \u00a3152.3 million (2022: \u00a3288.3 million). No gain or loss (2022: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2023 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a314.8 million (31 July 2022: \u00a3110.2 million). Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 1 \u00a3 million Total \u00a3 million Impairment provisions on loans and advances to customers A t 1 August 2022 50.3 78.3 157.0 285.6 New financial assets originated 46.7 \u2013 \u2013 46.7 Transfers to Stage 1 1.2 (7.7) (1.0) (7.5) Transfers to Stage 2 (8.7) 27.7 (5.7) 13.3 Transfers to Stage 3 (11.2) (53.3) 227.2 162.7 Net remeasurement of expected credit losses arising from transfers between stages and repayments2 (18.7) (33.3) 220.5 168.5 Repayments and ECL movements while stage remained unchanged and final repayments (17.8) (10.7) (20.0) (48.5) Changes to model methodologies (2.2) (1.9) 2.3 (1.8) Charge to the income statement 8.0 (45.9) 202.8 164.9 Write offs (0.2) (0.2) (69.5) (69.9) A t 31 July 2023 58.1 32.2 290.3 380.6 1. A signi\ufb01cant proportion of the Stage 3 movements is driven by Novitas with \u00a3147.6 million of transfers to Stage 3 and \u00a311.9 million of write-offs. Further information on Novitas can be found in the Credit Risk section of the Risk Report. 2. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Total \u00a3 million Impairment provisions on loans and advances to customers A t 1 August 2021 80.0 84.2 116.2 280.4 New financial assets originated 37.7 \u2013 \u2013 37.7 Transfers to Stage 1 1.3 (12.2) (1.7) (12.6) Transfers to Stage 2 (17.1) 59.4 (9.9) 32.4 Transfers to Stage 3 (9.0) (28.8) 123.2 85.4 Net remeasurement of expected credit losses arising from transfers between stages and repayments1 (24.8) 18.4 111.6 105.2 Repayments and ECL movements while stage remained unchanged and final repayments (37.6) (0.7) (9.8) (48.1) Changes to model methodologies (2.2) (1.1) 1.9 (1.4) Charge to the income statement (26.9) 16.6 103.7 93.4 Write offs (2.8) (22.5) (62.9) (88.2) A t 31 July 2022 50.3 78.3 157.0 285.6 1. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. 2023 \u00a3 million 2022 \u00a3 million Impairment losses relating to loans and advances to customers: Charge to income statement arising from movement in impairment provisions 164.9 93.4 A mounts written off directly to income statement, net of recoveries and other costs 39.4 8.5 204.3 101.9 Impairment (gains)/losses relating to other financial assets (0.2) 1.4 Impairment losses on \ufb01nancial assets recognised in income statement 204.1 103.3 Impairment losses on financial assets of \u00a3204.1 million (2022: \u00a3103.3 million) include \u00a3116.8 million in relation to Novitas (2022: \u00a360.7 million). The contractual amount outstanding at 31 July 2023 on financial assets that were written off during the period and are still subject to recovery activity is \u00a332.3 million (31 July 2022: \u00a317.3 million). (e) Finance lease and hire purchase agreement receivables 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Net loans and advances to customers comprise Hire purchase agreement receivables 3,671.3 3,725.1 Finance lease receivables 803.9 694.4 Other loans and advances 4,779.8 4,439.4 A t 31 July 9,255.0 8,858.9 The following table shows a reconciliation between gross investment in finance lease and hire purchase agreement receivables included in the net loans and advances to customers table above to present value of minimum lease and hire purchase payments. 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Gross investment in finance leases and hire purchase agreement receivables due: One year or within one year 1,849.3 1,740.2 >One to two years 2,002.8 1,927.1 >Two to three years 972.5 943.9 >Three to four years 438.5 475.1 >Four to five years 115.5 123.7 More than five years 41.1 36.2 5,419.7 5,246.2 Unearned finance income (820.7) (731.4) Present value of minimum lease and hire purchase agreement payments 4,599.0 4,514.8 Of which due: One year or within one year 1,567.2 1,496.9 >One to two years 1,691.7 1,654.4 >Two to three years 830.2 815.7 >Three to four years 375.3 410.0 >Four to five years 99.2 106.6 More than five years 35.4 31.2 4,599.0 4,514.8 The aggregate cost of assets acquired for the purpose of letting under finance leases and hire purchase agreements was \u00a37,167.5 million (2022: \u00a37,443.8 million). The average effective interest rate on finance leases approximates to 11.0% (2022: 9.9%). The present value of minimum lease and hire purchase agreement payments reflects the fair value of finance lease and hire purchase agreement receivables before deduction of impairment provisions. 11. Debt Securities Fair value through profit or loss \u00a3 million Fair value through other comprehensive income \u00a3 million Amortised cost \u00a3 million Total \u00a3 million Long trading positions in debt securities 15.2 \u2013 \u2013 15.2 Certificates of deposit \u2013 \u2013 \u2013 \u2013 Sovereign and central bank debt \u2013 186.1 \u2013 186.1 Covered bonds \u2013 106.3 \u2013 106.3 A t 31 July 2023 15.2 292.4 \u2013 307.6 Fair value through profit or loss \u00a3 million Fair value through other comprehensive income \u00a3 million Amortised cost \u00a3 million Total \u00a3 million Long trading positions in debt securities 12.4 \u2013 \u2013 12.4 Certificates of deposit \u2013 \u2013 185.0 185.0 Sovereign and central bank debt \u2013 415.4 \u2013 415.4 Covered bonds \u2013 \u2013 \u2013 \u2013 A t 31 July 2022 12.4 415.4 185.0 612.8 Movements on the book value of sovereign and central bank debt comprise: 2023 \u00a3 million 2022 \u00a3 million Sovereign and central bank debt at 1 August 415.4 192.5 A dditions 269.7 335.3 Redemptions (459.2) (80.0) Currency translation differences (0.3) (1.2) Movement in value (39.5) (31.2) Sovereign and central bank debt at 31 July 186.1 415.4 Movements on the book value of covered bonds comprise: 2023 \u00a3 million 2022 \u00a3 million Covered bonds at 1 August \u2013 \u2013 A dditions 105.4 \u2013 Movement in value 0.9 \u2013 Covered bonds at 31 July 106.3 \u2013 12. Equity Shares 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Long trading positions 27.8 27.1 Other equity shares 1.5 1.3 29.3 28.4 13. Derivative Financial Instruments The group enters into derivative contracts in the normal course of its business with a number of financial institutions to minimise the impact of interest and currency rate changes on its financial instruments. The group\u2019s total derivative asset and liability position as reported on the consolidated balance sheet is as follows. 31 July 2023 31 July 2022 Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Exchange rate contracts 198.1 0.8 0.4 109.8 0.7 0.3 Interest rate contracts 3,493.3 87.7 195.5 4,408.7 70.5 88.9 3,691.4 88.5 195.9 4,518.5 71.2 89.2 Notional amounts of interest rate contracts totalling \u00a32,402.7 million (31 July 2022: \u00a33,828.8 million), which are held for interest rate risk management and interest margin stabilisation purposes, have a residual maturity of more than one year. Included in the derivatives above are the following cash flow and fair value hedges: 31 July 2023 31 July 2022 Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Cash \ufb02ow hedges Interest rate contracts 297.7 8.5 2.9 1,552.0 33.2 1.6 Fair value hedges Interest rate contracts 1,614.7 42.2 173.3 1,475.4 28.3 82.3 The group generally enters into fair value hedges and cash flow hedges with changes in the relevant benchmark interest rate risk being the predominant hedged risk. The fair value hedges seek to hedge the exposure to changes in the fair value of recognised assets and liabilities or firm commitments attributable to interest rate risk. Changes in interest rate risk are considered the largest component of the overall change in fair value. Other risks such as credit risk are managed but excluded from the hedge accounting relationship. The interest rate risk component is the change in fair value of the fixed rate hedging items arising solely from changes in the benchmark interest rate. Cash flow hedges seek to hedge the exposure to variability in future cash flows due to movements in the relevant benchmark interest rate with interest rate swaps. These future cash flows relate to future interest payments or receipts on recognised financial instruments and on forecast transactions for periods of up to seven (2022: six) years. The group applies portfolio cash flow hedging for interest rate risk exposures on a portfolio of actual and forecast variable interest rate cash flows arising from variable rate borrowings. Certain items which are economically hedged may be ineligible for hedge accounting in accordance with IAS 39. Therefore, a portfolio of floating rate liabilities have been designated as eligible hedged items in the cash flow hedge portfolio. The amounts and timing of future cash flows are projected on the basis of their contractual and forecast terms and other relevant factors. The exposure from this portfolio frequently changes due to new facilities being originated, contractual repayments and new interest rate swaps added to the portfolio. To assess hedge effectiveness the change in fair value or cash flows of the hedging instruments is compared with the change in fair value or cash flows of the hedged item attributable to the hedged risk. A hedge is considered highly effective if the results are within a ratio of 80%-125%. The main sources of hedge ineffectiveness can include, but are not limited to, basis mismatch, maturity mismatch, credit valuation adjustments and cash flow timing mismatch between the hedged item and the hedging instrument. The maturity profiles for the notional amounts of the group\u2019s cash flow and fair value hedges are set out as follows. On demand \u00a3 million Within three months \u00a3 million Between three and six months \u00a3 million Between six months and one year \u00a3 million Between one and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Cash \ufb02ow hedges Interest rate risk 31 July 2023 \u2013 90.8 0.3 27.7 137.7 41.2 297.7 31 July 2022 \u2013 69.5 50.0 210.4 1,205.9 16.2 1,552.0 Fair value hedges Interest rate risk 31 July 2023 \u2013 51.0 0.6 190.6 690.0 682.5 1,614.7 31 July 2022 \u2013 0.7 0.4 141.3 680.3 652.7 1,475.4 Cash flow hedges have an average fixed rate of 2.0% (31 July 2022: 1.0%). Fair value hedges have an average fixed rate of 1.6% (31 July 2022: 1.9%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows. C hanges in fair value of hedging instrument used for calculating hedge ineffectiveness 2023 \u00a3 million Hedge ineffectiveness recognised in income statement 2023 \u00a3 million Changes in fair value of hedging instrument used for calculating hedge ineffectiveness 2022 \u00a3 million Hedge ineffectiveness recognised in income statement 2022 \u00a3 million Cash \ufb02ow hedges Interest rate risk (26.2) (0.1) 29.6 0.1 Fair value hedges Interest rate risk (74.6) \u2013 (50.4) (0.1) The carrying amount of hedging interest rate swaps is held within derivative financial instruments and the hedge ineffectiveness is held within other income. Details of the hedged exposures covered by the group\u2019s hedging strategies are set out as follows. Carrying amount of hedged item \u00a3 million Accumulated amount of fair value adjustment on the hedged item \u00a3 million Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million At 31 July 2023 Fair value hedges Assets Debt securities 186.1 (27.0) (3.0) Loans and advances to customers and undrawn commitments 124.3 (13.4) (8.6) 310.4 (40.4) (11.6) Liabilities Deposits by customers 280.3 (3.9) (3.9) Debt securities in issue 613.6 (142.5) (70.2) Subordinated loan capital 174.9 (25.1) (12.1) 1,068.8 (171.5) (86.2) Carrying amount of hedged item \u00a3 million Accumulated amount of fair value adjustment on the hedged item \u00a3 million Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million At 31 July 2022 Fair value hedges Assets Debt securities 211.1 (24.0) (28.5) Loans and advances to customers and undrawn commitments 107.4 (4.8) (6.7) 318.5 (28.8) (35.2) Liabilities Deposits by customers \u2013 \u2013 (0.1) Debt securities in issue 823.3 (72.2) (71.6) Subordinated loan capital 186.5 (13.0) (13.8) 1,009.8 (85.2) (85.5) Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as follows. Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million Gains/(losses) on discontinued hedges recognised in other comprehensive income \u00a3 million (Losses)/gains from changes in value of hedging instrument recognised in other comprehensive income \u00a3 million Amounts reclassified from reserves to income statement 1 \u00a3 million Cash \ufb02ow hedges Interest rate risk 31 July 2023 26.1 43.3 (26.1) 1.5 31 July 2022 (29.5) (0.4) 29.6 (1.0) 1. Amounts have been reclassified to other income since hedged cash flows will no longer occur. ",
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"fact-375": {
"value": "10. Loans and Advances to Customers (a) Maturity analysis of loans and advances to customers The following table sets out a maturity analysis of loans and advances to customers. At 31 July 2023 loans and advances to customers with a maturity of two years or less was \u00a37,158.8 million (31 July 2022: \u00a36,733.0 million) representing 74.3% (31 July 2022: 73.6%) of total gross loans and advances to customers: On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total gross loans and advances to customers \u00a3 million Impairment provisions \u00a3 million Total net loans and advances to customers \u00a3 million A t 31 July 2023 76.5 2,597.8 2,636.5 1,848.0 2,337.2 139.6 9,635.6 (380.6) 9,255.0 A t 31 July 2022 141.3 2,354.2 2,369.0 1,868.5 2,235.0 176.5 9,144.5 (285.6) 8,858.9 (b) Loans and advances to customers and impairment provisions by stage Gross loans and advances to customers by stage and the corresponding impairment provisions and provision coverage ratios are set out below: Stage 2 Stage 1 \u00a3 million Less than 30 days past due \u00a3 million Greater than or equal to 30 days past due \u00a3 million Total \u00a3 million Stage 3 \u00a3 million Total \u00a3 million A t 31 July 2023 Gross loans and advances to customers Commercial 3,686.1 750.9 23.2 774.1 339.4 4,799.6 Of which: Commercial excluding Novitas 3,685.1 749.6 23.2 772.8 97.7 4,555.6 Of which: Novitas 1.0 1.3 \u2013 1.3 241.7 244.0 Retail 2,839.1 159.1 18.4 177.5 74.6 3,091.2 Property 1,465.0 85.7 24.7 110.4 169.4 1,744.8 7,990.2 995.7 66.3 1,062.0 583.4 9,635.6 Impairment provisions Commercial 25.1 13.9 2.4 16.3 208.1 249.5 Of which: Commercial excluding Novitas 24.9 13.6 2.4 16.0 24.5 65.4 Of which: Novitas 0.2 0.3 \u2013 0.3 183.6 184.1 Retail 27.9 11.6 2.6 14.2 47.3 89.4 Property 5.1 1.4 0.3 1.7 34.9 41.7 58.1 26.9 5.3 32.2 290.3 380.6 Provision coverage ratio Commercial 0.7% 1.9% 10.3% 2.1% 61.3% 5.2% Within which: Commercial excluding Novitas 0.7% 1.8% 10.3% 2.1% 25.1% 1.4% Within which: Novitas 20.0% 23.1% \u2013 23.1% 76.0% 75.5% Retail 1.0% 7.3% 14.1% 8.0% 63.4% 2.9% Property 0.3% 1.6% 1.2% 1.5% 20.6% 2.4% 0.7% 2.7% 8.0% 3.0% 49.8% 3.9% Stage 2 Stage 1 \u00a3 million Less than 30 days past due \u00a3 million Greater than or equal to 30 days past due \u00a3 million Total \u00a3 million Stage 3 \u00a3 million Total \u00a3 million A t 31 July 2022 Gross loans and advances to customers Commercial 3,433.1 778.8 119.4 898.2 169.1 4,500.4 Of which: Commercial excluding Novitas 3,331.8 776.6 25.6 802.2 93.7 4,227.7 Of which: Novitas 101.3 2.2 93.8 96.0 75.4 272.7 Retail 2,937.6 121.4 9.4 130.8 65.5 3,133.9 Property 1,256.3 83.8 46.1 129.9 124.0 1,510.2 7,627.0 984.0 174.9 1,158.9 358.6 9,144.5 Impairment provisions Commercial 25.6 14.3 52.0 66.3 87.1 179.0 Of which: Commercial excluding Novitas 16.8 13.3 2.5 15.8 33.1 65.7 Of which: Novitas 8.8 1.0 49.5 50.5 54.0 113.3 Retail 22.1 4.9 1.7 6.6 41.2 69.9 Property 2.6 4.2 1.2 5.4 28.7 36.7 50.3 23.4 54.9 78.3 157.0 285.6 Provision coverage ratio Commercial 0.7% 1.8% 43.6% 7.4% 51.5% 4.0% Within which: Commercial excluding Novitas 0.5% 1.7% 9.8% 2.0% 35.3% 1.6% Within which: Novitas 8.7% 45.5% 52.8% 52.6% 71.6% 41.5% Retail 0.8% 4.0% 18.1% 5.0% 62.9% 2.2% Property 0.2% 5.0% 2.6% 4.2% 23.1% 2.4% 0.7% 2.4% 31.4% 6.8% 43.8% 3.1% Stage allocation of loans and advances to customers has been applied in line with the definitions set out on page 213 in Note 1 \u2018Significant Accounting Policies\u2019. Additional disclosures on the stage allocation and movements of loans and advances to customers can be found on page 107 in the Risk Report. (c) Adjustments By their nature, limitations in the group\u2019s expected credit loss models or input data may be identified through ongoing model monitoring and validation of models. In certain circumstances, management make appropriate adjustments to model- calculated expected credit losses. Adjustments have been identified as a key source of estimation uncertainty as set out in Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. (d) Reconciliation of loans and advances to customers and impairment provisions Reconciliations of gross loans and advances to customers and associated impairment provisions are set out below. New financial assets originate in Stage 1 only, and the amount presented represents the value at origination. Subsequently, a loan may transfer between stages, and the presentation of such transfers is based on a comparison of the loan at the beginning of the year (or at origination if this occurred during the year) and the end of the year (or just prior to final repayment or write off). Repayments relating to loans which transferred between stages during the year are presented within the transfers between stages lines. Such transfers do not represent overnight reclassification from one stage to another. All other repayments are presented in a separate line. ECL model methodologies may be updated or enhanced from time to time and the impacts of such changes are presented on a separate line. During the year, a number of enhancements were made to the models in the Premium business. The enhancements were made to address known model limitations and to ensure modelled provisions better reflect future loss emergence. Enhancements to our model suite are a contributory factor to ECL movements and such factors have been taken into consideration when assessing any required adjustments to modelled output and ensuring appropriate provision coverage levels. A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral and available recovery actions against the customer. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 1 \u00a3 million Total \u00a3 million Gross loans and advances to customers A t 1 August 2022 7,627.0 1,158.9 358.6 9,144.5 New financial assets originated 6,604.0 \u2013 \u2013 6,604.0 Transfers to Stage 1 276.2 (373.2) (6.8) (103.8) Transfers to Stage 2 (1,068.6) 878.6 (16.1) (206.1) Transfers to Stage 3 (303.6) (194.4) 421.5 (76.5) Net transfers between stages and repayments2 (1,096.0) 311.0 398.6 (386.4) Repayments while stage remained unchanged and final repayments (5,118.8) (403.5) (100.4) (5,622.7) Changes to model methodologies (25.6) (4.0) 29.6 \u2013 Write offs (0.4) (0.4) (103.0) (103.8) A t 31 July 2023 7,990.2 1,062.0 583.4 9,635.6 1. A signi\ufb01cant proportion of the Stage 3 movements is driven by Novitas with \u00a3174.4 million of transfers to Stage 3 and \u00a337.4 million of write-offs. In addition, \u00a349.2 million of Novitas movements are included within \u2018Repayments while stage remained unchanged and \ufb01nal repayments\u2019, comprising largely of accrued interest. The accrued interest is partly offset by ECL increases included within the adjacent ECL reconciliation, in line with IFRS 9\u2019s requirement to recognise interest income on Stage 3 loans on a net basis. Further information on Novitas can be found in the Credit Risk section of the Risk Report. 2. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Total \u00a3 million Gross loans and advances to customers A t 1 August 2021 7,434.3 960.2 330.4 8,724.9 New financial assets originated 6,537.4 \u2013 \u2013 6,537.4 Transfers to Stage 1 196.2 (278.6) (5.3) (87.7) Transfers to Stage 2 (1,056.3) 959.9 (21.4) (117.8) Transfers to Stage 3 (206.9) (137.5) 278.6 (65.8) Net transfers between stages and repayments1 (1,067.0) 543.8 251.9 (271.3) Repayments while stage remained unchanged and final repayments (5,241.7) (354.2) (157.8) (5,753.7) Changes to model methodologies (33.3) 31.6 1.8 0.1 Write offs (2.7) (22.5) (67.7) (92.9) A t 31 July 2022 7,627.0 1,158.9 358.6 9,144.5 1. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. The gross carrying amount before modification of loans and advances to customers which were modified during the year while in Stage 2 or 3 was \u00a3152.3 million (2022: \u00a3288.3 million). No gain or loss (2022: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2023 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a314.8 million (31 July 2022: \u00a3110.2 million). Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 1 \u00a3 million Total \u00a3 million Impairment provisions on loans and advances to customers A t 1 August 2022 50.3 78.3 157.0 285.6 New financial assets originated 46.7 \u2013 \u2013 46.7 Transfers to Stage 1 1.2 (7.7) (1.0) (7.5) Transfers to Stage 2 (8.7) 27.7 (5.7) 13.3 Transfers to Stage 3 (11.2) (53.3) 227.2 162.7 Net remeasurement of expected credit losses arising from transfers between stages and repayments2 (18.7) (33.3) 220.5 168.5 Repayments and ECL movements while stage remained unchanged and final repayments (17.8) (10.7) (20.0) (48.5) Changes to model methodologies (2.2) (1.9) 2.3 (1.8) Charge to the income statement 8.0 (45.9) 202.8 164.9 Write offs (0.2) (0.2) (69.5) (69.9) A t 31 July 2023 58.1 32.2 290.3 380.6 1. A signi\ufb01cant proportion of the Stage 3 movements is driven by Novitas with \u00a3147.6 million of transfers to Stage 3 and \u00a311.9 million of write-offs. Further information on Novitas can be found in the Credit Risk section of the Risk Report. 2. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Total \u00a3 million Impairment provisions on loans and advances to customers A t 1 August 2021 80.0 84.2 116.2 280.4 New financial assets originated 37.7 \u2013 \u2013 37.7 Transfers to Stage 1 1.3 (12.2) (1.7) (12.6) Transfers to Stage 2 (17.1) 59.4 (9.9) 32.4 Transfers to Stage 3 (9.0) (28.8) 123.2 85.4 Net remeasurement of expected credit losses arising from transfers between stages and repayments1 (24.8) 18.4 111.6 105.2 Repayments and ECL movements while stage remained unchanged and final repayments (37.6) (0.7) (9.8) (48.1) Changes to model methodologies (2.2) (1.1) 1.9 (1.4) Charge to the income statement (26.9) 16.6 103.7 93.4 Write offs (2.8) (22.5) (62.9) (88.2) A t 31 July 2022 50.3 78.3 157.0 285.6 1. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. 2023 \u00a3 million 2022 \u00a3 million Impairment losses relating to loans and advances to customers: Charge to income statement arising from movement in impairment provisions 164.9 93.4 A mounts written off directly to income statement, net of recoveries and other costs 39.4 8.5 204.3 101.9 Impairment (gains)/losses relating to other financial assets (0.2) 1.4 Impairment losses on \ufb01nancial assets recognised in income statement 204.1 103.3 Impairment losses on financial assets of \u00a3204.1 million (2022: \u00a3103.3 million) include \u00a3116.8 million in relation to Novitas (2022: \u00a360.7 million). The contractual amount outstanding at 31 July 2023 on financial assets that were written off during the period and are still subject to recovery activity is \u00a332.3 million (31 July 2022: \u00a317.3 million). (e) Finance lease and hire purchase agreement receivables 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Net loans and advances to customers comprise Hire purchase agreement receivables 3,671.3 3,725.1 Finance lease receivables 803.9 694.4 Other loans and advances 4,779.8 4,439.4 A t 31 July 9,255.0 8,858.9 The following table shows a reconciliation between gross investment in finance lease and hire purchase agreement receivables included in the net loans and advances to customers table above to present value of minimum lease and hire purchase payments. 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Gross investment in finance leases and hire purchase agreement receivables due: One year or within one year 1,849.3 1,740.2 >One to two years 2,002.8 1,927.1 >Two to three years 972.5 943.9 >Three to four years 438.5 475.1 >Four to five years 115.5 123.7 More than five years 41.1 36.2 5,419.7 5,246.2 Unearned finance income (820.7) (731.4) Present value of minimum lease and hire purchase agreement payments 4,599.0 4,514.8 Of which due: One year or within one year 1,567.2 1,496.9 >One to two years 1,691.7 1,654.4 >Two to three years 830.2 815.7 >Three to four years 375.3 410.0 >Four to five years 99.2 106.6 More than five years 35.4 31.2 4,599.0 4,514.8 The aggregate cost of assets acquired for the purpose of letting under finance leases and hire purchase agreements was \u00a37,167.5 million (2022: \u00a37,443.8 million). The average effective interest rate on finance leases approximates to 11.0% (2022: 9.9%). The present value of minimum lease and hire purchase agreement payments reflects the fair value of finance lease and hire purchase agreement receivables before deduction of impairment provisions. ",
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"fact-416": {
"value": "(b) Loans and advances to customers and impairment provisions by stage Gross loans and advances to customers by stage and the corresponding impairment provisions and provision coverage ratios are set out below: Stage 2 Stage 1 \u00a3 million Less than 30 days past due \u00a3 million Greater than or equal to 30 days past due \u00a3 million Total \u00a3 million Stage 3 \u00a3 million Total \u00a3 million A t 31 July 2023 Gross loans and advances to customers Commercial 3,686.1 750.9 23.2 774.1 339.4 4,799.6 Of which: Commercial excluding Novitas 3,685.1 749.6 23.2 772.8 97.7 4,555.6 Of which: Novitas 1.0 1.3 \u2013 1.3 241.7 244.0 Retail 2,839.1 159.1 18.4 177.5 74.6 3,091.2 Property 1,465.0 85.7 24.7 110.4 169.4 1,744.8 7,990.2 995.7 66.3 1,062.0 583.4 9,635.6 Impairment provisions Commercial 25.1 13.9 2.4 16.3 208.1 249.5 Of which: Commercial excluding Novitas 24.9 13.6 2.4 16.0 24.5 65.4 Of which: Novitas 0.2 0.3 \u2013 0.3 183.6 184.1 Retail 27.9 11.6 2.6 14.2 47.3 89.4 Property 5.1 1.4 0.3 1.7 34.9 41.7 58.1 26.9 5.3 32.2 290.3 380.6 Provision coverage ratio Commercial 0.7% 1.9% 10.3% 2.1% 61.3% 5.2% Within which: Commercial excluding Novitas 0.7% 1.8% 10.3% 2.1% 25.1% 1.4% Within which: Novitas 20.0% 23.1% \u2013 23.1% 76.0% 75.5% Retail 1.0% 7.3% 14.1% 8.0% 63.4% 2.9% Property 0.3% 1.6% 1.2% 1.5% 20.6% 2.4% 0.7% 2.7% 8.0% 3.0% 49.8% 3.9% Stage 2 Stage 1 \u00a3 million Less than 30 days past due \u00a3 million Greater than or equal to 30 days past due \u00a3 million Total \u00a3 million Stage 3 \u00a3 million Total \u00a3 million A t 31 July 2022 Gross loans and advances to customers Commercial 3,433.1 778.8 119.4 898.2 169.1 4,500.4 Of which: Commercial excluding Novitas 3,331.8 776.6 25.6 802.2 93.7 4,227.7 Of which: Novitas 101.3 2.2 93.8 96.0 75.4 272.7 Retail 2,937.6 121.4 9.4 130.8 65.5 3,133.9 Property 1,256.3 83.8 46.1 129.9 124.0 1,510.2 7,627.0 984.0 174.9 1,158.9 358.6 9,144.5 Impairment provisions Commercial 25.6 14.3 52.0 66.3 87.1 179.0 Of which: Commercial excluding Novitas 16.8 13.3 2.5 15.8 33.1 65.7 Of which: Novitas 8.8 1.0 49.5 50.5 54.0 113.3 Retail 22.1 4.9 1.7 6.6 41.2 69.9 Property 2.6 4.2 1.2 5.4 28.7 36.7 50.3 23.4 54.9 78.3 157.0 285.6 Provision coverage ratio Commercial 0.7% 1.8% 43.6% 7.4% 51.5% 4.0% Within which: Commercial excluding Novitas 0.5% 1.7% 9.8% 2.0% 35.3% 1.6% Within which: Novitas 8.7% 45.5% 52.8% 52.6% 71.6% 41.5% Retail 0.8% 4.0% 18.1% 5.0% 62.9% 2.2% Property 0.2% 5.0% 2.6% 4.2% 23.1% 2.4% 0.7% 2.4% 31.4% 6.8% 43.8% 3.1% Stage allocation of loans and advances to customers has been applied in line with the definitions set out on page 213 in Note 1 \u2018Significant Accounting Policies\u2019. Additional disclosures on the stage allocation and movements of loans and advances to customers can be found on page 107 in the Risk Report. (c) Adjustments By their nature, limitations in the group\u2019s expected credit loss models or input data may be identified through ongoing model monitoring and validation of models. In certain circumstances, management make appropriate adjustments to model- calculated expected credit losses. Adjustments have been identified as a key source of estimation uncertainty as set out in Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. (d) Reconciliation of loans and advances to customers and impairment provisions Reconciliations of gross loans and advances to customers and associated impairment provisions are set out below. New financial assets originate in Stage 1 only, and the amount presented represents the value at origination. Subsequently, a loan may transfer between stages, and the presentation of such transfers is based on a comparison of the loan at the beginning of the year (or at origination if this occurred during the year) and the end of the year (or just prior to final repayment or write off). Repayments relating to loans which transferred between stages during the year are presented within the transfers between stages lines. Such transfers do not represent overnight reclassification from one stage to another. All other repayments are presented in a separate line. ECL model methodologies may be updated or enhanced from time to time and the impacts of such changes are presented on a separate line. During the year, a number of enhancements were made to the models in the Premium business. The enhancements were made to address known model limitations and to ensure modelled provisions better reflect future loss emergence. Enhancements to our model suite are a contributory factor to ECL movements and such factors have been taken into consideration when assessing any required adjustments to modelled output and ensuring appropriate provision coverage levels. A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral and available recovery actions against the customer. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 1 \u00a3 million Total \u00a3 million Gross loans and advances to customers A t 1 August 2022 7,627.0 1,158.9 358.6 9,144.5 New financial assets originated 6,604.0 \u2013 \u2013 6,604.0 Transfers to Stage 1 276.2 (373.2) (6.8) (103.8) Transfers to Stage 2 (1,068.6) 878.6 (16.1) (206.1) Transfers to Stage 3 (303.6) (194.4) 421.5 (76.5) Net transfers between stages and repayments2 (1,096.0) 311.0 398.6 (386.4) Repayments while stage remained unchanged and final repayments (5,118.8) (403.5) (100.4) (5,622.7) Changes to model methodologies (25.6) (4.0) 29.6 \u2013 Write offs (0.4) (0.4) (103.0) (103.8) A t 31 July 2023 7,990.2 1,062.0 583.4 9,635.6 1. A signi\ufb01cant proportion of the Stage 3 movements is driven by Novitas with \u00a3174.4 million of transfers to Stage 3 and \u00a337.4 million of write-offs. In addition, \u00a349.2 million of Novitas movements are included within \u2018Repayments while stage remained unchanged and \ufb01nal repayments\u2019, comprising largely of accrued interest. The accrued interest is partly offset by ECL increases included within the adjacent ECL reconciliation, in line with IFRS 9\u2019s requirement to recognise interest income on Stage 3 loans on a net basis. Further information on Novitas can be found in the Credit Risk section of the Risk Report. 2. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Total \u00a3 million Gross loans and advances to customers A t 1 August 2021 7,434.3 960.2 330.4 8,724.9 New financial assets originated 6,537.4 \u2013 \u2013 6,537.4 Transfers to Stage 1 196.2 (278.6) (5.3) (87.7) Transfers to Stage 2 (1,056.3) 959.9 (21.4) (117.8) Transfers to Stage 3 (206.9) (137.5) 278.6 (65.8) Net transfers between stages and repayments1 (1,067.0) 543.8 251.9 (271.3) Repayments while stage remained unchanged and final repayments (5,241.7) (354.2) (157.8) (5,753.7) Changes to model methodologies (33.3) 31.6 1.8 0.1 Write offs (2.7) (22.5) (67.7) (92.9) A t 31 July 2022 7,627.0 1,158.9 358.6 9,144.5 1. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. The gross carrying amount before modification of loans and advances to customers which were modified during the year while in Stage 2 or 3 was \u00a3152.3 million (2022: \u00a3288.3 million). No gain or loss (2022: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2023 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a314.8 million (31 July 2022: \u00a3110.2 million). Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 1 \u00a3 million Total \u00a3 million Impairment provisions on loans and advances to customers A t 1 August 2022 50.3 78.3 157.0 285.6 New financial assets originated 46.7 \u2013 \u2013 46.7 Transfers to Stage 1 1.2 (7.7) (1.0) (7.5) Transfers to Stage 2 (8.7) 27.7 (5.7) 13.3 Transfers to Stage 3 (11.2) (53.3) 227.2 162.7 Net remeasurement of expected credit losses arising from transfers between stages and repayments2 (18.7) (33.3) 220.5 168.5 Repayments and ECL movements while stage remained unchanged and final repayments (17.8) (10.7) (20.0) (48.5) Changes to model methodologies (2.2) (1.9) 2.3 (1.8) Charge to the income statement 8.0 (45.9) 202.8 164.9 Write offs (0.2) (0.2) (69.5) (69.9) A t 31 July 2023 58.1 32.2 290.3 380.6 1. A signi\ufb01cant proportion of the Stage 3 movements is driven by Novitas with \u00a3147.6 million of transfers to Stage 3 and \u00a311.9 million of write-offs. Further information on Novitas can be found in the Credit Risk section of the Risk Report. 2. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Total \u00a3 million Impairment provisions on loans and advances to customers A t 1 August 2021 80.0 84.2 116.2 280.4 New financial assets originated 37.7 \u2013 \u2013 37.7 Transfers to Stage 1 1.3 (12.2) (1.7) (12.6) Transfers to Stage 2 (17.1) 59.4 (9.9) 32.4 Transfers to Stage 3 (9.0) (28.8) 123.2 85.4 Net remeasurement of expected credit losses arising from transfers between stages and repayments1 (24.8) 18.4 111.6 105.2 Repayments and ECL movements while stage remained unchanged and final repayments (37.6) (0.7) (9.8) (48.1) Changes to model methodologies (2.2) (1.1) 1.9 (1.4) Charge to the income statement (26.9) 16.6 103.7 93.4 Write offs (2.8) (22.5) (62.9) (88.2) A t 31 July 2022 50.3 78.3 157.0 285.6 1. Repayments relate only to \ufb01nancial assets which transferred between stages during the year. Other repayments are shown in the line below. ",
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"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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},
"fact-378": {
"value": "11. Debt Securities Fair value through profit or loss \u00a3 million Fair value through other comprehensive income \u00a3 million Amortised cost \u00a3 million Total \u00a3 million Long trading positions in debt securities 15.2 \u2013 \u2013 15.2 Certificates of deposit \u2013 \u2013 \u2013 \u2013 Sovereign and central bank debt \u2013 186.1 \u2013 186.1 Covered bonds \u2013 106.3 \u2013 106.3 A t 31 July 2023 15.2 292.4 \u2013 307.6 Fair value through profit or loss \u00a3 million Fair value through other comprehensive income \u00a3 million Amortised cost \u00a3 million Total \u00a3 million Long trading positions in debt securities 12.4 \u2013 \u2013 12.4 Certificates of deposit \u2013 \u2013 185.0 185.0 Sovereign and central bank debt \u2013 415.4 \u2013 415.4 Covered bonds \u2013 \u2013 \u2013 \u2013 A t 31 July 2022 12.4 415.4 185.0 612.8 Movements on the book value of sovereign and central bank debt comprise: 2023 \u00a3 million 2022 \u00a3 million Sovereign and central bank debt at 1 August 415.4 192.5 A dditions 269.7 335.3 Redemptions (459.2) (80.0) Currency translation differences (0.3) (1.2) Movement in value (39.5) (31.2) Sovereign and central bank debt at 31 July 186.1 415.4 Movements on the book value of covered bonds comprise: 2023 \u00a3 million 2022 \u00a3 million Covered bonds at 1 August \u2013 \u2013 A dditions 105.4 \u2013 Movement in value 0.9 \u2013 Covered bonds at 31 July 106.3 \u2013 ",
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"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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},
"fact-376": {
"value": "12. Equity Shares 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Long trading positions 27.8 27.1 Other equity shares 1.5 1.3 29.3 28.4 ",
"dimensions": {
"concept": "closebrothers:DisclosureOfEquityShares",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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},
"fact-377": {
"value": "13. Derivative Financial Instruments The group enters into derivative contracts in the normal course of its business with a number of financial institutions to minimise the impact of interest and currency rate changes on its financial instruments. The group\u2019s total derivative asset and liability position as reported on the consolidated balance sheet is as follows. 31 July 2023 31 July 2022 Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Exchange rate contracts 198.1 0.8 0.4 109.8 0.7 0.3 Interest rate contracts 3,493.3 87.7 195.5 4,408.7 70.5 88.9 3,691.4 88.5 195.9 4,518.5 71.2 89.2 Notional amounts of interest rate contracts totalling \u00a32,402.7 million (31 July 2022: \u00a33,828.8 million), which are held for interest rate risk management and interest margin stabilisation purposes, have a residual maturity of more than one year. Included in the derivatives above are the following cash flow and fair value hedges: 31 July 2023 31 July 2022 Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Cash \ufb02ow hedges Interest rate contracts 297.7 8.5 2.9 1,552.0 33.2 1.6 Fair value hedges Interest rate contracts 1,614.7 42.2 173.3 1,475.4 28.3 82.3 The group generally enters into fair value hedges and cash flow hedges with changes in the relevant benchmark interest rate risk being the predominant hedged risk. The fair value hedges seek to hedge the exposure to changes in the fair value of recognised assets and liabilities or firm commitments attributable to interest rate risk. Changes in interest rate risk are considered the largest component of the overall change in fair value. Other risks such as credit risk are managed but excluded from the hedge accounting relationship. The interest rate risk component is the change in fair value of the fixed rate hedging items arising solely from changes in the benchmark interest rate. Cash flow hedges seek to hedge the exposure to variability in future cash flows due to movements in the relevant benchmark interest rate with interest rate swaps. These future cash flows relate to future interest payments or receipts on recognised financial instruments and on forecast transactions for periods of up to seven (2022: six) years. The group applies portfolio cash flow hedging for interest rate risk exposures on a portfolio of actual and forecast variable interest rate cash flows arising from variable rate borrowings. Certain items which are economically hedged may be ineligible for hedge accounting in accordance with IAS 39. Therefore, a portfolio of floating rate liabilities have been designated as eligible hedged items in the cash flow hedge portfolio. The amounts and timing of future cash flows are projected on the basis of their contractual and forecast terms and other relevant factors. The exposure from this portfolio frequently changes due to new facilities being originated, contractual repayments and new interest rate swaps added to the portfolio. To assess hedge effectiveness the change in fair value or cash flows of the hedging instruments is compared with the change in fair value or cash flows of the hedged item attributable to the hedged risk. A hedge is considered highly effective if the results are within a ratio of 80%-125%. The main sources of hedge ineffectiveness can include, but are not limited to, basis mismatch, maturity mismatch, credit valuation adjustments and cash flow timing mismatch between the hedged item and the hedging instrument. The maturity profiles for the notional amounts of the group\u2019s cash flow and fair value hedges are set out as follows. On demand \u00a3 million Within three months \u00a3 million Between three and six months \u00a3 million Between six months and one year \u00a3 million Between one and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Cash \ufb02ow hedges Interest rate risk 31 July 2023 \u2013 90.8 0.3 27.7 137.7 41.2 297.7 31 July 2022 \u2013 69.5 50.0 210.4 1,205.9 16.2 1,552.0 Fair value hedges Interest rate risk 31 July 2023 \u2013 51.0 0.6 190.6 690.0 682.5 1,614.7 31 July 2022 \u2013 0.7 0.4 141.3 680.3 652.7 1,475.4 Cash flow hedges have an average fixed rate of 2.0% (31 July 2022: 1.0%). Fair value hedges have an average fixed rate of 1.6% (31 July 2022: 1.9%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows. C hanges in fair value of hedging instrument used for calculating hedge ineffectiveness 2023 \u00a3 million Hedge ineffectiveness recognised in income statement 2023 \u00a3 million Changes in fair value of hedging instrument used for calculating hedge ineffectiveness 2022 \u00a3 million Hedge ineffectiveness recognised in income statement 2022 \u00a3 million Cash \ufb02ow hedges Interest rate risk (26.2) (0.1) 29.6 0.1 Fair value hedges Interest rate risk (74.6) \u2013 (50.4) (0.1) The carrying amount of hedging interest rate swaps is held within derivative financial instruments and the hedge ineffectiveness is held within other income. Details of the hedged exposures covered by the group\u2019s hedging strategies are set out as follows. Carrying amount of hedged item \u00a3 million Accumulated amount of fair value adjustment on the hedged item \u00a3 million Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million At 31 July 2023 Fair value hedges Assets Debt securities 186.1 (27.0) (3.0) Loans and advances to customers and undrawn commitments 124.3 (13.4) (8.6) 310.4 (40.4) (11.6) Liabilities Deposits by customers 280.3 (3.9) (3.9) Debt securities in issue 613.6 (142.5) (70.2) Subordinated loan capital 174.9 (25.1) (12.1) 1,068.8 (171.5) (86.2) Carrying amount of hedged item \u00a3 million Accumulated amount of fair value adjustment on the hedged item \u00a3 million Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million At 31 July 2022 Fair value hedges Assets Debt securities 211.1 (24.0) (28.5) Loans and advances to customers and undrawn commitments 107.4 (4.8) (6.7) 318.5 (28.8) (35.2) Liabilities Deposits by customers \u2013 \u2013 (0.1) Debt securities in issue 823.3 (72.2) (71.6) Subordinated loan capital 186.5 (13.0) (13.8) 1,009.8 (85.2) (85.5) Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as follows. Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million Gains/(losses) on discontinued hedges recognised in other comprehensive income \u00a3 million (Losses)/gains from changes in value of hedging instrument recognised in other comprehensive income \u00a3 million Amounts reclassified from reserves to income statement 1 \u00a3 million Cash \ufb02ow hedges Interest rate risk 31 July 2023 26.1 43.3 (26.1) 1.5 31 July 2022 (29.5) (0.4) 29.6 (1.0) 1. Amounts have been reclassified to other income since hedged cash flows will no longer occur. ",
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"fact-417": {
"value": "13. Derivative Financial Instruments The group enters into derivative contracts in the normal course of its business with a number of financial institutions to minimise the impact of interest and currency rate changes on its financial instruments. The group\u2019s total derivative asset and liability position as reported on the consolidated balance sheet is as follows. 31 July 2023 31 July 2022 Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Exchange rate contracts 198.1 0.8 0.4 109.8 0.7 0.3 Interest rate contracts 3,493.3 87.7 195.5 4,408.7 70.5 88.9 3,691.4 88.5 195.9 4,518.5 71.2 89.2 Notional amounts of interest rate contracts totalling \u00a32,402.7 million (31 July 2022: \u00a33,828.8 million), which are held for interest rate risk management and interest margin stabilisation purposes, have a residual maturity of more than one year. Included in the derivatives above are the following cash flow and fair value hedges: 31 July 2023 31 July 2022 Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Notional value \u00a3 million Assets \u00a3 million Liabilities \u00a3 million Cash \ufb02ow hedges Interest rate contracts 297.7 8.5 2.9 1,552.0 33.2 1.6 Fair value hedges Interest rate contracts 1,614.7 42.2 173.3 1,475.4 28.3 82.3 The group generally enters into fair value hedges and cash flow hedges with changes in the relevant benchmark interest rate risk being the predominant hedged risk. The fair value hedges seek to hedge the exposure to changes in the fair value of recognised assets and liabilities or firm commitments attributable to interest rate risk. Changes in interest rate risk are considered the largest component of the overall change in fair value. Other risks such as credit risk are managed but excluded from the hedge accounting relationship. The interest rate risk component is the change in fair value of the fixed rate hedging items arising solely from changes in the benchmark interest rate. Cash flow hedges seek to hedge the exposure to variability in future cash flows due to movements in the relevant benchmark interest rate with interest rate swaps. These future cash flows relate to future interest payments or receipts on recognised financial instruments and on forecast transactions for periods of up to seven (2022: six) years. The group applies portfolio cash flow hedging for interest rate risk exposures on a portfolio of actual and forecast variable interest rate cash flows arising from variable rate borrowings. Certain items which are economically hedged may be ineligible for hedge accounting in accordance with IAS 39. Therefore, a portfolio of floating rate liabilities have been designated as eligible hedged items in the cash flow hedge portfolio. The amounts and timing of future cash flows are projected on the basis of their contractual and forecast terms and other relevant factors. The exposure from this portfolio frequently changes due to new facilities being originated, contractual repayments and new interest rate swaps added to the portfolio. To assess hedge effectiveness the change in fair value or cash flows of the hedging instruments is compared with the change in fair value or cash flows of the hedged item attributable to the hedged risk. A hedge is considered highly effective if the results are within a ratio of 80%-125%. The main sources of hedge ineffectiveness can include, but are not limited to, basis mismatch, maturity mismatch, credit valuation adjustments and cash flow timing mismatch between the hedged item and the hedging instrument. The maturity profiles for the notional amounts of the group\u2019s cash flow and fair value hedges are set out as follows. On demand \u00a3 million Within three months \u00a3 million Between three and six months \u00a3 million Between six months and one year \u00a3 million Between one and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Cash \ufb02ow hedges Interest rate risk 31 July 2023 \u2013 90.8 0.3 27.7 137.7 41.2 297.7 31 July 2022 \u2013 69.5 50.0 210.4 1,205.9 16.2 1,552.0 Fair value hedges Interest rate risk 31 July 2023 \u2013 51.0 0.6 190.6 690.0 682.5 1,614.7 31 July 2022 \u2013 0.7 0.4 141.3 680.3 652.7 1,475.4 Cash flow hedges have an average fixed rate of 2.0% (31 July 2022: 1.0%). Fair value hedges have an average fixed rate of 1.6% (31 July 2022: 1.9%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows. hanges in fair value of hedging instrument used for calculating hedge ineffectiveness 2023 \u00a3 million Hedge ineffectiveness recognised in income statement 2023 \u00a3 million Changes in fair value of hedging instrument used for calculating hedge ineffectiveness 2022 \u00a3 million Hedge ineffectiveness recognised in income statement 2022 \u00a3 million Cash \ufb02ow hedges Interest rate risk (26.2) (0.1) 29.6 0.1 Fair value hedges Interest rate risk (74.6) \u2013 (50.4) (0.1) The carrying amount of hedging interest rate swaps is held within derivative financial instruments and the hedge ineffectiveness is held within other income. Details of the hedged exposures covered by the group\u2019s hedging strategies are set out as follows. Carrying amount of hedged item \u00a3 million Accumulated amount of fair value adjustment on the hedged item \u00a3 million Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million At 31 July 2023 Fair value hedges Assets Debt securities 186.1 (27.0) (3.0) Loans and advances to customers and undrawn commitments 124.3 (13.4) (8.6) 310.4 (40.4) (11.6) Liabilities Deposits by customers 280.3 (3.9) (3.9) Debt securities in issue 613.6 (142.5) (70.2) Subordinated loan capital 174.9 (25.1) (12.1) 1,068.8 (171.5) (86.2) Carrying amount of hedged item \u00a3 million Accumulated amount of fair value adjustment on the hedged item \u00a3 million Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million At 31 July 2022 Fair value hedges Assets Debt securities 211.1 (24.0) (28.5) Loans and advances to customers and undrawn commitments 107.4 (4.8) (6.7) 318.5 (28.8) (35.2) Liabilities Deposits by customers \u2013 \u2013 (0.1) Debt securities in issue 823.3 (72.2) (71.6) Subordinated loan capital 186.5 (13.0) (13.8) 1,009.8 (85.2) (85.5) Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as follows. Changes in fair value of hedged item used for calculating hedge ineffectiveness \u00a3 million Gains/(losses) on discontinued hedges recognised in other comprehensive income \u00a3 million (Losses)/gains from changes in value of hedging instrument recognised in other comprehensive income \u00a3 million Amounts reclassified from reserves to income statement 1 \u00a3 million Cash \ufb02ow hedges Interest rate risk 31 July 2023 26.1 43.3 (26.1) 1.5 31 July 2022 (29.5) (0.4) 29.6 (1.0) 1. Amounts have been reclassified to other income since hedged cash flows will no longer occur. ",
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"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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},
"fact-418": {
"value": "14. Intangible Assets Goodwill \u00a3 million Software \u00a3 million Intangible assets on acquisition \u00a3 million Group total \u00a3 million Company software \u00a3 million Cost A t 1 August 2021 142.9 272.8 51.0 466.7 0.4 A dditions \u2013 56.0 \u2013 56.0 \u2013 Disposals (0.3) (29.3) \u2013 (29.6) \u2013 A t 31 July 2022 142.6 299.5 51.0 493.1 0.4 A dditions \u2013 50.5 \u2013 50.5 \u2013 Disposals (0.1) (16.8) \u2013 (16.9) (0.2) A t 31 July 2023 142.5 333.2 51.0 526.7 0.2 A mortisation and impairment A t 1 August 2021 47.9 142.4 43.8 234.1 0.4 A mortisation charge for the yea r \u2013 34.6 2.0 36.6 \u2013 Disposals \u2013 (29.6) \u2013 (29.6) \u2013 A t 31 July 2022 47.9 147.4 45.8 241.1 0.4 A mortisation charge for the yea r \u2013 36.1 1.5 37.6 \u2013 Disposals \u2013 (15.7) \u2013 (15.7) (0.2) A t 31 July 2023 47.9 167.8 47.3 263.0 0.2 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2013 Net book value at 31 July 2022 94.7 152.1 5.2 252.0 \u2013 Net book value at 1 August 2021 95.0 130.4 7.2 232.6 \u2013 Software includes assets under development of \u00a388.8 million (31 July 2022: \u00a371.1 million). Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 years. In the 2023 financial year, \u00a31.5 million (2022: \u00a32.0 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a336.1 million (2022: \u00a334.6 million) of the amortisation charge is included in administrative expenses shown in the consolidated income statement. Impairment tests for goodwill At 31 July 2023, goodwill has been allocated to eight (31 July 2022: eight) individual CGUs. Six (31 July 2022: six) are within the Banking division, one is the Asset Management division and the remaining one is Winterflood in the Securities division. Goodwill is allocated to the CGU in which the historical acquisition occurred and hence the goodwill originated. Further information on the performance of each division can be found in Note 3 \u2018Segmental Analysis\u2019. Goodwill impairment reviews are carried out annually by assessing the recoverable amount of the group\u2019s CGUs, which is the higher of fair value less costs to sell and value in use. The recoverable amounts for all CGUs were measured based on value in use. A value in use calculation uses discounted cash flow forecasts based on the most recent three-year plans to determine the recoverable amount of each CGU. The key assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates and net return on loan book in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected market- making conditions in the Winterflood CGU. Beyond the group\u2019s three-year planning horizon, estimates of future cash flows in the fourth and fifth years are made by management with due consideration given to the key assumptions set out above. After the fifth year, a terminal value is calculated using an annual growth rate of 2%, which is consistent with the UK government\u2019s long-term inflation target. In the prior year, management applied a more prudent 0% annual growth rate. The cash flows are discounted using a pre-tax estimated weighted average cost of capital as set out in the following table. The methodology used to derive the discount rate for Winterflood was refined during the year. The discount rates used differ across the CGUs, reflecting the nature of the CGUs\u2019 business and the current market returns appropriate to the CGU that investors would require for a similar asset. At 31 July 2023, the results of the review indicate there is no goodwill impairment. The inputs used in the value in use calculations are sensitive primarily to changes in the assumptions for future cash flows, discount rates and long-term growth rates. Having performed stress tested value in use calculations, the group believes that any reasonably possible change in the key assumptions which have been used would not lead to the carrying value of any CGU to exceed its recoverable amount. Winterflood recorded lower profits in the year driven by difficult market conditions. The business has a long track record of trading profitably in a range of conditions and is well placed to take advantage when investor confidence recovers. Nevertheless, future market conditions remain uncertain and as such the value in use calculation for this CGU has been identified as a key source of estimation uncertainty as set out in Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows. A reduction in the year 4 and 5 cash flows to the level of year 3, combined with a further 40% reduction in the cash flows in year 5 and all subsequent years, would result in a recoverable amount that is marginally above the carrying value of the CGU. This scenario is a demonstration of sensitivity only and is not considered probable by management. Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the pre-tax discount rate used in determining value in use, are disclosed separately in the table below: 31 July 2023 31 July 2022 Cash generating unit Goodwill \u00a3 million Pre-tax discount rate % Goodwill \u00a3 million Pre-tax discount rate % Close Brothers Asset Management 39.8 11.6 39.9 10.4 Winterflood 23.3 16.9 23.3 16.7 Banking division CGUs 31.5 17.0-17.3 31.5 15.4-17.1 94.6 94.7 ",
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"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
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},
"fact-452": {
"value": "14. Intangible Assets Goodwill \u00a3 million Software \u00a3 million Intangible assets on acquisition \u00a3 million Group total \u00a3 million Company software \u00a3 million Cost A t 1 August 2021 142.9 272.8 51.0 466.7 0.4 A dditions \u2013 56.0 \u2013 56.0 \u2013 Disposals (0.3) (29.3) \u2013 (29.6) \u2013 A t 31 July 2022 142.6 299.5 51.0 493.1 0.4 A dditions \u2013 50.5 \u2013 50.5 \u2013 Disposals (0.1) (16.8) \u2013 (16.9) (0.2) A t 31 July 2023 142.5 333.2 51.0 526.7 0.2 A mortisation and impairment A t 1 August 2021 47.9 142.4 43.8 234.1 0.4 A mortisation charge for the yea r \u2013 34.6 2.0 36.6 \u2013 Disposals \u2013 (29.6) \u2013 (29.6) \u2013 A t 31 July 2022 47.9 147.4 45.8 241.1 0.4 A mortisation charge for the yea r \u2013 36.1 1.5 37.6 \u2013 Disposals \u2013 (15.7) \u2013 (15.7) (0.2) A t 31 July 2023 47.9 167.8 47.3 263.0 0.2 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2013 Net book value at 31 July 2022 94.7 152.1 5.2 252.0 \u2013 Net book value at 1 August 2021 95.0 130.4 7.2 232.6 \u2013 Software includes assets under development of \u00a388.8 million (31 July 2022: \u00a371.1 million). Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 years. In the 2023 financial year, \u00a31.5 million (2022: \u00a32.0 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a336.1 million (2022: \u00a334.6 million) of the amortisation charge is included in administrative expenses shown in the consolidated income statement. Impairment tests for goodwill At 31 July 2023, goodwill has been allocated to eight (31 July 2022: eight) individual CGUs. Six (31 July 2022: six) are within the Banking division, one is the Asset Management division and the remaining one is Winterflood in the Securities division. Goodwill is allocated to the CGU in which the historical acquisition occurred and hence the goodwill originated. Further information on the performance of each division can be found in Note 3 \u2018Segmental Analysis\u2019. Goodwill impairment reviews are carried out annually by assessing the recoverable amount of the group\u2019s CGUs, which is the higher of fair value less costs to sell and value in use. The recoverable amounts for all CGUs were measured based on value in use. A value in use calculation uses discounted cash flow forecasts based on the most recent three-year plans to determine the recoverable amount of each CGU. The key assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates and net return on loan book in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected market- making conditions in the Winterflood CGU. Beyond the group\u2019s three-year planning horizon, estimates of future cash flows in the fourth and fifth years are made by management with due consideration given to the key assumptions set out above. After the fifth year, a terminal value is calculated using an annual growth rate of 2%, which is consistent with the UK government\u2019s long-term inflation target. In the prior year, management applied a more prudent 0% annual growth rate. The cash flows are discounted using a pre-tax estimated weighted average cost of capital as set out in the following table. The methodology used to derive the discount rate for Winterflood was refined during the year. The discount rates used differ across the CGUs, reflecting the nature of the CGUs\u2019 business and the current market returns appropriate to the CGU that investors would require for a similar asset. At 31 July 2023, the results of the review indicate there is no goodwill impairment. The inputs used in the value in use calculations are sensitive primarily to changes in the assumptions for future cash flows, discount rates and long-term growth rates. Having performed stress tested value in use calculations, the group believes that any reasonably possible change in the key assumptions which have been used would not lead to the carrying value of any CGU to exceed its recoverable amount. Winterflood recorded lower profits in the year driven by difficult market conditions. The business has a long track record of trading profitably in a range of conditions and is well placed to take advantage when investor confidence recovers. Nevertheless, future market conditions remain uncertain and as such the value in use calculation for this CGU has been identified as a key source of estimation uncertainty as set out in Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows. A reduction in the year 4 and 5 cash flows to the level of year 3, combined with a further 40% reduction in the cash flows in year 5 and all subsequent years, would result in a recoverable amount that is marginally above the carrying value of the CGU. This scenario is a demonstration of sensitivity only and is not considered probable by management. Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the pre-tax discount rate used in determining value in use, are disclosed separately in the table below: 31 July 2023 31 July 2022 Cash generating unit Goodwill \u00a3 million Pre-tax discount rate % Goodwill \u00a3 million Pre-tax discount rate % Close Brothers Asset Management 39.8 11.6 39.9 10.4 Winterflood 23.3 16.9 23.3 16.7 Banking division CGUs 31.5 17.0-17.3 31.5 15.4-17.1 94.6 94.7 15. Property, Plant and Equipment Leasehold property \u00a3 million Fixtures, fittings and equipment \u00a3 million Assets held under operating leases \u00a3 million Motor vehicles \u00a3 million Right of use assets 1 \u00a3 million Total \u00a3 million Group Cost A t 1 August 2021 25.2 74.8 360.7 0.2 71.7 532.6 A dditions 0.6 4.3 67.8 \u2013 13.6 86.3 Disposals (4.9) (16.5) (30.3) \u2013 (6.8) (58.5) A t 31 July 2022 20.9 62.6 398.2 0.2 78.5 560.4 A dditions 1.0 7.5 93.1 0.2 24.7 126.5 Disposals (0.4) (4.6) (42.2) \u2013 (9.2) (56.4) A t 31 July 2023 21.5 65.5 449.1 0.4 94.0 630.5 Depreciation A t 1 August 2021 15.7 47.5 137.8 0.1 21.6 222.7 Depreciation and impairment charges for the year 2.2 7.6 40.6 0.1 13.2 63.7 Disposals (4.9) (18.2) (20.2) \u2013 (5.2) (48.5) A t 31 July 2022 13.0 36.9 158.2 0.2 29.6 237.9 Depreciation and impairment charges for the year 2.4 8.3 45.5 \u2013 14.4 70.6 Disposals (0.4) (4.3) (25.8) \u2013 (4.6) (35.1) A t 31 July 2023 15.0 40.9 177.9 0.2 39.4 273.4 Net book value at 31 July 2023 6.5 24.6 271.2 0.2 54.6 357.1 Net book value at 31 July 2022 7.9 25.7 240.0 \u2013 48.9 322.5 Net book value at 1 August 2021 9.5 27.3 222.9 0.1 50.1 309.9 1. Right of use assets primarily relate to the group\u2019s leasehold properties. There was a gain of \u00a33.3 million from the sale of assets held under operating leases for the year ended 31 July 2023 (2022: \u00a33.2 million). 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Future minimum lease rentals receivable under non-cancellable operating leases One year or within one year 50.8 49.2 >One to two years 34.1 28.2 >Two to three years 22.5 13.5 >Three to four years 14.9 5.6 >Four to five years 8.1 2.9 More than five years 2.3 0.6 132.7 100.0 Leasehold property \u00a3 million Fixtures, fittings and equipment \u00a3 million Total \u00a3 million Company Cost A t 1 August 2021 0.3 11.8 12.1 A dditions \u2013 \u2013 \u2013 A t 31 July 2022 0.3 11.8 12.1 A dditions \u2013 \u2013 \u2013 A t 31 July 2023 0.3 11.8 12.1 Depreciation A t 1 August 2021 \u2013 0.6 0.6 Charge for the year 0.1 1.2 1.3 A t 31 July 2022 0.1 1.8 1.9 Charge for the year \u2013 1.3 1.3 A t 31 July 2023 0.1 3.1 3.2 Net book value at 31 July 2023 0.2 8.7 8.9 Net book value at 31 July 2022 0.2 10.0 10.2 Net book value at 1 August 2021 0.3 11.2 11.5 The net book value of leasehold property comprises: Group Company 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Long leasehold property 1.2 1.3 0.2 0.2 Short leasehold property 5.3 6.6 \u2013 \u2013 6.5 7.9 0.2 0.2",
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"entity": "scheme:213800W73SYHR14I3X91",
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}
},
"fact-437": {
"value": "14. Intangible Assets Goodwill \u00a3 million Software \u00a3 million Intangible assets on acquisition \u00a3 million Group total \u00a3 million Company software \u00a3 million Cost A t 1 August 2021 142.9 272.8 51.0 466.7 0.4 A dditions \u2013 56.0 \u2013 56.0 \u2013 Disposals (0.3) (29.3) \u2013 (29.6) \u2013 A t 31 July 2022 142.6 299.5 51.0 493.1 0.4 A dditions \u2013 50.5 \u2013 50.5 \u2013 Disposals (0.1) (16.8) \u2013 (16.9) (0.2) A t 31 July 2023 142.5 333.2 51.0 526.7 0.2 A mortisation and impairment A t 1 August 2021 47.9 142.4 43.8 234.1 0.4 A mortisation charge for the yea r \u2013 34.6 2.0 36.6 \u2013 Disposals \u2013 (29.6) \u2013 (29.6) \u2013 A t 31 July 2022 47.9 147.4 45.8 241.1 0.4 A mortisation charge for the yea r \u2013 36.1 1.5 37.6 \u2013 Disposals \u2013 (15.7) \u2013 (15.7) (0.2) A t 31 July 2023 47.9 167.8 47.3 263.0 0.2 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2013 Net book value at 31 July 2022 94.7 152.1 5.2 252.0 \u2013 Net book value at 1 August 2021 95.0 130.4 7.2 232.6 \u2013 Software includes assets under development of \u00a388.8 million (31 July 2022: \u00a371.1 million). Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 years. In the 2023 financial year, \u00a31.5 million (2022: \u00a32.0 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a336.1 million (2022: \u00a334.6 million) of the amortisation charge is included in administrative expenses shown in the consolidated income statement. Impairment tests for goodwill At 31 July 2023, goodwill has been allocated to eight (31 July 2022: eight) individual CGUs. Six (31 July 2022: six) are within the Banking division, one is the Asset Management division and the remaining one is Winterflood in the Securities division. Goodwill is allocated to the CGU in which the historical acquisition occurred and hence the goodwill originated. Further information on the performance of each division can be found in Note 3 \u2018Segmental Analysis\u2019. Goodwill impairment reviews are carried out annually by assessing the recoverable amount of the group\u2019s CGUs, which is the higher of fair value less costs to sell and value in use. The recoverable amounts for all CGUs were measured based on value in use. A value in use calculation uses discounted cash flow forecasts based on the most recent three-year plans to determine the recoverable amount of each CGU. The key assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates and net return on loan book in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected market- making conditions in the Winterflood CGU. Beyond the group\u2019s three-year planning horizon, estimates of future cash flows in the fourth and fifth years are made by management with due consideration given to the key assumptions set out above. After the fifth year, a terminal value is calculated using an annual growth rate of 2%, which is consistent with the UK government\u2019s long-term inflation target. In the prior year, management applied a more prudent 0% annual growth rate. The cash flows are discounted using a pre-tax estimated weighted average cost of capital as set out in the following table. The methodology used to derive the discount rate for Winterflood was refined during the year. The discount rates used differ across the CGUs, reflecting the nature of the CGUs\u2019 business and the current market returns appropriate to the CGU that investors would require for a similar asset. At 31 July 2023, the results of the review indicate there is no goodwill impairment. The inputs used in the value in use calculations are sensitive primarily to changes in the assumptions for future cash flows, discount rates and long-term growth rates. Having performed stress tested value in use calculations, the group believes that any reasonably possible change in the key assumptions which have been used would not lead to the carrying value of any CGU to exceed its recoverable amount. Winterflood recorded lower profits in the year driven by difficult market conditions. The business has a long track record of trading profitably in a range of conditions and is well placed to take advantage when investor confidence recovers. Nevertheless, future market conditions remain uncertain and as such the value in use calculation for this CGU has been identified as a key source of estimation uncertainty as set out in Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows. A reduction in the year 4 and 5 cash flows to the level of year 3, combined with a further 40% reduction in the cash flows in year 5 and all subsequent years, would result in a recoverable amount that is marginally above the carrying value of the CGU. This scenario is a demonstration of sensitivity only and is not considered probable by management. Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the pre-tax discount rate used in determining value in use, are disclosed separately in the table below: 31 July 2023 31 July 2022 Cash generating unit Goodwill \u00a3 million Pre-tax discount rate % Goodwill \u00a3 million Pre-tax discount rate % Close Brothers Asset Management 39.8 11.6 39.9 10.4 Winterflood 23.3 16.9 23.3 16.7 Banking division CGUs 31.5 17.0-17.3 31.5 15.4-17.1 94.6 94.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-379": {
"value": "14. Intangible Assets Goodwill \u00a3 million Software \u00a3 million Intangible assets on acquisition \u00a3 million Group total \u00a3 million Company software \u00a3 million Cost A t 1 August 2021 142.9 272.8 51.0 466.7 0.4 A dditions \u2013 56.0 \u2013 56.0 \u2013 Disposals (0.3) (29.3) \u2013 (29.6) \u2013 A t 31 July 2022 142.6 299.5 51.0 493.1 0.4 A dditions \u2013 50.5 \u2013 50.5 \u2013 Disposals (0.1) (16.8) \u2013 (16.9) (0.2) A t 31 July 2023 142.5 333.2 51.0 526.7 0.2 A mortisation and impairment A t 1 August 2021 47.9 142.4 43.8 234.1 0.4 A mortisation charge for the yea r \u2013 34.6 2.0 36.6 \u2013 Disposals \u2013 (29.6) \u2013 (29.6) \u2013 A t 31 July 2022 47.9 147.4 45.8 241.1 0.4 A mortisation charge for the yea r \u2013 36.1 1.5 37.6 \u2013 Disposals \u2013 (15.7) \u2013 (15.7) (0.2) A t 31 July 2023 47.9 167.8 47.3 263.0 0.2 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2013 Net book value at 31 July 2022 94.7 152.1 5.2 252.0 \u2013 Net book value at 1 August 2021 95.0 130.4 7.2 232.6 \u2013 Software includes assets under development of \u00a388.8 million (31 July 2022: \u00a371.1 million). Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 years. In the 2023 financial year, \u00a31.5 million (2022: \u00a32.0 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a336.1 million (2022: \u00a334.6 million) of the amortisation charge is included in administrative expenses shown in the consolidated income statement. Impairment tests for goodwill At 31 July 2023, goodwill has been allocated to eight (31 July 2022: eight) individual CGUs. Six (31 July 2022: six) are within the Banking division, one is the Asset Management division and the remaining one is Winterflood in the Securities division. Goodwill is allocated to the CGU in which the historical acquisition occurred and hence the goodwill originated. Further information on the performance of each division can be found in Note 3 \u2018Segmental Analysis\u2019. Goodwill impairment reviews are carried out annually by assessing the recoverable amount of the group\u2019s CGUs, which is the higher of fair value less costs to sell and value in use. The recoverable amounts for all CGUs were measured based on value in use. A value in use calculation uses discounted cash flow forecasts based on the most recent three-year plans to determine the recoverable amount of each CGU. The key assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates and net return on loan book in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected market- making conditions in the Winterflood CGU. Beyond the group\u2019s three-year planning horizon, estimates of future cash flows in the fourth and fifth years are made by management with due consideration given to the key assumptions set out above. After the fifth year, a terminal value is calculated using an annual growth rate of 2%, which is consistent with the UK government\u2019s long-term inflation target. In the prior year, management applied a more prudent 0% annual growth rate. The cash flows are discounted using a pre-tax estimated weighted average cost of capital as set out in the following table. The methodology used to derive the discount rate for Winterflood was refined during the year. The discount rates used differ across the CGUs, reflecting the nature of the CGUs\u2019 business and the current market returns appropriate to the CGU that investors would require for a similar asset. At 31 July 2023, the results of the review indicate there is no goodwill impairment. The inputs used in the value in use calculations are sensitive primarily to changes in the assumptions for future cash flows, discount rates and long-term growth rates. Having performed stress tested value in use calculations, the group believes that any reasonably possible change in the key assumptions which have been used would not lead to the carrying value of any CGU to exceed its recoverable amount. Winterflood recorded lower profits in the year driven by difficult market conditions. The business has a long track record of trading profitably in a range of conditions and is well placed to take advantage when investor confidence recovers. Nevertheless, future market conditions remain uncertain and as such the value in use calculation for this CGU has been identified as a key source of estimation uncertainty as set out in Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows. A reduction in the year 4 and 5 cash flows to the level of year 3, combined with a further 40% reduction in the cash flows in year 5 and all subsequent years, would result in a recoverable amount that is marginally above the carrying value of the CGU. This scenario is a demonstration of sensitivity only and is not considered probable by management. Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the pre-tax discount rate used in determining value in use, are disclosed separately in the table below: 31 July 2023 31 July 2022 Cash generating unit Goodwill \u00a3 million Pre-tax discount rate % Goodwill \u00a3 million Pre-tax discount rate % Close Brothers Asset Management 39.8 11.6 39.9 10.4 Winterflood 23.3 16.9 23.3 16.7 Banking division CGUs 31.5 17.0-17.3 31.5 15.4-17.1 94.6 94.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-380": {
"value": "15. Property, Plant and Equipment Leasehold property \u00a3 million Fixtures, fittings and equipment \u00a3 million Assets held under operating leases \u00a3 million Motor vehicles \u00a3 million Right of use assets 1 \u00a3 million Total \u00a3 million Group Cost A t 1 August 2021 25.2 74.8 360.7 0.2 71.7 532.6 A dditions 0.6 4.3 67.8 \u2013 13.6 86.3 Disposals (4.9) (16.5) (30.3) \u2013 (6.8) (58.5) A t 31 July 2022 20.9 62.6 398.2 0.2 78.5 560.4 A dditions 1.0 7.5 93.1 0.2 24.7 126.5 Disposals (0.4) (4.6) (42.2) \u2013 (9.2) (56.4) A t 31 July 2023 21.5 65.5 449.1 0.4 94.0 630.5 Depreciation A t 1 August 2021 15.7 47.5 137.8 0.1 21.6 222.7 Depreciation and impairment charges for the year 2.2 7.6 40.6 0.1 13.2 63.7 Disposals (4.9) (18.2) (20.2) \u2013 (5.2) (48.5) A t 31 July 2022 13.0 36.9 158.2 0.2 29.6 237.9 Depreciation and impairment charges for the year 2.4 8.3 45.5 \u2013 14.4 70.6 Disposals (0.4) (4.3) (25.8) \u2013 (4.6) (35.1) A t 31 July 2023 15.0 40.9 177.9 0.2 39.4 273.4 Net book value at 31 July 2023 6.5 24.6 271.2 0.2 54.6 357.1 Net book value at 31 July 2022 7.9 25.7 240.0 \u2013 48.9 322.5 Net book value at 1 August 2021 9.5 27.3 222.9 0.1 50.1 309.9 1. Right of use assets primarily relate to the group\u2019s leasehold properties. There was a gain of \u00a33.3 million from the sale of assets held under operating leases for the year ended 31 July 2023 (2022: \u00a33.2 million). 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Future minimum lease rentals receivable under non-cancellable operating leases One year or within one year 50.8 49.2 >One to two years 34.1 28.2 >Two to three years 22.5 13.5 >Three to four years 14.9 5.6 >Four to five years 8.1 2.9 More than five years 2.3 0.6 132.7 100.0 Leasehold property \u00a3 million Fixtures, fittings and equipment \u00a3 million Total \u00a3 million Company Cost A t 1 August 2021 0.3 11.8 12.1 A dditions \u2013 \u2013 \u2013 A t 31 July 2022 0.3 11.8 12.1 A dditions \u2013 \u2013 \u2013 A t 31 July 2023 0.3 11.8 12.1 Depreciation A t 1 August 2021 \u2013 0.6 0.6 Charge for the year 0.1 1.2 1.3 A t 31 July 2022 0.1 1.8 1.9 Charge for the year \u2013 1.3 1.3 A t 31 July 2023 0.1 3.1 3.2 Net book value at 31 July 2023 0.2 8.7 8.9 Net book value at 31 July 2022 0.2 10.0 10.2 Net book value at 1 August 2021 0.3 11.2 11.5 The net book value of leasehold property comprises: Group Company 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Long leasehold property 1.2 1.3 0.2 0.2 Short leasehold property 5.3 6.6 \u2013 \u2013 6.5 7.9 0.2 0.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-381": {
"value": "16. Other Assets and Other Liabilities 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Prepayments, accrued income and other assets Prepayments 117.3 115.6 A ccrued income 20.0 14.9 Trade and other receivables 46.8 54.7 184.1 185.2 A ccruals, deferred income and other liabilities A ccruals 130.3 149.0 Deferred income 7.9 5.7 Trade and other payables 145.6 155.9 Provisions 19.2 23.9 303.0 334.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-419": {
"value": "16. Other Assets and Other Liabilities 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Prepayments, accrued income and other assets Prepayments 117.3 115.6 A ccrued income 20.0 14.9 Trade and other receivables 46.8 54.7 184.1 185.2 A ccruals, deferred income and other liabilities A ccruals 130.3 149.0 Deferred income 7.9 5.7 Trade and other payables 145.6 155.9 Provisions 19.2 23.9 303.0 334.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-438": {
"value": "31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Prepayments, accrued income and other assets Prepayments 117.3 115.6 A ccrued income 20.0 14.9 Trade and other receivables 46.8 54.7 184.1 185.2 A ccruals, deferred income and other liabilities A ccruals 130.3 149.0 Deferred income 7.9 5.7 Trade and other payables 145.6 155.9 Provisions 19.2 23.9 303.0 334.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-453": {
"value": "31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Prepayments, accrued income and other assets Prepayments 117.3 115.6 A ccrued income 20.0 14.9 Trade and other receivables 46.8 54.7 184.1 185.2 A ccruals, deferred income and other liabilities A ccruals 130.3 149.0 Deferred income 7.9 5.7 Trade and other payables 145.6 155.9 Provisions 19.2 23.9 303.0 334.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-439": {
"value": "Provisions movement in the year: Claims \u00a3 million Property \u00a3 million Other \u00a3 million Total \u00a3 million Group A t 1 August 2021 5.8 6.8 9.2 21.8 A dditions 5.8 1.1 2.2 9.1 Utilised (1.4) (0.6) (1.9) (3.9) Released (1.3) (0.6) (1.2) (3.1) A t 31 July 2022 8.9 6.7 8.3 23.9 A dditions 1.6 1.5 4.1 7.2 Utilised (6.2) \u2013 (2.0) (8.2) Released (2.0) (0.1) (1.6) (3.7) A t 31 July 2023 2.3 8.1 8.8 19.2 Property \u00a3 million Other \u00a3 million Total \u00a3 million Company A t 1 August 2021 0.4 2.6 3.0 A dditions \u2013 1.0 1.0 Utilised \u2013 (0.4) (0.4) Released \u2013 (0.2) (0.2) A t 31 July 2022 0.4 3.0 3.4 A dditions \u2013 0.4 0.4 Utilised \u2013 (0.7) (0.7) Released \u2013 (0.7) (0.7) A t 31 July 2023 0.4 2.0 2.4 Provisions are made for claims and other items which arise in the normal course of business. Claims relate to legal and regulatory cases, while other items largely relate to property dilapidations and employee benefits. For such matters, a provision is recognised where it is determined that there is a present obligation arising from a past event, payment is probable, and the amount can be estimated reliably. The timing and/or outcome of these claims and other items are uncertain. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-382": {
"value": "17. Settlement Balances and Short Positions 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Settlement balances 686.0 780.7 Short positions in: Debt securities 3.5 7.5 Equity shares 6.4 7.9 9.9 15.4 695.9 796.1",
"dimensions": {
"concept": "closebrothers:DisclosureOfSettlementBalancesAndShortPositions",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-383": {
"value": "18. Financial Liabilities On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Deposits by banks 10.3 43.6 88.0 \u2013 \u2013 \u2013 141.9 Deposits by customers 175.1 1,836.4 3,745.9 1,305.0 662.1 \u2013 7,724.5 Loans and overdrafts from banks 31.8 20.1 228.0 262.0 110.0 \u2013 651.9 Debt securities in issue \u2013 30.4 228.7 197.8 1,261.8 293.9 2,012.6 A t 31 July 2023 217.2 1,930.5 4,290.6 1,764.8 2,033.9 293.9 10,530.9 On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Deposits by banks 6.1 52.0 102.4 \u2013 \u2013 \u2013 160.5 Deposits by customers 120.9 1,645.2 3,615.6 1,058.8 329.9 \u2013 6,770.4 Loans and overdrafts from banks 12.1 10.7 \u2013 228.0 371.9 \u2013 622.7 Debt securities in issue \u2013 26.7 855.3 249.4 567.0 362.5 2,060.9 A t 31 July 2022 139.1 1,734.6 4,573.3 1,536.2 1,268.8 362.5 9,614.5 At 31 July 2023, the parent company held \u00a3250.5 million (31 July 2022: \u00a3251.5 million) of non-instalment debt securities in issue with an interest rate of 7.75% and a final maturity date of 2028. As outlined in note 26(c) at 31 July 2023 the group accessed \u00a3600.0 million (31 July 2022: \u00a3600.0 million) and \u00a35.0 million (31 July 2022: \u00a3nil) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs and Indexed Long-Term Repo respectively. Cash from these schemes is included within loans and overdrafts from banks. Residual maturities of the schemes are as follows: On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million A t 31 July 2023 \u2013 7.6 228.0 262.0 110.0 \u2013 607.6 A t 31 July 2022 \u2013 0.6 \u2013 228.0 372.0 \u2013 600.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-440": {
"value": "18. Financial Liabilities On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Deposits by banks 10.3 43.6 88.0 \u2013 \u2013 \u2013 141.9 Deposits by customers 175.1 1,836.4 3,745.9 1,305.0 662.1 \u2013 7,724.5 Loans and overdrafts from banks 31.8 20.1 228.0 262.0 110.0 \u2013 651.9 Debt securities in issue \u2013 30.4 228.7 197.8 1,261.8 293.9 2,012.6 A t 31 July 2023 217.2 1,930.5 4,290.6 1,764.8 2,033.9 293.9 10,530.9 On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Deposits by banks 6.1 52.0 102.4 \u2013 \u2013 \u2013 160.5 Deposits by customers 120.9 1,645.2 3,615.6 1,058.8 329.9 \u2013 6,770.4 Loans and overdrafts from banks 12.1 10.7 \u2013 228.0 371.9 \u2013 622.7 Debt securities in issue \u2013 26.7 855.3 249.4 567.0 362.5 2,060.9 A t 31 July 2022 139.1 1,734.6 4,573.3 1,536.2 1,268.8 362.5 9,614.5 At 31 July 2023, the parent company held \u00a3250.5 million (31 July 2022: \u00a3251.5 million) of non-instalment debt securities in issue with an interest rate of 7.75% and a final maturity date of 2028. As outlined in note 26(c) at 31 July 2023 the group accessed \u00a3600.0 million (31 July 2022: \u00a3600.0 million) and \u00a35.0 million (31 July 2022: \u00a3nil) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs and Indexed Long-Term Repo respectively. Cash from these schemes is included within loans and overdrafts from banks. Residual maturities of the schemes are as follows: On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million A t 31 July 2023 \u2013 7.6 228.0 262.0 110.0 \u2013 607.6 A t 31 July 2022 \u2013 0.6 \u2013 228.0 372.0 \u2013 600.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-420": {
"value": "18. Financial Liabilities On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Deposits by banks 10.3 43.6 88.0 \u2013 \u2013 \u2013 141.9 Deposits by customers 175.1 1,836.4 3,745.9 1,305.0 662.1 \u2013 7,724.5 Loans and overdrafts from banks 31.8 20.1 228.0 262.0 110.0 \u2013 651.9 Debt securities in issue \u2013 30.4 228.7 197.8 1,261.8 293.9 2,012.6 A t 31 July 2023 217.2 1,930.5 4,290.6 1,764.8 2,033.9 293.9 10,530.9 On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million Deposits by banks 6.1 52.0 102.4 \u2013 \u2013 \u2013 160.5 Deposits by customers 120.9 1,645.2 3,615.6 1,058.8 329.9 \u2013 6,770.4 Loans and overdrafts from banks 12.1 10.7 \u2013 228.0 371.9 \u2013 622.7 Debt securities in issue \u2013 26.7 855.3 249.4 567.0 362.5 2,060.9 A t 31 July 2022 139.1 1,734.6 4,573.3 1,536.2 1,268.8 362.5 9,614.5 At 31 July 2023, the parent company held \u00a3250.5 million (31 July 2022: \u00a3251.5 million) of non-instalment debt securities in issue with an interest rate of 7.75% and a final maturity date of 2028. As outlined in note 26(c) at 31 July 2023 the group accessed \u00a3600.0 million (31 July 2022: \u00a3600.0 million) and \u00a35.0 million (31 July 2022: \u00a3nil) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs and Indexed Long-Term Repo respectively. Cash from these schemes is included within loans and overdrafts from banks. Residual maturities of the schemes are as follows: On demand \u00a3 million Within three months \u00a3 million Between three months and one year \u00a3 million Between one and two years \u00a3 million Between two and five years \u00a3 million After more than five years \u00a3 million Total \u00a3 million A t 31 July 2023 \u2013 7.6 228.0 262.0 110.0 \u2013 607.6 A t 31 July 2022 \u2013 0.6 \u2013 228.0 372.0 \u2013 600.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-384": {
"value": "19. Subordinated Loan Capital Prepayment date Initial interest rate 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Final maturity date 2031 2026 2.00% 174.9 186.5 174.9 186.5 At 31 July 2023, the parent company held \u00a3200.4 million (31 July 2022: \u00a3200.1 million restated) of subordinated loan capital with an interest rate of 2.00% and a final maturity date of 2031. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-385": {
"value": "20. Called Up Share Capital and Distributable Reserves 31 July 2023 31 July 2022 million \u00a3 million million \u00a3 million Group and company Ordinary shares of 25p each (allotted, issued and fully paid) 152.1 38.0 152.1 38.0 At 31 July 2023, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006 were \u00a3401.9 million (2022: \u00a3436.2 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in determining this. Additional disclosures on the group\u2019s capital position and capital risk can be found on pages 99 to 100 in the Risk Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-441": {
"value": "20. Called Up Share Capital and Distributable Reserves 31 July 2023 31 July 2022 million \u00a3 million million \u00a3 million Group and company Ordinary shares of 25p each (allotted, issued and fully paid) 152.1 38.0 152.1 38.0 At 31 July 2023, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006 were \u00a3401.9 million (2022: \u00a3436.2 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in determining this. Additional disclosures on the group\u2019s capital position and capital risk can be found on pages 99 to 100 in the Risk Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-421": {
"value": "20. Called Up Share Capital and Distributable Reserves 31 July 2023 31 July 2022 million \u00a3 million million \u00a3 million Group and company Ordinary shares of 25p each (allotted, issued and fully paid) 152.1 38.0 152.1 38.0 At 31 July 2023, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006 were \u00a3401.9 million (2022: \u00a3436.2 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in determining this. Additional disclosures on the group\u2019s capital position and capital risk can be found on pages 99 to 100 in the Risk Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-386": {
"value": "21. Guarantees, Commitments and Contingent Liabilities Guarantees Group Company 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Earliest period in which guarantee could be called Within one year 114.0 109.3 105.0 106.0 More than one year 3.2 3.3 \u2013 \u2013 117.2 112.6 105.0 106.0 Where the group undertakes to make a payment on behalf of its subsidiaries for guarantees issued, such as bank facilities or property leases or as irrevocable letters of credit for which an obligation to make a payment to a third party has not arisen at the reporting date, they are included in these consolidated financial statements as contingent liabilities. Commitments Undrawn facilities, credit lines and other commitments to lend 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Within one year1 1,228.5 1,223.4 1. Includes both revocable and irrevocable commitments. Other commitments Subsidiaries had contracted capital and other financial commitments of \u00a380.6 million (2022: \u00a3119.7 million). Operating lease commitments During the year, the company recognised lease payments as an expense of \u00a32.1 million (2022: \u00a32.1 million). At 31 July 2023, the company had future minimum lease payments under non-cancellable operating leases relating to property of \u00a32.1 million within one year, \u00a38.3 million between one and five years, and \u00a34.3 million after more than five years, totalling \u00a314.7 million (31 July 2022: \u00a32.1 million, \u00a38.3 million, and \u00a36.4 million respectively, totalling \u00a316.8 million). Contingent liabilities Motor Finance commission arrangements The Group has received a number of complaints, some of which are with the Financial Ombudsman Service, and is subject to a number of claims through the courts regarding historic commission arrangements with intermediaries on its Motor Finance products. This follows the FCA\u2019s Motor Market Review in 2019. Depending on the outcome of the court\u2019s rulings and/or regulatory findings on the matter, these complaints and claims may give rise to a potential future obligation to compensate customers. It is not currently possible to estimate the financial impact, if any, or scope of these or any future related claims. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-442": {
"value": "21. Guarantees, Commitments and Contingent Liabilities Guarantees Group Company 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Earliest period in which guarantee could be called Within one year 114.0 109.3 105.0 106.0 More than one year 3.2 3.3 \u2013 \u2013 117.2 112.6 105.0 106.0 Where the group undertakes to make a payment on behalf of its subsidiaries for guarantees issued, such as bank facilities or property leases or as irrevocable letters of credit for which an obligation to make a payment to a third party has not arisen at the reporting date, they are included in these consolidated financial statements as contingent liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-422": {
"value": "Commitments Undrawn facilities, credit lines and other commitments to lend 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million Within one year1 1,228.5 1,223.4 1. Includes both revocable and irrevocable commitments. Other commitments Subsidiaries had contracted capital and other financial commitments of \u00a380.6 million (2022: \u00a3119.7 million). Operating lease commitments During the year, the company recognised lease payments as an expense of \u00a32.1 million (2022: \u00a32.1 million). At 31 July 2023, the company had future minimum lease payments under non-cancellable operating leases relating to property of \u00a32.1 million within one year, \u00a38.3 million between one and five years, and \u00a34.3 million after more than five years, totalling \u00a314.7 million (31 July 2022: \u00a32.1 million, \u00a38.3 million, and \u00a36.4 million respectively, totalling \u00a316.8 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-443": {
"value": "Contingent liabilities Motor Finance commission arrangements The Group has received a number of complaints, some of which are with the Financial Ombudsman Service, and is subject to a number of claims through the courts regarding historic commission arrangements with intermediaries on its Motor Finance products. This follows the FCA\u2019s Motor Market Review in 2019. Depending on the outcome of the court\u2019s rulings and/or regulatory findings on the matter, these complaints and claims may give rise to a potential future obligation to compensate customers. It is not currently possible to estimate the financial impact, if any, or scope of these or any future related claims. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-387": {
"value": "22. Related Party Transactions Transactions with key management Details of directors\u2019 remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration Report. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an entity; the group\u2019s key management are the members of the group\u2019s Executive Committee, which includes all executive directors, together with its non-executive directors. The table below details, on an aggregated basis, key management personnel emoluments: 2023 \u00a3 million 2022 \u00a3 million Emoluments Salaries and fees 5.7 5.8 Benefits and allowances 0.6 0.5 Performance related awards in respect of the current year: Cash 1.7 3.1 Deferred \u2013 0.8 8.0 10.2 Share-based awards (0.9) 2.3 7.1 12.5 Gains upon exercise of options by key management personnel, expensed to the income statement in previous years, totalled \u00a31.4 million (2022: \u00a31.1 million). Key management have banking and asset management relationships with group entities which are entered into in the normal course of business. Amounts included in deposits by customers at 31 July 2023 attributable, in aggregate, to key management were \u00a30.5 million (31 July 2022: \u00a30.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-444": {
"value": "22. Related Party Transactions Transactions with key management Details of directors\u2019 remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration Report. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an entity; the group\u2019s key management are the members of the group\u2019s Executive Committee, which includes all executive directors, together with its non-executive directors. The table below details, on an aggregated basis, key management personnel emoluments: 2023 \u00a3 million 2022 \u00a3 million Emoluments Salaries and fees 5.7 5.8 Benefits and allowances 0.6 0.5 Performance related awards in respect of the current year: Cash 1.7 3.1 Deferred \u2013 0.8 8.0 10.2 Share-based awards (0.9) 2.3 7.1 12.5 Gains upon exercise of options by key management personnel, expensed to the income statement in previous years, totalled \u00a31.4 million (2022: \u00a31.1 million). Key management have banking and asset management relationships with group entities which are entered into in the normal course of business. Amounts included in deposits by customers at 31 July 2023 attributable, in aggregate, to key management were \u00a30.5 million (31 July 2022: \u00a30.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-423": {
"value": "22. Related Party Transactions Transactions with key management Details of directors\u2019 remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration Report. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an entity; the group\u2019s key management are the members of the group\u2019s Executive Committee, which includes all executive directors, together with its non-executive directors. The table below details, on an aggregated basis, key management personnel emoluments: 2023 \u00a3 million 2022 \u00a3 million Emoluments Salaries and fees 5.7 5.8 Benefits and allowances 0.6 0.5 Performance related awards in respect of the current year: Cash 1.7 3.1 Deferred \u2013 0.8 8.0 10.2 Share-based awards (0.9) 2.3 7.1 12.5 Gains upon exercise of options by key management personnel, expensed to the income statement in previous years, totalled \u00a31.4 million (2022: \u00a31.1 million). Key management have banking and asset management relationships with group entities which are entered into in the normal course of business. Amounts included in deposits by customers at 31 July 2023 attributable, in aggregate, to key management were \u00a30.5 million (31 July 2022: \u00a30.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-388": {
"value": "23. Pensions The group operates defined contribution pension schemes for eligible employees as well as a defined benefit pension scheme which is closed to new members and further accrual. Assets of all schemes are held separately from those of the group. Defined contribution schemes During the year the charge to the consolidated income statement for the group\u2019s defined contribution pension schemes was \u00a316.5 million (2022: \u00a316.9 million), representing contributions payable by the group and is included in administrative expenses. Defined benefit pension scheme The group\u2019s only defined benefit pension scheme (\u201cthe scheme\u201d) is a final salary scheme which operates under trust law. The scheme is managed and administered in accordance with the scheme\u2019s Trust Deed and Rules and all relevant legislation by a trustee board made up of trustees nominated by both the company and the members. During the year, the scheme entered into a buy-in transaction with an insurance company covering all members of the scheme. A buy-in is a bulk annuity policy that matches the scheme\u2019s assets and liabilities. It represents a significant de-risking of the investment portfolio and hence a significant reduction in the group\u2019s long-term exposure to pension funding risk. As a result of this transaction, the pension surplus on the group\u2019s balance sheet has fallen to \u00a31.3 million (31 July 2022: \u00a37.2 million) relating to the cash held by the scheme, with the fair value of the insurance policy matched to the fair value of the scheme\u2019s liabilities, which remains subject to changes in actuarial valuations as presented in this note. The loss of the pension surplus represents the one-off premium paid for the insurance policy and is recognised within other comprehensive income. The scheme was closed to new entrants in August 1996 and closed to further accrual during 2012. At 31 July 2023 this scheme had 24 (31 July 2022: 26) deferred members, 56 (31 July 2022: 54) pensioners and dependants and 8 (31 July 2022: 8) insured annuitants. Funding position The scheme\u2019s most recent triennial actuarial valuation at 31 July 2021 showed that the scheme was fully funded. As such, no further contributions are scheduled. IAS 19 valuation The following disclosures are reported in accordance with IAS 19. Significant actuarial assumptions are as follows: 2023 % 2022 % Inflation rate (Retail Price Index) 3.5 3.5 Inflation rate (Consumer Price Index) 3.1 3.1 Discount rate for scheme liabilities 1 5.2 3.4 Expected interest/expected long-term return on plan assets 5.2 3.4 Mortality assumptions 2 : Existing pensioners from age 65, life expectancy (years): Men 23.0 23.5 Women 24.8 25.3 Non-retired members currently aged 50, life expectancy from age 65 (years): Men 23.7 24.3 Women 26.1 26.6 1. Based on market yields at 31 July 2023 and 2022 on high quality sterling-denominated corporate bonds, adjusted to be consistent with the estimated term of the post-employment bene\ufb01t obligation, using the Willis Towers Watson model \u201cGlobal RATE:Link\u201d. 2. Based on standard tables SAPS S2 Light (2022: SAPS S2 Light) produced by the CMI Bureau of the Institute and Faculty of Actuaries with adjusted mortality multipliers for pensioners and non-pensioners, together with projected future improvements in line with the CMI 2022 (2022: CMI 2020) core projection model with a long-term trend of 1.5% per annum. The scheme has been accounted for in the company and the surplus has been recognised as an asset on the company and group\u2019s balance sheet within \u201cTrade and other receivables\u201d. The group has the unconditional right to any surpluses that arise within the scheme once all benefits have been secured in full. As such no asset ceiling has been applied, and accordingly the scheme surplus is recognised on the consolidated balance sheet. 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Fair value of scheme assets 1 : Equities \u2013 \u2013 9.4 14.0 13.1 Bonds \u2013 30.3 33.6 32.3 29.9 Cash 1.4 3.5 0.2 0.3 0.2 Insured annuities 22.4 1.0 \u2013 \u2013 \u2013 Total assets 23.8 34.8 43.2 46.6 43.2 Fair value of liabilities (22.5) (27.6) (35.6) (39.2) (36.5) Surplus 1.3 7.2 7.6 7.4 6.7 1. There are no amounts included within the fair value of scheme assets relating to the \ufb01nancial instruments of Close Brothers Group plc. Movement in the present value of scheme liabilities during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August (27.6) (35.6) Interest expense (0.9) (0.6) Benefits paid 1.1 1.0 A ctuarial gain 4.9 8.6 Other \u2013 (1.0) Carrying amount at 31 July (22.5) (27.6 ) Movement in the fair value of scheme assets during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August 34.8 43.2 Interest income 1.1 0.7 Benefits paid (1.1) (1.0) A dministrative costs (0.4) (0.4) Return on assets excluding interest income (10.6) (8.7) Other \u2013 1.0 Carrying amount at 31 July 23.8 34.8 Historical experience of actuarial gains/(losses) are shown below: 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Experience (losses)/gains on scheme assets (10.6) (8.7) 1.9 4.1 3.3 Experience (losses)/gains on scheme liabilities (0.9) 0.4 \u2013 \u2013 1.3 Impact of changes in assumptions 5.8 8.2 (1.4) (3.2) (2.7) Total actuarial changes in liabilities 4.9 8.6 (1.4) (3.2) (1.4) Total actuarial (losses)/gains (5.7) (0.1) 0.5 0.9 1.9 Total actuarial losses have been recognised in other comprehensive income. Income of \u00a30.2 million (2022: \u00a30.1 million) from the interest on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s policy is not to allocate the net defined benefit cost between group entities participating in the scheme. The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in those assumptions in 2023 and 2022 is set out below. The analysis reflects the variation of the individual assumptions. The variation in price inflation includes all inflation-linked pension increases in deferment and in payment. Impact on defined benefit obligation increase/(decrease) 2023 2022 Key assumption Sensitivity % \u00a3 million % \u00a3 million Discount rate 0.25% decrease/(increase) 2.9 0.7 (3.2) (0.9) Price inflation 0.25% increase 1.1 0.3 1.6 0.4 Mortality Increase in life expectancy at age 65 by one year 2.6 0.6 3.0 0.8 Changes in the assumptions used in the valuation due to external factors would affect the carrying value of the scheme. The most significant risks are: \u2022 Market factors (movements in equity and bond markets): The scheme\u2019s unquoted assets are invested 6% in cash and 94% in insured annuities (31 July 2022: 87% quoted bonds, 10% cash and 3% insured annuities) and the scheme\u2019s liabilities are measured with reference to corporate bond yields. The performance of these asset classes can be volatile. Underperformance of either of these markets would have an adverse impact on the carrying value of the scheme. \u2022 Inflation: Deferred pensions and pensions in payment increase at specified periods in line with inflation, subject to certain caps and floors in place. Changes in inflation may impact scheme liabilities. \u2022 Life expectancy: Change in the life expectancy of the scheme\u2019s members may impact scheme liabilities. The weighted average duration of the benefit payments reflected in the scheme liabilities is 12 years (2022: 14 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-424": {
"value": "Defined contribution schemes During the year the charge to the consolidated income statement for the group\u2019s defined contribution pension schemes was \u00a316.5 million (2022: \u00a316.9 million), representing contributions payable by the group and is included in administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-425": {
"value": "Defined benefit pension scheme The group\u2019s only defined benefit pension scheme (\u201cthe scheme\u201d) is a final salary scheme which operates under trust law. The scheme is managed and administered in accordance with the scheme\u2019s Trust Deed and Rules and all relevant legislation by a trustee board made up of trustees nominated by both the company and the members. During the year, the scheme entered into a buy-in transaction with an insurance company covering all members of the scheme. A buy-in is a bulk annuity policy that matches the scheme\u2019s assets and liabilities. It represents a significant de-risking of the investment portfolio and hence a significant reduction in the group\u2019s long-term exposure to pension funding risk. As a result of this transaction, the pension surplus on the group\u2019s balance sheet has fallen to \u00a31.3 million (31 July 2022: \u00a37.2 million) relating to the cash held by the scheme, with the fair value of the insurance policy matched to the fair value of the scheme\u2019s liabilities, which remains subject to changes in actuarial valuations as presented in this note. The loss of the pension surplus represents the one-off premium paid for the insurance policy and is recognised within other comprehensive income. The scheme was closed to new entrants in August 1996 and closed to further accrual during 2012. At 31 July 2023 this scheme had 24 (31 July 2022: 26) deferred members, 56 (31 July 2022: 54) pensioners and dependants and 8 (31 July 2022: 8) insured annuitants. Funding position The scheme\u2019s most recent triennial actuarial valuation at 31 July 2021 showed that the scheme was fully funded. As such, no further contributions are scheduled. IAS 19 valuation The following disclosures are reported in accordance with IAS 19. Significant actuarial assumptions are as follows: 2023 % 2022 % Inflation rate (Retail Price Index) 3.5 3.5 Inflation rate (Consumer Price Index) 3.1 3.1 Discount rate for scheme liabilities 1 5.2 3.4 Expected interest/expected long-term return on plan assets 5.2 3.4 Mortality assumptions 2 : Existing pensioners from age 65, life expectancy (years): Men 23.0 23.5 Women 24.8 25.3 Non-retired members currently aged 50, life expectancy from age 65 (years): Men 23.7 24.3 Women 26.1 26.6 1. Based on market yields at 31 July 2023 and 2022 on high quality sterling-denominated corporate bonds, adjusted to be consistent with the estimated term of the post-employment bene\ufb01t obligation, using the Willis Towers Watson model \u201cGlobal RATE:Link\u201d. 2. Based on standard tables SAPS S2 Light (2022: SAPS S2 Light) produced by the CMI Bureau of the Institute and Faculty of Actuaries with adjusted mortality multipliers for pensioners and non-pensioners, together with projected future improvements in line with the CMI 2022 (2022: CMI 2020) core projection model with a long-term trend of 1.5% per annum. The scheme has been accounted for in the company and the surplus has been recognised as an asset on the company and group\u2019s balance sheet within \u201cTrade and other receivables\u201d. The group has the unconditional right to any surpluses that arise within the scheme once all benefits have been secured in full. As such no asset ceiling has been applied, and accordingly the scheme surplus is recognised on the consolidated balance sheet. 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Fair value of scheme assets 1 : Equities \u2013 \u2013 9.4 14.0 13.1 Bonds \u2013 30.3 33.6 32.3 29.9 Cash 1.4 3.5 0.2 0.3 0.2 Insured annuities 22.4 1.0 \u2013 \u2013 \u2013 Total assets 23.8 34.8 43.2 46.6 43.2 Fair value of liabilities (22.5) (27.6) (35.6) (39.2) (36.5) Surplus 1.3 7.2 7.6 7.4 6.7 1. There are no amounts included within the fair value of scheme assets relating to the \ufb01nancial instruments of Close Brothers Group plc. Movement in the present value of scheme liabilities during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August (27.6) (35.6) Interest expense (0.9) (0.6) Benefits paid 1.1 1.0 A ctuarial gain 4.9 8.6 Other \u2013 (1.0) Carrying amount at 31 July (22.5) (27.6 ) Movement in the fair value of scheme assets during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August 34.8 43.2 Interest income 1.1 0.7 Benefits paid (1.1) (1.0) A dministrative costs (0.4) (0.4) Return on assets excluding interest income (10.6) (8.7) Other \u2013 1.0 Carrying amount at 31 July 23.8 34.8 Historical experience of actuarial gains/(losses) are shown below: 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Experience (losses)/gains on scheme assets (10.6) (8.7) 1.9 4.1 3.3 Experience (losses)/gains on scheme liabilities (0.9) 0.4 \u2013 \u2013 1.3 Impact of changes in assumptions 5.8 8.2 (1.4) (3.2) (2.7) Total actuarial changes in liabilities 4.9 8.6 (1.4) (3.2) (1.4) Total actuarial (losses)/gains (5.7) (0.1) 0.5 0.9 1.9 Total actuarial losses have been recognised in other comprehensive income. Income of \u00a30.2 million (2022: \u00a30.1 million) from the interest on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s policy is not to allocate the net defined benefit cost between group entities participating in the scheme. The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in those assumptions in 2023 and 2022 is set out below. The analysis reflects the variation of the individual assumptions. The variation in price inflation includes all inflation-linked pension increases in deferment and in payment. Impact on defined benefit obligation increase/(decrease) 2023 2022 Key assumption Sensitivity % \u00a3 million % \u00a3 million Discount rate 0.25% decrease/(increase) 2.9 0.7 (3.2) (0.9) Price inflation 0.25% increase 1.1 0.3 1.6 0.4 Mortality Increase in life expectancy at age 65 by one year 2.6 0.6 3.0 0.8 Changes in the assumptions used in the valuation due to external factors would affect the carrying value of the scheme. The most significant risks are: \u2022 Market factors (movements in equity and bond markets): The scheme\u2019s unquoted assets are invested 6% in cash and 94% in insured annuities (31 July 2022: 87% quoted bonds, 10% cash and 3% insured annuities) and the scheme\u2019s liabilities are measured with reference to corporate bond yields. The performance of these asset classes can be volatile. Underperformance of either of these markets would have an adverse impact on the carrying value of the scheme. \u2022 Inflation: Deferred pensions and pensions in payment increase at specified periods in line with inflation, subject to certain caps and floors in place. Changes in inflation may impact scheme liabilities. \u2022 Life expectancy: Change in the life expectancy of the scheme\u2019s members may impact scheme liabilities. The weighted average duration of the benefit payments reflected in the scheme liabilities is 12 years (2022: 14 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-445": {
"value": "The group has the unconditional right to any surpluses that arise within the scheme once all benefits have been secured in full. As such no asset ceiling has been applied, and accordingly the scheme surplus is recognised on the consolidated balance sheet. 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Fair value of scheme assets 1 : Equities \u2013 \u2013 9.4 14.0 13.1 Bonds \u2013 30.3 33.6 32.3 29.9 Cash 1.4 3.5 0.2 0.3 0.2 Insured annuities 22.4 1.0 \u2013 \u2013 \u2013 Total assets 23.8 34.8 43.2 46.6 43.2 Fair value of liabilities (22.5) (27.6) (35.6) (39.2) (36.5) Surplus 1.3 7.2 7.6 7.4 6.7 1. There are no amounts included within the fair value of scheme assets relating to the \ufb01nancial instruments of Close Brothers Group plc. Movement in the present value of scheme liabilities during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August (27.6) (35.6) Interest expense (0.9) (0.6) Benefits paid 1.1 1.0 A ctuarial gain 4.9 8.6 Other \u2013 (1.0) Carrying amount at 31 July (22.5) (27.6 ) Movement in the fair value of scheme assets during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August 34.8 43.2 Interest income 1.1 0.7 Benefits paid (1.1) (1.0) A dministrative costs (0.4) (0.4) Return on assets excluding interest income (10.6) (8.7) Other \u2013 1.0 Carrying amount at 31 July 23.8 34.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-454": {
"value": "The group has the unconditional right to any surpluses that arise within the scheme once all benefits have been secured in full. As such no asset ceiling has been applied, and accordingly the scheme surplus is recognised on the consolidated balance sheet. 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Fair value of scheme assets 1 : Equities \u2013 \u2013 9.4 14.0 13.1 Bonds \u2013 30.3 33.6 32.3 29.9 Cash 1.4 3.5 0.2 0.3 0.2 Insured annuities 22.4 1.0 \u2013 \u2013 \u2013 Total assets 23.8 34.8 43.2 46.6 43.2 Fair value of liabilities (22.5) (27.6) (35.6) (39.2) (36.5) Surplus 1.3 7.2 7.6 7.4 6.7 1. There are no amounts included within the fair value of scheme assets relating to the \ufb01nancial instruments of Close Brothers Group plc. Movement in the present value of scheme liabilities during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August (27.6) (35.6) Interest expense (0.9) (0.6) Benefits paid 1.1 1.0 A ctuarial gain 4.9 8.6 Other \u2013 (1.0) Carrying amount at 31 July (22.5) (27.6 Movement in the fair value of scheme assets during the year: 2023 \u00a3 million 2022 \u00a3 million Carrying amount at 1 August 34.8 43.2 Interest income 1.1 0.7 Benefits paid (1.1) (1.0) A dministrative costs (0.4) (0.4) Return on assets excluding interest income (10.6) (8.7) Other \u2013 1.0 Carrying amount at 31 July 23.8 34.8 Historical experience of actuarial gains/(losses) are shown below: 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Experience (losses)/gains on scheme assets (10.6) (8.7) 1.9 4.1 3.3 Experience (losses)/gains on scheme liabilities (0.9) 0.4 \u2013 \u2013 1.3 Impact of changes in assumptions 5.8 8.2 (1.4) (3.2) (2.7) Total actuarial changes in liabilities 4.9 8.6 (1.4) (3.2) (1.4) Total actuarial (losses)/gains (5.7) (0.1) 0.5 0.9 1.9 Total actuarial losses have been recognised in other comprehensive income. Income of \u00a30.2 million (2022: \u00a30.1 million) from the interest on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s policy is not to allocate the net defined benefit cost between group entities participating in the scheme. The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in those assumptions in 2023 and 2022 is set out below. The analysis reflects the variation of the individual assumptions. The variation in price inflation includes all inflation-linked pension increases in deferment and in payment. Impact on defined benefit obligation increase/(decrease) 2023 2022 Key assumption Sensitivity % \u00a3 million % \u00a3 million Discount rate 0.25% decrease/(increase) 2.9 0.7 (3.2) (0.9) Price inflation 0.25% increase 1.1 0.3 1.6 0.4 Mortality Increase in life expectancy at age 65 by one year 2.6 0.6 3.0 0.8 Changes in the assumptions used in the valuation due to external factors would affect the carrying value of the scheme. The most significant risks are: \u2022 Market factors (movements in equity and bond markets): The scheme\u2019s unquoted assets are invested 6% in cash and 94% in insured annuities (31 July 2022: 87% quoted bonds, 10% cash and 3% insured annuities) and the scheme\u2019s liabilities are measured with reference to corporate bond yields. The performance of these asset classes can be volatile. Underperformance of either of these markets would have an adverse impact on the carrying value of the scheme. \u2022 Inflation: Deferred pensions and pensions in payment increase at specified periods in line with inflation, subject to certain caps and floors in place. Changes in inflation may impact scheme liabilities. \u2022 Life expectancy: Change in the life expectancy of the scheme\u2019s members may impact scheme liabilities. The weighted average duration of the benefit payments reflected in the scheme liabilities is 12 years (2022: 14 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-446": {
"value": "Historical experience of actuarial gains/(losses) are shown below: 2023 \u00a3 million 2022 \u00a3 million 2021 \u00a3 million 2020 \u00a3 million 2019 \u00a3 million Experience (losses)/gains on scheme assets (10.6) (8.7) 1.9 4.1 3.3 Experience (losses)/gains on scheme liabilities (0.9) 0.4 \u2013 \u2013 1.3 Impact of changes in assumptions 5.8 8.2 (1.4) (3.2) (2.7) Total actuarial changes in liabilities 4.9 8.6 (1.4) (3.2) (1.4) Total actuarial (losses)/gains (5.7) (0.1) 0.5 0.9 1.9 Total actuarial losses have been recognised in other comprehensive income. Income of \u00a30.2 million (2022: \u00a30.1 million) from the interest on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s policy is not to allocate the net defined benefit cost between group entities participating in the scheme. The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in those assumptions in 2023 and 2022 is set out below. The analysis reflects the variation of the individual assumptions. The variation in price inflation includes all inflation-linked pension increases in deferment and in payment. Impact on defined benefit obligation increase/(decrease) 2023 2022 Key assumption Sensitivity % \u00a3 million % \u00a3 million Discount rate 0.25% decrease/(increase) 2.9 0.7 (3.2) (0.9) Price inflation 0.25% increase 1.1 0.3 1.6 0.4 Mortality Increase in life expectancy at age 65 by one year 2.6 0.6 3.0 0.8 Changes in the assumptions used in the valuation due to external factors would affect the carrying value of the scheme. The most significant risks are: \u2022 Market factors (movements in equity and bond markets): The scheme\u2019s unquoted assets are invested 6% in cash and 94% in insured annuities (31 July 2022: 87% quoted bonds, 10% cash and 3% insured annuities) and the scheme\u2019s liabilities are measured with reference to corporate bond yields. The performance of these asset classes can be volatile. Underperformance of either of these markets would have an adverse impact on the carrying value of the scheme. \u2022 Inflation: Deferred pensions and pensions in payment increase at specified periods in line with inflation, subject to certain caps and floors in place. Changes in inflation may impact scheme liabilities. \u2022 Life expectancy: Change in the life expectancy of the scheme\u2019s members may impact scheme liabilities. The weighted average duration of the benefit payments reflected in the scheme liabilities is 12 years (2022: 14 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-389": {
"value": "24. Share-based Awards The Save As You Earn (\u201cSAYE\u201d), Long Term Incentive Plan (\u201cLTIP\u201d) and Deferred Share Awards (\u201cDSA\u201d) share-based awards have been granted under the group\u2019s share schemes. The general terms and conditions for these share-based awards are described on pages 186 to 188 in the Directors\u2019 Remuneration Report. In order to satisfy a number of the awards below the company has purchased company shares into Treasury and the Close Brothers Group Employee Share Trust has purchased company shares. At 31 July 2023, 1.6 million (31 July 2022: 1.6 million) and 1.5 million (31 July 2022: 1.4 million) of these shares were held respectively and in total \u00a340.0 million (2022: \u00a340.6 million) was recognised within the share-based payments reserve. During the year \u00a35.6 million (2022: \u00a34.9 million) of these shares were released to satisfy share-based awards to employees. The share-based payments reserve as shown in the consolidated statement of changes in equity also includes the cumulative position in relation to unvested share-based awards charged to the consolidated income statement of \u00a38.0 million (2022: \u00a311.4 million). The share-based awards charge of \u00a32.0 million (2022: \u00a34.9 million) is included in administrative expenses shown in the consolidated income statement. Movements in the number of share-based awards outstanding and their weighted average share prices are as follows: SAYE LTIP DSA Number Weighted average exercise price Number Weighted average exercise price Number Weighted average exercise price A t 1 August 2021 2,236,005 \u2013 1,253,774 \u2013 547,498 \u2013 Granted 420,863 1,042.6p 326,540 \u2013 196,576 \u2013 Exercised (71,478) 1,180.6p (19,549) \u2013 (267,051) \u2013 Forfeited (288,729) 969.8p (13,274) \u2013 (10,211) \u2013 Lapsed (26,290) 1,158.8p (189,633) \u2013 8,191 \u2013 A t 31 July 2022 2,270,371 \u2013 1,357,858 \u2013 475,003 \u2013 Granted 1,736,479 725.6p 397,568 \u2013 262,402 \u2013 Exercised (103,625) 875.0p (87,172) \u2013 (243,451) \u2013 Forfeited (967,425) 863.9p (137,965) \u2013 \u2013 \u2013 Lapsed (131,073) 1,118.9p (177,449) \u2013 (2,006) \u2013 A t 31 July 2023 2,804,727 \u2013 1,352,840 \u2013 491,948 \u2013 Exercisable at: 31 July 2023 280,152 893.8p 184,521 \u2013 40,656 \u2013 31 July 2022 48,978 1,184.4p 202,528 \u2013 74,008 \u2013 The table below shows the weighted average market price at the date of exercise: 2023 2022 SAYE 950.9p 1,319.2p LTI P 1,022.5p 1,460.4p DSA 994.5p 1,402.9p The range of exercise prices and weighted average remaining contractual life of awards and options outstanding are as follows: 2023 Options outstanding 2022 Options outstanding Number outstanding Weighted average remaining contractual life Years Number outstanding Weighted average remaining contractual life Years SAYE Between \u00a37 and \u00a38 2,269,108 2.8 1,131,601 2.6 Between \u00a38 and \u00a39 328,704 0.7 525,818 1.7 Between \u00a39 and \u00a310 101,476 2.7 282,400 3.7 Between \u00a310 and \u00a311 15,928 1.5 102,790 1.3 Between \u00a311 and \u00a312 8,284 0.8 70,081 0.9 Between \u00a312 and \u00a313 51,346 2.2 94,729 2.9 Between \u00a313 and \u00a314 29,881 1.8 62,952 2.7 LTIP Nil 1,352,840 3.3 1,357,858 3.4 DSA Nil 491,948 1.7 475,003 1.6 Tota l 4,649,515 2.7 4,103,232 2.6 For the share-based awards granted during the year, the weighted average fair value of those options at 31 July 2023 was 395.7p (31 July 2022: 928.8p). The main assumptions for the valuation of these share-based awards comprised: A t 31 July 2023 Exercise period Share price at issue Exercise price Expected volatility Expected option life in years Dividend yield Risk free interest rate SAYE 1 December 2025 to 31 May 2026 918.8p 735.0p 36.0% 3 7.2% 3.6% 1 December 2027 to 31 May 2028 918.8p 735.0p 31.0% 5 7.2% 4.0% 1 June 2026 to 30 November 2026 896.3p 717.0p 33.0% 3 7.0% 3.7% 1 June 2028 to 30 November 2028 896.3p 717.0p 32.0% 5 7.0% 3.6% LTIP 11 October 2025 to 10 October 2026 1,110.0p \u2013 36.0% 3 7.2% 3.6% 11 October 2026 to 10 October 2027 923.0p \u2013 33.0% 4 7.2% 3.6% DSA 10 October 2024 to 9 October 2025 923.1p \u2013 \u2013 \u2013 \u2013 \u2013 28 September 2023 to 26 September 2024 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 21 September 2023 to 19 September 2024 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 28 September 2024 to 27 September 2025 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 29 September 2025 to 27 September 2026 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 A t 31 July 2022 Exercise period Share price at issue Exercise price Expected volatility Expected option life in years Dividend yield Risk free interest rate SAYE 1 December 2024 to 31 May 2025 1,551.3p 1,241.0p 32.0% 3 4.1% 0.6% 1 December 2026 to 31 May 2027 1,551.3p 1,241.0p 28.0% 5 4.1% 0.7% 1 June 2025 to 30 November 2025 1,195.0p 956.0p 34.0% 3 5.1% 1.8% 1 June 2027 to 30 November 2027 1,195.0p 956.0p 30.0% 5 5.1% 1.8% LTIP 11 October 2024 to 10 October 2027 1,545.8p \u2013 32.0% 3 4.1% 0.6% DSA 5 October 2022 to 5 October 2024 1,545.8p \u2013 \u2013 \u2013 \u2013 \u2013 5 October 2024 to 5 October 2025 1,545.8p \u2013 \u2013 \u2013 \u2013 \u2013 22 March 2024 to 21 March 2025 1,192.0p \u2013 \u2013 \u2013 \u2013 \u2013 1 March 2025 to 28 February 2026 1,297.0p \u2013 \u2013 \u2013 \u2013 \u2013 Expected volatility was determined mainly by reviewing share price volatility for the expected life of each option up to the date of grant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-426": {
"value": "24. Share-based Awards The Save As You Earn (\u201cSAYE\u201d), Long Term Incentive Plan (\u201cLTIP\u201d) and Deferred Share Awards (\u201cDSA\u201d) share-based awards have been granted under the group\u2019s share schemes. The general terms and conditions for these share-based awards are described on pages 186 to 188 in the Directors\u2019 Remuneration Report. In order to satisfy a number of the awards below the company has purchased company shares into Treasury and the Close Brothers Group Employee Share Trust has purchased company shares. At 31 July 2023, 1.6 million (31 July 2022: 1.6 million) and 1.5 million (31 July 2022: 1.4 million) of these shares were held respectively and in total \u00a340.0 million (2022: \u00a340.6 million) was recognised within the share-based payments reserve. During the year \u00a35.6 million (2022: \u00a34.9 million) of these shares were released to satisfy share-based awards to employees. The share-based payments reserve as shown in the consolidated statement of changes in equity also includes the cumulative position in relation to unvested share-based awards charged to the consolidated income statement of \u00a38.0 million (2022: \u00a311.4 million). The share-based awards charge of \u00a32.0 million (2022: \u00a34.9 million) is included in administrative expenses shown in the consolidated income statement. Movements in the number of share-based awards outstanding and their weighted average share prices are as follows: SAYE LTIP DSA Number Weighted average exercise price Number Weighted average exercise price Number Weighted average exercise price A t 1 August 2021 2,236,005 \u2013 1,253,774 \u2013 547,498 \u2013 Granted 420,863 1,042.6p 326,540 \u2013 196,576 \u2013 Exercised (71,478) 1,180.6p (19,549) \u2013 (267,051) \u2013 Forfeited (288,729) 969.8p (13,274) \u2013 (10,211) \u2013 Lapsed (26,290) 1,158.8p (189,633) \u2013 8,191 \u2013 A t 31 July 2022 2,270,371 \u2013 1,357,858 \u2013 475,003 \u2013 Granted 1,736,479 725.6p 397,568 \u2013 262,402 \u2013 Exercised (103,625) 875.0p (87,172) \u2013 (243,451) \u2013 Forfeited (967,425) 863.9p (137,965) \u2013 \u2013 \u2013 Lapsed (131,073) 1,118.9p (177,449) \u2013 (2,006) \u2013 A t 31 July 2023 2,804,727 \u2013 1,352,840 \u2013 491,948 \u2013 Exercisable at: 31 July 2023 280,152 893.8p 184,521 \u2013 40,656 \u2013 31 July 2022 48,978 1,184.4p 202,528 \u2013 74,008 \u2013 The table below shows the weighted average market price at the date of exercise: 2023 2022 SAYE 950.9p 1,319.2p LTI P 1,022.5p 1,460.4p DSA 994.5p 1,402.9p The range of exercise prices and weighted average remaining contractual life of awards and options outstanding are as follows: 2023 Options outstanding 2022 Options outstanding Number outstanding Weighted average remaining contractual life Years Number outstanding Weighted average remaining contractual life Years SAYE Between \u00a37 and \u00a38 2,269,108 2.8 1,131,601 2.6 Between \u00a38 and \u00a39 328,704 0.7 525,818 1.7 Between \u00a39 and \u00a310 101,476 2.7 282,400 3.7 Between \u00a310 and \u00a311 15,928 1.5 102,790 1.3 Between \u00a311 and \u00a312 8,284 0.8 70,081 0.9 Between \u00a312 and \u00a313 51,346 2.2 94,729 2.9 Between \u00a313 and \u00a314 29,881 1.8 62,952 2.7 LTIP Nil 1,352,840 3.3 1,357,858 3.4 DSA Nil 491,948 1.7 475,003 1.6 Tota l 4,649,515 2.7 4,103,232 2.6 For the share-based awards granted during the year, the weighted average fair value of those options at 31 July 2023 was 395.7p (31 July 2022: 928.8p). The main assumptions for the valuation of these share-based awards comprised: A t 31 July 2023 Exercise period Share price at issue Exercise price Expected volatility Expected option life in years Dividend yield Risk free interest rate SAYE 1 December 2025 to 31 May 2026 918.8p 735.0p 36.0% 3 7.2% 3.6% 1 December 2027 to 31 May 2028 918.8p 735.0p 31.0% 5 7.2% 4.0% 1 June 2026 to 30 November 2026 896.3p 717.0p 33.0% 3 7.0% 3.7% 1 June 2028 to 30 November 2028 896.3p 717.0p 32.0% 5 7.0% 3.6% LTIP 11 October 2025 to 10 October 2026 1,110.0p \u2013 36.0% 3 7.2% 3.6% 11 October 2026 to 10 October 2027 923.0p \u2013 33.0% 4 7.2% 3.6% DSA 10 October 2024 to 9 October 2025 923.1p \u2013 \u2013 \u2013 \u2013 \u2013 28 September 2023 to 26 September 2024 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 21 September 2023 to 19 September 2024 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 28 September 2024 to 27 September 2025 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 29 September 2025 to 27 September 2026 965.0p \u2013 \u2013 \u2013 \u2013 \u2013 A t 31 July 2022 Exercise period Share price at issue Exercise price Expected volatility Expected option life in years Dividend yield Risk free interest rate SAYE 1 December 2024 to 31 May 2025 1,551.3p 1,241.0p 32.0% 3 4.1% 0.6% 1 December 2026 to 31 May 2027 1,551.3p 1,241.0p 28.0% 5 4.1% 0.7% 1 June 2025 to 30 November 2025 1,195.0p 956.0p 34.0% 3 5.1% 1.8% 1 June 2027 to 30 November 2027 1,195.0p 956.0p 30.0% 5 5.1% 1.8% LTIP 11 October 2024 to 10 October 2027 1,545.8p \u2013 32.0% 3 4.1% 0.6% DSA 5 October 2022 to 5 October 2024 1,545.8p \u2013 \u2013 \u2013 \u2013 \u2013 5 October 2024 to 5 October 2025 1,545.8p \u2013 \u2013 \u2013 \u2013 \u2013 22 March 2024 to 21 March 2025 1,192.0p \u2013 \u2013 \u2013 \u2013 \u2013 1 March 2025 to 28 February 2026 1,297.0p \u2013 \u2013 \u2013 \u2013 \u2013 Expected volatility was determined mainly by reviewing share price volatility for the expected life of each option up to the date of grant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-390": {
"value": "25. Consolidated Cash Flow Statement Reconciliation 2023 \u00a3 million 2022 \u00a3 million (a) Reconciliation of operating pro\ufb01t before tax to net cash in\ufb02ow from operating activities Operating profit before tax 112.0 232.8 Tax paid (7.4) (63.4) Depreciation, amortisation and impairment 108.2 100.3 Impairment losses on financial assets 204.1 103.3 (Increase)/decrease in: Interest receivable and prepaid expenses (6.8) 19.8 Net settlement balances and trading positions (11.4) 17.2 Net loans from money brokers against stock advanced 15.6 2.7 Decrease in interest payable and accrued expenses (16.5) (32.2) Net cash in\ufb02ow from trading activities 397.8 380.5 Cash (outflow)/inflow arising from changes in: Loans and advances to banks not repayable on demand (21.1) (5.3) Loans and advances to customers (584.3) (515.0) A ssets let under operating leases (73.2) (54.5) Certificates of deposit 185.0 79.7 Sovereign and central bank debt 191.2 (255.3) Covered bonds (105.4) \u2013 Deposits by banks (22.1) 11.8 Deposits by customers 942.5 142.7 Loans and overdrafts from banks 29.2 110.0 Debt securities in issue (net) 14.4 270.5 Derivative financial instruments (net) 70.4 \u2013 Other assets less other liabilities (3.0) (6.4) Net cash in\ufb02ow from operating activities 1,021.4 158.7 (b) Analysis of net cash out\ufb02ow in respect of the purchase of subsidiaries and non-controlling interests Cash consideration paid (0.5) (0.1) (c) Analysis of net cash in\ufb02ow in respect of the sale of subsidiaries Cash consideration received \u2013 0.1 (d) Analysis of cash and cash equivalents 1 Cash and balances at central banks 1,918.4 1,236.0 Loans and advances to banks 290.9 147.0 A t 31 July 2,209.3 1,383.0 1. Excludes \u00a358.0 million (2022: \u00a337.1 million) of Bank of England and other cash reserve accounts. During the year ended 31 July 2023, the non-cash changes on debt financing amounted to \u00a30.9 million (31 July 2022: \u00a39.6 million) arising largely from interest accretions and fair value hedging movements. ",
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"value": "25. Consolidated Cash Flow Statement Reconciliation 2023 \u00a3 million 2022 \u00a3 million (a) Reconciliation of operating pro\ufb01t before tax to net cash in\ufb02ow from operating activities Operating profit before tax 112.0 232.8 Tax paid (7.4) (63.4) Depreciation, amortisation and impairment 108.2 100.3 Impairment losses on financial assets 204.1 103.3 (Increase)/decrease in: Interest receivable and prepaid expenses (6.8) 19.8 Net settlement balances and trading positions (11.4) 17.2 Net loans from money brokers against stock advanced 15.6 2.7 Decrease in interest payable and accrued expenses (16.5) (32.2) Net cash in\ufb02ow from trading activities 397.8 380.5 Cash (outflow)/inflow arising from changes in: Loans and advances to banks not repayable on demand (21.1) (5.3) Loans and advances to customers (584.3) (515.0) A ssets let under operating leases (73.2) (54.5) Certificates of deposit 185.0 79.7 Sovereign and central bank debt 191.2 (255.3) Covered bonds (105.4) \u2013 Deposits by banks (22.1) 11.8 Deposits by customers 942.5 142.7 Loans and overdrafts from banks 29.2 110.0 Debt securities in issue (net) 14.4 270.5 Derivative financial instruments (net) 70.4 \u2013 Other assets less other liabilities (3.0) (6.4) Net cash in\ufb02ow from operating activities 1,021.4 158.7 (b) Analysis of net cash out\ufb02ow in respect of the purchase of subsidiaries and non-controlling interests Cash consideration paid (0.5) (0.1) (c) Analysis of net cash in\ufb02ow in respect of the sale of subsidiaries Cash consideration received \u2013 0.1 (d) Analysis of cash and cash equivalents 1 Cash and balances at central banks 1,918.4 1,236.0 Loans and advances to banks 290.9 147.0 A t 31 July 2,209.3 1,383.0 1. Excludes \u00a358.0 million (2022: \u00a337.1 million) of Bank of England and other cash reserve accounts. During the year ended 31 July 2023, the non-cash changes on debt financing amounted to \u00a30.9 million (31 July 2022: \u00a39.6 million) arising largely from interest accretions and fair value hedging movements. ",
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"value": "26. Financial Risk Management The group faces a number of risks in the normal course of its business. To manage these effectively, a consistent approach is adopted based on a set of overarching principles, namely: \u2022 adhering to our established and proven business model; \u2022 implementing an integrated risk management approach based on the concept of three lines of defence; and \u2022 setting and operating within clearly defined risk appetites, monitored with defined metrics and limits. The group\u2019s Enterprise Risk Management Framework details the core risk management components and structures, and defines a consistent and measurable approach to identifying, assessing, controlling and mitigating, reviewing and monitoring, and reporting risk. The board retains overall responsibility for overseeing the maintenance of a system of internal control, which ensures that an effective risk management framework and oversight process operate across the group, while risk management across the group is overseen by the Risk Committee. The Risk Report provides more information on the group\u2019s approach to risk management. As a financial services group, financial instruments are central to the group\u2019s activities. The risk associated with financial instruments represents a significant component of those faced by the group and is analysed in more detail below. Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 1. (a) Classification The following tables analyse the group\u2019s assets and liabilities in accordance with the categories of financial instruments in IFRS 9. Derivatives designated as hedging instruments \u00a3 million Fair value through profit and loss \u00a3 million Fair value through other comprehensive income \u00a3 million Amortised cost \u00a3 million Total \u00a3 million At 31 July 2023 Assets Cash and balances at central banks \u2013 \u2013 \u2013 1,937.0 1,937.0 Settlement balances \u2013 \u2013 \u2013 707.0 707.0 Loans and advances to banks \u2013 \u2013 \u2013 330.3 330.3 Loans and advances to customers \u2013 \u2013 \u2013 9,255.0 9,255.0 Debt securities \u2013 15.2 292.4 \u2013 307.6 Equity shares \u2013 29.3 \u2013 \u2013 29.3 Loans to money brokers against stock advanced \u2013 \u2013 \u2013 37.6 37.6 Derivative financial instruments 50.7 37.8 \u2013 \u2013 88.5 Other financial assets \u2013 2.0 \u2013 93.5 95.5 50.7 84.3 292.4 12,360.4 12,787.8 Liabilities Settlement balances and short positions \u2013 9.9 \u2013 686.0 695.9 Deposits by banks \u2013 \u2013 \u2013 141.9 141.9 Deposits by customers \u2013 \u2013 \u2013 7,724.5 7,724.5 Loans and overdrafts from banks \u2013 \u2013 \u2013 651.9 651.9 Debt securities in issue \u2013 \u2013 \u2013 2,012.6 2,012.6 Loans from money brokers against stock advanced \u2013 \u2013 \u2013 4.8 4.8 Subordinated loan capital \u2013 \u2013 \u2013 174.9 174.9 Derivative financial instruments 176.2 19.7 \u2013 \u2013 195.9 Other financial liabilities \u2013 \u2013 \u2013 199.2 199.2 176.2 29.6 \u2013 11,595.8 11,801.6 Derivatives designated as hedging instruments \u00a3 million Fair value through profit and loss \u00a3 million Fair value through other comprehensive income \u00a3 million Amortised cost \u00a3 million Total \u00a3 million At 31 July 2022 Assets Cash and balances at central banks \u2013 \u2013 \u2013 1,254.7 1,254.7 Settlement balances \u2013 \u2013 \u2013 799.3 799.3 Loans and advances to banks \u2013 \u2013 \u2013 165.4 165.4 Loans and advances to customers \u2013 \u2013 \u2013 8,858.9 8,858.9 Debt securities \u2013 12.4 415.4 185.0 612.8 Equity shares \u2013 28.4 \u2013 \u2013 28.4 Loans to money brokers against stock advanced \u2013 \u2013 \u2013 48.4 48.4 Derivative financial instruments 61.5 9.7 \u2013 \u2013 71.2 Other financial assets \u2013 1.7 \u2013 82.6 84.3 61.5 52.2 415.4 11,394.3 11,923.4 Liabilities Settlement balances and short positions \u2013 15.4 \u2013 780.7 796.1 Deposits by banks \u2013 \u2013 \u2013 160.5 160.5 Deposits by customers \u2013 \u2013 \u2013 6,770.4 6,770.4 Loans and overdrafts from banks \u2013 \u2013 \u2013 622.7 622.7 Debt securities in issue \u2013 \u2013 \u2013 2,060.9 2,060.9 Loans from money brokers against stock advanced \u2013 \u2013 \u2013 \u2013 \u2013 Subordinated loan capital \u2013 \u2013 \u2013 186.5 186.5 Derivative financial instruments 83.9 5.3 \u2013 \u2013 89.2 Other financial liabilities \u2013 \u2013 \u2013 184.2 184.2 83.9 20.7 \u2013 10,765.9 10,870.5 (b) Valuation The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below. 31 July 2023 31 July 2022 Fair value \u00a3 million Carrying value \u00a3 million Fair value \u00a3 million Carrying value \u00a3 million Subordinated loan capital 165.8 174.9 180.0 186.5 Debt securities in issue 2,008.0 2,012.6 2,071.4 2,060.9 The fair value of gross loans and advances to customers at 31 July 2023 is estimated to be \u00a39,046.2 million (carrying value: \u00a39,255.0 million). The fair value of deposits by customers is estimated to be \u00a37,668.7 million (carrying value: \u00a37,724.5 million). These estimates are based on highly simplified assumptions and inputs and may differ to actual amounts received or paid. The differences between fair value and carrying value are not considered to be significant, and are consistent with management\u2019s expectations given the nature of the Banking business and the short average tenor of the instruments. However, the differences have increased in comparison to the prior year in line with market interest rates. Valuation hierarchy The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument has been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. These levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities where prices are readily available and represent actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient frequency to provide ongoing pricing information; \u2022 Level 2 fair value measurements are those derived from quoted prices in less active markets for identical assets or liabilities or those derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly derived from prices; and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (\u201cunobservable inputs\u201d). Instruments classified as Level 1 predominantly comprise sovereign and central bank debt, covered bonds and liquid listed debt securities. The fair value of these instruments is derived from quoted prices in active markets. Instruments classified as Level 2 predominantly comprise less liquid listed equity shares, investment grade corporate bonds and over-the-counter derivatives. The fair value of equity shares and bonds are derived from quoted prices in less active markets in comparison to level 1. Over-the-counter derivatives largely relate to interest rate and exchange rate contracts (see note 13 for further information). The valuation of such derivatives includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. Instruments classified as Level 3 predominantly comprise over-the-counter derivatives, which is new this year, and contingent consideration payable and receivable in relation to the acquisition and disposal of subsidiaries. The valuation of Level 3 derivatives is similar to Level 2 derivatives and includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. The fair value of contingent consideration is determined on a discounted expected cash flow basis. The group believes that there is no reasonably possible change to the inputs used in the valuation of these positions which would have a material effect on the group\u2019s consolidated income statement. During the year, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. There were no other significant transfers between Level 1, 2 and 3 in 2023 and 2022. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy. Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2023 A ssets Debt securities: Long trading positions in debt securities 13.6 1.6 \u2013 15.2 Sovereign and central bank debt 186.1 \u2013 \u2013 186.1 Covered bonds 106.3 \u2013 \u2013 106.3 Equity shares 3.9 25.1 0.3 29.3 Derivative financial instruments \u2013 77.4 11.1 88.5 Contingent consideration \u2013 \u2013 2.0 2.0 309.9 104.1 13.4 427.4 Liabilities Short positions: Debt securities 2.3 1.2 \u2013 3.5 Equity shares 1.7 4.6 0.1 6.4 Derivative financial instruments \u2013 184.7 11.2 195.9 Contingent consideration \u2013 \u2013 2.8 2.8 4.0 190.5 14.1 208.6 Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2022 A ssets Debt securities: Long trading positions in debt securities 11.0 1.4 \u2013 12.4 Sovereign and central bank debt 415.4 \u2013 \u2013 415.4 Covered bonds \u2013 \u2013 \u2013 \u2013 Equity shares 4.1 24.0 0.3 28.4 Derivative financial instruments \u2013 71.2 \u2013 71.2 Contingent consideration \u2013 \u2013 1.7 1.7 430.5 96.6 2.0 529.1 Liabilities Short positions: Debt securities 5.8 1.7 \u2013 7.5 Equity shares 2.2 5.6 0.1 7.9 Derivative financial instruments \u2013 89.2 \u2013 89.2 Contingent consideration \u2013 \u2013 3.0 3.0 8.0 96.5 3.1 107.6 Movements in financial instruments categorised as Level 3 were: Derivative financial assets \u00a3 million Derivative financial liabilities \u00a3 million Equity shares \u00a3 million Contingent consideration \u00a3 million Total \u00a3 million A t 1 August 2021 \u2013 \u2013 0.3 (2.9) (2.6) Total losses recognised in the consolidated income statement \u2013 \u2013 \u2013 (0.2) (0.2) Purchases, issues and transfers in \u2013 \u2013 \u2013 1.8 1.8 Sales, settlements and transfers out \u2013 \u2013 (0.1) \u2013 (0.1) A t 31 July 2022 \u2013 \u2013 0.2 (1.3) (1.1) Total losses recognised in the consolidated income statement 9.5 (9.4) \u2013 (0.1) \u2013 Purchases, issues and transfers in 1.6 (1.8) \u2013 0.6 0.4 Sales, settlements and transfers out \u2013 \u2013 \u2013 \u2013 \u2013 A t 31 July 2023 11.1 (11.2) 0.2 (0.8) (0.7) There were no overall gains or losses recognised in the consolidated income statement relating to level 3 instruments held at the year end (2022: \u00a30.2 million loss). (c) Credit risk Credit risk is the risk of a reduction in earnings and/or value, as a result of the failure of a counterparty or associated party, with whom the group has contracted, to meet its obligations as they fall due. Credit risk across the group mainly arises through the lending and treasury activities of the Banking division. Maximum exposure to credit risk The table below presents the group\u2019s maximum exposure to credit risk, before taking account of any collateral and credit risk mitigation, arising from its on balance sheet and off balance sheet financial instruments. For off balance sheet instruments, the maximum exposure to credit risk represents the contractual nominal amounts. 31 July 2023 \u00a3 million 31 July 2022 \u00a3 million On balance sheet Cash and balances at central banks 1,937.0 1,254.7 Settlement balances 707.0 799.3 Loans and advances to banks 330.3 165.4 Loans and advances to customers 9,255.0 8,858.9 Debt securities 307.6 612.8 Loans to money brokers against stock advanced 37.6 48.4 Derivative financial instruments 88.5 71.2 Other financial assets 95.5 84.3 12,758.5 11,895.0 Off balance sheet Irrevocable undrawn commitments 263.9 277.8 Total maximum exposure to credit risk 13,022.4 12,172.8 Assets pledged and received as collateral The group pledges assets for repurchase agreements and securities borrowing agreements which are generally conducted under terms that are customary to standard borrowing contracts. The group is a participant of the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d) and the Indexed Long-Term Repo (\u201cILTR\u201d). Under these schemes, asset finance loan receivables of \u00a3863.4 million (31 July 2022: \u00a3626.1 million), UK gilts with a market value of \u00a3nil (31 July 2022: \u00a372.6 million), UK T-Bills with a market value of \u00a3nil (31 July 2022: \u00a3144.3 million) and retained notes relating to Motor Finance loan receivables of \u00a383.4 million (31 July 2022: \u00a324.3 million) were positioned as collateral with the Bank of England, against which \u00a3600.0 million (31 July 2022: \u00a3600.0 million) of cash was drawn from the TFSME and \u00a35.0 million (31 July 2022: \u00a3nil) from the ILTR. The term of the TFSME transactions is four years from the date of each drawdown but the group may choose to repay earlier at its discretion. The term of the ILTR transaction is six months and cannot be repaid earlier. The risks and rewards of the loan receivables remain with the group and continue to be recognised in loans and advances to customers on the consolidated balance sheet. The group has securitised without recourse and restrictions \u00a31,436.3 million (31 July 2022: \u00a31,626.8 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,187.4 million (31 July 2022: \u00a31,156.0 million restated). This includes the \u00a383.4 million (31 July 2022: \u00a324.3 million) retained notes positioned as collateral with the Bank of England. As the group has retained exposure to substantially all the credit risk and rewards of the residual benefit of the underlying assets it continues to recognise these assets in loans and advances to customers on its consolidated balance sheet. The majority of loans and advances to customers are secured against specific assets. Consistent and prudent lending criteria are applied across the whole loan book with emphasis on the quality of the security provided. Financial assets: Loans and advances to customers The group\u2019s approach to managing credit risk relating to loans and advances to customers is set out on pages 104 to 105 in the Risk Report. Information on the group\u2019s internal credit risk reporting can be found on pages 114 to 115 in the Risk Report, including an analysis of gross loans and advances to customers, trade receivables and undrawn facilities by the group\u2019s internal credit risk grading. Information on the collateral held in relation to loans and advances to customers can be found on pages 117 to 118 in the Risk Report, including analyses of gross loans and advances to customers by LTV ratio. Financial assets: Treasury assets The credit risk presented by the group\u2019s treasury assets is low. Immaterial impairment provisions are recognised for cash and balances at central banks, certificates of deposit and sovereign and central bank debt. These financial assets are investment grade and in Stage 1. Financial assets: Settlement balances and loans to money brokers against stock advanced The credit risk presented by settlement balances in the Securities division is limited, as such balances represent delivery versus payment transactions where delivery of securities occurs simultaneously with payment. The credit risk is therefore limited to the change in market price of a security between trade date and settlement date and not the absolute value of the trade. Winterflood is a market maker and trades on a principal-only basis with regulated counterparties including stockbrokers, wealth managers, institutions and hedge funds who are either authorised and regulated by the PRA and/or FCA or equivalent regulator in the respective country. Counterparty exposure and settlement failure monitoring controls are in place as part of an overall risk management framework and settlement balances past due are actively managed. Loans to money brokers against stock advanced of \u00a337.6 million (31 July 2022: \u00a348.4 million) is the cash collateral provided to these institutions, for stock borrowing by Winterflood. The stock borrowing to which the cash deposits relate is short term in nature and is recorded at the amount payable. The credit risk of this financial asset is therefore limited. The following table shows the ageing of settlement balances: Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Impairment provisions \u00a3 million Total \u00a3 million A t 31 July 2023 Not past due 622.1 \u2013 \u2013 \u2013 622.1 Less than 30 days past due 83.9 \u2013 \u2013 \u2013 83.9 More than 30 days but less than 90 days past due \u2013 0.6 \u2013 \u2013 0.6 More than 90 days past due \u2013 \u2013 0.5 (0.1) 0.4 706.0 0.6 0.5 (0.1) 707.0 Stage 1 \u00a3 million Stage 2 \u00a3 million Stage 3 \u00a3 million Impairment provisions \u00a3 million Total \u00a3 million A t 31 July 2022 Not past due 726.0 \u2013 \u2013 \u2013 726.0 Less than 30 days past due 70.6 \u2013 \u2013 \u2013 70.6 More than 30 days but less than 90 days past due \u2013 1.4 \u2013 \u2013 1.4 More than 90 days past due \u2013 \u2013 1.5 (0.2) 1.3 796.6 1.4 1.5 (0.2) 799.3 Company financial assets: Amounts owed by subsidiaries Amounts owed by subsidiaries on the company balance sheet largely relate to Close Brothers Limited and Close Brothers Holdings Limited, and the credit risk presented by these financial assets is immaterial. (d) Market risk Interest rate risk Additional disclosures on the group\u2019s interest rate risk can be found on pages 123 to 124 in the Risk Report. Interest rate benchmark reform In the prior year, the group completed the transition away from the use of LIBOR to alternative benchmark rates in loan documentation, treasury transactions and other forms of contract. At 31 July 2021, loans and advances to customers amounting to \u00a3995.5 million and derivatives with a notional value of \u00a384.7 million were yet to transition to an alternative benchmark rate. The transition was subsequently completed by 31 December 2021 in compliance with the requirements set by the Prudential Regulation Authority and Financial Conduct Authority. There were no significant changes to the nature of the risks arising from financial instruments to which the group is exposed as a result of the transition. Foreign exchange risk Additional disclosures on the group\u2019s foreign exchange risk can be found on page 124 in the Risk Report. Market price risk Trading financial instruments: Equity shares and debt securities The group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found on pages 129 to 130 of the Risk Report. Non-trading financial instruments Net gains and losses on non-trading financial instruments are disclosed in notes 12 and 13. (e) Liquidity risk Liquidity risk is the risk that liabilities cannot be met when they fall due or can only be met at an uneconomic price and arises mainly in the Banking division. The following table analyses the contractual maturities of the group\u2019s on balance sheet financial liabilities on an undiscounted cash flow basis. Additional disclosures on the group\u2019s liquidity risk can be found on page 120 of the Risk Report. On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million A t 31 July 2023 Settlement balances \u2013 686.0 \u2013 \u2013 \u2013 \u2013 686.0 Deposits by banks 10.3 43.7 89.7 \u2013 \u2013 \u2013 143.7 Deposits by customers 175.1 1,838.3 1,972.9 1,869.6 2,140.6 \u2013 7,996.5 Loans and overdrafts from banks 31.8 25.2 7.6 243.8 383.2 \u2013 691.6 Debt securities in issue \u2013 46.7 132.3 168.1 1,705.1 416.3 2,468.5 Loans from money brokers against stock advanced 4.8 \u2013 \u2013 \u2013 \u2013 \u2013 4.8 Subordinated loan capital \u2013 2.0 \u2013 2.0 16.0 213.0 233.0 Derivative financial instruments 0.2 21.7 23.5 39.0 167.6 73.0 325.0 Lease liabilities 0.2 4.8 4.1 6.9 26.7 19.6 62.3 Other financial liabilities 20.3 111.6 0.9 10.6 28.0 8.7 180.1 Total 242.7 2,780.0 2,231.0 2,340.0 4,467.2 730.6 12,791.5 On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million A t 31 July 2022 Settlement balances \u2013 780.7 \u2013 \u2013 \u2013 \u2013 780.7 Deposits by banks 6.0 51.9 98.9 4.1 \u2013 \u2013 160.9 Deposits by customers 120.9 1,645.1 2,046.5 1,600.1 1,427.2 \u2013 6,839.8 Loans and overdrafts from banks 12.0 12.0 1.9 3.7 610.5 \u2013 640.1 Debt securities in issue \u2013 30.3 256.2 619.5 890.7 444.2 2,240.9 Loans from money brokers against stock advanced \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Subordinated loan capital \u2013 2.0 \u2013 2.0 15.0 218.0 237.0 Derivative financial instruments \u2013 6.4 9.0 16.0 89.0 55.6 176.0 Lease liabilities 0.2 4.2 3.6 7.3 33.9 11.8 61.0 Other financial liabilities 16.1 124.6 5.3 6.8 34.4 7.0 194.2 Total 155.2 2,657.2 2,421.4 2,259.5 3,100.7 736.6 11,330.6 Derivative financial instruments in the table above includes net currency swaps. The following table shows the currency swaps on a gross basis: On demand \u00a3 million In less than three months \u00a3 million In more than three months but not more than six months \u00a3 million In more than six months but not more than one year \u00a3 million In more than one year but not more than five years \u00a3 million In more than five years \u00a3 million Total \u00a3 million A t 31 July 2023 41.2 153.9 26.0 39.4 167.5 73.0 501.0 A t 31 July 2022 1.7 69.8 9.0 16.0 88.9 55.6 241.0 (f) Offsetting The following table shows the impact on derivative financial assets and liabilities which have not been offset but for which the group has enforceable master netting arrangements in place with counterparties. The net amounts show the exposure to counterparty credit risk after offsetting benefits and collateral, and are not intended to represent the group\u2019s actual exposure to credit risk. Master netting arrangements allow outstanding transactions with the same counterparty to be offset and settled net, either unconditionally or following a default or other predetermined event. Financial collateral on derivative financial instruments consists of cash settled, typically daily, to mitigate the mark to market exposures. Gross amounts recognised \u00a3 million Master netting arrangements \u00a3 million Financial collateral \u00a3 million Net amounts after offsetting \u00a3 million A t 31 July 2023 Derivative financial assets 88.5 (77.1) \u2013 11.4 Derivative financial liabilities 195.9 (77.1) (144.0) (25.2) A t 31 July 2022 Derivative financial assets 71.2 (69.1) (0.5) 1.5 Derivative financial liabilities 89.2 (69.1) (26.9) (6.8)",
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"value": "(b) Valuation The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below. 31 July 2023 31 July 2022 Fair value \u00a3 million Carrying value \u00a3 million Fair value \u00a3 million Carrying value \u00a3 million Subordinated loan capital 165.8 174.9 180.0 186.5 Debt securities in issue 2,008.0 2,012.6 2,071.4 2,060.9 The fair value of gross loans and advances to customers at 31 July 2023 is estimated to be \u00a39,046.2 million (carrying value: \u00a39,255.0 million). The fair value of deposits by customers is estimated to be \u00a37,668.7 million (carrying value: \u00a37,724.5 million). These estimates are based on highly simplified assumptions and inputs and may differ to actual amounts received or paid. The differences between fair value and carrying value are not considered to be significant, and are consistent with management\u2019s expectations given the nature of the Banking business and the short average tenor of the instruments. However, the differences have increased in comparison to the prior year in line with market interest rates. Valuation hierarchy The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument has been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. These levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities where prices are readily available and represent actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient frequency to provide ongoing pricing information; \u2022 Level 2 fair value measurements are those derived from quoted prices in less active markets for identical assets or liabilities or those derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly derived from prices; and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (\u201cunobservable inputs\u201d). Instruments classified as Level 1 predominantly comprise sovereign and central bank debt, covered bonds and liquid listed debt securities. The fair value of these instruments is derived from quoted prices in active markets. Instruments classified as Level 2 predominantly comprise less liquid listed equity shares, investment grade corporate bonds and over-the-counter derivatives. The fair value of equity shares and bonds are derived from quoted prices in less active markets in comparison to level 1. Over-the-counter derivatives largely relate to interest rate and exchange rate contracts (see note 13 for further information). The valuation of such derivatives includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. Instruments classified as Level 3 predominantly comprise over-the-counter derivatives, which is new this year, and contingent consideration payable and receivable in relation to the acquisition and disposal of subsidiaries. The valuation of Level 3 derivatives is similar to Level 2 derivatives and includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. The fair value of contingent consideration is determined on a discounted expected cash flow basis. The group believes that there is no reasonably possible change to the inputs used in the valuation of these positions which would have a material effect on the group\u2019s consolidated income statement. During the year, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. There were no other significant transfers between Level 1, 2 and 3 in 2023 and 2022. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy. Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2023 A ssets Debt securities: Long trading positions in debt securities 13.6 1.6 \u2013 15.2 Sovereign and central bank debt 186.1 \u2013 \u2013 186.1 Covered bonds 106.3 \u2013 \u2013 106.3 Equity shares 3.9 25.1 0.3 29.3 Derivative financial instruments \u2013 77.4 11.1 88.5 Contingent consideration \u2013 \u2013 2.0 2.0 309.9 104.1 13.4 427.4 Liabilities Short positions: Debt securities 2.3 1.2 \u2013 3.5 Equity shares 1.7 4.6 0.1 6.4 Derivative financial instruments \u2013 184.7 11.2 195.9 Contingent consideration \u2013 \u2013 2.8 2.8 4.0 190.5 14.1 208.6 Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2022 A ssets Debt securities: Long trading positions in debt securities 11.0 1.4 \u2013 12.4 Sovereign and central bank debt 415.4 \u2013 \u2013 415.4 Covered bonds \u2013 \u2013 \u2013 \u2013 Equity shares 4.1 24.0 0.3 28.4 Derivative financial instruments \u2013 71.2 \u2013 71.2 Contingent consideration \u2013 \u2013 1.7 1.7 430.5 96.6 2.0 529.1 Liabilities Short positions: Debt securities 5.8 1.7 \u2013 7.5 Equity shares 2.2 5.6 0.1 7.9 Derivative financial instruments \u2013 89.2 \u2013 89.2 Contingent consideration \u2013 \u2013 3.0 3.0 8.0 96.5 3.1 107.6 Movements in financial instruments categorised as Level 3 were: Derivative financial assets \u00a3 million Derivative financial liabilities \u00a3 million Equity shares \u00a3 million Contingent consideration \u00a3 million Total \u00a3 million A t 1 August 2021 \u2013 \u2013 0.3 (2.9) (2.6) Total losses recognised in the consolidated income statement \u2013 \u2013 \u2013 (0.2) (0.2) Purchases, issues and transfers in \u2013 \u2013 \u2013 1.8 1.8 Sales, settlements and transfers out \u2013 \u2013 (0.1) \u2013 (0.1) A t 31 July 2022 \u2013 \u2013 0.2 (1.3) (1.1) Total losses recognised in the consolidated income statement 9.5 (9.4) \u2013 (0.1) \u2013 Purchases, issues and transfers in 1.6 (1.8) \u2013 0.6 0.4 Sales, settlements and transfers out \u2013 \u2013 \u2013 \u2013 \u2013 A t 31 July 2023 11.1 (11.2) 0.2 (0.8) (0.7) There were no overall gains or losses recognised in the consolidated income statement relating to level 3 instruments held at the year end (2022: \u00a30.2 million loss). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-455": {
"value": "(b) Valuation The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below. 31 July 2023 31 July 2022 Fair value \u00a3 million Carrying value \u00a3 million Fair value \u00a3 million Carrying value \u00a3 million Subordinated loan capital 165.8 174.9 180.0 186.5 Debt securities in issue 2,008.0 2,012.6 2,071.4 2,060.9 The fair value of gross loans and advances to customers at 31 July 2023 is estimated to be \u00a39,046.2 million (carrying value: \u00a39,255.0 million). The fair value of deposits by customers is estimated to be \u00a37,668.7 million (carrying value: \u00a37,724.5 million). These estimates are based on highly simplified assumptions and inputs and may differ to actual amounts received or paid. The differences between fair value and carrying value are not considered to be significant, and are consistent with management\u2019s expectations given the nature of the Banking business and the short average tenor of the instruments. However, the differences have increased in comparison to the prior year in line with market interest rates. Valuation hierarchy The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument has been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. These levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities where prices are readily available and represent actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient frequency to provide ongoing pricing information; \u2022 Level 2 fair value measurements are those derived from quoted prices in less active markets for identical assets or liabilities or those derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly derived from prices; and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (\u201cunobservable inputs\u201d). Instruments classified as Level 1 predominantly comprise sovereign and central bank debt, covered bonds and liquid listed debt securities. The fair value of these instruments is derived from quoted prices in active markets. Instruments classified as Level 2 predominantly comprise less liquid listed equity shares, investment grade corporate bonds and over-the-counter derivatives. The fair value of equity shares and bonds are derived from quoted prices in less active markets in comparison to level 1. Over-the-counter derivatives largely relate to interest rate and exchange rate contracts (see note 13 for further information). The valuation of such derivatives includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. Instruments classified as Level 3 predominantly comprise over-the-counter derivatives, which is new this year, and contingent consideration payable and receivable in relation to the acquisition and disposal of subsidiaries. The valuation of Level 3 derivatives is similar to Level 2 derivatives and includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. The fair value of contingent consideration is determined on a discounted expected cash flow basis. The group believes that there is no reasonably possible change to the inputs used in the valuation of these positions which would have a material effect on the group\u2019s consolidated income statement. During the year, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. There were no other significant transfers between Level 1, 2 and 3 in 2023 and 2022. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy. Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2023 A ssets Debt securities: Long trading positions in debt securities 13.6 1.6 \u2013 15.2 Sovereign and central bank debt 186.1 \u2013 \u2013 186.1 Covered bonds 106.3 \u2013 \u2013 106.3 Equity shares 3.9 25.1 0.3 29.3 Derivative financial instruments \u2013 77.4 11.1 88.5 Contingent consideration \u2013 \u2013 2.0 2.0 309.9 104.1 13.4 427.4 Liabilities Short positions: Debt securities 2.3 1.2 \u2013 3.5 Equity shares 1.7 4.6 0.1 6.4 Derivative financial instruments \u2013 184.7 11.2 195.9 Contingent consideration \u2013 \u2013 2.8 2.8 4.0 190.5 14.1 208.6 Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2022 A ssets Debt securities: Long trading positions in debt securities 11.0 1.4 \u2013 12.4 Sovereign and central bank debt 415.4 \u2013 \u2013 415.4 Covered bonds \u2013 \u2013 \u2013 \u2013 Equity shares 4.1 24.0 0.3 28.4 Derivative financial instruments \u2013 71.2 \u2013 71.2 Contingent consideration \u2013 \u2013 1.7 1.7 430.5 96.6 2.0 529.1 Liabilities Short positions: Debt securities 5.8 1.7 \u2013 7.5 Equity shares 2.2 5.6 0.1 7.9 Derivative financial instruments \u2013 89.2 \u2013 89.2 Contingent consideration \u2013 \u2013 3.0 3.0 8.0 96.5 3.1 107.6 Movements in financial instruments categorised as Level 3 were: Derivative financial assets \u00a3 million Derivative financial liabilities \u00a3 million Equity shares \u00a3 million Contingent consideration \u00a3 million Total \u00a3 million A t 1 August 2021 \u2013 \u2013 0.3 (2.9) (2.6) Total losses recognised in the consolidated income statement \u2013 \u2013 \u2013 (0.2) (0.2) Purchases, issues and transfers in \u2013 \u2013 \u2013 1.8 1.8 Sales, settlements and transfers out \u2013 \u2013 (0.1) \u2013 (0.1) A t 31 July 2022 \u2013 \u2013 0.2 (1.3) (1.1) Total losses recognised in the consolidated income statement 9.5 (9.4) \u2013 (0.1) \u2013 Purchases, issues and transfers in 1.6 (1.8) \u2013 0.6 0.4 Sales, settlements and transfers out \u2013 \u2013 \u2013 \u2013 \u2013 A t 31 July 2023 11.1 (11.2) 0.2 (0.8) (0.7) There were no overall gains or losses recognised in the consolidated income statement relating to level 3 instruments held at the year end (2022: \u00a30.2 million loss). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-447": {
"value": "Valuation hierarchy The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument has been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. These levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities where prices are readily available and represent actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient frequency to provide ongoing pricing information; \u2022 Level 2 fair value measurements are those derived from quoted prices in less active markets for identical assets or liabilities or those derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly derived from prices; and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (\u201cunobservable inputs\u201d). Instruments classified as Level 1 predominantly comprise sovereign and central bank debt, covered bonds and liquid listed debt securities. The fair value of these instruments is derived from quoted prices in active markets. Instruments classified as Level 2 predominantly comprise less liquid listed equity shares, investment grade corporate bonds and over-the-counter derivatives. The fair value of equity shares and bonds are derived from quoted prices in less active markets in comparison to level 1. Over-the-counter derivatives largely relate to interest rate and exchange rate contracts (see note 13 for further information). The valuation of such derivatives includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. Instruments classified as Level 3 predominantly comprise over-the-counter derivatives, which is new this year, and contingent consideration payable and receivable in relation to the acquisition and disposal of subsidiaries. The valuation of Level 3 derivatives is similar to Level 2 derivatives and includes the use of discounted future cash flow models, with the most significant input into these models being interest rate yield curves developed from quoted rates. The fair value of contingent consideration is determined on a discounted expected cash flow basis. The group believes that there is no reasonably possible change to the inputs used in the valuation of these positions which would have a material effect on the group\u2019s consolidated income statement. During the year, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. There were no other significant transfers between Level 1, 2 and 3 in 2023 and 2022. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy. Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2023 A ssets Debt securities: Long trading positions in debt securities 13.6 1.6 \u2013 15.2 Sovereign and central bank debt 186.1 \u2013 \u2013 186.1 Covered bonds 106.3 \u2013 \u2013 106.3 Equity shares 3.9 25.1 0.3 29.3 Derivative financial instruments \u2013 77.4 11.1 88.5 Contingent consideration \u2013 \u2013 2.0 2.0 309.9 104.1 13.4 427.4 Liabilities Short positions: Debt securities 2.3 1.2 \u2013 3.5 Equity shares 1.7 4.6 0.1 6.4 Derivative financial instruments \u2013 184.7 11.2 195.9 Contingent consideration \u2013 \u2013 2.8 2.8 4.0 190.5 14.1 208.6 Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Total \u00a3 million A t 31 July 2022 A ssets Debt securities: Long trading positions in debt securities 11.0 1.4 \u2013 12.4 Sovereign and central bank debt 415.4 \u2013 \u2013 415.4 Covered bonds \u2013 \u2013 \u2013 \u2013 Equity shares 4.1 24.0 0.3 28.4 Derivative financial instruments \u2013 71.2 \u2013 71.2 Contingent consideration \u2013 \u2013 1.7 1.7 430.5 96.6 2.0 529.1 Liabilities Short positions: Debt securities 5.8 1.7 \u2013 7.5 Equity shares 2.2 5.6 0.1 7.9 Derivative financial instruments \u2013 89.2 \u2013 89.2 Contingent consideration \u2013 \u2013 3.0 3.0 8.0 96.5 3.1 107.6 Movements in financial instruments categorised as Level 3 were: Derivative financial assets \u00a3 million Derivative financial liabilities \u00a3 million Equity shares \u00a3 million Contingent consideration \u00a3 million Total \u00a3 million A t 1 August 2021 \u2013 \u2013 0.3 (2.9) (2.6) Total losses recognised in the consolidated income statement \u2013 \u2013 \u2013 (0.2) (0.2) Purchases, issues and transfers in \u2013 \u2013 \u2013 1.8 1.8 Sales, settlements and transfers out \u2013 \u2013 (0.1) \u2013 (0.1) A t 31 July 2022 \u2013 \u2013 0.2 (1.3) (1.1) Total losses recognised in the consolidated income statement 9.5 (9.4) \u2013 (0.1) \u2013 Purchases, issues and transfers in 1.6 (1.8) \u2013 0.6 0.4 Sales, settlements and transfers out \u2013 \u2013 \u2013 \u2013 \u2013 A t 31 July 2023 11.1 (11.2) 0.2 (0.8) (0.7) There were no overall gains or losses recognised in the consolidated income statement relating to level 3 instruments held at the year end (2022: \u00a30.2 million loss). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-459": {
"value": "Assets pledged and received as collateral The group pledges assets for repurchase agreements and securities borrowing agreements which are generally conducted under terms that are customary to standard borrowing contracts. The group is a participant of the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d) and the Indexed Long-Term Repo (\u201cILTR\u201d). Under these schemes, asset finance loan receivables of \u00a3863.4 million (31 July 2022: \u00a3626.1 million), UK gilts with a market value of \u00a3nil (31 July 2022: \u00a372.6 million), UK T-Bills with a market value of \u00a3nil (31 July 2022: \u00a3144.3 million) and retained notes relating to Motor Finance loan receivables of \u00a383.4 million (31 July 2022: \u00a324.3 million) were positioned as collateral with the Bank of England, against which \u00a3600.0 million (31 July 2022: \u00a3600.0 million) of cash was drawn from the TFSME and \u00a35.0 million (31 July 2022: \u00a3nil) from the ILTR. The term of the TFSME transactions is four years from the date of each drawdown but the group may choose to repay earlier at its discretion. The term of the ILTR transaction is six months and cannot be repaid earlier. The risks and rewards of the loan receivables remain with the group and continue to be recognised in loans and advances to customers on the consolidated balance sheet. The group has securitised without recourse and restrictions \u00a31,436.3 million (31 July 2022: \u00a31,626.8 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,187.4 million (31 July 2022: \u00a31,156.0 million restated). This includes the \u00a383.4 million (31 July 2022: \u00a324.3 million) retained notes positioned as collateral with the Bank of England. As the group has retained exposure to substantially all the credit risk and rewards of the residual benefit of the underlying assets it continues to recognise these assets in loans and advances to customers on its consolidated balance sheet. The majority of loans and advances to customers are secured against specific assets. Consistent and prudent lending criteria are applied across the whole loan book with emphasis on the quality of the security provided. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-456": {
"value": "(f) Offsetting The following table shows the impact on derivative financial assets and liabilities which have not been offset but for which the group has enforceable master netting arrangements in place with counterparties. The net amounts show the exposure to counterparty credit risk after offsetting benefits and collateral, and are not intended to represent the group\u2019s actual exposure to credit risk. Master netting arrangements allow outstanding transactions with the same counterparty to be offset and settled net, either unconditionally or following a default or other predetermined event. Financial collateral on derivative financial instruments consists of cash settled, typically daily, to mitigate the mark to market exposures. Gross amounts recognised \u00a3 million Master netting arrangements \u00a3 million Financial collateral \u00a3 million Net amounts after offsetting \u00a3 million A t 31 July 2023 Derivative financial assets 88.5 (77.1) \u2013 11.4 Derivative financial liabilities 195.9 (77.1) (144.0) (25.2) A t 31 July 2022 Derivative financial assets 71.2 (69.1) (0.5) 1.5 Derivative financial liabilities 89.2 (69.1) (26.9) (6.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-448": {
"value": "(f) Offsetting The following table shows the impact on derivative financial assets and liabilities which have not been offset but for which the group has enforceable master netting arrangements in place with counterparties. The net amounts show the exposure to counterparty credit risk after offsetting benefits and collateral, and are not intended to represent the group\u2019s actual exposure to credit risk. Master netting arrangements allow outstanding transactions with the same counterparty to be offset and settled net, either unconditionally or following a default or other predetermined event. Financial collateral on derivative financial instruments consists of cash settled, typically daily, to mitigate the mark to market exposures. Gross amounts recognised \u00a3 million Master netting arrangements \u00a3 million Financial collateral \u00a3 million Net amounts after offsetting \u00a3 million A t 31 July 2023 Derivative financial assets 88.5 (77.1) \u2013 11.4 Derivative financial liabilities 195.9 (77.1) (144.0) (25.2) A t 31 July 2022 Derivative financial assets 71.2 (69.1) (0.5) 1.5 Derivative financial liabilities 89.2 (69.1) (26.9) (6.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-429": {
"value": "(f) Offsetting The following table shows the impact on derivative financial assets and liabilities which have not been offset but for which the group has enforceable master netting arrangements in place with counterparties. The net amounts show the exposure to counterparty credit risk after offsetting benefits and collateral, and are not intended to represent the group\u2019s actual exposure to credit risk. Master netting arrangements allow outstanding transactions with the same counterparty to be offset and settled net, either unconditionally or following a default or other predetermined event. Financial collateral on derivative financial instruments consists of cash settled, typically daily, to mitigate the mark to market exposures. Gross amounts recognised \u00a3 million Master netting arrangements \u00a3 million Financial collateral \u00a3 million Net amounts after offsetting \u00a3 million A t 31 July 2023 Derivative financial assets 88.5 (77.1) \u2013 11.4 Derivative financial liabilities 195.9 (77.1) (144.0) (25.2) A t 31 July 2022 Derivative financial assets 71.2 (69.1) (0.5) 1.5 Derivative financial liabilities 89.2 (69.1) (26.9) (6.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-392": {
"value": "27. Interest in Unconsolidated Structured Entities Structured entities are those entities that have been designed so that voting or similar rights are not the dominant factor in deciding who has control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The group has interests in structured entities as a result of contractual arrangements arising from the management of assets on behalf of its clients as part of its Asset Management division. These structured entities consist of unitised vehicles such as Authorised Unit Trusts (\u201cAUTs\u201d) and Open Ended Investment Companies (\u201cOEICs\u201d) which entitle investors to a percentage of the vehicle\u2019s net asset value. The structured entities are financed by the purchase of units or shares by investors. The group does not hold direct investments in its structured entities. As fund manager, the group does not guarantee returns on its funds or commit to financially support its funds. The business activity of all structured entities is the management of assets in order to maximise investment returns for investors from capital appreciation and/or investment income. The group earns a management fee from its structured entities, based on a percentage of the entity\u2019s net asset value. The main risk the group faces from its interest in assets under management on behalf of external investors is the loss of fee income as a result of the withdrawal of funds by clients. Outflows from funds are dependent on market sentiment, asset performance and investor considerations. The assets under management of unconsolidated structured entities managed by the group were \u00a35,111.0 million at 31 July 2023 (31 July 2022: \u00a35,091.0 million). Included in revenue on the consolidated income statement is management fee income of \u00a333.7 million (2022: \u00a336.7 million) from unconsolidated structured entities managed by the group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-430": {
"value": "27. Interest in Unconsolidated Structured Entities Structured entities are those entities that have been designed so that voting or similar rights are not the dominant factor in deciding who has control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The group has interests in structured entities as a result of contractual arrangements arising from the management of assets on behalf of its clients as part of its Asset Management division. These structured entities consist of unitised vehicles such as Authorised Unit Trusts (\u201cAUTs\u201d) and Open Ended Investment Companies (\u201cOEICs\u201d) which entitle investors to a percentage of the vehicle\u2019s net asset value. The structured entities are financed by the purchase of units or shares by investors. The group does not hold direct investments in its structured entities. As fund manager, the group does not guarantee returns on its funds or commit to financially support its funds. The business activity of all structured entities is the management of assets in order to maximise investment returns for investors from capital appreciation and/or investment income. The group earns a management fee from its structured entities, based on a percentage of the entity\u2019s net asset value. The main risk the group faces from its interest in assets under management on behalf of external investors is the loss of fee income as a result of the withdrawal of funds by clients. Outflows from funds are dependent on market sentiment, asset performance and investor considerations. The assets under management of unconsolidated structured entities managed by the group were \u00a35,111.0 million at 31 July 2023 (31 July 2022: \u00a35,091.0 million). Included in revenue on the consolidated income statement is management fee income of \u00a333.7 million (2022: \u00a336.7 million) from unconsolidated structured entities managed by the group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-393": {
"value": "28. Investments in Subsidiaries In accordance with section 409 of the Companies Act 2006, the following is a list of the group\u2019s subsidiaries at 31 July 2023, which are all wholly owned and incorporated in the UK unless otherwise stated. The investment in subsidiary of \u00a3287.0 million (31 July 2022: \u00a3287.0 million) in the company balance sheet relates to an investment in Close Brothers Holdings Limited. There was no impairment of this investment during the current and prior year. On 20 September 2023, the group announced that it reached an agreement to acquire Bluestone Motor Finance (Ireland) DAC, a provider of motor finance in Ireland. The transaction is expected to complete in Q4 of the 2023 calendar year. Group Close Brothers Holdings Limited 1 Banking A ir and General Finance Limited 2 A rrow Audit Services Limited 1 Brook Funding (No.1) Limited 10, 19 Capital Lease Solutions Limited 4 Close Asset Finance Limited 2 Close Brewery Rentals Limited 5 Close Brothers Asset Finance GmbH 13 (Germany) Close Brothers DAC 16 (Ireland) Close Brothers Factoring GmbH 13 (Germany) Close Brothers Finance plc 1 Close Brothers Limited 1 Close Brothers Premium DAC 16 (Ireland) Close Brothers Technology Services Limited 1 Close Brothers Vehicle Hire Limited 12 Close Business Finance Limited 2 Close Credit Management (Holdings) Limited 1 Close Finance (CI) Limited 14 (Jersey) Close Invoice Finance Limited 1 Close Leasing Limited 11 Close PF Funding I Limited 9, 19 Commercial Acceptances Limited 6 Commercial Finance Credit Limited 2 Corporate Asset Solutions Limited 1 Finance for Industry Limited 1 Finance for Industry Services Limited 1 Kingston Asset Finance Limited 2 Kingston Asset Leasing Ltd. 2 Novitas Loans Limited 2 Novitas (Salisbury) Limited 2 Orbita Funding 2017-1 plc 18, 19 Orbita Funding 2020-1 plc 10, 19 Orbita Funding 2022-1 plc 9, 19 Orbita Holdings Limited 10, 19 Orbita Holdings no.2 Limited 9, 19 Surrey Asset Finance Limited 2 Securities W.S. (Nominees) Limited 3 Winterflood Client Nominees Limited 3 Winterflood Gilts Limited 3 Winterflood Securities Holdings Limited 3 Winterflood Securities Limited 3 Winterflood Securities US Corporation 15 (Delaware, USA) Asset Management Cavanagh Financial Management Limited 7 CBF Wealth Management Limited 1 CFSL Management Limited 1 Close Asset Management Holdings Limited 1 Close Asset Management Limited 1 Close Asset Management (UK) Limited 1 Close Brothers Asset Management (Guernsey) Limited 17 (Guernsey) Close Investments Limited 1 Close Portfolio Management Limited 1 EOS Wealth Management Limited 1 Lion Nominees Limited 1 Place Campbell Close Brothers Limited 8 (joint venture with 50% shareholding) PMN Financial Management LLP 1 Registered office addresses: 1. 10 Crown Place, London EC2A 4FT, United Kingdom. 2. Wimbledon Bridge House, Hart\ufb01eld Road, Wimbledon, London SW19 3RU, United Kingdom. 3. The Atrium Building Cannon Bridge, 25 Dowgate Hill, London EC4R 2GA, United Kingdom. 4. 30 Finsbury Square, London EC2A 1AG, United Kingdom. 5. Unit 1, King\ufb01sher Park, Headlands Business Park, Ringwood, Hampshire BH24 3NX, United Kingdom. 6. 101 Wigmore Street, London W1U 1QU, United Kingdom. 7. 60 Melville Street, Edinburgh EH3 7HF, United Kingdom. 8. Wilmington House, High Street, East Grinstead, West Sussex RH19 3AU, United Kingdom. 9. 10th Floor, 5 Churchill Place, London E14 5HU, United Kingdom. 10. 1 Bartholomew Lane, London EC2N 2AX, United Kingdom. 11. Olympic Court Third Avenue, Trafford Park Village, Manchester M17 1AP, United Kingdom. 12. Lows Lane, Stanton-By-Dale, Ilkeston, Derbyshire DE7 4QU, United Kingdom. 13. Grosse Bleiche 35-39, 55116, Mainz, Germany. 14. Conway House, Conway Street, St Helier JE4 5SR, Jersey. 15. 1209 Orange Street, Wilmington 19801, New Castle, Delaware, USA. 16. Swift Square, Building 1, Santry Demesne, Northwood, Dublin, DO9 AOE4, Ireland. 17. PO Box 186, Royal Chambers, St Julian\u2019s Avenue, St Peter Port GY1 4HP, Guernsey. 18. 40a Station Road, Upminster, Essex RM14 2TR, United Kingdom. Subsidiaries by virtue of control: 19. The related undertakings are included in the consolidated \ufb01nancial statements as they are controlled by the group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
},
"fact-5": {
"value": "10 Crown Place London EC2A 4FT",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800W73SYHR14I3X91",
"period": "2022-08-01T00:00:00/2023-08-01T00:00:00"
}
}
}
}