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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:
\u2022 Predominantly secured lending: 97.6% of loan book
secured or structurally protected.
\u2022 Short average tenor: portfolio residual maturity
of 15 months.
\u2022 Small average loan size and low single-name
concentration risk: balance for the top 10 facility limits
represents less than 6% of book.
\u2022 Further diversification by sector, asset class and
UK geography.
\u2022 Local underwriting expertise with central oversight:
focus on assets that are known and understood.
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)
1
31 July 2024
\u00a3 million
31 July 2023
\u00a3 million
Gross loans and advances to customers
Property business 2,015.4 1,744.8
Retail business 3,136.8 3,091.2
Commercial business 5,112.6 4,799.6
Of which Novitas: 283.1 244.0
Excluding Novitas: 4,829.5 4,555.6
Total gross loans and advances to customers 10,264.8 9,635.6
Impairment provisions
Property business 60.2 41.7
Retail business 94.9 89.4
Commercial business 290.7 249.5
Of which Novitas: 220.7 184.1
Excluding Novitas: 70.0 65.4
Total impairment provision 445.8 380.6
Provision coverage ratio
Property business 3.0% 2.4%
Retail business 3.0% 2.9%
Commercial business 5.7% 5.2%
Novitas only: 78.0% 75.5%
Excluding Novitas: 1.4% 1.4%
Total impairment coverage ratio 4.3% 3.9%
Part and non-performing loans
Loans in Stage 2 1,128.8 1,062.0
Of which Novitas: 1.0 1.3
Loans in Stage 3 725.5 583.4
Of which Novitas: 282.1 241.7
Stage 2 coverage 2.8% 3.0%
Excluding Novitas: 2.7% 3.0%
Stage 3 coverage 49.9% 49.8%
Excluding Novitas: 32.2% 31.2%
1. The credit risk highlights table relates to assets held at amortised cost, which excludes \u00a311.8 million of loans held at fair value through profit and loss
(\u201cFVTPL\u201d) under IFRS 9.
Disclosures are provided for loans and advances to
customers held at amortised cost under IFRS 9. This
excludes \u00a311.8 million of loans and advances to customers
measured at fair value through profit or loss which are
managed on a consistent basis as detailed on pages 90 to
92, but do not attract an ECL under IFRS 9. Stage allocation
of loans and advances to customers has been applied
in line with the definitions set out in note 1 to the
Financial Statements.
During the year the staging profile of loans and advances
to customers deteriorated, primarily as a result of stage
migrations in Asset Finance, Motor Finance and Property
Finance offsetting strong Stage 1 loan book growth in the
Leasing and Property Finance businesses.
At 31 July 2024, 81.9% (31 July 2023: 82.9%) of gross loans
and advances to customers were Stage 1. Stage 2 loans and
advances to customers remained stable at 11.0% (31 July
2023: 11.0%). The remaining 7.1% (31 July 2023: 6.1%) of
loans and advances to customers were deemed to be
credit-impaired and were classified as Stage 3.
Overall impairment provisions increased to \u00a3445.8 million
(31 July 2023: \u00a3380.6 million), following regular reviews of
staging and provision coverage for individual loans and
portfolios. The movement in impairment provisions was
mainly driven by Novitas Stage 3 interest accrual in line with
the requirement under IFRS 9 to recognise interest on a net
basis, plus changes to time to recover assumptions.
Excluding Novitas, impairment provisions increased across
the Banking division to \u00a3225.1 million (31 July 2023: \u00a3196.5
million), reflecting overall loan book growth, increases to
existing impaired accounts and migrations into Stage 3.
These factors are set against the backdrop of persistent
external pressures resulting from uncertainty in the
macroeconomic environment.
As a result, there has been an increase in provision coverage
to 4.3% (31 July 2023: 3.9%).
Provision Coverage Analysis by
Business (Audited)
In Commercial, the impairment coverage ratio increased to
5.7% (31 July 2023: 5.2%), reflecting the impacts of Novitas
Stage 3 interest accrual in line with the requirement under
IFRS 9 to recognise interest on a net basis.
Excluding Novitas, the Commercial provision coverage ratio
remained stable at 1.4% (31 July 2023: 1.4%) as strong
Stage 1 new business levels offset the impacts of migrations
into Stages 2 and 3 during the financial year.
In Retail, the provision coverage ratio increased to 3.0%
(31 July 2023: 2.9%), reflecting resilient portfolio
performance in light of sustained macroeconomic uncertainty
and heightened levels of arrears and forbearance in the
Motor Finance business as a result of persistent cost of living
pressures on customers.
In Property, the provision coverage ratio increased to 3.0%
(31 July 2023: 2.4%), as a result of migrations to Stage 3 and
increased individual provisions for some existing impaired
accounts during the financial year.
See note 10 to the Financial Statements for full staging
tables and analysis, and pages 97 to 99 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
Novitas provided funding to individuals who wished 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 failed,
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 financial year under review, management has
maintained its assumptions for expected case failure rates,
and expected recovery rates which continue to appropriately
reflect experienced credit performance and ongoing dialogue
with customers\u2019 insurers. Within the 2024 financial year
impairment charge for Novitas of \u00a36.4 million, an adjustment
has been made for extended time to recovery assumptions
from insurers. This reflects management\u2019s latest assessment
of negotiations with customers\u2019 insurers and the current
timeline of litigation proceedings.
Based on the current position, the majority of loans in the
portfolio continue to be assessed as credit-impaired and are
considered Stage 3. 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 2023, expected credit loss provisions
have increased by \u00a336.6 million to \u00a3220.7 million (31 July
2023: \u00a3184.1 million). This increase is a primarily a result
of interest accrual on civil litigation accounts, for which
a full loss provision is applied, and the update to the time
to recover assumption.
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 for the civil litigation portfolio. On this
basis, management assessed and completed sensitivity
analysis when compared to the expected credit loss
provision for Novitas of \u00a3220.7 million (31 July 2023:
\u00a3184.1 million).
At 31 July 2024, a 10% absolute deterioration or
improvement in recovery rates would increase or decrease
the ECL provision by \u00a313.4 million. Separately, a 12-month
improvement in the time to recover period will reduce the
ECL provision by \u00a313.4 million, while a 12-month delay in
the time to recover period will increase the ECL provision
by \u00a311.0 million.
Further detail on the impairment provision is included in note
10 to the Financial Statements.
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
cover a range of plausible economic paths that are used in
conjunction with PD, EAD and LGD parameters for each
portfolio to assess expected credit loss provisions across
a range of conditions. An overview of these scenarios using
key macroeconomic indicators is provided on pages 97 to
99. 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 2024
and reflect the mixed external backdrop observed in the
year. Forecasts deployed in IFRS 9 macroeconomic models
are updated on a monthly basis. At 31 July 2024, the latest
baseline scenario forecasts gross domestic product (\u201cGDP\u201d)
growth of 1.0% in calendar year 2024 and an average base
rate of 5.1% across calendar year 2024. Consumer Price
Index (\u201cCPI\u201d) inflation is forecast to be 2.5% in calendar year
2024 in the baseline scenario, with 0.7% forecast in the
protracted downside scenario over the same period.
At 31 July 2024, 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 developments in the macroeconomic environment,
no change has been made to the weightings ascribed to the
scenarios since 31 July 2023.
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 general improvement
in the UK economic outlook relative to 31 July 2023. Under
the baseline scenario, UK headline CPI inflation is expected
to stabilise at current levels as a result of sustained base
rate increases in 2022 and 2023 and eased supply chain
pressures. Aligned to recent reductions in inflation, the Bank
of England base rate is forecast to gradually reduce in all
scenarios. House price outlook has improved across all
scenarios, recognising more resilient housing market
performance than previously anticipated. Unemployment
rate forecasts have marginally deteriorated compared to
31 July 2023.
The tables on pages 97 to 98 show economic assumptions within each scenario, and the weighting applied to each at 31 July
2024. 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 2024 and 2025.
The subsequent tables show averages and peak-to-trough ranges for the same key metrics over the five-year period from
2024 to 2028.
Scenario forecasts and weights
Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted)
2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
At 31 July 2024
UK GDP growth 1.0% 1.2% 1.8% 3.9% 0.3% (1.4)% (0.1)% (3.9)% (0.3)% (5.4)%
UK unemployment 4.4% 4.5% 4.2% 4.0% 4.5% 4.9% 4.7% 6.6% 4.8% 7.8%
UK HPI growth 0.7% 3.2% 7.1% 13.3% (2.3)% (2.6)% (4.1)% (9.2)% (6.0)% (16.4)%
BoE base rate 5.1% 4.2% 5.2% 4.4% 5.0% 3.5% 5.0% 2.9% 4.8% 2.3%
Consumer Price Index 2.5% 2.1% 2.6% 2.2% 1.6% 0.4% 1.1% (0.5)% 0.7% (1.0)%
Weighting 32.5% 30% 20% 10.5% 7%
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%
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 2024 to 2028)
Baseline
Upside
(strong)
Downside
(mild)
Downside
(moderate)
Downside
(protracted)
At 31 July 2024
UK GDP growth 1.5% 2.3% 1.1% 0.6% 0.4%
UK unemployment 4.6% 4.0% 4.8% 6.6% 7.4%
UK HPI growth 2.5% 4.2% 0.9% (1.0)% (3.5)%
BoE base rate 3.5% 3.6% 3.2% 2.5% 2.0%
Consumer Price Index 2.1% 2.2% 1.5% 1.2% 0.8%
Weighting 32.5% 30% 20% 10.5% 7%
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%
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 2024,
after which there have been further economic developments,
including the Bank of England base rate cut to 5.0%.
These developments, including the potential for further rate
reductions, and their impact on scenarios and weightings,
are subject to ongoing monitoring by management.
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 15 months, with 99% of loan value having
a maturity of five years or less.
The following charts on pages 98 to 99 represent the
quarterly forecast data included in the above tables
incorporating actual metrics up to 31 July 2024. The dark
blue line shows the baseline scenario, while the other lines
represent the various upside and downside scenarios.
The tables below provide a summary for the five-year period
(calendar years 2024 to 2028) of the peak-to-trough range
of values of the key UK economic variables used within the
economic scenarios at 31 July 2024 and 31 July 2023.
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 Real Gross Domestic Product (Annual % Change) 2023 2028 2027 2029 2024 GDP Growth (percentage change in quarter from previous year) Baseline Mild Downside Moderate Downside Protracted Downside Upside 0 2 4 6 8 10 Unemployment Rate (%) 2023 2028 2027 2029 2026 2025 2024 Unemployment Rate (end of quarter percentage values) Baseline Mild Downside Moderate Downside Protracted Downside Upside Five-year period (calendar year 2024 to 2028) Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted) Peak Trough Peak Trough Peak Trough Peak Trough Peak Trough At 31 July 2024 UK GDP growth 7.7% 0.7% 11.8% 0.7% 5.5% (1.4)% 2.8% (4.2)% 2.2% (6.3)% UK unemployment 4.8% 4.3% 4.3% 3.7% 4.9% 4.3% 7.4% 4.3% 8.6% 4.3% UK HPI growth 13.3% 0.7% 27.2% 0.7% 4.4% (5.7)% 0.9% (14.2)% 0.9% (23.4)% BoE base rate 5.3% 2.5% 5.3% 2.5% 5.3% 2.1% 5.3% 1.1% 5.3% 0.6% Consumer Price Index 3.6% 2.0% 3.6% 2.0% 3.6% (0.4)% 3.6% (1.1)% 3.6% (2.0)% Weighting 32.5% 30% 20% 10.5% 7% 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% 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 (%). 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 2024; 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 2024 and 31 July 2023 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 sustained cost of living pressures, policy changes resulting from the recent change in government and ongoing geopolitical tensions. 0 1 2 3 4 5 6 Bank of England Base Rate (%) 2023 2028 2029 2027 2026 2025 2024 Base Rate (end of quarter percentage values) Baseline Mild Downside Moderate Downside Protracted Downside Upside -2 0 2 4 6 8 10 12 Consumer Price Index (Annual % Change) 2023 2028 2029 2024 Baseline Mild Downside Moderate Downside Protracted Downside Upside Consumer Price Index Inflation (percentage change in quarter from previous year) -20 -15 -10 -5 0 5 10 15 20 House Price Index \u2013 Current Prices (Annual % Change) 2023 2028 2027 2029 2026 2025 2024 HPI Growth (percentage change in quarter from previous year) Baseline Mild Downside Moderate Downside Protracted Downside Upside 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 2024, application of 100% weighting to the upside strong scenario would decrease the expected credit loss by \u00a321.3 million whilst application of 100% weighting to the downside protracted scenario would increase the expected credit loss by \u00a340.1 million, driven by the aforementioned changes in risk metrics and stage allocation of the portfolios.
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 recent change in government,
the ongoing conflict in Ukraine, policies aimed at addressing
cost of living and inflationary pressures, and long-term
impacts of the Covid-19 pandemic. In response, our use
of adjustments has evolved.
In particular, adjustments were applied in the previous
financial 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 were made as a result. Portfolio
performance has been closely monitored during the financial
year under review, over which modelled provisions have
increased and external forecasts have remained broadly
stable. As a result, adjustments have gradually reduced
in recognition of the portfolio and models appropriately
reacting to changes in the external 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 2024, \u00a3(1.5) million (31 July 2023: \u00a317.0 million)
of the expected credit loss provision was attributable to
adjustments, which reflects a combination of positive and
negative adjustments depending on the adjustment purpose
or model requirement. Adjustments include \u00a32.4 million held
to reflect ongoing economic uncertainty.
Other Credit Risk Tables (Audited)
Segmental credit risk
The table on page 101 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 have reduced to
84% of the overall portfolio (31 July 2023: 87%), reflective
of stage deterioration and the impacts of macroeconomic
pressures during the financial year.
77% (31 July 2023: 80%) of total advances were classified
as low risk Stage 1. Low risk Stage 2 represented 7%
(31 July 2023: 7%) 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 related to agreements
which have triggered the \u201c90 days past due\u201d backstop but
where full repayment is expected.
Medium risk loans account for 8% (31 July 2023: 7%) of
total loans and advances to customers, of which the majority
were spread across Stages 1 and 2. Medium risk Stage 1
increased to 5% (31 July 2023: 3%). Medium risk Stage 2
represented 4% (31 July 2023: 3%) of the overall portfolio.
Loans and advances to customers reflected as medium risk
Stage 3 primarily related 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 accounted for 8% (31 July 2023: 6%) of
total loans and advances to customers, with the majority
corresponding to Stage 3. This increase primarily reflected
the impacts of stage migrations and Novitas Stage 3 interest
accrual over the course of the financial year.
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:
\u2022 the loan is considered as performing and there is
no past-due amount according to the amended
contractual terms;
\u2022 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
\u2022 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 2024, the gross carrying amount of exposures
with forbearance measures was \u00a3363.8 million (31 July
2023: \u00a3214.6 million). The key driver of this increase has
been higher forbearance in our Asset Finance and Leasing,
Motor Finance and Property Finance businesses reflecting
continued macroeconomic challenges and enduring cost
of living pressures on customers.
Stage 1
\u00a3 million
Stage 2
\u00a3 million
Stage 3
\u00a3 million
Total
\u00a3 million
At 31 July 2024
Gross loans and advances to customers
1
Low risk 7,943.3 679.6 15.4 8,638.3
Medium risk 474.6 360.6 16.2 851.4
High risk 4.4 88.6 693.9 786.9
Total 8,422.3 1,128.8 725.5 10,276.6
Undrawn commitments
Low risk 1,025.1 18.3 \u2013 1,043.4
Medium risk \u2013 1.2 \u2013 1.2
High risk \u2013 \u2013 3.1 3.1
Total 1,025.1 19.5 3.1 1,047.7
Gross trade receivables
2
Low risk 11.8 \u2013 \u2013 11.8
Medium risk \u2013 1.5 \u2013 1.5
High risk \u2013 \u2013 3.2 3.2
Total 11.8 1.5 3.2 16.5
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
Gross trade receivables
2
Low risk 10.1 \u2013 \u2013 10.1
Medium risk \u2013 0.7 \u2013 0.7
High risk \u2013 \u2013 2.5 2.5
Total 10.1 0.7 2.5 13.3
1. Gross loans and advances to customers include \u00a311.8 million of loans and advances held at FVTPL, presented as Stage 1 Low risk based on management
judgement.
2. Lifetime expected credit losses are recognised for all trade receivables under the IFRS 9 simplified approach. The figures presented are on a gross basis
before deducting for expected credit losses of \u00a32.7 million (31 July 2023: \u00a32.0 million) relating to predominantly Stage 3 receivables.
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 2024,
there are 2,887 (31 July 2023: 4,364) remaining facilities,
with residual balance of \u00a3202.3 million (31 July 2023: \u00a3456.3
million) following further repayments across the
Commercial businesses.
The Banking division also received accreditation to offer
products under the various Recovery Loan Schemes (\u201cRLS\u201d),
the recent Growth Guarantee Scheme (\u201cGGS\u201d) and schemes
in the Republic of Ireland. At 31 July 2024, there are 1,321
(31 July 2023: 943) live facilities, with balances of \u00a3340.7
million (31 July 2023: \u00a3276.2 million), and a further 73
(31 July 2023: 58) approved facilities with limits of \u00a317.7
million (31 July 2023: \u00a314.3 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.
Analysis of gross loans and advances to customers by LTV
ratio is provided on page 103. 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.
An analysis of forborne loans is shown in the table below:
31 July 2024 31 July 2023
Gross loans and advances to customers (\u00a3 million) 10,276.6 9,635.6
Forborne loans (\u00a3 million) 363.8 214.6
Forborne loans as a percentage of gross loans and advances to customers (%) 3.5% 2.2%
Provision on forborne loans (\u00a3 million) 89.4 56.1
Number of customers supported 13,166 6,996
The following is a breakdown of forborne loans by segment:
31 July 2024
\u00a3 million
31 July 2023
\u00a3 million
Commercial business 118.5 38.0
Retail business 42.8 28.8
Property business 202.5 147.8
Total 363.8 214.6
The following is a breakdown of the number of customers supported by segment:
31 July 2024
Number of
customers
supported
31 July 2023
Number of
customers
supported
Commercial business 839 243
Retail business 12,275 6,700
Property business 52 53
Total 13,166 6,996
The following is a breakdown of forborne loans by concession type:
31 July 2024
\u00a3 million
31 July 2023
\u00a3 million
1
Extension outside terms 101.7 52.6
Refinancing 28.0 10.4
Moratorium 147.0 66.1
Deferring collections/recoveries activity 85.1 82.9
Other modifications 2.0 2.6
Total 363.8 214.6
1. Comparatives have been updated to present deferring collections/recoveries activity category in a separate line based on categorisation as at 31 July 2024.
Commercial
\u00a3 million
Retail
\u00a3 million
Property
\u00a3 million
Total
\u00a3 million
LTV
1
60% or lower 828.3 143.4 1,100.1 2,071.8
>60% to 70% 552.7 150.1 667.1 1,369.9
>70% to 80% 575.3 332.7 56.2 964.2
>80% to 90% 848.5 1,056.9 56.5 1,961.9
>90% to 100% 1,451.4 550.3 27.3 2,029.0
Greater than 100% 326.0 419.9 107.6 853.5
Structurally protected
2
329.3 445.8 \u2013 775.1
Unsecured 212.9 37.7 0.6 251.2
Total at 31 July 2024
3
5,124.4 3,136.8 2,015.4 10,276.6
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
Total at 31 July 2023 4,799.6 3,091.2 1,744.8 9,635.6
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 39.2 1.8 12.3 53.3
>60% to 70% 5.6 2.5 11.3 19.4
>70% to 80% 5.8 8.2 24.6 38.6
>80% to 90% 13.9 23.2 52.1 89.2
>90% to 100% 35.2 28.1 27.3 90.6
Greater than 100% 12.6 19.4 107.1 139.1
Structurally protected
2
274.4 5.4 \u2013 279.8
Unsecured 13.5 1.4 0.6 15.5
Total at 31 July 2024 400.2 90.0 235.3 725.5
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
Total at 31 July 2023 339.4 74.6 169.4 583.4
1. Government lending scheme facilities totalling \u00a3543.0 million (31 July 2023: \u00a3732.4 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.
3. Total gross loans and advances to customers includes \u00a311.8 million of loans and advances held at FVTPL.
(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 2024
31 July 2023
\u00a3 million
\u00a3 million
On balance sheet
Cash and balances at central banks 1,584.0 1,937.0
Settlement balances 627.5 707.0
Loans and advances to banks 293.7 330.3
Loans and advances to customers 9,830.8 9,255.0
Debt securities 740.5 307.6
Loans to money brokers against stock advanced 22.5 37.6
Derivative financial instruments 101.4 88.5
Other financial assets 103.6 95.5
13,304.0 12,758.5
Off balance sheet
Irrevocable undrawn commitments 281.8 263.9
Total maximum exposure to credit risk 13,585.8 13,022.4
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 \u00a3404.8 million (31 July 2023: \u00a3863.4 million) and retained notes relating to Motor Finance loan receivables of \u00a334.4 million (31 July 2023: \u00a383.4 million) were positioned as collateral with the Bank of England, against which \u00a3110.0 million (31 July 2023: \u00a3600.0 million) of cash was drawn from the TFSME and \u00a3nil (31 July 2023: \u00a35.0 million) 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 \u00a31,657.0 million (31 July 2023: \u00a31,436.3 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,453.7 million (31 July 2023: \u00a31,187.4 million). This includes the \u00a334.4 million (31 July 2023: \u00a383.4 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. As at 31 July 2024, Winterflood had pledged equity and debt securities of \u00a318.3 million (31 July 2023: \u00a35.2 million) in the normal course of business. 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 90 to 92 in the Risk Report. Information on the group\u2019s internal credit risk reporting can be found on pages 100 to 101 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 102 to 103 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, sovereign and central bank debt, SSA bonds and covered bonds. 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 \u00a322.5 million (31 July 2023: \u00a337.6 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:
Impairment
Stage 1
Stage 2
Stage 3
provision
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Not past due
599.9
\u2014
\u2014
\u2014
599.9
Less than 30 days past due
24.6
\u2014
\u2014
\u2014
24.6
More than 30 days but less than 90 days past due
\u2014
2.5
\u2014
\u2014
2.5
More than 90 days past due
\u2014
\u2014
0.5
\u2014
0.5
624.5
2.5
0.5
\u2014
627.5
Impairment
Stage 1
Stage 2
Stage 3
provision
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Not past due
622.1
\u2014
\u2014
\u2014
622.1
Less than 30 days past due
83.9
\u2014
\u2014
\u2014
83.9
More than 30 days but less than 90 days past due
\u2014
0.6
\u2014
\u2014
0.6
More than 90 days past due
\u2014
\u2014
0.5
(0.1)
0.4
706.0
0.6
0.5
(0.1)
707.0
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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-436": { "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. Economic uncertainty has continued over the last 12 months, increasing market competitiveness.
Despite the challenges this has presented, the Banking division\u2019s ability to fund the loan book has been largely unaffected.
The Banking division has actively sought to grow the retail deposit base and optimise the funding mix in light of market
conditions. These deposits continue to remain diverse in terms of source, type and tenor, ensuring flexibility and greater
optionality. 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. Two
repayments of the TFSME have been made this year totalling \u00a3490 million, with \u00a3110 million remaining to be repaid in the
coming year. Despite movements in the Banking division\u2019s funding base, the balance sheet and subsequent funding plan
continues to remain well within internal risk appetites and total available funding is kept well in excess of the loan book
funding requirement to ensure funding is available when needed as shown by the NSFR metrics.
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 2024
Deposits by banks 0.9 53.2 86.1 \u2013 \u2013 \u2013 140.2
Deposits by customers 708.9 2,309.5 1,502.1 2,008.7 2,474.8 \u2013 9,004.0
Loans and overdrafts from banks 46.7 9.9 1.4 2.7 111.7 \u2013 172.4
Debt securities in issue \u2013 40.0 119.3 195.4 1,541.7 409.8 2,306.2
Subordinated loan capital \u2013 2.0 \u2013 2.0 16.0 209.0 229.0
Total 756.5 2,414.6 1,708.9 2,208.8 4,144.2 618.8 11,851.8
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
(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 pages 104 to 105 of the Risk Report.
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Settlement balances
\u2014
600.1
\u2014
\u2014
\u2014
\u2014
 600.1
Deposits by banks
0.9
53.2
86.1
\u2014
\u2014
\u2014
 140.2
Deposits by customers
708.9
2,309.5
1,502.1
2,008.7
2,474.8
 \u2014 9,004.0
Loans and overdrafts from banks
46.7
9.9
1.4
2.7
111.7
 \u2014 172.4
Debt securities in issue
\u2014
40.0
119.3
195.4
1,541.7
409.8
2,306.2
Loans from money brokers against stock
advanced
16.7
\u2014
\u2014
\u2014
\u2014
\u2014
16.7
Subordinated loan capital
\u2014
2.0
 \u2014
2.0
16.0
209.0
229.0
Derivative financial instruments
0.3
47.3
37.0
50.6
183.0
86.8
405.0
Lease liabilities
0.2
3.2
2.7
3.9
29.6
18.1
57.7
Other financial liabilities
22.6
101.0
1.3
10.9
27.1
2.5
165.4
Total
796.3
3,166.2
1,749.9
2,274.2
4,383.9
726.2
13,096.7
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Settlement balances
\u2014
686.0
\u2014
\u2014
\u2014
\u2014
686.0
Deposits by banks
10.3
43.7
89.7
\u2014
\u2014
\u2014
143.7
Deposits by customers
175.1
1,838.3
1,972.9
1,869.6
2,140.6
\u2014
7,996.5
Loans and overdrafts from banks
31.8
25.2
7.6
243.8
383.2
\u2014
691.6
Debt securities in issue
\u2014
46.7
132.3
168.1
1,705.1
416.3
2,468.5
Loans from money brokers against stock
advanced
4.8
\u2014
\u2014
\u2014
\u2014
\u2014
4.8
Subordinated loan capital
\u2014
2.0
\u2014
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
Derivative financial instruments in the table above includes net currency swaps. The following table shows the currency swaps on a gross basis:
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
0.9
259.9
37.0
49.8
178.6
86.8
613.0
At 31 July 2023
41.2
153.9
26.0
39.4
167.5
73.0
501.0
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EaR impact (audited)
The table below sets out the assessed impact on group 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 2024:
31 July 2024
\u00a3 million
31 July 2023
\u00a3 million
0.5% increase 0.1 4.5
2.5% increase 0.5 22.6
0.5% decrease (0.1) (4.5)
2.5% decrease (0.8) (22.8)
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, basis risk
is excluded from the EaR numbers.
The group\u2019s EaR at 31 July 2024 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 and the embedded optionality
risk, which is negligible in the current interest rate
environment.
The decrease in EaR reflects the bank\u2019s strategy to
manage and minimise interest rate risk, to that required
to operate efficiently.
EV impact (audited)
The table below sets out the assessed impact on group EV,
which measures the potential change in the balance sheet
value following an instantaneous and parallel change in
interest rates at 31 July 2024:
31 July 2024
\u00a3 million
31 July 2023
\u00a3 million
0.5% increase 3.5 4.4
2.5% increase 17.2 21.5
0.5% decrease (3.5) (4.4)
2.5% decrease (14.4) (21.9)
The group\u2019s EV at 31 July 2024 reflects its policy to ensure
exposure to interest rate shocks is managed within the
group\u2019s risk appetites. The EV measure is a combination
of our repricing profile and the embedded optionality to
cover interest rate floors within the bank\u2019s lending and
borrowing activities.
Foreign exchange risk (audited)
The group recognises three categories of FX risk:
1. transaction risk: the risk relating to foreign currency
loan commitments;
2. translation risk: the risk relating to converting foreign
currency balances and profits into sterling;
3. structural FX risk: the risk relating to the potential impact
on capital ratios relating to non-GBP exposures.
Transaction risk is measured daily within treasury based on
net cash flows and contracted future exposures. Treasury\u2019s
strategy is to hedge the FX risk as soon as it arrives,
and to have zero FX transaction exposure each day at
close of business.
Translation risk is monitored within each business monthly,
translating non-UK profits regularly to mitigate fluctuations in
foreign exchange rates. 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:
31 July 2024
\u00a3 million
31 July 2023
\u00a3 million
15% strengthening of sterling
against the euro 0.5 0.3
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 \u201dDerivative Financial Instruments\u201d.
Structural FX risk is assessed at least annually as part of the
group\u2019s ICAAP and is deemed to be immaterial.
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 on a back-to-back
basis with vanilla interest rate swaps. The exception to this is
the \u00a3250 million group bond held in company, which is
hedged as part of the portfolio mix.
Foreign exchange exposures are generally hedged using
foreign exchange forwards or currency swaps with
exposures monitored daily against approved limits.
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 2024
\u00a3 million
For the year ended 31 July 2024
Equity shares
Long 54.9 19.0 26.0 25.8
Short 35.1 3.8 7.2 9.3
Net position 18.8 16.5
Debt securities
Long 31.9 4.7 12.9 16.0
Short 12.5 1.9 4.4 5.5
Net position 8.5 10.5
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
With respect to the long and short positions on debt securities, \u00a311.1 million and \u00a30.1 million (2023: \u00a311.0 million and
\u00a30.3 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 2024 trading book exposure given above, a hypothetical fall of 10% in equity prices would result
in a \u00a31.7 million decrease (31 July 2023: \u00a32.1 million decrease) in the group\u2019s income and net assets. A hypothetical 10%
fall across the fixed income desk would result in a \u00a31.1 million decrease (31 July 2023: \u00a31.2 million decrease) in the group\u2019s
income and net assets.
(d) Market risk Interest rate risk Additional disclosures on the group\u2019s interest rate risk can be found on pages 107 to 108 in the Risk Report. Foreign exchange risk Additional disclosures on the group\u2019s foreign exchange risk can be found on pages 108 to 109 in the Risk Report. Market price risk Trading financial instruments: Equity shares and debt securities Th e group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found on pages 115 to 116 of the Risk Report. Non-trading financial instruments Net gains and losses on non-trading financial instruments are disclosed in Notes 11. 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Material 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 (2023: five) operating segments: Commercial, Retail, Property, Asset Management and Securities, and is primarily located within the UK. (b) Basis of preparation The 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 \u201cThe Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\u201d (\u201cFRS 102\u201d) 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. Further information on going concern can be found within the Strategic Report. ( c) Accounting developments Standards adopted during the year The accounting standards applied this financial year are consistent with those of the previous financial year, except IFRS 17 Insurance Contracts and minor amendments to IFRSs issued by the IASB, which were effective for the group from 1 August 2023. These changes have no or an immaterial impact on the group. Future accounting developments Minor amendments to IFRSs issued by the IASB are effective for the group from 1 August 2024. These changes are expected to have no or an immaterial impact on the group. IFRS 18 'Presentation and Disclosure in Financial Statements' is effective for the group from 1 August 2027 and its impact is currently under assessment. (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 the 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 at a point in time, 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 and the performance obligation has been met. Fees and corresponding expenses in respect of other services are recognised in the consolidated income statement as the right to consideration or payment accrues over time when services are performed and obligations are met. 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 are management measures presented on a basis consistent with prior periods and exclude adjusting items which do not reflect underlying trading performance and which may be recurring. Adjusted measures also exclude exceptional items. Adjusting items this year comprise amortisation of intangible assets on acquisition, provision for Borrowers in Financial Difficulty review, restructuring costs, and complaints handling and other operational costs associated with the FCA's review of historical motor finance commission arrangements. Amortisation of intangible assets on acquisition, which was also an adjusting item in the prior year, is excluded to present the performance of the group\u2019s acquired businesses consistent with its other businesses. The other adjusting items are new this year and do not reflect underlying trading performance. Exceptional items are income and expense items that are material by size and/or nature and are non-recurring. (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. 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 95 to 99 of the Risk Report. The calculation of expected credit losses for some loan portfolios and receivables relating to operating lease assets 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 measured at fair value on initial recognition and 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 measured at fair value on initial recognition and 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. As set out in Note 1(b), the company has a different accounting policy for leases under FRS 102. Rental costs under operating leases are charged to the income statement in equal instalments over the period of the lease. (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. The group has a forward flow arrangement with a third party. In this arrangement, financial assets are originated and recognised on the balance sheet and simultaneously derecognised on sale of the assets. See Note 1(h) for the derecognition accounting policy. (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 10 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. The estimated useful lives of computer software have been updated from a range of 3 to 5 years to a range of 3 to 10 years reflecting the longer useful lives of new core software platforms. (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 Assets held under operating leases 1 to 20 years Motor vehicles 1 to 5 years (s) Share capital and other equity 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. Other equity Financial instruments are classified as equity when there is no contractual obligation to deliver cash, another financial asset, or a variable number of the group\u2019s own equity instruments to another entity. The instrument is measured at cost less transaction costs and distributions are recognised as a deduction from retained earnings when they become irrevocable. (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. 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. The pension surplus on the group\u2019s balance sheet relates 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. (u) Share-based payments to employees The group operates three (2023: 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 \ufb02ow 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-385": { "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 (2023: five) operating segments: Commercial, Retail, Property, Asset Management and Securities, and is primarily located within the UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-4": { "value": "Close Brothers Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-474": { "value": "Close Brothers Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-493": { "value": "Close Brothers Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-6": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-383": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-494": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-438": { "value": "(b) Basis of preparation The 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 \u201cThe Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\u201d (\u201cFRS 102\u201d) 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. Further information on going concern can be found within the Strategic Report. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-386": { "value": "(b) Basis of preparation The 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 \u201cThe Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland\u201d (\u201cFRS 102\u201d) 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. Further information on going concern can be found within the Strategic Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-439": { "value": "c) Accounting developments Standards adopted during the year The accounting standards applied this financial year are consistent with those of the previous financial year, except IFRS 17 Insurance Contracts and minor amendments to IFRSs issued by the IASB, which were effective for the group from 1 August 2023. These changes have no or an immaterial impact on the group. Future accounting developments Minor amendments to IFRSs issued by the IASB are effective for the group from 1 August 2024. These changes are expected to have no or an immaterial impact on the group. IFRS 18 'Presentation and Disclosure in Financial Statements' is effective for the group from 1 August 2027 and its impact is currently under assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-475": { "value": "Standards adopted during the year The accounting standards applied this financial year are consistent with those of the previous financial year, except IFRS 17 Insurance Contracts and minor amendments to IFRSs issued by the IASB, which were effective for the group from 1 August 2023. These changes have no or an immaterial impact on the group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-476": { "value": "Future accounting developments Minor amendments to IFRSs issued by the IASB are effective for the group from 1 August 2024. These changes are expected to have no or an immaterial impact on the group. IFRS 18 'Presentation and Disclosure in Financial Statements' is effective for the group from 1 August 2027 and its impact is currently under assessment.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-440": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-387": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-388": { "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 the 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-441": { "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 the 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:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-389": { "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 at a point in time, 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 and the performance obligation has been met. Fees and corresponding expenses in respect of other services are recognised in the consolidated income statement as the right to consideration or payment accrues over time when services are performed and obligations are met. 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-477": { "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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-442": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-443": { "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 at a point in time, 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 and the performance obligation has been met. Fees and corresponding expenses in respect of other services are recognised in the consolidated income statement as the right to consideration or payment accrues over time when services are performed and obligations are met. 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-444": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-390": { "value": "(g) Adjusted measures Adjusted measures are management measures presented on a basis consistent with prior periods and exclude adjusting items which do not reflect underlying trading performance and which may be recurring. Adjusted measures also exclude exceptional items. Adjusting items this year comprise amortisation of intangible assets on acquisition, provision for Borrowers in Financial Difficulty review, restructuring costs, and complaints handling and other operational costs associated with the FCA's review of historical motor finance commission arrangements. Amortisation of intangible assets on acquisition, which was also an adjusting item in the prior year, is excluded to present the performance of the group\u2019s acquired businesses consistent with its other businesses. The other adjusting items are new this year and do not reflect underlying trading performance. Exceptional items are income and expense items that are material by size and/or nature and are non-recurring. ", "dimensions": { "concept": "closebrothers:DescriptionOfAccountingPolicyForAdjustedMeasures", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-478": { "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. (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. (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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-445": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-391": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-495": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-446": { "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. 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 95 to 99 of the Risk Report. The calculation of expected credit losses for some loan portfolios and receivables relating to operating lease assets 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-392": { "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. 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 95 to 99 of the Risk Report. The calculation of expected credit losses for some loan portfolios and receivables relating to operating lease assets 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-393": { "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 measured at fair value on initial recognition and 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-394": { "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 measured at fair value on initial recognition and 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-395": { "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. As set out in Note 1(b), the company has a different accounting policy for leases under FRS 102. Rental costs under operating leases are charged to the income statement in equal instalments over the period of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-447": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-396": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-397": { "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. The group has a forward flow arrangement with a third party. In this arrangement, financial assets are originated and recognised on the balance sheet and simultaneously derecognised on sale of the assets. See Note 1(h) for the derecognition accounting policy. ", "dimensions": { "concept": "closebrothers:DescriptionOfAccountingPolicyForSecuritisationTransactions", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-398": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-496": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-448": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-399": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-479": { "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 10 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. The estimated useful lives of computer software have been updated from a range of 3 to 5 years to a range of 3 to 10 years reflecting the longer useful lives of new core software platforms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-449": { "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 10 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. The estimated useful lives of computer software have been updated from a range of 3 to 5 years to a range of 3 to 10 years reflecting the longer useful lives of new core software platforms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-400": { "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 10 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. The estimated useful lives of computer software have been updated from a range of 3 to 5 years to a range of 3 to 10 years reflecting the longer useful lives of new core software platforms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-450": { "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 Assets held under operating leases 1 to 20 years Motor vehicles 1 to 5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-401": { "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 Assets 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-402": { "value": "(s) Share capital and other equity 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. Other equity Financial instruments are classified as equity when there is no contractual obligation to deliver cash, another financial asset, or a variable number of the group\u2019s own equity instruments to another entity. The instrument is measured at cost less transaction costs and distributions are recognised as a deduction from retained earnings when they become irrevocable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-451": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-403": { "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. 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. The pension surplus on the group\u2019s balance sheet relates 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-404": { "value": "(u) Share-based payments to employees The group operates three (2023: 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-452": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-405": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-453": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-406": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-480": { "value": "(x) Cash and cash equivalents For the purposes of the cash \ufb02ow 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-407": { "value": "(x) Cash and cash equivalents For the purposes of the cash \ufb02ow 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-408": { "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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-409": { "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 80 in the Risk Report. Critical accounting judgements The critical accounting judgements of the group, which relate to expected credit loss provisions calculated under IFRS 9 and Motor Finance commission arrangements, are as follows: \u2022 Establishing the criteria for a significant increase in credit risk; \u2022 Determining the appropriate definition of default; and \u2022 Determining whether the criteria for the recognition of a provision under IAS 37 'Provisions, Contingent Liabilities and Contingent Assets' have been met in relation to Motor Finance commission arrangements. \u2022 Determining the impact of the FCA's motor commissions review and the group's strategic and capital actions response on the group's goodwill impairment assessment. Further information on the first two accounting judgements can be found in the \u2018Use of judgements\u2019 section on pages 94 to 95 in the Risk Report, while further information on the third and fourth judgements can be found in Note 21 and Note 14 respectively. 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. These were also key estimates in the prior year; \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 was also a key estimate in the prior year; 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 and Banking division, in particular Motor Finance, cash generating units due to more challenging trading conditions expected for both. This was a key estimate for Winterflood Securities in the prior year and new for Motor Finance this year. 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 95 to 99, \u2018Use of Adjustments\u2019 section on page 100, both in the Risk Report, and Note 14 \u2018Intangibles Assets\u2019 on pages 221 to 223 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-410": { "value": "Banking Asset balances at central banks, debt securities, customer deposits and other borrowings. Commercial 3. Segmental Analysis Retail Property Management Securities Group Total 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 (2023: 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 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 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Summary income statement for year located in the UK. ended 31 July 2024 Net interest income/(expense) 228.8 234.4 129.0 11.0 (0.4) (11.5) 591.3 Non-interest income 100.8 28.0 3.9 146.8 73.4 \u2014 352.9 Operating income/(expense) 329.6 262.4 132.9 157.8 73.0 (11.5) 944.2 Administrative expenses (182.3) (156.6) (30.0) (139.5) (68.9) (31.6) (608.9) Depreciation and amortisation (26.1) (20.7) (4.9) (6.1) (5.9) (2.2) (65.9) Impairment losses on financial assets (31.7) (47.2) (20.0) \u2014 0.1 \u2014 (98.8) Total operating expenses before adjusting items (240.1) (224.5) (54.9) (145.6) (74.7) (33.8) (773.6) Adjusted operating profit/(loss)1 89.5 37.9 78.0 12.2 (1.7) (45.3) 170.6 Amortisation of intangible assets on acquisition \u2014 (0.2) \u2014 (1.2) \u2014 \u2014 (1.4) Provision in relation to the BiFD review (0.6) (16.6) \u2014 \u2014 \u2014 \u2014 (17.2) Restructuring costs (2.2) (0.6) (0.3) \u2014 \u2014 \u2014 (3.1) Complaints handling and other operational costs associated with the FCA's review of historical motor finance commission arrangements \u2014 (6.9) \u2014 \u2014 \u2014 \u2014 (6.9) Operating profit/(loss) before tax 86.7 13.6 77.7 11.0 (1.7) (45.3) 142.0 External operating income/(expense) 517.0 376.7 224.7 156.9 73.0 (404.1) 944.2 Inter segment operating (expense)/ income (187.4) (114.3) (91.8) 0.9 \u2014 392.6 \u2014 Segment operating income/(expense) 329.6 \u00a36.4 million (2023: \u00a3116.8 million). following a comprehensive strategic review. 262.4 132.9 on Novitas can be found in the Credit Risk section of the Risk Report. 157.8 73.0 (11.5) 944.2 1. Adjusted operating profit/(loss) is stated before the following adjusting items and the associated tax effect: amortisation of intangible assets on acquisition, provision in relation to the BiFD review, restructuring costs and complaints handling and other operational costs associated with the FCA's review of historical motor finance commission arrangements. The adjusting items are presented within administrative expenses on a statutory basis. The accounting policy for adjusted measures is set out in Note 1(g) while more information on the adjusting items can be found in Notes 14, 16 and 21. 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 \u00a30.1 million (2023: loss of \u00a384.2 million), driven by impairment losses of Novitas\u2019 income was \u00a311.0 million (2023: \u00a318.9 million) and expenses were \u00a34.8 million (2023: \u00a38.7 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 As set out in Note 29 \u201cPost Balance Sheet Event\u201d, the group announced it entered into an agreement to sell CBAM, one of the group\u2019s operating segments and whose financial results are presented within this note, to Oaktree on 19 September 2024 Banking Asset Commercial Retail Property Management Securities Group2 Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Summary balance sheet information at 31 July 2024 Total assets\u00b9 5,101.6 the net loan book of Novitas of \u00a362.4 million. 3,041.9 1,955.2 192.0 825.0 2,965.1 14,080.8 Total liabilities \u2014 balances described in the second paragraph of this note. \u2014 \u2014 70.2 734.6 11,433.5 12,238.3 1. Total assets for the Banking operating segments comprise the loan book and operating lease assets only. The Commercial operating segment includes 2. Balance sheet includes \u00a32,970.1 million assets and \u00a311,358.1 million liabilities attributable to the Banking division primarily comprising the treasury
Asset
Banking
Management
Securities
Group
Total
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 \u00a310,098.7 million, in addition to assets and liabilities of
\u00a32,970.1 million and \u00a311,358.1 million respectively primarily comprising treasury balances which are included within the Group
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Equity
column above.
1,710.7
121.8
90.4
(80.4)
1,842.5
Banking
Asset
Commercial
Retail
Property
Management
Securities
Group
Total
Other segment information for the year
ended 31 July 2024
Employees (average number)\u00b9
1,461
1,195
199
872
311
87
4,125
1. Banking segments include a central function headcount allocation. The company\u2019s average number of employees is equivalent to the Group number.
Banking
Asset
Commercial
Retail
Property
Management
Securities
Group
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Summary income statement for 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
\u2014
340.0
Operating income/(expense)
347.8
248.1
117.9
144.8
75.3
(1.3)
932.6
Administrative 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)
\u2014
\u2014
(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)
Adjusted operating profit/(loss)\u00b9
15.9
34.7
69.5
15.9
3.5
(26.0)
113.5
Amortisation of intangible assets on
acquisition
\u2014
\u2014
\u2014
(1.5)
\u2014
\u2014
(1.5)
Operating profit/(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
\u2014
215.6
\u2014
Segment operating income/(expense)
347.8
248.1
117.9
144.8
1. Adjusted operating profit/(loss) is stated before amortisation of intangible assets on acquisition and tax.
75.3
(1.3)
932.6
Banking Asset Commercial Retail Property Management Securities Group\u00b2 Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Summary balance sheet information at 31 July 2023 Total assets\u00b9 4,821.3 the net loan book of Novitas of \u00a359.9 million. 3,001.8 1,703.1 177.9 870.5 2,975.7 13,550.3 Total liabilities \u2014 balances described in the second paragraph of this note. \u2014 \u2014 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 2. Balance sheet includes \u00a32,977.4 million assets and \u00a311,151.9 million liabilities attributable to the Banking division primarily comprising the treasury
Asset
Banking
Management
Securities
Group
Total
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
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Equity
column above.
1,351.7
113.8
92.4
87.0
1,644.9
Banking Asset Commercial Retail Property Management Securities Group Total Other segmental information for the year ended 31 July 2023 Employees (average number)\u00b9 1,450 1,194 201 814 320 81 4,060 1. Banking segments include 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-509": { "value": "4. Operating Profit before Tax
2024
2023
\u00a3 million
\u00a3 million
Interest income\u00b9
Cash and balances at central banks
98.5
64.5
Loans and advances to banks
8.6
4.2
Loans and advances to customers
1,006.8
807.4
Other interest income
42.9
21.4
1,156.8
897.5
Interest expense
Deposits from banks
(5.8)
(3.2)
Deposits by customers
(387.2)
(203.6)
Borrowings
(116.9)
(90.2)
Other interest expense\u00b2
(55.6)
(7.9)
(565.5)
(304.9)
Net interest income
1. Interest income calculated using the effective interest method.
591.3
592.6
2. Other interest expense includes interest expense of \u00a326.7 million relating to derivative assets and liabilities (2023: \u00a38.3 million interest income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-508": { "value": "4. Operating Profit before Tax
2024
2023
\u00a3 million
\u00a3 million
Interest income\u00b9
Cash and balances at central banks
98.5
64.5
Loans and advances to banks
8.6
4.2
Loans and advances to customers
1,006.8
807.4
Other interest income
42.9
21.4
1,156.8
897.5
Interest expense
Deposits from banks
(5.8)
(3.2)
Deposits by customers
(387.2)
(203.6)
Borrowings
(116.9)
(90.2)
Other interest expense\u00b2
(55.6)
(7.9)
(565.5)
(304.9)
Net interest income
1. Interest income calculated using the effective interest method.
591.3
592.6
2. Other interest expense includes interest expense of \u00a326.7 million relating to derivative assets and liabilities (2023: \u00a38.3 million interest income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-507": { "value": "4. Operating Profit before Tax
2024
2023
\u00a3 million
\u00a3 million
Interest income\u00b9
Cash and balances at central banks
98.5
64.5
Loans and advances to banks
8.6
4.2
Loans and advances to customers
1,006.8
807.4
Other interest income
42.9
21.4
1,156.8
897.5
Interest expense
Deposits from banks
(5.8)
(3.2)
Deposits by customers
(387.2)
(203.6)
Borrowings
(116.9)
(90.2)
Other interest expense\u00b2
(55.6)
(7.9)
(565.5)
(304.9)
Net interest income
1. Interest income calculated using the effective interest method.
591.3
592.6
2. Other interest expense includes interest expense of \u00a326.7 million relating to derivative assets and liabilities (2023: \u00a38.3 million interest income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-454": { "value": "4. Operating Profit before Tax
2024
2023
\u00a3 million
\u00a3 million
Interest income\u00b9
Cash and balances at central banks
98.5
64.5
Loans and advances to banks
8.6
4.2
Loans and advances to customers
1,006.8
807.4
Other interest income
42.9
21.4
1,156.8
897.5
Interest expense
Deposits from banks
(5.8)
(3.2)
Deposits by customers
(387.2)
(203.6)
Borrowings
(116.9)
(90.2)
Other interest expense\u00b2
(55.6)
(7.9)
(565.5)
(304.9)
Net interest income
1. Interest income calculated using the effective interest method.
591.3
592.6
2. Other interest expense includes interest expense of \u00a326.7 million relating to derivative assets and liabilities (2023: \u00a38.3 million interest income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-481": { "value": "
2024
2023
\u00a3 million
\u00a3 million
Interest income\u00b9
Cash and balances at central banks
98.5
64.5
Loans and advances to banks
8.6
4.2
Loans and advances to customers
1,006.8
807.4
Other interest income
42.9
21.4
1,156.8
897.5
Interest expense
Deposits from banks
(5.8)
(3.2)
Deposits by customers
(387.2)
(203.6)
Borrowings
(116.9)
(90.2)
Other interest expense\u00b2
(55.6)
(7.9)
(565.5)
(304.9)
Net interest income
1. Interest income calculated using the effective interest method.
591.3
592.6
2. Other interest expense includes interest expense of \u00a326.7 million relating to derivative assets and liabilities (2023: \u00a38.3 million interest income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-497": { "value": "2024 2023 \u00a3 million \u00a3 million Interest income\u00b9 Cash and balances at central banks 98.5 64.5 Loans and advances to banks 8.6 4.2 Loans and advances to customers 1,006.8 807.4 Other interest income 42.9 21.4 1,156.8 897.5 Interest expense Deposits from banks (5.8) (3.2) Deposits by customers (387.2) (203.6) Borrowings (116.9) (90.2) Other interest expense\u00b2 (55.6) (7.9) (565.5) (304.9) Net interest income 591.3 592.6", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-455": { "value": "2024 2023 \u00a3 million \u00a3 million Fee and commission income Banking 104.2 110.6 Asset Management 148.1 138.7 Securities 18.9 13.6 271.2 262.9 Fee and commission expense (22.8) (17.9) Net fee and commission income 248.4 245.0 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 \u00a3104.2 million (2023: \u00a3110.6 million) and \u00a319.8 million (2023: \u00a315.1 million) respectively. Fee income and expense arising from trust and other fiduciary activities amounted to \u00a3148.0 million (2023: \u00a3138.7 million) and \u00a31.8 million (2023: \u00a31.6 million) respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-503": { "value": "2024 2023 \u00a3 million \u00a3 million Other income Operating lease assets rental income 92.3 91.1 Other1 40.4 23.1 132.7 114.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-456": { "value": "2024 2023 \u00a3 million \u00a3 million Administrative expenses Staff costs: Wages and salaries 315.8 288.0 Social security costs 40.5 38.1 Share-based awards 4.7 2.0 Pension costs 21.4 18.9 382.4 347.0 Depreciation and amortisation 67.3 62.7 Other administrative expenses 253.7 206.8 703.4 616.5 Staff costs of the company total \u00a316.9 million (2023: \u00a312.5 million) comprising largely of wages and salaries of \u00a312.9 million (2023: \u00a311.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-498": { "value": "2024 2023 \u00a3 million \u00a3 million Administrative expenses Staff costs: Wages and salaries 315.8 288.0 Social security costs 40.5 38.1 Share-based awards 4.7 2.0 Pension costs 21.4 18.9 382.4 347.0 Depreciation and amortisation 67.3 62.7 Other administrative expenses 253.7 206.8 703.4 616.5 Intangible assets on Group Company Goodwill Software acquisition total software \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cost 14. Intangible Assets At 1 August 2022 142.6 299.5 51.0 493.1 0.4 Additions \u2014 50.5 \u2014 50.5 \u2014 Disposals (0.1) (16.8) (0.6) (17.5) (0.2) At 31 July 2023 142.5 333.2 50.4 526.1 0.2 Additions 8.3 28.1 7.3 43.7 0.1 Disposals \u2014 (12.6) (0.3) (12.9) \u2014 At 31 July 2024 150.8 348.7 57.4 556.9 0.3 Amortisation At 1 August 2022 47.9 147.4 45.8 241.1 0.4 Amortisation charge for the year \u2014 36.1 1.5 37.6 \u2014 Disposals \u2014 (15.7) (0.6) (16.3) (0.2) At 31 July 2023 47.9 167.8 46.7 262.4 0.2 Amortisation charge for the year \u2014 38.9 1.4 40.3 0.1 Disposals \u2014 (11.4) (0.4) (11.8) \u2014 At 31 July 2024 47.9 195.3 47.7 290.9 0.3 Net book value at 31 July 2024 102.9 153.4 9.7 266.0 \u2014 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2014 Net book value at 1 August 2022 Brothers Motor Finance (\"CBMF\"). years. 94.7 and intangible assets on acquisition of \u00a33.7 million). shown in the consolidated income statement. 152.1 Software includes assets under development of \u00a335.4 million (31 July 2023: \u00a388.8 million). 5.2 252.0 assets of \u20ac7.8 million were acquired, largely comprising loans and advances to customers, cash, debt securities and \u2014 Goodwill additions of \u00a38.3 million (2023: \u00a3nil) and intangible assets on acquisition additions of \u00a37.3 million (2023: \u00a3nil) relate to the group\u2019s acquisition of the 100% shareholdings of Bluestone Motor Finance (Ireland) DAC (\"Bluestone\") (goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\"Bottriell Adams\") (goodwill of \u00a33.7 million Bluestone, a provider of motor finance in Ireland, was acquired for cash consideration of \u20ac17.2 million on 31 October 2023. Net borrowings. Bluestone is a well-established brand in Ireland with industry-leading technology and an established network of over 650 dealer partners and an experienced sales and underwriting team. This acquisition will allow the Motor Finance business to rebuild its presence in Ireland. These factors and the expected synergies are reflected in the goodwill and intangible assets on acquisition recognised by the group. Following the acquisition, Bluestone has been rebranded to Close Bottriell Adams, an IFA business based in Dorset, was acquired for total consideration of \u00a36.6 million comprising an initial cash payment on acquisition and contingent consideration. The acquisition was completed in March 2024. Bottriell Adams, with approximately \u00a3240 million of client assets on acquisition, allows the Asset Management division to extend its regional presence in the South West. The customer relationships are reflected in the \u00a33.7 million of intangible assets on acquisition. Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 In the 2024 financial year, \u00a31.4 million (2023: \u00a31.5 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a338.9 million (2023: \u00a336.1 million) of the amortisation charge is included in administrative expenses Impairment tests for goodwill Overview At 31 July 2024, goodwill has been allocated to nine (31 July 2023: eight) individual CGUs. Seven (31 July 2023: six) are within the Banking division with an additional CGU this year following the acquisition of Close Brothers Finance DAC, 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. Methodology 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 most relevant assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates, net return on loan book and future capital requirements in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected trading levels in the Winterflood CGU. While these assumptions are relevant to management's plans, they may not all be key assumptions in the goodwill impairment test. In addition, while CGUs are not individually regulated, for the purposes of an impairment assessment, theoretical capital requirements have been taken into consideration in calculating a CGU's value in use and carrying value to ensure that capital constraints on free cash flows are appropriately reflected and the carrying value is on a comparable basis. 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 relevant 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. 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 rates was further updated during the year with valuation experts engaged where appropriate and refinements to the beta and size premium assumptions in the cost of capital calculation. Beta is a measure of systematic risk and a lower beta has been applied to the Banking CGUs this year following a review by valuation experts. In addition, an appropriate size premium has been consistently applied to all CGUs based on the size of the group and not the size of the individual CGUs for the first time this year. The size premium represents an estimate of the additional risk premium required by investors where typically a smaller size would require a larger premium. 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. The discount rates for the Banking and Winterflood CGUs have decreased while CBAM has increased this year following the aforementioned methodology refinements. Assessment At 31 July 2024, 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, which include consideration for future capital requirements and discount 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 except Winterflood and Motor Finance. Winterflood continued to experience difficult market conditions and recorded a small loss in the year. 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, consistent with the prior year, 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 Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a315.3 million, relates to the UK business and excludes the recent Close Brothers Finance DAC acquisition. The CGU has seen strong business volumes over the year but the market and regulatory backdrop is expected to present some challenges to the future cash flows, therefore this CGU has been identified as a key source of estimation uncertainty for the first time this year. The value in use of Motor Finance excludes any potential redress provision impact of the FCA's discretionary commission arrangements review since it is considered to be a legacy matter that relates to the excess capital of the parent and has no impact on the trading forecasts of the CGU itself. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows and when they return to normalised levels. The VIU of Winterflood is calculated to be 136% above carrying value at 31 July 2024 and for the purposes of goodwill modelling, management have projected that trading will gradually return to normalised levels over the medium term. 31 July 2024 recoverable amount of the CGU remained above its carrying value at 31 July 2024. 31 July 2023 response is a critical accounting judgement. It also represents a key assumption for the Motor goodwill impairment Pre-tax pre-tax discount rate used in determining value in use, are disclosed separately in the table below: Pre-tax A 33% reduction in the year five cash flows and all subsequent years would result in a recoverable amount that is equal to the carrying value of the CGU, that is, the headroom between the two is reduced to nil. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would reduce the VIU headroom by 58%. The discount rate is also an important driver of the value in use calculation and an absolute increase of 3.1% in the rate would also The most significant uncertainty within the Motor Finance value in use calculation relates to the expected future cash flows, which include consideration for the CGU's forecast capital charge, and when they return to more normalised growth levels. While as noted previously the cash flows exclude any potential redress provision impact of the FCA's commissions review, the cash flows are nevertheless impacted by the overall uncertainty introduced by the FCA's review and the group's strategic and capital actions response. As described in Note 2, determining the impact on goodwill of the FCA's review and management's assessment. Management's expectations on a return of the cash flows to more normalised growth levels are based on the A 21% reduction in the annual cash flows included within the terminal value of the Motor CGU would result in a recoverable amount that is equal to the carrying value of the CGU. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would result in the full impairment of the goodwill and other intangible assets totalling management actions which may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required due to delays linked to the FCA review. Separately, an absolute increase of 1.6% in the discount rate These scenarios for Winterflood and Motor Finance are a demonstration of sensitivity only and are not management's base As set out in Note 29 \u201cPost Balance Sheet Event\u201d, following a comprehensive strategic review, the group announced it entered into an agreement to sell CBAM to Oaktree on 19 September 2024. The goodwill associated with the CBAM CGU is \u00a343.5 million. This post balance sheet transaction has no impact on the conclusion of the goodwill impairment assessment and the Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the Goodwill discount rate Goodwill discount rate \u00a318.3 million in the Motor CGU. However, this outcome reflects the CGU sensitivity and does not include all possible Cash generating unit result in nil headroom. review timeline set out by the FCA. would result in nil headroom. case scenarios. \u00a3 million % \u00a3 million % Asset Management 43.5 14.8 39.8 11.6 Winterflood Securities 23.3 14.8 23.3 16.9 Banking division CGUs 36.1 14.5-15.4 31.5 17.0-17.3 102.9 94.6 Assets Fixtures, held under Leasehold 15. Property, Plant and Equipment fittings and operating Motor Right of use property equipment leases vehicles assets\u00b9 Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Group Cost At 1 August 2022 20.9 62.6 398.2 0.2 78.5 560.4 Additions 1.0 7.5 93.1 0.2 24.7 126.5 Disposals (0.4) (4.6) (42.2) \u2014 (9.2) (56.4) At 31 July 2023 21.5 65.5 449.1 0.4 94.0 630.5 Additions 1.3 12.9 64.7 \u2014 10.0 88.9 Disposals (0.4) (13.3) (71.9) \u2014 (11.1) (96.7) At 31 July 2024 22.4 65.1 441.9 0.4 92.9 622.7 Depreciation At 1 August 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 \u2014 14.4 70.6 Disposals (0.4) (4.3) (25.8) \u2014 (4.6) (35.1) At 31 July 2023 15.0 40.9 177.9 0.2 39.4 273.4 Depreciation and impairment charges for the year 2.3 9.1 44.4 0.1 15.5 71.4 Disposals (0.3) (13.4) (48.3) \u2014 (9.7) (71.7) At 31 July 2024 17.0 36.6 174.0 0.3 45.2 273.1 Net book value at 31 July 2024 5.4 28.5 267.9 0.1 47.7 349.6 Net book value at 31 July 2023 6.5 24.6 271.2 0.2 54.6 357.1 Net book value at 1 August 2022 7.9 1. Right of use assets primarily relate to the group\u2019s leasehold properties. 31 July 2024 (2023: \u00a33.3 million). 25.7 240.0 \u2014 48.9 322.5 The net book value of assets held under operating leases includes \u00a30.6 million (31 July 2023: \u00a35.9 million) relating to vehicles held in inventories. There was a gain of \u00a30.4 million from the sale of assets held under operating leases for the year ended 31 July 2024 31 July 2023 \u00a3 million \u00a3 million Future minimum lease rentals receivable under non-cancellable operating leases One year or within one year 51.0 50.8 >One to two years 36.1 34.1 >Two to three years 28.2 22.5 >Three to four years 19.1 14.9 >Four to five years 6.7 8.1 More than five years 2.1 2.3 143.2 132.7
Fixtures,
Leasehold
fittings and
property
equipment
Total
\u00a3 million
\u00a3 million
\u00a3 million
Company
Cost
At 1 August 2022
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2023
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2024
0.3
11.8
12.1
Depreciation
At 1 August 2022
0.1
1.8
1.9
Charge for the year
\u2014
1.3
1.3
At 31 July 2023
0.1
3.1
3.2
Charge for the year
\u2014
1.2
1.2
At 31 July 2024
0.1
4.3
4.4
Net book value at 31 July 2024
0.2
7.5
7.7
Net book value at 31 July 2023
0.2
8.7
8.9
Net book value at 1 August 2022
0.2
10.0
10.2
Group
Company
31 July 2024
The net book value of leasehold property comprises:
31 July 2023
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Long leasehold property
1.1
1.2
0.2
0.2
Short leasehold property
4.3
5.3
\u2014
\u2014
5.4
6.5
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-411": { "value": "20241 20231 \u00a3 million \u00a3 million Fees payable 5. Information Regarding the Auditors Audit of the company's annual accounts 1.0 0.9 Audit of the company's subsidiaries pursuant to legislation 4.0 3.0 Audit related services 0.7 0.6 Other services which is not included above. 0.7 0.2 6.4 The auditors of the group were PricewaterhouseCoopers LLP (2023: PricewaterhouseCoopers LLP). 4.7 1. During the year, an additional audit fee of \u00a30.3 million (2023: \u00a30.2 million) was paid to the auditors in relation to scope changes in the prior year audit, ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-412": { "value": "2024 2023 \u00a3 million \u00a3 million Tax charged/( credited) to the income statement 6. Taxation Current tax: UK corporation tax 40.3 18.1 Foreign tax 0.9 2.3 Adjustments in respect of previous years (5.3) (8.2) 35.9 12.2 Deferred tax: Deferred tax (credit)/charge for the current year (0.6) 11.4 Adjustments in respect of previous years 6.3 7.3 41.6 30.9 Tax on items not (credited)/charged to the income statement Current tax relating to: Share-based payments \u2014 (0.2) Acquisitions (0.4) \u2014 Deferred tax relating to: Cash flow hedging (8.4) 4.9 Defined benefit pension scheme \u2014 (1.6) Financial instruments classified as fair value through other comprehensive income (1.0) (1.1) Share-based payments \u2014 0.3 Currency translation (losses)/gains (0.4) 0.5 Acquisitions 0.6 \u2014 (9.6) 2.8 Reconciliation to tax expense UK corporation tax for the year at 25.0% (2023: 21.0%) on operating profit before tax 35.5 23.5 Effect of different tax rates in other jurisdictions \u2014 (0.3) Disallowable items and other permanent differences 5.1 1.6 Banking surcharge \u2014 6.2 Deferred tax impact of decreased tax rates \u2014 0.8 Prior year tax provision corporation tax rate primarily due to disallowable expenditure. FRS 102. 1.0 (0.9) 41.6 30.9 The standard UK corporation tax rate for the financial year is 25.0% (2023: 21.0%). An additional 3.0% (2023: 6.3%) surcharge applies to banking company profits as defined in legislation, but only above a threshold amount which is not materially exceeded by the current year banking company profits. The effective tax rate of 29.3% (2023: 27.6%) is above the UK The UK government has implemented the Pillar Two global minimum tax rate of 15% and a UK domestic minimum top-up tax with effect from the group\u2019s financial year commencing 1 August 2024. The jurisdictions in relation to which Pillar Two tax liabilities are expected to potentially arise for the group are the Republic of Ireland, Jersey and Guernsey, however the impact is expected to be immaterial. The group has adopted the IAS 12 exemption from recognition and disclosure regarding the impact on deferred tax assets and liabilities arising from this legislation. The company has adopted the same exemption under Share-based payments and Capital Pension deferred Movements in deferred tax assets and liabilities were as follows: Impairment Cash flow Intangible allowances scheme compensation losses hedging assets Other Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Group At 1 August 2022 25.5 (1.9) 12.9 5.8 (8.5) (1.3) \u2014 32.5 (Charge)/credit to the income statement (12.1) \u2014 (3.9) 0.1 \u2014 0.4 (3.2) (18.7) (Charge)/credit to other comprehensive income (0.5) 1.6 \u2014 \u2014 (4.9) \u2014 1.1 (2.7) Charge to equity \u2014 \u2014 (0.3) \u2014 \u2014 \u2014 \u2014 (0.3) Acquisitions \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 At 31 July 2023 12.9 (0.3) 8.7 5.9 (13.4) (0.9) (2.1) 10.8 (Charge)/credit to the income statement (8.2) 0.1 (1.5) 0.1 \u2014 0.3 3.5 (5.7) Credit to other comprehensive income 0.4 \u2014 \u2014 \u2014 8.4 \u2014 1.0 9.8 Charge to equity \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Acquisitions \u2014 \u2014 \u2014 \u2014 \u2014 (1.5) 0.9 (0.6) At 31 July 2024 5.1 (0.2) 2023: \u00a310.1 million) due after more than one year. 7.2 6.0 (5.0) (2.1) 3.3 14.3 The group\u2019s deferred tax asset comprises \u00a34.8 million (31 July 2023: \u00a30.7 million) due within one year and \u00a39.5 million (31 July
Share-based
payments and
Capital
deferred
allowances
Pension scheme
compensation
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Company
At 1 August 2022
(0.3)
(1.9)
2.0
(0.2)
Credit to the income statement
(0.1)
\u2014
(0.9)
(1.0)
Credit to other comprehensive income
\u2014
1.6
\u2014
1.6
At 31 July 2023
(0.4)
(0.3)
1.1
0.4
Charge to the income statement
0.2
0.1
(0.5)
(0.2)
Credit to other comprehensive income
\u2014
\u2014
\u2014
\u2014
At 31 July 2024
2023: \u00a30.2 million liabilities) due after more than one year.
recognised.
(0.2)
(0.2)
0.6
0.2
The company\u2019s deferred tax asset comprises \u00a30.2 million (31 July 2023: \u00a30.2 million) due within one year and \u00a3nil (31 July
As the group has been and is expected to continue to be consistently profitable, the full deferred tax assets have been
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-457": { "value": "credited) to the income statement Current tax: UK corporation tax 40.3 18.1 Foreign tax 0.9 2.3 Adjustments in respect of previous years (5.3) (8.2) 35.9 12.2 Deferred tax: Deferred tax (credit)/charge for the current year (0.6) 11.4 Adjustments in respect of previous years 6.3 7.3 41.6 30.9 Tax on items not (credited)/charged to the income statement Current tax relating to: Share-based payments \u2014 (0.2) Acquisitions (0.4) \u2014 Deferred tax relating to: Cash flow hedging (8.4) 4.9 Defined benefit pension scheme \u2014 (1.6) Financial instruments classified as fair value through other comprehensive income (1.0) (1.1) Share-based payments \u2014 0.3 Currency translation (losses)/gains (0.4) 0.5 Acquisitions 0.6 \u2014 (9.6) 2.8 Reconciliation to tax expense UK corporation tax for the year at 25.0% (2023: 21.0%) on operating profit before tax 35.5 23.5 Effect of different tax rates in other jurisdictions \u2014 (0.3) Disallowable items and other permanent differences 5.1 1.6 Banking surcharge \u2014 6.2 Deferred tax impact of decreased tax rates \u2014 0.8 Prior year tax provision corporation tax rate primarily due to disallowable expenditure. FRS 102. 1.0 (0.9) 41.6 30.9 The standard UK corporation tax rate for the financial year is 25.0% (2023: 21.0%). An additional 3.0% (2023: 6.3%) surcharge applies to banking company profits as defined in legislation, but only above a threshold amount which is not materially exceeded by the current year banking company profits. The effective tax rate of 29.3% (2023: 27.6%) is above the UK The UK government has implemented the Pillar Two global minimum tax rate of 15% and a UK domestic minimum top-up tax with effect from the group\u2019s financial year commencing 1 August 2024. The jurisdictions in relation to which Pillar Two tax liabilities are expected to potentially arise for the group are the Republic of Ireland, Jersey and Guernsey, however the impact is expected to be immaterial. The group has adopted the IAS 12 exemption from recognition and disclosure regarding the impact on deferred tax assets and liabilities arising from this legislation. The company has adopted the same exemption under Share-based payments and Capital Pension deferred Movements in deferred tax assets and liabilities were as follows: Impairment Cash flow Intangible allowances scheme compensation losses hedging assets Other Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Group At 1 August 2022 25.5 (1.9) 12.9 5.8 (8.5) (1.3) \u2014 32.5 (Charge)/credit to the income statement (12.1) \u2014 (3.9) 0.1 \u2014 0.4 (3.2) (18.7) (Charge)/credit to other comprehensive income (0.5) 1.6 \u2014 \u2014 (4.9) \u2014 1.1 (2.7) Charge to equity \u2014 \u2014 (0.3) \u2014 \u2014 \u2014 \u2014 (0.3) Acquisitions \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 At 31 July 2023 12.9 (0.3) 8.7 5.9 (13.4) (0.9) (2.1) 10.8 (Charge)/credit to the income statement (8.2) 0.1 (1.5) 0.1 \u2014 0.3 3.5 (5.7) Credit to other comprehensive income 0.4 \u2014 \u2014 \u2014 8.4 \u2014 1.0 9.8 Charge to equity \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Acquisitions \u2014 \u2014 \u2014 \u2014 \u2014 (1.5) 0.9 (0.6) At 31 July 2024 5.1 (0.2) 2023: \u00a310.1 million) due after more than one year. 7.2 6.0 (5.0) (2.1) 3.3 14.3 The group\u2019s deferred tax asset comprises \u00a34.8 million (31 July 2023: \u00a30.7 million) due within one year and \u00a39.5 million (31 July
Share-based
payments and
Capital
deferred
allowances
Pension scheme
compensation
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Company
At 1 August 2022
(0.3)
(1.9)
2.0
(0.2)
Credit to the income statement
(0.1)
\u2014
(0.9)
(1.0)
Credit to other comprehensive income
\u2014
1.6
\u2014
1.6
At 31 July 2023
(0.4)
(0.3)
1.1
0.4
Charge to the income statement
0.2
0.1
(0.5)
(0.2)
Credit to other comprehensive income
\u2014
\u2014
\u2014
\u2014
At 31 July 2024
2023: \u00a30.2 million liabilities) due after more than one year.
recognised.
(0.2)
(0.2)
0.6
0.2
The company\u2019s deferred tax asset comprises \u00a30.2 million (31 July 2023: \u00a30.2 million) due within one year and \u00a3nil (31 July
As the group has been and is expected to continue to be consistently profitable, the full deferred tax assets have been
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-413": { "value": "2024 2023 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 Basic 7. Earnings per Share adjusted for the effects of all dilutive share options and awards. 59.7p 54.3p Diluted motor finance commission arrangements. 59.5p 54.2p Adjusted basic\u00b9 76.1p 55.1p Adjusted diluted\u00b9 75.9p 55.0p 1. Excludes the following adjusting items and the associated tax effect where appropriate: amortisation of intangible assets on acquisition, provision in
2024
2023
relation to the BiFD review, restructuring costs and complaints handling and other operational costs associated with the FCA's review of historical
\u00a3 million
\u00a3 million
Profit attributable to shareholders' equity
89.3
81.1
Adjustments:
Amortisation of intangible assets on acquisition
1.4
1.5
Provision in relation to the BiFD review
17.2
\u2014
Restructuring costs
3.1
\u2014
Complaints handling and other operational costs associated with the FCA's review of historical motor
finance commission arrangements
6.9
\u2014
Tax effect of adjustments
(4.0)
(0.3)
Adjusted profit attributable to shareholders' equity
113.9
82.3
2024 2023 million million Average number of shares Basic weighted 149.7 149.4 Effect of dilutive share options and awards 0.3 0.2 Diluted weighted 150.0 149.6", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-414": { "value": "8. Dividends
2024
2023
\u00a3 million
\u00a3 million
For each ordinary share
Final dividend for previous financial year paid in November 2023: 45.0p (November 2022: 44.0p)
67.1
65.6
Interim dividend for current financial year paid in April 2024: nil (April 2023: 22.5p)
\u2014
33.5
67.1
99.1
As disclosed on 15 February 2024 in a trading update and dividend announcement, the group will not pay any dividends on its
ordinary shares for the financial year ended 31 July 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-506": { "value": "Between Between Between Within three three months one and two and On demand 9. Loans and Advances to Banks months and one year two years five years Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 269.2 0.1 4.3 16.4 3.7 293.7 At 31 July 2023 290.9 21.6 2.0 3.0 12.8 330.3 Between 10. Loans and Advances to Customers Between Between After (a) Maturity and classification analysis of loans and advances to customers Total gross loans million) representing 75.3% (31 July 2023: 74.3%) of total gross loans and advances to customers: Total net loans The following tables set out the maturity and IFRS 9 classification analysis of loans and advances to customers. At 31 July 2024 loans and advances to customers with a maturity of two years or less was \u00a37,733.6 million (31 July 2023: \u00a37,158.8 Within three three months one and two and more than and advances Impairment and advances On demand months and one year two years five years five years to customers provisions to customers \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 88.5 2,888.2 2,654.9 2,102.0 2,399.1 143.9 10,276.6 (445.8) 9,830.8 At 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
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
Gross loans and advances to customers
Held at amortised cost
10,264.8
9,635.6
Held at fair value through profit or loss
11.8
\u2014
10,276.6
(b) Loans and advances to customers held at amortised cost and impairment provisions by stage
9,635.6
Gross loans and advances to customers held at amortised cost by stage and the corresponding impairment provisions and
Stage 2
Greater
than or
Less than
equal to 30
30 days
days past
Stage 1
provision coverage ratios are set out below:
past due
due
Total
Stage 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Gross loans and advances to customers held at
amortised cost
Commercial
3,877.8
801.5
33.1
834.6
400.2
5,112.6
Of which: Commercial excluding Novitas
3,877.8
800.5
33.1
833.6
118.1
4,829.5
Of which: Novitas
\u2014
1.0
\u2014
1.0
282.1
283.1
Retail
2,815.7
221.2
9.9
231.1
90.0
3,136.8
Property
1,717.0
9.8
53.3
63.1
235.3
2,015.4
8,410.5
1,032.5
96.3
1,128.8
725.5
10,264.8
Impairment provisions
Commercial
20.9
9.6
4.2
13.8
256.0
290.7
Of which: Commercial excluding Novitas
20.9
8.6
4.2
12.8
36.3
70.0
Of which: Novitas
\u2014
1.0
\u2014
1.0
219.7
220.7
Retail
27.7
14.8
2.2
17.0
50.2
94.9
Property
3.6
0.2
0.3
0.5
56.1
60.2
52.2
24.6
6.7
31.3
362.3
445.8
Provision coverage ratio
Commercial
0.5%
1.2%
12.7%
1.7%
64.0%
5.7%
Within which: Commercial excluding Novitas
0.5%
1.1%
12.7%
1.5%
30.7%
1.4%
Within which: Novitas
\u2014
100.0%
\u2014
100.0%
77.9%
78.0%
Retail
1.0%
6.7%
22.2%
7.4%
55.8%
3.0%
Property
0.2%
2.0%
0.6%
0.8%
23.8%
3.0%
0.6%
2.4%
7.0%
2.8%
49.9%
4.3%
Stage 2 Greater than or Less than equal to 30 30 days days past Stage 1 past due due Total Stage 3 Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2023 Gross loans and advances to customers held at amortised cost 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 \u2014 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 \u2014 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% \u2014 23.1% 76.0% 75.5% Retail 1.0% 7.3% 14.1% 8.0% 63.4% 2.9% Property \u2018Material Accounting Policies\u2019. the Risk Report. (c) Adjustments 0.3% 1.6% 1.2% 1.5% 20.6% 2.4% 0.7% Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. 2.7% 8.0% 3.0% 49.8% 3.9% Stage allocation of loans and advances to customers has been applied in line with the definitions set out on page 201 in Note 1 Additional disclosures on the stage allocation and movements of loans and advances to customers can be found on page 94 in 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 Stage 1 Stage 2 Stage 3 Reconciliation 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. Total d) Reconciliation of loans and advances to customers held at amortised cost and impairment provisions 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 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 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 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 A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral \u00a3 million \u00a3 million \u00a3 million \u00a3 million Gross loans and advances to customers held at amortised cost emergence. levels. At 1 August 2023 repayment or write off). presented in a separate line. and available recovery actions against the customer. 7,990.2 1,062.0 583.4 9,635.6 New financial assets originated 6,695.5 \u2014 \u2014 6,695.5 Transfers to Stage 1 138.2 (205.2) (7.6) (74.6) Transfers to Stage 2 (1,165.5) 904.8 (8.4) (269.1) Transfers to Stage 3 (310.2) (130.8) 329.1 (111.9) Net transfer between stages and repayments\u00b9 (1,337.5) 568.8 313.1 (455.6) Repayments while stage remained unchanged and final repayments (4,936.3) (501.2) (114.4) (5,551.9) Changes to model methodologies \u2014 \u2014 \u2014 \u2014 Write offs (1.4) (0.8) (56.6) (58.8) At 31 July 2024 8,410.5 1,128.8 725.5 10,264.8 1. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1
Stage 2
Stage 3\u00b9
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2022
7,627.0
1,158.9
358.6
9,144.5
New financial assets originated
6,604.0
\u2014
\u2014
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 transfer between stages and repayments\u00b2
(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
\u2014
Write offs
(0.4)
(0.4)
(103.0)
(103.8)
At 31 July 2023
Risk Report.
7,990.2
1,062.0
583.4
9,635.6
1. A significant 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 final 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
2. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1 Stage 2 Stage 3 Total 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 \u00a3283.1 million (2023: \u00a3152.3 million). No gain or loss (2023: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2024 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a338.7 million (31 July 2023: \u00a314.8 million). The definition and accounting policy for \u00a3 million \u00a3 million \u00a3 million \u00a3 million Impairment provisions on loans and advances to customers held at amortised cost At 1 August 2023 modifications are set out in Note 1(i). 58.1 32.2 290.3 380.6 New financial assets originated 51.7 \u2014 \u2014 51.7 Transfers to Stage 1 0.6 (3.9) (0.7) (4.0) Transfers to Stage 2 (13.4) 31.4 (1.1) 16.9 Transfers to Stage 3 (5.9) (12.0) 98.7 80.8 Net remeasurement of expected credit losses arising from transfer of stages and repayments1 (18.7) 15.5 96.9 93.7 Repayments and ECL movements while stage remained unchanged and final repayments (37.7) (15.6) 26.6 (26.7) Changes to model methodologies \u2014 \u2014 \u2014 \u2014 Charge to the income statement (4.7) (0.1) 123.5 118.7 Write offs (1.2) (0.8) (51.5) (53.5) At 31 July 2024 52.2 31.3 362.3 445.8 1. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1
Stage 2
Stage 3\u00b9
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2022
50.3
78.3
157.0
285.6
New financial assets originated
46.7
\u2014
\u2014
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 transfer of stages and
repayments\u00b2
(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)
At 31 July 2023
information on Novitas can be found in the Credit Risk section of the Risk Report.
58.1
32.2
290.3
380.6
1. A significant 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
2. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
2024 2023 \u00a3 million \u00a3 million Impairment losses relating to loans and advances to customers held at amortised cost: Charge to income statement arising from movement in impairment provisions 118.7 164.9 Amounts written off directly to income statement and other costs, net of discount unwind on Stage 3 loans to interest income, and recoveries (21.7) 39.4 97.0 204.3 Impairment losses/(gains) relating to other financial assets 1.8 (0.2) Impairment losses on financial assets recognised in income statement 98.8 management's latest assessment including the current timeline of litigation proceedings. 204.1 Impairment losses on financial assets of \u00a398.8 million (2023: \u00a3204.1 million) include \u00a36.4 million in relation to Novitas (2023: \u00a3116.8 million). The Novitas impairment relates to an extension of the time to recovery assumptions from insurers and reflects The contractual amount outstanding at 31 July 2024 on financial assets that were written off during the period and are still
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
Net loans and advances to customers comprise
Hire purchase agreement receivables
3,749.8
3,671.3
Finance lease receivables
896.7
803.9
Other loans and advances
5,184.3
4,779.8
At 31 July
subject to recovery activity is \u00a322.1 million (31 July 2023: \u00a332.3 million).
(e) Finance lease and hire purchase agreement receivables
payments.
Gross investment in finance leases and hire purchase agreement receivables due:
One year or within one year
>One to two years
>Two to three years
>Three to four years
>Four to five years
More than five years
Unearned finance income
Present value of minimum lease and hire purchase agreement payments
Of which due:
One year or within one year
>One to two years
>Two to three years
>Three to four years
>Four to five years
More than five years
information.
9,830.8
\u00a3 million \u00a3 million
1,849.3
1,493.7
1,175.8
652.5
205.3
43.1
5,419.7
(820.7)
4,599.0
1,567.2
1,268.8
999.1
553.1
173.8
37.0
4,599.0
9,255.0
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
31 July 2024 31 July 2023\u00b9
1,987.6
1,573.2
1,168.2
692.0
222.6
46.4
5,690.0
(904.5)
4,785.5
1,671.1
1,326.6
982.6
579.4
185.9
39.9
4,785.5
1. Restated following a classification misstatement in the prior year maturity profiles with no change in the total amounts. Please see below for further
The aggregate cost of assets acquired for the purpose of letting under finance leases and hire purchase agreements was \u00a37,898.6 million (2023: \u00a37,167.5 million). The average effective interest rate on finance leases approximates to 12.2% (2023: 11.0%). 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. The prior year figures in the table above for finance lease and hire purchase agreement receivables have been restated following a classification misstatement. The gross investment in finance leases and hire purchase agreement receivables due in '>one to two years' have decreased by \u00a3509.1 million, while '>two to three years', '>three to four years', '>four to five years' and 'more than five years' have increased by \u00a3203.3 million, \u00a3214.0 million, \u00a389.8 million and \u00a32.0 million respectively with no change in the total amounts. The present value of minimum lease and hire purchase agreement payments due in '>one to two years' have decreased by \u00a3422.9 million, while '>two to three years', '>three to four years', '>four to five years' and 'more than five years' have increased by \u00a3168.9 million, \u00a3177.8 million, \u00a374.6 million and \u00a31.6 million respectively with no change in the total amounts. 11. Debt Securities Fair value through profit or loss Fair value through other comprehensive income Amortised cost Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million Sovereign and central bank debt \u2014 383.7 \u2014 383.7 Supranational, sub-sovereigns and agency (\"SSA\") bonds \u2014 145.5 \u2014 145.5 Covered bonds \u2014 187.7 \u2014 187.7 Long trading positions in debt securities 16.0 \u2014 \u2014 16.0 Other debt securities 0.8 \u2014 6.8 7.6 At 31 July 2024 16.8 716.9 6.8 740.5 Fair value through profit or loss Fair value through other comprehensive income Amortised cost Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million Sovereign and central bank debt \u2014 186.1 \u2014 186.1 SSA bonds \u2014 \u2014 \u2014 \u2014 Covered bonds \u2014 106.3 \u2014 106.3 Long trading positions in debt securities 15.2 \u2014 \u2014 15.2 Other debt securities \u2014 \u2014 \u2014 \u2014 At 31 July 2023 15.2 292.4 \u2014 307.6 Movements on the book value of sovereign and central bank debt comprise: 2024 2023 \u00a3 million \u00a3 million Sovereign and central bank debt at 1 August 186.1 415.4 Additions 194.2 269.7 Redemptions \u2014 (459.2) Currency translation differences (1.5) (0.3) Movement in value 4.9 (39.5) Sovereign and central bank debt at 31 July 383.7 186.1 Movements on the book value of SSA bonds comprise: 2024 2023 \u00a3 million \u00a3 million SSA bonds at 1 August \u2014 \u2014 Additions 155.4 \u2014 Redemptions (15.2) \u2014 Currency translation differences (0.3) \u2014 Movement in value 5.6 \u2014 SSA bonds at 31 July 145.5 \u2014 Movements on the book value of covered bonds comprise: 2024 2023 \u00a3 million \u00a3 million Covered bonds 1 August 106.3 \u2014 Additions 139.7 105.4 Redemptions/disposals (59.0) \u2014 Currency translation differences (0.3) \u2014 Movement in value 1.0 0.9 Covered bonds at 31 July 187.7 106.3 12. Equity Shares 31 July 2024 31 July 2023 \u00a3 million \u00a3 million Long trading positions 25.8 27.8 Other equity shares 1.6 1.5 27.4 29.3 13. Derivative Financial Instruments The group enters into derivative contracts with a number of financial institutions for risk management purposes to hedge exposures to interest rate and exchange rate movements. Derivatives are classified as held for trading unless they are designated as being in a hedge accounting relationship. The group\u2019s total derivative asset and liability position as reported on the consolidated balance sheet is as follows. 31 July 2024 31 July 2023 Notional Notional value Assets Liabilities value Assets Liabilities \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Exchange rate contracts 275.3 2.3 0.4 198.1 0.8 0.4 Interest rate contracts 7,202.6 99.1 128.6 3,493.3 87.7 195.5 7,477.9 101.4 129.0 3,691.4 88.5 195.9 Interest rate contracts are held for interest rate risk management and interest margin stabilisation purposes. Notional amounts of interest rate contracts totalling \u00a34,752.3 million (31 July 2023: \u00a32,402.7 million) 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 2024 31 July 2023 Notional Notional value Assets Liabilities value Assets Liabilities \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate contracts 514.4 4.8 0.6 297.7 8.5 2.9 Fair value hedges Interest rate contracts 4,431.7 78.8 116.3 1,614.7 42.2 173.3 Where derivatives are designated as being in a hedge accounting relationship, the group applies fair value and cash flow hedging if the relevant transaction meets the required documentation and hedge effectiveness criteria. Fair value hedge accounting Fair value hedges seek to hedge the exposure to changes in the fair value of recognised assets and liabilities or firm commitments. For fair value hedges of interest rate risk, changes in the benchmark interest rate 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. Changes in the fair value of derivatives in a fair value hedge are recorded in the income statement, along with changes in the fair value of the hedged item (asset or liability) attributable to the hedged risk. If the hedged item is measured at amortised cost, the fair value changes due to the hedged risk adjust the carrying amount of the hedged asset or liability. If the hedge no longer qualifies for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement and the cumulative adjustment to the carrying amount of the hedged item is amortised to the income statement over the period to maturity. For micro fair value hedges, this is applied using a straight-line method over the period to maturity. Cash flow hedge accounting 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 six (2023: seven) years. The effective portion of changes in the fair value of qualifying cash flow hedges is recognised in other comprehensive income within the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. When a hedging instrument expires, is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains there until the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is immediately transferred to the income statement. 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. Cash flow hedge accounting is applied when hedging interest rate risk exposures on floating rate assets. 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 Within three month Between three and six months Between six months and one year Between one and five years After more than five years Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate risk 31 July 2024 \u2014 6.1 1.4 3.2 482.0 21.7 514.4 31 July 2023 \u2014 90.8 0.3 27.7 137.7 41.2 297.7 Fair value hedges Interest rate risk 31 July 2024 \u2014 516.1 672.3 1,080.7 1,446.5 716.1 4,431.7 31 July 2023 \u2014 51.0 0.6 190.6 690.0 682.5 1,614.7 Cash flow hedges have an average fixed rate of 4.0% (31 July 2023: 2.0%). Fair value hedges have an average fixed rate of 3.7% (31 July 2023: 1.6%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows. Changes in fair value of hedging instrument used for calculating hedge ineffectiveness Hedge ineffectiveness recognised in income statement Changes in fair value of hedging instrument used for calculating hedge ineffectiveness Hedge ineffectiveness recognised in income statement 2024 2024 2023 2023 \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate risk (0.9) \u2014 (26.2) (0.1) Fair value hedges Interest rate risk 50.9 \u2014 (74.6) \u2014 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. Accumulated amount Changes in fair value of fair value of hedged item used Carrying amount of adjustments on the for calculating hedge hedged item hedged item ineffectiveness \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 Fair value hedges Assets Debt securities 355.7 (15.2) 11.8 Loans and advances to customers and undrawn commitments 146.8 (9.3) 4.1 502.5 (24.5) 15.9 Liabilities Deposits by customers 3,092.2 4.2 8.1 Debt securities in issue 596.3 (95.7) 46.8 Subordinated loan capital 187.2 (13.3) 11.8 3,875.7 (104.8) 66.7
Changes in fair value of
Accumulated amount of
hedged item used for
Carrying amount of
fair value adjustments
calculating hedge
hedged item
on the hedged item
ineffectiveness
\u00a3 million
\u00a3 million
\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
follows.
174.9
(25.1)
(12.1)
1,068.8
(171.5)
(86.2)
Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as
(Losses)/gains from
Changes in fair value of
Gains/(losses) on
changes in value of
hedged item used for
discontinued hedges
hedging instrument
Amounts reclassified
calculating hedge
recognised in other
recognised in other
from reserves to income
ineffectiveness
comprehensive income
comprehensive income
statement
1
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Cash flow hedges
Interest rate risk
31 July 2024
1.0
14.4
(0.9)
28.9
31 July 2023
26.1
43.3
(26.1)
1. Amounts have been reclassified to other income since hedged cash flows will no longer occur following de-designation.
1.5
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 material 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 are classified as fair value through profit or loss.
Derivatives
Fair value
designated
Fair value
through other
as hedging
through
comprehensive
Amortised
instruments
profit or loss
income
cost
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Assets
Cash and balances at central banks
\u2014
\u2014
\u2014
1,584.0
1,584.0
Settlement balances
\u2014
\u2014
\u2014
627.5
627.5
Loans and advances to banks
\u2014
\u2014
\u2014
293.7
293.7
Loans and advances to customers
\u2014
11.8
\u2014
9,819.0
9,830.8
Debt securities
\u2014
16.8
716.9
6.8
740.5
Equity shares
\u2014
27.4
\u2014
\u2014
27.4
Loans to money brokers against stock advanced
\u2014
\u2014
\u2014
22.5
22.5
Derivative financial instruments
83.6
17.8
\u2014
\u2014
101.4
Other financial assets
\u2014
1.2
\u2014
102.4
103.6
83.6
75.0
716.9
12,455.9
13,331.4
Liabilities
Settlement balances and short positions
\u2014
14.8
\u2014
600.1
614.9
Deposits by banks
\u2014
\u2014
\u2014
138.4
138.4
Deposits by customers
\u2014
\u2014
\u2014
8,693.6
8,693.6
Loans and overdrafts from banks
\u2014
\u2014
\u2014
165.6
165.6
Debt securities in issue
\u2014
\u2014
\u2014
1,986.4
1,986.4
Loans from money brokers against stock advanced
\u2014
\u2014
\u2014
16.7
16.7
Subordinated loan capital
\u2014
\u2014
\u2014
187.2
187.2
Derivative financial instruments
116.9
12.1
\u2014
\u2014
129.0
Other financial liabilities
\u2014
\u2014
\u2014
189.9
189.9
116.9
26.9
\u2014
11,977.9
12,121.7
Derivatives
Fair value
designated
Fair value
through other
as hedging
through
comprehensive
Amortised
instruments
profit or loss
income
cost
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Assets
Cash and balances at central banks
\u2014
\u2014
\u2014
1,937.0
1,937.0
Settlement balances
\u2014
\u2014
\u2014
707.0
707.0
Loans and advances to banks
\u2014
\u2014
\u2014
330.3
330.3
Loans and advances to customers
\u2014
\u2014
\u2014
9,255.0
9,255.0
Debt securities
\u2014
15.2
292.4
\u2014
307.6
Equity shares
\u2014
29.3
\u2014
\u2014
29.3
Loans to money brokers against stock advanced
\u2014
\u2014
\u2014
37.6
37.6
Derivative financial instruments
50.7
37.8
\u2014
\u2014
88.5
Other financial assets
\u2014
2.0
\u2014
93.5
95.5
50.7
84.3
292.4
12,360.4
12,787.8
Liabilities
Settlement balances and short positions
\u2014
9.9
\u2014
686.0
695.9
Deposits by banks
\u2014
\u2014
141.9
141.9
Deposits by customers
\u2014
\u2014
\u2014
7,724.5
7,724.5
Loans and overdrafts from banks
\u2014
\u2014
\u2014
651.9
651.9
Debt securities in issue
\u2014
\u2014
\u2014
2,012.6
2,012.6
Loans from money brokers against stock advanced
\u2014
\u2014
\u2014
4.8
4.8
Subordinated loan capital
\u2014
\u2014
\u2014
174.9
174.9
Derivative financial instruments
176.2
19.7
\u2014
\u2014
195.9
Other financial liabilities
\u2014
\u2014
\u2014
199.2
199.2
176.2
29.6
\u2014
11,595.8
11,801.6
(b) Valuation The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below.
31 July 2024
31 July 2023
Fair value Carrying value
Fair value
Carrying value
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Subordinated loan capital
179.4
187.2
165.8
174.9
Debt securities in issue
1,998.5
1,986.4
2,008.0
2,012.6
The fair value of gross loans and advances to customers at 31 July 2024 is estimated to be \u00a39,806.4 million (31 July 2023: \u00a39,046.2 million), with a carrying value of \u00a39,830.8 million (31 July 2023: \u00a39,255.0 million). The fair value of deposits by customers is estimated to be \u00a38,691.8 million (31 July 2023: \u00a37,668.7 million), with a carrying value of \u00a38,693.6 million (31 July 2023: \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 decreased 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, SSA bonds, 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 loans and advances to customers, which is new this year, over-the- counter derivatives 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 valuation of Level 3 loans and advances to customers is determined on a discounted expected cash flow basis net of expected credit losses. The discount rate used in the valuation is the interest rate charged on the loan, which reflects an arm's length rate chargeable on similar transactions. The valuation of Level 3 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, there were no transfers from Level 1, 2 to 3. In 2023, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy.
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
383.7
\u2014
\u2014
383.7
SSA bonds
145.5
\u2014
\u2014
145.5
Covered bonds
187.7
\u2014
\u2014
 187.7
Long trading positions in debt securities
13.8
2.2
\u2014
16.0
Equity shares
5.9
21.4
0.1
 27.4
Derivative financial instruments
\u2014
95.3
6.1
 101.4
Contingent consideration
\u2014
\u2014
1.2
 1.2
Other assets
\u2014
\u2014
0.8
0.8
736.6
118.9
20.0
875.5
Liabilities
Short positions:
Debt securities
3.3
2.2
\u2014
5.5
Equity shares
2.2
7.1
\u2014
9.3
Derivative financial instruments
\u2014
122.6
6.4
129.0
Contingent consideration
\u2014
\u2014
3.0
3.0
5.5
131.9
9.4
146.8
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
\u2014
\u2014
Debt securities:
Sovereign and central bank debt
186.1
\u2014
\u2014
186.1
SSA bonds
\u2014
\u2014
\u2014
\u2014
Covered bonds
106.3
\u2014
\u2014
106.3
Long trading positions in debt securities
13.6
1.6
\u2014
15.2
Equity shares
3.9
25.1
0.3
29.3
Derivative financial instruments
\u2014
77.4
11.1
88.5
Contingent consideration
\u2014
\u2014
2.0
2.0
Other assets
\u2014
\u2014
\u2014
\u2014
309.9
104.1
13.4
427.4
Liabilities
Short positions:
Debt securities
2.3
1.2
\u2014
3.5
Equity shares
1.7
4.6
0.1
6.4
Derivative financial instruments
\u2014
184.7
11.2
195.9
Contingent consideration
\u2014
\u2014
2.8
2.8
4.0
190.5
14.1
208.6
Movements in financial instruments categorised as Level 3 were:
Loans and
advances
Derivative
Derivative
to customers
financial
financial
Contingent
Other
held at FVTPL
assets
liabilities
Equity shares
consideration
assets
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 1 August 2022
\u2014
\u2014
\u2014
0.2
(1.3)
\u2014
(1.1)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
9.5
(9.4)
\u2014
(0.1)
\u2014
\u2014
Purchases, issues, originations and
transfers in
\u2014
1.6
(1.8)
\u2014
0.6
\u2014
0.4
Sales, settlements and transfers out
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
(5.0)
4.8
\u2014
0.4
\u2014
0.2
Purchases, issues, originations and
transfers in
11.8
\u2014
\u2014
\u2014
(0.5)
0.8
12.1
Sales, settlements and transfers out
\u2014
\u2014
\u2014
(0.1)
(0.9)
\u2014
(1.0)
At 31 July 2024
11.8
6.1
(6.4)
0.1
(1.8)
0.8
10.6
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2024 amounted to \u00a30.2 million (2023: \u00a3nil). (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 2024
31 July 2023
\u00a3 million
\u00a3 million
On balance sheet
Cash and balances at central banks 1,584.0 1,937.0
Settlement balances 627.5 707.0
Loans and advances to banks 293.7 330.3
Loans and advances to customers 9,830.8 9,255.0
Debt securities 740.5 307.6
Loans to money brokers against stock advanced 22.5 37.6
Derivative financial instruments 101.4 88.5
Other financial assets 103.6 95.5
13,304.0 12,758.5
Off balance sheet
Irrevocable undrawn commitments 281.8 263.9
Total maximum exposure to credit risk 13,585.8 13,022.4
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 \u00a3404.8 million (31 July 2023: \u00a3863.4 million) and retained notes relating to Motor Finance loan receivables of \u00a334.4 million (31 July 2023: \u00a383.4 million) were positioned as collateral with the Bank of England, against which \u00a3110.0 million (31 July 2023: \u00a3600.0 million) of cash was drawn from the TFSME and \u00a3nil (31 July 2023: \u00a35.0 million) 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 \u00a31,657.0 million (31 July 2023: \u00a31,436.3 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,453.7 million (31 July 2023: \u00a31,187.4 million). This includes the \u00a334.4 million (31 July 2023: \u00a383.4 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. As at 31 July 2024, Winterflood had pledged equity and debt securities of \u00a318.3 million (31 July 2023: \u00a35.2 million) in the normal course of business. 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 90 to 92 in the Risk Report. Information on the group\u2019s internal credit risk reporting can be found on pages 100 to 101 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 102 to 103 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, sovereign and central bank debt, SSA bonds and covered bonds. 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 \u00a322.5 million (31 July 2023: \u00a337.6 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:
Impairment
Stage 1
Stage 2
Stage 3
provision
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Not past due
599.9
\u2014
\u2014
\u2014
599.9
Less than 30 days past due
24.6
\u2014
\u2014
\u2014
24.6
More than 30 days but less than 90 days past due
\u2014
2.5
\u2014
\u2014
2.5
More than 90 days past due
\u2014
\u2014
0.5
\u2014
0.5
624.5
2.5
0.5
\u2014
627.5
Impairment
Stage 1
Stage 2
Stage 3
provision
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Not past due
622.1
\u2014
\u2014
\u2014
622.1
Less than 30 days past due
83.9
\u2014
\u2014
\u2014
83.9
More than 30 days but less than 90 days past due
\u2014
0.6
\u2014
\u2014
0.6
More than 90 days past due
\u2014
\u2014
0.5
(0.1)
0.4
706.0
0.6
0.5
(0.1)
707.0
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 107 to 108 in the Risk Report. Foreign exchange risk Additional disclosures on the group\u2019s foreign exchange risk can be found on pages 108 to 109 in the Risk Report. Market price risk Trading financial instruments: Equity shares and debt securities Th e group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found on pages 115 to 116 of the Risk Report. Non-trading financial instruments Net gains and losses on non-trading financial instruments are disclosed in Notes 11. (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 pages 104 to 105 of the Risk Report.
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Settlement balances
\u2014
600.1
\u2014
\u2014
\u2014
\u2014
 600.1
Deposits by banks
0.9
53.2
86.1
\u2014
\u2014
\u2014
 140.2
Deposits by customers
708.9
2,309.5
1,502.1
2,008.7
2,474.8
 \u2014 9,004.0
Loans and overdrafts from banks
46.7
9.9
1.4
2.7
111.7
 \u2014 172.4
Debt securities in issue
\u2014
40.0
119.3
195.4
1,541.7
409.8
2,306.2
Loans from money brokers against stock
advanced
16.7
\u2014
\u2014
\u2014
\u2014
\u2014
16.7
Subordinated loan capital
\u2014
2.0
 \u2014
2.0
16.0
209.0
229.0
Derivative financial instruments
0.3
47.3
37.0
50.6
183.0
86.8
405.0
Lease liabilities
0.2
3.2
2.7
3.9
29.6
18.1
57.7
Other financial liabilities
22.6
101.0
1.3
10.9
27.1
2.5
165.4
Total
796.3
3,166.2
1,749.9
2,274.2
4,383.9
726.2
13,096.7
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Settlement balances
\u2014
686.0
\u2014
\u2014
\u2014
\u2014
686.0
Deposits by banks
10.3
43.7
89.7
\u2014
\u2014
\u2014
143.7
Deposits by customers
175.1
1,838.3
1,972.9
1,869.6
2,140.6
\u2014
7,996.5
Loans and overdrafts from banks
31.8
25.2
7.6
243.8
383.2
\u2014
691.6
Debt securities in issue
\u2014
46.7
132.3
168.1
1,705.1
416.3
2,468.5
Loans from money brokers against stock
advanced
4.8
\u2014
\u2014
\u2014
\u2014
\u2014
4.8
Subordinated loan capital
\u2014
2.0
\u2014
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
Derivative financial instruments in the table above includes net currency swaps. The following table shows the currency swaps on a gross basis:
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
0.9
259.9
37.0
49.8
178.6
86.8
613.0
At 31 July 2023
41.2
153.9
26.0
39.4
167.5
73.0
501.0
(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
Master
Net amounts
amounts
netting
Financial
after
recognised
arrangements
collateral
offsetting
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Derivative financial assets
101.4
(97.9)
(0.8)
2.7
Derivative financial liabilities
129.0
(97.9)
(67.5)
(36.4)
At 31 July 2023
Derivative financial assets
88.5
(77.1)
\u2014
11.4
Derivative financial liabilities
195.9
(77.1)
(144.0)
(25.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-415": { "value": "Between Between Between Within three three months one and two and On demand 9. Loans and Advances to Banks months and one year two years five years Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 269.2 0.1 4.3 16.4 3.7 293.7 At 31 July 2023 290.9 21.6 2.0 3.0 12.8 330.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-416": { "value": "Between 10. Loans and Advances to Customers Between Between After (a) Maturity and classification analysis of loans and advances to customers Total gross loans million) representing 75.3% (31 July 2023: 74.3%) of total gross loans and advances to customers: Total net loans The following tables set out the maturity and IFRS 9 classification analysis of loans and advances to customers. At 31 July 2024 loans and advances to customers with a maturity of two years or less was \u00a37,733.6 million (31 July 2023: \u00a37,158.8 Within three three months one and two and more than and advances Impairment and advances On demand months and one year two years five years five years to customers provisions to customers \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 88.5 2,888.2 2,654.9 2,102.0 2,399.1 143.9 10,276.6 (445.8) 9,830.8 At 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
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
Gross loans and advances to customers
Held at amortised cost
10,264.8
9,635.6
Held at fair value through profit or loss
11.8
\u2014
10,276.6
(b) Loans and advances to customers held at amortised cost and impairment provisions by stage
9,635.6
Gross loans and advances to customers held at amortised cost by stage and the corresponding impairment provisions and
Stage 2
Greater
than or
Less than
equal to 30
30 days
days past
Stage 1
provision coverage ratios are set out below:
past due
due
Total
Stage 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Gross loans and advances to customers held at
amortised cost
Commercial
3,877.8
801.5
33.1
834.6
400.2
5,112.6
Of which: Commercial excluding Novitas
3,877.8
800.5
33.1
833.6
118.1
4,829.5
Of which: Novitas
\u2014
1.0
\u2014
1.0
282.1
283.1
Retail
2,815.7
221.2
9.9
231.1
90.0
3,136.8
Property
1,717.0
9.8
53.3
63.1
235.3
2,015.4
8,410.5
1,032.5
96.3
1,128.8
725.5
10,264.8
Impairment provisions
Commercial
20.9
9.6
4.2
13.8
256.0
290.7
Of which: Commercial excluding Novitas
20.9
8.6
4.2
12.8
36.3
70.0
Of which: Novitas
\u2014
1.0
\u2014
1.0
219.7
220.7
Retail
27.7
14.8
2.2
17.0
50.2
94.9
Property
3.6
0.2
0.3
0.5
56.1
60.2
52.2
24.6
6.7
31.3
362.3
445.8
Provision coverage ratio
Commercial
0.5%
1.2%
12.7%
1.7%
64.0%
5.7%
Within which: Commercial excluding Novitas
0.5%
1.1%
12.7%
1.5%
30.7%
1.4%
Within which: Novitas
\u2014
100.0%
\u2014
100.0%
77.9%
78.0%
Retail
1.0%
6.7%
22.2%
7.4%
55.8%
3.0%
Property
0.2%
2.0%
0.6%
0.8%
23.8%
3.0%
0.6%
2.4%
7.0%
2.8%
49.9%
4.3%
Stage 2 Greater than or Less than equal to 30 30 days days past Stage 1 past due due Total Stage 3 Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2023 Gross loans and advances to customers held at amortised cost 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 \u2014 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 \u2014 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% \u2014 23.1% 76.0% 75.5% Retail 1.0% 7.3% 14.1% 8.0% 63.4% 2.9% Property \u2018Material Accounting Policies\u2019. the Risk Report. (c) Adjustments 0.3% 1.6% 1.2% 1.5% 20.6% 2.4% 0.7% Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. 2.7% 8.0% 3.0% 49.8% 3.9% Stage allocation of loans and advances to customers has been applied in line with the definitions set out on page 201 in Note 1 Additional disclosures on the stage allocation and movements of loans and advances to customers can be found on page 94 in 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 Stage 1 Stage 2 Stage 3 Reconciliation 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. Total (d) Reconciliation of loans and advances to customers held at amortised cost and impairment provisions 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 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 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 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 A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral \u00a3 million \u00a3 million \u00a3 million \u00a3 million Gross loans and advances to customers held at amortised cost emergence. levels. At 1 August 2023 repayment or write off). presented in a separate line. and available recovery actions against the customer. 7,990.2 1,062.0 583.4 9,635.6 New financial assets originated 6,695.5 \u2014 \u2014 6,695.5 Transfers to Stage 1 138.2 (205.2) (7.6) (74.6) Transfers to Stage 2 (1,165.5) 904.8 (8.4) (269.1) Transfers to Stage 3 (310.2) (130.8) 329.1 (111.9) Net transfer between stages and repayments\u00b9 (1,337.5) 568.8 313.1 (455.6) Repayments while stage remained unchanged and final repayments (4,936.3) (501.2) (114.4) (5,551.9) Changes to model methodologies \u2014 \u2014 \u2014 \u2014 Write offs (1.4) (0.8) (56.6) (58.8) At 31 July 2024 8,410.5 1,128.8 725.5 10,264.8 1. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1
Stage 2
Stage 3\u00b9
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2022
7,627.0
1,158.9
358.6
9,144.5
New financial assets originated
6,604.0
\u2014
\u2014
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 transfer between stages and repayments\u00b2
(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
\u2014
Write offs
(0.4)
(0.4)
(103.0)
(103.8)
At 31 July 2023
Risk Report.
7,990.2
1,062.0
583.4
9,635.6
1. A significant 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 final 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
2. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1 Stage 2 Stage 3 Total 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 \u00a3283.1 million (2023: \u00a3152.3 million). No gain or loss (2023: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2024 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a338.7 million (31 July 2023: \u00a314.8 million). The definition and accounting policy for \u00a3 million \u00a3 million \u00a3 million \u00a3 million Impairment provisions on loans and advances to customers held at amortised cost At 1 August 2023 modifications are set out in Note 1(i). 58.1 32.2 290.3 380.6 New financial assets originated 51.7 \u2014 \u2014 51.7 Transfers to Stage 1 0.6 (3.9) (0.7) (4.0) Transfers to Stage 2 (13.4) 31.4 (1.1) 16.9 Transfers to Stage 3 (5.9) (12.0) 98.7 80.8 Net remeasurement of expected credit losses arising from transfer of stages and repayments1 (18.7) 15.5 96.9 93.7 Repayments and ECL movements while stage remained unchanged and final repayments (37.7) (15.6) 26.6 (26.7) Changes to model methodologies \u2014 \u2014 \u2014 \u2014 Charge to the income statement (4.7) (0.1) 123.5 118.7 Write offs (1.2) (0.8) (51.5) (53.5) At 31 July 2024 52.2 31.3 362.3 445.8 1. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1
Stage 2
Stage 3\u00b9
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2022
50.3
78.3
157.0
285.6
New financial assets originated
46.7
\u2014
\u2014
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 transfer of stages and
repayments\u00b2
(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)
At 31 July 2023
information on Novitas can be found in the Credit Risk section of the Risk Report.
58.1
32.2
290.3
380.6
1. A significant 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
2. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
2024 2023 \u00a3 million \u00a3 million Impairment losses relating to loans and advances to customers held at amortised cost: Charge to income statement arising from movement in impairment provisions 118.7 164.9 Amounts written off directly to income statement and other costs, net of discount unwind on Stage 3 loans to interest income, and recoveries (21.7) 39.4 97.0 204.3 Impairment losses/(gains) relating to other financial assets 1.8 (0.2) Impairment losses on financial assets recognised in income statement 98.8 management's latest assessment including the current timeline of litigation proceedings. 204.1 Impairment losses on financial assets of \u00a398.8 million (2023: \u00a3204.1 million) include \u00a36.4 million in relation to Novitas (2023: \u00a3116.8 million). The Novitas impairment relates to an extension of the time to recovery assumptions from insurers and reflects The contractual amount outstanding at 31 July 2024 on financial assets that were written off during the period and are still
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
Net loans and advances to customers comprise
Hire purchase agreement receivables
3,749.8
3,671.3
Finance lease receivables
896.7
803.9
Other loans and advances
5,184.3
4,779.8
At 31 July
subject to recovery activity is \u00a322.1 million (31 July 2023: \u00a332.3 million).
(e) Finance lease and hire purchase agreement receivables
payments.
Gross investment in finance leases and hire purchase agreement receivables due:
One year or within one year
>One to two years
>Two to three years
>Three to four years
>Four to five years
More than five years
Unearned finance income
Present value of minimum lease and hire purchase agreement payments
Of which due:
One year or within one year
>One to two years
>Two to three years
>Three to four years
>Four to five years
More than five years
information.
9,830.8
\u00a3 million \u00a3 million
1,849.3
1,493.7
1,175.8
652.5
205.3
43.1
5,419.7
(820.7)
4,599.0
1,567.2
1,268.8
999.1
553.1
173.8
37.0
4,599.0
9,255.0
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
31 July 2024 31 July 2023\u00b9
1,987.6
1,573.2
1,168.2
692.0
222.6
46.4
5,690.0
(904.5)
4,785.5
1,671.1
1,326.6
982.6
579.4
185.9
39.9
4,785.5
1. Restated following a classification misstatement in the prior year maturity profiles with no change in the total amounts. Please see below for further
The aggregate cost of assets acquired for the purpose of letting under finance leases and hire purchase agreements was \u00a37,898.6 million (2023: \u00a37,167.5 million). The average effective interest rate on finance leases approximates to 12.2% (2023: 11.0%). 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. The prior year figures in the table above for finance lease and hire purchase agreement receivables have been restated following a classification misstatement. The gross investment in finance leases and hire purchase agreement receivables due in '>one to two years' have decreased by \u00a3509.1 million, while '>two to three years', '>three to four years', '>four to five years' and 'more than five years' have increased by \u00a3203.3 million, \u00a3214.0 million, \u00a389.8 million and \u00a32.0 million respectively with no change in the total amounts. The present value of minimum lease and hire purchase agreement payments due in '>one to two years' have decreased by \u00a3422.9 million, while '>two to three years', '>three to four years', '>four to five years' and 'more than five years' have increased by \u00a3168.9 million, \u00a3177.8 million, \u00a374.6 million and \u00a31.6 million respectively with no change in the total amounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-458": { "value": "(b) Loans and advances to customers held at amortised cost and impairment provisions by stage Gross loans and advances to customers held at amortised cost by stage and the corresponding impairment provisions and
Stage 2
Greater
than or
Less than
equal to 30
30 days
days past
Stage 1
provision coverage ratios are set out below:
past due
due
Total
Stage 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Gross loans and advances to customers held at
amortised cost
Commercial
3,877.8
801.5
33.1
834.6
400.2
5,112.6
Of which: Commercial excluding Novitas
3,877.8
800.5
33.1
833.6
118.1
4,829.5
Of which: Novitas
\u2014
1.0
\u2014
1.0
282.1
283.1
Retail
2,815.7
221.2
9.9
231.1
90.0
3,136.8
Property
1,717.0
9.8
53.3
63.1
235.3
2,015.4
8,410.5
1,032.5
96.3
1,128.8
725.5
10,264.8
Impairment provisions
Commercial
20.9
9.6
4.2
13.8
256.0
290.7
Of which: Commercial excluding Novitas
20.9
8.6
4.2
12.8
36.3
70.0
Of which: Novitas
\u2014
1.0
\u2014
1.0
219.7
220.7
Retail
27.7
14.8
2.2
17.0
50.2
94.9
Property
3.6
0.2
0.3
0.5
56.1
60.2
52.2
24.6
6.7
31.3
362.3
445.8
Provision coverage ratio
Commercial
0.5%
1.2%
12.7%
1.7%
64.0%
5.7%
Within which: Commercial excluding Novitas
0.5%
1.1%
12.7%
1.5%
30.7%
1.4%
Within which: Novitas
\u2014
100.0%
\u2014
100.0%
77.9%
78.0%
Retail
1.0%
6.7%
22.2%
7.4%
55.8%
3.0%
Property
0.2%
2.0%
0.6%
0.8%
23.8%
3.0%
0.6%
2.4%
7.0%
2.8%
49.9%
4.3%
Stage 2 Greater than or Less than equal to 30 30 days days past Stage 1 past due due Total Stage 3 Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2023 Gross loans and advances to customers held at amortised cost 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 \u2014 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 \u2014 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% \u2014 23.1% 76.0% 75.5% Retail 1.0% 7.3% 14.1% 8.0% 63.4% 2.9% Property \u2018Material Accounting Policies\u2019. the Risk Report. (c) Adjustments 0.3% 1.6% 1.2% 1.5% 20.6% 2.4% 0.7% Note 2 \u2018Critical Accounting Judgements and Estimates\u2019. 2.7% 8.0% 3.0% 49.8% 3.9% Stage allocation of loans and advances to customers has been applied in line with the definitions set out on page 201 in Note 1 Additional disclosures on the stage allocation and movements of loans and advances to customers can be found on page 94 in 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 Stage 1 Stage 2 Stage 3 Reconciliation 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. Total (d) Reconciliation of loans and advances to customers held at amortised cost and impairment provisions 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 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 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 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 A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral \u00a3 million \u00a3 million \u00a3 million \u00a3 million Gross loans and advances to customers held at amortised cost emergence. levels. At 1 August 2023 repayment or write off). presented in a separate line. and available recovery actions against the customer. 7,990.2 1,062.0 583.4 9,635.6 New financial assets originated 6,695.5 \u2014 \u2014 6,695.5 Transfers to Stage 1 138.2 (205.2) (7.6) (74.6) Transfers to Stage 2 (1,165.5) 904.8 (8.4) (269.1) Transfers to Stage 3 (310.2) (130.8) 329.1 (111.9) Net transfer between stages and repayments\u00b9 (1,337.5) 568.8 313.1 (455.6) Repayments while stage remained unchanged and final repayments (4,936.3) (501.2) (114.4) (5,551.9) Changes to model methodologies \u2014 \u2014 \u2014 \u2014 Write offs (1.4) (0.8) (56.6) (58.8) At 31 July 2024 8,410.5 1,128.8 725.5 10,264.8 1. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1
Stage 2
Stage 3\u00b9
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2022
7,627.0
1,158.9
358.6
9,144.5
New financial assets originated
6,604.0
\u2014
\u2014
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 transfer between stages and repayments\u00b2
(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
\u2014
Write offs
(0.4)
(0.4)
(103.0)
(103.8)
At 31 July 2023
Risk Report.
7,990.2
1,062.0
583.4
9,635.6
1. A significant 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 final 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
2. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1 Stage 2 Stage 3 Total 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 \u00a3283.1 million (2023: \u00a3152.3 million). No gain or loss (2023: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2024 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a338.7 million (31 July 2023: \u00a314.8 million). The definition and accounting policy for \u00a3 million \u00a3 million \u00a3 million \u00a3 million Impairment provisions on loans and advances to customers held at amortised cost At 1 August 2023 modifications are set out in Note 1(i). 58.1 32.2 290.3 380.6 New financial assets originated 51.7 \u2014 \u2014 51.7 Transfers to Stage 1 0.6 (3.9) (0.7) (4.0) Transfers to Stage 2 (13.4) 31.4 (1.1) 16.9 Transfers to Stage 3 (5.9) (12.0) 98.7 80.8 Net remeasurement of expected credit losses arising from transfer of stages and repayments1 (18.7) 15.5 96.9 93.7 Repayments and ECL movements while stage remained unchanged and final repayments (37.7) (15.6) 26.6 (26.7) Changes to model methodologies \u2014 \u2014 \u2014 \u2014 Charge to the income statement (4.7) (0.1) 123.5 118.7 Write offs (1.2) (0.8) (51.5) (53.5) At 31 July 2024 52.2 31.3 362.3 445.8 1. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
Stage 1
Stage 2
Stage 3\u00b9
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2022
50.3
78.3
157.0
285.6
New financial assets originated
46.7
\u2014
\u2014
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 transfer of stages and
repayments\u00b2
(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)
At 31 July 2023
information on Novitas can be found in the Credit Risk section of the Risk Report.
58.1
32.2
290.3
380.6
1. A significant 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
2. Repayments relate only to financial assets which transferred between stages during the year. Other repayments are shown in the line below.
2024 2023 \u00a3 million \u00a3 million Impairment losses relating to loans and advances to customers held at amortised cost: Charge to income statement arising from movement in impairment provisions 118.7 164.9 Amounts written off directly to income statement and other costs, net of discount unwind on Stage 3 loans to interest income, and recoveries (21.7) 39.4 97.0 204.3 Impairment losses/(gains) relating to other financial assets 1.8 (0.2) Impairment losses on financial assets recognised in income statement 98.8 management's latest assessment including the current timeline of litigation proceedings. 204.1 Impairment losses on financial assets of \u00a398.8 million (2023: \u00a3204.1 million) include \u00a36.4 million in relation to Novitas (2023: \u00a3116.8 million). The Novitas impairment relates to an extension of the time to recovery assumptions from insurers and reflects The contractual amount outstanding at 31 July 2024 on financial assets that were written off during the period and are still subject to recovery activity is \u00a322.1 million (31 July 2023: \u00a332.3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-499": { "value": "11. Debt Securities Fair value through profit or loss Fair value through other comprehensive income Amortised cost Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million Sovereign and central bank debt \u2014 383.7 \u2014 383.7 Supranational, sub-sovereigns and agency (\"SSA\") bonds \u2014 145.5 \u2014 145.5 Covered bonds \u2014 187.7 \u2014 187.7 Long trading positions in debt securities 16.0 \u2014 \u2014 16.0 Other debt securities 0.8 \u2014 6.8 7.6 At 31 July 2024 16.8 716.9 6.8 740.5 Fair value through profit or loss Fair value through other comprehensive income Amortised cost Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million Sovereign and central bank debt \u2014 186.1 \u2014 186.1 SSA bonds \u2014 \u2014 \u2014 \u2014 Covered bonds \u2014 106.3 \u2014 106.3 Long trading positions in debt securities 15.2 \u2014 \u2014 15.2 Other debt securities \u2014 \u2014 \u2014 \u2014 At 31 July 2023 15.2 292.4 \u2014 307.6 Movements on the book value of sovereign and central bank debt comprise: 2024 2023 \u00a3 million \u00a3 million Sovereign and central bank debt at 1 August 186.1 415.4 Additions 194.2 269.7 Redemptions \u2014 (459.2) Currency translation differences (1.5) (0.3) Movement in value 4.9 (39.5) Sovereign and central bank debt at 31 July 383.7 186.1 Movements on the book value of SSA bonds comprise: 2024 2023 \u00a3 million \u00a3 million SSA bonds at 1 August \u2014 \u2014 Additions 155.4 \u2014 Redemptions (15.2) \u2014 Currency translation differences (0.3) \u2014 Movement in value 5.6 \u2014 SSA bonds at 31 July 145.5 \u2014 Movements on the book value of covered bonds comprise: 2024 2023 \u00a3 million \u00a3 million Covered bonds 1 August 106.3 \u2014 Additions 139.7 105.4 Redemptions/disposals (59.0) \u2014 Currency translation differences (0.3) \u2014 Movement in value 1.0 0.9 Covered bonds at 31 July 187.7 106.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-504": { "value": "11. Debt Securities Fair value through profit or loss Fair value through other comprehensive income Amortised cost Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million Sovereign and central bank debt \u2014 383.7 \u2014 383.7 Supranational, sub-sovereigns and agency (\"SSA\") bonds \u2014 145.5 \u2014 145.5 Covered bonds \u2014 187.7 \u2014 187.7 Long trading positions in debt securities 16.0 \u2014 \u2014 16.0 Other debt securities 0.8 \u2014 6.8 7.6 At 31 July 2024 16.8 716.9 6.8 740.5 Fair value through profit or loss Fair value through other comprehensive income Amortised cost Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million Sovereign and central bank debt \u2014 186.1 \u2014 186.1 SSA bonds \u2014 \u2014 \u2014 \u2014 Covered bonds \u2014 106.3 \u2014 106.3 Long trading positions in debt securities 15.2 \u2014 \u2014 15.2 Other debt securities \u2014 \u2014 \u2014 \u2014 At 31 July 2023 15.2 292.4 \u2014 307.6 Movements on the book value of sovereign and central bank debt comprise: 2024 2023 \u00a3 million \u00a3 million Sovereign and central bank debt at 1 August 186.1 415.4 Additions 194.2 269.7 Redemptions \u2014 (459.2) Currency translation differences (1.5) (0.3) Movement in value 4.9 (39.5) Sovereign and central bank debt at 31 July 383.7 186.1 Movements on the book value of SSA bonds comprise: 2024 2023 \u00a3 million \u00a3 million SSA bonds at 1 August \u2014 \u2014 Additions 155.4 \u2014 Redemptions (15.2) \u2014 Currency translation differences (0.3) \u2014 Movement in value 5.6 \u2014 SSA bonds at 31 July 145.5 \u2014 Movements on the book value of covered bonds comprise: 2024 2023 \u00a3 million \u00a3 million Covered bonds 1 August 106.3 \u2014 Additions 139.7 105.4 Redemptions/disposals (59.0) \u2014 Currency translation differences (0.3) \u2014 Movement in value 1.0 0.9 Covered bonds at 31 July 187.7 106.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-417": { "value": "12. Equity Shares 31 July 2024 31 July 2023 \u00a3 million \u00a3 million Long trading positions 25.8 27.8 Other equity shares 1.6 1.5 27.4 29.3 ", "dimensions": { "concept": "closebrothers:DisclosureOfEquityShares", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-459": { "value": "13. Derivative Financial Instruments The group enters into derivative contracts with a number of financial institutions for risk management purposes to hedge exposures to interest rate and exchange rate movements. Derivatives are classified as held for trading unless they are designated as being in a hedge accounting relationship. The group\u2019s total derivative asset and liability position as reported on the consolidated balance sheet is as follows. 31 July 2024 31 July 2023 Notional Notional value Assets Liabilities value Assets Liabilities \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Exchange rate contracts 275.3 2.3 0.4 198.1 0.8 0.4 Interest rate contracts 7,202.6 99.1 128.6 3,493.3 87.7 195.5 7,477.9 101.4 129.0 3,691.4 88.5 195.9 Interest rate contracts are held for interest rate risk management and interest margin stabilisation purposes. Notional amounts of interest rate contracts totalling \u00a34,752.3 million (31 July 2023: \u00a32,402.7 million) 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 2024 31 July 2023 Notional Notional value Assets Liabilities value Assets Liabilities \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate contracts 514.4 4.8 0.6 297.7 8.5 2.9 Fair value hedges Interest rate contracts 4,431.7 78.8 116.3 1,614.7 42.2 173.3 Where derivatives are designated as being in a hedge accounting relationship, the group applies fair value and cash flow hedging if the relevant transaction meets the required documentation and hedge effectiveness criteria. Fair value hedge accounting Fair value hedges seek to hedge the exposure to changes in the fair value of recognised assets and liabilities or firm commitments. For fair value hedges of interest rate risk, changes in the benchmark interest rate 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. Changes in the fair value of derivatives in a fair value hedge are recorded in the income statement, along with changes in the fair value of the hedged item (asset or liability) attributable to the hedged risk. If the hedged item is measured at amortised cost, the fair value changes due to the hedged risk adjust the carrying amount of the hedged asset or liability. If the hedge no longer qualifies for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement and the cumulative adjustment to the carrying amount of the hedged item is amortised to the income statement over the period to maturity. For micro fair value hedges, this is applied using a straight-line method over the period to maturity. Cash flow hedge accounting 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 six (2023: seven) years. The effective portion of changes in the fair value of qualifying cash flow hedges is recognised in other comprehensive income within the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. When a hedging instrument expires, is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains there until the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is immediately transferred to the income statement. 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. Cash flow hedge accounting is applied when hedging interest rate risk exposures on floating rate assets. 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 Within three month Between three and six months Between six months and one year Between one and five years After more than five years Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate risk 31 July 2024 \u2014 6.1 1.4 3.2 482.0 21.7 514.4 31 July 2023 \u2014 90.8 0.3 27.7 137.7 41.2 297.7 Fair value hedges Interest rate risk 31 July 2024 \u2014 516.1 672.3 1,080.7 1,446.5 716.1 4,431.7 31 July 2023 \u2014 51.0 0.6 190.6 690.0 682.5 1,614.7 Cash flow hedges have an average fixed rate of 4.0% (31 July 2023: 2.0%). Fair value hedges have an average fixed rate of 3.7% (31 July 2023: 1.6%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows. Changes in fair value of hedging instrument used for calculating hedge ineffectiveness Hedge ineffectiveness recognised in income statement Changes in fair value of hedging instrument used for calculating hedge ineffectiveness Hedge ineffectiveness recognised in income statement 2024 2024 2023 2023 \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate risk (0.9) \u2014 (26.2) (0.1) Fair value hedges Interest rate risk 50.9 \u2014 (74.6) \u2014 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. Accumulated amount Changes in fair value of fair value of hedged item used Carrying amount of adjustments on the for calculating hedge hedged item hedged item ineffectiveness \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 Fair value hedges Assets Debt securities 355.7 (15.2) 11.8 Loans and advances to customers and undrawn commitments 146.8 (9.3) 4.1 502.5 (24.5) 15.9 Liabilities Deposits by customers 3,092.2 4.2 8.1 Debt securities in issue 596.3 (95.7) 46.8 Subordinated loan capital 187.2 (13.3) 11.8 3,875.7 (104.8) 66.7
Changes in fair value of
Accumulated amount of
hedged item used for
Carrying amount of
fair value adjustments
calculating hedge
hedged item
on the hedged item
ineffectiveness
\u00a3 million
\u00a3 million
\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
follows.
174.9
(25.1)
(12.1)
1,068.8
(171.5)
(86.2)
Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as
(Losses)/gains from
Changes in fair value of
Gains/(losses) on
changes in value of
hedged item used for
discontinued hedges
hedging instrument
Amounts reclassified
calculating hedge
recognised in other
recognised in other
from reserves to income
ineffectiveness
comprehensive income
comprehensive income
statement
1
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Cash flow hedges
Interest rate risk
31 July 2024
1.0
14.4
(0.9)
28.9
31 July 2023
26.1
43.3
(26.1)
1. Amounts have been reclassified to other income since hedged cash flows will no longer occur following de-designation.
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-418": { "value": "13. Derivative Financial Instruments The group enters into derivative contracts with a number of financial institutions for risk management purposes to hedge exposures to interest rate and exchange rate movements. Derivatives are classified as held for trading unless they are designated as being in a hedge accounting relationship. The group\u2019s total derivative asset and liability position as reported on the consolidated balance sheet is as follows. 31 July 2024 31 July 2023 Notional Notional value Assets Liabilities value Assets Liabilities \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Exchange rate contracts 275.3 2.3 0.4 198.1 0.8 0.4 Interest rate contracts 7,202.6 99.1 128.6 3,493.3 87.7 195.5 7,477.9 101.4 129.0 3,691.4 88.5 195.9 Interest rate contracts are held for interest rate risk management and interest margin stabilisation purposes. Notional amounts of interest rate contracts totalling \u00a34,752.3 million (31 July 2023: \u00a32,402.7 million) 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 2024 31 July 2023 Notional Notional value Assets Liabilities value Assets Liabilities \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate contracts 514.4 4.8 0.6 297.7 8.5 2.9 Fair value hedges Interest rate contracts 4,431.7 78.8 116.3 1,614.7 42.2 173.3 Where derivatives are designated as being in a hedge accounting relationship, the group applies fair value and cash flow hedging if the relevant transaction meets the required documentation and hedge effectiveness criteria. Fair value hedge accounting Fair value hedges seek to hedge the exposure to changes in the fair value of recognised assets and liabilities or firm commitments. For fair value hedges of interest rate risk, changes in the benchmark interest rate 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. Changes in the fair value of derivatives in a fair value hedge are recorded in the income statement, along with changes in the fair value of the hedged item (asset or liability) attributable to the hedged risk. If the hedged item is measured at amortised cost, the fair value changes due to the hedged risk adjust the carrying amount of the hedged asset or liability. If the hedge no longer qualifies for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement and the cumulative adjustment to the carrying amount of the hedged item is amortised to the income statement over the period to maturity. For micro fair value hedges, this is applied using a straight-line method over the period to maturity. Cash flow hedge accounting 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 six (2023: seven) years. The effective portion of changes in the fair value of qualifying cash flow hedges is recognised in other comprehensive income within the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. When a hedging instrument expires, is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss in equity remains there until the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in equity is immediately transferred to the income statement. 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. Cash flow hedge accounting is applied when hedging interest rate risk exposures on floating rate assets. 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 Within three month Between three and six months Between six months and one year Between one and five years After more than five years Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate risk 31 July 2024 \u2014 6.1 1.4 3.2 482.0 21.7 514.4 31 July 2023 \u2014 90.8 0.3 27.7 137.7 41.2 297.7 Fair value hedges Interest rate risk 31 July 2024 \u2014 516.1 672.3 1,080.7 1,446.5 716.1 4,431.7 31 July 2023 \u2014 51.0 0.6 190.6 690.0 682.5 1,614.7 Cash flow hedges have an average fixed rate of 4.0% (31 July 2023: 2.0%). Fair value hedges have an average fixed rate of 3.7% (31 July 2023: 1.6%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows. Changes in fair value of hedging instrument used for calculating hedge ineffectiveness Hedge ineffectiveness recognised in income statement Changes in fair value of hedging instrument used for calculating hedge ineffectiveness Hedge ineffectiveness recognised in income statement 2024 2024 2023 2023 \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cash flow hedges Interest rate risk (0.9) \u2014 (26.2) (0.1) Fair value hedges Interest rate risk 50.9 \u2014 (74.6) \u2014 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. Accumulated amount Changes in fair value of fair value of hedged item used Carrying amount of adjustments on the for calculating hedge hedged item hedged item ineffectiveness \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 Fair value hedges Assets Debt securities 355.7 (15.2) 11.8 Loans and advances to customers and undrawn commitments 146.8 (9.3) 4.1 502.5 (24.5) 15.9 Liabilities Deposits by customers 3,092.2 4.2 8.1 Debt securities in issue 596.3 (95.7) 46.8 Subordinated loan capital 187.2 (13.3) 11.8 3,875.7 (104.8) 66.7
Changes in fair value of
Accumulated amount of
hedged item used for
Carrying amount of
fair value adjustments
calculating hedge
hedged item
on the hedged item
ineffectiveness
\u00a3 million
\u00a3 million
\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
follows.
174.9
(25.1)
(12.1)
1,068.8
(171.5)
(86.2)
Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as
(Losses)/gains from
Changes in fair value of
Gains/(losses) on
changes in value of
hedged item used for
discontinued hedges
hedging instrument
Amounts reclassified
calculating hedge
recognised in other
recognised in other
from reserves to income
ineffectiveness
comprehensive income
comprehensive income
statement
1
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Cash flow hedges
Interest rate risk
31 July 2024
1.0
14.4
(0.9)
28.9
31 July 2023
26.1
43.3
(26.1)
1. Amounts have been reclassified to other income since hedged cash flows will no longer occur following de-designation.
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-482": { "value": "Intangible assets on Group Company Goodwill Software acquisition total software \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cost 14. Intangible Assets At 1 August 2022 142.6 299.5 51.0 493.1 0.4 Additions \u2014 50.5 \u2014 50.5 \u2014 Disposals (0.1) (16.8) (0.6) (17.5) (0.2) At 31 July 2023 142.5 333.2 50.4 526.1 0.2 Additions 8.3 28.1 7.3 43.7 0.1 Disposals \u2014 (12.6) (0.3) (12.9) \u2014 At 31 July 2024 150.8 348.7 57.4 556.9 0.3 Amortisation At 1 August 2022 47.9 147.4 45.8 241.1 0.4 Amortisation charge for the year \u2014 36.1 1.5 37.6 \u2014 Disposals \u2014 (15.7) (0.6) (16.3) (0.2) At 31 July 2023 47.9 167.8 46.7 262.4 0.2 Amortisation charge for the year \u2014 38.9 1.4 40.3 0.1 Disposals \u2014 (11.4) (0.4) (11.8) \u2014 At 31 July 2024 47.9 195.3 47.7 290.9 0.3 Net book value at 31 July 2024 102.9 153.4 9.7 266.0 \u2014 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2014 Net book value at 1 August 2022 Brothers Motor Finance (\"CBMF\"). years. 94.7 and intangible assets on acquisition of \u00a33.7 million). shown in the consolidated income statement. 152.1 Software includes assets under development of \u00a335.4 million (31 July 2023: \u00a388.8 million). 5.2 252.0 assets of \u20ac7.8 million were acquired, largely comprising loans and advances to customers, cash, debt securities and \u2014 Goodwill additions of \u00a38.3 million (2023: \u00a3nil) and intangible assets on acquisition additions of \u00a37.3 million (2023: \u00a3nil) relate to the group\u2019s acquisition of the 100% shareholdings of Bluestone Motor Finance (Ireland) DAC (\"Bluestone\") (goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\"Bottriell Adams\") (goodwill of \u00a33.7 million Bluestone, a provider of motor finance in Ireland, was acquired for cash consideration of \u20ac17.2 million on 31 October 2023. Net borrowings. Bluestone is a well-established brand in Ireland with industry-leading technology and an established network of over 650 dealer partners and an experienced sales and underwriting team. This acquisition will allow the Motor Finance business to rebuild its presence in Ireland. These factors and the expected synergies are reflected in the goodwill and intangible assets on acquisition recognised by the group. Following the acquisition, Bluestone has been rebranded to Close Bottriell Adams, an IFA business based in Dorset, was acquired for total consideration of \u00a36.6 million comprising an initial cash payment on acquisition and contingent consideration. The acquisition was completed in March 2024. Bottriell Adams, with approximately \u00a3240 million of client assets on acquisition, allows the Asset Management division to extend its regional presence in the South West. The customer relationships are reflected in the \u00a33.7 million of intangible assets on acquisition. Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 In the 2024 financial year, \u00a31.4 million (2023: \u00a31.5 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a338.9 million (2023: \u00a336.1 million) of the amortisation charge is included in administrative expenses Impairment tests for goodwill Overview At 31 July 2024, goodwill has been allocated to nine (31 July 2023: eight) individual CGUs. Seven (31 July 2023: six) are within the Banking division with an additional CGU this year following the acquisition of Close Brothers Finance DAC, 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. Methodology 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 most relevant assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates, net return on loan book and future capital requirements in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected trading levels in the Winterflood CGU. While these assumptions are relevant to management's plans, they may not all be key assumptions in the goodwill impairment test. In addition, while CGUs are not individually regulated, for the purposes of an impairment assessment, theoretical capital requirements have been taken into consideration in calculating a CGU's value in use and carrying value to ensure that capital constraints on free cash flows are appropriately reflected and the carrying value is on a comparable basis. 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 relevant 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. 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 rates was further updated during the year with valuation experts engaged where appropriate and refinements to the beta and size premium assumptions in the cost of capital calculation. Beta is a measure of systematic risk and a lower beta has been applied to the Banking CGUs this year following a review by valuation experts. In addition, an appropriate size premium has been consistently applied to all CGUs based on the size of the group and not the size of the individual CGUs for the first time this year. The size premium represents an estimate of the additional risk premium required by investors where typically a smaller size would require a larger premium. 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. The discount rates for the Banking and Winterflood CGUs have decreased while CBAM has increased this year following the aforementioned methodology refinements. Assessment At 31 July 2024, 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, which include consideration for future capital requirements and discount 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 except Winterflood and Motor Finance. Winterflood continued to experience difficult market conditions and recorded a small loss in the year. 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, consistent with the prior year, 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 Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a315.3 million, relates to the UK business and excludes the recent Close Brothers Finance DAC acquisition. The CGU has seen strong business volumes over the year but the market and regulatory backdrop is expected to present some challenges to the future cash flows, therefore this CGU has been identified as a key source of estimation uncertainty for the first time this year. The value in use of Motor Finance excludes any potential redress provision impact of the FCA's discretionary commission arrangements review since it is considered to be a legacy matter that relates to the excess capital of the parent and has no impact on the trading forecasts of the CGU itself. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows and when they return to normalised levels. The VIU of Winterflood is calculated to be 136% above carrying value at 31 July 2024 and for the purposes of goodwill modelling, management have projected that trading will gradually return to normalised levels over the medium term. 31 July 2024 recoverable amount of the CGU remained above its carrying value at 31 July 2024. 31 July 2023 response is a critical accounting judgement. It also represents a key assumption for the Motor goodwill impairment Pre-tax pre-tax discount rate used in determining value in use, are disclosed separately in the table below: Pre-tax A 33% reduction in the year five cash flows and all subsequent years would result in a recoverable amount that is equal to the carrying value of the CGU, that is, the headroom between the two is reduced to nil. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would reduce the VIU headroom by 58%. The discount rate is also an important driver of the value in use calculation and an absolute increase of 3.1% in the rate would also The most significant uncertainty within the Motor Finance value in use calculation relates to the expected future cash flows, which include consideration for the CGU's forecast capital charge, and when they return to more normalised growth levels. While as noted previously the cash flows exclude any potential redress provision impact of the FCA's commissions review, the cash flows are nevertheless impacted by the overall uncertainty introduced by the FCA's review and the group's strategic and capital actions response. As described in Note 2, determining the impact on goodwill of the FCA's review and management's assessment. Management's expectations on a return of the cash flows to more normalised growth levels are based on the A 21% reduction in the annual cash flows included within the terminal value of the Motor CGU would result in a recoverable amount that is equal to the carrying value of the CGU. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would result in the full impairment of the goodwill and other intangible assets totalling management actions which may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required due to delays linked to the FCA review. Separately, an absolute increase of 1.6% in the discount rate These scenarios for Winterflood and Motor Finance are a demonstration of sensitivity only and are not management's base As set out in Note 29 \u201cPost Balance Sheet Event\u201d, following a comprehensive strategic review, the group announced it entered into an agreement to sell CBAM to Oaktree on 19 September 2024. The goodwill associated with the CBAM CGU is \u00a343.5 million. This post balance sheet transaction has no impact on the conclusion of the goodwill impairment assessment and the Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the Goodwill discount rate Goodwill discount rate \u00a318.3 million in the Motor CGU. However, this outcome reflects the CGU sensitivity and does not include all possible Cash generating unit result in nil headroom. review timeline set out by the FCA. would result in nil headroom. case scenarios. \u00a3 million % \u00a3 million % Asset Management 43.5 14.8 39.8 11.6 Winterflood Securities 23.3 14.8 23.3 16.9 Banking division CGUs 36.1 14.5-15.4 31.5 17.0-17.3 102.9 94.6", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-460": { "value": "Intangible assets on Group Company Goodwill Software acquisition total software \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cost 14. Intangible Assets At 1 August 2022 142.6 299.5 51.0 493.1 0.4 Additions \u2014 50.5 \u2014 50.5 \u2014 Disposals (0.1) (16.8) (0.6) (17.5) (0.2) At 31 July 2023 142.5 333.2 50.4 526.1 0.2 Additions 8.3 28.1 7.3 43.7 0.1 Disposals \u2014 (12.6) (0.3) (12.9) \u2014 At 31 July 2024 150.8 348.7 57.4 556.9 0.3 Amortisation At 1 August 2022 47.9 147.4 45.8 241.1 0.4 Amortisation charge for the year \u2014 36.1 1.5 37.6 \u2014 Disposals \u2014 (15.7) (0.6) (16.3) (0.2) At 31 July 2023 47.9 167.8 46.7 262.4 0.2 Amortisation charge for the year \u2014 38.9 1.4 40.3 0.1 Disposals \u2014 (11.4) (0.4) (11.8) \u2014 At 31 July 2024 47.9 195.3 47.7 290.9 0.3 Net book value at 31 July 2024 102.9 153.4 9.7 266.0 \u2014 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2014 Net book value at 1 August 2022 Brothers Motor Finance (\"CBMF\"). years. 94.7 and intangible assets on acquisition of \u00a33.7 million). shown in the consolidated income statement. 152.1 Software includes assets under development of \u00a335.4 million (31 July 2023: \u00a388.8 million). 5.2 252.0 assets of \u20ac7.8 million were acquired, largely comprising loans and advances to customers, cash, debt securities and \u2014 Goodwill additions of \u00a38.3 million (2023: \u00a3nil) and intangible assets on acquisition additions of \u00a37.3 million (2023: \u00a3nil) relate to the group\u2019s acquisition of the 100% shareholdings of Bluestone Motor Finance (Ireland) DAC (\"Bluestone\") (goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\"Bottriell Adams\") (goodwill of \u00a33.7 million Bluestone, a provider of motor finance in Ireland, was acquired for cash consideration of \u20ac17.2 million on 31 October 2023. Net borrowings. Bluestone is a well-established brand in Ireland with industry-leading technology and an established network of over 650 dealer partners and an experienced sales and underwriting team. This acquisition will allow the Motor Finance business to rebuild its presence in Ireland. These factors and the expected synergies are reflected in the goodwill and intangible assets on acquisition recognised by the group. Following the acquisition, Bluestone has been rebranded to Close Bottriell Adams, an IFA business based in Dorset, was acquired for total consideration of \u00a36.6 million comprising an initial cash payment on acquisition and contingent consideration. The acquisition was completed in March 2024. Bottriell Adams, with approximately \u00a3240 million of client assets on acquisition, allows the Asset Management division to extend its regional presence in the South West. The customer relationships are reflected in the \u00a33.7 million of intangible assets on acquisition. Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 In the 2024 financial year, \u00a31.4 million (2023: \u00a31.5 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a338.9 million (2023: \u00a336.1 million) of the amortisation charge is included in administrative expenses Impairment tests for goodwill Overview At 31 July 2024, goodwill has been allocated to nine (31 July 2023: eight) individual CGUs. Seven (31 July 2023: six) are within the Banking division with an additional CGU this year following the acquisition of Close Brothers Finance DAC, 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. Methodology 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 most relevant assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates, net return on loan book and future capital requirements in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected trading levels in the Winterflood CGU. While these assumptions are relevant to management's plans, they may not all be key assumptions in the goodwill impairment test. In addition, while CGUs are not individually regulated, for the purposes of an impairment assessment, theoretical capital requirements have been taken into consideration in calculating a CGU's value in use and carrying value to ensure that capital constraints on free cash flows are appropriately reflected and the carrying value is on a comparable basis. 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 relevant 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. 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 rates was further updated during the year with valuation experts engaged where appropriate and refinements to the beta and size premium assumptions in the cost of capital calculation. Beta is a measure of systematic risk and a lower beta has been applied to the Banking CGUs this year following a review by valuation experts. In addition, an appropriate size premium has been consistently applied to all CGUs based on the size of the group and not the size of the individual CGUs for the first time this year. The size premium represents an estimate of the additional risk premium required by investors where typically a smaller size would require a larger premium. 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. The discount rates for the Banking and Winterflood CGUs have decreased while CBAM has increased this year following the aforementioned methodology refinements. Assessment At 31 July 2024, 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, which include consideration for future capital requirements and discount 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 except Winterflood and Motor Finance. Winterflood continued to experience difficult market conditions and recorded a small loss in the year. 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, consistent with the prior year, 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 Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a315.3 million, relates to the UK business and excludes the recent Close Brothers Finance DAC acquisition. The CGU has seen strong business volumes over the year but the market and regulatory backdrop is expected to present some challenges to the future cash flows, therefore this CGU has been identified as a key source of estimation uncertainty for the first time this year. The value in use of Motor Finance excludes any potential redress provision impact of the FCA's discretionary commission arrangements review since it is considered to be a legacy matter that relates to the excess capital of the parent and has no impact on the trading forecasts of the CGU itself. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows and when they return to normalised levels. The VIU of Winterflood is calculated to be 136% above carrying value at 31 July 2024 and for the purposes of goodwill modelling, management have projected that trading will gradually return to normalised levels over the medium term. 31 July 2024 recoverable amount of the CGU remained above its carrying value at 31 July 2024. 31 July 2023 response is a critical accounting judgement. It also represents a key assumption for the Motor goodwill impairment Pre-tax pre-tax discount rate used in determining value in use, are disclosed separately in the table below: Pre-tax A 33% reduction in the year five cash flows and all subsequent years would result in a recoverable amount that is equal to the carrying value of the CGU, that is, the headroom between the two is reduced to nil. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would reduce the VIU headroom by 58%. The discount rate is also an important driver of the value in use calculation and an absolute increase of 3.1% in the rate would also The most significant uncertainty within the Motor Finance value in use calculation relates to the expected future cash flows, which include consideration for the CGU's forecast capital charge, and when they return to more normalised growth levels. While as noted previously the cash flows exclude any potential redress provision impact of the FCA's commissions review, the cash flows are nevertheless impacted by the overall uncertainty introduced by the FCA's review and the group's strategic and capital actions response. As described in Note 2, determining the impact on goodwill of the FCA's review and management's assessment. Management's expectations on a return of the cash flows to more normalised growth levels are based on the A 21% reduction in the annual cash flows included within the terminal value of the Motor CGU would result in a recoverable amount that is equal to the carrying value of the CGU. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would result in the full impairment of the goodwill and other intangible assets totalling management actions which may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required due to delays linked to the FCA review. Separately, an absolute increase of 1.6% in the discount rate These scenarios for Winterflood and Motor Finance are a demonstration of sensitivity only and are not management's base As set out in Note 29 \u201cPost Balance Sheet Event\u201d, following a comprehensive strategic review, the group announced it entered into an agreement to sell CBAM to Oaktree on 19 September 2024. The goodwill associated with the CBAM CGU is \u00a343.5 million. This post balance sheet transaction has no impact on the conclusion of the goodwill impairment assessment and the Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the Goodwill discount rate Goodwill discount rate \u00a318.3 million in the Motor CGU. However, this outcome reflects the CGU sensitivity and does not include all possible Cash generating unit result in nil headroom. review timeline set out by the FCA. would result in nil headroom. case scenarios. \u00a3 million % \u00a3 million % Asset Management 43.5 14.8 39.8 11.6 Winterflood Securities 23.3 14.8 23.3 16.9 Banking division CGUs 36.1 14.5-15.4 31.5 17.0-17.3 102.9 94.6", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-419": { "value": "Intangible assets on Group Company Goodwill Software acquisition total software \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Cost 14. Intangible Assets At 1 August 2022 142.6 299.5 51.0 493.1 0.4 Additions \u2014 50.5 \u2014 50.5 \u2014 Disposals (0.1) (16.8) (0.6) (17.5) (0.2) At 31 July 2023 142.5 333.2 50.4 526.1 0.2 Additions 8.3 28.1 7.3 43.7 0.1 Disposals \u2014 (12.6) (0.3) (12.9) \u2014 At 31 July 2024 150.8 348.7 57.4 556.9 0.3 Amortisation At 1 August 2022 47.9 147.4 45.8 241.1 0.4 Amortisation charge for the year \u2014 36.1 1.5 37.6 \u2014 Disposals \u2014 (15.7) (0.6) (16.3) (0.2) At 31 July 2023 47.9 167.8 46.7 262.4 0.2 Amortisation charge for the year \u2014 38.9 1.4 40.3 0.1 Disposals \u2014 (11.4) (0.4) (11.8) \u2014 At 31 July 2024 47.9 195.3 47.7 290.9 0.3 Net book value at 31 July 2024 102.9 153.4 9.7 266.0 \u2014 Net book value at 31 July 2023 94.6 165.4 3.7 263.7 \u2014 Net book value at 1 August 2022 Brothers Motor Finance (\"CBMF\"). years. 94.7 and intangible assets on acquisition of \u00a33.7 million). shown in the consolidated income statement. 152.1 Software includes assets under development of \u00a335.4 million (31 July 2023: \u00a388.8 million). 5.2 252.0 assets of \u20ac7.8 million were acquired, largely comprising loans and advances to customers, cash, debt securities and \u2014 Goodwill additions of \u00a38.3 million (2023: \u00a3nil) and intangible assets on acquisition additions of \u00a37.3 million (2023: \u00a3nil) relate to the group\u2019s acquisition of the 100% shareholdings of Bluestone Motor Finance (Ireland) DAC (\"Bluestone\") (goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\"Bottriell Adams\") (goodwill of \u00a33.7 million Bluestone, a provider of motor finance in Ireland, was acquired for cash consideration of \u20ac17.2 million on 31 October 2023. Net borrowings. Bluestone is a well-established brand in Ireland with industry-leading technology and an established network of over 650 dealer partners and an experienced sales and underwriting team. This acquisition will allow the Motor Finance business to rebuild its presence in Ireland. These factors and the expected synergies are reflected in the goodwill and intangible assets on acquisition recognised by the group. Following the acquisition, Bluestone has been rebranded to Close Bottriell Adams, an IFA business based in Dorset, was acquired for total consideration of \u00a36.6 million comprising an initial cash payment on acquisition and contingent consideration. The acquisition was completed in March 2024. Bottriell Adams, with approximately \u00a3240 million of client assets on acquisition, allows the Asset Management division to extend its regional presence in the South West. The customer relationships are reflected in the \u00a33.7 million of intangible assets on acquisition. Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 In the 2024 financial year, \u00a31.4 million (2023: \u00a31.5 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a338.9 million (2023: \u00a336.1 million) of the amortisation charge is included in administrative expenses Impairment tests for goodwill Overview At 31 July 2024, goodwill has been allocated to nine (31 July 2023: eight) individual CGUs. Seven (31 July 2023: six) are within the Banking division with an additional CGU this year following the acquisition of Close Brothers Finance DAC, 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. Methodology 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 most relevant assumptions underlying management\u2019s three-year plans, which are based on past experience and forecast market conditions, are expected loan book growth rates, net return on loan book and future capital requirements in the Banking CGUs, expected total client asset growth rate and revenue margin in the Asset Management CGU and expected trading levels in the Winterflood CGU. While these assumptions are relevant to management's plans, they may not all be key assumptions in the goodwill impairment test. In addition, while CGUs are not individually regulated, for the purposes of an impairment assessment, theoretical capital requirements have been taken into consideration in calculating a CGU's value in use and carrying value to ensure that capital constraints on free cash flows are appropriately reflected and the carrying value is on a comparable basis. 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 relevant 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. 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 rates was further updated during the year with valuation experts engaged where appropriate and refinements to the beta and size premium assumptions in the cost of capital calculation. Beta is a measure of systematic risk and a lower beta has been applied to the Banking CGUs this year following a review by valuation experts. In addition, an appropriate size premium has been consistently applied to all CGUs based on the size of the group and not the size of the individual CGUs for the first time this year. The size premium represents an estimate of the additional risk premium required by investors where typically a smaller size would require a larger premium. 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. The discount rates for the Banking and Winterflood CGUs have decreased while CBAM has increased this year following the aforementioned methodology refinements. Assessment At 31 July 2024, 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, which include consideration for future capital requirements and discount 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 except Winterflood and Motor Finance. Winterflood continued to experience difficult market conditions and recorded a small loss in the year. 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, consistent with the prior year, 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 Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a315.3 million, relates to the UK business and excludes the recent Close Brothers Finance DAC acquisition. The CGU has seen strong business volumes over the year but the market and regulatory backdrop is expected to present some challenges to the future cash flows, therefore this CGU has been identified as a key source of estimation uncertainty for the first time this year. The value in use of Motor Finance excludes any potential redress provision impact of the FCA's discretionary commission arrangements review since it is considered to be a legacy matter that relates to the excess capital of the parent and has no impact on the trading forecasts of the CGU itself. The most significant uncertainty within the Winterflood value in use calculation relates to the expected future cash flows and when they return to normalised levels. The VIU of Winterflood is calculated to be 136% above carrying value at 31 July 2024 and for the purposes of goodwill modelling, management have projected that trading will gradually return to normalised levels over the medium term. 31 July 2024 recoverable amount of the CGU remained above its carrying value at 31 July 2024. 31 July 2023 response is a critical accounting judgement. It also represents a key assumption for the Motor goodwill impairment Pre-tax pre-tax discount rate used in determining value in use, are disclosed separately in the table below: Pre-tax A 33% reduction in the year five cash flows and all subsequent years would result in a recoverable amount that is equal to the carrying value of the CGU, that is, the headroom between the two is reduced to nil. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would reduce the VIU headroom by 58%. The discount rate is also an important driver of the value in use calculation and an absolute increase of 3.1% in the rate would also The most significant uncertainty within the Motor Finance value in use calculation relates to the expected future cash flows, which include consideration for the CGU's forecast capital charge, and when they return to more normalised growth levels. While as noted previously the cash flows exclude any potential redress provision impact of the FCA's commissions review, the cash flows are nevertheless impacted by the overall uncertainty introduced by the FCA's review and the group's strategic and capital actions response. As described in Note 2, determining the impact on goodwill of the FCA's review and management's assessment. Management's expectations on a return of the cash flows to more normalised growth levels are based on the A 21% reduction in the annual cash flows included within the terminal value of the Motor CGU would result in a recoverable amount that is equal to the carrying value of the CGU. In the discounted cash flows model, delaying all cash flows by one year, which would reduce the terminal value, would result in the full impairment of the goodwill and other intangible assets totalling management actions which may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required due to delays linked to the FCA review. Separately, an absolute increase of 1.6% in the discount rate These scenarios for Winterflood and Motor Finance are a demonstration of sensitivity only and are not management's base As set out in Note 29 \u201cPost Balance Sheet Event\u201d, following a comprehensive strategic review, the group announced it entered into an agreement to sell CBAM to Oaktree on 19 September 2024. The goodwill associated with the CBAM CGU is \u00a343.5 million. This post balance sheet transaction has no impact on the conclusion of the goodwill impairment assessment and the Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the Goodwill discount rate Goodwill discount rate \u00a318.3 million in the Motor CGU. However, this outcome reflects the CGU sensitivity and does not include all possible Cash generating unit result in nil headroom. review timeline set out by the FCA. would result in nil headroom. case scenarios. \u00a3 million % \u00a3 million % Asset Management 43.5 14.8 39.8 11.6 Winterflood Securities 23.3 14.8 23.3 16.9 Banking division CGUs 36.1 14.5-15.4 31.5 17.0-17.3 102.9 94.6", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-420": { "value": "Assets Fixtures, held under Leasehold 15. Property, Plant and Equipment fittings and operating Motor Right of use property equipment leases vehicles assets\u00b9 Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Group Cost At 1 August 2022 20.9 62.6 398.2 0.2 78.5 560.4 Additions 1.0 7.5 93.1 0.2 24.7 126.5 Disposals (0.4) (4.6) (42.2) \u2014 (9.2) (56.4) At 31 July 2023 21.5 65.5 449.1 0.4 94.0 630.5 Additions 1.3 12.9 64.7 \u2014 10.0 88.9 Disposals (0.4) (13.3) (71.9) \u2014 (11.1) (96.7) At 31 July 2024 22.4 65.1 441.9 0.4 92.9 622.7 Depreciation At 1 August 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 \u2014 14.4 70.6 Disposals (0.4) (4.3) (25.8) \u2014 (4.6) (35.1) At 31 July 2023 15.0 40.9 177.9 0.2 39.4 273.4 Depreciation and impairment charges for the year 2.3 9.1 44.4 0.1 15.5 71.4 Disposals (0.3) (13.4) (48.3) \u2014 (9.7) (71.7) At 31 July 2024 17.0 36.6 174.0 0.3 45.2 273.1 Net book value at 31 July 2024 5.4 28.5 267.9 0.1 47.7 349.6 Net book value at 31 July 2023 6.5 24.6 271.2 0.2 54.6 357.1 Net book value at 1 August 2022 7.9 1. Right of use assets primarily relate to the group\u2019s leasehold properties. 31 July 2024 (2023: \u00a33.3 million). 25.7 240.0 \u2014 48.9 322.5 The net book value of assets held under operating leases includes \u00a30.6 million (31 July 2023: \u00a35.9 million) relating to vehicles held in inventories. There was a gain of \u00a30.4 million from the sale of assets held under operating leases for the year ended 31 July 2024 31 July 2023 \u00a3 million \u00a3 million Future minimum lease rentals receivable under non-cancellable operating leases One year or within one year 51.0 50.8 >One to two years 36.1 34.1 >Two to three years 28.2 22.5 >Three to four years 19.1 14.9 >Four to five years 6.7 8.1 More than five years 2.1 2.3 143.2 132.7
Fixtures,
Leasehold
fittings and
property
equipment
Total
\u00a3 million
\u00a3 million
\u00a3 million
Company
Cost
At 1 August 2022
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2023
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2024
0.3
11.8
12.1
Depreciation
At 1 August 2022
0.1
1.8
1.9
Charge for the year
\u2014
1.3
1.3
At 31 July 2023
0.1
3.1
3.2
Charge for the year
\u2014
1.2
1.2
At 31 July 2024
0.1
4.3
4.4
Net book value at 31 July 2024
0.2
7.5
7.7
Net book value at 31 July 2023
0.2
8.7
8.9
Net book value at 1 August 2022
0.2
10.0
10.2
Group
Company
31 July 2024
The net book value of leasehold property comprises:
31 July 2023
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Long leasehold property
1.1
1.2
0.2
0.2
Short leasehold property
4.3
5.3
\u2014
\u2014
5.4
6.5
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-461": { "value": "31 July 2024 31 July 2023 \u00a3 million \u00a3 million Prepayments, accrued income and other assets Prepayments 16. Other Assets and Liabilities 110.7 117.3 Accrued income 21.1 20.0 Trade and other receivables 54.9 46.8 186.7 184.1 Accruals, deferred income and other liabilities Accruals 118.0 130.3 Deferred income 7.5 7.9 Trade and other payables 148.7 145.6 Provisions Restructuring costs 32.3 19.2 306.5 primarily relating to redundancy and associated costs of \u00a30.9 million. These costs do not reflect underlying trading 303.0 The group incurred \u00a33.1 million of restructuring costs in the 2024 financial year which includes the recognition of an accrual
Legal and
regulatory
Property
Other
Total
performance and therefore have been presented as a separate adjusting item and excluded from adjusted operating profit by
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Group
management.
Provisions movement in the year:
At 1 August 2022
8.9
6.7
8.3
23.9
Additions
1.6
1.5
4.1
7.2
Utilisation
(6.2)
\u2014
(2.0)
(8.2)
Released
(2.0)
(0.1)
(1.6)
(3.7)
At 31 July 2023
2.3
8.1
8.8
19.2
Additions
19.1
1.4
3.5
24.0
Utilisation
(1.8)
(1.0)
(6.5)
(9.3)
Released
\u2014
(0.6)
(1.0)
(1.6)
At 31 July 2024
19.6
7.9
4.8
32.3
Property
Other
Total
\u00a3 million
\u00a3 million
\u00a3 million
Company
At 1 August 2022
0.4
3.0
3.4
Additions
\u2014
0.4
0.4
Utilisation
\u2014
(0.7)
(0.7)
Released
\u2014
(0.7)
(0.7)
At 31 July 2023
0.4
2.0
2.4
Additions
\u2014
0.3
0.3
Utilisation
\u2014
(0.7)
(0.7)
Released
\u2014
(0.4)
(0.4)
At 31 July 2024
0.4
1.2
1.6
amount can be estimated reliably. The timing and/or outcome of these claims and other items are uncertain. relation to this matter under the category of legal and regulatory in the table above. resulting remediation programme expected to be materially complete this calendar year. remediation cost remains uncertain with data to identify customers who are due remediation being collated. 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 Following discussions with the FCA in relation to its market wide review of Borrowers in Financial Difficulty (\u201cBiFD\u201d), which assessed forbearance and related practices, the group conducted a Past Business Review of customer forbearance related to its motor finance lending. This has now concluded and a provision of \u00a317.2 million has been recognised at 31 July 2024 in As a result of this review, certain customers will be due compensation and the group is undertaking an exercise to identify and remediate these customers as appropriate. We have commenced making compensation payments to customers, with the The provision comprises estimates of the expected customer compensation and the associated operational costs. The final The \u00a317.2 million provision is based on a probability weighting methodology taking into account assumptions such as the number of customers in scope of the exercise, the average payments due to customers, and the expected cost of remediation The provision does not reflect underlying trading performance and therefore has been presented as a separate adjusting item Review of Borrowers in Financial Difficulty for the group. and excluded from adjusted operating profit by management.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-483": { "value": "31 July 2024 31 July 2023 \u00a3 million \u00a3 million Prepayments, accrued income and other assets Prepayments 110.7 117.3 Accrued income 21.1 20.0 Trade and other receivables 54.9 46.8 186.7 184.1 Accruals, deferred income and other liabilities Accruals 118.0 130.3 Deferred income 7.5 7.9 Trade and other payables 148.7 145.6 Provisions 32.3 19.2 306.5 303.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-500": { "value": "31 July 2024 31 July 2023 \u00a3 million \u00a3 million Prepayments, accrued income and other assets Prepayments 110.7 117.3 Accrued income 21.1 20.0 Trade and other receivables 54.9 46.8 186.7 184.1 Accruals, deferred income and other liabilities Accruals 118.0 130.3 Deferred income 7.5 7.9 Trade and other payables 148.7 145.6 Provisions 32.3 19.2 306.5 303.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-421": { "value": "31 July 2024 31 July 2023 \u00a3 million \u00a3 million Prepayments, accrued income and other assets Prepayments 110.7 117.3 Accrued income 21.1 20.0 Trade and other receivables 54.9 46.8 186.7 184.1 Accruals, deferred income and other liabilities Accruals 118.0 130.3 Deferred income 7.5 7.9 Trade and other payables 148.7 145.6 Provisions 32.3 19.2 306.5 303.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-484": { "value": "Legal and regulatory Property Other Total \u00a3 million \u00a3 million \u00a3 million \u00a3 million Group Provisions movement in the year: At 1 August 2022 8.9 6.7 8.3 23.9 Additions 1.6 1.5 4.1 7.2 Utilisation (6.2) \u2014 (2.0) (8.2) Released (2.0) (0.1) (1.6) (3.7) At 31 July 2023 2.3 8.1 8.8 19.2 Additions 19.1 1.4 3.5 24.0 Utilisation (1.8) (1.0) (6.5) (9.3) Released \u2014 (0.6) (1.0) (1.6) At 31 July 2024 19.6 7.9 4.8 32.3
Property
Other
Total
\u00a3 million
\u00a3 million
\u00a3 million
Company
At 1 August 2022
0.4
3.0
3.4
Additions
\u2014
0.4
0.4
Utilisation
\u2014
(0.7)
(0.7)
Released
\u2014
(0.7)
(0.7)
At 31 July 2023
0.4
2.0
2.4
Additions
\u2014
0.3
0.3
Utilisation
\u2014
(0.7)
(0.7)
Released
\u2014
(0.4)
(0.4)
At 31 July 2024
0.4
1.2
1.6
amount can be estimated reliably. The timing and/or outcome of these claims and other items are uncertain. relation to this matter under the category of legal and regulatory in the table above. resulting remediation programme expected to be materially complete this calendar year. remediation cost remains uncertain with data to identify customers who are due remediation being collated. 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 Following discussions with the FCA in relation to its market wide review of Borrowers in Financial Difficulty (\u201cBiFD\u201d), which assessed forbearance and related practices, the group conducted a Past Business Review of customer forbearance related to its motor finance lending. This has now concluded and a provision of \u00a317.2 million has been recognised at 31 July 2024 in As a result of this review, certain customers will be due compensation and the group is undertaking an exercise to identify and remediate these customers as appropriate. We have commenced making compensation payments to customers, with the The provision comprises estimates of the expected customer compensation and the associated operational costs. The final The \u00a317.2 million provision is based on a probability weighting methodology taking into account assumptions such as the number of customers in scope of the exercise, the average payments due to customers, and the expected cost of remediation The provision does not reflect underlying trading performance and therefore has been presented as a separate adjusting item Review of Borrowers in Financial Difficulty for the group. and excluded from adjusted operating profit by management.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-422": { "value": "31 July 2024 31 July 2023 \u00a3 million \u00a3 million Settlement balances 17. Settlement Balances and Short Positions 600.1 686.0 Short positions in: Debt securities 5.5 3.5 Equity shares 9.3 6.4 14.8 9.9 614.9 695.9", "dimensions": { "concept": "closebrothers:DisclosureOfSettlementBalancesAndShortPositions", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-423": { "value": "
Between
Between
Between
After
Within three
three months
one and two
two and five
more than
On demand
18. Financial Liabilities
months
and one year
years
years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Deposits by banks
0.9
53.0
84.5
\u2014
\u2014
\u2014
138.4
Deposits by customers
706.6
2,320.7
3,397.9
1,685.2
583.2
\u2014
8,693.6
Loans and overdrafts from banks
46.6
9.0
\u2014
110.0
\u2014
\u2014
165.6
Debt securities in issue
\u2014
21.9
246.6
799.0
595.3
323.6
1,986.4
At 31 July 2024
754.1
2,404.6
3,729.0
2,594.2
1,178.5
323.6
10,984.0
Between
Between
Between
After
Within three
three months
one and two
two and five
more than
On demand
months
and one year
years
years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Deposits by banks
10.3
43.6
88.0
\u2014
\u2014
\u2014
141.9
Deposits by customers
175.1
1,836.4
3,745.9
1,305.0
662.1
\u2014
7,724.5
Loans and overdrafts from banks
31.8
20.1
228.0
262.0
110.0
\u2014
651.9
Debt securities in issue
\u2014
30.4
228.7
197.8
1,261.8
293.9
2,012.6
At 31 July 2023
217.2
1,930.5
4,290.6
issue with an interest rate of 7.75% and a final maturity date of 2028.
1,764.8
2,033.9
293.9
10,530.9
At 31 July 2024, the parent company had \u00a3250.8 million (31 July 2023: \u00a3250.5 million) of non-instalment debt securities in
Between Between Between After Long-Term Repo respectively. Cash from these schemes is included within loans and overdrafts from banks. Residual Within three three months one and two two and five more than On demand maturities of the schemes are as follows: months and one year years years five years Total As outlined in Note 26(c), at 31 July 2024 the group accessed \u00a3110.0 million (31 July 2023: \u00a3600.0 million) and \u00a3nil (31 July 2023: \u00a35.0 million) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs and Indexed \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 \u2014 0.5 \u2014 110.0 \u2014 \u2014 110.5 At 31 July 2023 \u2014 7.6 228.0 262.0 110.0 \u2014 607.6", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-462": { "value": "
Between
Between
Between
After
Within three
three months
one and two
two and five
more than
On demand
18. Financial Liabilities
months
and one year
years
years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Deposits by banks
0.9
53.0
84.5
\u2014
\u2014
\u2014
138.4
Deposits by customers
706.6
2,320.7
3,397.9
1,685.2
583.2
\u2014
8,693.6
Loans and overdrafts from banks
46.6
9.0
\u2014
110.0
\u2014
\u2014
165.6
Debt securities in issue
\u2014
21.9
246.6
799.0
595.3
323.6
1,986.4
At 31 July 2024
754.1
2,404.6
3,729.0
2,594.2
1,178.5
323.6
10,984.0
Between
Between
Between
After
Within three
three months
one and two
two and five
more than
On demand
months
and one year
years
years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Deposits by banks
10.3
43.6
88.0
\u2014
\u2014
\u2014
141.9
Deposits by customers
175.1
1,836.4
3,745.9
1,305.0
662.1
\u2014
7,724.5
Loans and overdrafts from banks
31.8
20.1
228.0
262.0
110.0
\u2014
651.9
Debt securities in issue
\u2014
30.4
228.7
197.8
1,261.8
293.9
2,012.6
At 31 July 2023
217.2
1,930.5
4,290.6
issue with an interest rate of 7.75% and a final maturity date of 2028.
1,764.8
2,033.9
293.9
10,530.9
At 31 July 2024, the parent company had \u00a3250.8 million (31 July 2023: \u00a3250.5 million) of non-instalment debt securities in
Between Between Between After Long-Term Repo respectively. Cash from these schemes is included within loans and overdrafts from banks. Residual Within three three months one and two two and five more than On demand maturities of the schemes are as follows: months and one year years years five years Total As outlined in Note 26(c), at 31 July 2024 the group accessed \u00a3110.0 million (31 July 2023: \u00a3600.0 million) and \u00a3nil (31 July 2023: \u00a35.0 million) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs and Indexed \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 \u2014 0.5 \u2014 110.0 \u2014 \u2014 110.5 At 31 July 2023 \u2014 7.6 228.0 262.0 110.0 \u2014 607.6", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-485": { "value": "
Between
Between
Between
After
Within three
three months
one and two
two and five
more than
On demand
18. Financial Liabilities
months
and one year
years
years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Deposits by banks
0.9
53.0
84.5
\u2014
\u2014
\u2014
138.4
Deposits by customers
706.6
2,320.7
3,397.9
1,685.2
583.2
\u2014
8,693.6
Loans and overdrafts from banks
46.6
9.0
\u2014
110.0
\u2014
\u2014
165.6
Debt securities in issue
\u2014
21.9
246.6
799.0
595.3
323.6
1,986.4
At 31 July 2024
754.1
2,404.6
3,729.0
2,594.2
1,178.5
323.6
10,984.0
Between
Between
Between
After
Within three
three months
one and two
two and five
more than
On demand
months
and one year
years
years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Deposits by banks
10.3
43.6
88.0
\u2014
\u2014
\u2014
141.9
Deposits by customers
175.1
1,836.4
3,745.9
1,305.0
662.1
\u2014
7,724.5
Loans and overdrafts from banks
31.8
20.1
228.0
262.0
110.0
\u2014
651.9
Debt securities in issue
\u2014
30.4
228.7
197.8
1,261.8
293.9
2,012.6
At 31 July 2023
217.2
1,930.5
4,290.6
issue with an interest rate of 7.75% and a final maturity date of 2028.
1,764.8
2,033.9
293.9
10,530.9
At 31 July 2024, the parent company had \u00a3250.8 million (31 July 2023: \u00a3250.5 million) of non-instalment debt securities in
Between Between Between After Long-Term Repo respectively. Cash from these schemes is included within loans and overdrafts from banks. Residual Within three three months one and two two and five more than On demand maturities of the schemes are as follows: months and one year years years five years Total As outlined in Note 26(c), at 31 July 2024 the group accessed \u00a3110.0 million (31 July 2023: \u00a3600.0 million) and \u00a3nil (31 July 2023: \u00a35.0 million) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs and Indexed \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million At 31 July 2024 \u2014 0.5 \u2014 110.0 \u2014 \u2014 110.5 At 31 July 2023 \u2014 7.6 228.0 262.0 110.0 \u2014 607.6", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-424": { "value": "19. Subordinated Loan Capital
Initial
Prepayment
interest
31 July 2024
31 July 2023
date
rate
\u00a3 million
\u00a3 million
Final maturity date
2031
interest rate of 2.00% and a final maturity date of 2031.
2026
2.00%
187.2
174.9
187.2
174.9
At 31 July 2024, the parent company had \u00a3200.8 million (31 July 2023: \u00a3200.4 million) of subordinated loan capital with an
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-426": { "value": "Group Company 31 July 2024 21. Guarantees, Commitments and Contingent Liabilities 31 July 2023 31 July 2024 31 July 2023 \u00a3 million \u00a3 million \u00a3 million \u00a3 million Earliest period in which guarantee could be called Guarantees Within one year 137.7 114.0 130.0 105.0 More than one year 3.7 3.2 \u2014 \u2014 141.4 reporting date, they are included in these consolidated financial statements. 117.2 130.0 105.0 Guarantees arise in the normal course of business and include performance guarantees issued by certain businesses. 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
Commitments
Undrawn facilities, credit lines and other commitments to lend - revocable and irrevocable
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
Within one year\u00b9
1,038.2
1,228.5
After more than one year
9.5
\u2014
1,047.7
1,228.5
Other commitments
Subsidiaries had contracted capital and other financial commitments of \u00a346.5 million (2023: \u00a380.6 million).
Operating lease commitments
During the year, the company recognised lease payments as an expense of \u00a32.1 million (2023: \u00a32.1 million). At 31 July 2024,
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 \u00a32.2 million after more than five years, totalling \u00a312.6 million
(31 July 2023: \u00a32.1 million, \u00a38.3 million, and \u00a34.3 million respectively, totalling \u00a314.7 million).
Contingent liabilities
Motor Finance commission arrangements
FCA review
As disclosed in previous periods, the group continues to receive a high number of complaints, many of which are now with the
Financial Ombudsman Service (\u201cFOS\u201d), and is subject to a number of claims through the courts regarding historic Discretionary
Commission Arrangements (\u201cDCAs\u201d) with intermediaries on its Motor Finance products. This follows the FCA\u2019s Motor Market
Review in 2019.
On 11 January 2024, the FOS published its first two decisions upholding customer complaints relating to DCAs against two
other lenders in the market and instructed them to pay compensation to the complainants if they accepted the outcome. On
the same day, recognising that these decisions were likely to significantly increase the number of complaints to motor finance
providers and the FOS, risking disorderly and inconsistent outcomes as well as market instability, the FCA released policy
statement PS 24/1 which introduced temporary changes to handling rules for motor finance complaints until at least
September 2024.
This means that firms will not have to resolve these complaints within the normal time limits. This was to allow the FCA time to
carry out diagnostic work to determine whether or not there has been widespread failure to comply with regulatory
requirements which has caused customers harm and, if so, whether it needs to take any action. The FCA has indicated that
such steps could include establishing an industry-wide consumer redress scheme and/or applying to the Financial Markets
Test Case Scheme, to help resolve any contested legal issues of general importance.
In the FCA\u2019s 11 January 2024 announcement, it aimed to communicate a decision on next steps by 24 September 2024. Since
then, the FCA further announced on 30 July 2024 that because it has taken longer to collect and review the historical data, and
also due to relevant ongoing litigation, it would not be able to set out the next steps of its review by 24 September 2024 as it
originally planned and it now aims to set out next steps by the end of May 2025. In addition, the FCA extended the current
pause to the 8-week deadline for firms to respond to complaints involving a DCA to 4 December 2025.
Impact on Close Brothers
The group is subject to a number of claims through the courts regarding historical Motor Finance commission arrangements.
One of these, initially determined in the group\u2019s favour, was appealed by the claimant and the case was heard in early July
2024 by the Court of Appeal 2024 together with two separate claims made against another lender. The Court\u2019s decision is now
awaited.
As of 31 August 2024, where individual cases were adjudicated in County Court, the courts found that there was no
demonstrable customer harm and hence no compensation to pay in the majority of the outcomes for Close Brothers.
Nevertheless, there have been only a limited number of adjudicated cases at this stage.
There are also a number of complaints that have been referred to the FOS for a determination. To date, no final FOS decisions
have been made upholding complaints against Close Brothers. On 9 May 2024, the FOS announced that it would be unlikely to
be able to issue final decisions on motor commission cases for some time due to the potential impact of a judicial review
proceeding started by another lender in relation to one of its January 2024 decisions and also the outstanding Court of Appeal
decisions.
Consistent with our Half Year 2024 results, there remains significant uncertainty about the outcome of this matter at this early
stage. The FCA has indicated there could be a range of outcomes, with one potential outcome being an industry-wide
consumer redress scheme. The estimated impact of any redress scheme, if required, is highly dependent on a number of
factors such as: the time period covered; the DCA models impacted (the group operated a number of different models during
the period under review); appropriate reference commission rates set for any redress; and response rates to any redress
scheme. As such, at this early stage, the timing, scope and quantum of any potential financial impact on the group cannot be
reliably estimated at present.
Based on the status at the end of the financial year and in accordance with the relevant accounting standards, the board has
concluded that no legal or constructive obligation exists and it is currently not required or appropriate to recognise a provision
at 31 July 2024. It is also not practicable at this early stage to estimate or disclose any potential financial impact arising from
this issue.
During the 2024 financial year, the group incurred costs of \u00a36.9 million in relation to historic motor commission arrangements.
This \u00a36.9 million covered the costs of the group dealing with complaints (including FOS fees), legal spend, and investment
spend as we prepare for the outcome of the FCA review. These costs do not reflect underlying trading performance and
therefore have been presented as a separate adjusting item and excluded from adjusted operating profit by management.
In the normal course of the group\u2019s business, there may be other contingent liabilities relating to complaints, legal proceedings
or regulatory reviews. These cases are not currently expected to have a material impact on the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-486": { "value": "period prior to and including the first reset date or on each reset date occurring every five years thereafter. Additional disclosures on the group\u2019s capital position and capital risk can be found on pages 86 to 88 in the Capital risk reset date on 29 May 2029. The first coupon payment of \u00a311.1 million was made on 29 May 2024. The securities include, among other things, a conversion trigger of 7.0% Common Equity Tier 1 capital ratio and are callable any time in the six-month section of the Risk Report.
31 July 2024
31 July 2023
20. Called Up Share Capital, Distributable Reserves and Other Equity Instrument
million
\u00a3 million
million
\u00a3 million
Group and company
Ordinary shares of 25p each (allotted, issued and fully paid)
determining this.
of \u00a32.4 million.
152.1
38.0
152.1
38.0
At 31 July 2024, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006
were \u00a3299.6 million (2023: \u00a3401.9 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in
Other equity instrument comprises the group\u2019s \u00a3200.0 million Fixed Rate Reset Perpetual Subordinated Contingent Convertible
Securities, or Additional Tier 1 capital (\u201cAT1\u201d), issued on 29 November 2023. These AT1 securities are classified as an equity
instrument under IAS 32 \u2018Financial Instruments: Presentation\u2019 with the proceeds recognised in equity net of transaction costs
These securities carry a coupon of 11.125%, payable semi-annually on 29 May and 29 November of each year and have a first
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-463": { "value": "period prior to and including the first reset date or on each reset date occurring every five years thereafter. Additional disclosures on the group\u2019s capital position and capital risk can be found on pages 86 to 88 in the Capital risk reset date on 29 May 2029. The first coupon payment of \u00a311.1 million was made on 29 May 2024. The securities include, among other things, a conversion trigger of 7.0% Common Equity Tier 1 capital ratio and are callable any time in the six-month section of the Risk Report.
31 July 2024
31 July 2023
20. Called Up Share Capital, Distributable Reserves and Other Equity Instrument
million
\u00a3 million
million
\u00a3 million
Group and company
Ordinary shares of 25p each (allotted, issued and fully paid)
determining this.
of \u00a32.4 million.
152.1
38.0
152.1
38.0
At 31 July 2024, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006
were \u00a3299.6 million (2023: \u00a3401.9 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in
Other equity instrument comprises the group\u2019s \u00a3200.0 million Fixed Rate Reset Perpetual Subordinated Contingent Convertible
Securities, or Additional Tier 1 capital (\u201cAT1\u201d), issued on 29 November 2023. These AT1 securities are classified as an equity
instrument under IAS 32 \u2018Financial Instruments: Presentation\u2019 with the proceeds recognised in equity net of transaction costs
These securities carry a coupon of 11.125%, payable semi-annually on 29 May and 29 November of each year and have a first
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-425": { "value": "period prior to and including the first reset date or on each reset date occurring every five years thereafter. Additional disclosures on the group\u2019s capital position and capital risk can be found on pages 86 to 88 in the Capital risk reset date on 29 May 2029. The first coupon payment of \u00a311.1 million was made on 29 May 2024. The securities include, among other things, a conversion trigger of 7.0% Common Equity Tier 1 capital ratio and are callable any time in the six-month section of the Risk Report.
31 July 2024
31 July 2023
20. Called Up Share Capital, Distributable Reserves and Other Equity Instrument
million
\u00a3 million
million
\u00a3 million
Group and company
Ordinary shares of 25p each (allotted, issued and fully paid)
determining this.
of \u00a32.4 million.
152.1
38.0
152.1
38.0
At 31 July 2024, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006
were \u00a3299.6 million (2023: \u00a3401.9 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in
Other equity instrument comprises the group\u2019s \u00a3200.0 million Fixed Rate Reset Perpetual Subordinated Contingent Convertible
Securities, or Additional Tier 1 capital (\u201cAT1\u201d), issued on 29 November 2023. These AT1 securities are classified as an equity
instrument under IAS 32 \u2018Financial Instruments: Presentation\u2019 with the proceeds recognised in equity net of transaction costs
These securities carry a coupon of 11.125%, payable semi-annually on 29 May and 29 November of each year and have a first
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-464": { "value": "Commitments Undrawn facilities, credit lines and other commitments to lend - revocable and irrevocable
31 July 2024
31 July 2023
\u00a3 million
\u00a3 million
Within one year\u00b9
1,038.2
1,228.5
After more than one year
9.5
\u2014
1,047.7
1,228.5
Other commitments Subsidiaries had contracted capital and other financial commitments of \u00a346.5 million (2023: \u00a380.6 million). Operating lease commitments During the year, the company recognised lease payments as an expense of \u00a32.1 million (2023: \u00a32.1 million). At 31 July 2024, 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 \u00a32.2 million after more than five years, totalling \u00a312.6 million (31 July 2023: \u00a32.1 million, \u00a38.3 million, and \u00a34.3 million respectively, totalling \u00a314.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-487": { "value": "Contingent liabilities Motor Finance commission arrangements FCA review As disclosed in previous periods, the group continues to receive a high number of complaints, many of which are now with the Financial Ombudsman Service (\u201cFOS\u201d), and is subject to a number of claims through the courts regarding historic Discretionary Commission Arrangements (\u201cDCAs\u201d) with intermediaries on its Motor Finance products. This follows the FCA\u2019s Motor Market Review in 2019. On 11 January 2024, the FOS published its first two decisions upholding customer complaints relating to DCAs against two other lenders in the market and instructed them to pay compensation to the complainants if they accepted the outcome. On the same day, recognising that these decisions were likely to significantly increase the number of complaints to motor finance providers and the FOS, risking disorderly and inconsistent outcomes as well as market instability, the FCA released policy statement PS 24/1 which introduced temporary changes to handling rules for motor finance complaints until at least September 2024. This means that firms will not have to resolve these complaints within the normal time limits. This was to allow the FCA time to carry out diagnostic work to determine whether or not there has been widespread failure to comply with regulatory requirements which has caused customers harm and, if so, whether it needs to take any action. The FCA has indicated that such steps could include establishing an industry-wide consumer redress scheme and/or applying to the Financial Markets Test Case Scheme, to help resolve any contested legal issues of general importance. In the FCA\u2019s 11 January 2024 announcement, it aimed to communicate a decision on next steps by 24 September 2024. Since then, the FCA further announced on 30 July 2024 that because it has taken longer to collect and review the historical data, and also due to relevant ongoing litigation, it would not be able to set out the next steps of its review by 24 September 2024 as it originally planned and it now aims to set out next steps by the end of May 2025. In addition, the FCA extended the current pause to the 8-week deadline for firms to respond to complaints involving a DCA to 4 December 2025. Impact on Close Brothers The group is subject to a number of claims through the courts regarding historical Motor Finance commission arrangements. One of these, initially determined in the group\u2019s favour, was appealed by the claimant and the case was heard in early July 2024 by the Court of Appeal 2024 together with two separate claims made against another lender. The Court\u2019s decision is now awaited. As of 31 August 2024, where individual cases were adjudicated in County Court, the courts found that there was no demonstrable customer harm and hence no compensation to pay in the majority of the outcomes for Close Brothers. Nevertheless, there have been only a limited number of adjudicated cases at this stage. There are also a number of complaints that have been referred to the FOS for a determination. To date, no final FOS decisions have been made upholding complaints against Close Brothers. On 9 May 2024, the FOS announced that it would be unlikely to be able to issue final decisions on motor commission cases for some time due to the potential impact of a judicial review proceeding started by another lender in relation to one of its January 2024 decisions and also the outstanding Court of Appeal decisions. Consistent with our Half Year 2024 results, there remains significant uncertainty about the outcome of this matter at this early stage. The FCA has indicated there could be a range of outcomes, with one potential outcome being an industry-wide consumer redress scheme. The estimated impact of any redress scheme, if required, is highly dependent on a number of factors such as: the time period covered; the DCA models impacted (the group operated a number of different models during the period under review); appropriate reference commission rates set for any redress; and response rates to any redress scheme. As such, at this early stage, the timing, scope and quantum of any potential financial impact on the group cannot be reliably estimated at present. Based on the status at the end of the financial year and in accordance with the relevant accounting standards, the board has concluded that no legal or constructive obligation exists and it is currently not required or appropriate to recognise a provision at 31 July 2024. It is also not practicable at this early stage to estimate or disclose any potential financial impact arising from this issue. During the 2024 financial year, the group incurred costs of \u00a36.9 million in relation to historic motor commission arrangements. This \u00a36.9 million covered the costs of the group dealing with complaints (including FOS fees), legal spend, and investment spend as we prepare for the outcome of the FCA review. These costs do not reflect underlying trading performance and therefore have been presented as a separate adjusting item and excluded from adjusted operating profit by management. In the normal course of the group\u2019s business, there may be other contingent liabilities relating to complaints, legal proceedings or regulatory reviews. These cases are not currently expected to have a material impact on the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-465": { "value": "Contingent liabilities Motor Finance commission arrangements FCA review As disclosed in previous periods, the group continues to receive a high number of complaints, many of which are now with the Financial Ombudsman Service (\u201cFOS\u201d), and is subject to a number of claims through the courts regarding historic Discretionary Commission Arrangements (\u201cDCAs\u201d) with intermediaries on its Motor Finance products. This follows the FCA\u2019s Motor Market Review in 2019. On 11 January 2024, the FOS published its first two decisions upholding customer complaints relating to DCAs against two other lenders in the market and instructed them to pay compensation to the complainants if they accepted the outcome. On the same day, recognising that these decisions were likely to significantly increase the number of complaints to motor finance providers and the FOS, risking disorderly and inconsistent outcomes as well as market instability, the FCA released policy statement PS 24/1 which introduced temporary changes to handling rules for motor finance complaints until at least September 2024. This means that firms will not have to resolve these complaints within the normal time limits. This was to allow the FCA time to carry out diagnostic work to determine whether or not there has been widespread failure to comply with regulatory requirements which has caused customers harm and, if so, whether it needs to take any action. The FCA has indicated that such steps could include establishing an industry-wide consumer redress scheme and/or applying to the Financial Markets Test Case Scheme, to help resolve any contested legal issues of general importance. In the FCA\u2019s 11 January 2024 announcement, it aimed to communicate a decision on next steps by 24 September 2024. Since then, the FCA further announced on 30 July 2024 that because it has taken longer to collect and review the historical data, and also due to relevant ongoing litigation, it would not be able to set out the next steps of its review by 24 September 2024 as it originally planned and it now aims to set out next steps by the end of May 2025. In addition, the FCA extended the current pause to the 8-week deadline for firms to respond to complaints involving a DCA to 4 December 2025. Impact on Close Brothers The group is subject to a number of claims through the courts regarding historical Motor Finance commission arrangements. One of these, initially determined in the group\u2019s favour, was appealed by the claimant and the case was heard in early July 2024 by the Court of Appeal 2024 together with two separate claims made against another lender. The Court\u2019s decision is now awaited. As of 31 August 2024, where individual cases were adjudicated in County Court, the courts found that there was no demonstrable customer harm and hence no compensation to pay in the majority of the outcomes for Close Brothers. Nevertheless, there have been only a limited number of adjudicated cases at this stage. There are also a number of complaints that have been referred to the FOS for a determination. To date, no final FOS decisions have been made upholding complaints against Close Brothers. On 9 May 2024, the FOS announced that it would be unlikely to be able to issue final decisions on motor commission cases for some time due to the potential impact of a judicial review proceeding started by another lender in relation to one of its January 2024 decisions and also the outstanding Court of Appeal decisions. Consistent with our Half Year 2024 results, there remains significant uncertainty about the outcome of this matter at this early stage. The FCA has indicated there could be a range of outcomes, with one potential outcome being an industry-wide consumer redress scheme. The estimated impact of any redress scheme, if required, is highly dependent on a number of factors such as: the time period covered; the DCA models impacted (the group operated a number of different models during the period under review); appropriate reference commission rates set for any redress; and response rates to any redress scheme. As such, at this early stage, the timing, scope and quantum of any potential financial impact on the group cannot be reliably estimated at present. Based on the status at the end of the financial year and in accordance with the relevant accounting standards, the board has concluded that no legal or constructive obligation exists and it is currently not required or appropriate to recognise a provision at 31 July 2024. It is also not practicable at this early stage to estimate or disclose any potential financial impact arising from this issue. During the 2024 financial year, the group incurred costs of \u00a36.9 million in relation to historic motor commission arrangements. This \u00a36.9 million covered the costs of the group dealing with complaints (including FOS fees), legal spend, and investment spend as we prepare for the outcome of the FCA review. These costs do not reflect underlying trading performance and therefore have been presented as a separate adjusting item and excluded from adjusted operating profit by management. In the normal course of the group\u2019s business, there may be other contingent liabilities relating to complaints, legal proceedings or regulatory reviews. These cases are not currently expected to have a material impact on the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-427": { "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:
2024
2023
\u00a3 million
\u00a3 million
Emoluments
Salaries and fees
6.0
5.7
Benefits and allowances
0.8
0.6
Performance related awards in respect of the current year:
Cash
1.7
1.7
8.5
8.0
Share-based awards
0.7
(0.9)
9.2
7.1
Gains upon exercise of options by key management personnel, expensed to the income statement in previous years, totalled
\u00a31.8 million (2023: \u00a31.4 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 2024 attributable, in aggregate, to key management
were \u00a30.3 million (31 July 2023: \u00a30.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-488": { "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:
2024
2023
\u00a3 million
\u00a3 million
Emoluments
Salaries and fees
6.0
5.7
Benefits and allowances
0.8
0.6
Performance related awards in respect of the current year:
Cash
1.7
1.7
8.5
8.0
Share-based awards
0.7
(0.9)
9.2
7.1
Gains upon exercise of options by key management personnel, expensed to the income statement in previous years, totalled \u00a31.8 million (2023: \u00a31.4 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 2024 attributable, in aggregate, to key management were \u00a30.3 million (31 July 2023: \u00a30.5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-466": { "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:
2024
2023
\u00a3 million
\u00a3 million
Emoluments
Salaries and fees
6.0
5.7
Benefits and allowances
0.8
0.6
Performance related awards in respect of the current year:
Cash
1.7
1.7
8.5
8.0
Share-based awards
0.7
(0.9)
9.2
7.1
Gains upon exercise of options by key management personnel, expensed to the income statement in previous years, totalled \u00a31.8 million (2023: \u00a31.4 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 2024 attributable, in aggregate, to key management were \u00a30.3 million (31 July 2023: \u00a30.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-428": { "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
\u00a318.3 million (2023: \u00a316.5 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 last financial 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.
The pension surplus on the group\u2019s balance sheet is \u00a30.8 million (31 July 2023: \u00a31.3 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 scheme was closed to new entrants in August 1996 and closed to further accrual during 2012. At 31 July 2024 this
scheme had 21 (31 July 2023: 24) deferred members, 58 (31 July 2023: 56) pensioners and dependants and 8 (31 July 2023: 8)
insured annuitants.
continued 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:
2024
2023
%
%
Inflation rate (Retail Price Index)
3.4
3.5
Inflation rate (CPI)
3.0
3.1
Discount rate for scheme liabilities\u00b9
4.9
5.2
Expected interest/expected long-term return on plan assets
4.9
5.2
Mortality assumptions\u00b2:
Existing pensioners from age 65, life expectancy (years):
Men
22.9
23.0
Women
24.8
24.8
Non-retired members currently aged 50, life expectancy from age 65 (years):
Men
23.6
23.7
Women
26.1
26.1
1. Based on market yields at 31 July 2024 and 2023 on high quality sterling-denominated corporate bonds, adjusted to be consistent with the estimated term of the post-employment benefit obligation, using the Willis Towers Watson model \u201cGlobal RATE:Link\u201d. 2. Based on standard tables SAPS S2 Light (2023: 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 2023 (2023: CMI 2022) 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.
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Fair value of scheme assets\u00b9
Equities
\u2014
\u2014
\u2014
9.4
14.0
Bonds
\u2014
\u2014
30.3
33.6
32.3
Cash
0.9
1.4
3.5
0.2
0.3
Insured annuities
23.2
22.4
1.0
\u2014
\u2014
Total assets
24.1
23.8
34.8
43.2
46.6
Fair value of liabilities
(23.3)
(22.5)
(27.6)
(35.6)
(39.2)
Surplus
0.8
1.3
7.2
7.6
7.4
1. There are no amounts included within the fair value of scheme assets relating to the financial instruments of Close Brothers Group plc. Movement in the present value of scheme liabilities during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
(22.5)
(27.6)
Interest expense
(1.1)
(0.9)
Benefits paid
1.3
1.1
Actuarial (loss)/gain
(1.0)
4.9
Other
\u2014
\u2014
Carrying amount at 31 July
(23.3)
(22.5)
Movement in the fair value of scheme assets during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
23.8
34.8
Interest income
1.2
1.1
Benefits paid
(1.2)
(1.1)
Administrative costs paid
(0.6)
(0.4)
Returns/(losses) on scheme assets, excluding interest income
0.9
(10.6)
Carrying amount at 31 July
24.1
23.8
Historical experience of actuarial gains/(losses) are shown below:
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Returns/(losses) on scheme assets
0.9
(10.6)
(8.7)
1.9
4.1
Experience (losses)/gains on scheme liabilities
(0.4)
(0.9)
0.4
\u2014
\u2014
Impact of changes in assumptions
(0.5)
5.8
8.2
(1.4)
(3.2)
Total actuarial changes in liabilities
(0.9)
4.9
8.6
(1.4)
(3.2)
Total actuarial gains/(losses)
\u2014
(5.7)
(0.1)
0.5
0.9
Any actuarial movements would be recognised in other comprehensive income. Income of \u00a30.1 million (2023: \u00a30.2 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 2024 and 2023 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)
2024
2023
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.8
0.6
2.9
0.7
Price inflation (RPI)
0.25% increase
1.3
0.3
1.1
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.7
0.6
2.6
0.6
The company is exposed to a number of risks relating to the scheme, including assumptions not being borne out in practice.
Some of the most significant risks are as follows, although the list is not exhaustive.
\u2022 Change in bond yields: A decrease in corporate bond yields will increase the value placed on the scheme\u2019s defined benefit
obligation (\"DBO\"), although following the buy-in transaction this will be largely offset by an increase in the value of the
scheme\u2019s assets.
\u2022 Asset volatility: There is a risk that a fall in asset values is not matched by a corresponding reduction in the value placed on
the scheme\u2019s DBO. This risk has been significantly reduced by the purchase of an insurance policy to cover the scheme\u2019s
liabilities.
\u2022 Inflation risk: The majority of the scheme\u2019s DBO is linked to inflation, where higher inflation will lead to a higher value being
placed on the DBO. Some of the scheme\u2019s non-buy-in assets are either unaffected by inflation or loosely correlated with
inflation (e.g. growth assets), meaning that an increase in inflation will generally decrease the surplus. The value of the buy-in
asset will vary with inflation broadly in line with the changes to the scheme\u2019s DBO.
\u2022 Life expectancy: An increase in life expectancy will lead to an increased value being placed on the scheme\u2019s DBO and on
the insurance policy assets. Future mortality rates cannot be predicted with certainty. The impact on the DBO would be very
closely matched by the impact on the buy-in asset value.
The weighted average duration of the benefit payments reflected in the scheme liabilities is 11 years (2023: 12 years).
The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023, considered the
implications of section 37 of the Pension Schemes Act 1993. In a judgment delivered on 25 July 2024, the Court of Appeal
unanimously upheld the decision of the High Court and the case has the potential to cause significant issues in the pensions
industry. The trustees will investigate the possible implications with its advisers in due course, but it is not possible at present
to estimate the potential impact, if any, on the scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-467": { "value": "Defined contribution schemes During the year the charge to the consolidated income statement for the group\u2019s defined contribution pension schemes was \u00a318.3 million (2023: \u00a316.5 million), representing contributions payable by the group and is included in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-468": { "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 last financial 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. The pension surplus on the group\u2019s balance sheet is \u00a30.8 million (31 July 2023: \u00a31.3 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 scheme was closed to new entrants in August 1996 and closed to further accrual during 2012. At 31 July 2024 this scheme had 21 (31 July 2023: 24) deferred members, 58 (31 July 2023: 56) pensioners and dependants and 8 (31 July 2023: 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:
2024
2023
%
%
Inflation rate (Retail Price Index)
3.4
3.5
Inflation rate (CPI)
3.0
3.1
Discount rate for scheme liabilities\u00b9
4.9
5.2
Expected interest/expected long-term return on plan assets
4.9
5.2
Mortality assumptions\u00b2:
Existing pensioners from age 65, life expectancy (years):
Men
22.9
23.0
Women
24.8
24.8
Non-retired members currently aged 50, life expectancy from age 65 (years):
Men
23.6
23.7
Women
26.1
26.1
1. Based on market yields at 31 July 2024 and 2023 on high quality sterling-denominated corporate bonds, adjusted to be consistent with the estimated
term of the post-employment benefit obligation, using the Willis Towers Watson model \u201cGlobal RATE:Link\u201d.
2. Based on standard tables SAPS S2 Light (2023: 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 2023 (2023: CMI 2022) 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.
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Fair value of scheme assets\u00b9
Equities
\u2014
\u2014
\u2014
9.4
14.0
Bonds
\u2014
\u2014
30.3
33.6
32.3
Cash
0.9
1.4
3.5
0.2
0.3
Insured annuities
23.2
22.4
1.0
\u2014
\u2014
Total assets
24.1
23.8
34.8
43.2
46.6
Fair value of liabilities
(23.3)
(22.5)
(27.6)
(35.6)
(39.2)
Surplus
0.8
1.3
7.2
7.6
7.4
1. There are no amounts included within the fair value of scheme assets relating to the financial instruments of Close Brothers Group plc.
Movement in the present value of scheme liabilities during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
(22.5)
(27.6)
Interest expense
(1.1)
(0.9)
Benefits paid
1.3
1.1
Actuarial (loss)/gain
(1.0)
4.9
Other
\u2014
\u2014
Carrying amount at 31 July
(23.3)
(22.5)
Movement in the fair value of scheme assets during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
23.8
34.8
Interest income
1.2
1.1
Benefits paid
(1.2)
(1.1)
Administrative costs paid
(0.6)
(0.4)
Returns/(losses) on scheme assets, excluding interest income
0.9
(10.6)
Carrying amount at 31 July
24.1
23.8
Historical experience of actuarial gains/(losses) are shown below:
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Returns/(losses) on scheme assets
0.9
(10.6)
(8.7)
1.9
4.1
Experience (losses)/gains on scheme liabilities
(0.4)
(0.9)
0.4
\u2014
\u2014
Impact of changes in assumptions
(0.5)
5.8
8.2
(1.4)
(3.2)
Total actuarial changes in liabilities
(0.9)
4.9
8.6
(1.4)
(3.2)
Total actuarial gains/(losses)
\u2014
(5.7)
(0.1)
0.5
0.9
Any actuarial movements would be recognised in other comprehensive income. Income of \u00a30.1 million (2023: \u00a30.2 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 2024 and 2023 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)
2024
2023
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.8
0.6
2.9
0.7
Price inflation (RPI)
0.25% increase
1.3
0.3
1.1
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.7
0.6
2.6
0.6
The company is exposed to a number of risks relating to the scheme, including assumptions not being borne out in practice. Some of the most significant risks are as follows, although the list is not exhaustive. \u2022 Change in bond yields: A decrease in corporate bond yields will increase the value placed on the scheme\u2019s defined benefit obligation (\"DBO\"), although following the buy-in transaction this will be largely offset by an increase in the value of the scheme\u2019s assets. \u2022 Asset volatility: There is a risk that a fall in asset values is not matched by a corresponding reduction in the value placed on the scheme\u2019s DBO. This risk has been significantly reduced by the purchase of an insurance policy to cover the scheme\u2019s liabilities. \u2022 Inflation risk: The majority of the scheme\u2019s DBO is linked to inflation, where higher inflation will lead to a higher value being placed on the DBO. Some of the scheme\u2019s non-buy-in assets are either unaffected by inflation or loosely correlated with inflation (e.g. growth assets), meaning that an increase in inflation will generally decrease the surplus. The value of the buy-in asset will vary with inflation broadly in line with the changes to the scheme\u2019s DBO. \u2022 Life expectancy: An increase in life expectancy will lead to an increased value being placed on the scheme\u2019s DBO and on the insurance policy assets. Future mortality rates cannot be predicted with certainty. The impact on the DBO would be very closely matched by the impact on the buy-in asset value. The weighted average duration of the benefit payments reflected in the scheme liabilities is 11 years (2023: 12 years). The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023, considered the implications of section 37 of the Pension Schemes Act 1993. In a judgment delivered on 25 July 2024, the Court of Appeal unanimously upheld the decision of the High Court and the case has the potential to cause significant issues in the pensions industry. The trustees will investigate the possible implications with its advisers in due course, but it is not possible at present to estimate the potential impact, if any, on the scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-501": { "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.
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Fair value of scheme assets\u00b9
Equities
\u2014
\u2014
\u2014
9.4
14.0
Bonds
\u2014
\u2014
30.3
33.6
32.3
Cash
0.9
1.4
3.5
0.2
0.3
Insured annuities
23.2
22.4
1.0
\u2014
\u2014
Total assets
24.1
23.8
34.8
43.2
46.6
Fair value of liabilities
(23.3)
(22.5)
(27.6)
(35.6)
(39.2)
Surplus
0.8
1.3
7.2
7.6
7.4
1. There are no amounts included within the fair value of scheme assets relating to the financial instruments of Close Brothers Group plc. Movement in the present value of scheme liabilities during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
(22.5)
(27.6)
Interest expense
(1.1)
(0.9)
Benefits paid
1.3
1.1
Actuarial (loss)/gain
(1.0)
4.9
Other
\u2014
\u2014
Carrying amount at 31 July
(23.3)
(22.5)
Movement in the fair value of scheme assets during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
23.8
34.8
Interest income
1.2
1.1
Benefits paid
(1.2)
(1.1)
Administrative costs paid
(0.6)
(0.4)
Returns/(losses) on scheme assets, excluding interest income
0.9
(10.6)
Carrying amount at 31 July
24.1
23.8
Historical experience of actuarial gains/(losses) are shown below:
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Returns/(losses) on scheme assets
0.9
(10.6)
(8.7)
1.9
4.1
Experience (losses)/gains on scheme liabilities
(0.4)
(0.9)
0.4
\u2014
\u2014
Impact of changes in assumptions
(0.5)
5.8
8.2
(1.4)
(3.2)
Total actuarial changes in liabilities
(0.9)
4.9
8.6
(1.4)
(3.2)
Total actuarial gains/(losses)
\u2014
(5.7)
(0.1)
0.5
0.9
Any actuarial movements would be recognised in other comprehensive income. Income of \u00a30.1 million (2023: \u00a30.2 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 2024 and 2023 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)
2024
2023
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.8
0.6
2.9
0.7
Price inflation (RPI)
0.25% increase
1.3
0.3
1.1
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.7
0.6
2.6
0.6
The company is exposed to a number of risks relating to the scheme, including assumptions not being borne out in practice. Some of the most significant risks are as follows, although the list is not exhaustive. \u2022 Change in bond yields: A decrease in corporate bond yields will increase the value placed on the scheme\u2019s defined benefit obligation (\"DBO\"), although following the buy-in transaction this will be largely offset by an increase in the value of the scheme\u2019s assets. \u2022 Asset volatility: There is a risk that a fall in asset values is not matched by a corresponding reduction in the value placed on the scheme\u2019s DBO. This risk has been significantly reduced by the purchase of an insurance policy to cover the scheme\u2019s liabilities. \u2022 Inflation risk: The majority of the scheme\u2019s DBO is linked to inflation, where higher inflation will lead to a higher value being placed on the DBO. Some of the scheme\u2019s non-buy-in assets are either unaffected by inflation or loosely correlated with inflation (e.g. growth assets), meaning that an increase in inflation will generally decrease the surplus. The value of the buy-in asset will vary with inflation broadly in line with the changes to the scheme\u2019s DBO. \u2022 Life expectancy: An increase in life expectancy will lead to an increased value being placed on the scheme\u2019s DBO and on the insurance policy assets. Future mortality rates cannot be predicted with certainty. The impact on the DBO would be very closely matched by the impact on the buy-in asset value. The weighted average duration of the benefit payments reflected in the scheme liabilities is 11 years (2023: 12 years). The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023, considered the implications of section 37 of the Pension Schemes Act 1993. In a judgment delivered on 25 July 2024, the Court of Appeal unanimously upheld the decision of the High Court and the case has the potential to cause significant issues in the pensions industry. The trustees will investigate the possible implications with its advisers in due course, but it is not possible at present to estimate the potential impact, if any, on the scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-489": { "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.
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Fair value of scheme assets\u00b9
Equities
\u2014
\u2014
\u2014
9.4
14.0
Bonds
\u2014
\u2014
30.3
33.6
32.3
Cash
0.9
1.4
3.5
0.2
0.3
Insured annuities
23.2
22.4
1.0
\u2014
\u2014
Total assets
24.1
23.8
34.8
43.2
46.6
Fair value of liabilities
(23.3)
(22.5)
(27.6)
(35.6)
(39.2)
Surplus
0.8
1.3
7.2
7.6
7.4
1. There are no amounts included within the fair value of scheme assets relating to the financial instruments of Close Brothers Group plc. Movement in the present value of scheme liabilities during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
(22.5)
(27.6)
Interest expense
(1.1)
(0.9)
Benefits paid
1.3
1.1
Actuarial (loss)/gain
(1.0)
4.9
Other
\u2014
\u2014
Carrying amount at 31 July
(23.3)
(22.5)
Movement in the fair value of scheme assets during the year:
2024
2023
\u00a3 million
\u00a3 million
Carrying amount at 1 August
23.8
34.8
Interest income
1.2
1.1
Benefits paid
(1.2)
(1.1)
Administrative costs paid
(0.6)
(0.4)
Returns/(losses) on scheme assets, excluding interest income
0.9
(10.6)
Carrying amount at 31 July
24.1
23.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-490": { "value": "Historical experience of actuarial gains/(losses) are shown below:
2024
2023
2022
2021
2020
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Returns/(losses) on scheme assets
0.9
(10.6)
(8.7)
1.9
4.1
Experience (losses)/gains on scheme liabilities
(0.4)
(0.9)
0.4
\u2014
\u2014
Impact of changes in assumptions
(0.5)
5.8
8.2
(1.4)
(3.2)
Total actuarial changes in liabilities
(0.9)
4.9
8.6
(1.4)
(3.2)
Total actuarial gains/(losses)
\u2014
(5.7)
(0.1)
0.5
0.9
Any actuarial movements would be recognised in other comprehensive income. Income of \u00a30.1 million (2023: \u00a30.2 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 2024 and 2023 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)
2024
2023
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.8
0.6
2.9
0.7
Price inflation (RPI)
0.25% increase
1.3
0.3
1.1
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.7
0.6
2.6
0.6
The company is exposed to a number of risks relating to the scheme, including assumptions not being borne out in practice. Some of the most significant risks are as follows, although the list is not exhaustive. \u2022 Change in bond yields: A decrease in corporate bond yields will increase the value placed on the scheme\u2019s defined benefit obligation (\"DBO\"), although following the buy-in transaction this will be largely offset by an increase in the value of the scheme\u2019s assets. \u2022 Asset volatility: There is a risk that a fall in asset values is not matched by a corresponding reduction in the value placed on the scheme\u2019s DBO. This risk has been significantly reduced by the purchase of an insurance policy to cover the scheme\u2019s liabilities. \u2022 Inflation risk: The majority of the scheme\u2019s DBO is linked to inflation, where higher inflation will lead to a higher value being placed on the DBO. Some of the scheme\u2019s non-buy-in assets are either unaffected by inflation or loosely correlated with inflation (e.g. growth assets), meaning that an increase in inflation will generally decrease the surplus. The value of the buy-in asset will vary with inflation broadly in line with the changes to the scheme\u2019s DBO. \u2022 Life expectancy: An increase in life expectancy will lead to an increased value being placed on the scheme\u2019s DBO and on the insurance policy assets. Future mortality rates cannot be predicted with certainty. The impact on the DBO would be very closely matched by the impact on the buy-in asset value. The weighted average duration of the benefit payments reflected in the scheme liabilities is 11 years (2023: 12 years). The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023, considered the implications of section 37 of the Pension Schemes Act 1993. In a judgment delivered on 25 July 2024, the Court of Appeal unanimously upheld the decision of the High Court and the case has the potential to cause significant issues in the pensions industry. The trustees will investigate the possible implications with its advisers in due course, but it is not possible at present to estimate the potential impact, if any, on the scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-429": { "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 156 to 158 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 2024, 1.6 million (31 July 2023: 1.6 million)
and 1.7 million (31 July 2023: 1.5 million) of these shares were held respectively and in total \u00a338.9 million (2023: \u00a340.0 million)
was recognised within the share-based payments reserve. During the year \u00a34.6 million (2023: \u00a35.6 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 \u00a35.1 million (2023: \u00a38.0 million). The share-based awards charge of \u00a34.6 million (2023:
\u00a32.0 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
Weighted
Weighted
Weighted
average
average
average
exercise
exercise
exercise
Number
price
Number
price
Number
price
At 1 August 2022
2,270,371
\u2014
1,357,858
\u2014
475,003
\u2014
Granted 1,736,479
725.6p
397,568
\u2014
262,402
\u2014
Exercised (103,625)
875.0p
(87,172)
\u2014
(243,451)
\u2014
Forfeited (967,425)
863.9p
(137,965)
\u2014
\u2014
\u2014
Lapsed
(131,073)
1,118.9p
(177,449)
\u2014
(2,006)
\u2014
At 31 July 2023
2,804,727
\u2014
1,352,840
\u2014
491,948
\u2014
Granted 3,597,558
371.0p
655,791
\u2014
282,309
\u2014
Exercised (28,728)
813.9p
(122,788)
\u2014
(239,280)
\u2014
Forfeited (1,658,190)
754.9p
(97,255)
\u2014
(1,836)
\u2014
Lapsed (803,600)
828.7p
(466,854)
\u2014
(939)
\u2014
At 31 July 2024
3,911,767
\u2014
1,321,734
\u2014
532,202
\u2014
Exercisable at:
31 July 2024
17,017
1,213.3p
61,733
\u2014
205,654
\u2014
31 July 2023
280,152
893.8p
184,521
\u2014
40,656
\u2014
The table below shows the weighted average market price at the date of exercise:
2024
2023
SAYE
798.3p
950.9p
LTIP
807.3p
1,022.5p
DSA
660.8p
994.5p
The range of exercise prices and weighted average remaining contractual life of awards and options outstanding are as
follows:
2024
2023
Options outstanding
Options outstanding
Weighted
Weighted
average
average
remaining
remaining
contractual
contractual
Number
life
Number
life
outstanding
Years
outstanding
Years
SAYE
Between \u00a33 and \u00a34
3,557,353
3.4
\u2014
\u2014
Between \u00a37 and \u00a38
265,843
2.4
2,269,108
2.8
Between \u00a38 and \u00a39
10,130
1.3
328,704
0.7
Between \u00a39 and \u00a310
34,705
1.6
101,476
2.7
Between \u00a310 and \u00a311
3,651
0.8
15,928
1.5
Between \u00a311 and \u00a312
2,091
0.3
8,284
0.8
Between \u00a312 and \u00a313
24,785
1.3
51,346
2.2
Between \u00a313 and \u00a314
13,209
0.5
29,881
1.8
LTIP
Nil
1,305,484
3.6
1,352,840
3.3
DSA
Nil
548,452
1.7
491,948
1.7
Total
5,765,703
3.2
4,649,515
2.7
For the share-based awards granted during the year, the weighted average fair value of those options at 31 July 2024 was
251.0p (31 July 2023: 395.7p). The main assumptions for the valuation of these share-based awards comprised:
Expected
At 31 July 2024
Share price
Exercise
Expected
option
Dividend
Risk free
Exercise period
at issue
price
volatility
life in years
yield
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
7.4%
3.7%
1 June 2028 to 30 November 2028
896.3p
717.0p
32.0%
5
7.4%
3.6%
1 June 2027 to 30 December 2027
463.8p
371.0p
41.0%
3
7.3%
4.3%
LTIP
11 October 2025 to 10 October 2026 1110.0p
\u2014
36.0%
3
7.2%
3.6%
11 October
2026 to 10 October 2027
923.0p
\u2014
33.0%
4
7.2%
3.6%
4 October
2026 to 3 October 2027
871.9p
\u2014
31.0%
3
7.9%
4.7%
4 October
2026 to 3 October 2027
871.9p
\u2014
31.0%
3
7.9%
4.7%
1 May 2027 to 30 April 2028
380.2p
\u2014
41.0%
3
7.5%
4.1%
DSA
10 October 2024 to 9 October 2025
923.1p
\u2014
\u2014
\u2014
\u2014
\u2014
28 September 2023 to 26 September 2024
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
21 September 2023 to 19 September 2024
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
28 September 2024 to 27 September 2025
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
29 September 2025 to 27 September 2026
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
4 October 2025 to 3 October 2026
871.9p
\u2014
\u2014
\u2014
\u2014
\u2014
8 March 2024 to 7 March 2025
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
4 June 2024 to 3 June 2025
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
7 March 2025 to 6 March 2026
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
1 June 2025 to 31 May 2026
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
10 March 2026 to 09 Mar 2027
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2023 Share price Exercise Expected option Dividend Risk free Exercise period at issue price volatility life in years yield 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 \u2014 36.0% 3 7.2% 3.6% 11 October 2026 to 10 October 2027 923.0p \u2014 33.0% 4 7.2% 3.6% DSA 10 October 2024 to 9 October 2025 923.1p \u2014 \u2014 \u2014 \u2014 \u2014 28 September 2023 to 26 September 2024 965.0p \u2014 \u2014 \u2014 \u2014 \u2014 21 September 2023 to 19 September 2024 965.0p \u2014 \u2014 \u2014 \u2014 \u2014 28 September 2024 to 27 September 2025 965.0p \u2014 \u2014 \u2014 \u2014 \u2014 29 September 2025 to 27 September 2026 965.0p \u2014 \u2014 \u2014 \u2014 \u2014 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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-469": { "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 156 to 158 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 2024, 1.6 million (31 July 2023: 1.6 million) and 1.7 million (31 July 2023: 1.5 million) of these shares were held respectively and in total \u00a338.9 million (2023: \u00a340.0 million) was recognised within the share-based payments reserve. During the year \u00a34.6 million (2023: \u00a35.6 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 \u00a35.1 million (2023: \u00a38.0 million). The share-based awards charge of \u00a34.6 million (2023: \u00a32.0 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
Weighted
Weighted
Weighted
average
average
average
exercise
exercise
exercise
Number
price
Number
price
Number
price
At 1 August 2022
2,270,371
\u2014
1,357,858
\u2014
475,003
\u2014
Granted 1,736,479
725.6p
397,568
\u2014
262,402
\u2014
Exercised (103,625)
875.0p
(87,172)
\u2014
(243,451)
\u2014
Forfeited (967,425)
863.9p
(137,965)
\u2014
\u2014
\u2014
Lapsed
(131,073)
1,118.9p
(177,449)
\u2014
(2,006)
\u2014
At 31 July 2023
2,804,727
\u2014
1,352,840
\u2014
491,948
\u2014
Granted 3,597,558
371.0p
655,791
\u2014
282,309
\u2014
Exercised (28,728)
813.9p
(122,788)
\u2014
(239,280)
\u2014
Forfeited (1,658,190)
754.9p
(97,255)
\u2014
(1,836)
\u2014
Lapsed (803,600)
828.7p
(466,854)
\u2014
(939)
\u2014
At 31 July 2024
3,911,767
\u2014
1,321,734
\u2014
532,202
\u2014
Exercisable at:
31 July 2024
17,017
1,213.3p
61,733
\u2014
205,654
\u2014
31 July 2023
280,152
893.8p
184,521
\u2014
40,656
\u2014
The table below shows the weighted average market price at the date of exercise:
2024
2023
SAYE
798.3p
950.9p
LTIP
807.3p
1,022.5p
DSA
660.8p
994.5p
The range of exercise prices and weighted average remaining contractual life of awards and options outstanding are as follows:
2024
2023
Options outstanding
Options outstanding
Weighted
Weighted
average
average
remaining
remaining
contractual
contractual
Number
life
Number
life
outstanding
Years
outstanding
Years
SAYE
Between \u00a33 and \u00a34
3,557,353
3.4
\u2014
\u2014
Between \u00a37 and \u00a38
265,843
2.4
2,269,108
2.8
Between \u00a38 and \u00a39
10,130
1.3
328,704
0.7
Between \u00a39 and \u00a310
34,705
1.6
101,476
2.7
Between \u00a310 and \u00a311
3,651
0.8
15,928
1.5
Between \u00a311 and \u00a312
2,091
0.3
8,284
0.8
Between \u00a312 and \u00a313
24,785
1.3
51,346
2.2
Between \u00a313 and \u00a314
13,209
0.5
29,881
1.8
LTIP
Nil
1,305,484
3.6
1,352,840
3.3
DSA
Nil
548,452
1.7
491,948
1.7
Total
5,765,703
3.2
4,649,515
2.7
For the share-based awards granted during the year, the weighted average fair value of those options at 31 July 2024 was 251.0p (31 July 2023: 395.7p). The main assumptions for the valuation of these share-based awards comprised:
Expected
At 31 July 2024
Share price
Exercise
Expected
option
Dividend
Risk free
Exercise period
at issue
price
volatility
life in years
yield
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
7.4%
3.7%
1 June 2028 to 30 November 2028
896.3p
717.0p
32.0%
5
7.4%
3.6%
1 June 2027 to 30 December 2027
463.8p
371.0p
41.0%
3
7.3%
4.3%
LTIP
11 October 2025 to 10 October 2026 1110.0p
\u2014
36.0%
3
7.2%
3.6%
11 October
2026 to 10 October 2027
923.0p
\u2014
33.0%
4
7.2%
3.6%
4 October
2026 to 3 October 2027
871.9p
\u2014
31.0%
3
7.9%
4.7%
4 October
2026 to 3 October 2027
871.9p
\u2014
31.0%
3
7.9%
4.7%
1 May 2027 to 30 April 2028
380.2p
\u2014
41.0%
3
7.5%
4.1%
DSA
10 October 2024 to 9 October 2025
923.1p
\u2014
\u2014
\u2014
\u2014
\u2014
28 September 2023 to 26 September 2024
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
21 September 2023 to 19 September 2024
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
28 September 2024 to 27 September 2025
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
29 September 2025 to 27 September 2026
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
4 October 2025 to 3 October 2026
871.9p
\u2014
\u2014
\u2014
\u2014
\u2014
8 March 2024 to 7 March 2025
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
4 June 2024 to 3 June 2025
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
7 March 2025 to 6 March 2026
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
1 June 2025 to 31 May 2026
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
10 March 2026 to 09 Mar 2027
808.0p
\u2014
\u2014
\u2014
\u2014
\u2014
Expected
At 31 July 2023
Share price
Exercise
Expected
option
Dividend
Risk free
Exercise period
at issue
price
volatility
life in years
yield
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
\u2014
36.0%
3
7.2%
3.6%
11 October 2026 to 10 October 2027 923.0p
\u2014
33.0%
4
7.2%
3.6%
DSA
10 October 2024 to 9 October 2025 923.1p
\u2014
\u2014
\u2014
\u2014
\u2014
28 September 2023 to 26 September 2024
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
21 September 2023 to 19 September 2024
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
28 September 2024 to 27 September 2025
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
29 September 2025 to 27 September 2026
965.0p
\u2014
\u2014
\u2014
\u2014
\u2014
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": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-430": { "value": "
25. Consolidated Cash Flow Statement Reconciliation
2024
2023
\u00a3 million
\u00a3 million
(a) Reconciliation of operating profit before tax to net cash inflow from operating activities
Operating profit before tax
142.0
112.0
Tax paid
(29.6)
(7.4)
Depreciation, amortisation and impairment
111.7
108.2
Impairment losses on financial assets
98.8
204.1
Amortisation of de-designated cash flow hedges
(27.9)
\u2014
Decrease/(increase) in:
Interest receivable and prepaid expenses
5.5
(6.8)
Net settlement balances and trading positions
(0.3)
(11.4)
Net money broker loans against stock advanced
27.0
15.6
(Decrease)/increase in interest payable and accrued expenses
(12.7)
(16.5)
Net cash inflow from trading activities
314.5
397.8
Cash (outflow)/inflow arising from changes in:
Loans and advances to banks not repayable on demand
24.0
(21.1)
Loans and advances to customers
(699.4)
(584.3)
Assets let under operating leases
(41.1)
(73.2)
Certificates of deposit
\u2014
185.0
Sovereign and central bank debt
(194.2)
191.2
SSA bonds
(140.2)
\u2014
Covered bonds
(80.7)
(105.4)
Deposits by banks
(1.3)
(22.1)
Deposits by customers
975.1
942.5
Loans and overdrafts from banks
(492.2)
29.2
Debt securities in issue (net)
(67.6)
14.4
Derivative financial instruments (net)
\u2014
70.4
Other assets less other liabilities
1
21.1
(3.0)
Net cash (outflow)/inflow from operating activities
(382.0)
1,021.4
(b) Analysis of net cash outflow in respect of the purchase of subsidiaries
Purchase of subsidiaries, net of cash acquired
(15.4)
(0.5)
(c) Analysis of net cash inflow in respect of the sale of subsidiaries
Cash consideration received
0.9
\u2014
(d) Analysis of cash and cash equivalents
2
Cash and balances at central banks
1,584.2
1,918.4
Loans and advances to banks
260.3
290.9
At 31 July
1,844.5
2,209.3
1. Includes a \u00a317.2 million (2023: \u00a3nil) provision in relation to the BiFD review, a non-cash item recognised within administrative expenses.
2. Excludes \u00a333.2 million (2023: \u00a358.0 million) of cash reserve accounts and cash held in trust.
During the year ended 31 July 2024, the non-cash changes on debt financing amounted to \u00a335.9 million (31 July 2023: \u00a30.9
million) arising largely from interest accretion and fair value hedging movements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-470": { "value": "25. Consolidated Cash Flow Statement Reconciliation
2024
2023
\u00a3 million
\u00a3 million
(a) Reconciliation of operating profit before tax to net cash inflow from operating activities
Operating profit before tax
142.0
112.0
Tax paid
(29.6)
(7.4)
Depreciation, amortisation and impairment
111.7
108.2
Impairment losses on financial assets
98.8
204.1
Amortisation of de-designated cash flow hedges
(27.9)
\u2014
Decrease/(increase) in:
Interest receivable and prepaid expenses
5.5
(6.8)
Net settlement balances and trading positions
(0.3)
(11.4)
Net money broker loans against stock advanced
27.0
15.6
(Decrease)/increase in interest payable and accrued expenses
(12.7)
(16.5)
Net cash inflow from trading activities
314.5
397.8
Cash (outflow)/inflow arising from changes in:
Loans and advances to banks not repayable on demand
24.0
(21.1)
Loans and advances to customers
(699.4)
(584.3)
Assets let under operating leases
(41.1)
(73.2)
Certificates of deposit
\u2014
185.0
Sovereign and central bank debt
(194.2)
191.2
SSA bonds
(140.2)
\u2014
Covered bonds
(80.7)
(105.4)
Deposits by banks
(1.3)
(22.1)
Deposits by customers
975.1
942.5
Loans and overdrafts from banks
(492.2)
29.2
Debt securities in issue (net)
(67.6)
14.4
Derivative financial instruments (net)
\u2014
70.4
Other assets less other liabilities
1
21.1
(3.0)
Net cash (outflow)/inflow from operating activities
(382.0)
1,021.4
(b) Analysis of net cash outflow in respect of the purchase of subsidiaries
Purchase of subsidiaries, net of cash acquired
(15.4)
(0.5)
(c) Analysis of net cash inflow in respect of the sale of subsidiaries
Cash consideration received
0.9
\u2014
(d) Analysis of cash and cash equivalents
2
Cash and balances at central banks
1,584.2
1,918.4
Loans and advances to banks
260.3
290.9
At 31 July
1,844.5
2,209.3
1. Includes a \u00a317.2 million (2023: \u00a3nil) provision in relation to the BiFD review, a non-cash item recognised within administrative expenses. 2. Excludes \u00a333.2 million (2023: \u00a358.0 million) of cash reserve accounts and cash held in trust. During the year ended 31 July 2024, the non-cash changes on debt financing amounted to \u00a335.9 million (31 July 2023: \u00a30.9 million) arising largely from interest accretion and fair value hedging movements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-431": { "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 material 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 are classified as fair value through profit or loss.
Derivatives
Fair value
designated
Fair value
through other
as hedging
through
comprehensive
Amortised
instruments
profit or loss
income
cost
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Assets
Cash and balances at central banks
\u2014
\u2014
\u2014
1,584.0
1,584.0
Settlement balances
\u2014
\u2014
\u2014
627.5
627.5
Loans and advances to banks
\u2014
\u2014
\u2014
293.7
293.7
Loans and advances to customers
\u2014
11.8
\u2014
9,819.0
9,830.8
Debt securities
\u2014
16.8
716.9
6.8
740.5
Equity shares
\u2014
27.4
\u2014
\u2014
27.4
Loans to money brokers against stock advanced
\u2014
\u2014
\u2014
22.5
22.5
Derivative financial instruments
83.6
17.8
\u2014
\u2014
101.4
Other financial assets
\u2014
1.2
\u2014
102.4
103.6
83.6
75.0
716.9
12,455.9
13,331.4
Liabilities
Settlement balances and short positions
\u2014
14.8
\u2014
600.1
614.9
Deposits by banks
\u2014
\u2014
\u2014
138.4
138.4
Deposits by customers
\u2014
\u2014
\u2014
8,693.6
8,693.6
Loans and overdrafts from banks
\u2014
\u2014
\u2014
165.6
165.6
Debt securities in issue
\u2014
\u2014
\u2014
1,986.4
1,986.4
Loans from money brokers against stock advanced
\u2014
\u2014
\u2014
16.7
16.7
Subordinated loan capital
\u2014
\u2014
\u2014
187.2
187.2
Derivative financial instruments
116.9
12.1
\u2014
\u2014
129.0
Other financial liabilities
\u2014
\u2014
\u2014
189.9
189.9
116.9
26.9
\u2014
11,977.9
12,121.7
Derivatives
Fair value
designated
Fair value
through other
as hedging
through
comprehensive
Amortised
instruments
profit or loss
income
cost
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Assets
Cash and balances at central banks
\u2014
\u2014
\u2014
1,937.0
1,937.0
Settlement balances
\u2014
\u2014
\u2014
707.0
707.0
Loans and advances to banks
\u2014
\u2014
\u2014
330.3
330.3
Loans and advances to customers
\u2014
\u2014
\u2014
9,255.0
9,255.0
Debt securities
\u2014
15.2
292.4
\u2014
307.6
Equity shares
\u2014
29.3
\u2014
\u2014
29.3
Loans to money brokers against stock advanced
\u2014
\u2014
\u2014
37.6
37.6
Derivative financial instruments
50.7
37.8
\u2014
\u2014
88.5
Other financial assets
\u2014
2.0
\u2014
93.5
95.5
50.7
84.3
292.4
12,360.4
12,787.8
Liabilities
Settlement balances and short positions
\u2014
9.9
\u2014
686.0
695.9
Deposits by banks
\u2014
\u2014
141.9
141.9
Deposits by customers
\u2014
\u2014
\u2014
7,724.5
7,724.5
Loans and overdrafts from banks
\u2014
\u2014
\u2014
651.9
651.9
Debt securities in issue
\u2014
\u2014
\u2014
2,012.6
2,012.6
Loans from money brokers against stock advanced
\u2014
\u2014
\u2014
4.8
4.8
Subordinated loan capital
\u2014
\u2014
\u2014
174.9
174.9
Derivative financial instruments
176.2
19.7
\u2014
\u2014
195.9
Other financial liabilities
\u2014
\u2014
\u2014
199.2
199.2
176.2
29.6
\u2014
11,595.8
11,801.6
(b) Valuation
The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below.
31 July 2024
31 July 2023
Fair value Carrying value
Fair value
Carrying value
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Subordinated loan capital
179.4
187.2
165.8
174.9
Debt securities in issue
1,998.5
1,986.4
2,008.0
2,012.6
The fair value of gross loans and advances to customers at 31 July 2024 is estimated to be \u00a39,806.4 million (31 July 2023:
\u00a39,046.2 million), with a carrying value of \u00a39,830.8 million (31 July 2023: \u00a39,255.0 million). The fair value of deposits by
customers is estimated to be \u00a38,691.8 million (31 July 2023: \u00a37,668.7 million), with a carrying value of \u00a38,693.6 million (31 July
2023: \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 decreased in comparison to the prior year in line with market interest rates.
26. Financial Risk Management (continued)
Derivatives
designated Fair value
Fair value
through other
as hedging through comprehensive Amortised
instruments profit or loss income cost Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2023
Assets
Cash and balances at central banks \u2014 \u2014 \u2014 1,937.0 1,937.0
Settlement balances \u2014 \u2014 \u2014 707.0 707.0
Loans and advances to banks \u2014 \u2014 \u2014 330.3 330.3
Loans and advances to customers \u2014 \u2014 \u2014 9,255.0 9,255.0
Debt securities \u2014 15.2 292.4 \u2014 307.6
Equity shares \u2014 29.3 \u2014 \u2014 29.3
Loans to money brokers against stock advanced \u2014 \u2014 \u2014 37.6 37.6
Derivative financial instruments 50.7 37.8 \u2014 \u2014 88.5
Other financial assets \u2014 2.0 \u2014 93.5 95.5
50.7 84.3 292.4 12,360.4 12,787.8
Liabilities
Settlement balances and short positions \u2014 9.9 \u2014 686.0 695.9
Deposits by banks \u2014 \u2014 141.9 141.9
Deposits by customers \u2014 \u2014 \u2014 7,724.5 7,724.5
Loans and overdrafts from banks \u2014 \u2014 \u2014 651.9 651.9
Debt securities in issue \u2014 \u2014 \u2014 2,012.6 2,012.6
Loans from money brokers against stock advanced \u2014 \u2014 \u2014 4.8 4.8
Subordinated loan capital \u2014 \u2014 \u2014 174.9 174.9
Derivative financial instruments 176.2 19.7 \u2014 \u2014 195.9
Other financial liabilities \u2014 \u2014 \u2014 199.2 199.2
176.2 29.6 \u2014 11,595.8 11,801.6
(b) Valuation
The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below.
31 July 2024 31 July 2023
Fair value
Carrying value
Fair value Carrying value
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Subordinated loan capital 179.4 187.2 165.8 174.9
Debt securities in issue 1,998.5 1,986.4 2,008.0 2,012.6
The fair value of gross loans and advances to customers at 31 July 2024 is estimated to be \u00a39,806.4 million (31 July 2023:
\u00a39,046.2 million), with a carrying value of \u00a39,830.8 million (31 July 2023: \u00a39,255.0 million). The fair value of deposits by
customers is estimated to be \u00a38,691.8 million (31 July 2023: \u00a37,668.7 million), with a carrying value of \u00a38,693.6 million (31 July
2023: \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 decreased in comparison to the prior year in line with market interest rates.
238 Financial Statements
The Notes continued
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, SSA bonds, 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 loans and advances to customers, which is new this year, over-the-
counter derivatives 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 valuation of Level 3 loans and advances to customers is determined on a discounted expected cash flow basis net of
expected credit losses. The discount rate used in the valuation is the interest rate charged on the loan, which reflects an arm's
length rate chargeable on similar transactions.
The valuation of Level 3 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, there were no transfers from Level 1, 2 to 3. In 2023, \u00a31.6 million of derivative financial assets and \u00a31.8 million
of derivative financial liabilities were transferred from Level 2 to 3.
The tables below show the classification of financial instruments held at fair value into the valuation hierarchy.
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
383.7
\u2014
\u2014
383.7
SSA bonds
145.5
\u2014
\u2014
145.5
Covered bonds
187.7
\u2014
\u2014
 187.7
Long trading positions in debt securities
13.8
2.2
\u2014
16.0
Equity shares
5.9
21.4
0.1
 27.4
Derivative financial instruments
\u2014
95.3
6.1
 101.4
Contingent consideration
\u2014
\u2014
1.2
 1.2
Other assets
\u2014
\u2014
0.8
0.8
736.6
118.9
20.0
875.5
Liabilities
Short positions:
Debt securities
3.3
2.2
\u2014
5.5
Equity shares
2.2
7.1
\u2014
9.3
Derivative financial instruments
\u2014
122.6
6.4
129.0
Contingent consideration
\u2014
\u2014
3.0
3.0
5.5
131.9
9.4
146.8
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
\u2014
\u2014
Debt securities:
Sovereign and central bank debt
186.1
\u2014
\u2014
186.1
SSA bonds
\u2014
\u2014
\u2014
\u2014
Covered bonds
106.3
\u2014
\u2014
106.3
Long trading positions in debt securities
13.6
1.6
\u2014
15.2
Equity shares
3.9
25.1
0.3
29.3
Derivative financial instruments
\u2014
77.4
11.1
88.5
Contingent consideration
\u2014
\u2014
2.0
2.0
Other assets
\u2014
\u2014
\u2014
\u2014
309.9
104.1
13.4
427.4
Liabilities
Short positions:
Debt securities
2.3
1.2
\u2014
3.5
Equity shares
1.7
4.6
0.1
6.4
Derivative financial instruments
\u2014
184.7
11.2
195.9
Contingent consideration
\u2014
\u2014
2.8
2.8
4.0
190.5
14.1
208.6
Movements in financial instruments categorised as Level 3 were:
Loans and
advances
Derivative
Derivative
to customers
financial
financial
Contingent
Other
held at FVTPL
assets
liabilities
Equity shares
consideration
assets
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 1 August 2022
\u2014
\u2014
\u2014
0.2
(1.3)
\u2014
(1.1)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
9.5
(9.4)
\u2014
(0.1)
\u2014
\u2014
Purchases, issues, originations and
transfers in
\u2014
1.6
(1.8)
\u2014
0.6
\u2014
0.4
Sales, settlements and transfers out
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
(5.0)
4.8
\u2014
0.4
\u2014
0.2
Purchases, issues, originations and
transfers in
11.8
\u2014
\u2014
\u2014
(0.5)
0.8
12.1
Sales, settlements and transfers out
\u2014
\u2014
\u2014
(0.1)
(0.9)
\u2014
(1.0)
At 31 July 2024
11.8
6.1
(6.4)
0.1
(1.8)
0.8
10.6
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2024 amounted to
\u00a30.2 million (2023: \u00a3nil).
(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 2024
31 July 2023
\u00a3 million
\u00a3 million
On balance sheet
Cash and balances at central banks 1,584.0 1,937.0
Settlement balances 627.5 707.0
Loans and advances to banks 293.7 330.3
Loans and advances to customers 9,830.8 9,255.0
Debt securities 740.5 307.6
Loans to money brokers against stock advanced 22.5 37.6
Derivative financial instruments 101.4 88.5
Other financial assets 103.6 95.5
13,304.0 12,758.5
Off balance sheet
Irrevocable undrawn commitments 281.8 263.9
Total maximum exposure to credit risk 13,585.8 13,022.4
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 \u00a3404.8 million (31 July 2023: \u00a3863.4 million) and retained notes
relating to Motor Finance loan receivables of \u00a334.4 million (31 July 2023: \u00a383.4 million) were positioned as collateral with the
Bank of England, against which \u00a3110.0 million (31 July 2023: \u00a3600.0 million) of cash was drawn from the TFSME and \u00a3nil
(31 July 2023: \u00a35.0 million) 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 \u00a31,657.0 million (31 July 2023: \u00a31,436.3 million) of its insurance
premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,453.7 million (31 July 2023:
\u00a31,187.4 million). This includes the \u00a334.4 million (31 July 2023: \u00a383.4 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.
As at 31 July 2024, Winterflood had pledged equity and debt securities of \u00a318.3 million (31 July 2023: \u00a35.2 million) in the
normal course of business.
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 90 to 92 in the
Risk Report.
Information on the group\u2019s internal credit risk reporting can be foun
d on pages 100 to 101 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 foun
d on pages 102 to 103 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, sovereign and central bank debt, SSA bonds and covered bonds. 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 \u00a322.5 million (31 July 2023: \u00a337.6 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:
Impairment
Stage 1
Stage 2
Stage 3
provision
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Not past due
599.9
\u2014
\u2014
\u2014
599.9
Less than 30 days past due
24.6
\u2014
\u2014
\u2014
24.6
More than 30 days but less than 90 days past due
\u2014
2.5
\u2014
\u2014
2.5
More than 90 days past due
\u2014
\u2014
0.5
\u2014
0.5
624.5
2.5
0.5
\u2014
627.5
Impairment
Stage 1
Stage 2
Stage 3
provision
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Not past due
622.1
\u2014
\u2014
\u2014
622.1
Less than 30 days past due
83.9
\u2014
\u2014
\u2014
83.9
More than 30 days but less than 90 days past due
\u2014
0.6
\u2014
\u2014
0.6
More than 90 days past due
\u2014
\u2014
0.5
(0.1)
0.4
706.0
0.6
0.5
(0.1)
707.0
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 107 to 108 in the Risk Report.
Foreign exchange risk
Additional disclosures on the group\u2019s foreign exchange risk can be found on pages 108 to 109 in the Risk Report.
Market price risk
Trading financial instruments: Equity shares and debt securities
Th
e group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found on
pages 115 to 116 of the Risk Report.
Non-trading financial instruments
Net gains and losses on non-trading financial instruments are disclosed in Notes 11.
(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 pages 104 to
105 of the Risk Report.
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Settlement balances
\u2014
600.1
\u2014
\u2014
\u2014
\u2014
 600.1
Deposits by banks
0.9
53.2
86.1
\u2014
\u2014
\u2014
 140.2
Deposits by customers
708.9
2,309.5
1,502.1
2,008.7
2,474.8
 \u2014 9,004.0
Loans and overdrafts from banks
46.7
9.9
1.4
2.7
111.7
 \u2014 172.4
Debt securities in issue
\u2014
40.0
119.3
195.4
1,541.7
409.8
2,306.2
Loans from money brokers against stock
advanced
16.7
\u2014
\u2014
\u2014
\u2014
\u2014
16.7
Subordinated loan capital
\u2014
2.0
 \u2014
2.0
16.0
209.0
229.0
Derivative financial instruments
0.3
47.3
37.0
50.6
183.0
86.8
405.0
Lease liabilities
0.2
3.2
2.7
3.9
29.6
18.1
57.7
Other financial liabilities
22.6
101.0
1.3
10.9
27.1
2.5
165.4
Total
796.3
3,166.2
1,749.9
2,274.2
4,383.9
726.2
13,096.7
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Settlement balances
\u2014
686.0
\u2014
\u2014
\u2014
\u2014
686.0
Deposits by banks
10.3
43.7
89.7
\u2014
\u2014
\u2014
143.7
Deposits by customers
175.1
1,838.3
1,972.9
1,869.6
2,140.6
\u2014
7,996.5
Loans and overdrafts from banks
31.8
25.2
7.6
243.8
383.2
\u2014
691.6
Debt securities in issue
\u2014
46.7
132.3
168.1
1,705.1
416.3
2,468.5
Loans from money brokers against stock
advanced
4.8
\u2014
\u2014
\u2014
\u2014
\u2014
4.8
Subordinated loan capital
\u2014
2.0
\u2014
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
Derivative financial instruments in the table above includes net currency swaps. The following table shows the currency swaps
on a gross basis:
In more
In more
In more than
than six
than one
In less
three months but
months but
year but not
In more
On
than three
not more than
not more than
more than
than
demand
months
six months
one year
five years
five years
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
0.9
259.9
37.0
49.8
178.6
86.8
613.0
At 31 July 2023
41.2
153.9
26.0
39.4
167.5
73.0
501.0
(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
Master
Net amounts
amounts
netting
Financial
after
recognised
arrangements
collateral
offsetting
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Derivative financial assets
101.4
(97.9)
(0.8)
2.7
Derivative financial liabilities
129.0
(97.9)
(67.5)
(36.4)
At 31 July 2023
Derivative financial assets
88.5
(77.1)
\u2014
11.4
Derivative financial liabilities
195.9
(77.1)
(144.0)
(25.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-471": { "value": "(b) Valuation The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below.
31 July 2024
31 July 2023
Fair value Carrying value
Fair value
Carrying value
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
Subordinated loan capital
179.4
187.2
165.8
174.9
Debt securities in issue
1,998.5
1,986.4
2,008.0
2,012.6
The fair value of gross loans and advances to customers at 31 July 2024 is estimated to be \u00a39,806.4 million (31 July 2023: \u00a39,046.2 million), with a carrying value of \u00a39,830.8 million (31 July 2023: \u00a39,255.0 million). The fair value of deposits by customers is estimated to be \u00a38,691.8 million (31 July 2023: \u00a37,668.7 million), with a carrying value of \u00a38,693.6 million (31 July 2023: \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 decreased 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, SSA bonds, 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 loans and advances to customers, which is new this year, over-the- counter derivatives 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 valuation of Level 3 loans and advances to customers is determined on a discounted expected cash flow basis net of expected credit losses. The discount rate used in the valuation is the interest rate charged on the loan, which reflects an arm's length rate chargeable on similar transactions. The valuation of Level 3 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, there were no transfers from Level 1, 2 to 3. In 2023, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy.
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
383.7
\u2014
\u2014
383.7
SSA bonds
145.5
\u2014
\u2014
145.5
Covered bonds
187.7
\u2014
\u2014
 187.7
Long trading positions in debt securities
13.8
2.2
\u2014
16.0
Equity shares
5.9
21.4
0.1
 27.4
Derivative financial instruments
\u2014
95.3
6.1
 101.4
Contingent consideration
\u2014
\u2014
1.2
 1.2
Other assets
\u2014
\u2014
0.8
0.8
736.6
118.9
20.0
875.5
Liabilities
Short positions:
Debt securities
3.3
2.2
\u2014
5.5
Equity shares
2.2
7.1
\u2014
9.3
Derivative financial instruments
\u2014
122.6
6.4
129.0
Contingent consideration
\u2014
\u2014
3.0
3.0
5.5
131.9
9.4
146.8
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
\u2014
\u2014
Debt securities:
Sovereign and central bank debt
186.1
\u2014
\u2014
186.1
SSA bonds
\u2014
\u2014
\u2014
\u2014
Covered bonds
106.3
\u2014
\u2014
106.3
Long trading positions in debt securities
13.6
1.6
\u2014
15.2
Equity shares
3.9
25.1
0.3
29.3
Derivative financial instruments
\u2014
77.4
11.1
88.5
Contingent consideration
\u2014
\u2014
2.0
2.0
Other assets
\u2014
\u2014
\u2014
\u2014
309.9
104.1
13.4
427.4
Liabilities
Short positions:
Debt securities
2.3
1.2
\u2014
3.5
Equity shares
1.7
4.6
0.1
6.4
Derivative financial instruments
\u2014
184.7
11.2
195.9
Contingent consideration
\u2014
\u2014
2.8
2.8
4.0
190.5
14.1
208.6
Movements in financial instruments categorised as Level 3 were:
Loans and
advances
Derivative
Derivative
to customers
financial
financial
Contingent
Other
held at FVTPL
assets
liabilities
Equity shares
consideration
assets
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 1 August 2022
\u2014
\u2014
\u2014
0.2
(1.3)
\u2014
(1.1)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
9.5
(9.4)
\u2014
(0.1)
\u2014
\u2014
Purchases, issues, originations and
transfers in
\u2014
1.6
(1.8)
\u2014
0.6
\u2014
0.4
Sales, settlements and transfers out
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
(5.0)
4.8
\u2014
0.4
\u2014
0.2
Purchases, issues, originations and
transfers in
11.8
\u2014
\u2014
\u2014
(0.5)
0.8
12.1
Sales, settlements and transfers out
\u2014
\u2014
\u2014
(0.1)
(0.9)
\u2014
(1.0)
At 31 July 2024
11.8
6.1
(6.4)
0.1
(1.8)
0.8
10.6
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2024 amounted to \u00a30.2 million (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-502": { "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, SSA bonds, 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 loans and advances to customers, which is new this year, over-the- counter derivatives 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 valuation of Level 3 loans and advances to customers is determined on a discounted expected cash flow basis net of expected credit losses. The discount rate used in the valuation is the interest rate charged on the loan, which reflects an arm's length rate chargeable on similar transactions. The valuation of Level 3 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, there were no transfers from Level 1, 2 to 3. In 2023, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy.
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
383.7
\u2014
\u2014
383.7
SSA bonds
145.5
\u2014
\u2014
145.5
Covered bonds
187.7
\u2014
\u2014
 187.7
Long trading positions in debt securities
13.8
2.2
\u2014
16.0
Equity shares
5.9
21.4
0.1
 27.4
Derivative financial instruments
\u2014
95.3
6.1
 101.4
Contingent consideration
\u2014
\u2014
1.2
 1.2
Other assets
\u2014
\u2014
0.8
0.8
736.6
118.9
20.0
875.5
Liabilities
Short positions:
Debt securities
3.3
2.2
\u2014
5.5
Equity shares
2.2
7.1
\u2014
9.3
Derivative financial instruments
\u2014
122.6
6.4
129.0
Contingent consideration
\u2014
\u2014
3.0
3.0
5.5
131.9
9.4
146.8
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
\u2014
\u2014
Debt securities:
Sovereign and central bank debt
186.1
\u2014
\u2014
186.1
SSA bonds
\u2014
\u2014
\u2014
\u2014
Covered bonds
106.3
\u2014
\u2014
106.3
Long trading positions in debt securities
13.6
1.6
\u2014
15.2
Equity shares
3.9
25.1
0.3
29.3
Derivative financial instruments
\u2014
77.4
11.1
88.5
Contingent consideration
\u2014
\u2014
2.0
2.0
Other assets
\u2014
\u2014
\u2014
\u2014
309.9
104.1
13.4
427.4
Liabilities
Short positions:
Debt securities
2.3
1.2
\u2014
3.5
Equity shares
1.7
4.6
0.1
6.4
Derivative financial instruments
\u2014
184.7
11.2
195.9
Contingent consideration
\u2014
\u2014
2.8
2.8
4.0
190.5
14.1
208.6
Movements in financial instruments categorised as Level 3 were:
Loans and
advances
Derivative
Derivative
to customers
financial
financial
Contingent
Other
held at FVTPL
assets
liabilities
Equity shares
consideration
assets
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 1 August 2022
\u2014
\u2014
\u2014
0.2
(1.3)
\u2014
(1.1)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
9.5
(9.4)
\u2014
(0.1)
\u2014
\u2014
Purchases, issues, originations and
transfers in
\u2014
1.6
(1.8)
\u2014
0.6
\u2014
0.4
Sales, settlements and transfers out
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
(5.0)
4.8
\u2014
0.4
\u2014
0.2
Purchases, issues, originations and
transfers in
11.8
\u2014
\u2014
\u2014
(0.5)
0.8
12.1
Sales, settlements and transfers out
\u2014
\u2014
\u2014
(0.1)
(0.9)
\u2014
(1.0)
At 31 July 2024
11.8
6.1
(6.4)
0.1
(1.8)
0.8
10.6
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2024 amounted to \u00a30.2 million (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-491": { "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, SSA bonds, 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 loans and advances to customers, which is new this year, over-the- counter derivatives 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 valuation of Level 3 loans and advances to customers is determined on a discounted expected cash flow basis net of expected credit losses. The discount rate used in the valuation is the interest rate charged on the loan, which reflects an arm's length rate chargeable on similar transactions. The valuation of Level 3 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, there were no transfers from Level 1, 2 to 3. In 2023, \u00a31.6 million of derivative financial assets and \u00a31.8 million of derivative financial liabilities were transferred from Level 2 to 3. The tables below show the classification of financial instruments held at fair value into the valuation hierarchy.
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
383.7
\u2014
\u2014
383.7
SSA bonds
145.5
\u2014
\u2014
145.5
Covered bonds
187.7
\u2014
\u2014
 187.7
Long trading positions in debt securities
13.8
2.2
\u2014
16.0
Equity shares
5.9
21.4
0.1
 27.4
Derivative financial instruments
\u2014
95.3
6.1
 101.4
Contingent consideration
\u2014
\u2014
1.2
 1.2
Other assets
\u2014
\u2014
0.8
0.8
736.6
118.9
20.0
875.5
Liabilities
Short positions:
Debt securities
3.3
2.2
\u2014
5.5
Equity shares
2.2
7.1
\u2014
9.3
Derivative financial instruments
\u2014
122.6
6.4
129.0
Contingent consideration
\u2014
\u2014
3.0
3.0
5.5
131.9
9.4
146.8
Level 1
Level 2
Level 3
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2023
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
\u2014
\u2014
Debt securities:
Sovereign and central bank debt
186.1
\u2014
\u2014
186.1
SSA bonds
\u2014
\u2014
\u2014
\u2014
Covered bonds
106.3
\u2014
\u2014
106.3
Long trading positions in debt securities
13.6
1.6
\u2014
15.2
Equity shares
3.9
25.1
0.3
29.3
Derivative financial instruments
\u2014
77.4
11.1
88.5
Contingent consideration
\u2014
\u2014
2.0
2.0
Other assets
\u2014
\u2014
\u2014
\u2014
309.9
104.1
13.4
427.4
Liabilities
Short positions:
Debt securities
2.3
1.2
\u2014
3.5
Equity shares
1.7
4.6
0.1
6.4
Derivative financial instruments
\u2014
184.7
11.2
195.9
Contingent consideration
\u2014
\u2014
2.8
2.8
4.0
190.5
14.1
208.6
Movements in financial instruments categorised as Level 3 were:
Loans and
advances
Derivative
Derivative
to customers
financial
financial
Contingent
Other
held at FVTPL
assets
liabilities
Equity shares
consideration
assets
Total
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 1 August 2022
\u2014
\u2014
\u2014
0.2
(1.3)
\u2014
(1.1)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
9.5
(9.4)
\u2014
(0.1)
\u2014
\u2014
Purchases, issues, originations and
transfers in
\u2014
1.6
(1.8)
\u2014
0.6
\u2014
0.4
Sales, settlements and transfers out
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total gains/(losses) recognised in the
consolidated income statement
\u2014
(5.0)
4.8
\u2014
0.4
\u2014
0.2
Purchases, issues, originations and
transfers in
11.8
\u2014
\u2014
\u2014
(0.5)
0.8
12.1
Sales, settlements and transfers out
\u2014
\u2014
\u2014
(0.1)
(0.9)
\u2014
(1.0)
At 31 July 2024
11.8
6.1
(6.4)
0.1
(1.8)
0.8
10.6
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2024 amounted to \u00a30.2 million (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-505": { "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 \u00a3404.8 million (31 July 2023: \u00a3863.4 million) and retained notes relating to Motor Finance loan receivables of \u00a334.4 million (31 July 2023: \u00a383.4 million) were positioned as collateral with the Bank of England, against which \u00a3110.0 million (31 July 2023: \u00a3600.0 million) of cash was drawn from the TFSME and \u00a3nil (31 July 2023: \u00a35.0 million) 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 \u00a31,657.0 million (31 July 2023: \u00a31,436.3 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,453.7 million (31 July 2023: \u00a31,187.4 million). This includes the \u00a334.4 million (31 July 2023: \u00a383.4 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. As at 31 July 2024, Winterflood had pledged equity and debt securities of \u00a318.3 million (31 July 2023: \u00a35.2 million) in the normal course of business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-492": { "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
Master
Net amounts
amounts
netting
Financial
after
recognised
arrangements
collateral
offsetting
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Derivative financial assets
101.4
(97.9)
(0.8)
2.7
Derivative financial liabilities
129.0
(97.9)
(67.5)
(36.4)
At 31 July 2023
Derivative financial assets
88.5
(77.1)
\u2014
11.4
Derivative financial liabilities
195.9
(77.1)
(144.0)
(25.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-472": { "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
Master
Net amounts
amounts
netting
Financial
after
recognised
arrangements
collateral
offsetting
\u00a3 million
\u00a3 million
\u00a3 million
\u00a3 million
At 31 July 2024
Derivative financial assets
101.4
(97.9)
(0.8)
2.7
Derivative financial liabilities
129.0
(97.9)
(67.5)
(36.4)
At 31 July 2023
Derivative financial assets
88.5
(77.1)
\u2014
11.4
Derivative financial liabilities
195.9
(77.1)
(144.0)
(25.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-432": { "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 \u00a35,434.0 million at 31 July 2024 (31 July 2023: \u00a35,111.0 million). Included in revenue on the consolidated
income statement is management fee income of \u00a333.5 million (2023: \u00a333.7 million) from unconsolidated structured entities
managed by the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-473": { "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 \u00a35,434.0 million at 31 July 2024 (31 July 2023: \u00a35,111.0 million). Included in revenue on the consolidated income statement is management fee income of \u00a333.5 million (2023: \u00a333.7 million) from unconsolidated structured entities managed by the group. 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 2024, which are all wholly owned and incorporated in the UK unless otherwise stated. The investment in subsidiary of \u00a3487.0 million (31 July 2023: \u00a3287.0 million) in the company balance sheet relates to a 100% shareholding in Close Brothers Holdings Limited of \u00a3287.0 million (31 July 2023: \u00a3287.0 million) and an investment in the AT1 securities of Close Brothers Limited of \u00a3200.0 million (31 July 2023: \u00a3nil). The company issued AT1 securities of \u00a3200.0 million on 29 November 2023 as described in Note 20 and simultaneously entered into a back-to-back transaction with its subsidiary Close Brothers Limited. There was no impairment of these investments in this and the prior year albeit there were indicators of impairment following the FCA's industry review of motor commissions and the group's recent share price movements. The impairment assessment of the investment in Close Brothers Holdings Limited, based on a discounted cash flow analysis of expected future dividends, which includes consideration for the potential impact of the FCA's motor commissions review, demonstrated that its value in use remains above its carrying value. As set out in Note 29 \u201cPost Balance Sheet Event\u201d, the group announced it entered into an agreement to sell CBAM to Oaktree on 19 September 2024 following a comprehensive strategic review. This post balance sheet transaction has no impact on the conclusion of the impairment assessment relating to the company\u2019s investment in Close Brothers Holdings Limited, the immediate parent of CBAM. The recoverable amount of the company\u2019s investment in Close Brothers Holdings Limited remained above its carrying value at 31 July 2024.
Group
Close Brothers Holdings Limited
1
Banking
Air and General Finance Limited
2
Arrow Audit Services Limited
1
Brook Funding (No.1) Limited
18, 21
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 Designated Activity Company
19
(Ireland)
Close Brothers Finance plc
1
Close Brothers Limited
1
Close Brothers Motor Finance Payments Limited
19
(Ireland)
Close Brothers Premium DAC
16
(Ireland)
Close Brothers Retention Holdings Designated Activity
Company
19
(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, 21
Commercial Acceptances Limited
6
Commercial Finance Credit Limited
2
Corporate Asset Solutions Limited
4
Finance for Industry Limited
1
Finance for Industry Services Limited
1
Kingston Asset Finance Limited
2
Kingston Asset Leasing Limited
2
Novitas Loans Limited
2
Novitas (Salisbury) Limited
2
Orbita Funding 2020-1 plc
18, 21
Orbita Funding 2022-1 plc
9, 21
Orbita Funding 2023-1 plc
9, 21
Orbita Funding 2024-1 plc
9, 21
Orbita Holdings Limited
10, 21
Orbita Holdings no.2 Limited
9, 21
Surrey Asset Finance Limited
2
Topaz Asset Finance 2019-1 DAC
20, 21
Topaz Asset Finance 2020-1 DAC
20, 21
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
Bottriell Adams LLP
1
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, Hartfield 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, Kingfisher 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.
19. Unit 18, Northwood House, Northwood Business Campus, Dublin 9 D09 A0E4, Ireland
20. 1-2 Victoria Buildings, Haddingoton Road, Dublin D04 XN32 Ireland
Subsidiaries by virtue of control:
21. The related undertakings are included in the consolidated financial statements as they are controlled by the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-433": { "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 2024, which are all wholly owned and incorporated in the UK unless otherwise stated. The investment in subsidiary of \u00a3487.0 million (31 July 2023: \u00a3287.0 million) in the company balance sheet relates to a 100% shareholding in Close Brothers Holdings Limited of \u00a3287.0 million (31 July 2023: \u00a3287.0 million) and an investment in the AT1 securities of Close Brothers Limited of \u00a3200.0 million (31 July 2023: \u00a3nil). The company issued AT1 securities of \u00a3200.0 million on 29 November 2023 as described in Note 20 and simultaneously entered into a back-to-back transaction with its subsidiary Close Brothers Limited. There was no impairment of these investments in this and the prior year albeit there were indicators of impairment following the FCA's industry review of motor commissions and the group's recent share price movements. The impairment assessment of the investment in Close Brothers Holdings Limited, based on a discounted cash flow analysis of expected future dividends, which includes consideration for the potential impact of the FCA's motor commissions review, demonstrated that its value in use remains above its carrying value. As set out in Note 29 \u201cPost Balance Sheet Event\u201d, the group announced it entered into an agreement to sell CBAM to Oaktree on 19 September 2024 following a comprehensive strategic review. This post balance sheet transaction has no impact on the conclusion of the impairment assessment relating to the company\u2019s investment in Close Brothers Holdings Limited, the immediate parent of CBAM. The recoverable amount of the company\u2019s investment in Close Brothers Holdings Limited remained above its carrying value at 31 July 2024. Group Close Brothers Holdings Limited 1 Banking Air and General Finance Limited 2 Arrow Audit Services Limited 1 Brook Funding (No.1) Limited 18, 21 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 Designated Activity Company 19 (Ireland) Close Brothers Finance plc 1 Close Brothers Limited 1 Close Brothers Motor Finance Payments Limited 19 (Ireland) Close Brothers Premium DAC 16 (Ireland) Close Brothers Retention Holdings Designated Activity Company 19 (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, 21 Commercial Acceptances Limited 6 Commercial Finance Credit Limited 2 Corporate Asset Solutions Limited 4 Finance for Industry Limited 1 Finance for Industry Services Limited 1 Kingston Asset Finance Limited 2 Kingston Asset Leasing Limited 2 Novitas Loans Limited 2 Novitas (Salisbury) Limited 2 Orbita Funding 2020-1 plc 18, 21 Orbita Funding 2022-1 plc 9, 21 Orbita Funding 2023-1 plc 9, 21 Orbita Funding 2024-1 plc 9, 21 Orbita Holdings Limited 10, 21 Orbita Holdings no.2 Limited 9, 21 Surrey Asset Finance Limited 2 Topaz Asset Finance 2019-1 DAC 20, 21 Topaz Asset Finance 2020-1 DAC 20, 21 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 Bottriell Adams LLP 1 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, Hartfield 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, Kingfisher 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. 19. Unit 18, Northwood House, Northwood Business Campus, Dublin 9 D09 A0E4, Ireland 20. 1-2 Victoria Buildings, Haddingoton Road, Dublin D04 XN32 Ireland Subsidiaries by virtue of control: 21. The related undertakings are included in the consolidated financial statements as they are controlled by the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-434": { "value": "
29. Post Balance Sheet Event
Following a comprehensive strategic review, on 19 September 2024, the group announced that it entered into an agreement to
sell CBAM to Oaktree for an equity value of up to \u00a3200 million. CBAM is a well-regarded UK wealth management franchise and
the transaction will strengthen the group\u2019s capital base and enhance its position to navigate the current uncertain environment.
Under the terms of the transaction, the equity value of up to \u00a3200 million includes \u00a3172 million of cash to be paid at or before
completion of the transaction, comprising an upfront cash consideration of \u00a3146 million payable by Oaktree to the group on
completion, a dividend of approximately \u00a326 million payable by CBAM to the group on or before completion, subject to
applicable regulatory capital requirements, and \u00a328 million of contingent deferred consideration in the form of preference
shares. The group intends to retain cash received by completion, expected to amount to approximately \u00a3172 million, gross of
transaction costs.
As at 31 July 2024, CBAM had balance sheet assets of \u00a3192.0 million and liabilities of \u00a370.2 million, comprised largely of
working capital and intangible assets, with a net asset value of \u00a3121.8 million. The net asset value includes goodwill of \u00a343.5
million and \u00a312.2 million of intangible assets, resulting in a tangible net asset value of \u00a366.1 million. CBAM is one of the group\u2019s
five operating segments with total operating income of \u00a3157.8 million and profit after tax of \u00a37.4 million in the 2024 financial
year. Further detail on CBAM can be found within Note 3 \u201cSegmental Analysis\u201d, including CBAM's income statement for the
financial years ended 31 July 2024 and 31 July 2023.
The upfront proceeds are expected to increase the group\u2019s common equity tier 1 (\u201cCET1\u201d) capital ratio by approximately 100
basis points on a pro forma basis. This calculation assumes a reduction in credit RWAs, no immediate reduction in operational
RWAs and does not include any benefit from contingent deferred consideration. This estimate is subject to change before
completion and is based on upfront proceeds from the transaction of c.\u00a3172 million, CBAM\u2019s net asset value of \u00a3121.8 million
and excludes the deferred consideration. Therefore, the fair value of the business remains above its carrying value.
During the 2025 financial year, and in line with IFRS 9 \u201cFinancial Instruments\u201d and IFRS 13 \u201cFair Value Measurement\u201d, a full
accounting assessment of the contingent deferred consideration will be undertaken. The contingent deferred consideration will
be in the form of preference shares, redeemable no later than Oaktree\u2019s exit, for an amount of up to \u00a328 million plus interest at
a rate of 8 per cent. per annum, stepping up after five years to 12 per cent. The deferred consideration is subject to potential
deductions, including in relation to retention of key individuals and certain potential regulatory costs and separation cost
overruns.
This is a non-adjusting event under the requirements of IAS 10 \u201cEvents After the Reporting Period\u201d and as at 31 July 2024 the
business did not meet the \u2018held for sale\u2019 criteria under IFRS 5 \u201cNon-current Assets Held for Sale and Discontinued
Operations\u201d. A sale was not assessed to be highly probable given the transaction status at that date, and therefore the held for
sale criteria was not met.
The transaction is expected to complete in early 2025 calendar year. Details of the transaction can be found on the separate
announcement published on 19 September 2024, available on the Investor Relations website.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } }, "fact-7": { "value": "10 Crown Place London EC2A 4FT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2023-08-01T00:00:00/2024-08-01T00:00:00" } } } }