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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: 97.3% 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 6.4% of book.
\u2022 Further diversification by sector, asset class and UK
geography.
\u2022 Local underwriting expertise with central oversight and
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 2025
\u00a3 million
31 July 2024
\u00a3 million
Gross loans and advances to customers
Property
1,933.6 2,015.4
Retail
2,974.0 3,136.8
Commercial
4,789.7 5,112.6
Of which Novitas: 2.8 283.1
Excluding Novitas: 4,786.9 4,829.5
Total gross loans and advances to customers
9,697.3 10,264.8
Impairment provisions
Property
81.1 60.2
Retail
95.1 94.9
Commercial
73.5 290.7
Of which Novitas: 2.8 220.7
Excluding Novitas: 70.7 70.0
Total impairment provision
249.7 445.8
Provision coverage ratio
Property
4.2 % 3.0 %
Retail
3.2 % 3.0 %
Commercial
1.5 % 5.7 %
Novitas only: 100.0 % 78.0 %
Excluding Novitas: 1.5 % 1.4 %
Total impairment coverage ratio
2.6 % 4.3 %
Part and non-performing loans
Loans in Stage 2
1,291.0 1,128.8
Of which Novitas: 0.5 1.0
Loans in Stage 3
492.1 725.5
Of which Novitas: 2.3 282.1
Stage 2 coverage
2.6 % 2.8 %
Excluding Novitas: 2.6 % 2.7 %
Stage 3 coverage
33.6 % 49.9 %
Excluding Novitas: 33.3 % 32.2 %
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 86 to
88, 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.
At 31 July 2025, 81.6% (31 July 2024: 81.9%) of gross loans
and advances to customers were Stage 1. Stage 2 loans and
advances to customers increased to 13.3% (31 July 2024:
11.0%). The remaining 5.1% (31 July 2024: 7.1%) of loans
and advances to customers were deemed to be credit-
impaired and were classified as Stage 3.
Excluding Novitas, the staging profile of loans and advances
to customers has deteriorated, primarily as a result of stage
migrations across the bank in the context of lower net new
business volumes during the year.
Overall impairment provisions decreased to \u00a3249.7 million
(31 July 2024: \u00a3445.8 million), following impacts of the
derecognition of net loans and advances in Novitas,
alongside regular reviews of staging and provision coverage
for individual loans and portfolios.
Excluding Novitas, impairment provisions increased across
the Banking division to \u00a3246.9 million (31 July 2024: \u00a3225.1
million), reflecting 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 overall decrease in provision
coverage to 2.6% (31 July 2024: 4.3%).
Novitas loans
Novitas provided funding to individuals who wished to
pursue legal cases. The decision was made to wind down
Novitas and withdraw from the legal services financing
market following a strategic review in July 2021, which
concluded that the overall risk profile of the business was no
longer compatible with the group\u2019s long-term strategy and
risk appetite.
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, the
group accelerated its efforts to resolve the issues
surrounding Novitas and actively sought recovery from the
customers\u2019 ATE insurers.
During the year, the group entered into settlement with two
insurers. This resulted in the derecognition of net loans and
advances to customers of \u00a376.1 million from the
consolidated balance sheet, comprising gross loans and
advances to customers of \u00a3318.1 million and expected credit
loss (\u201cECL\u201d) provisions of \u00a3242.0 million, resulting in a \u00a36.7
million impairment credit, which has been recorded within
impairment losses on financial assets in the consolidated
income statement.
At 31 July 2025, net loans and advances to customers
relating to Novitas of \u00a3nil, comprising gross loans and
advances to customers of \u00a32.8 million and ECL provisions of
\u00a32.8 million, remained on the consolidated balance sheet.
These loans are expected to be closed during the next
financial period.
An insurance receivable has been recognised within lending
receivables, representing the amounts due from the insurers
at 31 July 2025. \u00a348.5 million was subsequently settled and
received in August 2025. The insurance receivable is
classified as a Stage 1 financial asset held at amortised cost
under IFRS 9 with an immaterial ECL provision.
Further detail on the impairment provision is included in Note
10 to the Financial Statements.
Provision coverage analysis by
business (audited)
In Commercial, the impairment coverage ratio decreased to
1.5% (31 July 2024: 5.7%), reflecting the impacts of the
derecognition of net loans and advances in Novitas.
Excluding Novitas, the Commercial provision coverage ratio
increased to 1.5% (31 July 2024: 1.4%) as migrations into
Stages 2 and 3 offset lower new business levels during the
financial year.
In Retail, the provision coverage ratio increased to 3.2%
(31 July 2024: 3.0%), reflecting a continuation of
macroeconomic pressures from the previous financial year
which has seen higher but stable 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 4.2%
(31 July 2024: 3.0%), primarily as a result of migrations into
Stage 3 and increased 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 93 to 95 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. Further detail on these most significant
estimates is set out in the following section.
In the previous financial year there were two critical
estimates relating to the expected credit loss provision for
Novitas, relating to time to recover periods and recovery
rates, which are no longer relevant for this financial year end
following the insurance settlements described in the credit
risk highlights 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.
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 93 to 95. 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 2025 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 2025, the latest baseline scenario forecasts gross domestic product (\u201cGDP\u201d) growth of 1.1% in calendar year 2025 and an average base rate of 4.2% across the same period. Consumer Price Index (\u201cCPI\u201d) inflation is forecast to be 3.1% in calendar year 2025 in the baseline scenario, with 1.3% forecast in the protracted downside scenario over the same period. At 31 July 2025, the scenario weightings were: 30% upside, 32.5% baseline, 20% mild downside, 10.5% moderate downside and 7% protracted downside. As economic forecasts are considered to recognise developments in the macroeconomic environment appropriately, no change has been made to the weightings ascribed to the scenarios since 31 July 2024. 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 modest improvement in
the UK economic outlook relative to 31 July 2024. Under the
baseline scenario, UK headline CPI inflation is expected to
moderate from current levels and meet the Bank of
England's 2% target during the second half of 2026. Aligned
to the overall downward trend in inflation from its 2022 peak,
the Bank of England base rate is forecast to continue to
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 2024.
The tables below show economic assumptions within each
scenario, and the weighting applied to each at 31 July 2025.
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 2025
and 2026. The subsequent tables show averages and peak-
to-trough ranges for the same key metrics over the five-year
period from 2025 to 2029.
Scenario forecasts and weights
Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted)
2025 2026 2025 2026 2025 2026 2025 2026 2025 2026
At 31 July 2025
UK GDP growth
1.1% 1.0% 1.9% 3.7% 0.4% (1.9%) 0.2% (3.4%) 0.1% (4.3%)
UK unemployment
4.7% 4.7% 4.5% 4.1% 4.8% 5.2% 5.0% 6.8% 5.1% 8.0%
UK HPI growth
3.3% 3.2% 9.9% 13.4% 0.2% (2.6%) (1.6%) (9.2%) (3.6%) (16.4%)
BoE base rate
4.2% 3.2% 4.3% 3.5% 4.1% 2.4% 4.1% 1.8% 3.9% 1.3%
Consumer Price Index
3.1% 2.0% 3.2% 2.1% 2.1% 0.3% 1.7% (0.6%) 1.3% (1.1%)
Weighting
32.5% 30% 20% 10.5% 7%
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%
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 2025 to 2029)
Baseline
Upside
(strong)
Downside
(mild)
Downside
(moderate)
Downside
(protracted)
At 31 July 2025
UK GDP growth
1.6 % 2.3 % 1.1 % 0.8 % 0.7 %
UK unemployment
4.7 % 4.1 % 4.9 % 6.7 % 7.6 %
UK HPI growth
2.5 % 4.2 % 0.8 % (1.0) % (3.5) %
BoE base rate
3.0 % 3.1 % 2.7 % 2.0 % 1.5 %
Consumer Price Index
2.2 % 2.3 % 1.6 % 1.2 % 0.9 %
Weighting
32.5 % 30 % 20 % 10.5 % 7 %
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 %
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 2025,
after which there have been further economic developments,
including the latest base rate reduction to 4.0% at the
August Monetary Policy Committee meeting. These
developments, 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 page 95 represent the quarterly
forecast data included in the above tables incorporating
actual metrics up to 31 July 2025. 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 2025 to 2029) of the peak-to-trough range of
values of the key UK economic variables used within the
economic scenarios at 31 July 2025 and 31 July 2024.
Five-year period (calendar year 2025 to 2029)
Baseline Upside (strong) Downside (mild) Downside (moderate) Downside (protracted)
Peak Trough Peak Trough Peak Trough Peak Trough Peak Trough
At 31 July 2025
UK GDP growth
8.2% 0.7% 12.3% 0.7% 5.7% (2.1)% 4.0% (3.8)% 3.6% (5.0)%
UK unemployment
4.8% 4.5% 4.7% 3.8% 5.2% 4.5% 7.5% 4.5% 8.8% 4.5%
UK HPI growth
13.2% 1.5% 27.8% 1.5% 4.3% (3.1)% 2.2% (12.6)% 2.2% (22.0)%
BoE base rate
4.6% 2.5% 4.6% 2.5% 4.6% 1.8% 4.6% 1.0% 4.6% 0.6%
Consumer Price Index
3.4% 1.9% 3.4% 2.0% 3.4% (0.5)% 3.4% (1.2)% 3.4% (2.1)%
Weighting
32.5% 30% 20% 10.5% 7%
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%
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 (%).
Real gross domestic product (annual % change) GDP Growth (% change in quarter from previous year) Baseline Upside Mild Downside Moderate Downside Protracted Downside 2025 2026 2027 2028 2029 -6% -4% -2% 0% 2% 4% 6% Unemployment rate (%) Unemployment Rate (end of quarter percentage values) Baseline Upside Mild Downside Moderate Downside Protracted Downside 2025 2026 2027 2028 2029 0% 2% 4% 6% 8% 10% House price index \u2013 current prices (annual % change) HPI Growth (% change in quarter from previous year) Baseline Upside Mild Downside Moderate Downside Protracted Downside 2025 2026 2027 2028 2029 -20% -15% -10% -5% 0% 5% 10% 15% 20% Bank of England base rate (%) Base Rate (end of quarter percentage values) Baseline Upside Mild Downside Moderate Downside Protracted Downside
Consumer price index (annual % change)
CPI Inflation
(% change in quarter from
previous year)
Baseline Upside
Mild Downside Moderate Downside
Protracted Downside
2025 2026 2027 2028 2029
-3%
-2%
-1%
0%
1%
2%
3%
4%
Scenario sensitivity analysis (audited)
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,
given the low materiality of remaining provisions.
\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 2025, application of
100% weighting to the upside strong scenario would
decrease the expected credit loss by \u00a317.4 million whilst
application of 100% weighting to the protracted downside
scenario would increase the expected credit loss by \u00a332.4
million, driven by the aforementioned changes in risk metrics
and stage allocation of the portfolios.
When performing sensitivity analysis there is a high degree of
estimation uncertainty. On this basis, 100% weighted
expected credit loss provisions presented for the upside and
downside scenarios should not be taken to represent the
lower or upper range of possible and actual expected credit
loss outcomes. The recalculated expected credit loss
provision for each of the scenarios should be read in the
context of the sensitivity analysis as a whole and in
conjunction with the disclosures provided in Note 10 to the
Financial Statements. The modelled impact presented is
based on gross loans and advances to customers at 31 July
2025; 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 2025 and 31 July 2024 is not appropriate.
The economic environment remains uncertain and future
impairment charges may be subject to further volatility,
including from updates to macroeconomic variable forecasts
impacted by sustained cost-of-living pressures, changes in
fiscal policy, trade-related uncertainty (including the impact
of tariffs), and ongoing geopolitical conflicts.
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 changes in the UK\u2019s Budget,
inflationary pressures, the ongoing conflict in Ukraine, and
uncertainty from tariffs. 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, macroeconomic adjustments have
gradually reduced in recognition of the portfolio and models
appropriately reacting to changes in the external
environment.
While macroeconomic adjustment values have decreased,
the overall value of adjustments has increased since 31 July
2024 as a result of changes in the application of adjustments
relating to individual customers where, in management's
judgement, modelled provisions do not adequately reflect
expected credit losses.
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 2025, \u00a34.0 million (31 July 2024: \u00a3(1.5) 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 \u00a32.1 million held
to reflect ongoing economic uncertainty (31 July 2024: \u00a32.4
million).
Other credit risk tables (audited)
Segmental credit risk
The following tables set 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 increased to
85% of the overall portfolio (31 July 2024: 84%), reflective of
relative portfolio resilience against the backdrop of persistent
macroeconomic pressures during the financial year.
77% (31 July 2024: 77%) of total advances were classified
as low risk Stage 1. Low risk Stage 2 represented 8%
(31 July 2024: 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 9% (31 July 2024: 8%) of total
loans and advances to customers, of which the majority were
spread across Stages 1 and 2. Medium risk Stage 1
decreased to 4% (31 July 2024: 5%). Medium risk Stage 2
represented 5% (31 July 2024: 4%) 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 5% (31 July 2024: 8%) of total
loans and advances to customers, with the majority
corresponding to Stage 3. This decrease primarily reflected
the impacts of derecognition of net loans and advances in
Novitas during the financial year.
Stage 1
\u00a3 million
Stage 2
\u00a3 million
Stage 3
\u00a3 million
Total
\u00a3 million
At 31 July 2025
Gross loans and advances to customers
1
Low risk
7,491.4 769.6 18.7 8,279.7
Medium risk
422.1 461.4 23.1 906.6
High risk
4.0 68.5 450.3 522.8
Total
7,917.5 1,299.5 492.1 9,709.1
Undrawn commitments
Low risk
809.8 7.7 \u2014 817.5
Medium risk
\u2014 2.2 \u2014 2.2
High risk
\u2014 \u2014 3.3 3.3
Total
809.8 9.9 3.3 823.0
Gross trade receivables
2
Low risk
8.2 \u2014 \u2014 8.2
Medium risk
\u2014 0.5 \u2014 0.5
High risk
\u2014 \u2014 1.9 1.9
Total
8.2 0.5 1.9 10.6
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
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
1. Gross loans and advances to customers include \u00a311.8 million of loans and advances held at FVTPL, allocated as Stage 1 Low risk (\u00a33.3 million) and
Stage 2 Medium risk (\u00a38.5 million) 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 \u00a32.1 million (31 July 2024: \u00a32.7 million) relating to predominantly Stage 3 receivables.
Forbearance
Forbearance occurs when a customer is experiencing
difficulty in meeting their financial commitments and a
concession is granted, by changing the terms of the financial
arrangement, which would not otherwise be considered. This
arrangement can be temporary or permanent, depending on
the customer\u2019s circumstances. The Banking division reports
on forborne exposures as either performing or non-
performing in line with regulatory requirements. A
forbearance policy is maintained to ensure the necessary
processes are in place to enable consistently fair treatment
of all customers and that each is managed based on their
individual circumstances. The arrangements agreed with
customers will aim to create a sustainable and affordable
financial position, thereby reducing the likelihood of suffering
a credit loss. The forbearance policy is periodically reviewed
to ensure it remains effective.
The Banking division offers a range of concessions to
support customers which vary depending on the product and
the customer\u2019s status. Such concessions include grace
periods/payment moratoria, extensions of the loan term, and
refinancing.
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 2025, the gross carrying amount of exposures
with forbearance measures was \u00a3406.1 million (31 July 2024:
\u00a3363.8 million). The key drivers of this increase have been
higher forbearance in Motor Finance, reflecting continued
macroeconomic challenges and enduring cost-of-living
pressures on customers, and project-specific issues in our
Property business.
An analysis of forborne loans is shown in the table below:
31 July 2025 31 July 2024
Gross loans and advances to customers (\u00a3 million)
9,709.1 10,276.6
Forborne loans (\u00a3 million)
406.1 363.8
Forborne loans as a percentage of gross loans and advances to customers (%)
4.2 % 3.5%
Provision on forborne loans (\u00a3 million)
113.8 89.4
Number of customers supported
15,882 13,166
The following is a breakdown of forborne loans by segment:
31 July 2025
\u00a3 million
31 July 2024
\u00a3 million
Commercial
112.9 118.5
Retail
50.6 42.8
Property
242.6 202.5
Total
406.1 363.8
The following is a breakdown of the number of customers supported by segment:
31 July 2025
Number of
customers
supported
31 July 2024
Number of
customers
supported
Commercial
948 839
Retail
14,880 12,275
Property
54 52
Total
15,882 13,166
Following review, the concession types reported below have been updated from those used in the Annual Report 2024 to align
to the broader list of concessions used in regulatory reporting. This change has been made to support consistency with
regulatory frameworks and improve ease of interpretation. The majority of concessions shown as \u201cOther forbearance
measures\u201d relates to agreements where collections and recoveries activity has been deferred.
The following is a breakdown of forborne loans by concession type, based on the updated approach:
31 July 2025
\u00a3 million
31 July 2024
\u00a3 million
1
Grace period/payment moratorium
136.3 147.0
Extension of maturity/term
139.5 98.8
Rescheduled payments
32.7 28.0
Debt forgiveness
0.2 \u2014
Other forbearance measures
97.4 90.0
Total
406.1 363.8
1. Comparatives have been updated to align to the expanded concession type categories used in this financial year\u2019s reporting.
Government lending schemes
Since the pandemic period, following accreditation,
customers have been offered facilities under various UK and
Irish government-introduced loan schemes, thereby enabling
the Banking division to maximise its support to small
businesses. At 31 July 2025, there are 3,350 (31 July 2024:
4,112) remaining facilities, with residual balance of \u00a3461.6
million (31 July 2024: \u00a3543.0 million) following further
repayments across the Commercial businesses.
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 below. The value of collateral used in
determining the LTV ratio is based upon data captured at
loan origination or, where available, a more recent valuation.
Commercial
\u00a3 million
Retail
\u00a3 million
Property
\u00a3 million
Total
\u00a3 million
LTV
1
60% or lower
650.7 131.7 976.1 1,758.5
>60% to 70%
622.3 139.2 709.1 1,470.6
>70% to 80%
423.8 330.4 40.6 794.8
>80% to 90%
972.1 976.3 30.3 1,978.7
>90% to 100%
1,492.3 534.7 67.7 2,094.7
Greater than 100%
342.4 434.5 109.6 886.5
Structurally protected
2
69.9 394.9 \u2014 464.8
Unsecured
228.0 32.3 0.2 260.5
Total at 31 July 2025
3
4,801.5 2,974.0 1,933.6 9,709.1
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
5,124.4 3,136.8 2,015.4 10,276.6
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
27.2 2.0 40.8 70.0
>60% to 70%
4.4 3.1 37.7 45.2
>70% to 80%
6.0 9.4 6.7 22.1
>80% to 90%
14.5 23.1 26.1 63.7
>90% to 100%
30.9 29.8 67.7 128.4
Greater than 100%
15.0 21.4 109.6 146.0
Structurally protected
2
1.9 5.3 \u2014 7.2
Unsecured
8.2 1.1 0.2 9.5
Total at 31 July 2025
108.1 95.2 288.8 492.1
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
1. Government lending scheme facilities totalling \u00a3461.6 million (31 July 2024: \u00a3543.0 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 2025 31 July 2024
\u00a3 million \u00a3 million
On balance sheet
Cash and balances at central banks
 1,917.0 1,584.0
Settlement balances
\u2014 627.5
Loans and advances to banks
 161.7 293.7
Loans and advances to customers
 9,459.4 9,830.8
Debt securities
 859.2 740.5
Loans to money brokers against stock advanced
 \u2014 22.5
Derivative financial instruments
 103.1 101.4
Other financial assets
 84.7 103.6
12,585.1 13,304.0
Off balance sheet
Irrevocable undrawn commitments
 211.6 281.8
Total maximum exposure to credit risk
 12,796.7 13,585.8
Assets pledged and received as collateral The group pledges assets for repurchase agreements and securities borrowing agreements which are generally conducted under terms that are customary to standard borrowing contracts. The group is a participant of the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d), Short-Term Repo (\u201cSTR\u201d), Indexed Long Term Repo (\u201cILTR\u201d) and Discount Window Facility (\u201cDWF\u201d). Under these schemes, asset finance loan receivables of \u00a3nil (31 July 2024: \u00a3404.8 million) and retained notes relating to motor finance loan receivables of \u00a3nil (31 July 2024: \u00a334.4 million) were positioned as collateral with the Bank of England, against which \u00a3nil (31 July 2024: \u00a3110.0 million) of cash was drawn from the TFSME. During the year, the group early repaid \u00a3110.0 million (31 July 2024: \u00a3490.0 million) against the TFSME. The group has securitised without recourse and restrictions \u00a31,544.8 million (31 July 2024: \u00a31,657.0 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,323.4 million (31 July 2024: \u00a31,453.7 million), of which \u00a3245.9 million (31 July 2024: \u00a3359.1 million) is retained by the group. This includes the \u00a3nil (31 July 2024: \u00a334.4 million) retained notes positioned as collateral with the Bank of England. As the group has retained exposure to substantially all the risk and rewards of the above receivables, 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. At 31 July 2025, Winterflood had pledged equity and debt securities of \u00a3nil (31 July 2024: \u00a318.3 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 in the \u201cCredit risk\u201d section of the Risk Report. Information on the group\u2019s internal credit risk reporting can be found in the \u201cCredit risk\u201d section of 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 also be found in the \u201cCredit risk\u201d section of 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 \u00a3nil (31 July 2024: \u00a322.5 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. Settlement balances in relation to Winterflood have been classified as held for sale at 31 July 2025. The following table shows the ageing of Winterflood settlement balances at 31 July 2024:
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
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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-455": { "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. The Banking division's 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 secured funding programmes. The bank has now
repaid all funds drawn under the Bank of England TFSME.
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
Within three
months
\u00a3 million
Between three
months and
one year
\u00a3 million
Between one
and two years
\u00a3 million
Between two
and five years
\u00a3 million
After more than
five years
\u00a3 million
Total
\u00a3 million
31 July 2025
Deposits by banks
9.3 78.9 \u2014 \u2014 \u2014 \u2014 88.2
Deposits by customers
1,161.7 2,625.6 1,570.5 2,070.3 1,614.3 \u2014 9,042.4
Loans and overdrafts from banks
1.5 \u2014 \u2014 \u2014 \u2014 \u2014 1.5
Debt securities in issue
\u2014 71.2 84.3 114.4 1,577.6 403.3 2,250.9
Subordinated loan capital
\u2014 2.0 \u2014 3.0 15.0 205.0 225.0
Total 31 July 2025
1,172.5 2,777.7 1,654.8 2,187.7 3,206.9 608.3 11,608.0
On demand
\u00a3 million
Within three
months
\u00a3 million
Between three
months and
one year
\u00a3 million
Between one
and two years
\u00a3 million
Between two
and five years
\u00a3 million
After more than
five years
\u00a3 million
Total
\u00a3 million
31 July 2024
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
Subordinated loan capital
\u2014 2.0 \u2014 2.0 16.0 209.0 229.0
Total 31 July 2024
756.5 2,414.6 1,708.9 2,208.8 4,144.2 618.8 11,851.8
(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 101 to 102 of the Risk Report.
In more than In more than
In more than six months one year but
In less three months but not more not more In more
On than three but not more than one than five than five
demand months than six months year years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Settlement balances
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
 \u2014
Deposits by banks
9.3
78.9
\u2014
\u2014
\u2014
\u2014
 88.2
Deposits by customers
1,161.7
2,625.6
1,570.5
2,070.3
1,614.3
 \u2014 9,042.4
Loans and overdrafts from banks
1.5
\u2014
\u2014
\u2014
\u2014
 \u2014 1.5
Debt securities in issue
\u2014
71.2
84.3
114.5
1,577.6
403.3
2,250.9
Loans from money brokers against stock
advanced
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Subordinated loan capital
\u2014
2.0
 \u2014
3.0
15.0
205.0
225.0
Derivative financial instruments
0.2
47.2
33.9
45.3
182.2
68.2
377.0
Lease liabilities
0.2
1.4
1.5
3.3
24.1
1.9
32.4
Other financial liabilities
24.3
47.0
0.3
1.2
2.6
0.3
75.7
Total
1,197.2
2,873.3
1,690.5
2,237.6
3,415.8
678.7
12,093.1
In more than
In more than In more than one year but
In less than three months but six months not more In more
On three not more than six but not more than five than five
demand months months than one year years 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
Derivative financial instruments in the table above include net currency swaps. The following table shows the currency swaps on a gross basis:
In more than
In more than In more than one year but
In less than three months but six months not more In more
On three not more than six but not more than five than five
demand months months than one year years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
5.0
183.5
105.2
206.5
180.8
68.2
749.2
At 31 July 2024
0.9
259.9
37.0
49.8
178.6
86.8
613.0
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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 2025:
31 July 2025
\u00a3 million
31 July 2024
\u00a3 million
0.5% increase
2.1 0.1
2.5% increase
10.1 0.5
0.5% decrease
(2.1) (0.1)
2.5% decrease
(9.3) (0.8)
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 2025 reflects its policy to ensure
exposure to interest rate shocks is managed within the
group\u2019s risk appetites and the group\u2019s strategy to manage
and minimise interest rate risk, to that required to operate
efficiently. The EaR measure is a combination of the group\u2019s
repricing profile and the embedded optionality risk, of which
the latter is negligible in the current interest rate environment.
Earnings at Risk changed from \u00a3(0.1) million as at 31 July
2024, to \u00a3(2.1) million, as at 31 July 2025, for a 0.5%
reduction in interest rates. This reflects the group\u2019s decision
to maintain a higher level of liquidity in light of the uncertainty
regarding the FCA\u2019s review of motor finance commission
arrangements, noting that for liquidity holdings, earnings
reduce when interest rates fall.
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 2025:
31 July 2025
\u00a3 million
31 July 2024
\u00a3 million
0.5% increase
1.0 3.5
2.5% increase
4.8 17.2
0.5% decrease
(0.9) (3.5)
2.5% decrease
(0.3) (14.4)
The group\u2019s EV at 31 July 2025 reflects its policy to ensure
exposure to interest rate shocks is managed within the
group\u2019s risk appetites, and the group\u2019s strategy to manage
and minimise interest rate risk, to that required to operate
efficiently. The EV measure is a combination of the repricing
profile and the embedded optionality. Economic Value at 31
July 2025, improved to \u00a3(0.9) million for a 0.5% decrease in
interest rates due to the group bond being closer to maturity,
and more active group hedging.
For a 2.5% decrease in interest rates, Economic Value
benefited from the interest rate floors embedded in some of
the customer loans.
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; and
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 2025
\u00a3 million
31 July 2024
\u00a3 million
15% strengthening of sterling
against the euro 2.0 0.5
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 \u201cDerivative financial instruments\u201d.
Structural FX risk is assessed at least annually 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, which is hedged as part of the
overall group exposure.
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 2025
\u00a3 million
For the year ended 31 July 2025
Equity shares
Long
46.7 18.5 25.6 28.3
Short
21.7 4.8 7.9 10.4
Net position
17.7 17.9
Debt securities
Long
23.4 3.2 8.6 10.5
Short
15.1 2.0 5.4 6.0
Net position
3.2 4.5
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
With respect to the long and short positions on debt securities, \u00a31.6 million and \u00a30.2 million (2024: \u00a311.1 million and \u00a30.1
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 trading book exposure given above, a 10% hypothetical fall in equity and debt market prices would result in a
\u00a31.8 million decrease in the group's earnings and net assets on the equity trading book and a \u00a30.5 million decrease on the gilts
trading book.
(d) Market risk Interest rate risk Additional disclosures on the group\u2019s interest rate risk can be found in the \u201cNon-traded market risk\u201d section of the Risk Report. Foreign exchange risk Additional disclosures on the group\u2019s foreign exchange risk can be found in the \u201cNon-traded market risk\u201d section of the Risk Report. Market price risk Trading financial instruments: Equity shares and debt securities The group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found in the \u201cTraded market risk\u201d section of the Risk Report. Non-trading financial instruments Net gains and losses on non-trading financial instruments are disclosed in Note 11. 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1. 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 three (2024: five) operating
segments: Commercial, Retail, and Property, 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. Amounts owed by
subsidiaries due within one year on the company balance
sheet include cash held with Close Brothers Limited.
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.
Items relevant to understanding financial performance are
presented on the consolidated income statement under IAS
1. Adjusting items and administrative expenses before
adjusting items are not presented on the consolidated
income statement this year to provide more clarity in relation
to the statutory figures. Prior year comparatives have been
re-presented on the same basis.
(c) Accounting developments
Standards adopted during the year
The accounting standards applied this financial year are
consistent with those of the previous financial year.
Future accounting developments
Minor amendments to IFRSs issued by the IASB are effective
for the group from 1 August 2025. These changes are
expected to have no or an immaterial impact on the group.
Amendments to the Classification and Measurement of
Financial Instruments, which amend IFRS 9 \"Financial
Instruments\" and IFRS 7 \"Financial Instruments: Disclosures\",
are effective for the group from 1 August 2026. These
amendments clarify certain classification and measurement
and related disclosure requirements. IFRS 18 \"Presentation
and Disclosure in Financial Statements\" is effective for the
group from 1 August 2027. The impact of these accounting
standard changes is currently under assessment.
(d) Consolidation and investment in subsidiaries
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
Non-interest income includes net realised and unrealised
gains arising from the buying and selling of 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, restructuring costs, provision in
relation to motor finance commissions, complaints handling
and other operational and legal costs incurred in relation to
motor finance commissions, provision in relation to early
settlements in Motor Finance, operating loss of Close
Brewery Rentals, and operating loss of Close Brothers
Vehicle Hire.
Amortisation of intangible assets on acquisition is excluded
to present the performance of the group\u2019s acquired
businesses consistent with its other businesses. The other
adjusting items 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 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 as 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 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 certain 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 \u201cUse of
estimates\u201d section 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 were 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 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 rate and currency exchange rate movements on 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.
(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 a defined contribution pension scheme
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 (2024: 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 value of the DSA 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. Provisions include costs directly
attributable to the settlement of obligations.
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.
(z) Discontinued operations
The results of discontinued operations are shown as:
\u2022 a single amount on the face of the consolidated income
statement comprising the post-tax profit or loss of
discontinued operations; and
\u2022 post-tax gain or loss recognised either on measurement to
fair value less costs to sell or on the disposal of the
discontinued operation.
A discontinued operation is a cash generating unit (\u201cCGU\u201d)
or a group of CGUs that either has been disposed of, or is
classified as held for sale, and represents a separate major
line of business or geographical area of operations, is part of
a single coordinated plan to dispose of a separate major line
of business or geographical area of operations or is a
subsidiary acquired exclusively with a view to resale.
Intercompany transactions between continuing and
discontinued operations have been eliminated on
consolidation in the consolidated income statement.
Disposal groups are classified as held for sale when their
carrying amounts will be recovered principally through a sale
rather than continuing use, and the sale is highly probable
within 12 months. They are measured at the lower of carrying
amount and fair value less costs to sell, with impairment
losses, as needed, recognised in the income statement on
initial classification and subsequent remeasurement.
Financial assets and liabilities within a disposal group
continue to be measured under IFRS 9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-400": { "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 three (2024: five) operating segments: Commercial, Retail, and Property, and is primarily located within the UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-4": { "value": "Close Brothers Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-397": { "value": "Close Brothers Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-396": { "value": "Close Brothers Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-6": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-395": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-398": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-457": { "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. Amounts owed by subsidiaries due within one year on the company balance sheet include cash held with Close Brothers Limited. 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. Items relevant to understanding financial performance are presented on the consolidated income statement under IAS 1. Adjusting items and administrative expenses before adjusting items are not presented on the consolidated income statement this year to provide more clarity in relation to the statutory figures. Prior year comparatives have been re-presented on the same basis. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-401": { "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. Amounts owed by subsidiaries due within one year on the company balance sheet include cash held with Close Brothers Limited. 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. Items relevant to understanding financial performance are presented on the consolidated income statement under IAS 1. Adjusting items and administrative expenses before adjusting items are not presented on the consolidated income statement this year to provide more clarity in relation to the statutory figures. Prior year comparatives have been re-presented on the same basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-458": { "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. Future accounting developments Minor amendments to IFRSs issued by the IASB are effective for the group from 1 August 2025. These changes are expected to have no or an immaterial impact on the group. Amendments to the Classification and Measurement of Financial Instruments, which amend IFRS 9 \"Financial Instruments\" and IFRS 7 \"Financial Instruments: Disclosures\", are effective for the group from 1 August 2026. These amendments clarify certain classification and measurement and related disclosure requirements. IFRS 18 \"Presentation and Disclosure in Financial Statements\" is effective for the group from 1 August 2027. The impact of these accounting standard changes is currently under assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-496": { "value": "Standards adopted during the year The accounting standards applied this financial year are consistent with those of the previous financial year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-497": { "value": "Future accounting developments Minor amendments to IFRSs issued by the IASB are effective for the group from 1 August 2025. These changes are expected to have no or an immaterial impact on the group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-459": { "value": "(d) Consolidation and investment in subsidiaries 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-402": { "value": "(d) Consolidation and investment in subsidiaries 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-403": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-460": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-404": { "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 Non-interest income includes net realised and unrealised gains arising from the buying and selling of securities and from positions held in securities, including related interest income and dividends. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-498": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-461": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-463": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-464": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-405": { "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, restructuring costs, provision in relation to motor finance commissions, complaints handling and other operational and legal costs incurred in relation to motor finance commissions, provision in relation to early settlements in Motor Finance, operating loss of Close Brewery Rentals, and operating loss of Close Brothers Vehicle Hire. Amortisation of intangible assets on acquisition is excluded to present the performance of the group\u2019s acquired businesses consistent with its other businesses. The other adjusting items 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-499": { "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 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 as 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 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 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 rate and currency exchange rate movements on 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-462": { "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 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 as 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 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-406": { "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 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 as 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 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-514": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-465": { "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 certain 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 \u201cUse of estimates\u201d section 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-407": { "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 certain 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 \u201cUse of estimates\u201d section 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-408": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-409": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-410": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-466": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-411": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-412": { "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 were 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-413": { "value": "(o) Offsetting financial instruments Financial assets and financial liabilities are offset and the net amount presented on the consolidated balance sheet 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-515": { "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 rate and currency exchange rate movements on 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-467": { "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 rate and currency exchange rate movements on 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-414": { "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 rate and currency exchange rate movements on 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-500": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-468": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-415": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-469": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-416": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-417": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-470": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-418": { "value": "(t) Employee benefits The group operates a defined contribution pension scheme 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-419": { "value": "(u) Share-based payments to employees The group operates three (2024: 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 value of the DSA 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-471": { "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. Provisions include costs directly attributable to the settlement of obligations. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-420": { "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. Provisions include costs directly attributable to the settlement of obligations. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-472": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-421": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-501": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-422": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-423": { "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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-473": { "value": "(z) Discontinued operations The results of discontinued operations are shown as: \u2022 a single amount on the face of the consolidated income statement comprising the post-tax profit or loss of discontinued operations; and \u2022 post-tax gain or loss recognised either on measurement to fair value less costs to sell or on the disposal of the discontinued operation. A discontinued operation is a cash generating unit (\u201cCGU\u201d) or a group of CGUs that either has been disposed of, or is classified as held for sale, and represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale. Intercompany transactions between continuing and discontinued operations have been eliminated on consolidation in the consolidated income statement. Disposal groups are classified as held for sale when their carrying amounts will be recovered principally through a sale rather than continuing use, and the sale is highly probable within 12 months. They are measured at the lower of carrying amount and fair value less costs to sell, with impairment losses, as needed, recognised in the income statement on initial classification and subsequent remeasurement. Financial assets and liabilities within a disposal group continue to be measured under IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-424": { "value": "(z) Discontinued operations The results of discontinued operations are shown as: \u2022 a single amount on the face of the consolidated income statement comprising the post-tax profit or loss of discontinued operations; and \u2022 post-tax gain or loss recognised either on measurement to fair value less costs to sell or on the disposal of the discontinued operation. A discontinued operation is a cash generating unit (\u201cCGU\u201d) or a group of CGUs that either has been disposed of, or is classified as held for sale, and represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale. Intercompany transactions between continuing and discontinued operations have been eliminated on consolidation in the consolidated income statement. Disposal groups are classified as held for sale when their carrying amounts will be recovered principally through a sale rather than continuing use, and the sale is highly probable within 12 months. They are measured at the lower of carrying amount and fair value less costs to sell, with impairment losses, as needed, recognised in the income statement on initial classification and subsequent remeasurement. Financial assets and liabilities within a disposal group continue to be measured under IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-425": { "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 the Risk Report.
Critical accounting judgements
The critical accounting judgements of the group, which relate
to expected credit loss provisions under IFRS 9 and motor
finance commissions, are as follows:
\u2022 Establishing the criteria for a significant increase in credit
risk;
\u2022 Determining the appropriate definition of default;
\u2022 Determining the impact of the FCA's motor commissions
review on the goodwill impairment assessment; and
\u2022 Determining the affected customers in the motor finance
commissions provisioning assessment, with further
judgement and estimation then applied on the level of
compensation and appropriate scenarios.
Further information on the first two judgements can be found
in the \u201cUse of judgements\u201d section in the Risk Report, while
further information on the third and fourth judgements can be
found in Note 14 and Note 16 respectively.
Key sources of estimation uncertainty
The key sources of estimation uncertainty of the group,
which relate to expected credit loss provisions, value in use
calculations, and motor finance commissions, are as follows:
\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;
\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 Banking division cash generating units, in
particular Motor Finance, due to lower cash flow forecasts.
This was also a key estimate in the prior year;
\u2022 Estimates of the expected rental incomes and disposal
values in the calculation of value in use for the operating
lease assets of Close Brothers Vehicle Hire; and
\u2022 Estimates and assumptions applied in the calculation of
the provision relating to motor finance commissions. These
assumptions are the total cost of credit thresholds
(\u201cTCC\u201d), which is a key factor in determining affected
customers, claim rates and scenario weightings. Claim rate
is defined as the estimated cost of customer remediation
(based on customer engagement with redress invitation) as
a percentage of the estimated cost of the eligible in scope
population.
Additional disclosures on the estimation uncertainty relating
to forward-looking macroeconomic information, model
adjustments, operating lease assets, goodwill and motor
finance commissions can be found in the Risk Report (\u201cUse
of estimates\u201d and \u201cUse of Adjustments\u201d sections), Note 14,
Note 15, and Note 16 respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-474": { "value": "Key sources of estimation uncertainty The key sources of estimation uncertainty of the group, which relate to expected credit loss provisions, value in use calculations, and motor finance commissions, are as follows: \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; \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 Banking division cash generating units, in particular Motor Finance, due to lower cash flow forecasts. This was also a key estimate in the prior year; \u2022 Estimates of the expected rental incomes and disposal values in the calculation of value in use for the operating lease assets of Close Brothers Vehicle Hire; and \u2022 Estimates and assumptions applied in the calculation of the provision relating to motor finance commissions. These assumptions are the total cost of credit thresholds (\u201cTCC\u201d), which is a key factor in determining affected customers, claim rates and scenario weightings. Claim rate is defined as the estimated cost of customer remediation (based on customer engagement with redress invitation) as a percentage of the estimated cost of the eligible in scope population. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-426": { "value": "
3. Segmental Analysis
The directors manage the group by class of business and present the segmental analysis on that basis. The group\u2019s activities
are presented in three (2024: five) operating segments: Commercial, Retail, and Property.
In the segmental reporting information that follows, Group consists of central functions as well as various non-trading head
office companies and consolidation adjustments and is set out in order that the information presented reconciles to the
consolidated income statement. The Group balance sheet primarily includes treasury assets and liabilities comprising cash and
balances at central banks, debt securities, customer deposits and other borrowings.
Divisions continue to charge market prices for the limited services rendered to other parts of the group. Funding charges
between segments take into account commercial demands. More than 90% of the group\u2019s activities, revenue and assets are
located in the UK.
Banking
Continuing
Discontinued
Commercial Retail Property Group operations
operations
1
Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Summary income statement for the
year ended 31 July 2025
Net interest income/(expense)
228.1
224.5
128.3
(12.1)
568.8
\u2014
568.8
Impairment of operating lease assets
(30.0)
\u2014
\u2014
\u2014
(30.0)
\u2014
(30.0)
Other non-interest income
95.8
22.2
2.3
0.4
120.7
\u2014
120.7
Operating income/(expense)
293.9
246.7
130.6
(11.7)
659.5
\u2014
659.5
Provision in relation to motor finance
commissions
\u2014
(165.0)
\u2014
\u2014
(165.0)
\u2014
(165.0)
Complaints handling and other
operational and legal costs incurred in
relation to motor finance commissions
\u2014
(18.7)
\u2014
\u2014
(18.7)
\u2014
(18.7)
Provision in relation to early
settlements in Motor Finance
\u2014
(33.0)
\u2014
\u2014
(33.0)
\u2014
(33.0)
Depreciation and amortisation
(26.8)
(20.0)
(4.5)
(2.8)
(54.1)
\u2014
(54.1)
Other administrative expenses
(185.0)
(164.1)
(29.7)
(39.5)
(418.3)
\u2014
(418.3)
Impairment losses on financial assets
(18.8)
(44.5)
(29.5)
\u2014
(92.8)
\u2014
(92.8)
Total operating expenses
(230.6)
(445.3)
(63.7)
(42.3)
(781.9)
\u2014
(781.9)
Operating profit/(loss) from
continuing operations
63.3
(198.6)
66.9
(54.0)
(122.4)
\u2014
(122.4)
Operating profit before tax from
discontinued operations
\u2014
\u2014
\u2014
46.3
46.3
4.9
51.2
External operating income/(expense)
491.4
364.3
215.1
(411.3)
659.5
\u2014
659.5
Inter segment operating (expense)/
income
(197.5)
(117.6)
(84.5)
399.6
\u2014
\u2014
\u2014
Segment operating income/(expense)
293.9
246.7
130.6
(11.7)
659.5
\u2014
659.5
1. Discontinued operations comprise Asset Management, sold on 28 February 2025, and Winterflood, classified as held for sale. See Note 29.
The Commercial operating segment above includes Novitas, which ceased lending to new customers in July 2021 following a
strategic review. Novitas recorded an operating profit of \u00a316.1 million (2024: loss of \u00a30.1 million), including an impairment
credit of \u00a36.8 million (2024: \u00a36.4 million impairment losses).
Novitas\u2019 income was \u00a313.3 million (2024: \u00a311.0 million) and expenses were \u00a34.0 million (2024: \u00a34.8 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. Further information on Novitas can be found in the Credit Risk section of the Risk
Report.
As set out in Note 29 \u201cDiscontinued operations and assets and liabilities classified as held for sale\u201d, the group announced it
entered into an agreement to sell Close Brothers Asset Management (\u201cCBAM\u201d), one of the group\u2019s operating segments, to
Oaktree Capital Management, L.P. on 19 September 2024 following a comprehensive strategic review, and completed the sale
on 28 February 2025. CBAM's financial results are presented within this note as discontinued operations. On 25 July 2025, the
group also announced the sale of Winterflood Securities, an execution services and securities business, to Marex Group plc.
The sale is expected to complete in early 2026 and its financial results are also presented within this note as discontinued
operations.
Banking
Continuing
Discontinued
Commercial Retail Property
Group
2
operations
operations
3
Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Summary balance sheet information at
31 July 2025
Total assets\u00b9
 4,894.3
2,878.9
1,852.5
3,567.3
13,193.0
878.9
14,071.9
Total liabilities
\u2014
\u2014
\u2014
11,548.1
11,548.1
788.3
12,336.4
1. Total assets for the Banking operating segments comprise the loan book and operating lease assets only. The Commercial operating segment
includes the net loan book of Novitas of \u00a3nil.
2. Balance sheet includes \u00a33,117.6 million assets and \u00a311,353.5 million liabilities attributable to the Banking division primarily comprising the treasury
balances described in the second paragraph of this note.
3. Discontinued operations on the balance sheet comprise Winterflood Securities. See Note 29. The assets and liabilities of Winterflood Securities
presented in this table include intercompany balances for the purposes of segmental reporting.
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 \u00a39,625.7 million, in addition to assets and liabilities of
\u00a33,521.9 million and \u00a311,556.2 million respectively primarily comprising treasury balances which are included within the Group
column above.
Continuing
Discontinued
Banking Group operations operations Total
Equity at
31 July 2025
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Equity
1,591.4
53.5
1,644.9
90.6
1,735.5
Banking
Continuing
Discontinued
Commercial
Retail
Property
Group
operations
operations
Total
Other segment information for the year
ended 31 July 2025
Employees (average number)\u00b9
1,417
1,154
172
88
2,831
765
3,596
1.
Banking segments include a central function headcount allocation. The company\u2019s average number of employees is equivalent to the Group number.
Banking
Continuing Discontinued
Commercial Retail Property Group operations
operations
1
Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Summary income statement for the year
ended 31 July 2024
Net interest income/(expense)
228.8
234.4
129.0
(11.5)
580.7
\u2014
580.7
Impairment of operating lease assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other non-interest income
100.8
28.0
3.9
\u2014
132.7
\u2014
132.7
Operating income/(expense)
329.6
262.4
132.9
(11.5)
713.4
\u2014
713.4
Provision in relation to the Borrowers in
Financial Difficulty (\"BiFD\") review
(0.6)
(16.6)
\u2014
\u2014
(17.2)
\u2014
(17.2)
Complaints handling and other
operational and legal costs incurred in
relation to motor finance commissions
\u2014
(6.9)
\u2014
\u2014
(6.9)
\u2014
(6.9)
Depreciation and amortisation
(26.1)
(20.8)
(4.9)
(2.3)
(54.1)
\u2014
(54.1)
Other administrative expenses
(184.5)
(157.3)
(30.3)
(31.5)
(403.6)
\u2014
(403.6)
Impairment losses on financial assets
(31.7)
(47.2)
(20.0)
\u2014
(98.9)
\u2014
(98.9)
Total operating expenses
(242.9)
(248.8)
(55.2)
(33.8)
(580.7)
\u2014
(580.7)
Operating profit/(loss) from continuing
operations
86.7
13.6
77.7
(45.3)
132.7
\u2014
132.7
Operating profit before tax from
discontinued operations
1
\u2014
\u2014
\u2014
\u2014
9.3
9.3
External operating income/(expense)
517.0
376.7
224.7
(404.1)
714.3
\u2014
714.3
Inter segment operating (expense)/
income
(187.4)
(114.3)
(91.8)
392.6
(0.9)
\u2014
(0.9)
Segment operating income/(expense)
329.6
262.4
132.9
(11.5)
713.4
\u2014
713.4
1. Discontinued operations represent the Asset Management division sold on 28 February 2025 and Winterflood shown as held for sale - see Note 29.
Banking
Continuing Discontinued
Commercial Retail Property
Group
\u00b2
operations
operations
3
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
3,041.9
1,955.2
2,965.1
13,063.8
1,017.0
14,080.8
Total liabilities
\u2014
\u2014
\u2014
11,433.5
11,433.5
804.8
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
the net loan book of Novitas of \u00a362.4 million.
2. Balance sheet includes \u00a32,970.1 million assets and \u00a311,358.1 million liabilities attributable to the Banking division primarily comprising the treasury
balances described in the second paragraph of this note.
3. Discontinued operations on the balance sheet comprise Winterflood Securities and Close Brothers Asset Management. See Note 29. The assets and
liabilities presented in this table include intercompany balances for the purposes of segmental reporting.
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
column above.
Continuing Discontinued
Banking Group operations operations Total
Equity at 31 July 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Equity
1,710.7
(80.4)
1,630.3
212.2
1,842.5
Banking
Continuing Discontinued
Commercial Retail Property Group operations operations Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other segmental information for the year
ended 31 July 2024
Employees (average number)\u00b9
1,461
1,195
199
87
2,942
1,183
4,125
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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-427": { "value": "
4. Operating profit before tax
2025
2024
1
\u00a3 million \u00a3 million
Interest income
2
Cash and balances at central banks
86.7
98.5
Loans and advances to banks
3.4
8.1
Loans and advances to customers
991.2
1,006.8
Other interest income
30.4
19.8
1,111.7
1,133.2
Interest expense
Deposits from banks
(4.3)
(5.8)
Deposits by customers
(405.9)
(387.2)
Borrowings
(80.8)
(108.0)
Other interest expense
3
(51.9)
(51.5)
(542.9)
(552.5)
Net interest income
568.8
580.7
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See
Notes 3 and 29.
2.
Interest income calculated using the effective interest method.
3.
Other interest expense includes interest expense of \u00a326.9 million relating to derivative assets and liabilities (2024: \u00a326.7 million interest income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-528": { "value": "4. Operating profit before tax
2025
2024
1
\u00a3 million \u00a3 million
Interest income
2
Cash and balances at central banks
86.7
98.5
Loans and advances to banks
3.4
8.1
Loans and advances to customers
991.2
1,006.8
Other interest income
30.4
19.8
1,111.7
1,133.2
Interest expense
Deposits from banks
(4.3)
(5.8)
Deposits by customers
(405.9)
(387.2)
Borrowings
(80.8)
(108.0)
Other interest expense
3
(51.9)
(51.5)
(542.9)
(552.5)
Net interest income
568.8
580.7
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See Notes 3 and 29. 2. Interest income calculated using the effective interest method. 3. Other interest expense includes interest expense of \u00a326.9 million relating to derivative assets and liabilities (2024: \u00a326.7 million interest income).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-524": { "value": "4. Operating profit before tax
2025
2024
1
\u00a3 million \u00a3 million
Interest income
2
Cash and balances at central banks
86.7
98.5
Loans and advances to banks
3.4
8.1
Loans and advances to customers
991.2
1,006.8
Other interest income
30.4
19.8
1,111.7
1,133.2
Interest expense
Deposits from banks
(4.3)
(5.8)
Deposits by customers
(405.9)
(387.2)
Borrowings
(80.8)
(108.0)
Other interest expense
3
(51.9)
(51.5)
(542.9)
(552.5)
Net interest income
568.8
580.7
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See Notes 3 and 29. 2. Interest income calculated using the effective interest method. 3. Other interest expense includes interest expense of \u00a326.9 million relating to derivative assets and liabilities (2024: \u00a326.7 million interest income).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-516": { "value": "4. Operating profit before tax
2025
2024
1
\u00a3 million \u00a3 million
Interest income
2
Cash and balances at central banks
86.7
98.5
Loans and advances to banks
3.4
8.1
Loans and advances to customers
991.2
1,006.8
Other interest income
30.4
19.8
1,111.7
1,133.2
Interest expense
Deposits from banks
(4.3)
(5.8)
Deposits by customers
(405.9)
(387.2)
Borrowings
(80.8)
(108.0)
Other interest expense
3
(51.9)
(51.5)
(542.9)
(552.5)
Net interest income
568.8
580.7
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See Notes 3 and 29. 2. Interest income calculated using the effective interest method. 3. Other interest expense includes interest expense of \u00a326.9 million relating to derivative assets and liabilities (2024: \u00a326.7 million interest income).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-475": { "value": "
2025
2024
1
\u00a3 million \u00a3 million
Interest income
2
Cash and balances at central banks
86.7
98.5
Loans and advances to banks
3.4
8.1
Loans and advances to customers
991.2
1,006.8
Other interest income
30.4
19.8
1,111.7
1,133.2
Interest expense
Deposits from banks
(4.3)
(5.8)
Deposits by customers
(405.9)
(387.2)
Borrowings
(80.8)
(108.0)
Other interest expense
3
(51.9)
(51.5)
(542.9)
(552.5)
Net interest income
568.8
580.7
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See Notes 3 and 29. 2. Interest income calculated using the effective interest method. 3. Other interest expense includes interest expense of \u00a326.9 million relating to derivative assets and liabilities (2024: \u00a326.7 million interest income).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-502": { "value": "
2025
2024
1
\u00a3 million \u00a3 million
Interest income
2
Cash and balances at central banks
86.7
98.5
Loans and advances to banks
3.4
8.1
Loans and advances to customers
991.2
1,006.8
Other interest income
30.4
19.8
1,111.7
1,133.2
Interest expense
Deposits from banks
(4.3)
(5.8)
Deposits by customers
(405.9)
(387.2)
Borrowings
(80.8)
(108.0)
Other interest expense
3
(51.9)
(51.5)
(542.9)
(552.5)
Net interest income
568.8
580.7
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See Notes 3 and 29. 2. Interest income calculated using the effective interest method. 3. Other interest expense includes interest expense of \u00a326.9 million relating to derivative assets and liabilities (2024: \u00a326.7 million interest income).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-428": { "value": "
2025
2024
1
\u00a3 million \u00a3 million
Fee and commission income
2
Banking
103.5
104.2
Fee and commission expense
2
(16.7)
(19.8)
Net fee and commission income
86.8
84.4
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See
Notes 3 and 29.
2. Fee income and expense relates to financial instruments which are not at fair value through profit or loss. There is no fee income or expense arising
from trust and other fiduciary activities (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-476": { "value": "
2025
2024
1
\u00a3 million \u00a3 million
Other income
Operating lease assets rental income
91.6
92.3
Other
2
26.9
37.4
118.5
129.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-429": { "value": "
2025
2024
1
\u00a3 million \u00a3 million
Administrative expenses
Staff costs:
Wages and salaries
194.0
203.4
Social security costs
26.7
26.5
Share-based awards
3.8
3.2
Pension costs
13.9
13.7
238.4
246.8
Depreciation and amortisation
54.1
54.1
Other administrative expenses
2
396.6
180.9
689.1
481.8
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See
Notes 3 and 29.
2. Other administrative expenses of \u00a3396.6 million (2024: \u00a3180.9 million) include the following items which have been separately disclosed on the
consolidated income statement: provision in relation to motor finance commissions of \u00a3165.0 million (2024: \u00a3nil), complaints handling and other
operational and legal costs incurred in relation to motor finance commissions of \u00a318.7 million (2024: \u00a36.9 million), and provision in relation to early
settlements in Motor Finance of \u00a333.0 million (2024: \u00a3nil).
Staff costs of the company total \u00a318.6 million (2024: \u00a316.9 million) comprising largely of wages and salaries of \u00a313.8 million
(2024: \u00a312.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-517": { "value": "
2025
2024
1
\u00a3 million \u00a3 million
Administrative expenses
Staff costs:
Wages and salaries
194.0
203.4
Social security costs
26.7
26.5
Share-based awards
3.8
3.2
Pension costs
13.9
13.7
238.4
246.8
Depreciation and amortisation
54.1
54.1
Other administrative expenses
2
396.6
180.9
689.1
481.8
14. Intangible assets
Intangible
assets on Company
Goodwill Software acquisition Group total software
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 August 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
Additions
\u2014
25.6
\u2014
25.6
\u2014
Disposals
\u2014
(6.1)
\u2014
(6.1)
\u2014
Disposal of subsidiaries
1
(46.9)
(16.6)
(51.7)
(115.2)
\u2014
Reclassification to assets held for sale
2
(67.7)
(20.4)
\u2014
(88.1)
\u2014
At 31 July 2025
36.2
331.2
5.7
373.1
0.3
Accumulated amortisation and impairments
At 1 August 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 1 August 2024
47.9
195.3
47.7
290.9
0.3
Amortisation charge for the year
\u2014
38.3
0.8
39.1
\u2014
Impairment charge for the year
16.6
2.0
\u2014
18.6
\u2014
Disposals
\u2014
(5.3)
\u2014
(5.3)
\u2014
Disposal of subsidiaries
1
(3.5)
(9.2)
(46.0)
(58.7)
\u2014
Reclassification to assets held for sale
2
(58.9)
(18.9)
\u2014
(77.8)
\u2014
At 31 July 2025
2.1
202.2
2.5
206.8
0.3
Net book value at 31 July 2025
34.1
129.0
3.2
166.3
\u2014
Net book value at 31 July 2024
102.9
153.4
9.7
266.0
\u2014
Net book value at 1 August 2023
94.6
165.4
3.7
263.7
\u2014
1. Close Brothers Asset Management was sold to Oaktree Capital Management, L.P. on 28 February 2025 \u2013 see Note 29. 2. Intangible assets relating to Winterflood Securities and Close Brewery Rentals have been reclassified to assets held for sale \u2013 see Note 29. Goodwill additions of \u00a38.3 million and intangible assets on acquisition additions of \u00a37.3 million in the prior year ended 31 July 2024 relate to the group\u2019s acquisition of the 100% shareholdings of Close Brothers Finance Designated Activity Company (goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\u201cBottriell Adams\u201d) (goodwill of \u00a33.6 million and intangible assets on acquisition of \u00a33.7 million). Software includes assets under development of \u00a330.6 million (31 July 2024: \u00a335.4 million). Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 years. In the 2025 financial year, \u00a30.2 million (2024: \u00a30.2 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a337.2 million (2024: \u00a336.6 million) of the amortisation charge is included in administrative expenses shown in the consolidated income statement. Impairment tests for goodwill and other intangible assets Overview At 31 July 2025, goodwill has been allocated to eight (31 July 2024: nine) individual cash generating units (\u201cCGUs\u201d). Seven (July 2024: seven) are within the Banking division and one is the Winterflood Securities division (\u201cWinterflood\u201d). At 31 July 2024, the Asset Management division was also a CGU. However, as disclosed in Note 29, the group completed the sale of Asset Management on 28 February 2025 and therefore the CGU and associated goodwill have been derecognised from the balance sheet. Also as disclosed in Note 29, the group announced on 25 July 2025 its agreement to sell Winterflood to Marex Group plc with the transaction expected to complete in early 2026. As a result, Winterflood was classified as held for sale on the balance sheet in line with IFRS 5. A goodwill impairment of \u00a314.5 million was recognised, reflecting the requirement to hold the business at the lower of carrying value and fair value less costs to sell. At 31 July 2025, the goodwill classified as held for sale in relation to Winterflood is \u00a38.8 million (31 July 2024: \u00a323.3 million). As disclosed at half year 2025, two additional CGUs, namely the group's Vehicle Hire and Brewery Rentals businesses, were separated out from an existing Banking CGU. This allowed a more accurate position of the CGUs to be presented. The intangible assets of these two new CGUs totalled \u00a34.1 million, comprising \u00a32.1 million of goodwill and \u00a32.0 million of software. Following a review at half year, a full impairment of these intangible assets was subsequently recognised. Brewery Rentals met the held for sale criteria under IFRS 5 in the second half of the year. 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 \u201cSegmental Analysis\u201d. Goodwill impairment reviews are carried out at least 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. Goodwill impairment reviews have been performed for 31 July 2025 in light of the current trading and regulatory environment. Methodology The recoverable amounts for all CGUs except Winterflood are measured based on value in use. A value in use calculation uses discounted cash flow forecasts based on the most recent three-year strategy plans. 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 appropriate allocation of overhead costs, as well as discount rates. The most relevant assumptions underlying management\u2019s strategy plans for the Banking CGUs, which are based on past experience and forecast market conditions, are expected loan book growth rates, net return on loan book, future costs and future capital requirements. While these assumptions are relevant to management's plans, they may not all be key assumptions in the goodwill impairment test. In addition, while Banking 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, and longer where appropriate, are made by management with due consideration given to the relevant assumptions set out above. After the final 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 is fundamentally consistent with the prior year and the discount rates used are also consistent with the prior year. However, they 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. Assessment overview At 31 July 2025, the results of the review indicate there is no goodwill impairment except in relation to the Winterflood, Vehicle Hire and Brewery Rentals CGUs as noted above. Having performed stress test 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 remaining CGU to exceed its recoverable amount except Motor Finance. Assessment of CGUs The Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a310.7 million, relates to the group's UK motor finance business. Cash flows for this CGU have been estimated for seven years to ensure an appropriate value in use is calculated given a period of strategic change in the shorter term. Consistent with the prior year, the value in use calculation for this CGU has been identified as a key source of estimation uncertainty. The value in use of Motor Finance excludes the \u00a3163.9 million balance sheet provision in relation to motor finance commissions and \u00a333.0 million provision in relation to early settlements, both as described in Note 16, in line with the requirements of IAS 36. The key source of estimation uncertainty within the Motor Finance value in use calculation relates to the expected future cash flows, which include consideration for the CGU's strategic growth plans, as well as forecast costs and capital charge. While, as noted previously, the cash flows exclude the provision in relation to motor finance commissions, the cash flows may nevertheless be impacted by the uncertainty surrounding, and outcome of, the FCA's review and the group's strategic and capital actions response. As described in Note 2, determining the impact on goodwill of this matter is a critical accounting judgement. It also represents a key assumption for the Motor Finance goodwill impairment assessment. The value in use of Motor Finance is calculated to be 133% (31 July 2024: 121%) of carrying value, which represents a headroom of \u00a353 million (31 July 2024: \u00a335 million). Management's future growth expectations are in part dependent on assumptions relating to funding, capital and customer demand. To demonstrate the sensitivity to lower cash flows or a delay in future growth, a 33% reduction in the annual cash flows to perpetuity would result in the full reduction of the available headroom. However, this outcome reflects the CGU's sensitivity and does not include all possible management actions which may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required in respect of the FCA review. Separately, the pre-tax discount rate used is 14.9% (31 July 2024: 15.2%) and an absolute increase of 2.5% in the discount rate would result in the full reduction of the available headroom. The Asset Finance and Leasing (\u201cAF&L\u201d) CGU includes goodwill of \u00a39.8 million, which is significant in comparison to total goodwill following the disposal of Asset Management and classification of Winterflood as held for sale. The value in use of AF&L is calculated to be 122% (31 July 2024: 135%) of carrying value. The value in use calculation is also dependent on management's assumptions for future cash flows. To demonstrate the sensitivity to cash flows, a 10% reduction in the annual cash flows to perpetuity would result in a 46% reduction in the available headroom. These scenarios for Motor Finance and AF&L are a demonstration of sensitivity only and do not represent management's base case scenarios where, as stated, value in use remains above carrying value. Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the pre-tax discount rate used in determining value in use, are disclosed separately in the table below:
31 July 2025
31 July 2024
Pre-tax Pre-tax
Goodwill discount rate Goodwill discount rate
Cash generating unit
\u00a3 million % \u00a3 million %
Winterflood Securities
\u2014
\u2014
23.3
14.8
Asset Finance and Leasing
9.8
14.9
9.8
15.2
Other Banking division CGUs
24.3
14.4-15.2
26.3
14.5-15.4
34.1
59.4
15. Property, plant and equipment
Assets held
Fixtures, under
Leasehold 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 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
Additions
3.2
2.7
40.3
 \u2014
10.3
56.5
Disposals
(13.3)
(4.2)
(75.9)
 \u2014
(26.5)
(119.9)
Disposal of subsidiaries
2
(5.1)
(6.8)
\u2014
\u2014
(7.5)
(19.4)
Reclassification to assets held for sale
3
(0.7)
(21.9)
(80.1)
(0.1)
(19.1)
(121.9)
At 31 July 2025
6.5
34.9
326.2
0.3
50.1
418.0
Accumulated depreciation and impairments
At 1 August 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
Depreciation and impairment charges for the year
1.3
8.2
78.3
\u2014
13.3
101.1
Disposals
(13.0)
(4.1)
(53.3)
\u2014
(25.1)
(95.5)
Disposal of subsidiaries
2
(3.2)
(4.7)
\u2014
\u2014
(3.4)
(11.3)
Reclassification to assets held for sale
3
(0.6)
(13.8)
(39.1)
(0.1)
(5.2)
(58.8)
At 31 July 2025
1.5
22.2
159.9
0.2
24.8
208.6
Net book value at 31 July 2025
5.0
12.7
166.3
0.1
25.3
209.4
Net book value at 31 July 2024
5.4
28.5
267.9
0.1
47.7
349.6
Net book value at 1 August 2023
6.5
24.6
271.2
0.2
54.6
357.1
1. Right of use assets primarily relate to the group\u2019s leasehold properties. 2. Close Brothers Asset Management was sold to Oaktree Capital Management, L.P. on 28 February 2025 - see Note 29. 3. Property, plant and equipment relating to Winterflood Securities and Close Brewery Rentals have been reclassified to assets held for sale - see Note 29. The net book value of assets held under operating leases includes \u00a30.1 million (31 July 2024: \u00a30.6 million) relating to vehicles held in inventories. There was a loss of \u00a32.0 million from the sale of assets held under operating leases for the year ended 31 July 2025 (2024: gain of \u00a30.4 million). Assets held under operating leases primarily relate to vehicles owned by the group's Vehicle Hire business, which is part of the Commercial operating segment. At 31 July 2025, the carrying value of the operating lease assets in relation to this business was \u00a3165.0 million (31 July 2024: \u00a3222.4 million). The group has decided to exit this business with performance impacted by a challenging market backdrop, particularly post-Covid, and there is limited opportunity to deliver enhanced returns. To realise maximum value and ensure we continue to support our customers in line with contractual terms, the exit will be phased over time, with the business being managed down over the next three to five years. As a result of this decision and the recent decline in asset values in this sector, an impairment charge of \u00a330.0 million in relation to the operating lease assets has been recognised within operating income in the consolidated income statement. The impairment follows a value in use (\u201cVIU\u201d) assessment under IAS 36 \u201cImpairment of Assets\u201d based on management's exit plan. The key sources of estimation uncertainty in the VIU calculation relates to the expected rental incomes and disposal values of the vehicles. At 31 July 2025, a 7.5% absolute increase or decrease in expected rental incomes would decrease or increase the impairment charge by \u00a310.2 million or \u00a310.3 million respectively. Separately, a 15% absolute increase or decrease in the disposal values would decrease or increase the impairment charge by \u00a312.7 million or \u00a313.2 million respectively. The discount rate is not a key assumption in the VIU calculation. Vehicle Hire's operating loss before tax of \u00a343.4 million is presented as an adjusting item. This includes the \u00a330.0 million asset impairment charge, a \u00a310.9 million underlying loss and \u00a32.5 million impairment of intangible assets, of which \u00a31.5 million relates to the full impairment of the goodwill associated with the business. At 31 July 2024, assets held under operating leases of \u00a3267.9 million largely comprised vehicles owned by the Vehicle Hire business of \u00a3222.4 million, and brewery containers owned by Close Brewery Rentals Limited (\u201cCBRL\u201d) of \u00a344.5 million. During the current year, CBRL met the relevant IFRS 5 criteria and the business' assets held under operating leases totalling \u00a341.0 million have been reclassified to assets held for sale on the balance sheet. See Note 29 for further detail.
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Future minimum lease rentals receivable under non-cancellable operating leases
One year or within one year
50.5
51.0
>One to two years
39.1
36.1
>Two to three years
30.3
28.2
>Three to four years
15.4
19.1
>Four to five years
5.9
6.7
More than five years
2.9
2.1
144.1
143.2
Fixtures,
Leasehold fittings and
property equipment Total
\u00a3 million \u00a3 million \u00a3 million
Company
Cost
At 1 August 2023
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2024
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2025
0.3
11.8
12.1
Depreciation
At 1 August 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
Charge for the year
\u2014
1.2
1.2
At 31 July 2025
0.1
5.5
5.6
Net book value at 31 July 2025
0.2
6.3
6.5
Net book value at 31 July 2024
0.2
7.5
7.7
Net book value at 1 August 2023
0.2
8.7
8.9
The net book value of leasehold property comprises:
Group
Company
31 July 2025 31 July 2024 31 July 2025 31 July 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Long leasehold property
0.2
1.1
0.2
0.2
Short leasehold property
4.8
4.3
\u2014
\u2014
5.0
5.4
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-430": { "value": "
5. Information regarding the auditors
2025
1
2024
1
\u00a3 million \u00a3 million
Fees payable
Audit of the company's annual accounts
1.3
1.0
Audit of the company's subsidiaries pursuant to legislation
4.8
4.0
Audit related services
0.3
0.7
Other services
0.6
0.7
7.0
6.4
1. During the year, an additional audit fee of \u00a30.8 million (2024: \u00a30.3 million) was paid to the auditors in relation to scope changes in the prior year audit,
which is not included above.
The auditors of the group were PricewaterhouseCoopers LLP (2024: PricewaterhouseCoopers LLP).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-431": { "value": "
6. Taxation
2025
2024
1
\u00a3 million \u00a3 million
Tax charged/(credited) to the income statement
Current tax:
UK corporation tax
15.0
38.8
Foreign tax
1.0
0.9
Adjustments in respect of previous years
(1.3)
(4.9)
14.7
34.8
Deferred tax:
Deferred tax credit for the current year
(11.6)
(2.5)
Adjustments in respect of previous years
1.6
5.1
4.7
37.4
Tax on items not (credited)/charged to the income statement
Current tax relating to:
Acquisitions and disposals
3.7
(0.4)
Deferred tax relating to:
Cash flow hedging
(3.5)
(8.4)
Financial instruments classified as fair value through other comprehensive income
(1.2)
(1.0)
Currency translation gains/(losses)
0.4
(0.4)
Acquisitions and disposals
1.7
(0.3)
1.1
(10.5)
Reconciliation to tax expense
UK corporation tax for the period at 25% (2024: 25%) on operating (loss)/profit
(30.6)
33.2
Disallowable items and other permanent differences
2
40.6
6.8
Banking surcharge
\u2014
\u2014
Tax relief on coupon on other equity instruments
(5.6)
(2.8)
Prior period tax provision
0.3
0.2
4.7
37.4
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See
Notes 3 and 29.
2. Disallowable items and other permanent differences largely relate to the non-deductible provision in relation to motor finance commissions.
The standard UK corporation tax rate for the financial year is 25.0% (2024: 25.0%). An additional 3.0% (2024: 3.0%) surcharge
applies to banking company profits as defined in legislation, but only above a threshold amount which is not exceeded by the
current year banking company profits. The effective tax rate of (3.8)% (2024: 28.2%), which relates to a \u00a34.7 million charge on
an operating loss before tax of \u00a3122.4 million, differs to the UK corporation tax rate primarily due to disallowable expenditure,
which more than offsets the tax relief on coupons on the group's AT1 instrument.
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. The current tax
charge for the period includes \u00a3nil in respect of Pillar Two income taxes. 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 FRS 102.
Movements in deferred tax assets and liabilities were as follows:
Share-based
payments and
Capital Pension deferred 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 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)
7.2
6.0
(5.0)
(2.1)
3.3
14.3
Credit/(charge) to the
income statement
8.3
0.1
(1.0)
(0.6)
\u2014
\u2014
1.6
8.4
(Charge)/credit to other
comprehensive income
(0.4)
\u2014
\u2014
\u2014
3.5
\u2014
1.2
4.3
Charge to equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(0.1)
\u2014
(3.2)
\u2014
\u2014
1.6
\u2014
(1.7)
Reclassification to assets
held for sale
6.2
\u2014
(0.8)
\u2014
\u2014
\u2014
0.3
5.7
At 31 July 2025
19.1
(0.1)
2.2
5.4
(1.5)
(0.5)
6.4
31.0
The group\u2019s deferred tax asset comprises \u00a35.7 million (31 July 2024: \u00a34.8 million) due within one year and \u00a325.3 million (31 July
2024: \u00a39.5 million) due after more than one year.
Share-based
payments and
Capital Pension deferred
allowances scheme compensation Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Company
At 1 August 2023
(0.4)
(0.3)
1.1
0.4
Credit 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
(0.2)
(0.2)
0.6
0.2
Charge to the income statement
0.2
0.1
(0.1)
0.2
Credit to other comprehensive income
\u2014
\u2014
\u2014
\u2014
At 31 July 2025
\u2014
(0.1)
0.5
0.4
The company\u2019s deferred tax asset comprises \u00a30.1 million (31 July 2024: \u00a30.2 million) due within one year and \u00a30.3 million
(31 July 2024: \u00a3nil) due after more than one year.
As the group has been and is expected to continue to be consistently taxpaying, the full deferred tax assets have been
recognised. However, deferred tax assets of \u00a30.5 million (31 July 2024: \u00a30.5 million) have not been recognised in respect of
certain carried forward tax losses. It is currently uncertain whether the group will be able to utilise these losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-477": { "value": "6. Taxation
2025
2024
1
\u00a3 million \u00a3 million
Tax charged/(credited) to the income statement
Current tax:
UK corporation tax
15.0
38.8
Foreign tax
1.0
0.9
Adjustments in respect of previous years
(1.3)
(4.9)
14.7
34.8
Deferred tax:
Deferred tax credit for the current year
(11.6)
(2.5)
Adjustments in respect of previous years
1.6
5.1
4.7
37.4
Tax on items not (credited)/charged to the income statement
Current tax relating to:
Acquisitions and disposals
3.7
(0.4)
Deferred tax relating to:
Cash flow hedging
(3.5)
(8.4)
Financial instruments classified as fair value through other comprehensive income
(1.2)
(1.0)
Currency translation gains/(losses)
0.4
(0.4)
Acquisitions and disposals
1.7
(0.3)
1.1
(10.5)
Reconciliation to tax expense
UK corporation tax for the period at 25% (2024: 25%) on operating (loss)/profit
(30.6)
33.2
Disallowable items and other permanent differences
2
40.6
6.8
Banking surcharge
\u2014
\u2014
Tax relief on coupon on other equity instruments
(5.6)
(2.8)
Prior period tax provision
0.3
0.2
4.7
37.4
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See Notes 3 and 29. 2. Disallowable items and other permanent differences largely relate to the non-deductible provision in relation to motor finance commissions. The standard UK corporation tax rate for the financial year is 25.0% (2024: 25.0%). An additional 3.0% (2024: 3.0%) surcharge applies to banking company profits as defined in legislation, but only above a threshold amount which is not exceeded by the current year banking company profits. The effective tax rate of (3.8)% (2024: 28.2%), which relates to a \u00a34.7 million charge on an operating loss before tax of \u00a3122.4 million, differs to the UK corporation tax rate primarily due to disallowable expenditure, which more than offsets the tax relief on coupons on the group's AT1 instrument. 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. The current tax charge for the period includes \u00a3nil in respect of Pillar Two income taxes. 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 FRS 102. Movements in deferred tax assets and liabilities were as follows:
Share-based
payments and
Capital Pension deferred 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 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)
7.2
6.0
(5.0)
(2.1)
3.3
14.3
Credit/(charge) to the
income statement
8.3
0.1
(1.0)
(0.6)
\u2014
\u2014
1.6
8.4
(Charge)/credit to other
comprehensive income
(0.4)
\u2014
\u2014
\u2014
3.5
\u2014
1.2
4.3
Charge to equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(0.1)
\u2014
(3.2)
\u2014
\u2014
1.6
\u2014
(1.7)
Reclassification to assets
held for sale
6.2
\u2014
(0.8)
\u2014
\u2014
\u2014
0.3
5.7
At 31 July 2025
19.1
(0.1)
2.2
5.4
(1.5)
(0.5)
6.4
31.0
The group\u2019s deferred tax asset comprises \u00a35.7 million (31 July 2024: \u00a34.8 million) due within one year and \u00a325.3 million (31 July 2024: \u00a39.5 million) due after more than one year.
Share-based
payments and
Capital Pension deferred
allowances scheme compensation Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Company
At 1 August 2023
(0.4)
(0.3)
1.1
0.4
Credit 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
(0.2)
(0.2)
0.6
0.2
Charge to the income statement
0.2
0.1
(0.1)
0.2
Credit to other comprehensive income
\u2014
\u2014
\u2014
\u2014
At 31 July 2025
\u2014
(0.1)
0.5
0.4
The company\u2019s deferred tax asset comprises \u00a30.1 million (31 July 2024: \u00a30.2 million) due within one year and \u00a30.3 million (31 July 2024: \u00a3nil) due after more than one year. As the group has been and is expected to continue to be consistently taxpaying, the full deferred tax assets have been recognised. However, deferred tax assets of \u00a30.5 million (31 July 2024: \u00a30.5 million) have not been recognised in respect of certain carried forward tax losses. It is currently uncertain whether the group will be able to utilise these losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-503": { "value": "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. The current tax charge for the period includes \u00a3nil in respect of Pillar Two income taxes. 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 FRS 102. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-432": { "value": "
7. Earnings per share
The calculation of basic earnings per share is based on the profit attributable to shareholders and the number of basic
weighted average shares. When calculating the diluted earnings per share, the weighted average number of shares in issue is
adjusted for the effects of all dilutive share options and awards.
Continuing operations
2025
2024
1
Basic
(99.8)p
56.2p
Diluted
(99.8)p
56.1p
Adjusted basic
2
59.3p
75.8p
Adjusted diluted
2
59.3p
75.6p
Discontinued operations
Basic
32.9p
3.5p
Diluted
32.9p
3.4p
Continuing and discontinued operations
Basic
(66.9) p
59.7p
Diluted
(66.9)p
59.5p
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See
Notes 3 and 29.
2. Excludes the adjusting items set out in the table below and the associated tax effect.
2025
2024
1
\u00a3 million \u00a3 million
(Loss)/profit attributable to shareholders
(100.2)
89.3
Less profit from discontinued operations, net of tax
(49.2)
(5.1)
(Loss)/profit attributable to shareholders on continuing operations
(149.4)
84.2
Adjustments:
Provision in relation to motor finance commissions
165.0
\u2014
Complaints handling and other operational and legal costs incurred in relation to motor finance
commissions
18.7
6.9
Provision in relation to early settlements in Motor Finance
33.0
\u2014
Provision in relation to the Borrowers in Financial Difficulty (\"BiFD\") review
\u2014
17.2
Restructuring costs
2.3
3.1
Amortisation of intangible assets on acquisition
0.2
0.2
Operating loss before tax of Close Brewery Rentals
4.1
2.1
Operating loss before tax of Close Brothers Vehicle Hire
43.4
5.4
Tax effect of adjustments
(28.6)
(5.7)
Adjusted profit attributable to shareholders on continuing operations
88.7
113.4
1. Comparative information restated following the classification of Close Brothers Asset Management and Winterflood as discontinued operations. See
Notes 3 and 29.
The tax rate on adjusting items is 10.7% (2024: 16.3%), which differs to the standard UK corporation tax rate for the financial
year of 25.0% (2024: 25.0%). This is primarily due to \u00a3150.0 million of the provisions in relation to motor finance commissions
and early settlements in Motor Finance comprising disallowable expenditure (2024: primarily due to \u00a314.0 million of the
provision in relation to the BiFD review comprising disallowable expenditure).
2025
2024
Average number of shares
Basic weighted
149.7
149.7
Effect of dilutive share options and awards
0.2
0.3
Diluted weighted
149.9
150.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-433": { "value": "
8. Dividends
2025 2024
\u00a3 million \u00a3 million
For each ordinary share
Final dividend for previous financial year paid in November 2024: \u00a3nil (November 2023: 45.0p)
\u2014
67.1
Interim dividend for current financial year paid in April 2025: \u00a3nil (April 2024: \u00a3nil)
\u2014
\u2014
\u2014
67.1
Given the continued uncertainty regarding the outcome of the FCA\u2019s review of motor finance commission arrangements and
any potential financial impact, the group will not pay a final dividend on its ordinary shares for the 2025 financial year. As
previously stated, the decision to reinstate dividends will be reviewed by the board once there is further clarity on the financial
impact of the FCA review of motor finance commissions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-434": { "value": "
9. Loans and advances to banks
Between Between one
Within three three months and two Between two
On demand months and one year years and five years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
135.2
1.3
3.5
14.2
7.5
161.7
At 31 July 2024
269.2
0.1
4.3
16.4
3.7
293.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-529": { "value": "9. Loans and advances to banks
Between Between one
Within three three months and two Between two
On demand months and one year years and five years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
135.2
1.3
3.5
14.2
7.5
161.7
At 31 July 2024
269.2
0.1
4.3
16.4
3.7
293.7
10. Loans and advances to customers (a) Maturity and classification analysis of loans and advances to customers The following tables set out the maturity and IFRS 9 classification analysis of loans and advances to customers. At 31 July 2025, loans and advances to customers with a maturity of two years or less was \u00a37,346.3 million (31 July 2024: \u00a37,733.6 million) representing 75.7% (31 July 2024: 75.3%) of total gross loans and advances to customers:
Between Total gross
three Between Between After more loans and Total net loans
Within three months and one and two two and five than five advances to Impairment and advances
On demand months one year years years years 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 2025
85.1
2,984.1
2,512.4
1,764.7
2,220.7
142.1
9,709.1
(249.7)
9,459.4
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
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Gross loans and advances to customers
Held at amortised cost
9,697.3
10,264.8
Held at fair value through profit or loss
11.8
11.8
9,709.1
10,276.6
(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 provision coverage ratios are set out below:
Stage 2
Greater
than or
Less than equal to 30
30 days past days past
Stage 1 due due Total Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Gross loans and advances to customers held at
amortised cost
Commercial
3,717.5
925.1
39.0
964.1
108.1
4,789.7
Of which: Commercial excluding Novitas
3,717.5
924.6
39.0
963.6
105.8
4,786.9
Of which: Novitas
\u2014
0.5
\u2014
0.5
2.3
2.8
Retail
2,611.1
252.6
15.1
267.7
95.2
2,974.0
Property
1,585.6
15.7
43.5
59.2
288.8
1,933.6
7,914.2
1,193.4
97.6
1,291.0
492.1
9,697.3
Impairment provisions
Commercial
21.7
10.8
5.2
16.0
35.8
73.5
Of which: Commercial excluding Novitas
21.7
10.3
5.2
15.5
33.5
70.7
Of which: Novitas
\u2014
0.5
\u2014
0.5
2.3
2.8
Retail
25.3
13.9
2.7
16.6
53.2
95.1
Property
3.6
1.0
\u2014
1.0
76.5
81.1
50.6
25.7
7.9
33.6
165.5
249.7
Provision coverage ratio
Commercial
0.6%
1.2%
13.3%
1.7%
33.1%
1.5%
Within which: Commercial excluding Novitas
0.6%
1.1%
13.3%
1.6%
31.7%
1.5%
Within which: Novitas
\u2014%
100.0%
\u2014%
100.0%
100.0%
100.0%
Retail
1.0%
5.5%
17.9%
6.2%
55.9%
3.2%
Property
0.2%
6.4%
\u2014%
1.7%
26.5%
4.2%
0.6%
2.2%
8.1%
2.6%
33.6%
2.6%
Stage 2
Greater than
Less than 30 or equal to 30
days past days past
Stage 1 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 allocation of loans and advances to customers has been applied in line with the definitions set out in Note 1(i). Additional disclosures on the stage allocation and movements of loans and advances to customers can be found in the Risk Report. (c) Adjustments By their nature, limitations in the group\u2019s expected credit loss models or input data may be identified through ongoing model monitoring and validation of models. In certain circumstances, management make appropriate adjustments to model- calculated expected credit losses. Adjustments have been identified as a key source of estimation uncertainty as set out in Note 2 \u201cCritical accounting judgements and estimates\u201d. (d) Reconciliation of loans and advances to customers held at amortised cost and impairment provisions 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. Subsequently, a loan may transfer between stages, and the presentation of such transfers is based on a comparison of the loan at the beginning of the year (or at origination if this occurred during the year) and the end of the year (or just prior to final repayment or write off). Repayments relating to loans which transferred between stages during the year are presented within the transfers between stages lines. Such transfers do not represent overnight reclassification from one stage to another. All other repayments are presented in a separate line. ECL model methodologies may be updated or enhanced from time to time and the impacts of such changes are presented on a separate line. Enhancements to our model suite are a contributory factor to ECL movements and such factors have been taken into consideration when assessing any required adjustments to modelled output and ensuring appropriate provision coverage levels. A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral and available recovery actions against the customer.
Stage 1 Stage 2 Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2024
8,410.5
1,128.8
725.5
10,264.8
New financial assets originated
5,766.1
\u2014
\u2014
5,766.1
Transfers to Stage 1
200.4
(289.4)
(5.2)
(94.2)
Transfers to Stage 2
(1,381.4)
1,112.6
(4.5)
(273.3)
Transfers to Stage 3
(274.4)
(146.1)
321.9
(98.6)
Net transfer between stages and repayments\u00b9
(1,455.4)
677.1
312.2
(466.1)
Repayments while stage remained unchanged and final repayments
(4,852.2)
(464.3)
(223.7)
(5,540.2)
Changes to model methodologies
48.3
(48.3)
\u2014
\u2014
Write offs
(3.1)
(2.3)
(321.9)
(327.3)
At 31 July 2025
7,914.2
1,291.0
492.1
9,697.3
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 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2023
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
1
(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)
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. 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 \u00a3259.5 million (2024: \u00a3283.1 million). \u00a30.1 million loss (2024: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2025 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a320.9 million (31 July 2024: \u00a338.7 million). The accounting policy for modifications is set out in Note 1(i).
Stage 1 Stage 2 Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2024
52.2
31.3
362.3
445.8
New financial assets originated
46.0
\u2014
\u2014
46.0
Transfers to Stage 1
1.1
(4.3)
(1.0)
(4.2)
Transfers to Stage 2
(13.4)
30.6
(1.4)
15.8
Transfers to Stage 3
(4.3)
(11.4)
88.0
72.3
Net remeasurement of expected credit losses arising from transfer of stages
and repayments
1
(16.6)
14.9
85.6
83.9
Repayments and ECL movements while stage remained unchanged and final
repayments
(29.5)
(10.9)
27.0
(13.4)
Changes to model methodologies
1.4
0.5
(0.4)
1.5
Charge to the income statement
1.3
4.5
112.2
118.0
Write offs
(2.9)
(2.2)
(309.0)
(314.1)
At 31 July 2025
50.6
33.6
165.5
249.7
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 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2023
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 repayments
1
(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.
2025 2024
\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
118.0
118.7
Amounts written off directly to income statement and other costs, net of discount unwind on Stage 3
loans to interest income, and recoveries
(29.9)
(21.7)
88.1
97.0
Impairment losses relating to other financial assets
4.7
1.8
Impairment losses on financial assets recognised in income statement
92.8
98.8
Impairment losses on financial assets of \u00a392.8 million (2024: \u00a398.8 million) include an impairment credit of \u00a36.8 million in relation to Novitas (2024: impairment charge of \u00a36.4 million). The contractual amount outstanding at 31 July 2025 on financial assets that were written off during the period and are still subject to recovery activity is \u00a327.1 million (31 July 2024: \u00a322.1 million). (e) Finance lease and hire purchase agreement receivables
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Net loans and advances to customers comprise
Hire purchase agreement receivables
3,613.4
3,749.8
Finance lease receivables
945.6
896.7
Other loans and advances
4,900.4
5,184.3
9,459.4
9,830.8
The following table shows a reconciliation between gross investment in finance lease and hire purchase agreement receivables included in the net loans and advances to customers table above to present value of minimum lease and hire purchase payments.
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Gross investment in finance leases and hire purchase agreement receivables due:
One year or within one year
1,983.2
1,987.6
>One to two years
 1,535.1 1,573.2
>Two to three years
 1,155.3 1,168.2
>Three to four years
 647.7 692.0
>Four to five years
 225.0 222.6
More than five years
 41.2 46.4
5,587.5 5,690.0
Unearned finance income
 (884.5) (904.5)
Present value of minimum lease and hire purchase agreement payments
 4,703.0 4,785.5
Of which due:
One year or within one year
 1,661.0 1,671.1
>One to two years
 1,292.2 1,326.6
>Two to three years
 974.2 982.6
>Three to four years
 547.9 579.4
>Four to five years
 191.9 185.9
More than five years
 35.8 39.9
4,703.0 4,785.5
The aggregate cost of assets acquired for the purpose of letting under finance leases and hire purchase agreements was \u00a37,848.3 million (2024: \u00a37,898.6 million). The average effective interest rate on finance leases approximates to 12.4% (2024: 12.2%). The present value of minimum lease and hire purchase agreement payments reflects the fair value of finance lease and hire purchase agreement receivables before deduction of impairment provisions. 11. Debt securities
Fair value
Fair value
through other
through profit
comprehensive Amortised
or loss
income cost Total
\u00a3 million
\u00a3 million \u00a3 million \u00a3 million
Sovereign and central bank debt
\u2014
601.6
\u2014
601.6
Supranational, sub-sovereigns and agency (\"SSA\") bonds
\u2014
146.2
\u2014
146.2
Covered bonds
\u2014
105.6
\u2014
105.6
Long trading positions in debt securities
\u2014
\u2014
\u2014
\u2014
Other debt securities
1.1
\u2014
4.7
5.8
At 31 July 2025
1.1
853.4
4.7
859.2
Fair value
Fair value
through other
through profit
comprehensive Amortised
or loss
income 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
Movements on the book value of sovereign and central bank debt comprise:
2025 2024
\u00a3 million \u00a3 million
Sovereign and central bank debt at 1 August
383.7
186.1
Additions
512.4
194.2
Redemptions
(299.1)
\u2014
Currency translation differences
2.2
(1.5)
Movement in value
2.4
4.9
Sovereign and central bank debt at 31 July
601.6
383.7
Movements on the book value of SSA bonds comprise:
2025 2024
\u00a3 million \u00a3 million
SSA bonds at 1 August
 145.5 \u2014
Additions
 \u2014 155.4
Redemptions
 \u2014 (15.2)
Currency translation differences
 0.4 (0.3)
Movement in value
 0.3 5.6
SSA bonds at 31 July
 146.2 145.5
Movements on the book value of covered bonds comprise:
2025 2024
\u00a3 million \u00a3 million
Covered bonds 1 August
 187.7 106.3
Additions
 15.5 139.7
Redemptions/disposals
 (97.4) (59.0)
Currency translation differences
 0.5 (0.3)
Movement in value
 (0.7) 1.0
Covered bonds at 31 July
 105.6 187.7
12. Equity shares
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Long trading positions
\u2014
25.8
Other equity shares
\u2014
1.6
\u2014
27.4
Equity shares at 31 July 2024 related to Winterflood Securities. At 31 July 2025, the assets and liabilities of Winterflood Securities have been classified as held for sale. See Note 29 for more detail. 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 2025
31 July 2024
Notional Notional
value Assets Liabilities value Assets Liabilities
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Exchange rate contracts
376.3
0.1
7.3
275.3
2.3
0.4
Interest rate contracts
7,012.4
103.0
97.4
7,202.6
99.1
128.6
7,388.7
103.1
104.7
7,477.9
101.4
129.0
Interest rate contracts are held for interest rate risk management and interest margin stabilisation purposes.
Included in the derivatives above are the following cash flow and fair value hedges:
31 July 2025
31 July 2024
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
658.7
4.9
1.7
514.4
4.8
0.6
Fair value hedges
Interest rate contracts
4,775.6
89.5
88.5
4,431.7
78.8
116.3
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 five (2024: six) 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.
Between Between six After more
Within three three and six months and Between one than five
On demand months months one year and five years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
31 July 2025
\u2014
5.8
0.5
13.1
619.8
19.5
658.7
31 July 2024
\u2014
6.1
1.4
3.2
482.0
21.7
514.4
Fair value hedges
Interest rate risk
31 July 2025
\u2014
543.7
737.2
1,502.0
1,308.1
684.6
4,775.6
31 July 2024
\u2014
516.1
672.3
1,080.7
1,446.5
716.1
4,431.7
Cash flow hedges have an average fixed rate of 4.0% (31 July 2024: 4.0%). Fair value hedges have an average fixed rate of
3.3% (31 July 2024: 3.7%).
Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows.
Changes in fair value
of hedging Hedge Changes in fair value
instrument used for ineffectiveness of hedging instrument Hedge ineffectiveness
calculating hedge recognised in used for calculating recognised in income
ineffectiveness income statement hedge ineffectiveness statement
2025 2025 2024 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
(1.2)
(0.1)
(0.9)
\u2014
Fair value hedges
Interest rate risk
33.9
0.1
50.9
\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 Changes in fair value
amount 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 2025
Fair value hedges
Assets
Debt securities
424.0
(20.1)
(4.9)
Loans and advances to customers and undrawn commitments
163.6
(8.1)
1.3
587.6
(28.2)
(3.6)
Liabilities
Deposits by customers
3,342.1
7.3
3.1
Debt securities in issue
615.8
(76.4)
19.3
Subordinated loan capital
195.5
(5.6)
7.8
4,153.4
(74.7)
30.2
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
Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as follows.
(Losses)/gains from
Gains/(losses) on changes in value of
Changes in fair value discontinued hedges hedging instrument
of hedged item used recognised in other recognised in other Amounts reclassified
for calculating hedge comprehensive comprehensive from reserves to
ineffectiveness income income
income statement
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
31 July 2025
1.0
2.9
(1.1)
12.3
31 July 2024
1.0
14.4
(0.9)
28.9
1. Following de-designation of hedge relationships, the amounts previously recognised in the cash flow hedge reserve have been reclassified to other
income to the extent that the hedged cash flows occurred during the year.
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 as
Fair value
through other
hedging
through profit
comprehensive Amortised
instruments
or loss
income cost Total
\u00a3 million
\u00a3 million
\u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Assets
Cash and balances at central banks
\u2014
\u2014
\u2014
1,917.0
1,917.0
Settlement balances
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to banks
\u2014
\u2014
\u2014
161.7
161.7
Loans and advances to customers
\u2014
11.8
\u2014
9,447.6
9,459.4
Debt securities
\u2014
1.1
853.4
4.7
859.2
Equity shares
\u2014
\u2014
\u2014
\u2014
\u2014
Loans to money brokers against stock advanced
\u2014
\u2014
\u2014
\u2014
\u2014
Derivative financial instruments
94.4
8.7
\u2014
\u2014
103.1
Other financial assets
\u2014
21.1
\u2014
63.6
84.7
94.4
42.7
853.4
11,594.6
12,585.1
Liabilities
Settlement balances and short positions
\u2014
\u2014
\u2014
\u2014
\u2014
Deposits by banks
\u2014
\u2014
\u2014
88.1
88.1
Deposits by customers
\u2014
\u2014
\u2014
8,799.3
8,799.3
Loans and overdrafts from banks
\u2014
\u2014
\u2014
1.5
1.5
Debt securities in issue
\u2014
\u2014
\u2014
1,991.3
1,991.3
Loans from money brokers against stock advanced
\u2014
\u2014
\u2014
\u2014
\u2014
Subordinated loan capital
\u2014
\u2014
\u2014
195.5
195.5
Derivative financial instruments
90.2
14.5
\u2014
\u2014
104.7
Other financial liabilities
\u2014
\u2014
\u2014
103.5
103.5
90.2
14.5
\u2014
11,179.2
11,283.9
Derivatives
Fair value
designated as
Fair value
through other
hedging
through profit
comprehensive
instruments
or loss
income Amortised 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
(b) Valuation The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below.
31 July 2025
31 July 2024
Fair value Carrying value Fair value Carrying value
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Subordinated loan capital
193.5
195.5
179.4
187.2
Debt securities in issue
2,013.2
1,991.3
1,998.5
1,986.4
The fair value of gross loans and advances to customers at 31 July 2025 is estimated to be \u00a39,543.4 million (31 July 2024: \u00a39,806.4 million), with a carrying value of \u00a39,459.4 million (31 July 2024: \u00a39,830.8 million). The fair value of deposits by customers is estimated to be \u00a38,798.2 million (31 July 2024: \u00a38,691.8 million), with a carrying value of \u00a38,799.3 million (31 July 2024: \u00a38,693.6 million). These estimates are based on highly simplified assumptions and inputs and may differ to actual amounts received or paid. The differences between fair value and carrying value are not considered to be significant, and are consistent with management\u2019s expectations given the nature of the Banking business and the short average tenor of the instruments. However, the differences have increased in comparison to the prior year in line with market interest rates. Valuation hierarchy The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument has been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. These levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities where prices are readily available and represent actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient frequency to provide ongoing pricing information; \u2022 Level 2 fair value measurements are those derived from quoted prices in less active markets for identical assets or liabilities or those derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly derived from prices; and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (\u201cunobservable inputs\u201d). Instruments classified as Level 1 predominantly comprise sovereign and central bank debt, 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, 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 and 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 2025
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
601.6
\u2014
\u2014
601.6
SSA bonds
146.2
\u2014
\u2014
146.2
Covered bonds
 105.6
\u2014
\u2014
 105.6
Derivative financial instruments
 \u2014
99.1
4.0
 103.1
Contingent consideration
 \u2014
\u2014
21.1
 21.1
Other assets
\u2014
\u2014
1.1
1.1
853.4
99.1
38.0
990.5
Liabilities
Short positions:
Derivative financial instruments
\u2014
100.5
4.2
104.7
\u2014
100.5
4.2
104.7
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
Movements in financial instruments categorised as Level 3 were:
Loans and
advances to
customers Derivative Derivative
held at financial financial Contingent
FVTPL assets liabilities Equity shares consideration Other assets Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 August 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total (losses)/gains 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
Total gains/(losses) recognised in the
consolidated income statement
1.5
(2.1)
2.2
\u2014
\u2014
\u2014
1.6
Purchases, issues, originations and
transfers in
3.6
\u2014
\u2014
\u2014
\u2014
0.3
3.9
Sales, settlements and transfers out
(5.1)
\u2014
\u2014
(0.1)
22.9
\u2014
17.7
Reclassification to liabilities held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2025
11.8
4.0
(4.2)
\u2014
21.1
1.1
33.8
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2025 amounted to \u00a31.6 million (2024: gains of \u00a30.2 million). (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 2025 31 July 2024
\u00a3 million \u00a3 million
On balance sheet
Cash and balances at central banks
 1,917.0 1,584.0
Settlement balances
\u2014 627.5
Loans and advances to banks
 161.7 293.7
Loans and advances to customers
 9,459.4 9,830.8
Debt securities
 859.2 740.5
Loans to money brokers against stock advanced
 \u2014 22.5
Derivative financial instruments
 103.1 101.4
Other financial assets
 84.7 103.6
12,585.1 13,304.0
Off balance sheet
Irrevocable undrawn commitments
 211.6 281.8
Total maximum exposure to credit risk
 12,796.7 13,585.8
Assets pledged and received as collateral The group pledges assets for repurchase agreements and securities borrowing agreements which are generally conducted under terms that are customary to standard borrowing contracts. The group is a participant of the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d), Short-Term Repo (\u201cSTR\u201d), Indexed Long Term Repo (\u201cILTR\u201d) and Discount Window Facility (\u201cDWF\u201d). Under these schemes, asset finance loan receivables of \u00a3nil (31 July 2024: \u00a3404.8 million) and retained notes relating to motor finance loan receivables of \u00a3nil (31 July 2024: \u00a334.4 million) were positioned as collateral with the Bank of England, against which \u00a3nil (31 July 2024: \u00a3110.0 million) of cash was drawn from the TFSME. During the year, the group early repaid \u00a3110.0 million (31 July 2024: \u00a3490.0 million) against the TFSME. The group has securitised without recourse and restrictions \u00a31,544.8 million (31 July 2024: \u00a31,657.0 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,323.4 million (31 July 2024: \u00a31,453.7 million), of which \u00a3245.9 million (31 July 2024: \u00a3359.1 million) is retained by the group. This includes the \u00a3nil (31 July 2024: \u00a334.4 million) retained notes positioned as collateral with the Bank of England. As the group has retained exposure to substantially all the risk and rewards of the above receivables, 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. At 31 July 2025, Winterflood had pledged equity and debt securities of \u00a3nil (31 July 2024: \u00a318.3 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 in the \u201cCredit risk\u201d section of the Risk Report. Information on the group\u2019s internal credit risk reporting can be found in the \u201cCredit risk\u201d section of 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 also be found in the \u201cCredit risk\u201d section of 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 \u00a3nil (31 July 2024: \u00a322.5 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. Settlement balances in relation to Winterflood have been classified as held for sale at 31 July 2025. The following table shows the ageing of Winterflood settlement balances at 31 July 2024:
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
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 in the \u201cNon-traded market risk\u201d section of the Risk Report. Foreign exchange risk Additional disclosures on the group\u2019s foreign exchange risk can be found in the \u201cNon-traded market risk\u201d section of the Risk Report. Market price risk Trading financial instruments: Equity shares and debt securities The group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found in the \u201cTraded market risk\u201d section of the Risk Report. Non-trading financial instruments Net gains and losses on non-trading financial instruments are disclosed in Note 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 101 to 102 of the Risk Report.
In more than In more than
In more than six months one year but
In less three months but not more not more In more
On than three but not more than one than five than five
demand months than six months year years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Settlement balances
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
 \u2014
Deposits by banks
9.3
78.9
\u2014
\u2014
\u2014
\u2014
 88.2
Deposits by customers
1,161.7
2,625.6
1,570.5
2,070.3
1,614.3
 \u2014 9,042.4
Loans and overdrafts from banks
1.5
\u2014
\u2014
\u2014
\u2014
 \u2014 1.5
Debt securities in issue
\u2014
71.2
84.3
114.5
1,577.6
403.3
2,250.9
Loans from money brokers against stock
advanced
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Subordinated loan capital
\u2014
2.0
 \u2014
3.0
15.0
205.0
225.0
Derivative financial instruments
0.2
47.2
33.9
45.3
182.2
68.2
377.0
Lease liabilities
0.2
1.4
1.5
3.3
24.1
1.9
32.4
Other financial liabilities
24.3
47.0
0.3
1.2
2.6
0.3
75.7
Total
1,197.2
2,873.3
1,690.5
2,237.6
3,415.8
678.7
12,093.1
In more than
In more than In more than one year but
In less than three months but six months not more In more
On three not more than six but not more than five than five
demand months months than one year years 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
Derivative financial instruments in the table above include net currency swaps. The following table shows the currency swaps on a gross basis:
In more than
In more than In more than one year but
In less than three months but six months not more In more
On three not more than six but not more than five than five
demand months months than one year years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
5.0
183.5
105.2
206.5
180.8
68.2
749.2
At 31 July 2024
0.9
259.9
37.0
49.8
178.6
86.8
613.0
(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
1
offsetting
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Derivative financial assets
103.1
(95.5)
27.9
35.5
Derivative financial liabilities
104.7
(95.5)
(5.1)
4.1
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)
1. Financial collateral and net amounts after offsetting include initial margin of \u00a335.2 million (31 July 2024: \u00a338.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-435": { "value": "10. Loans and advances to customers (a) Maturity and classification analysis of loans and advances to customers The following tables set out the maturity and IFRS 9 classification analysis of loans and advances to customers. At 31 July 2025, loans and advances to customers with a maturity of two years or less was \u00a37,346.3 million (31 July 2024: \u00a37,733.6 million) representing 75.7% (31 July 2024: 75.3%) of total gross loans and advances to customers:
Between Total gross
three Between Between After more loans and Total net loans
Within three months and one and two two and five than five advances to Impairment and advances
On demand months one year years years years 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 2025
85.1
2,984.1
2,512.4
1,764.7
2,220.7
142.1
9,709.1
(249.7)
9,459.4
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
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Gross loans and advances to customers
Held at amortised cost
9,697.3
10,264.8
Held at fair value through profit or loss
11.8
11.8
9,709.1
10,276.6
(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 provision coverage ratios are set out below:
Stage 2
Greater
than or
Less than equal to 30
30 days past days past
Stage 1 due due Total Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Gross loans and advances to customers held at
amortised cost
Commercial
3,717.5
925.1
39.0
964.1
108.1
4,789.7
Of which: Commercial excluding Novitas
3,717.5
924.6
39.0
963.6
105.8
4,786.9
Of which: Novitas
\u2014
0.5
\u2014
0.5
2.3
2.8
Retail
2,611.1
252.6
15.1
267.7
95.2
2,974.0
Property
1,585.6
15.7
43.5
59.2
288.8
1,933.6
7,914.2
1,193.4
97.6
1,291.0
492.1
9,697.3
Impairment provisions
Commercial
21.7
10.8
5.2
16.0
35.8
73.5
Of which: Commercial excluding Novitas
21.7
10.3
5.2
15.5
33.5
70.7
Of which: Novitas
\u2014
0.5
\u2014
0.5
2.3
2.8
Retail
25.3
13.9
2.7
16.6
53.2
95.1
Property
3.6
1.0
\u2014
1.0
76.5
81.1
50.6
25.7
7.9
33.6
165.5
249.7
Provision coverage ratio
Commercial
0.6%
1.2%
13.3%
1.7%
33.1%
1.5%
Within which: Commercial excluding Novitas
0.6%
1.1%
13.3%
1.6%
31.7%
1.5%
Within which: Novitas
\u2014%
100.0%
\u2014%
100.0%
100.0%
100.0%
Retail
1.0%
5.5%
17.9%
6.2%
55.9%
3.2%
Property
0.2%
6.4%
\u2014%
1.7%
26.5%
4.2%
0.6%
2.2%
8.1%
2.6%
33.6%
2.6%
Stage 2
Greater than
Less than 30 or equal to 30
days past days past
Stage 1 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 allocation of loans and advances to customers has been applied in line with the definitions set out in Note 1(i).
Additional disclosures on the stage allocation and movements of loans and advances to customers can be found in the Risk
Report.
(c) Adjustments
By their nature, limitations in the group\u2019s expected credit loss models or input data may be identified through ongoing model
monitoring and validation of models. In certain circumstances, management make appropriate adjustments to model-
calculated expected credit losses. Adjustments have been identified as a key source of estimation uncertainty as set out in
Note 2 \u201cCritical accounting judgements and estimates\u201d.
(d) Reconciliation of loans and advances to customers held at amortised cost and impairment provisions
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.
Subsequently, a loan may transfer between stages, and the presentation of such transfers is based on a comparison of the
loan at the beginning of the year (or at origination if this occurred during the year) and the end of the year (or just prior to final
repayment or write off).
Repayments relating to loans which transferred between stages during the year are presented within the transfers between
stages lines. Such transfers do not represent overnight reclassification from one stage to another. All other repayments are
presented in a separate line.
ECL model methodologies may be updated or enhanced from time to time and the impacts of such changes are presented on
a separate line.
Enhancements to our model suite are a contributory factor to ECL movements and such factors have been taken into
consideration when assessing any required adjustments to modelled output and ensuring appropriate provision coverage
levels.
A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral
and available recovery actions against the customer.
Stage 1 Stage 2 Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2024
8,410.5
1,128.8
725.5
10,264.8
New financial assets originated
5,766.1
\u2014
\u2014
5,766.1
Transfers to Stage 1
200.4
(289.4)
(5.2)
(94.2)
Transfers to Stage 2
(1,381.4)
1,112.6
(4.5)
(273.3)
Transfers to Stage 3
(274.4)
(146.1)
321.9
(98.6)
Net transfer between stages and repayments\u00b9
(1,455.4)
677.1
312.2
(466.1)
Repayments while stage remained unchanged and final repayments
(4,852.2)
(464.3)
(223.7)
(5,540.2)
Changes to model methodologies
48.3
(48.3)
\u2014
\u2014
Write offs
(3.1)
(2.3)
(321.9)
(327.3)
At 31 July 2025
7,914.2
1,291.0
492.1
9,697.3
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 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2023
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
1
(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)
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.
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
\u00a3259.5 million (2024: \u00a3283.1 million). \u00a30.1 million loss (2024: \u00a3nil) was recognised as a result of these
modifications. The gross carrying amount at 31 July 2025 of modified loans and advances to customers which transferred from
Stage 2 or 3 to Stage 1 during the year was \u00a320.9 million (31 July 2024: \u00a338.7 million). The accounting policy for modifications
is set out in Note 1(i).
Stage 1 Stage 2 Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2024
52.2
31.3
362.3
445.8
New financial assets originated
46.0
\u2014
\u2014
46.0
Transfers to Stage 1
1.1
(4.3)
(1.0)
(4.2)
Transfers to Stage 2
(13.4)
30.6
(1.4)
15.8
Transfers to Stage 3
(4.3)
(11.4)
88.0
72.3
Net remeasurement of expected credit losses arising from transfer of stages
and repayments
1
(16.6)
14.9
85.6
83.9
Repayments and ECL movements while stage remained unchanged and final
repayments
(29.5)
(10.9)
27.0
(13.4)
Changes to model methodologies
1.4
0.5
(0.4)
1.5
Charge to the income statement
1.3
4.5
112.2
118.0
Write offs
(2.9)
(2.2)
(309.0)
(314.1)
At 31 July 2025
50.6
33.6
165.5
249.7
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 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2023
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 repayments
1
(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.
2025 2024
\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
118.0
118.7
Amounts written off directly to income statement and other costs, net of discount unwind on Stage 3
loans to interest income, and recoveries
(29.9)
(21.7)
88.1
97.0
Impairment losses relating to other financial assets
4.7
1.8
Impairment losses on financial assets recognised in income statement
92.8
98.8
Impairment losses on financial assets of \u00a392.8 million (2024: \u00a398.8 million) include an impairment credit of \u00a36.8 million in
relation to Novitas (2024: impairment charge of \u00a36.4 million).
The contractual amount outstanding at 31 July 2025 on financial assets that were written off during the period and are still
subject to recovery activity is \u00a327.1 million (31 July 2024: \u00a322.1 million).
(e) Finance lease and hire purchase agreement receivables
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Net loans and advances to customers comprise
Hire purchase agreement receivables
3,613.4
3,749.8
Finance lease receivables
945.6
896.7
Other loans and advances
4,900.4
5,184.3
9,459.4
9,830.8
The following table shows a reconciliation between gross investment in finance lease and hire purchase agreement receivables
included in the net loans and advances to customers table above to present value of minimum lease and hire purchase
payments.
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Gross investment in finance leases and hire purchase agreement receivables due:
One year or within one year
1,983.2
1,987.6
>One to two years
 1,535.1 1,573.2
>Two to three years
 1,155.3 1,168.2
>Three to four years
 647.7 692.0
>Four to five years
 225.0 222.6
More than five years
 41.2 46.4
5,587.5 5,690.0
Unearned finance income
 (884.5) (904.5)
Present value of minimum lease and hire purchase agreement payments
 4,703.0 4,785.5
Of which due:
One year or within one year
 1,661.0 1,671.1
>One to two years
 1,292.2 1,326.6
>Two to three years
 974.2 982.6
>Three to four years
 547.9 579.4
>Four to five years
 191.9 185.9
More than five years
 35.8 39.9
4,703.0 4,785.5
The aggregate cost of assets acquired for the purpose of letting under finance leases and hire purchase agreements was
\u00a3
7,848.3 million (2024: \u00a37,898.6 million). The average effective interest rate on finance leases approximates to 12.4% (2024:
12.2%). 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-478": { "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 provision coverage ratios are set out below:
Stage 2
Greater
than or
Less than equal to 30
30 days past days past
Stage 1 due due Total Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Gross loans and advances to customers held at
amortised cost
Commercial
3,717.5
925.1
39.0
964.1
108.1
4,789.7
Of which: Commercial excluding Novitas
3,717.5
924.6
39.0
963.6
105.8
4,786.9
Of which: Novitas
\u2014
0.5
\u2014
0.5
2.3
2.8
Retail
2,611.1
252.6
15.1
267.7
95.2
2,974.0
Property
1,585.6
15.7
43.5
59.2
288.8
1,933.6
7,914.2
1,193.4
97.6
1,291.0
492.1
9,697.3
Impairment provisions
Commercial
21.7
10.8
5.2
16.0
35.8
73.5
Of which: Commercial excluding Novitas
21.7
10.3
5.2
15.5
33.5
70.7
Of which: Novitas
\u2014
0.5
\u2014
0.5
2.3
2.8
Retail
25.3
13.9
2.7
16.6
53.2
95.1
Property
3.6
1.0
\u2014
1.0
76.5
81.1
50.6
25.7
7.9
33.6
165.5
249.7
Provision coverage ratio
Commercial
0.6%
1.2%
13.3%
1.7%
33.1%
1.5%
Within which: Commercial excluding Novitas
0.6%
1.1%
13.3%
1.6%
31.7%
1.5%
Within which: Novitas
\u2014%
100.0%
\u2014%
100.0%
100.0%
100.0%
Retail
1.0%
5.5%
17.9%
6.2%
55.9%
3.2%
Property
0.2%
6.4%
\u2014%
1.7%
26.5%
4.2%
0.6%
2.2%
8.1%
2.6%
33.6%
2.6%
Stage 2
Greater than
Less than 30 or equal to 30
days past days past
Stage 1 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 allocation of loans and advances to customers has been applied in line with the definitions set out in Note 1(i). Additional disclosures on the stage allocation and movements of loans and advances to customers can be found in the Risk Report. (c) Adjustments By their nature, limitations in the group\u2019s expected credit loss models or input data may be identified through ongoing model monitoring and validation of models. In certain circumstances, management make appropriate adjustments to model- calculated expected credit losses. Adjustments have been identified as a key source of estimation uncertainty as set out in Note 2 \u201cCritical accounting judgements and estimates\u201d. (d) Reconciliation of loans and advances to customers held at amortised cost and impairment provisions 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. Subsequently, a loan may transfer between stages, and the presentation of such transfers is based on a comparison of the loan at the beginning of the year (or at origination if this occurred during the year) and the end of the year (or just prior to final repayment or write off). Repayments relating to loans which transferred between stages during the year are presented within the transfers between stages lines. Such transfers do not represent overnight reclassification from one stage to another. All other repayments are presented in a separate line. ECL model methodologies may be updated or enhanced from time to time and the impacts of such changes are presented on a separate line. Enhancements to our model suite are a contributory factor to ECL movements and such factors have been taken into consideration when assessing any required adjustments to modelled output and ensuring appropriate provision coverage levels. A loan is written off when there is no reasonable expectation of further recovery following realisation of all associated collateral and available recovery actions against the customer.
Stage 1 Stage 2 Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2024
8,410.5
1,128.8
725.5
10,264.8
New financial assets originated
5,766.1
\u2014
\u2014
5,766.1
Transfers to Stage 1
200.4
(289.4)
(5.2)
(94.2)
Transfers to Stage 2
(1,381.4)
1,112.6
(4.5)
(273.3)
Transfers to Stage 3
(274.4)
(146.1)
321.9
(98.6)
Net transfer between stages and repayments\u00b9
(1,455.4)
677.1
312.2
(466.1)
Repayments while stage remained unchanged and final repayments
(4,852.2)
(464.3)
(223.7)
(5,540.2)
Changes to model methodologies
48.3
(48.3)
\u2014
\u2014
Write offs
(3.1)
(2.3)
(321.9)
(327.3)
At 31 July 2025
7,914.2
1,291.0
492.1
9,697.3
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 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Gross loans and advances to customers held at amortised cost
At 1 August 2023
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
1
(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)
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. 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 \u00a3259.5 million (2024: \u00a3283.1 million). \u00a30.1 million loss (2024: \u00a3nil) was recognised as a result of these modifications. The gross carrying amount at 31 July 2025 of modified loans and advances to customers which transferred from Stage 2 or 3 to Stage 1 during the year was \u00a320.9 million (31 July 2024: \u00a338.7 million). The accounting policy for modifications is set out in Note 1(i).
Stage 1 Stage 2 Stage 3 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2024
52.2
31.3
362.3
445.8
New financial assets originated
46.0
\u2014
\u2014
46.0
Transfers to Stage 1
1.1
(4.3)
(1.0)
(4.2)
Transfers to Stage 2
(13.4)
30.6
(1.4)
15.8
Transfers to Stage 3
(4.3)
(11.4)
88.0
72.3
Net remeasurement of expected credit losses arising from transfer of stages
and repayments
1
(16.6)
14.9
85.6
83.9
Repayments and ECL movements while stage remained unchanged and final
repayments
(29.5)
(10.9)
27.0
(13.4)
Changes to model methodologies
1.4
0.5
(0.4)
1.5
Charge to the income statement
1.3
4.5
112.2
118.0
Write offs
(2.9)
(2.2)
(309.0)
(314.1)
At 31 July 2025
50.6
33.6
165.5
249.7
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 Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Impairment provisions on loans and advances to customers held at
amortised cost
At 1 August 2023
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 repayments
1
(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.
2025 2024
\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
118.0
118.7
Amounts written off directly to income statement and other costs, net of discount unwind on Stage 3
loans to interest income, and recoveries
(29.9)
(21.7)
88.1
97.0
Impairment losses relating to other financial assets
4.7
1.8
Impairment losses on financial assets recognised in income statement
92.8
98.8
Impairment losses on financial assets of \u00a392.8 million (2024: \u00a398.8 million) include an impairment credit of \u00a36.8 million in relation to Novitas (2024: impairment charge of \u00a36.4 million). The contractual amount outstanding at 31 July 2025 on financial assets that were written off during the period and are still subject to recovery activity is \u00a327.1 million (31 July 2024: \u00a322.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-518": { "value": "
11. Debt securities
Fair value
Fair value
through other
through profit
comprehensive Amortised
or loss
income cost Total
\u00a3 million
\u00a3 million \u00a3 million \u00a3 million
Sovereign and central bank debt
\u2014
601.6
\u2014
601.6
Supranational, sub-sovereigns and agency (\"SSA\") bonds
\u2014
146.2
\u2014
146.2
Covered bonds
\u2014
105.6
\u2014
105.6
Long trading positions in debt securities
\u2014
\u2014
\u2014
\u2014
Other debt securities
1.1
\u2014
4.7
5.8
At 31 July 2025
1.1
853.4
4.7
859.2
Fair value
Fair value
through other
through profit
comprehensive Amortised
or loss
income 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
Movements on the book value of sovereign and central bank debt comprise:
2025 2024
\u00a3 million \u00a3 million
Sovereign and central bank debt at 1 August
383.7
186.1
Additions
512.4
194.2
Redemptions
(299.1)
\u2014
Currency translation differences
2.2
(1.5)
Movement in value
2.4
4.9
Sovereign and central bank debt at 31 July
601.6
383.7
Movements on the book value of SSA bonds comprise:
2025 2024
\u00a3 million \u00a3 million
SSA bonds at 1 August
 145.5 \u2014
Additions
 \u2014 155.4
Redemptions
 \u2014 (15.2)
Currency translation differences
 0.4 (0.3)
Movement in value
 0.3 5.6
SSA bonds at 31 July
 146.2 145.5
Movements on the book value of covered bonds comprise:
2025 2024
\u00a3 million \u00a3 million
Covered bonds 1 August
 187.7 106.3
Additions
 15.5 139.7
Redemptions/disposals
 (97.4) (59.0)
Currency translation differences
 0.5 (0.3)
Movement in value
 (0.7) 1.0
Covered bonds at 31 July
 105.6 187.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-525": { "value": "11. Debt securities
Fair value
Fair value
through other
through profit
comprehensive Amortised
or loss
income cost Total
\u00a3 million
\u00a3 million \u00a3 million \u00a3 million
Sovereign and central bank debt
\u2014
601.6
\u2014
601.6
Supranational, sub-sovereigns and agency (\"SSA\") bonds
\u2014
146.2
\u2014
146.2
Covered bonds
\u2014
105.6
\u2014
105.6
Long trading positions in debt securities
\u2014
\u2014
\u2014
\u2014
Other debt securities
1.1
\u2014
4.7
5.8
At 31 July 2025
1.1
853.4
4.7
859.2
Fair value
Fair value
through other
through profit
comprehensive Amortised
or loss
income 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
Movements on the book value of sovereign and central bank debt comprise:
2025 2024
\u00a3 million \u00a3 million
Sovereign and central bank debt at 1 August
383.7
186.1
Additions
512.4
194.2
Redemptions
(299.1)
\u2014
Currency translation differences
2.2
(1.5)
Movement in value
2.4
4.9
Sovereign and central bank debt at 31 July
601.6
383.7
Movements on the book value of SSA bonds comprise:
2025 2024
\u00a3 million \u00a3 million
SSA bonds at 1 August
 145.5 \u2014
Additions
 \u2014 155.4
Redemptions
 \u2014 (15.2)
Currency translation differences
 0.4 (0.3)
Movement in value
 0.3 5.6
SSA bonds at 31 July
 146.2 145.5
Movements on the book value of covered bonds comprise:
2025 2024
\u00a3 million \u00a3 million
Covered bonds 1 August
 187.7 106.3
Additions
 15.5 139.7
Redemptions/disposals
 (97.4) (59.0)
Currency translation differences
 0.5 (0.3)
Movement in value
 (0.7) 1.0
Covered bonds at 31 July
 105.6 187.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-436": { "value": "12. Equity shares
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Long trading positions
\u2014
25.8
Other equity shares
\u2014
1.6
\u2014
27.4
Equity shares at 31 July 2024 related to Winterflood Securities. At 31 July 2025, the assets and liabilities of Winterflood Securities have been classified as held for sale. See Note 29 for more detail. ", "dimensions": { "concept": "closebrothers:DisclosureOfEquityShares", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-479": { "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 2025
31 July 2024
Notional Notional
value Assets Liabilities value Assets Liabilities
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Exchange rate contracts
376.3
0.1
7.3
275.3
2.3
0.4
Interest rate contracts
7,012.4
103.0
97.4
7,202.6
99.1
128.6
7,388.7
103.1
104.7
7,477.9
101.4
129.0
Interest rate contracts are held for interest rate risk management and interest margin stabilisation purposes. Included in the derivatives above are the following cash flow and fair value hedges:
31 July 2025
31 July 2024
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
658.7
4.9
1.7
514.4
4.8
0.6
Fair value hedges
Interest rate contracts
4,775.6
89.5
88.5
4,431.7
78.8
116.3
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 five (2024: six) 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.
Between Between six After more
Within three three and six months and Between one than five
On demand months months one year and five years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
31 July 2025
\u2014
5.8
0.5
13.1
619.8
19.5
658.7
31 July 2024
\u2014
6.1
1.4
3.2
482.0
21.7
514.4
Fair value hedges
Interest rate risk
31 July 2025
\u2014
543.7
737.2
1,502.0
1,308.1
684.6
4,775.6
31 July 2024
\u2014
516.1
672.3
1,080.7
1,446.5
716.1
4,431.7
Cash flow hedges have an average fixed rate of 4.0% (31 July 2024: 4.0%). Fair value hedges have an average fixed rate of 3.3% (31 July 2024: 3.7%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows.
Changes in fair value
of hedging Hedge Changes in fair value
instrument used for ineffectiveness of hedging instrument Hedge ineffectiveness
calculating hedge recognised in used for calculating recognised in income
ineffectiveness income statement hedge ineffectiveness statement
2025 2025 2024 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
(1.2)
(0.1)
(0.9)
\u2014
Fair value hedges
Interest rate risk
33.9
0.1
50.9
\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 Changes in fair value
amount 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 2025
Fair value hedges
Assets
Debt securities
424.0
(20.1)
(4.9)
Loans and advances to customers and undrawn commitments
163.6
(8.1)
1.3
587.6
(28.2)
(3.6)
Liabilities
Deposits by customers
3,342.1
7.3
3.1
Debt securities in issue
615.8
(76.4)
19.3
Subordinated loan capital
195.5
(5.6)
7.8
4,153.4
(74.7)
30.2
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
Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as follows.
(Losses)/gains from
Gains/(losses) on changes in value of
Changes in fair value discontinued hedges hedging instrument
of hedged item used recognised in other recognised in other Amounts reclassified
for calculating hedge comprehensive comprehensive from reserves to
ineffectiveness income income
income statement
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
31 July 2025
1.0
2.9
(1.1)
12.3
31 July 2024
1.0
14.4
(0.9)
28.9
1. Following de-designation of hedge relationships, the amounts previously recognised in the cash flow hedge reserve have been reclassified to other income to the extent that the hedged cash flows occurred during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-437": { "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 2025
31 July 2024
Notional Notional
value Assets Liabilities value Assets Liabilities
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Exchange rate contracts
376.3
0.1
7.3
275.3
2.3
0.4
Interest rate contracts
7,012.4
103.0
97.4
7,202.6
99.1
128.6
7,388.7
103.1
104.7
7,477.9
101.4
129.0
Interest rate contracts are held for interest rate risk management and interest margin stabilisation purposes. Included in the derivatives above are the following cash flow and fair value hedges:
31 July 2025
31 July 2024
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
658.7
4.9
1.7
514.4
4.8
0.6
Fair value hedges
Interest rate contracts
4,775.6
89.5
88.5
4,431.7
78.8
116.3
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 five (2024: six) 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.
Between Between six After more
Within three three and six months and Between one than five
On demand months months one year and five years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
31 July 2025
\u2014
5.8
0.5
13.1
619.8
19.5
658.7
31 July 2024
\u2014
6.1
1.4
3.2
482.0
21.7
514.4
Fair value hedges
Interest rate risk
31 July 2025
\u2014
543.7
737.2
1,502.0
1,308.1
684.6
4,775.6
31 July 2024
\u2014
516.1
672.3
1,080.7
1,446.5
716.1
4,431.7
Cash flow hedges have an average fixed rate of 4.0% (31 July 2024: 4.0%). Fair value hedges have an average fixed rate of 3.3% (31 July 2024: 3.7%). Details of the hedging instruments for the group\u2019s hedge ineffectiveness assessment are set out as follows.
Changes in fair value
of hedging Hedge Changes in fair value
instrument used for ineffectiveness of hedging instrument Hedge ineffectiveness
calculating hedge recognised in used for calculating recognised in income
ineffectiveness income statement hedge ineffectiveness statement
2025 2025 2024 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
(1.2)
(0.1)
(0.9)
\u2014
Fair value hedges
Interest rate risk
33.9
0.1
50.9
\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 Changes in fair value
amount 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 2025
Fair value hedges
Assets
Debt securities
424.0
(20.1)
(4.9)
Loans and advances to customers and undrawn commitments
163.6
(8.1)
1.3
587.6
(28.2)
(3.6)
Liabilities
Deposits by customers
3,342.1
7.3
3.1
Debt securities in issue
615.8
(76.4)
19.3
Subordinated loan capital
195.5
(5.6)
7.8
4,153.4
(74.7)
30.2
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
Details of the impact of hedging relationships on the income statement and other comprehensive income are set out as follows.
(Losses)/gains from
Gains/(losses) on changes in value of
Changes in fair value discontinued hedges hedging instrument
of hedged item used recognised in other recognised in other Amounts reclassified
for calculating hedge comprehensive comprehensive from reserves to
ineffectiveness income income
income statement
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash flow hedges
Interest rate risk
31 July 2025
1.0
2.9
(1.1)
12.3
31 July 2024
1.0
14.4
(0.9)
28.9
1. Following de-designation of hedge relationships, the amounts previously recognised in the cash flow hedge reserve have been reclassified to other income to the extent that the hedged cash flows occurred during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-438": { "value": "
14. Intangible assets
Intangible
assets on Company
Goodwill Software acquisition Group total software
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 August 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
Additions
\u2014
25.6
\u2014
25.6
\u2014
Disposals
\u2014
(6.1)
\u2014
(6.1)
\u2014
Disposal of subsidiaries
1
(46.9)
(16.6)
(51.7)
(115.2)
\u2014
Reclassification to assets held for sale
2
(67.7)
(20.4)
\u2014
(88.1)
\u2014
At 31 July 2025
36.2
331.2
5.7
373.1
0.3
Accumulated amortisation and impairments
At 1 August 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 1 August 2024
47.9
195.3
47.7
290.9
0.3
Amortisation charge for the year
\u2014
38.3
0.8
39.1
\u2014
Impairment charge for the year
16.6
2.0
\u2014
18.6
\u2014
Disposals
\u2014
(5.3)
\u2014
(5.3)
\u2014
Disposal of subsidiaries
1
(3.5)
(9.2)
(46.0)
(58.7)
\u2014
Reclassification to assets held for sale
2
(58.9)
(18.9)
\u2014
(77.8)
\u2014
At 31 July 2025
2.1
202.2
2.5
206.8
0.3
Net book value at 31 July 2025
34.1
129.0
3.2
166.3
\u2014
Net book value at 31 July 2024
102.9
153.4
9.7
266.0
\u2014
Net book value at 1 August 2023
94.6
165.4
3.7
263.7
\u2014
1. Close Brothers Asset Management was sold to Oaktree Capital Management, L.P. on 28 February 2025 \u2013 see Note 29.
2. Intangible assets relating to Winterflood Securities and Close Brewery Rentals have been reclassified to assets held for sale \u2013 see Note 29.
Goodwill additions of \u00a38.3 million and intangible assets on acquisition additions of \u00a37.3 million in the prior year ended 31 July
2024 relate to the group\u2019s acquisition of the 100% shareholdings of Close Brothers Finance Designated Activity Company
(goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\u201cBottriell Adams\u201d)
(goodwill of \u00a33.6 million and intangible assets on acquisition of \u00a33.7 million).
Software includes assets under development of \u00a330.6 million (31 July 2024: \u00a335.4 million).
Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to
20 years.
In the 2025 financial year, \u00a30.2 million (2024: \u00a30.2 million) of the amortisation charge is included in amortisation of intangible
assets on acquisition and \u00a337.2 million (2024: \u00a336.6 million) of the amortisation charge is included in administrative expenses
shown in the consolidated income statement.
Impairment tests for goodwill and other intangible assets
Overview
At 31 July 2025, goodwill has been allocated to eight (31 July 2024: nine) individual cash generating units (\u201cCGUs\u201d). Seven
(July 2024: seven) are within the Banking division and one is the Winterflood Securities division (\u201cWinterflood\u201d). At 31 July
2024, the Asset Management division was also a CGU. However, as disclosed in Note 29, the group completed the sale of
Asset Management on 28 February 2025 and therefore the CGU and associated goodwill have been derecognised from the
balance sheet.
Also as disclosed in Note 29, the group announced on 25 July 2025 its agreement to sell Winterflood to Marex Group plc with
the transaction expected to complete in early 2026. As a result, Winterflood was classified as held for sale on the balance
sheet in line with IFRS 5. A goodwill impairment of \u00a314.5 million was recognised, reflecting the requirement to hold the
business at the lower of carrying value and fair value less costs to sell. At 31 July 2025, the goodwill classified as held for sale
in relation to Winterflood is \u00a38.8 million (31 July 2024: \u00a323.3 million).
As disclosed at half year 2025, two additional CGUs, namely the group's Vehicle Hire and Brewery Rentals businesses, were
separated out from an existing Banking CGU. This allowed a more accurate position of the CGUs to be presented. The
intangible assets of these two new CGUs totalled \u00a34.1 million, comprising \u00a32.1 million of goodwill and \u00a32.0 million of software.
Following a review at half year, a full impairment of these intangible assets was subsequently recognised. Brewery Rentals met
the held for sale criteria under IFRS 5 in the second half of the year.
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 \u201cSegmental Analysis\u201d. Goodwill impairment reviews
are carried out at least 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. Goodwill impairment reviews have been performed for 31 July 2025 in light of the current
trading and regulatory environment.
Methodology
The recoverable amounts for all CGUs except Winterflood are measured based on value in use. A value in use calculation uses
discounted cash flow forecasts based on the most recent three-year strategy plans. 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
appropriate allocation of overhead costs, as well as discount rates.
The most relevant assumptions underlying management\u2019s strategy plans for the Banking CGUs, which are based on past
experience and forecast market conditions, are expected loan book growth rates, net return on loan book, future costs and
future capital requirements. While these assumptions are relevant to management's plans, they may not all be key
assumptions in the goodwill impairment test. In addition, while Banking 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, and longer where
appropriate, are made by management with due consideration given to the relevant assumptions set out above. After the final
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 is fundamentally consistent with the prior year and the discount rates used are
also consistent with the prior year. However, they 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.
Assessment overview
At 31 July 2025, the results of the review indicate there is no goodwill impairment except in relation to the Winterflood, Vehicle
Hire and Brewery Rentals CGUs as noted above. Having performed stress test 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
remaining CGU to exceed its recoverable amount except Motor Finance.
Assessment of CGUs
The Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a310.7 million, relates to the
group's UK motor finance business. Cash flows for this CGU have been estimated for seven years to ensure an appropriate
value in use is calculated given a period of strategic change in the shorter term. Consistent with the prior year, the value in use
calculation for this CGU has been identified as a key source of estimation uncertainty. The value in use of Motor Finance
excludes the \u00a3163.9 million balance sheet provision in relation to motor finance commissions and \u00a333.0 million provision in
relation to early settlements, both as described in Note 16, in line with the requirements of IAS 36.
The key source of estimation uncertainty within the Motor Finance value in use calculation relates to the expected future cash
flows, which include consideration for the CGU's strategic growth plans, as well as forecast costs and capital charge. While, as
noted previously, the cash flows exclude the provision in relation to motor finance commissions, the cash flows may
nevertheless be impacted by the uncertainty surrounding, and outcome of, the FCA's review and the group's strategic and
capital actions response. As described in Note 2, determining the impact on goodwill of this matter is a critical accounting
judgement. It also represents a key assumption for the Motor Finance goodwill impairment assessment.
The value in use of Motor Finance is calculated to be 133% (31 July 2024: 121%) of carrying value, which represents a
headroom of \u00a353 million (31 July 2024: \u00a335 million). Management's future growth expectations are in part dependent on
assumptions relating to funding, capital and customer demand. To demonstrate the sensitivity to lower cash flows or a delay in
future growth, a 33% reduction in the annual cash flows to perpetuity would result in the full reduction of the available
headroom. However, this outcome reflects the CGU's sensitivity and does not include all possible management actions which
may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required in
respect of the FCA review. Separately, the pre-tax discount rate used is 14.9% (31 July 2024: 15.2%) and an absolute increase
of 2.5% in the discount rate would result in the full reduction of the available headroom.
The Asset Finance and Leasing (\u201cAF&L\u201d) CGU includes goodwill of \u00a39.8 million, which is significant in comparison to total
goodwill following the disposal of Asset Management and classification of Winterflood as held for sale. The value in use of
AF&L is calculated to be 122% (31 July 2024: 135%) of carrying value. The value in use calculation is also dependent on
management's assumptions for future cash flows. To demonstrate the sensitivity to cash flows, a 10% reduction in the annual
cash flows to perpetuity would result in a 46% reduction in the available headroom.
These scenarios for Motor Finance and AF&L are a demonstration of sensitivity only and do not represent management's base
case scenarios where, as stated, value in use remains above carrying value.
Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the
pre-tax discount rate used in determining value in use, are disclosed separately in the table below:
31 July 2025
31 July 2024
Pre-tax Pre-tax
Goodwill discount rate Goodwill discount rate
Cash generating unit
\u00a3 million % \u00a3 million %
Winterflood Securities
\u2014
\u2014
23.3
14.8
Asset Finance and Leasing
9.8
14.9
9.8
15.2
Other Banking division CGUs
24.3
14.4-15.2
26.3
14.5-15.4
34.1
59.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-504": { "value": "14. Intangible assets
Intangible
assets on Company
Goodwill Software acquisition Group total software
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 August 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
Additions
\u2014
25.6
\u2014
25.6
\u2014
Disposals
\u2014
(6.1)
\u2014
(6.1)
\u2014
Disposal of subsidiaries
1
(46.9)
(16.6)
(51.7)
(115.2)
\u2014
Reclassification to assets held for sale
2
(67.7)
(20.4)
\u2014
(88.1)
\u2014
At 31 July 2025
36.2
331.2
5.7
373.1
0.3
Accumulated amortisation and impairments
At 1 August 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 1 August 2024
47.9
195.3
47.7
290.9
0.3
Amortisation charge for the year
\u2014
38.3
0.8
39.1
\u2014
Impairment charge for the year
16.6
2.0
\u2014
18.6
\u2014
Disposals
\u2014
(5.3)
\u2014
(5.3)
\u2014
Disposal of subsidiaries
1
(3.5)
(9.2)
(46.0)
(58.7)
\u2014
Reclassification to assets held for sale
2
(58.9)
(18.9)
\u2014
(77.8)
\u2014
At 31 July 2025
2.1
202.2
2.5
206.8
0.3
Net book value at 31 July 2025
34.1
129.0
3.2
166.3
\u2014
Net book value at 31 July 2024
102.9
153.4
9.7
266.0
\u2014
Net book value at 1 August 2023
94.6
165.4
3.7
263.7
\u2014
1. Close Brothers Asset Management was sold to Oaktree Capital Management, L.P. on 28 February 2025 \u2013 see Note 29. 2. Intangible assets relating to Winterflood Securities and Close Brewery Rentals have been reclassified to assets held for sale \u2013 see Note 29. Goodwill additions of \u00a38.3 million and intangible assets on acquisition additions of \u00a37.3 million in the prior year ended 31 July 2024 relate to the group\u2019s acquisition of the 100% shareholdings of Close Brothers Finance Designated Activity Company (goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\u201cBottriell Adams\u201d) (goodwill of \u00a33.6 million and intangible assets on acquisition of \u00a33.7 million). Software includes assets under development of \u00a330.6 million (31 July 2024: \u00a335.4 million). Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 years. In the 2025 financial year, \u00a30.2 million (2024: \u00a30.2 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a337.2 million (2024: \u00a336.6 million) of the amortisation charge is included in administrative expenses shown in the consolidated income statement. Impairment tests for goodwill and other intangible assets Overview At 31 July 2025, goodwill has been allocated to eight (31 July 2024: nine) individual cash generating units (\u201cCGUs\u201d). Seven (July 2024: seven) are within the Banking division and one is the Winterflood Securities division (\u201cWinterflood\u201d). At 31 July 2024, the Asset Management division was also a CGU. However, as disclosed in Note 29, the group completed the sale of Asset Management on 28 February 2025 and therefore the CGU and associated goodwill have been derecognised from the balance sheet. Also as disclosed in Note 29, the group announced on 25 July 2025 its agreement to sell Winterflood to Marex Group plc with the transaction expected to complete in early 2026. As a result, Winterflood was classified as held for sale on the balance sheet in line with IFRS 5. A goodwill impairment of \u00a314.5 million was recognised, reflecting the requirement to hold the business at the lower of carrying value and fair value less costs to sell. At 31 July 2025, the goodwill classified as held for sale in relation to Winterflood is \u00a38.8 million (31 July 2024: \u00a323.3 million). As disclosed at half year 2025, two additional CGUs, namely the group's Vehicle Hire and Brewery Rentals businesses, were separated out from an existing Banking CGU. This allowed a more accurate position of the CGUs to be presented. The intangible assets of these two new CGUs totalled \u00a34.1 million, comprising \u00a32.1 million of goodwill and \u00a32.0 million of software. Following a review at half year, a full impairment of these intangible assets was subsequently recognised. Brewery Rentals met the held for sale criteria under IFRS 5 in the second half of the year. 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 \u201cSegmental Analysis\u201d. Goodwill impairment reviews are carried out at least 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. Goodwill impairment reviews have been performed for 31 July 2025 in light of the current trading and regulatory environment. Methodology The recoverable amounts for all CGUs except Winterflood are measured based on value in use. A value in use calculation uses discounted cash flow forecasts based on the most recent three-year strategy plans. 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 appropriate allocation of overhead costs, as well as discount rates. The most relevant assumptions underlying management\u2019s strategy plans for the Banking CGUs, which are based on past experience and forecast market conditions, are expected loan book growth rates, net return on loan book, future costs and future capital requirements. While these assumptions are relevant to management's plans, they may not all be key assumptions in the goodwill impairment test. In addition, while Banking 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, and longer where appropriate, are made by management with due consideration given to the relevant assumptions set out above. After the final 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 is fundamentally consistent with the prior year and the discount rates used are also consistent with the prior year. However, they 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. Assessment overview At 31 July 2025, the results of the review indicate there is no goodwill impairment except in relation to the Winterflood, Vehicle Hire and Brewery Rentals CGUs as noted above. Having performed stress test 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 remaining CGU to exceed its recoverable amount except Motor Finance. Assessment of CGUs The Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a310.7 million, relates to the group's UK motor finance business. Cash flows for this CGU have been estimated for seven years to ensure an appropriate value in use is calculated given a period of strategic change in the shorter term. Consistent with the prior year, the value in use calculation for this CGU has been identified as a key source of estimation uncertainty. The value in use of Motor Finance excludes the \u00a3163.9 million balance sheet provision in relation to motor finance commissions and \u00a333.0 million provision in relation to early settlements, both as described in Note 16, in line with the requirements of IAS 36. The key source of estimation uncertainty within the Motor Finance value in use calculation relates to the expected future cash flows, which include consideration for the CGU's strategic growth plans, as well as forecast costs and capital charge. While, as noted previously, the cash flows exclude the provision in relation to motor finance commissions, the cash flows may nevertheless be impacted by the uncertainty surrounding, and outcome of, the FCA's review and the group's strategic and capital actions response. As described in Note 2, determining the impact on goodwill of this matter is a critical accounting judgement. It also represents a key assumption for the Motor Finance goodwill impairment assessment. The value in use of Motor Finance is calculated to be 133% (31 July 2024: 121%) of carrying value, which represents a headroom of \u00a353 million (31 July 2024: \u00a335 million). Management's future growth expectations are in part dependent on assumptions relating to funding, capital and customer demand. To demonstrate the sensitivity to lower cash flows or a delay in future growth, a 33% reduction in the annual cash flows to perpetuity would result in the full reduction of the available headroom. However, this outcome reflects the CGU's sensitivity and does not include all possible management actions which may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required in respect of the FCA review. Separately, the pre-tax discount rate used is 14.9% (31 July 2024: 15.2%) and an absolute increase of 2.5% in the discount rate would result in the full reduction of the available headroom. The Asset Finance and Leasing (\u201cAF&L\u201d) CGU includes goodwill of \u00a39.8 million, which is significant in comparison to total goodwill following the disposal of Asset Management and classification of Winterflood as held for sale. The value in use of AF&L is calculated to be 122% (31 July 2024: 135%) of carrying value. The value in use calculation is also dependent on management's assumptions for future cash flows. To demonstrate the sensitivity to cash flows, a 10% reduction in the annual cash flows to perpetuity would result in a 46% reduction in the available headroom. These scenarios for Motor Finance and AF&L are a demonstration of sensitivity only and do not represent management's base case scenarios where, as stated, value in use remains above carrying value. Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the pre-tax discount rate used in determining value in use, are disclosed separately in the table below:
31 July 2025
31 July 2024
Pre-tax Pre-tax
Goodwill discount rate Goodwill discount rate
Cash generating unit
\u00a3 million % \u00a3 million %
Winterflood Securities
\u2014
\u2014
23.3
14.8
Asset Finance and Leasing
9.8
14.9
9.8
15.2
Other Banking division CGUs
24.3
14.4-15.2
26.3
14.5-15.4
34.1
59.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-480": { "value": "14. Intangible assets
Intangible
assets on Company
Goodwill Software acquisition Group total software
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 August 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
Additions
\u2014
25.6
\u2014
25.6
\u2014
Disposals
\u2014
(6.1)
\u2014
(6.1)
\u2014
Disposal of subsidiaries
1
(46.9)
(16.6)
(51.7)
(115.2)
\u2014
Reclassification to assets held for sale
2
(67.7)
(20.4)
\u2014
(88.1)
\u2014
At 31 July 2025
36.2
331.2
5.7
373.1
0.3
Accumulated amortisation and impairments
At 1 August 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 1 August 2024
47.9
195.3
47.7
290.9
0.3
Amortisation charge for the year
\u2014
38.3
0.8
39.1
\u2014
Impairment charge for the year
16.6
2.0
\u2014
18.6
\u2014
Disposals
\u2014
(5.3)
\u2014
(5.3)
\u2014
Disposal of subsidiaries
1
(3.5)
(9.2)
(46.0)
(58.7)
\u2014
Reclassification to assets held for sale
2
(58.9)
(18.9)
\u2014
(77.8)
\u2014
At 31 July 2025
2.1
202.2
2.5
206.8
0.3
Net book value at 31 July 2025
34.1
129.0
3.2
166.3
\u2014
Net book value at 31 July 2024
102.9
153.4
9.7
266.0
\u2014
Net book value at 1 August 2023
94.6
165.4
3.7
263.7
\u2014
1. Close Brothers Asset Management was sold to Oaktree Capital Management, L.P. on 28 February 2025 \u2013 see Note 29. 2. Intangible assets relating to Winterflood Securities and Close Brewery Rentals have been reclassified to assets held for sale \u2013 see Note 29. Goodwill additions of \u00a38.3 million and intangible assets on acquisition additions of \u00a37.3 million in the prior year ended 31 July 2024 relate to the group\u2019s acquisition of the 100% shareholdings of Close Brothers Finance Designated Activity Company (goodwill of \u00a34.7 million and intangible assets on acquisition of \u00a33.6 million) and Bottriell Adams LLP (\u201cBottriell Adams\u201d) (goodwill of \u00a33.6 million and intangible assets on acquisition of \u00a33.7 million). Software includes assets under development of \u00a330.6 million (31 July 2024: \u00a335.4 million). Intangible assets on acquisition relate to broker and customer relationships and are amortised over a period of eight to 20 years. In the 2025 financial year, \u00a30.2 million (2024: \u00a30.2 million) of the amortisation charge is included in amortisation of intangible assets on acquisition and \u00a337.2 million (2024: \u00a336.6 million) of the amortisation charge is included in administrative expenses shown in the consolidated income statement. Impairment tests for goodwill and other intangible assets Overview At 31 July 2025, goodwill has been allocated to eight (31 July 2024: nine) individual cash generating units (\u201cCGUs\u201d). Seven (July 2024: seven) are within the Banking division and one is the Winterflood Securities division (\u201cWinterflood\u201d). At 31 July 2024, the Asset Management division was also a CGU. However, as disclosed in Note 29, the group completed the sale of Asset Management on 28 February 2025 and therefore the CGU and associated goodwill have been derecognised from the balance sheet. Also as disclosed in Note 29, the group announced on 25 July 2025 its agreement to sell Winterflood to Marex Group plc with the transaction expected to complete in early 2026. As a result, Winterflood was classified as held for sale on the balance sheet in line with IFRS 5. A goodwill impairment of \u00a314.5 million was recognised, reflecting the requirement to hold the business at the lower of carrying value and fair value less costs to sell. At 31 July 2025, the goodwill classified as held for sale in relation to Winterflood is \u00a38.8 million (31 July 2024: \u00a323.3 million). As disclosed at half year 2025, two additional CGUs, namely the group's Vehicle Hire and Brewery Rentals businesses, were separated out from an existing Banking CGU. This allowed a more accurate position of the CGUs to be presented. The intangible assets of these two new CGUs totalled \u00a34.1 million, comprising \u00a32.1 million of goodwill and \u00a32.0 million of software. Following a review at half year, a full impairment of these intangible assets was subsequently recognised. Brewery Rentals met the held for sale criteria under IFRS 5 in the second half of the year. 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 \u201cSegmental Analysis\u201d. Goodwill impairment reviews are carried out at least 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. Goodwill impairment reviews have been performed for 31 July 2025 in light of the current trading and regulatory environment. Methodology The recoverable amounts for all CGUs except Winterflood are measured based on value in use. A value in use calculation uses discounted cash flow forecasts based on the most recent three-year strategy plans. 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 appropriate allocation of overhead costs, as well as discount rates. The most relevant assumptions underlying management\u2019s strategy plans for the Banking CGUs, which are based on past experience and forecast market conditions, are expected loan book growth rates, net return on loan book, future costs and future capital requirements. While these assumptions are relevant to management's plans, they may not all be key assumptions in the goodwill impairment test. In addition, while Banking 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, and longer where appropriate, are made by management with due consideration given to the relevant assumptions set out above. After the final 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 is fundamentally consistent with the prior year and the discount rates used are also consistent with the prior year. However, they 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. Assessment overview At 31 July 2025, the results of the review indicate there is no goodwill impairment except in relation to the Winterflood, Vehicle Hire and Brewery Rentals CGUs as noted above. Having performed stress test 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 remaining CGU to exceed its recoverable amount except Motor Finance. Assessment of CGUs The Motor Finance CGU, which includes goodwill of \u00a33.0 million and other intangible assets of \u00a310.7 million, relates to the group's UK motor finance business. Cash flows for this CGU have been estimated for seven years to ensure an appropriate value in use is calculated given a period of strategic change in the shorter term. Consistent with the prior year, the value in use calculation for this CGU has been identified as a key source of estimation uncertainty. The value in use of Motor Finance excludes the \u00a3163.9 million balance sheet provision in relation to motor finance commissions and \u00a333.0 million provision in relation to early settlements, both as described in Note 16, in line with the requirements of IAS 36. The key source of estimation uncertainty within the Motor Finance value in use calculation relates to the expected future cash flows, which include consideration for the CGU's strategic growth plans, as well as forecast costs and capital charge. While, as noted previously, the cash flows exclude the provision in relation to motor finance commissions, the cash flows may nevertheless be impacted by the uncertainty surrounding, and outcome of, the FCA's review and the group's strategic and capital actions response. As described in Note 2, determining the impact on goodwill of this matter is a critical accounting judgement. It also represents a key assumption for the Motor Finance goodwill impairment assessment. The value in use of Motor Finance is calculated to be 133% (31 July 2024: 121%) of carrying value, which represents a headroom of \u00a353 million (31 July 2024: \u00a335 million). Management's future growth expectations are in part dependent on assumptions relating to funding, capital and customer demand. To demonstrate the sensitivity to lower cash flows or a delay in future growth, a 33% reduction in the annual cash flows to perpetuity would result in the full reduction of the available headroom. However, this outcome reflects the CGU's sensitivity and does not include all possible management actions which may affect capital and cash flow forecasts for each CGU of the Banking division if any further response were required in respect of the FCA review. Separately, the pre-tax discount rate used is 14.9% (31 July 2024: 15.2%) and an absolute increase of 2.5% in the discount rate would result in the full reduction of the available headroom. The Asset Finance and Leasing (\u201cAF&L\u201d) CGU includes goodwill of \u00a39.8 million, which is significant in comparison to total goodwill following the disposal of Asset Management and classification of Winterflood as held for sale. The value in use of AF&L is calculated to be 122% (31 July 2024: 135%) of carrying value. The value in use calculation is also dependent on management's assumptions for future cash flows. To demonstrate the sensitivity to cash flows, a 10% reduction in the annual cash flows to perpetuity would result in a 46% reduction in the available headroom. These scenarios for Motor Finance and AF&L are a demonstration of sensitivity only and do not represent management's base case scenarios where, as stated, value in use remains above carrying value. Details of the CGUs in which the goodwill carrying amount is significant in comparison with total goodwill, together with the pre-tax discount rate used in determining value in use, are disclosed separately in the table below:
31 July 2025
31 July 2024
Pre-tax Pre-tax
Goodwill discount rate Goodwill discount rate
Cash generating unit
\u00a3 million % \u00a3 million %
Winterflood Securities
\u2014
\u2014
23.3
14.8
Asset Finance and Leasing
9.8
14.9
9.8
15.2
Other Banking division CGUs
24.3
14.4-15.2
26.3
14.5-15.4
34.1
59.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-439": { "value": "
15. Property, plant and equipment
Assets held
Fixtures, under
Leasehold 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 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
Additions
3.2
2.7
40.3
 \u2014
10.3
56.5
Disposals
(13.3)
(4.2)
(75.9)
 \u2014
(26.5)
(119.9)
Disposal of subsidiaries
2
(5.1)
(6.8)
\u2014
\u2014
(7.5)
(19.4)
Reclassification to assets held for sale
3
(0.7)
(21.9)
(80.1)
(0.1)
(19.1)
(121.9)
At 31 July 2025
6.5
34.9
326.2
0.3
50.1
418.0
Accumulated depreciation and impairments
At 1 August 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
Depreciation and impairment charges for the year
1.3
8.2
78.3
\u2014
13.3
101.1
Disposals
(13.0)
(4.1)
(53.3)
\u2014
(25.1)
(95.5)
Disposal of subsidiaries
2
(3.2)
(4.7)
\u2014
\u2014
(3.4)
(11.3)
Reclassification to assets held for sale
3
(0.6)
(13.8)
(39.1)
(0.1)
(5.2)
(58.8)
At 31 July 2025
1.5
22.2
159.9
0.2
24.8
208.6
Net book value at 31 July 2025
5.0
12.7
166.3
0.1
25.3
209.4
Net book value at 31 July 2024
5.4
28.5
267.9
0.1
47.7
349.6
Net book value at 1 August 2023
6.5
24.6
271.2
0.2
54.6
357.1
1. Right of use assets primarily relate to the group\u2019s leasehold properties.
2. Close Brothers Asset Management was sold to Oaktree Capital Management, L.P. on 28 February 2025 - see Note 29.
3. Property, plant and equipment relating to Winterflood Securities and Close Brewery Rentals have been reclassified to assets held for sale - see Note 29.
The net book value of assets held under operating leases includes \u00a30.1 million (31 July 2024: \u00a30.6 million) relating to vehicles
held in inventories. There was a loss of \u00a32.0 million from the sale of assets held under operating leases for the year ended
31 July 2025 (2024: gain of \u00a30.4 million).
Assets held under operating leases primarily relate to vehicles owned by the group's Vehicle Hire business, which is part of the
Commercial operating segment. At 31 July 2025, the carrying value of the operating lease assets in relation to this business
was \u00a3165.0 million (31 July 2024: \u00a3222.4 million). The group has decided to exit this business with performance impacted by a
challenging market backdrop, particularly post-Covid, and there is limited opportunity to deliver enhanced returns. To realise
maximum value and ensure we continue to support our customers in line with contractual terms, the exit will be phased over
time, with the business being managed down over the next three to five years.
As a result of this decision and the recent decline in asset values in this sector, an impairment charge of \u00a330.0 million in
relation to the operating lease assets has been recognised within operating income in the consolidated income statement. The
impairment follows a value in use (\u201cVIU\u201d) assessment under IAS 36 \u201cImpairment of Assets\u201d based on management's exit plan.
The key sources of estimation uncertainty in the VIU calculation relates to the expected rental incomes and disposal values of
the vehicles. At 31 July 2025, a 7.5% absolute increase or decrease in expected rental incomes would decrease or increase
the impairment charge by \u00a310.2 million or \u00a310.3 million respectively. Separately, a 15% absolute increase or decrease in the
disposal values would decrease or increase the impairment charge by \u00a312.7 million or \u00a313.2 million respectively. The discount
rate is not a key assumption in the VIU calculation.
Vehicle Hire's operating loss before tax of \u00a343.4 million is presented as an adjusting item. This includes the \u00a330.0 million asset
impairment charge, a \u00a310.9 million underlying loss and \u00a32.5 million impairment of intangible assets, of which \u00a31.5 million
relates to the full impairment of the goodwill associated with the business.
At 31 July 2024, assets held under operating leases of \u00a3267.9 million largely comprised vehicles owned by the Vehicle Hire
business of \u00a3222.4 million, and brewery containers owned by Close Brewery Rentals Limited (\u201cCBRL\u201d) of \u00a344.5 million. During
the current year, CBRL met the relevant IFRS 5 criteria and the business' assets held under operating leases totalling \u00a341.0
million have been reclassified to assets held for sale on the balance sheet. See Note 29 for further detail.
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Future minimum lease rentals receivable under non-cancellable operating leases
One year or within one year
50.5
51.0
>One to two years
39.1
36.1
>Two to three years
30.3
28.2
>Three to four years
15.4
19.1
>Four to five years
5.9
6.7
More than five years
2.9
2.1
144.1
143.2
Fixtures,
Leasehold fittings and
property equipment Total
\u00a3 million \u00a3 million \u00a3 million
Company
Cost
At 1 August 2023
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2024
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2025
0.3
11.8
12.1
Depreciation
At 1 August 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
Charge for the year
\u2014
1.2
1.2
At 31 July 2025
0.1
5.5
5.6
Net book value at 31 July 2025
0.2
6.3
6.5
Net book value at 31 July 2024
0.2
7.5
7.7
Net book value at 1 August 2023
0.2
8.7
8.9
The net book value of leasehold property comprises:
Group
Company
31 July 2025 31 July 2024 31 July 2025 31 July 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Long leasehold property
0.2
1.1
0.2
0.2
Short leasehold property
4.8
4.3
\u2014
\u2014
5.0
5.4
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-481": { "value": "15. Property, plant and equipment
Assets held
Fixtures, under
Leasehold 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 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
Additions
3.2
2.7
40.3
 \u2014
10.3
56.5
Disposals
(13.3)
(4.2)
(75.9)
 \u2014
(26.5)
(119.9)
Disposal of subsidiaries
2
(5.1)
(6.8)
\u2014
\u2014
(7.5)
(19.4)
Reclassification to assets held for sale
3
(0.7)
(21.9)
(80.1)
(0.1)
(19.1)
(121.9)
At 31 July 2025
6.5
34.9
326.2
0.3
50.1
418.0
Accumulated depreciation and impairments
At 1 August 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
Depreciation and impairment charges for the year
1.3
8.2
78.3
\u2014
13.3
101.1
Disposals
(13.0)
(4.1)
(53.3)
\u2014
(25.1)
(95.5)
Disposal of subsidiaries
2
(3.2)
(4.7)
\u2014
\u2014
(3.4)
(11.3)
Reclassification to assets held for sale
3
(0.6)
(13.8)
(39.1)
(0.1)
(5.2)
(58.8)
At 31 July 2025
1.5
22.2
159.9
0.2
24.8
208.6
Net book value at 31 July 2025
5.0
12.7
166.3
0.1
25.3
209.4
Net book value at 31 July 2024
5.4
28.5
267.9
0.1
47.7
349.6
Net book value at 1 August 2023
6.5
24.6
271.2
0.2
54.6
357.1
1. Right of use assets primarily relate to the group\u2019s leasehold properties. 2. Close Brothers Asset Management was sold to Oaktree Capital Management, L.P. on 28 February 2025 - see Note 29. 3. Property, plant and equipment relating to Winterflood Securities and Close Brewery Rentals have been reclassified to assets held for sale - see Note 29. The net book value of assets held under operating leases includes \u00a30.1 million (31 July 2024: \u00a30.6 million) relating to vehicles held in inventories. There was a loss of \u00a32.0 million from the sale of assets held under operating leases for the year ended 31 July 2025 (2024: gain of \u00a30.4 million). Assets held under operating leases primarily relate to vehicles owned by the group's Vehicle Hire business, which is part of the Commercial operating segment. At 31 July 2025, the carrying value of the operating lease assets in relation to this business was \u00a3165.0 million (31 July 2024: \u00a3222.4 million). The group has decided to exit this business with performance impacted by a challenging market backdrop, particularly post-Covid, and there is limited opportunity to deliver enhanced returns. To realise maximum value and ensure we continue to support our customers in line with contractual terms, the exit will be phased over time, with the business being managed down over the next three to five years. As a result of this decision and the recent decline in asset values in this sector, an impairment charge of \u00a330.0 million in relation to the operating lease assets has been recognised within operating income in the consolidated income statement. The impairment follows a value in use (\u201cVIU\u201d) assessment under IAS 36 \u201cImpairment of Assets\u201d based on management's exit plan. The key sources of estimation uncertainty in the VIU calculation relates to the expected rental incomes and disposal values of the vehicles. At 31 July 2025, a 7.5% absolute increase or decrease in expected rental incomes would decrease or increase the impairment charge by \u00a310.2 million or \u00a310.3 million respectively. Separately, a 15% absolute increase or decrease in the disposal values would decrease or increase the impairment charge by \u00a312.7 million or \u00a313.2 million respectively. The discount rate is not a key assumption in the VIU calculation. Vehicle Hire's operating loss before tax of \u00a343.4 million is presented as an adjusting item. This includes the \u00a330.0 million asset impairment charge, a \u00a310.9 million underlying loss and \u00a32.5 million impairment of intangible assets, of which \u00a31.5 million relates to the full impairment of the goodwill associated with the business. At 31 July 2024, assets held under operating leases of \u00a3267.9 million largely comprised vehicles owned by the Vehicle Hire business of \u00a3222.4 million, and brewery containers owned by Close Brewery Rentals Limited (\u201cCBRL\u201d) of \u00a344.5 million. During the current year, CBRL met the relevant IFRS 5 criteria and the business' assets held under operating leases totalling \u00a341.0 million have been reclassified to assets held for sale on the balance sheet. See Note 29 for further detail.
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Future minimum lease rentals receivable under non-cancellable operating leases
One year or within one year
50.5
51.0
>One to two years
39.1
36.1
>Two to three years
30.3
28.2
>Three to four years
15.4
19.1
>Four to five years
5.9
6.7
More than five years
2.9
2.1
144.1
143.2
Fixtures,
Leasehold fittings and
property equipment Total
\u00a3 million \u00a3 million \u00a3 million
Company
Cost
At 1 August 2023
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2024
0.3
11.8
12.1
Additions
\u2014
\u2014
\u2014
At 31 July 2025
0.3
11.8
12.1
Depreciation
At 1 August 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
Charge for the year
\u2014
1.2
1.2
At 31 July 2025
0.1
5.5
5.6
Net book value at 31 July 2025
0.2
6.3
6.5
Net book value at 31 July 2024
0.2
7.5
7.7
Net book value at 1 August 2023
0.2
8.7
8.9
The net book value of leasehold property comprises:
Group
Company
31 July 2025 31 July 2024 31 July 2025 31 July 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Long leasehold property
0.2
1.1
0.2
0.2
Short leasehold property
4.8
4.3
\u2014
\u2014
5.0
5.4
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-505": { "value": "16. Other assets and liabilities
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Prepayments, accrued income and other assets
Prepayments
92.0
110.7
Accrued income
3.1
21.1
Trade and other receivables
1
91.5
54.9
186.6
186.7
Accruals, deferred income and other liabilities
Accruals
87.1
118.0
Deferred income
5.0
7.5
Trade and other payables
80.2
148.7
Provisions
2
210.3
32.3
382.6
306.5
1. Trade and other receivables include an insurance settlement receivable (see Credit risk section of the Risk Report) and \u00a321.1 million (31 July 2024: \u00a3nil) of contingent deferred consideration relating to the disposal of Close Brothers Asset Management (see Note 29). 2. Provisions have been separated out on the consolidated balance sheet for the current and prior year to provide additional clarity.
Legal and
regulatory Property Other Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Group provisions
At 1 August 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
Additions
204.0
0.8
1.0
205.8
Utilisation
(20.5)
(0.1)
(0.9)
(21.5)
Released
\u2014
(0.3)
\u2014
(0.3)
Reclassification to liabilities held for sale
\u2014
(3.0)
(3.0)
(6.0)
At 31 July 2025
203.1
5.3
1.9
210.3
Property Other Total
\u00a3 million \u00a3 million \u00a3 million
Company provisions
At 1 August 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
Additions
\u2014
0.1
0.1
Utilisation
\u2014
(0.5)
(0.5)
Released
(0.2)
\u2014
(0.2)
At 31 July 2025
0.2
0.8
1.0
Provisions are made for claims and other items which arise in the normal course of business. Claims may arise in respect of
legal and regulatory matters, while other items largely relate to property dilapidations and employee benefits. A provision is
recognised where it is determined that there is a legal or constructive present obligation arising from a past event, payment is
probable, and the amount can be estimated reliably. The timing and/or outcome of these claims and other items are uncertain.
Provision in relation to motor commissions
An overview of developments in relation to motor finance commissions including the Supreme Court\u2019s judgment, the FCA\u2019s
review, related updates and other claims and complaints is set out in the 'FCA\u2019s review of historical motor finance commission
arrangements' section of the Strategic Report. In the previous financial year, it was concluded that this matter was a
contingent liability under IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d. At half year 2025, a further detailed
assessment against IAS 37 was performed, which determined that the criteria for a provision had been met and a provision of
\u00a3165.0 million was recognised. During the second half of the financial year, the provision decreased slightly to \u00a3163.9 million,
reflecting some utilisation in relation to costs, partly offset by an unwinding of the discount relating to the time value of money.
Taking into account all available information, and recognising there have been significant developments since the half year,
including the Supreme Court\u2019s judgment and the FCA\u2019s subsequent market statements, the provision on the balance sheet has
been reassessed and remains unchanged at \u00a3163.9 million. This includes estimates of the potential redress for affected
customers, as well as relevant directly attributable operational and legal costs. The estimated provision is based on probability
weighted scenarios using various assumptions, which may differ across the scenarios, relating to potential outcomes of the
FCA review and any redress scheme proposed. All scenarios selected assume a certain level of compensation based on
management\u2019s assessment of affected customers in light of the Supreme Court judgment and are considered to represent an
appropriate range of potential outcomes. Other assumptions include, for example, claim rates, time periods in scope of any
remediation scheme and the costs to deliver any remediation.
The Supreme Court in the Johnson v FirstRand Bank Limited case noted that the test for customer unfairness is highly fact sensitive
and takes into account a broad range of factors. These factors include, for example, commission size relative to the charge for credit,
nature of the commission, characteristics of the customer, compliance with regulations and disclosures made to the customer.
In management\u2019s provisioning assessment, significant judgement has been applied in determining the affected customers, the
level of compensation and the appropriate scenarios. These represent areas of critical accounting judgement for the group.
In addition, a number of assumptions have been applied in the calculation of the provision, with certain assumptions
representing key sources of estimation uncertainty. These relate to the total cost of credit (\u201cTCC\u201d) thresholds used in
determining the affected population of customers, claim rates and the weightings applied to the scenarios. A 10% relative
increase or decrease in the TCC thresholds would result in a decrease of \u00a325 million or increase of \u00a331 million respectively in
the estimated provision. Separately, a 10% relative increase or decrease in the assumed claim rates would result in a \u00a314.7
million increase or decrease in the estimated provision. Changes in other assumptions, including scenario weightings, may also
result in material changes to the estimated provision.
The estimated provision is the outcome of a thorough assessment, representing the group\u2019s current evaluation based on
available information and recent developments. There remains significant uncertainty over the FCA\u2019s proposals in relation to a
redress scheme which will be subject to public consultation, and therefore the ultimate cost to the group could be materially
higher or lower than the provision taken. During the year, the group incurred \u00a318.7 million (2024: \u00a36.9 million) of complaints
handling expenses and other operational and legal costs in relation to motor commissions. This included increased resourcing
to manage complaints and legal expenses, notably those related to the Supreme Court appeal, as well as the subsequent
discount unwind of the original \u00a3165 million provision described above. These costs, as well as \u00a3165.0 million recognised in
the income statement relating to the initial provision, do not reflect underlying trading performance and therefore have been
presented as separate adjusting items and excluded from adjusted operating profit by management.
Provision in relation to early settlements in Motor Finance
Following the identification of historical deficiencies in certain operational processes related to early settlement of loans in the
Motor Finance business, the group recognised a separate provision of \u00a333.0 million at 31 July 2025 in relation to a proactive
customer remediation programme to be implemented by the group. The provision reflects management's best estimate of the
cost of remediation in relation to impacted customers, including compensatory interest and associated administrative costs,
based on the information currently available and will be refined as the scope and design of the remediation programme are
finalised. Since identification of the issue, the group has acted quickly to amend the relevant processes and implemented
additional controls to prevent recurrence. The group is fully committed to ensuring that affected customers are appropriately
compensated and expects to contact customers in early 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-482": { "value": "
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Prepayments, accrued income and other assets
Prepayments
92.0
110.7
Accrued income
3.1
21.1
Trade and other receivables
1
91.5
54.9
186.6
186.7
Accruals, deferred income and other liabilities
Accruals
87.1
118.0
Deferred income
5.0
7.5
Trade and other payables
80.2
148.7
Provisions
2
210.3
32.3
382.6
306.5
1. Trade and other receivables include an insurance settlement receivable (see Credit risk section of the Risk Report) and \u00a321.1 million (31 July 2024:
\u00a3nil) of contingent deferred consideration relating to the disposal of Close Brothers Asset Management (see Note 29).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-520": { "value": "
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Prepayments, accrued income and other assets
Prepayments
92.0
110.7
Accrued income
3.1
21.1
Trade and other receivables
1
91.5
54.9
186.6
186.7
Accruals, deferred income and other liabilities
Accruals
87.1
118.0
Deferred income
5.0
7.5
Trade and other payables
80.2
148.7
Provisions
2
210.3
32.3
382.6
306.5
1. Trade and other receivables include an insurance settlement receivable (see Credit risk section of the Risk Report) and \u00a321.1 million (31 July 2024: \u00a3nil) of contingent deferred consideration relating to the disposal of Close Brothers Asset Management (see Note 29). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-526": { "value": "
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Prepayments, accrued income and other assets
Prepayments
92.0
110.7
Accrued income
3.1
21.1
Trade and other receivables
1
91.5
54.9
186.6
186.7
Accruals, deferred income and other liabilities
Accruals
87.1
118.0
Deferred income
5.0
7.5
Trade and other payables
80.2
148.7
Provisions
2
210.3
32.3
382.6
306.5
1. Trade and other receivables include an insurance settlement receivable (see Credit risk section of the Risk Report) and \u00a321.1 million (31 July 2024: \u00a3nil) of contingent deferred consideration relating to the disposal of Close Brothers Asset Management (see Note 29). 2. Provisions have been separated out on the consolidated balance sheet for the current and prior year to provide additional clarity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-519": { "value": "
Legal and
regulatory Property Other Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Group provisions
At 1 August 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
Additions
204.0
0.8
1.0
205.8
Utilisation
(20.5)
(0.1)
(0.9)
(21.5)
Released
\u2014
(0.3)
\u2014
(0.3)
Reclassification to liabilities held for sale
\u2014
(3.0)
(3.0)
(6.0)
At 31 July 2025
203.1
5.3
1.9
210.3
Property Other Total
\u00a3 million \u00a3 million \u00a3 million
Company provisions
At 1 August 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
Additions
\u2014
0.1
0.1
Utilisation
\u2014
(0.5)
(0.5)
Released
(0.2)
\u2014
(0.2)
At 31 July 2025
0.2
0.8
1.0
Provisions are made for claims and other items which arise in the normal course of business. Claims may arise in respect of legal and regulatory matters, while other items largely relate to property dilapidations and employee benefits. A provision is recognised where it is determined that there is a legal or constructive present obligation arising from a past event, payment is probable, and the amount can be estimated reliably. The timing and/or outcome of these claims and other items are uncertain. Provision in relation to motor commissions An overview of developments in relation to motor finance commissions including the Supreme Court\u2019s judgment, the FCA\u2019s review, related updates and other claims and complaints is set out in the 'FCA\u2019s review of historical motor finance commission arrangements' section of the Strategic Report. In the previous financial year, it was concluded that this matter was a contingent liability under IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d. At half year 2025, a further detailed assessment against IAS 37 was performed, which determined that the criteria for a provision had been met and a provision of \u00a3165.0 million was recognised. During the second half of the financial year, the provision decreased slightly to \u00a3163.9 million, reflecting some utilisation in relation to costs, partly offset by an unwinding of the discount relating to the time value of money. Taking into account all available information, and recognising there have been significant developments since the half year, including the Supreme Court\u2019s judgment and the FCA\u2019s subsequent market statements, the provision on the balance sheet has been reassessed and remains unchanged at \u00a3163.9 million. This includes estimates of the potential redress for affected customers, as well as relevant directly attributable operational and legal costs. The estimated provision is based on probability weighted scenarios using various assumptions, which may differ across the scenarios, relating to potential outcomes of the FCA review and any redress scheme proposed. All scenarios selected assume a certain level of compensation based on management\u2019s assessment of affected customers in light of the Supreme Court judgment and are considered to represent an appropriate range of potential outcomes. Other assumptions include, for example, claim rates, time periods in scope of any remediation scheme and the costs to deliver any remediation. The Supreme Court in the Johnson v FirstRand Bank Limited case noted that the test for customer unfairness is highly fact sensitive and takes into account a broad range of factors. These factors include, for example, commission size relative to the charge for credit, nature of the commission, characteristics of the customer, compliance with regulations and disclosures made to the customer. In management\u2019s provisioning assessment, significant judgement has been applied in determining the affected customers, the level of compensation and the appropriate scenarios. These represent areas of critical accounting judgement for the group. In addition, a number of assumptions have been applied in the calculation of the provision, with certain assumptions representing key sources of estimation uncertainty. These relate to the total cost of credit (\u201cTCC\u201d) thresholds used in determining the affected population of customers, claim rates and the weightings applied to the scenarios. A 10% relative increase or decrease in the TCC thresholds would result in a decrease of \u00a325 million or increase of \u00a331 million respectively in the estimated provision. Separately, a 10% relative increase or decrease in the assumed claim rates would result in a \u00a314.7 million increase or decrease in the estimated provision. Changes in other assumptions, including scenario weightings, may also result in material changes to the estimated provision. The estimated provision is the outcome of a thorough assessment, representing the group\u2019s current evaluation based on available information and recent developments. There remains significant uncertainty over the FCA\u2019s proposals in relation to a redress scheme which will be subject to public consultation, and therefore the ultimate cost to the group could be materially higher or lower than the provision taken. During the year, the group incurred \u00a318.7 million (2024: \u00a36.9 million) of complaints handling expenses and other operational and legal costs in relation to motor commissions. This included increased resourcing to manage complaints and legal expenses, notably those related to the Supreme Court appeal, as well as the subsequent discount unwind of the original \u00a3165 million provision described above. These costs, as well as \u00a3165.0 million recognised in the income statement relating to the initial provision, do not reflect underlying trading performance and therefore have been presented as separate adjusting items and excluded from adjusted operating profit by management. Provision in relation to early settlements in Motor Finance Following the identification of historical deficiencies in certain operational processes related to early settlement of loans in the Motor Finance business, the group recognised a separate provision of \u00a333.0 million at 31 July 2025 in relation to a proactive customer remediation programme to be implemented by the group. The provision reflects management's best estimate of the cost of remediation in relation to impacted customers, including compensatory interest and associated administrative costs, based on the information currently available and will be refined as the scope and design of the remediation programme are finalised. Since identification of the issue, the group has acted quickly to amend the relevant processes and implemented additional controls to prevent recurrence. The group is fully committed to ensuring that affected customers are appropriately compensated and expects to contact customers in early 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-440": { "value": "
17. Settlement balances and short positions
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Settlement balances
\u2014
600.1
Short positions in:
Debt securities
\u2014
5.5
Equity shares
\u2014
9.3
\u2014
14.8
\u2014
614.9
Settlement balances and short positions at 31 July 2024 related to Winterflood Securities. At 31 July 2025, the assets and
liabilities of Winterflood Securities have been classified as held for sale. See Note 29 for more detail.
", "dimensions": { "concept": "closebrothers:DisclosureOfSettlementBalancesAndShortPositions", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-441": { "value": "
18. Financial liabilities
Between
Within three Between Between After more
three
months and one and two two and five than five
On demand months one year years years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Deposits by banks
9.3
78.8
\u2014
\u2014
\u2014
\u2014
 88.1
Deposits by customers
1,161.4
2,640.3
3,533.7
852.9
611.0
 \u2014 8,799.3
Loans and overdrafts from banks
1.5
\u2014
\u2014
\u2014
\u2014
 \u2014 1.5
Debt securities in issue
 \u2014
56.5
124.1
974.2
503.2
333.3
1,991.3
At 31 July 2025
1,172.2
2,775.6
3,657.8
1,827.1
1,114.2
333.3
10,880.2
Between Between one After more
Within three
three months and two Between two than five
On demand months and one year years and five years 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
At 31 July 2025, the parent company had \u00a3251.3 million (31 July 2024: \u00a3250.8 million) of non-instalment debt securities in
issue with an interest rate of 7.75% and a final maturity date of 2028.
As outlined in Note 26(c), at 31 July 2025 the group accessed \u00a3nil (31 July 2024: \u00a3110.0 million) and \u00a3nil (31 July 2024: \u00a3nil)
cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d) and Indexed Long-
Term Repo (\u201cILTR\u201d) respectively. During the year, the group made an early repayment of \u00a3110.0 million (31 July 2024: \u00a3490.0
million) against the TFSME. Cash from these schemes is included within loans and overdrafts from banks. Residual maturities
of the schemes, which include accrued interest, are as follows:
Between Between one After more
Within three three months and two Between two than five
On demand months and one year years and five years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2024
\u2014
0.5
\u2014
110.0
\u2014
\u2014
110.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-506": { "value": "18. Financial liabilities
Between
Within three Between Between After more
three
months and one and two two and five than five
On demand months one year years years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Deposits by banks
9.3
78.8
\u2014
\u2014
\u2014
\u2014
 88.1
Deposits by customers
1,161.4
2,640.3
3,533.7
852.9
611.0
 \u2014 8,799.3
Loans and overdrafts from banks
1.5
\u2014
\u2014
\u2014
\u2014
 \u2014 1.5
Debt securities in issue
 \u2014
56.5
124.1
974.2
503.2
333.3
1,991.3
At 31 July 2025
1,172.2
2,775.6
3,657.8
1,827.1
1,114.2
333.3
10,880.2
Between Between one After more
Within three
three months and two Between two than five
On demand months and one year years and five years 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
At 31 July 2025, the parent company had \u00a3251.3 million (31 July 2024: \u00a3250.8 million) of non-instalment debt securities in issue with an interest rate of 7.75% and a final maturity date of 2028. As outlined in Note 26(c), at 31 July 2025 the group accessed \u00a3nil (31 July 2024: \u00a3110.0 million) and \u00a3nil (31 July 2024: \u00a3nil) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d) and Indexed Long- Term Repo (\u201cILTR\u201d) respectively. During the year, the group made an early repayment of \u00a3110.0 million (31 July 2024: \u00a3490.0 million) against the TFSME. Cash from these schemes is included within loans and overdrafts from banks. Residual maturities of the schemes, which include accrued interest, are as follows:
Between Between one After more
Within three three months and two Between two than five
On demand months and one year years and five years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2024
\u2014
0.5
\u2014
110.0
\u2014
\u2014
110.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-483": { "value": "18. Financial liabilities
Between
Within three Between Between After more
three
months and one and two two and five than five
On demand months one year years years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Deposits by banks
9.3
78.8
\u2014
\u2014
\u2014
\u2014
 88.1
Deposits by customers
1,161.4
2,640.3
3,533.7
852.9
611.0
 \u2014 8,799.3
Loans and overdrafts from banks
1.5
\u2014
\u2014
\u2014
\u2014
 \u2014 1.5
Debt securities in issue
 \u2014
56.5
124.1
974.2
503.2
333.3
1,991.3
At 31 July 2025
1,172.2
2,775.6
3,657.8
1,827.1
1,114.2
333.3
10,880.2
Between Between one After more
Within three
three months and two Between two than five
On demand months and one year years and five years 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
At 31 July 2025, the parent company had \u00a3251.3 million (31 July 2024: \u00a3250.8 million) of non-instalment debt securities in issue with an interest rate of 7.75% and a final maturity date of 2028. As outlined in Note 26(c), at 31 July 2025 the group accessed \u00a3nil (31 July 2024: \u00a3110.0 million) and \u00a3nil (31 July 2024: \u00a3nil) cash under the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d) and Indexed Long- Term Repo (\u201cILTR\u201d) respectively. During the year, the group made an early repayment of \u00a3110.0 million (31 July 2024: \u00a3490.0 million) against the TFSME. Cash from these schemes is included within loans and overdrafts from banks. Residual maturities of the schemes, which include accrued interest, are as follows:
Between Between one After more
Within three three months and two Between two than five
On demand months and one year years and five years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2024
\u2014
0.5
\u2014
110.0
\u2014
\u2014
110.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-442": { "value": "
19. Subordinated loan capital
Initial
Prepayment interest 31 July 2025 31 July 2024
date rate \u00a3 million \u00a3 million
Final maturity date
2031
2026
2.00%
195.5
187.2
195.5
187.2
At 31 July 2025, the parent company had \u00a3201.2 million (31 July 2024: \u00a3200.8 million) of subordinated loan capital with an
interest rate of 2.00% and a final maturity date of 2031.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-443": { "value": "
20. Called up share capital, distributable reserves and other equity instrument
31 July 2025
31 July 2024
million
\u00a3 million
million
\u00a3 million
Group and company
Ordinary shares of 25p each (allotted, issued and fully paid)
152.1
38.0
152.1
38.0
At 31 July 2025, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006
were \u00a3259.8 million (2024: \u00a3299.6 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in
determining this.
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 \u201cFinancial Instruments: Presentation\u201d with the proceeds recognised in equity net of transaction costs
of \u00a32.4 million.
These securities carry a coupon of 11.125%, payable semi-annually on 29 May and 29 November of each year, and have a first
reset date on 29 May 2029. Two coupon payments totalling \u00a322.3 million were made in the year. 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 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 81 to 83 in the Capital risk
section of the Risk Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-507": { "value": "20. Called up share capital, distributable reserves and other equity instrument
31 July 2025
31 July 2024
million
\u00a3 million
million
\u00a3 million
Group and company
Ordinary shares of 25p each (allotted, issued and fully paid)
152.1
38.0
152.1
38.0
At 31 July 2025, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006 were \u00a3259.8 million (2024: \u00a3299.6 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in determining this. 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 \u201cFinancial Instruments: Presentation\u201d with the proceeds recognised in equity net of transaction costs of \u00a32.4 million. These securities carry a coupon of 11.125%, payable semi-annually on 29 May and 29 November of each year, and have a first reset date on 29 May 2029. Two coupon payments totalling \u00a322.3 million were made in the year. 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 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 81 to 83 in the Capital risk section of the Risk Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-484": { "value": "20. Called up share capital, distributable reserves and other equity instrument
31 July 2025
31 July 2024
million
\u00a3 million
million
\u00a3 million
Group and company
Ordinary shares of 25p each (allotted, issued and fully paid)
152.1
38.0
152.1
38.0
At 31 July 2025, the company\u2019s reserves available for distribution under section 830(2) and 831(2) of the Companies Act 2006 were \u00a3259.8 million (2024: \u00a3299.6 million). The directors have applied the guidance provided by ICAEW TECH 02/17 in determining this. 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 \u201cFinancial Instruments: Presentation\u201d with the proceeds recognised in equity net of transaction costs of \u00a32.4 million. These securities carry a coupon of 11.125%, payable semi-annually on 29 May and 29 November of each year, and have a first reset date on 29 May 2029. Two coupon payments totalling \u00a322.3 million were made in the year. 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 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 81 to 83 in the Capital risk section of the Risk Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-444": { "value": "
21. Guarantees, commitments and contingent liabilities
Guarantees
Group
Company
31 July 2025 31 July 2024 31 July 2025 31 July 2024
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Earliest period in which guarantee could be called
Within one year
96.4
137.7
87.3
130.0
More than one year
2.1
3.7
\u2014
\u2014
98.5
141.4
87.3
130.0
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
reporting date, they are included in these consolidated financial statements.
Commitments
Undrawn facilities, credit lines and other commitments to lend \u2013 revocable and irrevocable
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Within one year
823.0
1,038.2
After more than one year
\u2014
9.5
823.0
1,047.7
Other commitments
Subsidiaries had contracted capital and other financial commitments of \u00a331.2 million (2024: \u00a346.5 million).
Operating lease commitments
During the year, the company recognised lease payments as an expense of \u00a32.1 million (2024: \u00a32.1 million). At 31 July 2025,
the company had future minimum lease payments under non-cancellable operating leases relating to property of \u00a30.8 million
within one year, \u00a312.2 million between one and five years, and \u00a3nil after more than five years, totalling \u00a313.0 million (31 July
2024: \u00a32.1 million, \u00a38.3 million, and \u00a32.2 million respectively, totalling \u00a312.6 million).
Contingent liabilities
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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-485": { "value": "Commitments Undrawn facilities, credit lines and other commitments to lend \u2013 revocable and irrevocable
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Within one year
823.0
1,038.2
After more than one year
\u2014
9.5
823.0
1,047.7
Other commitments Subsidiaries had contracted capital and other financial commitments of \u00a331.2 million (2024: \u00a346.5 million). Operating lease commitments During the year, the company recognised lease payments as an expense of \u00a32.1 million (2024: \u00a32.1 million). At 31 July 2025, the company had future minimum lease payments under non-cancellable operating leases relating to property of \u00a30.8 million within one year, \u00a312.2 million between one and five years, and \u00a3nil after more than five years, totalling \u00a313.0 million (31 July 2024: \u00a32.1 million, \u00a38.3 million, and \u00a32.2 million respectively, totalling \u00a312.6 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-486": { "value": "Contingent liabilities 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-508": { "value": "Contingent liabilities 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-445": { "value": "
22. Related party transactions
Transactions with key management
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 Board and Executive Committee, which
include all Executive Directors and Non-Executive Directors. The related parties of the group include its key management and
their close family members. Details of Directors\u2019 remuneration and interests in shares are disclosed in the Directors\u2019
Remuneration Report. The table below details, on an aggregated basis, the group's key management emoluments:
2025 2024
\u00a3 million \u00a3 million
Emoluments
Salaries and fees
5.3
6.0
Benefits and allowances
2.1
0.8
Performance related awards in respect of the current year:
Cash
\u2014
1.7
7.4
8.5
Termination benefits
0.9
\u2014
Post-employment benefits
0.1
\u2014
Share-based awards
1.1
0.7
9.5
9.2
Gains upon exercise of options by the group's key management, expensed to the income statement in previous years, totalled
\u00a30.4 million (2024: \u00a31.8 million).
Amounts included in deposits by customers at 31 July 2025 attributable, in aggregate, to the group's key management were
\u00a30.3 million (31 July 2024: \u00a30.3 million). These relationships are undertaken on standard commercial terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-509": { "value": "22. Related party transactions Transactions with key management 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 Board and Executive Committee, which include all Executive Directors and Non-Executive Directors. The related parties of the group include its key management and their close family members. Details of Directors\u2019 remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration Report. The table below details, on an aggregated basis, the group's key management emoluments:
2025 2024
\u00a3 million \u00a3 million
Emoluments
Salaries and fees
5.3
6.0
Benefits and allowances
2.1
0.8
Performance related awards in respect of the current year:
Cash
\u2014
1.7
7.4
8.5
Termination benefits
0.9
\u2014
Post-employment benefits
0.1
\u2014
Share-based awards
1.1
0.7
9.5
9.2
Gains upon exercise of options by the group's key management, expensed to the income statement in previous years, totalled \u00a30.4 million (2024: \u00a31.8 million). Amounts included in deposits by customers at 31 July 2025 attributable, in aggregate, to the group's key management were \u00a30.3 million (31 July 2024: \u00a30.3 million). These relationships are undertaken on standard commercial terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-487": { "value": "22. Related party transactions Transactions with key management 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 Board and Executive Committee, which include all Executive Directors and Non-Executive Directors. The related parties of the group include its key management and their close family members. Details of Directors\u2019 remuneration and interests in shares are disclosed in the Directors\u2019 Remuneration Report. The table below details, on an aggregated basis, the group's key management emoluments:
2025 2024
\u00a3 million \u00a3 million
Emoluments
Salaries and fees
5.3
6.0
Benefits and allowances
2.1
0.8
Performance related awards in respect of the current year:
Cash
\u2014
1.7
7.4
8.5
Termination benefits
0.9
\u2014
Post-employment benefits
0.1
\u2014
Share-based awards
1.1
0.7
9.5
9.2
Gains upon exercise of options by the group's key management, expensed to the income statement in previous years, totalled \u00a30.4 million (2024: \u00a31.8 million). Amounts included in deposits by customers at 31 July 2025 attributable, in aggregate, to the group's key management were \u00a30.3 million (31 July 2024: \u00a30.3 million). These relationships are undertaken on standard commercial terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-446": { "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
\u00a313.4 million (2024: \u00a313.2 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.
The pension surplus on the group\u2019s balance sheet is \u00a30.2 million (31 July 2024: \u00a30.8 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 2025 this
scheme had
15 (31 July 2024: 21) deferred members, 63 (31 July 2024: 58) pensioners and dependents and 8 (31 July 2024: 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:
2025 2024
% %
Inflation rate (Retail Price Index)
3.2
3.4
Inflation rate (CPI)
2.8
3.0
Discount rate for scheme liabilities\u00b9
5.6
4.9
Expected interest/expected long-term return on plan assets
5.6
4.9
Mortality assumptions\u00b2:
Existing pensioners from age 65, life expectancy (years):
Men
23.2
22.9
Women
25.0
24.8
Non-retired members currently aged 50, life expectancy from age 65 (years):
Men
24.0
23.6
Women
26.3
26.1
1. Based on market yields at 31 July 2025 and 2024 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 (2024: 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 2024 (2024: CMI 2023)
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.
2025 2024 2023 2022 2021
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Fair value of scheme assets\u00b9
Equities
\u2014
\u2014
\u2014
\u2014
9.4
Bonds
\u2014
\u2014
\u2014
30.3
33.6
Cash
0.2
0.9
1.4
3.5
0.2
Insured annuities
21.5
23.2
22.4
1.0
\u2014
Total assets
21.7
24.1
23.8
34.8
43.2
Fair value of liabilities
(21.5)
(23.3)
(22.5)
(27.6)
(35.6)
Surplus
0.2
0.8
1.3
7.2
7.6
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:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
(23.3)
(22.5)
Interest expense
(1.1)
(1.1)
Benefits paid
1.4
1.3
Actuarial gain/(loss)
1.5
(1.0)
Carrying amount at 31 July
(21.5)
(23.3)
Movement in the fair value of scheme assets during the year:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
24.1
23.8
Interest income
1.1
1.2
Benefits paid
(1.4)
(1.2)
Administrative costs paid
(0.5)
(0.6)
(Losses)/returns on scheme assets, excluding interest income
(1.6)
0.9
Carrying amount at 31 July
21.7
24.1
Historical experience of actuarial gains/(losses) are shown below:
2025 2024 2023 2022 2021
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Returns/(losses) on scheme assets
(1.6)
0.9
(10.6)
(8.7)
1.9
Experience (losses)/gains on scheme liabilities
\u2014
(0.4)
(0.9)
0.4
\u2014
Impact of changes in assumptions
1.5
(0.5)
5.8
8.2
(1.4)
Total actuarial changes in liabilities
1.5
(0.9)
4.9
8.6
(1.4)
Total actuarial gains/(losses)
(0.1)
\u2014
(5.7)
(0.1)
0.5
Actuarial movements would be recognised in other comprehensive income. Income of \u00a3nil (2024: \u00a30.1 million) from the interest
on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s
policy is not to allocate the net defined benefit cost between group entities participating in the scheme.
The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in
those assumptions in 2025 and 2024 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)
2025
2024
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.5
0.5
2.8
0.6
Price inflation (RPI)
0.25% increase
1.4
0.3
1.3
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.8
0.6
2.7
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 (\u201cDBO\u201d), 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 10 years (2024: 11 years).
The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023 (upheld by the
Court of Appeal in July 2024), considered the implications of section 37 of the Pension Schemes Act 1993, with the potential to
cause a significant impact on the pensions industry. The trustees will investigate the possible implications 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-488": { "value": "Defined contribution schemes During the year the charge to the consolidated income statement for the group\u2019s defined contribution pension schemes was \u00a313.4 million (2024: \u00a313.2 million), representing contributions payable by the group and is included in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-489": { "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. The pension surplus on the group\u2019s balance sheet is \u00a30.2 million (31 July 2024: \u00a30.8 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 2025 this scheme had 15 (31 July 2024: 21) deferred members, 63 (31 July 2024: 58) pensioners and dependents and 8 (31 July 2024: 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:
2025 2024
% %
Inflation rate (Retail Price Index)
3.2
3.4
Inflation rate (CPI)
2.8
3.0
Discount rate for scheme liabilities\u00b9
5.6
4.9
Expected interest/expected long-term return on plan assets
5.6
4.9
Mortality assumptions\u00b2:
Existing pensioners from age 65, life expectancy (years):
Men
23.2
22.9
Women
25.0
24.8
Non-retired members currently aged 50, life expectancy from age 65 (years):
Men
24.0
23.6
Women
26.3
26.1
1. Based on market yields at 31 July 2025 and 2024 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 (2024: 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 2024 (2024: CMI 2023) 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.
2025 2024 2023 2022 2021
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Fair value of scheme assets\u00b9
Equities
\u2014
\u2014
\u2014
\u2014
9.4
Bonds
\u2014
\u2014
\u2014
30.3
33.6
Cash
0.2
0.9
1.4
3.5
0.2
Insured annuities
21.5
23.2
22.4
1.0
\u2014
Total assets
21.7
24.1
23.8
34.8
43.2
Fair value of liabilities
(21.5)
(23.3)
(22.5)
(27.6)
(35.6)
Surplus
0.2
0.8
1.3
7.2
7.6
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:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
(23.3)
(22.5)
Interest expense
(1.1)
(1.1)
Benefits paid
1.4
1.3
Actuarial gain/(loss)
1.5
(1.0)
Carrying amount at 31 July
(21.5)
(23.3)
Movement in the fair value of scheme assets during the year:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
24.1
23.8
Interest income
1.1
1.2
Benefits paid
(1.4)
(1.2)
Administrative costs paid
(0.5)
(0.6)
(Losses)/returns on scheme assets, excluding interest income
(1.6)
0.9
Carrying amount at 31 July
21.7
24.1
Historical experience of actuarial gains/(losses) are shown below:
2025 2024 2023 2022 2021
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Returns/(losses) on scheme assets
(1.6)
0.9
(10.6)
(8.7)
1.9
Experience (losses)/gains on scheme liabilities
\u2014
(0.4)
(0.9)
0.4
\u2014
Impact of changes in assumptions
1.5
(0.5)
5.8
8.2
(1.4)
Total actuarial changes in liabilities
1.5
(0.9)
4.9
8.6
(1.4)
Total actuarial gains/(losses)
(0.1)
\u2014
(5.7)
(0.1)
0.5
Actuarial movements would be recognised in other comprehensive income. Income of \u00a3nil (2024: \u00a30.1 million) from the interest on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s policy is not to allocate the net defined benefit cost between group entities participating in the scheme. The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in those assumptions in 2025 and 2024 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)
2025
2024
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.5
0.5
2.8
0.6
Price inflation (RPI)
0.25% increase
1.4
0.3
1.3
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.8
0.6
2.7
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 (\u201cDBO\u201d), 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 10 years (2024: 11 years). The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023 (upheld by the Court of Appeal in July 2024), considered the implications of section 37 of the Pension Schemes Act 1993, with the potential to cause a significant impact on the pensions industry. The trustees will investigate the possible implications 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-521": { "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.
2025 2024 2023 2022 2021
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Fair value of scheme assets\u00b9
Equities
\u2014
\u2014
\u2014
\u2014
9.4
Bonds
\u2014
\u2014
\u2014
30.3
33.6
Cash
0.2
0.9
1.4
3.5
0.2
Insured annuities
21.5
23.2
22.4
1.0
\u2014
Total assets
21.7
24.1
23.8
34.8
43.2
Fair value of liabilities
(21.5)
(23.3)
(22.5)
(27.6)
(35.6)
Surplus
0.2
0.8
1.3
7.2
7.6
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:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
(23.3)
(22.5)
Interest expense
(1.1)
(1.1)
Benefits paid
1.4
1.3
Actuarial gain/(loss)
1.5
(1.0)
Carrying amount at 31 July
(21.5)
(23.3)
Movement in the fair value of scheme assets during the year:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
24.1
23.8
Interest income
1.1
1.2
Benefits paid
(1.4)
(1.2)
Administrative costs paid
(0.5)
(0.6)
(Losses)/returns on scheme assets, excluding interest income
(1.6)
0.9
Carrying amount at 31 July
21.7
24.1
Historical experience of actuarial gains/(losses) are shown below:
2025 2024 2023 2022 2021
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Returns/(losses) on scheme assets
(1.6)
0.9
(10.6)
(8.7)
1.9
Experience (losses)/gains on scheme liabilities
\u2014
(0.4)
(0.9)
0.4
\u2014
Impact of changes in assumptions
1.5
(0.5)
5.8
8.2
(1.4)
Total actuarial changes in liabilities
1.5
(0.9)
4.9
8.6
(1.4)
Total actuarial gains/(losses)
(0.1)
\u2014
(5.7)
(0.1)
0.5
Actuarial movements would be recognised in other comprehensive income. Income of \u00a3nil (2024: \u00a30.1 million) from the interest on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s policy is not to allocate the net defined benefit cost between group entities participating in the scheme. The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in those assumptions in 2025 and 2024 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)
2025
2024
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.5
0.5
2.8
0.6
Price inflation (RPI)
0.25% increase
1.4
0.3
1.3
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.8
0.6
2.7
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 (\u201cDBO\u201d), 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 10 years (2024: 11 years). The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023 (upheld by the Court of Appeal in July 2024), considered the implications of section 37 of the Pension Schemes Act 1993, with the potential to cause a significant impact on the pensions industry. The trustees will investigate the possible implications 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-510": { "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 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Fair value of scheme assets\u00b9 Equities \u2014 \u2014 \u2014 \u2014 9.4 Bonds \u2014 \u2014 \u2014 30.3 33.6 Cash 0.2 0.9 1.4 3.5 0.2 Insured annuities 21.5 23.2 22.4 1.0 \u2014 Total assets 21.7 24.1 23.8 34.8 43.2 Fair value of liabilities (21.5) (23.3) (22.5) (27.6) (35.6) Surplus 0.2 0.8 1.3 7.2 7.6 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:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
(23.3)
(22.5)
Interest expense
(1.1)
(1.1)
Benefits paid
1.4
1.3
Actuarial gain/(loss)
1.5
(1.0)
Carrying amount at 31 July
(21.5)
(23.3)
Movement in the fair value of scheme assets during the year:
2025 2024
\u00a3 million \u00a3 million
Carrying amount at 1 August
24.1
23.8
Interest income
1.1
1.2
Benefits paid
(1.4)
(1.2)
Administrative costs paid
(0.5)
(0.6)
(Losses)/returns on scheme assets, excluding interest income
(1.6)
0.9
Carrying amount at 31 July
21.7
24.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-511": { "value": "Historical experience of actuarial gains/(losses) are shown below:
2025 2024 2023 2022 2021
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Returns/(losses) on scheme assets
(1.6)
0.9
(10.6)
(8.7)
1.9
Experience (losses)/gains on scheme liabilities
\u2014
(0.4)
(0.9)
0.4
\u2014
Impact of changes in assumptions
1.5
(0.5)
5.8
8.2
(1.4)
Total actuarial changes in liabilities
1.5
(0.9)
4.9
8.6
(1.4)
Total actuarial gains/(losses)
(0.1)
\u2014
(5.7)
(0.1)
0.5
Actuarial movements would be recognised in other comprehensive income. Income of \u00a3nil (2024: \u00a30.1 million) from the interest on the scheme surplus has been recognised within administrative expenses in the consolidated income statement. The group\u2019s policy is not to allocate the net defined benefit cost between group entities participating in the scheme. The valuation of the scheme\u2019s liabilities is sensitive to the key assumptions used in the valuation. The effect of a change in those assumptions in 2025 and 2024 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)
2025
2024
Key assumption
Sensitivity
%
\u00a3 million
%
\u00a3 million
Discount rate
0.25% decrease
2.5
0.5
2.8
0.6
Price inflation (RPI)
0.25% increase
1.4
0.3
1.3
0.3
Mortality
Increase in life expectancy at age 65 by one year
2.8
0.6
2.7
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 (\u201cDBO\u201d), 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 10 years (2024: 11 years). The Virgin Media Ltd v NTL Pension Trustees II decision, handed down by the High Court on 16 June 2023 (upheld by the Court of Appeal in July 2024), considered the implications of section 37 of the Pension Schemes Act 1993, with the potential to cause a significant impact on the pensions industry. The trustees will investigate the possible implications 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-447": { "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 2025, 1.6 million (31 July 2024: 1.6 million)
and 1.3 million (31 July 2024: 1.7 million) of these shares were held respectively and in total \u00a331.3 million (2024: \u00a338.9 million)
was recognised within the share-based payments reserve. During the year \u00a39.2 million (2024: \u00a34.6 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 \u00a34.7 million (2024: \u00a35.1 million). The share-based awards charge of \u00a35.0 million (2024:
\u00a34.6 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
Number
exercise price
Number
exercise price
Number
exercise price
At 1 August 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
Granted
 3,297,025
243.0p
390,601
\u2014
459,578
\u2014
Exercised
 (2,981)
371.0p
(57,429)
\u2014
(765,039)
\u2014
Forfeited
 (2,431,561)
393.7p
(300,733)
\u2014
(13,102)
\u2014
Lapsed
 (61,075)
964.4p
\u2014
\u2014
(65)
\u2014
At 31 July 2025
4,713,175
\u2014
1,354,173
\u2014
213,574
\u2014
Exercisable at:
31 July 2025
18,933
957.2p
63,904
\u2014
121,541
\u2014
31 July 2024
17,017
1,213.3p
61,733
\u2014
205,654
\u2014
The table below shows the weighted average market price at the date of exercise:
2025
2024
SAYE
410.0p
798.3p
LTIP
342.8p
807.3p
DSA
336.0p
660.8p
The range of exercise prices and weighted average remaining contractual life of awards and options outstanding are as
follows:
2025 2024
Options outstanding Options outstanding
Weighted
average Weighted
remaining average
contractual remaining
Number life Number contractual life
outstanding Years outstanding Years
SAYE
Between \u00a32 and \u00a33
3,226,727
3.4
\u2014
\u2014
Between \u00a33 and \u00a34
1,345,831
1.6
3,557,353
3.4
Between \u00a37 and \u00a38
111,847
1.0
265,843
2.4
Between \u00a38 and \u00a39
2,565
0.3
10,130
1.3
Between \u00a39 and \u00a310
20,573
0.4
34,705
1.6
Between \u00a310 and \u00a311
\u2014
\u2014
3,651
0.8
Between \u00a311 and \u00a312
\u2014
\u2014
2,091
0.3
Between \u00a312 and \u00a313
5,087
1.2
24,785
1.3
Between \u00a313 and \u00a314
545
\u2014
13,209
0.5
LTIP
Nil
1,337,923
3.5
1,305,484
3.6
DSA
Nil
229,824
1.4
548,452
1.7
Total
6,280,922
2.9
5,765,703
3.2
For the share-based awards granted during the year, the weighted average fair value of those options at 31 July 2025 was
167.1p (31 July 2024: 251.0p). The main assumptions for the valuation of these share-based awards comprised:
Expected
At 31 July 2025 Share price Exercise Expected option life in Dividend
Risk free
Exercise period at issue price volatility years yield interest rate
SAYE
1 Jul 2028 to 30 Dec 2028
303.8p
243.0p
55.0%
3
7.3%
4.0%
LTIP
26 Sep 2027 to 26 Sep 2028
 431.8p
\u2014
50.0%
3
4.6%
4.0%
26 Sep 2027 to 26 Sep 2030
 431.8p
\u2014
53.0%
2
3.9%
4.2%
26 Sep 2027 to 26 Sep 2030
 431.8p
\u2014
50.0%
3
4.6%
4.3%
DSA
26 Sep 2026 to 26 Sep 2027
 431.8p
\u2014
\u2014
\u2014
\u2014
\u2014
26 Sep 2027 to 26 Sep 2028
431.8p
\u2014
\u2014
\u2014
\u2014
\u2014
Expected
At 31 July 2024 Share price Exercise Expected option Dividend Risk free
Exercise period of awards granted in 2024 and 2023 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 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-490": { "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 2025, 1.6 million (31 July 2024: 1.6 million) and 1.3 million (31 July 2024: 1.7 million) of these shares were held respectively and in total \u00a331.3 million (2024: \u00a338.9 million) was recognised within the share-based payments reserve. During the year \u00a39.2 million (2024: \u00a34.6 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 \u00a34.7 million (2024: \u00a35.1 million). The share-based awards charge of \u00a35.0 million (2024: \u00a34.6 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
Number
exercise price
Number
exercise price
Number
exercise price
At 1 August 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
Granted
 3,297,025
243.0p
390,601
\u2014
459,578
\u2014
Exercised
 (2,981)
371.0p
(57,429)
\u2014
(765,039)
\u2014
Forfeited
 (2,431,561)
393.7p
(300,733)
\u2014
(13,102)
\u2014
Lapsed
 (61,075)
964.4p
\u2014
\u2014
(65)
\u2014
At 31 July 2025
4,713,175
\u2014
1,354,173
\u2014
213,574
\u2014
Exercisable at:
31 July 2025
18,933
957.2p
63,904
\u2014
121,541
\u2014
31 July 2024
17,017
1,213.3p
61,733
\u2014
205,654
\u2014
The table below shows the weighted average market price at the date of exercise:
2025
2024
SAYE
410.0p
798.3p
LTIP
342.8p
807.3p
DSA
336.0p
660.8p
The range of exercise prices and weighted average remaining contractual life of awards and options outstanding are as follows:
2025 2024
Options outstanding Options outstanding
Weighted
average Weighted
remaining average
contractual remaining
Number life Number contractual life
outstanding Years outstanding Years
SAYE
Between \u00a32 and \u00a33
3,226,727
3.4
\u2014
\u2014
Between \u00a33 and \u00a34
1,345,831
1.6
3,557,353
3.4
Between \u00a37 and \u00a38
111,847
1.0
265,843
2.4
Between \u00a38 and \u00a39
2,565
0.3
10,130
1.3
Between \u00a39 and \u00a310
20,573
0.4
34,705
1.6
Between \u00a310 and \u00a311
\u2014
\u2014
3,651
0.8
Between \u00a311 and \u00a312
\u2014
\u2014
2,091
0.3
Between \u00a312 and \u00a313
5,087
1.2
24,785
1.3
Between \u00a313 and \u00a314
545
\u2014
13,209
0.5
LTIP
Nil
1,337,923
3.5
1,305,484
3.6
DSA
Nil
229,824
1.4
548,452
1.7
Total
6,280,922
2.9
5,765,703
3.2
For the share-based awards granted during the year, the weighted average fair value of those options at 31 July 2025 was 167.1p (31 July 2024: 251.0p). The main assumptions for the valuation of these share-based awards comprised:
Expected
At 31 July 2025 Share price Exercise Expected option life in Dividend
Risk free
Exercise period at issue price volatility years yield interest rate
SAYE
1 Jul 2028 to 30 Dec 2028
303.8p
243.0p
55.0%
3
7.3%
4.0%
LTIP
26 Sep 2027 to 26 Sep 2028
 431.8p
\u2014
50.0%
3
4.6%
4.0%
26 Sep 2027 to 26 Sep 2030
 431.8p
\u2014
53.0%
2
3.9%
4.2%
26 Sep 2027 to 26 Sep 2030
 431.8p
\u2014
50.0%
3
4.6%
4.3%
DSA
26 Sep 2026 to 26 Sep 2027
 431.8p
\u2014
\u2014
\u2014
\u2014
\u2014
26 Sep 2027 to 26 Sep 2028
431.8p
\u2014
\u2014
\u2014
\u2014
\u2014
Expected
At 31 July 2024 Share price Exercise Expected option Dividend Risk free
Exercise period of awards granted in 2024 and 2023 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 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-448": { "value": "
25. Consolidated cash flow statement reconciliation
2025 2024
\u00a3 million \u00a3 million
(a) Reconciliation of operating (loss)/profit before tax to net cash inflow from operating activities
Operating (loss)/profit before tax from continuing operations
(122.4)
132.7
Operating profit before tax from discontinued operations
51.2
9.3
Tax paid
(28.1)
(29.6)
Depreciation, amortisation and impairment
159.4
111.7
Impairment losses on financial assets
92.7
98.8
Provision in relation to motor finance commissions excluding cash paid
161.4
\u2014
Complaints handling and other operational and legal costs incurred excluding cash paid in relation to
motor finance commissions
5.6
\u2014
Provision in relation to early settlements in Motor Finance
33.0
\u2014
Gain on disposal of CBAM excluding cash paid in relation to transaction costs
(67.6)
\u2014
Amortisation of de-designated cash flow hedges
(11.4)
(27.9)
Decrease/(increase) in:
Interest receivable and prepaid expenses
4.8
5.5
Net settlement balances and trading positions
3.8
(0.3)
Net money broker loans against stock advanced
(7.7)
27.0
Decrease in interest payable and accrued expenses
(0.8)
(12.7)
Net cash (outflow)/inflow from trading activities
273.9
314.5
Cash (outflow)/inflow arising from changes in:
Loans and advances to banks not repayable on demand
1.4
24.0
Loans and advances to customers
196.8
(699.4)
Assets let under operating leases
(20.3)
(41.1)
Sovereign and central bank debt
(213.3)
(194.2)
SSA bonds
\u2014
(140.2)
Covered bonds
81.9
(80.7)
Deposits by banks
(52.1)
(1.3)
Deposits by customers
100.1
975.1
Loans and overdrafts from banks
(148.8)
(492.2)
Debt securities in issue (net)
(18.4)
(67.6)
Derivative financial instruments (net)
1.0
\u2014
Other assets less other liabilities
39.0
21.1
Net cash inflow/(outflow) from operating activities
241.2
(382.0)
(b) Analysis of net cash outflow in respect of the purchase of subsidiaries
Purchase of subsidiaries, net of cash acquired
(0.5)
(15.4)
(c) Analysis of net cash inflow in respect of the sale of subsidiaries
Cash consideration received
146.4
0.9
Cash and cash equivalents disposed of
(42.4)
\u2014
104.0
0.9
(d) Analysis of cash and cash equivalents
1
Cash and balances at central banks
1,917.2
1,584.2
Loans and advances to banks
184.6
260.3
2,101.8
1,844.5
1. Excludes \u00a331.9 million (2024: \u00a333.2 million) of cash reserve accounts and cash held in trust.
During the year ended 31 July 2025, the non-cash changes on debt financing amounted to \u00a332.2 million (31 July 2024: \u00a335.9
million) arising largely from interest accretion and fair value hedging movements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-491": { "value": "25. Consolidated cash flow statement reconciliation
2025 2024
\u00a3 million \u00a3 million
(a) Reconciliation of operating (loss)/profit before tax to net cash inflow from operating activities
Operating (loss)/profit before tax from continuing operations
(122.4)
132.7
Operating profit before tax from discontinued operations
51.2
9.3
Tax paid
(28.1)
(29.6)
Depreciation, amortisation and impairment
159.4
111.7
Impairment losses on financial assets
92.7
98.8
Provision in relation to motor finance commissions excluding cash paid
161.4
\u2014
Complaints handling and other operational and legal costs incurred excluding cash paid in relation to
motor finance commissions
5.6
\u2014
Provision in relation to early settlements in Motor Finance
33.0
\u2014
Gain on disposal of CBAM excluding cash paid in relation to transaction costs
(67.6)
\u2014
Amortisation of de-designated cash flow hedges
(11.4)
(27.9)
Decrease/(increase) in:
Interest receivable and prepaid expenses
4.8
5.5
Net settlement balances and trading positions
3.8
(0.3)
Net money broker loans against stock advanced
(7.7)
27.0
Decrease in interest payable and accrued expenses
(0.8)
(12.7)
Net cash (outflow)/inflow from trading activities
273.9
314.5
Cash (outflow)/inflow arising from changes in:
Loans and advances to banks not repayable on demand
1.4
24.0
Loans and advances to customers
196.8
(699.4)
Assets let under operating leases
(20.3)
(41.1)
Sovereign and central bank debt
(213.3)
(194.2)
SSA bonds
\u2014
(140.2)
Covered bonds
81.9
(80.7)
Deposits by banks
(52.1)
(1.3)
Deposits by customers
100.1
975.1
Loans and overdrafts from banks
(148.8)
(492.2)
Debt securities in issue (net)
(18.4)
(67.6)
Derivative financial instruments (net)
1.0
\u2014
Other assets less other liabilities
39.0
21.1
Net cash inflow/(outflow) from operating activities
241.2
(382.0)
(b) Analysis of net cash outflow in respect of the purchase of subsidiaries
Purchase of subsidiaries, net of cash acquired
(0.5)
(15.4)
(c) Analysis of net cash inflow in respect of the sale of subsidiaries
Cash consideration received
146.4
0.9
Cash and cash equivalents disposed of
(42.4)
\u2014
104.0
0.9
(d) Analysis of cash and cash equivalents
1
Cash and balances at central banks
1,917.2
1,584.2
Loans and advances to banks
184.6
260.3
2,101.8
1,844.5
1. Excludes \u00a331.9 million (2024: \u00a333.2 million) of cash reserve accounts and cash held in trust. During the year ended 31 July 2025, the non-cash changes on debt financing amounted to \u00a332.2 million (31 July 2024: \u00a335.9 million) arising largely from interest accretion and fair value hedging movements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-449": { "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 as
Fair value
through other
hedging
through profit
comprehensive Amortised
instruments
or loss
income cost Total
\u00a3 million
\u00a3 million
\u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Assets
Cash and balances at central banks
\u2014
\u2014
\u2014
1,917.0
1,917.0
Settlement balances
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to banks
\u2014
\u2014
\u2014
161.7
161.7
Loans and advances to customers
\u2014
11.8
\u2014
9,447.6
9,459.4
Debt securities
\u2014
1.1
853.4
4.7
859.2
Equity shares
\u2014
\u2014
\u2014
\u2014
\u2014
Loans to money brokers against stock advanced
\u2014
\u2014
\u2014
\u2014
\u2014
Derivative financial instruments
94.4
8.7
\u2014
\u2014
103.1
Other financial assets
\u2014
21.1
\u2014
63.6
84.7
94.4
42.7
853.4
11,594.6
12,585.1
Liabilities
Settlement balances and short positions
\u2014
\u2014
\u2014
\u2014
\u2014
Deposits by banks
\u2014
\u2014
\u2014
88.1
88.1
Deposits by customers
\u2014
\u2014
\u2014
8,799.3
8,799.3
Loans and overdrafts from banks
\u2014
\u2014
\u2014
1.5
1.5
Debt securities in issue
\u2014
\u2014
\u2014
1,991.3
1,991.3
Loans from money brokers against stock advanced
\u2014
\u2014
\u2014
\u2014
\u2014
Subordinated loan capital
\u2014
\u2014
\u2014
195.5
195.5
Derivative financial instruments
90.2
14.5
\u2014
\u2014
104.7
Other financial liabilities
\u2014
\u2014
\u2014
103.5
103.5
90.2
14.5
\u2014
11,179.2
11,283.9
Derivatives
Fair value
designated as
Fair value
through other
hedging
through profit
comprehensive
instruments
or loss
income Amortised 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
(b) Valuation
The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below.
31 July 2025
31 July 2024
Fair value Carrying value Fair value Carrying value
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Subordinated loan capital
193.5
195.5
179.4
187.2
Debt securities in issue
2,013.2
1,991.3
1,998.5
1,986.4
The fair value of gross loans and advances to customers at 31 July 2025 is estimated to be \u00a39,543.4 million (31 July 2024:
\u00a39,806.4 million), with a carrying value of \u00a39,459.4 million (31 July 2024: \u00a39,830.8 million). The fair value of deposits by
customers is estimated to be \u00a38,798.2 million (31 July 2024: \u00a38,691.8 million), with a carrying value of \u00a38,799.3 million (31 July
2024: \u00a38,693.6 million). These estimates are based on highly simplified assumptions and inputs and may differ to actual
amounts received or paid. The differences between fair value and carrying value are not considered to be significant, and are
consistent with management\u2019s expectations given the nature of the Banking business and the short average tenor of the
instruments. However, the differences have increased in comparison to the prior year in line with market interest rates.
Valuation hierarchy
The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument has
been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs used in
making the measurements. These levels are based on the degree to which the fair value is observable and are defined as
follows:
\u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or
liabilities where prices are readily available and represent actual and regularly occurring market transactions on an arm\u2019s
length basis. An active market is one in which transactions occur with sufficient frequency to provide ongoing pricing
information;
\u2022 Level 2 fair value measurements are those derived from quoted prices in less active markets for identical assets or liabilities
or those derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or
indirectly derived from prices; and
\u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
are not based on observable market data (\u201cunobservable inputs\u201d).
Instruments classified as Level 1 predominantly comprise sovereign and central bank debt, 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, 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 and 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 2025
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
601.6
\u2014
\u2014
601.6
SSA bonds
146.2
\u2014
\u2014
146.2
Covered bonds
 105.6
\u2014
\u2014
 105.6
Derivative financial instruments
 \u2014
99.1
4.0
 103.1
Contingent consideration
 \u2014
\u2014
21.1
 21.1
Other assets
\u2014
\u2014
1.1
1.1
853.4
99.1
38.0
990.5
Liabilities
Short positions:
Derivative financial instruments
\u2014
100.5
4.2
104.7
\u2014
100.5
4.2
104.7
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
Movements in financial instruments categorised as Level 3 were:
Loans and
advances to
customers Derivative Derivative
held at financial financial Contingent
FVTPL assets liabilities Equity shares consideration Other assets Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 August 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total (losses)/gains 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
Total gains/(losses) recognised in the
consolidated income statement
1.5
(2.1)
2.2
\u2014
\u2014
\u2014
1.6
Purchases, issues, originations and
transfers in
3.6
\u2014
\u2014
\u2014
\u2014
0.3
3.9
Sales, settlements and transfers out
(5.1)
\u2014
\u2014
(0.1)
22.9
\u2014
17.7
Reclassification to liabilities held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2025
11.8
4.0
(4.2)
\u2014
21.1
1.1
33.8
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2025 amounted to
\u00a31.6 million (2024: gains of \u00a30.2 million).
(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 2025 31 July 2024
\u00a3 million \u00a3 million
On balance sheet
Cash and balances at central banks
 1,917.0 1,584.0
Settlement balances
\u2014 627.5
Loans and advances to banks
 161.7 293.7
Loans and advances to customers
 9,459.4 9,830.8
Debt securities
 859.2 740.5
Loans to money brokers against stock advanced
 \u2014 22.5
Derivative financial instruments
 103.1 101.4
Other financial assets
 84.7 103.6
12,585.1 13,304.0
Off balance sheet
Irrevocable undrawn commitments
 211.6 281.8
Total maximum exposure to credit risk
 12,796.7 13,585.8
Assets pledged and received as collateral
The group pledges assets for repurchase agreements and securities borrowing agreements which are generally conducted
under terms that are customary to standard borrowing contracts.
The group is a participant of the Bank of England\u2019s Term Funding Scheme with Additional Incentives for SMEs (\u201cTFSME\u201d),
Short-Term Repo (\u201cSTR\u201d), Indexed Long Term Repo (\u201cILTR\u201d) and Discount Window Facility (\u201cDWF\u201d).
Under these schemes, asset finance loan receivables of \u00a3nil (31 July 2024: \u00a3404.8 million) and retained notes relating to motor
finance loan receivables of \u00a3nil (31 July 2024: \u00a334.4 million) were positioned as collateral with the Bank of England, against
which \u00a3nil (31 July 2024: \u00a3110.0 million) of cash was drawn from the TFSME. During the year, the group early repaid \u00a3110.0
million (31 July 2024: \u00a3490.0 million) against the TFSME.
The group has securitised without recourse and restrictions \u00a31,544.8 million (31 July 2024: \u00a31,657.0 million) of its insurance
premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,323.4 million (31 July 2024:
\u00a31,453.7 million), of which \u00a3245.9 million (31 July 2024: \u00a3359.1 million) is retained by the group. This includes the \u00a3nil (31 July
2024: \u00a334.4 million) retained notes positioned as collateral with the Bank of England.
As the group has retained exposure to substantially all the risk and rewards of the above receivables, 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.
At 31 July 2025, Winterflood had pledged equity and debt securities of \u00a3nil (31 July 2024: \u00a318.3 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 in the \u201cCredit risk\u201d
section of the Risk Report.
Information on the group\u2019s internal credit risk reporting can be found in the \u201cCredit risk\u201d section of 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 also be found in the \u201cCredit risk\u201d section
of 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 \u00a3nil (31 July 2024: \u00a322.5 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.
Settlement balances in relation to Winterflood have been classified as held for sale at 31 July 2025. The following table shows
the ageing of Winterflood settlement balances at 31 July 2024:
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
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 in the \u201cNon-traded market risk\u201d section of the Risk Report.
Foreign exchange risk
Additional disclosures on the group\u2019s foreign exchange risk can be found in the \u201cNon-traded market risk\u201d section of the Risk
Report.
Market price risk
Trading financial instruments: Equity shares and debt securities
The group\u2019s trading activities relate to Winterflood. Additional disclosures on Winterflood\u2019s market price risk can be found in
the \u201cTraded market risk\u201d section of the Risk Report.
Non-trading financial instruments
Net gains and losses on non-trading financial instruments are disclosed in Note 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 101 to
102 of the Risk Report.
In more than In more than
In more than six months one year but
In less three months but not more not more In more
On than three but not more than one than five than five
demand months than six months year years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Settlement balances
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
 \u2014
Deposits by banks
9.3
78.9
\u2014
\u2014
\u2014
\u2014
 88.2
Deposits by customers
1,161.7
2,625.6
1,570.5
2,070.3
1,614.3
 \u2014 9,042.4
Loans and overdrafts from banks
1.5
\u2014
\u2014
\u2014
\u2014
 \u2014 1.5
Debt securities in issue
\u2014
71.2
84.3
114.5
1,577.6
403.3
2,250.9
Loans from money brokers against stock
advanced
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Subordinated loan capital
\u2014
2.0
 \u2014
3.0
15.0
205.0
225.0
Derivative financial instruments
0.2
47.2
33.9
45.3
182.2
68.2
377.0
Lease liabilities
0.2
1.4
1.5
3.3
24.1
1.9
32.4
Other financial liabilities
24.3
47.0
0.3
1.2
2.6
0.3
75.7
Total
1,197.2
2,873.3
1,690.5
2,237.6
3,415.8
678.7
12,093.1
In more than
In more than In more than one year but
In less than three months but six months not more In more
On three not more than six but not more than five than five
demand months months than one year years 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
Derivative financial instruments in the table above include net currency swaps. The following table shows the currency swaps
on a gross basis:
In more than
In more than In more than one year but
In less than three months but six months not more In more
On three not more than six but not more than five than five
demand months months than one year years years Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
5.0
183.5
105.2
206.5
180.8
68.2
749.2
At 31 July 2024
0.9
259.9
37.0
49.8
178.6
86.8
613.0
(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
1
offsetting
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Derivative financial assets
103.1
(95.5)
27.9
35.5
Derivative financial liabilities
104.7
(95.5)
(5.1)
4.1
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)
1. Financial collateral and net amounts after offsetting include initial margin of \u00a335.2 million (31 July 2024: \u00a338.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-492": { "value": "(b) Valuation The fair values of the group\u2019s subordinated loan capital and debt securities in issue are set out below.
31 July 2025
31 July 2024
Fair value Carrying value Fair value Carrying value
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Subordinated loan capital
193.5
195.5
179.4
187.2
Debt securities in issue
2,013.2
1,991.3
1,998.5
1,986.4
The fair value of gross loans and advances to customers at 31 July 2025 is estimated to be \u00a39,543.4 million (31 July 2024: \u00a39,806.4 million), with a carrying value of \u00a39,459.4 million (31 July 2024: \u00a39,830.8 million). The fair value of deposits by customers is estimated to be \u00a38,798.2 million (31 July 2024: \u00a38,691.8 million), with a carrying value of \u00a38,799.3 million (31 July 2024: \u00a38,693.6 million). These estimates are based on highly simplified assumptions and inputs and may differ to actual amounts received or paid. The differences between fair value and carrying value are not considered to be significant, and are consistent with management\u2019s expectations given the nature of the Banking business and the short average tenor of the instruments. However, the differences have increased in comparison to the prior year in line with market interest rates. Valuation hierarchy The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument has been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. These levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities where prices are readily available and represent actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient frequency to provide ongoing pricing information; \u2022 Level 2 fair value measurements are those derived from quoted prices in less active markets for identical assets or liabilities or those derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly derived from prices; and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (\u201cunobservable inputs\u201d). Instruments classified as Level 1 predominantly comprise sovereign and central bank debt, 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, 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 and 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 2025
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
601.6
\u2014
\u2014
601.6
SSA bonds
146.2
\u2014
\u2014
146.2
Covered bonds
 105.6
\u2014
\u2014
 105.6
Derivative financial instruments
 \u2014
99.1
4.0
 103.1
Contingent consideration
 \u2014
\u2014
21.1
 21.1
Other assets
\u2014
\u2014
1.1
1.1
853.4
99.1
38.0
990.5
Liabilities
Short positions:
Derivative financial instruments
\u2014
100.5
4.2
104.7
\u2014
100.5
4.2
104.7
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
Movements in financial instruments categorised as Level 3 were:
Loans and
advances to
customers Derivative Derivative
held at financial financial Contingent
FVTPL assets liabilities Equity shares consideration Other assets Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 August 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total (losses)/gains 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
Total gains/(losses) recognised in the
consolidated income statement
1.5
(2.1)
2.2
\u2014
\u2014
\u2014
1.6
Purchases, issues, originations and
transfers in
3.6
\u2014
\u2014
\u2014
\u2014
0.3
3.9
Sales, settlements and transfers out
(5.1)
\u2014
\u2014
(0.1)
22.9
\u2014
17.7
Reclassification to liabilities held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2025
11.8
4.0
(4.2)
\u2014
21.1
1.1
33.8
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2025 amounted to \u00a31.6 million (2024: gains of \u00a30.2 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-512": { "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, 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 and 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 2025
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
601.6
\u2014
\u2014
601.6
SSA bonds
146.2
\u2014
\u2014
146.2
Covered bonds
 105.6
\u2014
\u2014
 105.6
Derivative financial instruments
 \u2014
99.1
4.0
 103.1
Contingent consideration
 \u2014
\u2014
21.1
 21.1
Other assets
\u2014
\u2014
1.1
1.1
853.4
99.1
38.0
990.5
Liabilities
Short positions:
Derivative financial instruments
\u2014
100.5
4.2
104.7
\u2014
100.5
4.2
104.7
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
Movements in financial instruments categorised as Level 3 were:
Loans and
advances to
customers Derivative Derivative
held at financial financial Contingent
FVTPL assets liabilities Equity shares consideration Other assets Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 August 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total (losses)/gains 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
Total gains/(losses) recognised in the
consolidated income statement
1.5
(2.1)
2.2
\u2014
\u2014
\u2014
1.6
Purchases, issues, originations and
transfers in
3.6
\u2014
\u2014
\u2014
\u2014
0.3
3.9
Sales, settlements and transfers out
(5.1)
\u2014
\u2014
(0.1)
22.9
\u2014
17.7
Reclassification to liabilities held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2025
11.8
4.0
(4.2)
\u2014
21.1
1.1
33.8
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2025 amounted to \u00a31.6 million (2024: gains of \u00a30.2 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-522": { "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, 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 and 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 2025
Assets
Loans and advances to customers held at FVTPL
\u2014
\u2014
11.8
11.8
Debt securities:
Sovereign and central bank debt
601.6
\u2014
\u2014
601.6
SSA bonds
146.2
\u2014
\u2014
146.2
Covered bonds
 105.6
\u2014
\u2014
 105.6
Derivative financial instruments
 \u2014
99.1
4.0
 103.1
Contingent consideration
 \u2014
\u2014
21.1
 21.1
Other assets
\u2014
\u2014
1.1
1.1
853.4
99.1
38.0
990.5
Liabilities
Short positions:
Derivative financial instruments
\u2014
100.5
4.2
104.7
\u2014
100.5
4.2
104.7
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
Movements in financial instruments categorised as Level 3 were:
Loans and
advances to
customers Derivative Derivative
held at financial financial Contingent
FVTPL assets liabilities Equity shares consideration Other assets Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 August 2023
\u2014
11.1
(11.2)
0.2
(0.8)
\u2014
(0.7)
Total (losses)/gains 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
Total gains/(losses) recognised in the
consolidated income statement
1.5
(2.1)
2.2
\u2014
\u2014
\u2014
1.6
Purchases, issues, originations and
transfers in
3.6
\u2014
\u2014
\u2014
\u2014
0.3
3.9
Sales, settlements and transfers out
(5.1)
\u2014
\u2014
(0.1)
22.9
\u2014
17.7
Reclassification to liabilities held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 July 2025
11.8
4.0
(4.2)
\u2014
21.1
1.1
33.8
The gains recognised in the consolidated income statement relating to Level 3 instruments held at 31 July 2025 amounted to \u00a31.6 million (2024: gains of \u00a30.2 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-527": { "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), Short-Term Repo (\u201cSTR\u201d), Indexed Long Term Repo (\u201cILTR\u201d) and Discount Window Facility (\u201cDWF\u201d). Under these schemes, asset finance loan receivables of \u00a3nil (31 July 2024: \u00a3404.8 million) and retained notes relating to motor finance loan receivables of \u00a3nil (31 July 2024: \u00a334.4 million) were positioned as collateral with the Bank of England, against which \u00a3nil (31 July 2024: \u00a3110.0 million) of cash was drawn from the TFSME. During the year, the group early repaid \u00a3110.0 million (31 July 2024: \u00a3490.0 million) against the TFSME. The group has securitised without recourse and restrictions \u00a31,544.8 million (31 July 2024: \u00a31,657.0 million) of its insurance premium and motor loan receivables in return for cash and asset-backed securities in issue of \u00a31,323.4 million (31 July 2024: \u00a31,453.7 million), of which \u00a3245.9 million (31 July 2024: \u00a3359.1 million) is retained by the group. This includes the \u00a3nil (31 July 2024: \u00a334.4 million) retained notes positioned as collateral with the Bank of England. As the group has retained exposure to substantially all the risk and rewards of the above receivables, 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. At 31 July 2025, Winterflood had pledged equity and debt securities of \u00a3nil (31 July 2024: \u00a318.3 million) in the normal course of business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-523": { "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
1
offsetting
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Derivative financial assets
103.1
(95.5)
27.9
35.5
Derivative financial liabilities
104.7
(95.5)
(5.1)
4.1
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)
1. Financial collateral and net amounts after offsetting include initial margin of \u00a335.2 million (31 July 2024: \u00a338.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-513": { "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
1
offsetting
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Derivative financial assets
103.1
(95.5)
27.9
35.5
Derivative financial liabilities
104.7
(95.5)
(5.1)
4.1
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)
1. Financial collateral and net amounts after offsetting include initial margin of \u00a335.2 million (31 July 2024: \u00a338.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-493": { "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
1
offsetting
1
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 31 July 2025
Derivative financial assets
103.1
(95.5)
27.9
35.5
Derivative financial liabilities
104.7
(95.5)
(5.1)
4.1
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)
1. Financial collateral and net amounts after offsetting include initial margin of \u00a335.2 million (31 July 2024: \u00a338.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-450": { "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.
In February 2025, the group disposed of its Asset Management division, which had interests in structured entities as a result of
contractual arrangements arising from the management of assets on behalf of its clients . These structured entities consisted
of unitised vehicles such as Authorised Unit Trusts (\u201cAUTs\u201d) and Open Ended Investment Companies (\u201cOEICs\u201d) which entitled
investors to a percentage of the vehicles' net asset value. The structured entities were financed by the purchase of units or
shares by investors. The group did not hold direct investments in its structured entities.
The assets under management of unconsolidated structured entities managed by the group were \u00a3nil at 31 July 2025 (31 July
2024: \u00a35,434.0 million). There is no management fee income from unconsolidated structured entities managed by the group
(2024: \u00a3nil) within the revenue of continuing operations in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-494": { "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. In February 2025, the group disposed of its Asset Management division, which had interests in structured entities as a result of contractual arrangements arising from the management of assets on behalf of its clients . These structured entities consisted of unitised vehicles such as Authorised Unit Trusts (\u201cAUTs\u201d) and Open Ended Investment Companies (\u201cOEICs\u201d) which entitled investors to a percentage of the vehicles' net asset value. The structured entities were financed by the purchase of units or shares by investors. The group did not hold direct investments in its structured entities. The assets under management of unconsolidated structured entities managed by the group were \u00a3nil at 31 July 2025 (31 July 2024: \u00a35,434.0 million). There is no management fee income from unconsolidated structured entities managed by the group (2024: \u00a3nil) within the revenue of continuing operations in the consolidated income statement. 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 2025, which are all wholly owned and incorporated in the UK unless otherwise stated. The investment in subsidiary of \u00a3487.0 million (31 July 2024: \u00a3487.0 million) in the company balance sheet relates to a 100% shareholding in Close Brothers Holdings Limited of \u00a3287.0 million (31 July 2024: \u00a3287.0 million) and an investment in the AT1 securities of Close Brothers Limited of \u00a3200.0 million (31 July 2024: \u00a3200.0 million). 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 indicators of impairment exist in light of the FCA's motor commissions review. 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. Group Close Brothers Holdings Limited1 Banking Air and General Finance Limited 1 Arrow Audit Services Limited1 Close Asset Finance Limited 1 Close Brewery Rentals Limited2 Close Brothers Asset Finance GmbH3 (Germany) Close Brothers DAC 4 (Ireland) Close Brothers Factoring GmbH3 (Germany) Close Brothers Finance Designated Activity Company5 (Ireland) Close Brothers Finance plc1 Close Brothers Limited 1 Close Brothers Motor Finance Payments Limited5 (Ireland) Close Brothers Premium DAC4 (Ireland) Close Brothers Retention Holdings Designated Activity Company5 (Ireland) Close Brothers Technology Services Limited1 Close Brothers Vehicle Hire Limited 6 Close Business Finance Limited 1 Close Credit Management (Holdings) Limited 1 Close Finance (CI) Limited 7 (Jersey) Close Invoice Finance Limited1 Close Leasing Limited 8 Close PF Funding I Limited9, 15 Commercial Acceptances Limited1 Commercial Finance Credit Limited1 Corporate Asset Solutions Limited10 Delta Funding 2025 Limited9,15 Finance for Industry Limited1 Finance for Industry Services Limited 1 Kingston Asset Finance Limited 1 Kingston Asset Leasing Limited1 Novitas Loans Limited1 Novitas (Salisbury) Limited1 Orbita Funding 2022-1 plc9,15 Orbita Funding 2023-1 plc9,15 Orbita Funding 2024-1 plc9,15 Surrey Asset Finance Limited1 Topaz Asset Finance 2019-1 DAC 11,15 Topaz Asset Finance 2020-1 DAC 11,15 Securities W.S. (Nominees) Limited12 Winterflood Client Nominees Limited12 Winterflood Gilts Limited12 Winterflood Jersey Limited13 Winterflood Jersey Nominees Limited 13 Winterflood Securities Holdings Limited12 Winterflood Securities Limited12 Winterflood Securities US Corporation 14 (Delaware, USA) Registered office addresses: 1. 10 Crown Place, London EC2A 4FT, United Kingdom. 2. Unit 9B, Albion Drive, Thurnscoe, Rotherham, South Yorkshire S63 0BA, United Kingdom. 3. Grosse Bleiche 35-39, 55116, Mainz, Germany. 4. Swift Square, Building 1, Santry Demesne, Northwood, Dublin D09 A0E4, Ireland. 5. Unit 18, Northwood House, Northwood Business Campus, Dublin D09 A0E4, Ireland. 6. Lows Lane, Stanton-By-Dale, Ilkeston, Derbyshire DE7 4QU, United Kingdom. 7. Conway House, Conway Street, St Helier JE4 5SR, Jersey. 8. Jackson House, Sibson Road, Sale M33 7RR, United Kingdom. 9. 10th Floor, 5 Churchill Place, London E14 5HU, United Kingdom. 10. 30 Finsbury Square, London EC2A 1AG, United Kingdom. 11. 1-2 Victoria Buildings, Haddington Road, Dublin D04 XN32, Ireland. 12. Riverbank House, 2 Swan Lane, London EC4R 3GA, United Kingdom. 13. 28 Esplanade, St Helier JE2 3QA, Jersey. 14. 1209 Orange Street, Wilmington 19801, New Castle, Delaware, USA. Subsidiaries by virtue of control: 15. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-451": { "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 2025,
which are all wholly owned and incorporated in the UK unless otherwise stated.
The investment in subsidiary of \u00a3487.0 million (31 July 2024: \u00a3487.0 million) in the company balance sheet relates to a 100%
shareholding in Close Brothers Holdings Limited of \u00a3287.0 million (31 July 2024: \u00a3287.0 million) and an investment in the AT1
securities of Close Brothers Limited of \u00a3200.0 million (31 July 2024: \u00a3200.0 million). 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 indicators of impairment exist in light of the
FCA's motor commissions review. 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.
Group
Close Brothers Holdings Limited
1
Banking
Air and General Finance Limited
1
Arrow Audit Services Limited
1
Close Asset Finance Limited
1
Close Brewery Rentals Limited
2
Close Brothers Asset Finance GmbH
3
(Germany)
Close Brothers DAC
4
(Ireland)
Close Brothers Factoring GmbH
3
(Germany)
Close Brothers Finance Designated Activity Company
5
(Ireland)
Close Brothers Finance plc
1
Close Brothers Limited
1
Close Brothers Motor Finance Payments Limited
5
(Ireland)
Close Brothers Premium DAC
4
(Ireland)
Close Brothers Retention Holdings Designated Activity
Company
5
(Ireland)
Close Brothers Technology Services Limited
1
Close Brothers Vehicle Hire Limited
6
Close Business Finance Limited
1
Close Credit Management (Holdings) Limited
1
Close Finance (CI) Limited
7
(Jersey)
Close Invoice Finance Limited
1
Close Leasing Limited
8
Close PF Funding I Limited
9, 15
Commercial Acceptances Limited
1
Commercial Finance Credit Limited
1
Corporate Asset Solutions Limited
10
Delta Funding 2025 Limited
9,15
Finance for Industry Limited
1
Finance for Industry Services Limited
1
Kingston Asset Finance Limited
1
Kingston Asset Leasing Limited
1
Novitas Loans Limited
1
Novitas (Salisbury) Limited
1
Orbita Funding 2022-1 plc
9,15
Orbita Funding 2023-1 plc
9,15
Orbita Funding 2024-1 plc
9,15
Surrey Asset Finance Limited
1
Topaz Asset Finance 2019-1 DAC
11,15
Topaz Asset Finance 2020-1 DAC
11,15
Securities
W.S. (Nominees) Limited
12
Winterflood Client Nominees Limited
12
Winterflood Gilts Limited
12
Winterflood Jersey Limited
13
Winterflood Jersey Nominees Limited
13
Winterflood Securities Holdings Limited
12
Winterflood Securities Limited
12
Winterflood Securities US Corporation
14
(Delaware, USA)
Registered office addresses:
1. 10 Crown Place, London EC2A 4FT, United Kingdom.
2. Unit 9B, Albion Drive, Thurnscoe, Rotherham, South Yorkshire S63 0BA, United Kingdom.
3. Grosse Bleiche 35-39, 55116, Mainz, Germany.
4. Swift Square, Building 1, Santry Demesne, Northwood, Dublin D09 A0E4, Ireland.
5. Unit 18, Northwood House, Northwood Business Campus, Dublin D09 A0E4, Ireland.
6. Lows Lane, Stanton-By-Dale, Ilkeston, Derbyshire DE7 4QU, United Kingdom.
7. Conway House, Conway Street, St Helier JE4 5SR, Jersey.
8. Jackson House, Sibson Road, Sale M33 7RR, United Kingdom.
9. 10th Floor, 5 Churchill Place, London E14 5HU, United Kingdom.
10. 30 Finsbury Square, London EC2A 1AG, United Kingdom.
11. 1-2 Victoria Buildings, Haddington Road, Dublin D04 XN32, Ireland.
12. Riverbank House, 2 Swan Lane, London EC4R 3GA, United Kingdom.
13. 28 Esplanade, St Helier JE2 3QA, Jersey.
14. 1209 Orange Street, Wilmington 19801, New Castle, Delaware, USA
.
Subsidiaries by virtue of control:
15. 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": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-452": { "value": "
29. Discontinued operations and assets and liabilities classified as held for sale
At 31 July 2025, the group's discontinued operations comprised Close Brothers Asset Management (\u201cCBAM\u201d) and Winterflood
Securities (\u201cWinterflood\u201d). Close Brewery Rentals Limited (\u201cCBRL\u201d) has been classified as held for sale at 31 July 2025 but the
business does not meet the criteria to be classified as discontinued operations under IFRS 5.
Close Brothers Asset Management
On 19 September 2024, the group announced that it had entered into an agreement to sell its wealth management business,
Close Brothers Asset Management (\u201cCBAM\u201d), one of the group's operating segments, to funds managed by Oaktree Capital
Management, L.P. (\u201cOaktree\u201d). The sale completed on 28 February 2025.
CBAM relates to the group's 100% shareholding in Close Asset Management Holdings Limited (\u201cCAMHL\u201d) and its subsidiaries.
The business is a well-regarded UK wealth management franchise and the transaction will strengthen the group's capital base
and enhance its position to navigate the current uncertain environment.
In the group's 2025 Half Year Results, the business fulfilled the requirements of IFRS 5 to be classified as discontinued
operations in the consolidated income statement. In addition, the assets and liabilities of the business were presented as held
for sale in the consolidated balance sheet. On completion, the assets and liabilities were derecognised and a gain on disposal
was recognised as follows.
Results of discontinued operations
Seven months
ended Year ended
28 February 2025 31 July 2024
\u00a3 million \u00a3 million
Operating income
95.4
157.8
Operating expenses
(90.8)
(146.8)
Trading profit
4.6
11.0
Gain on disposal
60.8
\u2014
Operating profit before tax
65.4
11.0
Tax
1
(1.5)
(3.6)
Profit after tax
63.9
7.4
1.
The tax charge of \u00a31.5 million relates to the trading profit of the business prior to disposal. The gain on disposal is not taxable.
Cash flow from discontinued operations
Seven months
ended Year ended
28 February 2025 31 July 2024
\u00a3 million \u00a3 million
Net cash flow from operating activities
(1.5)
17.4
Net cash flow from investing activities
(3.5)
(9.7)
Net cash flow from financing activities
(1.7)
(2.9)
Consolidated gain on disposal
31 July 2025
\u00a3 million
Cash consideration received
 146.4
Contingent deferred consideration
 21.1
Total consideration
 167.5
Disposal transaction costs
 (7.0)
160.5
Net assets on completion date
 99.7
Consolidated gain on disposal
 60.8
Cash consideration of \u00a3146.4 million was received on completion. The contingent deferred consideration is in the form of
preference shares, redeemable no later than Oaktree\u2019s exit, for an amount of up to \u00a328.0 million plus interest at a rate of 8%
per annum, stepping up to 12% after five years.
The contingent deferred consideration is subject to potential deductions, including in relation to retention of key individuals and
certain potential regulatory costs and separation cost overruns. The preference shares are measured at fair value through profit
or loss under IFRS 9. The fair value is calculated to be \u00a321.1 million based on a discounted expected cash flow method, with
the main assumptions relating to the expected time until redemption and the aforementioned potential deductions.
Winterflood Securities
As announced on 25 July 2025, the group agreed to the sale of Winterflood Securities, an execution services and securities
business and one of the group's operating segments, to Marex Group plc. The sale is expected to complete in early 2026,
upon receipt of the customary regulatory approvals. The business has fulfilled the requirements of IFRS 5 to be classified as
discontinued operations in the consolidated income statement with comparative information restated. In addition, the assets
and liabilities of the business have been presented as held for sale in the consolidated balance sheet.
Assets and liabilities held for sale
The major classes of assets and liabilities classified as held for sale, which exclude intercompany balances eliminated on
consolidation, are as follows:
31 July 2025
\u00a3 million
Balance sheet
Intangible assets
10.3
Property, plant and equipment
20.2
Loans and advances to banks
54.8
Settlement balances
726.4
Equity shares
28.3
Debt securities and loans
32.8
Other assets
14.2
Total assets classified as held for sale
887.0
Bank loans and overdrafts
15.3
Settlement balances
698.2
Equity shares
10.4
Debt securities and loans
14.8
Accruals and deferred income
8.5
Other liabilities
20.2
Total liabilities classified as held for sale
767.4
Results of discontinued operations
Year ended Year ended
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Operating income
77.3
73.0
Operating expenses
(77.1)
(74.8)
Impairment credit on financial assets
0.1
0.1
Goodwill impairment recognised on remeasurement of disposal group as held for sale
(14.5)
\u2014
Operating loss before tax
(14.2)
(1.7)
Tax
(0.5)
(0.6)
Loss after tax
(14.7)
(2.3)
Cash flow from discontinued operations
Year ended Year ended
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Net cash flow from operating activities
(8.3)
53.0
Net cash flow from investing activities
0.1
(9.0)
Net cash flow from financing activities
(0.5)
(1.5)
Close Brewery Rentals Limited
As announced on 15 July 2025, the group agreed to the sale of its brewery container rentals business, CBRL, to MML
Keystone, a fund managed by MML Capital. The sale was subsequently completed on 31 August 2025, as disclosed in Note
30. At 31 July 2025, the assets and liabilities of the business have been classified as held for sale but it does not meet the
criteria to be classified as discontinued operations under IFRS 5. The results of CBRL are therefore included within continuing
operations.
Assets and liabilities held for sale
The major classes of assets and liabilities classified as held for sale, which exclude intercompany balances eliminated on
consolidation, are as follows:
31 July 2025
\u00a3 million
Balance sheet
Property, plant and equipment
42.8
Loans and advances to banks
0.2
Other assets
4.0
Total assets classified as held for sale
47.0
Accruals and deferred income
0.7
Other liabilities
5.3
Total liabilities classified as held for sale
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-495": { "value": "29. Discontinued operations and assets and liabilities classified as held for sale At 31 July 2025, the group's discontinued operations comprised Close Brothers Asset Management (\u201cCBAM\u201d) and Winterflood Securities (\u201cWinterflood\u201d). Close Brewery Rentals Limited (\u201cCBRL\u201d) has been classified as held for sale at 31 July 2025 but the business does not meet the criteria to be classified as discontinued operations under IFRS 5. Close Brothers Asset Management On 19 September 2024, the group announced that it had entered into an agreement to sell its wealth management business, Close Brothers Asset Management (\u201cCBAM\u201d), one of the group's operating segments, to funds managed by Oaktree Capital Management, L.P. (\u201cOaktree\u201d). The sale completed on 28 February 2025. CBAM relates to the group's 100% shareholding in Close Asset Management Holdings Limited (\u201cCAMHL\u201d) and its subsidiaries. The business is a well-regarded UK wealth management franchise and the transaction will strengthen the group's capital base and enhance its position to navigate the current uncertain environment. In the group's 2025 Half Year Results, the business fulfilled the requirements of IFRS 5 to be classified as discontinued operations in the consolidated income statement. In addition, the assets and liabilities of the business were presented as held for sale in the consolidated balance sheet. On completion, the assets and liabilities were derecognised and a gain on disposal was recognised as follows. Results of discontinued operations
Seven months
ended Year ended
28 February 2025 31 July 2024
\u00a3 million \u00a3 million
Operating income
95.4
157.8
Operating expenses
(90.8)
(146.8)
Trading profit
4.6
11.0
Gain on disposal
60.8
\u2014
Operating profit before tax
65.4
11.0
Tax
1
(1.5)
(3.6)
Profit after tax
63.9
7.4
1. The tax charge of \u00a31.5 million relates to the trading profit of the business prior to disposal. The gain on disposal is not taxable. Cash flow from discontinued operations
Seven months
ended Year ended
28 February 2025 31 July 2024
\u00a3 million \u00a3 million
Net cash flow from operating activities
(1.5)
17.4
Net cash flow from investing activities
(3.5)
(9.7)
Net cash flow from financing activities
(1.7)
(2.9)
Consolidated gain on disposal
31 July 2025
\u00a3 million
Cash consideration received
 146.4
Contingent deferred consideration
 21.1
Total consideration
 167.5
Disposal transaction costs
 (7.0)
160.5
Net assets on completion date
 99.7
Consolidated gain on disposal
 60.8
Cash consideration of \u00a3146.4 million was received on completion. The contingent deferred consideration is in the form of preference shares, redeemable no later than Oaktree\u2019s exit, for an amount of up to \u00a328.0 million plus interest at a rate of 8% per annum, stepping up to 12% after five years. The contingent deferred consideration is subject to potential deductions, including in relation to retention of key individuals and certain potential regulatory costs and separation cost overruns. The preference shares are measured at fair value through profit or loss under IFRS 9. The fair value is calculated to be \u00a321.1 million based on a discounted expected cash flow method, with the main assumptions relating to the expected time until redemption and the aforementioned potential deductions. Winterflood Securities As announced on 25 July 2025, the group agreed to the sale of Winterflood Securities, an execution services and securities business and one of the group's operating segments, to Marex Group plc. The sale is expected to complete in early 2026, upon receipt of the customary regulatory approvals. The business has fulfilled the requirements of IFRS 5 to be classified as discontinued operations in the consolidated income statement with comparative information restated. In addition, the assets and liabilities of the business have been presented as held for sale in the consolidated balance sheet. Assets and liabilities held for sale The major classes of assets and liabilities classified as held for sale, which exclude intercompany balances eliminated on consolidation, are as follows:
31 July 2025
\u00a3 million
Balance sheet
Intangible assets
10.3
Property, plant and equipment
20.2
Loans and advances to banks
54.8
Settlement balances
726.4
Equity shares
28.3
Debt securities and loans
32.8
Other assets
14.2
Total assets classified as held for sale
887.0
Bank loans and overdrafts
15.3
Settlement balances
698.2
Equity shares
10.4
Debt securities and loans
14.8
Accruals and deferred income
8.5
Other liabilities
20.2
Total liabilities classified as held for sale
767.4
Results of discontinued operations
Year ended Year ended
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Operating income
77.3
73.0
Operating expenses
(77.1)
(74.8)
Impairment credit on financial assets
0.1
0.1
Goodwill impairment recognised on remeasurement of disposal group as held for sale
(14.5)
\u2014
Operating loss before tax
(14.2)
(1.7)
Tax
(0.5)
(0.6)
Loss after tax
(14.7)
(2.3)
Cash flow from discontinued operations
Year ended Year ended
31 July 2025 31 July 2024
\u00a3 million \u00a3 million
Net cash flow from operating activities
(8.3)
53.0
Net cash flow from investing activities
0.1
(9.0)
Net cash flow from financing activities
(0.5)
(1.5)
Close Brewery Rentals Limited As announced on 15 July 2025, the group agreed to the sale of its brewery container rentals business, CBRL, to MML Keystone, a fund managed by MML Capital. The sale was subsequently completed on 31 August 2025, as disclosed in Note 30. At 31 July 2025, the assets and liabilities of the business have been classified as held for sale but it does not meet the criteria to be classified as discontinued operations under IFRS 5. The results of CBRL are therefore included within continuing operations. Assets and liabilities held for sale The major classes of assets and liabilities classified as held for sale, which exclude intercompany balances eliminated on consolidation, are as follows:
31 July 2025
\u00a3 million
Balance sheet
Property, plant and equipment
42.8
Loans and advances to banks
0.2
Other assets
4.0
Total assets classified as held for sale
47.0
Accruals and deferred income
0.7
Other liabilities
5.3
Total liabilities classified as held for sale
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-453": { "value": "
30. Post balance sheet event
Close Brewery Rentals Limited
On 31 August 2025, the group completed the sale of Close Brewery Rentals Limited (\u201cCBRL\u201d) to MML Keystone, following the
agreement announced on 15 July 2025. As disclosed in Note 29, the business was classified as held for sale at 31 July 2025.
The completion of this sale, which resulted in an immaterial gain on disposal, is a non-adjusting event under the requirements
of IAS 10 \u201cEvents after the reporting period\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } }, "fact-7": { "value": "10 Crown Place London EC2A 4FT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800W73SYHR14I3X91", "period": "2024-08-01T00:00:00/2025-08-01T00:00:00" } } } }