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"value": "Notes to the Consolidated Financial Statements For the year ended 31 March 2023 Introduction Ninety One operates as a dual-listed company (\u201cDLC\u201d) under a DLC structure. The DLC structure comprises Ninety One plc, a public company incorporated in England and Wales under the UK Companies Act 2006 and Ninety One Limited, a public company incorporated in South Africa under the Companies Act of South Africa. Under the DLC structure, Ninety One plc and Ninety One Limited, together with their direct and indirect subsidiaries, effectively form a single economic enterprise (the \u201cGroup\u201d) in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. The Group is listed on the London and Johannesburg Stock Exchanges. 1. Basis of preparation and presentation of the consolidated financial statements 1(a) Basis of preparation The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS\u201d) which, as they apply to the Group\u2019s financial statements, are identical in all material respects. They are also prepared in accordance with the interpretations adopted by the IASB, the South African Institute of Chartered Accountants\u2019 Financial Reporting Guides and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act 2006 in the UK and the Companies Act of South Africa. The consolidated financial statements of the Group comprise the consolidated statement of financial position at 31 March 2023, the consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended 31 March 2023 and the notes thereto. The accounting policies have been applied consistently throughout the periods presented in the consolidated financial statements. The consolidated financial statements have been prepared on the historical cost basis with the exception of linked investments backing policyholder funds, policyholder investment contract liabilities, investments, money market funds within cash and cash equivalents, other liabilities and the pension fund asset which are measured at fair value through profit or loss. The presentation currency of the Group is Pound Sterling (\u201c\u00a3\u201d), being the functional currency of Ninety One plc. The functional currency of Ninety One Limited is South African Rand. All values are rounded to the nearest million (\u201c\u00a3m\u201d), unless otherwise indicated. The functional currencies of subsidiary undertakings are determined based on the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency of the entity in which the transactions arise, based on rates of exchange ruling at the date of the transactions. The separate financial statements of Ninety One plc are included in the Group\u2019s financial statements in accordance with the requirement of UK Listing Rules. The separate financial statements of Ninety One plc are prepared in accordance with the Group\u2019s accounting policies, other than for investments in subsidiary undertakings, which are stated at cost less impairments in accordance with IAS 27 Separate Financial Statements. The separate financial statements of Ninety One Limited are published on the Group\u2019s website as a separate document. Going concern The Board of Directors has considered the resilience of the Group and taking into account its current financial position and the principal and emerging risks facing the business, including the impacts that climate change, current events and market conditions have had on the Group\u2019s financial performance and outlook. The Board of Directors has performed a going concern assessment by applying various stressed scenarios, including plausible downside assumptions, about the impact on assets under management, profitability of the Group and known commitments. Details of stress and scenario analysis are described in the statement of viability within the financial review section in this Integrated Annual Report 2023. All scenarios show that the Group would maintain sufficient resources to enable it to continue operating profitably for a period of at least 12 months from the date of approval of the consolidated financial statements. The consolidated financial statements have therefore been prepared on a going concern basis. 1(b) Basis of consolidation
Ninety One plc and Ninety One Limited operate under a DLC structure as a result of legally binding agreements. The effect
of the DLC structure is that Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates
operate together as a single economic entity, with neither assuming a dominant role. Accordingly, they are reported as a
single reporting entity under IFRS. IFRS does not specifically provide guidance on how to account for such structures
and therefore judgement is required in applying the consolidation principles set out in IFRS 10 Consolidated Financial
Statements. The Board of Directors of Ninety One plc and Ninety One Limited, having assessed the legal agreements
referred to above and the requirements of IFRS 10, have concluded that the Group\u2019s consolidated financial statements
represent the consolidation of the assets, liabilities and the results of Ninety One plc and Ninety One Limited and their direct
and indirect subsidiaries and associates.
Subsidiaries are those entities controlled by the Group. The Group controls an entity if the Group has all of the following:
\u027d Power over the investee;
\u027d exposure or rights to variable returns from its involvement with the investee; and
\u027d the ability to use its power over the investee to affect its returns.
Subsidiaries are consolidated from the date the Group obtains control and are excluded from consolidation from the date
which the Group loses control.
The Group also uses judgement to determine whether its interests in investment funds and trusts constitute controlling
interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in funds.
In conducting the assessment, the Group considers substantive contractual rights as well as de facto control. De facto
control of an entity may arise from circumstances where the Group does not have more than 50% of the voting power,
but has the practical ability to direct the relevant activities of the entity. If the Group has the ability to direct the relevant
activities of the entity and is also exposed to variable returns of the entity, they are consolidated after considering the
magnitude of, and variability associated with, the Group\u2019s economic interest relative to the returns expected from the
activities of the entity. Economic interest includes management fees and performance fees received from the entity,
rights to profits or distributions, as well as the obligation to absorb losses of the entity.
On consolidation, the results and financial position of foreign operations are translated into the presentation currency of the
Group, as follows:
\u027d Assets and liabilities are translated at the closing rate at the reporting date within the consolidated statement of financial
position;
\u027d income and expense items are translated at exchange rates ruling at the date of the transactions;
\u027d all resulting exchange differences are recognised in other comprehensive income (foreign currency translation reserve),
which is recognised in profit or loss within the consolidated statement of comprehensive income on disposal of the
foreign operation; and
\u027d cash flow items are translated at the exchange rates ruling at the date of the transactions.
Intercompany transactions and balances are eliminated on consolidation. The share capital of the Group is an aggregation
of the share capitals of Ninety One plc and Ninety One Limited.
Associates
Associates are all entities over which the Group has significant influence but not control or joint control, through
participation in the financial and operating policy decisions. Investments in associates are accounted for using the equity
method of accounting. Under the equity method of accounting, investments are initially recognised at cost and thereafter
the Group recognises its share of the investee\u2019s post-acquisition profits or losses in its consolidated statement of
comprehensive income. Dividends received or receivable from the investee are recognised as a reduction in the carrying
amount of the investment. The carrying amount of associates is tested for impairment in accordance with the policy
described in \u201cImpairment of non-financial assets\u201d in note 20.
1(c) Accounting judgements and estimates
The preparation of the consolidated financial statements requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The
estimates and underlying assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods.
The Group has not identified any estimates which will have a significant risk of material adjustment to the reported results
and financial position in the next financial year.
However, the areas of the consolidated financial statements that include estimates are set out in:
\u027d Note 13 Leases;
\u027d Note 18 Pension scheme; and
\u027d Note 27(f) Fair value measurements.
The areas of the consolidated financial statements that involve judgements are set out in:
\u027d Note 17 Other liabilities;
\u027d Note 1(b) Basis of consolidation; and
\u027d Note 13 Leases.
Management do not expect changes in assumptions to lead to a material adjustment in future periods.
1(d) Forthcoming standards applicable to the Group
There are new standards, interpretations and amendments to existing standards in issue that are not yet effective for the
year ended 31 March 2023. The Group has concluded that the adoption of them is unlikely to have a significant impact on
the consolidated financial statements.
2. Segmental reporting
As an integrated global investment manager, the Group operates a single-segment investment management business.
All financial, business and strategic decisions are made centrally by the chief operating decision maker (the \u201cCODM\u201d) of
the Group. The CODM is the Chief Executive Officer of the Group from time to time. Reporting provided to the CODM is
on an aggregated basis which is used for evaluating the Group\u2019s performance and the allocation of resources. The CODM
monitors operating profit for the purpose of making decisions about resource allocation and performance assessment.
Given that only one segment exists, no additional information is presented in relation to it, as it is disclosed throughout the
consolidated financial statements.
Revenue is generated from a diversified customer base and the Group has no single customer that it relies on. Revenue is
disaggregated by the geographic location of contractual entities, as this best depicts how the nature, amount, timing and
uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Non-current assets other than
financial instruments and deferred tax assets are allocated based on where the assets are physically located.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Revenue from external clients
United Kingdom 499.7 554.4
South Africa 160.4 167.5
Rest of the world 85.4 73.2
745.5 795.1
Performance fees included in total revenue above 19.4 31.1
2023 2022
\u00a3\u2019m \u00a3\u2019m
Non-current assets
United Kingdom 73.3 80.8
South Africa 3.4 5.9
Rest of the world 24.3 23.9
101.0 110.6
3. Net revenue
Revenue
The Group recognises revenue when or as it satisfies a performance obligation by transferring promised services to
customers in an amount to which the Group expects to be entitled in exchange for those services. The Group includes
variable consideration in revenue when it is no longer highly probable of significant reversal. Generally, the Group is deemed
to be the principal in the contracts because the Group controls the promised services before they are transferred to
customers, and accordingly, presents the revenue gross of related costs. The key revenue components of the Group are
accounted as follows:
i) Management fees are recognised as the services are performed over time and are primarily based on agreed percentages
of the net asset values of investment funds and segregated mandates.
ii) Performance fees are recognised over time however represent variable consideration and are only recognised when the
Group is unconditionally entitled to the revenue and no contingency with respect to future performance exists, which is
on the crystallisation date. Performance fees are calculated on a percentage of the appreciation in the net asset value
of investment funds and segregated mandates above a defined hurdle, taking into consideration the relevant basis of
calculation for investment funds and segregated mandates, and when it is highly probable that they will not be subject
to significant reversal.
Management fees and performance fees are both forms of variable consideration. However, there is no significant
judgement or estimation involved as the transaction price is equal to the amount determined at the end of each
measurement period or on the crystallisation date, and is equal to the amount billed to customers as per contractual
agreements. The performance obligation for both management fees and performance fees is the provision of investment
management services. Fees received from customers are generally not subject to returns or refunds.
All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15 Revenue from Contracts
with Customers. The Group uses the output method to recognise revenue, applying the practical expedient that allows an
entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly
with the value to customers of the entity\u2019s performance completed to date. The output method is considered appropriate as
the performance obligations are generally satisfied over time when the Group provides services.
Commission expense
Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset
values of the investment funds and segregated mandates and recognised as expenses when services are provided.
4. Operating expenses by nature
Staff expenses represent the largest portion of operating expenses. The largest component of other administrative
expenses is client and retail fund administration (2023: \u00a339.9 million, 2022: \u00a338.2 million). Other components include
overheads, information and system expenses. Operating expenses are recognised as the services are received.
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Staff expenses 4(a) 279.2 276.3
Deferred employee benefit scheme gain 1.3 3.4
Depreciation of right-of-use assets
23(a) 9.9 9.7
Depreciation of property and equipment
12,23(a) 4.9 5.3
Auditors\u2019 remuneration
4(b) 1.9 1.8
Other administrative expenses 131.5 119.8
428.7 416.3
4(a) Staff expenses
Short term employee benefits including salaries, wages and other related expenses, social security costs and pension costs
for defined contribution schemes are accrued in the year in which the associated services are rendered by employees.
Salaries, wages and other related expenses were impacted by share scheme allocations, resulting in an expense of
\u00a33.7 million (2022: credit of \u00a318.1 million), as described on page 52.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Salaries, wages and other related expenses 236.8 235.3
Share-based payment expenses related to Investec share plans 0.3 0.6
Share-based payment expenses related to the Ninety One share scheme 14.2 12.1
Social security costs 17.8 19.0
Pension costs for defined contribution schemes 10.1 9.3
279.2 276.3
Average number of employees
The monthly average number of employees, including the Directors, employed by the Group during the year ended
31 March 2023 by activity is:
2023 2022
Investments 271 263
Client group and marketing 289 277
Operations and central services 648 642
1,208 1,182
4(b) Auditors\u2019 remuneration
2023 2022
\u00a3\u2019m \u00a3\u2019m
Fees payable to the auditors of the parent companies and their associates in respect of audits of the
parent companies\u2019 individual and consolidated financial statements 0.3 0.5
Fees payable to the auditors and their associates for audit and other services:
Audits of the parent companies\u2019 subsidiaries 0.9 0.6
Audit-related assurance services 0.4 0.5
Other assurance services
1
0.3 0.2
1.9 1.8
1. \u00a30.1 million of fees related to other assurance services not included in the comparative number were paid to the current year auditor.
5. Net gain on investments and other income
Net gain on investments relates to the changes in market value of the Group\u2019s investments which are measured at fair value
through profit or loss and realised gain/loss on disposal of investments.
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Deferred employee benefit scheme gain 1.3 3.4
Loss on other investments (0.3) (2.2)
Net gain on investments
23(a) 1.0 1.2
Foreign exchange gain 1.1 1.2
Subletting income 1.2 1.3
Other income 3.7 0.6
7.0 4.3
6. Interest income/expense
Interest income principally generated from cash and cash equivalents. Interest income from cash and cash equivalents
excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis
using the effective interest rate method in accordance with the requirements of IFRS 9 Financial instruments. Interest
income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or
when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount
applied to lease liabilities in accordance with the requirements of IFRS 16 Leases.
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Interest income from financial assets measured at amortised cost 2.5 1.1
Interest income from money market funds 7.1 2.8
Interest income
23(a) 9.6 3.9
Interest expense on lease liabilities
23(b) (3.6) (3.8)
Other interest expense (0.2) (0.2)
Interest expense
23(a) (3.8) (4.0)
7. Gain on disposal of subsidiaries
Details of the gain on disposal of Silica are set out in the Group\u2019s Integrated Annual Report 2022.
8. Tax expense
The Group\u2019s tax expense comprises both current and deferred tax expense.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the statement of financial position method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount
of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is
recognised to the extent that it is probable that future taxable profits will be available against which the asset can be
utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be
realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same
taxation authority on the same taxable entity.
Income taxes of the Group were determined based on the assumption that the individual entities were separate taxable
entities. Therefore, the current and deferred income taxes of all subsidiaries of the Group are calculated separately and the
recoverability of the deferred tax assets is also assessed accordingly.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current tax \u2013 current year 49.9 62.5
Current tax \u2013 adjustment for prior years 0.1 0.3
Current tax expense 50.0 62.8
Deferred tax \u2013 current year 0.3 1.0
Deferred tax \u2013 adjustment for prior years (0.3) 0.2
Deferred tax \u2013 change in corporate tax rates (1.2) (2.2)
Deferred tax credit (1.2) (1.0)
48.8 61.8
The UK and South Africa corporate tax rates for 2023 were 19% (2022: 19%) and 27% (2022: 28%) respectively. The tax
charge in the year is different to the standard rate of corporate tax in the UK and South Africa and the differences are
explained below:
South Africa United Kingdom
2023 2022 2023 2022
% % % %
Effective rate of taxation 23.0 23.1 23.0 23.1
Tax effect of non-deductible expenses (0.4) (0.2) (0.4) (0.2)
Effect on deferred tax balances resulting from changes in tax rates 0.6 0.7 0.6 0.7
Adjustment to tax charge in respect of prior year 0.1 \u2014 0.1 \u2014
Tax on gain on disposal of subsidiaries \u2014 (0.5) \u2014 (0.5)
Effect of different tax rates applicable in foreign jurisdictions 3.7 4.9 (4.3) (4.1)
Standard tax rate 27.0 28.0 19.0 19.0
9. Earnings per share
The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS and prevailing
South African requirements.
9(a) Basic and diluted earnings per share
The calculations of basic and diluted EPS are based on IAS 33 Earnings Per Share.
Basic EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares
outstanding during the year, excluding own shares held by the Ninety One Employee Benefit Trusts (\u201cEBTs\u201d).
Diluted EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares
outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion
of all the potentially dilutive shares into ordinary shares.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Profit attributable to shareholders 163.8 205.3
The calculation of the weighted average number of ordinary shares for the purpose of calculating basic and diluted earnings
per share is:
2023 2022
Number of
shares
Number of
shares
Millions Millions
Weighted average number of ordinary shares for the purpose of calculating basic EPS 899.6 907.8
Effect of dilutive potential shares \u2013 share awards 5.2 9.9
Weighted average number of ordinary shares for the purpose of calculating diluted EPS 904.8 917.7
Basic EPS (pence) 18.2 22.6
Diluted EPS (pence) 18.1 22.4
9(b) Headline earnings and diluted headline earnings per share
The Group is required to calculate headline earnings per share (\u201cHEPS\u201d) in accordance with the JSE Listings Requirements,
determined by reference to circular 1/2021 \u201cHeadline Earnings\u201d issued by the South African Institute of Chartered
Accountants.
The table below reconciles the profit attributable to shareholders to headline earnings and summarises the calculation of
basic and diluted HEPS:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Profit attributable to shareholders 163.8 205.3
Share of profit from associates \u2014 (0.4)
Gain on disposal of subsidiaries \u2014 (14.9)
CGT on disposal of subsidiaries \u2014 4.1
Headline earnings 163.8 194.1
2023 2022
Number of
shares
Number of
shares
Millions Millions
Weighted average number of ordinary shares for the purpose of calculating basic EPS (note 9(a)) 899.6 907.8
Weighted average number of ordinary shares for the purpose of calculating diluted EPS (note 9(a)) 904.8 917.7
HEPS (pence) 18.2 21.4
Diluted HEPS (pence) 18.1 21.1
10. Dividends
Dividends are distributions of profit to holders of the Group\u2019s share capital and as a result are recognised as a deduction in
equity. Dividends are recognised only when they are approved by the shareholders of the Group. Dividend per share is
calculated by dividing dividend paid by the number of ordinary shares in issue.
2023 2022
Pence per
share \u00a3\u2019m
Pence per
share \u00a3\u2019m
Prior year\u2019s final dividend paid 7.7 70.5 6.7 60.8
Interim dividend paid 6.5 59.7 6.9 62.9
14.2 130.2 13.6 123.7
On 16 May 2023, the Board recommended a final dividend for the year ended 31 March 2023 of 6.7 pence per ordinary
share, an estimated \u00a361.7 million in total. The dividend is expected to be paid on 11 August 2023 to ordinary shareholders on
the registers at the close of business on 21 July 2023.
11. Investments
The majority of the Group\u2019s investments relate to deferred compensation investments which are made by the Group to
economically hedge the liability the Group has to its employees (note 17). Deferred compensation investments consist of
investments in pooled vehicles managed by entities within the Group. These investments do not qualify as plan assets and
are presented separately in the consolidated statement of financial position. Other investments represent an equity-linked
security of which the fair value is directly linked to the Group\u2019s share price. All investments held by the Group are measured
at fair value through profit or loss.
Details of the Group\u2019s accounting policy on classification and measurement of financial instruments are set out in note 20.
2023 2022
At 1 April
2021
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
(Restated) (Restated)
Non-current
Deferred compensation investments
1
31.4 27.1 37.1
Investment in unlisted investment vehicles 8.0 3.5 5.5
Other investments 4.1 5.7 \u2014
43.5 36.3 42.6
Current
Deferred compensation investments
1
21.5 32.1 36.6
Seed investments 2.9 2.7 3.1
24.4 34.8 39.7
1. The comparative amounts have been restated to reclassify a portion of deferred compensation investments from current assets to non-current assets. Accordingly,
the prior years numbers for current investments at 31 March 2022 changed from \u00a361.9 million to \u00a334.8 million (2021: from \u00a376.8 million to \u00a339.7 million) and
non-current investments at 31 March 2022 changed from \u00a39.2 million to \u00a336.3 million (2021: from \u00a35.5 million to \u00a342.6 million). The purpose of this change is
to better reflect the timing of the realisation of the investments.
12. Property and equipment
Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is provided for on a straight-line basis over the estimated useful lives of property and equipment as follows:
Computer equipment 3 years
Fixtures and fittings 5 years
Leasehold improvements Shorter of term of lease or useful economic life
The residual values, depreciation methods and useful lives are reassessed annually.
Leasehold
improvements
Computer
equipment
Fixtures and
fittings Total
2023 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost
At 1 April 25.4 10.3 3.7 39.4
Additions 0.5 0.7 \u2014 1.2
Disposals \u2014 \u2014 \u2014 \u2014
Foreign exchange adjustment 0.1 (0.5) \u2014 (0.4)
At 31 March 26.0 10.5 3.7 40.2
Accumulated depreciation
At 1 April (3.5) (7.7) (1.6) (12.8)
Depreciation (2.1) (2.1) (0.7) (4.9)
Disposals \u2014 \u2014 \u2014 \u2014
Foreign exchange adjustment (0.1) 0.6 \u2014 0.5
At 31 March (5.7) (9.2) (2.3) (17.2)
Net book value at 31 March 2023 20.3 1.3 1.4 23.0
Leasehold
improvements
Computer
equipment
Fixtures and
fittings Total
2022 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost
At 1 April 25.2 9.9 4.0 39.1
Additions 0.8 0.5 0.1 1.4
Disposals (0.2) (0.5) (0.5) (1.2)
Foreign exchange adjustment (0.4) 0.4 0.1 0.1
At 31 March 25.4 10.3 3.7 39.4
Accumulated depreciation
At 1 April (1.7) (5.3) (1.4) (8.4)
Depreciation (2.0) (2.6) (0.7) (5.3)
Disposals 0.3 0.4 0.5 1.2
Foreign exchange adjustment (0.1) (0.2) \u2014 (0.3)
At 31 March (3.5) (7.7) (1.6) (12.8)
Net book value at 31 March 2022 21.9 2.6 2.1 26.6
13. Leases
The Group leases various offices for business purposes. Lease terms are negotiated on an individual basis and contain a
wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may
not be used as security for borrowing purposes.
Leases are recognised as a right-of-use asset with a corresponding liability at the date which the leased asset is available
for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of lease payments. The lease payments are discounted using the entity\u2019s
incremental borrowing rate, being the rate that the entity would have to pay to borrow the funds necessary to obtain an
asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between the principal and finance cost. The finance cost is charged to profit or loss over the
lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u027d The amount of the initial measurement of lease liabilities;
\u027d any lease payment made at or before the commencement date less any lease incentives;
\u027d any initial direct costs; and
\u027d restoration costs.
The calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the
lease term for each lease involves the Group\u2019s judgement on the likelihood of any extension and termination options being
exercised. The Group considers all facts and circumstances around the extension and termination options, including the
enforceability of such options and the economic incentive created for the Group to exercise such options. Several of the
Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being
exercised. Such options are only included in the lease term if the lease is reasonably certain to be extended or terminated by
the Group. The potential future cash outflows relating to extension options not included in the measurement of lease
liabilities approximate to \u00a396.7 million (2022: \u00a395.8 million).
In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involved estimation.
Where the lease\u2019s implicit rate is not readily determinable, an incremental borrowing rate, being the rate that the individual
lease would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a
similar economic environment with similar terms and conditions, must be calculated by the Group.
Right-of-use assets are generally depreciated over the lease term on a straight-line basis.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Right-of-use assets
Office premises 76.7 83.1
Lease liabilities
Current 10.5 9.9
Non-current 92.2 99.5
102.7 109.4
Additions to right-of-use assets during the year ended 31 March 2023 were \u00a32.6 million (2022: \u00a32.4 million).
The remaining contractual maturities of the Group\u2019s lease liabilities at the end of the current reporting period were:
2023 2022
Present value
of the minimum
lease
payments
Total minimum
lease
payments
Present value
of the minimum
lease
payments
Total minimum
lease
payments
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Within one year 10.5 13.7 9.9 13.4
Between one and five years 36.6 46.1 36.6 47.0
Over five years 55.6 61.2 62.9 70.4
102.7 121.0 109.4 130.8
The total cash outflow for leases during the year ended 31 March 2023 was \u00a313.9 million (2022: \u00a37.0 million).
14. Deferred taxation
The components of deferred tax assets and liabilities recognised in the consolidated statement of financial position and the
movements during the year were:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Deferred tax assets arising from the following:
Depreciable assets 0.5 0.6
Employee benefits 11.4 18.6
Capital gains tax on fair value gains (0.2) (0.3)
Deferred compensation payments 13.8 9.2
25.5 28.1
At 1 April 28.1 24.8
Deferred tax credit to profit from operations 0.8 1.3
Deferred tax on revaluation of pension fund (0.7) (0.1)
Deferred tax on vesting of share awards (1.1) 1.4
Foreign exchange adjustment (1.6) 0.7
At 31 March 25.5 28.1
Deferred tax liabilities arising from the following:
Deferred capital allowance (0.1) 0.2
Unrealised capital gain 24.2 29.9
Other temporary differences 0.2 0.3
24.3 30.4
At 1 April 30.4 29.0
Deferred tax (credit)/charge to profit from operations (0.4) 0.3
Deferred tax (credit)/charge related to policyholder funds (1.8) 0.9
Foreign exchange adjustment (3.9) 0.2
At 31 March 24.3 30.4
An increase in the UK corporation tax rate to 25% from 1 April 2023 was announced by the UK Government in the Spring
Budget 2020. The rate increase was substantively enacted in May 2021. Deferred tax balances in the UK at 31 March 2023
were therefore revalued using this substantively enacted tax rate accordingly.
15. Policyholders\u2019 assets and liabilities
The Group undertakes investment-linked insurance business through one of its South African entities which issues linked
policies to the policyholders. These policies are unit-linked investment contracts, with measurement directly linked to the
underlying investment assets which are carried at fair value through profit or loss. As the underlying investment assets are
beneficially held by the Group, these assets together with the contract liabilities due to the policyholders are included in the
consolidated statement of financial position and labelled as linked investments backing policyholder funds and policyholder
investment contract liabilities respectively. Policyholder investment contracts do not qualify as insurance contracts as
defined in IFRS 4 Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are accounted
for financial liabilities under IFRS 9 and are also carried at fair value through profit or loss so as to avoid a mismatch in profit
or loss between the policyholder investments linked to investment contracts and the policyholder investment contract
liabilities. Gains and losses from assets and liabilities of these contracts are attributable to third party investors in linked
investments backing policyholder funds. As a result, any gain or loss is offset by a change in the obligation to investors and is
not included in the Group\u2019s net gain/loss on investments. Surplus transferred to shareholders represents deductions from
policyholder funds to which the Group is entitled in exchange for managing policyholder investments. These amounts are
included in net revenue.
Linked investments backing policyholder funds
The pooled portfolio of assets that is linked to policyholder investment contract liabilities was:
2023 2022
\u00a3\u2019m \u00a3\u2019m
(Restated)
Quoted investments at fair value
Equities 801.7 1,064.5
Derivatives (1.2) 10.7
800.5 1,075.2
Unquoted investments at fair value
Collective investment schemes 6,529.0 6,690.9
Equities \u2014 0.5
Interest-bearing stocks, debentures and other loans
1
2,554.5 2,849.8
Derivatives 7.3 5.8
Cash and cash equivalents 71.3 163.7
9,162.1 9,710.7
9,962.6 10,785.9
1. The comparative amount for interest-bearing stocks, debentures and other loans of \u00a31,897.8 million was reclassified from quoted to unquoted investments.
The change is to correctly reflect the nature of these investments.
The movements in linked investments backing policyholder funds were:
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
At 1 April 10,785.9 9,063.9
Net fair value gains on linked investments backing policyholder funds
23(a) 359.0 478.5
Net acquisition of linked investments backing policyholder funds
23(a) 444.3 423.0
Net movement in cash and cash equivalents within linked investments backing
policyholder funds (92.4) 57.7
Foreign exchange adjustment (1,534.2) 762.8
At 31 March 9,962.6 10,785.9
Policyholder investment contract liabilities
The movements in policyholder investment contract liabilities were:
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
At 1 April 10,769.9 9,033.6
Investment income on linked investments backing policyholder funds 462.6 366.8
Net fair value gains on linked investments backing policyholder funds 359.0 478.5
Investment and administration expenses (40.8) (35.0)
Income tax expense (2.7) (4.6)
Surplus transferred to shareholders (37.1) (33.1)
Net fair value change in policyholder investment contract liabilities
23(a) 741.0 772.6
Net contributions
23(a) 6.9 202.1
Foreign exchange adjustment (1,550.5) 761.6
At 31 March 9,967.3 10,769.9
16. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and money market funds that are readily convertible to a known amount
of cash and are subject to an insignificant risk of changes in value. Cash balances within linked investments backing
policyholder funds of \u00a371.3 million (2022: \u00a3163.7 million) as set out in note 15 are not included as they are not available
for use by the Group.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Cash at bank 99.5 265.3
Money market funds 280.1 141.3
379.6 406.6
17. Other liabilities
Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect
of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned
in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by
the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of
the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 11).
It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the
investments held by the Group. As there are no material ongoing performance requirement following the grant of the award,
judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the
award is earned. Deferred compensation liabilities include applicable employer tax.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Non-current
Deferred compensation liabilities 31.9 28.6
Other liabilities 1.8 1.6
33.7 30.2
Current
Deferred compensation liabilities 21.9 34.9
55.6 65.1
18. Pension scheme
Defined benefit scheme
The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it
has an obligation to provide participating employees with pension payments that represent a specified percentage of their
final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK
regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the
Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme was
funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial
valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2023 by qualified independent
actuaries. The Group does not expect further contributions to the Scheme for the next annual reporting period. There is
no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved
judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or
a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of
the Scheme over time until all members have left the Scheme. At 31 March 2023, there were no active members in the
Scheme (2022: nil).
Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated
statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset
or liability, and is presented in other administrative expenses.
Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets
excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income.
The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value
of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of
available refunds and reductions in future contributions to the plan.
The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk.
The pension fund asset/(obligation) in respect of the Scheme is:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Managed Funds 15.0 16.5
Trustees\u2019 bank account 0.1 0.2
Total fair value of plan assets 15.1 16.7
Present value of obligation (12.5) (16.8)
2.6 (0.1)
Managed funds invest primarily in a globally diversified portfolio of assets, and mainly consist of global equities, bonds
issued by governments, physical gold and silver bullion and money market instruments. The funds are quoted in an active
market and their underlying investments are either level 1 or level 2 investments.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Plan assets
At 1 April 16.7 17.3
Benefits paid including expenses (1.2) (0.6)
Group\u2019s contributions paid to the plan 0.1 0.2
Interest income 0.3 0.3
Return on plan assets, excluding interest income (0.8) (0.5)
At 31 March 15.1 16.7
Present value of the defined benefit obligation
At 1 April 16.8 18.0
Actuarial gain arising from changes in financial assumptions (3.4) (1.2)
Actuarial (gain)/loss arising from changes in demographic (0.2) 0.2
Benefits paid including expenses (1.2) (0.6)
Interest cost 0.4 0.3
Administration costs 0.1 0.1
At 31 March 12.5 16.8
Amounts recognised in the consolidated statement of comprehensive income
Actuarial gain 3.6 1.0
Return on plan assets, excluding interest income (0.8) (0.5)
Total defined benefit credit 2.8 0.5
The major assumptions used were:
2023 2022
% %
Inflation assumption 3.3 3.7
Rate of increase in pensions in payment for post-1997 service 3.3 3.7
Rate of increase in pensionable salaries 3.3 3.7
Discount rate 4.8 2.7
The defined benefit obligation is not expected to be materially different with an estimated impact of less than \u00a31.0 million
(2022: \u00a31.5 million) as a result of a 0.5% change in the above major assumptions. This sensitivity assessment is based on
the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the
correlations between the actuarial assumptions.
Maturity profile of the defined benefit obligation is:
2023 2022
Number of
members
Weighted
average
duration of the
defined benefit
obligation
(years)
Number of
members
Weighted
average
duration of the
defined benefit
obligation
(years)
Deferred members 35 15.3 42 20.2
Pensioners 19 10.8 15 12.3
54 13.0 57 16.6
Defined contribution schemes
The Group also contributes to a number of defined contribution pension schemes, the assets of which are held in separate
trustee-administered funds, for the benefit of its employees. The Group\u2019s contribution to an employee\u2019s pension is measured
as, and limited to, a specified percentage of salary. Once the contributions have been paid, the Group, as the employer,
does not have any further payment obligations. The Group\u2019s contributions are charged to the consolidated statement of
comprehensive income in the reporting period to which they relate and are included in staff expenses (refer to note 4(a)).
19. Trade and other payables
Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. Trade payable
largely relates to subscription accounts payable and commission payable. All trade and other payables are measured at
amortised cost and are expected to be settled within one year or are repayable on demand.
2023 2022
\u00a3\u2019m \u00a3\u2019m
Employee related payables 144.9 165.3
Trade payables 157.3 189.1
302.2 354.4
20. Financial instruments
Recognition and derecognition of financial instruments
Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes
a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured
at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less
directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and
rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the
financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the
Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of
the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are
discharged, cancelled or expire.
Classification and measurement of financial assets and financial liabilities
Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through
other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based
on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s
financial assets are either classified as measured at FVTPL or amortised cost.
Financial assets measured at amortised cost
Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal
and interest and they are held within a business model designed to collect cash flows. It typically applies to the Group\u2019s cash
and cash equivalents excluding money market funds and trade and other receivables. The carrying amount of financial
assets measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL model.
In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue
cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.
The ECLs amount depends on the specific stage that the financial instrument has been allocated to within the ECL model,
which depends on whether there has been a significant increase in credit risk since initial recognition of the financial
instrument, it is in default, or is considered to be credit impaired. For financial instruments with external credit ratings, the
Group assumes that credit risk on these financial instruments has increased significantly since initial recognition if the credit
rating has been significantly deteriorated. ECL allowances are measured on either i) 12-month ECL: that result from possible
default events within the 12 months after the reporting date; or ii) Lifetime ECLs: that result from all possible default events
over the expected life of a financial instrument. The Group considers a financial asset to be in default when: i) the borrower is
unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security
(if any is held); or ii) the financial asset is more than 90 days past due without reasonable expectation of recovery. The Group
applies the simplified approach in determining ECLs for trade receivables.
The Group considers a trade receivable to be credit impaired when one or more detrimental events have occurred, such as
significant financial difficulty of the client or it becoming probable that the client will enter bankruptcy or other financial
reorganisation.
Trade receivables are written off when they are considered credit impaired or there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a
repayment plan with the Group after the contractual payment has been past due. The Group has not written off any trade
receivables for the years ended 31 March 2023 and 2022.
Financial assets measured at FVTPL
Financial assets measured at FVTPL consist of linked investments backing policyholder funds, holdings in pooled vehicles as
part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents,
seed capital investments and the investment in unlisted investment vehicles. These financial assets do not meet the
classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore,
they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the
consolidated statement of comprehensive income in the period in which they arise. During the year ended 31 March 2023,
the classification of money market funds changed from amortised cost to FVTPL as the Group has assessed FVTPL to be
a more appropriate measurement. However there has been no change to the comparative valuation as amortised cost
approximated to fair value.
When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments
and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no
quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is
determined by applying a generally accepted valuation technique.
Impairment of non-financial assets
The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is
any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date,
there was no indication of impairment of any assets.
Financial liabilities
Financial liabilities comprise policyholder investment contract liabilities, lease liabilities, other liabilities which include
deferred compensation liabilities and trade and other payables. All financial liabilities, excluding policyholder investment
contract liabilities and deferred compensation liabilities, are measured at amortised cost using the effective interest method.
Policyholder investment contract liabilities and deferred compensation liabilities are measured at fair value through profit or
loss with movements in fair value recognised in the consolidated statement of comprehensive income.
The Group\u2019s financial instruments by category and reconciled to the consolidated statement of financial position at
31 March were:
Financial
instruments at
FVTPL
Financial
instruments
measured at
amortised cost
Total financial
instruments
Non-financial
instruments Total
2023 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Investments 67.9 \u2014 67.9 \u2014 67.9
Investment in associates \u2014 \u2014 \u2014 1.3 1.3
Property and equipment \u2014 \u2014 \u2014 23.0 23.0
Right-of-use assets \u2014 \u2014 \u2014 76.7 76.7
Deferred tax assets \u2014 \u2014 \u2014 25.5 25.5
Linked investments backing policyholder funds 9,962.6 \u2014 9,962.6 \u2014 9,962.6
Trade and other receivables \u2014 249.3 249.3 14.7 264.0
Pension fund asset \u2014 \u2014 \u2014 2.6 2.6
Income tax recoverable \u2014 \u2014 \u2014 9.2 9.2
Cash and cash equivalents 280.1 99.5 379.6 \u2014 379.6
Total assets 10,310.6 348.8 10,659.4 153.0 10,812.4
Policyholder investment contract liabilities (9,967.3) \u2014 (9,967.3) \u2014 (9,967.3)
Other liabilities
2
(55.6) \u2014 (55.6) \u2014 (55.6)
Lease liabilities \u2014 (102.7) (102.7) \u2014 (102.7)
Trade and other payables
2
\u2014 (302.2) (302.2) \u2014 (302.2)
Income tax payable \u2014 \u2014 \u2014 (10.4) (10.4)
Deferred tax liabilities \u2014 \u2014 \u2014 (24.3) (24.3)
Total liabilities (10,022.9) (404.9) (10,427.8) (34.7) (10,462.5)
Financial
instruments at
FVTPL
1
Financial
instruments
measured at
amortised cost
1
Total financial
instruments
Non-financial
instruments Total
2022 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Investments 71.1 \u2014 71.1 \u2014 71.1
Investment in associates \u2014 \u2014 \u2014 0.9 0.9
Property and equipment \u2014 \u2014 \u2014 26.6 26.6
Right-of-use assets \u2014 \u2014 \u2014 83.1 83.1
Deferred tax assets \u2014 \u2014 \u2014 28.1 28.1
Linked investments backing policyholder funds 10,785.9 \u2014 10,785.9 \u2014 10,785.9
Trade and other receivables \u2014 254.8 254.8 14.6 269.4
Income tax recoverable \u2014 \u2014 \u2014 10.4 10.4
Cash and cash equivalents
1
141.3 265.3 406.6 \u2014 406.6
Total assets
1
10,998.3 520.1 11,518.4 163.7 11,682.1
Policyholder investment contract liabilities (10,769.9) \u2014 (10,769.9) \u2014 (10,769.9)
Other liabilities
2
(65.1) \u2014 (65.1) \u2014 (65.1)
Lease liabilities \u2014 (109.4) (109.4) \u2014 (109.4)
Pension fund obligation \u2014 \u2014 \u2014 (0.1) (0.1)
Trade and other payables
2
\u2014 (354.4) (354.4) \u2014 (354.4)
Income tax payable \u2014 \u2014 \u2014 (11.2) (11.2)
Deferred tax liabilities \u2014 \u2014 \u2014 (30.4) (30.4)
Total liabilities (10,835.0) (463.8) (11,298.8) (41.7) (11,340.5)
1. The comparative amounts have been re-presented to reflect the change of classification of money market funds from amortised cost to FVTPL.
2. Deferred compensation liabilities and employee related payables are included in the financial instruments column.
21. Share capital and reserves
21(a) Share capital
Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets
to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc
and Ninety One Limited multiplied by their nominal value.
Details of the share capital of Ninety One plc and Ninety One Limited are:
Number of
shares Nominal value
Millions \u00a3\u2019m
Ninety One plc
Ordinary shares of \u00a30.0001 each, issued, allotted and fully paid
1
622.6 0.1
Special shares of \u00a30.0001 each, issued, allotted and fully paid:
2
Special converting shares 300.1 \u2014
UK DAS share * \u2014
UK DAN share * \u2014
Special voting share * \u2014
Special rights share * \u2014
Ninety One plc balance at 31 March 2023 and 2022 0.1
Number of
shares Nominal value
Millions \u00a3\u2019m
Ninety One Limited
Ordinary shares with no par value, issued, allotted and fully paid
1
300.1 441.1
Special shares with no par value, issued, allotted and fully paid:
2
Special converting shares 622.6 \u2014
SA DAS share * \u2014
SA DAN share * \u2014
Special voting share * \u2014
Special rights share * \u2014
Ninety One Limited balance at 31 March 2023 and 2022 441.1
Total ordinary shares in issue and share capital at 31 March 2023 and 2022 922.7 441.2
* Represents one share.
1. All ordinary shares in issue rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Group.
Ninety One Limited is authorised to issue one billion ordinary shares with no par value.
2. Special shares will not have any rights to vote, except on a resolution either to vary the rights attached to such share or on a winding-up of Ninety One plc or Ninety
One Limited, nor any right to receive any dividend, other distribution or repayment of capital by Ninety One plc or Ninety One Limited. Under the terms of the DLC
Agreements, shareholders of Ninety One plc and Ninety One Limited have common economic and voting rights as if Ninety One plc and Ninety One Limited are a
single decision-making body. These include equivalent dividends on a per share basis, joint electorate and class right variations, special converting shares, special
voting share and special rights share are issued to facilitate joint voting by shareholders of Ninety One plc and Ninety One Limited on any joint electorate action and
class rights action. The UK DAS share, UK DAN share, SA DAS share and SA DAN share are dividend access shares that support the DLC equalisation principles,
including the requirement that ordinary shareholders of Ninety One plc and Ninety One Limited are paid equal cash dividends per share.
21(b) Demerger reserves and other reserves
In the prior year, demerger reserves and other reserves were presented together as \u201cOther reserves\u201d. They have been
separately presented in the current year and the comparatives for 2022 and 2021 have been re-presented accordingly.
The change is considered to improve the clarity of the presentation to distinguish between the reserves arising during the
demerger from the former parent group (\u201cInvestec\u201d) and other reserves.
Demerger reserves
The Group was demerged from Investec in March 2020 and reserves were created during the demerger process as below:
2023 2022
At 1 April
2021
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Distributable reserve (i) 732.2 732.2 732.2
Merger reserve (ii) 183.0 183.0 183.0
DLC reserve (iii) (1,236.5) (1,236.5) (1,236.5)
At 31 March (321.3) (321.3) (321.3)
(i) The distributable reserve represents the premium of shares issued by Ninety One plc to Investec plc shareholders in
exchange for the 80 percent stake, plus one share, in Ninety One UK Limited which was subsequently transferred to a
distributable reserve by effecting a court approved reduction of capital, reducing the share premium account in order
to create a distributable reserve for future distributions by way of dividend.
(ii) The merger reserve is a legally created reserve arising from the demerger transactions that represents the premium of
shares issued by Ninety One plc to Forty Two Point Two in exchange for its 20 percent (less one share) stake in Ninety One
UK Limited. This transaction attracted merger relief under section 612 of the Companies Act 2006.
(iii) The DLC reserve is an accounting reserve in equity to reflect the difference between the consideration for the acquired
net assets of Ninety One UK Limited and Ninety One Africa Proprietary Limited (i.e. the value of shares issued by Ninety One
plc and Ninety One Limited) and the share capital and share premium of Ninety One UK Limited and Ninety One Africa
Proprietary Limited.
Other reserves
The movements in other reserves during the year were:
Share-based
payment
reserve
Foreign
currency
translation
reserve Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
2023 (iv) (v)
At 1 April 24.2 (20.2) 4.0
Foreign exchange differences on translation of foreign subsidiaries \u2014 (16.0) (16.0)
Share-based payment charges 14.2 \u2014 14.2
Vesting and release of share awards (8.8) \u2014 (8.8)
At 31 March 29.6 (36.2) (6.6)
2022
At 1 April 12.5 (29.6) (17.1)
Foreign exchange differences on translation of foreign subsidiaries \u2014 9.1 9.1
Foreign exchange differences transferred to profit or loss \u2014 0.3 0.3
Share-based payment charges 12.1 \u2014 12.1
Vesting and release of share awards (0.4) \u2014 (0.4)
At 31 March 24.2 (20.2) 4.0
(iv) The share-based payment reserve comprises the fair value of share awards granted which are yet to be exercised.
The amount will be reversed to the own share reserve when the related awards are forfeited or vested and transferred
to employees.
(v) The foreign currency translation reserve of represents the exchange differences arising from the translation of the
financial statements of foreign subsidiaries.
21(c) Own share reserve
The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment
awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that
have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated
financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the
Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in
the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares.
The movements in own share reserve during the year were:
2023 2022
Number of
shares
Number of
shares
Millions \u00a3\u2019m Millions \u00a3\u2019m
At 1 April 17.6 35.7 11.0 19.5
Own shares purchased 10.0 23.8 6.8 16.7
Own shares vested and released (5.0) (8.1) (0.2) (0.5)
At 31 March 22.6 51.4 17.6 35.7
22. Share-based payments
The equity settled expense changed to the statement of comprehensive income related to share-based payments
(excluding employer taxes) for each share-based payment arrangement was:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Ninety One plc LTIP and Ninety One Limited LTIP (note 22(a)(i)) 14.0 11.9
Ninety One SIP (note 22(a)(ii)) 0.2 0.2
Investec Share Plans 0.3 0.6
14.5 12.7
22(a) Ninety One share scheme
The Group has two long-term incentive plans and a UK tax advantaged share incentive plan. These are the Ninety One plc
Long-Term Incentive Plan (\u201cNinety One plc LTIP\u201d), Ninety One Limited Long-Term Incentive Plan (\u201cNinety One Limited LTIP\u201d)
and Ninety One Share Incentive Plan (\u201cNinety One SIP\u201d) (collectively known as the \u201cNinety One share scheme\u201d). Awards
under the Ninety One share scheme have been accounted for as equity-settled share-based payments. The fair value of
employee services received, measured by reference to the grant date fair value of the awards adjusted by the estimate of
the likely levels of forfeiture and achievement of performance criteria, is recognised as an expense over the vesting period
with a corresponding credit to the share-based payment reserve in the equity of the Group\u2019s consolidated financial
statements. The vesting period for these plans may commence before the legal grant date if the employees have started
to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms
and conditions of the arrangement. At each period end, the Group reassesses the number of equity instruments expected
to vest, and recognises any difference between the revised and original estimate in the consolidated statement of
comprehensive income with a corresponding adjustment to the share-based payment reserve in equity. Failure to meet
a vesting condition by the employee is not treated as a cancellation, and the amount of expense recognised for the award
is adjusted to reflect the number of awards expected to vest.
(i) Ninety One plc LTIP and Ninety One Limited LTIP
Employees of Ninety One plc and its subsidiaries are eligible to participate in the Ninety One plc LTIP. Employees of Ninety
One Limited and its subsidiaries are eligible to participate in the Ninety One Limited LTIP. Awards are made at the discretion
of the Group\u2019s Human Capital and Remuneration Committee and may be granted in the form of options, forfeitable shares or
conditional awards. Awards granted under the Ninety One plc LTIP are over shares in Ninety One plc and awards granted
under the Ninety One Limited LTIP are over shares in Ninety One Limited.
The awards granted under the Ninety One plc LTIP and Ninety One Limited LTIP took the form of forfeitable shares or
conditional awards.
Awards are granted during the year in the following circumstances:
\u027d annual bonus deferral into shares: The Group operates a bonus deferral arrangement which allows for a portion of
selected employees\u2019 annual bonus to be deferred into an award under the Ninety One plc LTIP or Ninety One Limited LTIP
when the award offer is received. The bonus deferral awards over shares will vest after at least three years;
\u027d ad hoc awards for strategically important employees and new hires, excluding Executive Directors: these awards will vest
in equal tranches on the third, fourth and fifth anniversaries of the grant; and
\u027d annual single incentive award: awards granted to Executive Directors based on the long term and short term performance
measures as determined by the Human Capital and Remuneration Committee annually. These awards will vest up to the
fifth anniversary of the grant and will be subject to a further holding period after vesting.
2023 2022
Number of
ordinary
shares
Number of
ordinary
shares
Millions Millions
Outstanding at 1 April 14.2 10.0
Granted 12.4 4.8
Vested (5.0) (0.2)
Forfeited (0.1) (0.4)
Outstanding at 31 March 21.5 14.2
The weighted average fair value of shares granted under these plans during the year ended 31 March 2023 is \u00a32.01 (2022:
\u00a32.24). Fair value is equal to the market value of the shares at the date of grant.
(ii) Ninety One SIP
The Ninety One SIP is an all-employee share plan. Free share awards were made under the Ninety One SIP. All eligible UK
employees on the admission date in March 2020 received their listing awards as free share awards under the Ninety One SIP
which are subject to a three-year holding period starting from the grant date. The Ninety One SIP is also used as an
employee share purchase plan.
2023 2022
Number of
ordinary
shares
Number of
ordinary
shares
Millions Millions
Outstanding at 1 April 0.5 0.6
Vested (0.5) (0.1)
Outstanding at 31 March \u2014 0.5
23. Notes to the consolidated statement of cash flows
23(a) Reconciliation of cash flows from operations
2023 2022
\u00a3\u2019m \u00a3\u2019m
Notes (Restated)
Cashflows from operations \u2013 shareholders
2
Profit before tax 212.6 267.1
Adjusted for:
Net gain on investments
5 (1.0) (1.2)
Depreciation of property and equipment
4 4.9 5.3
Depreciation of right-of-use assets
4 9.9 9.7
Interest income
6 (9.6) (3.9)
Interest expense
6 3.8 4.0
Net loss of pension fund 0.2 0.1
Gain on disposal of subsidiaries
7 \u2014 (14.9)
Share of profit from associates (1.4) (0.4)
Share-based payment charges related to Ninety One share scheme 14.2 12.1
Working capital changes:
Trade and other receivables 3.5 2.6
Assets classified as held for sale \u2014 12.2
Trade and other payables (35.8) (28.2)
Other liabilities (9.4) (15.4)
Liabilities classified as held for sale \u2014 (7.6)
191.9 241.5
Cashflows from operations \u2013 policyholders
1,2
Net fair value gains on linked investments backing policyholder funds 15 (359.0) (478.5)
Net fair value change on policyholder investment contract liabilities
15 741.0 772.6
Net contributions received from policyholders
15 6.9 202.1
Net acquisition of linked investments backing policyholder funds
1
15 (444.3) (423.0)
Working capital changes:
Trade and other receivables 2.0 (15.7)
Trade and other payables (16.4) 0.5
(69.8) 58.0
1. The comparative amounts have been restated to reflect the reclassification of net acquisition of linked investments backing policyholder funds from investing
activities to operating activities. These changes are considered to improve the consistency of the classification of cash flows related to policyholders and to align
the presentation with other sections of the Integrated Annual Report.
2. The note has been re-presented to include the split of shareholder and policyholder cash flows.
23(b) Reconciliation of liabilities arising from financing activities
The table below details changes in the Group\u2019s liabilities from financing activities, including both cash and non-cash
changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be,
classified in the consolidated statement of cash flows as cash flows from financing activities.
Lease liabilities
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
At 1 April 109.4 110.4
Changes from cash flows:
Principal elements of lease payments (10.3) (5.3)
Interest paid in respect of lease liabilities (3.6) (1.7)
Payment of lease liabilities (13.9) (7.0)
Other changes:
Additions and remeasurements of lease liabilities 2.8 0.8
Interest expense on lease liabilities
6 3.6 3.8
Foreign exchange adjustment 0.8 1.4
At 31 March 102.7 109.4
24. Commitments
The Group has a \u00a320.2 million (2022: \u00a319.6 million) commitment to Ninety One Global Alternative Fund 2 SCSp-RAIF \u2013
European Credit Opportunities Fund I. The commitment outstanding at 31 March 2023 not recognised as liability in the
financial statements was \u00a316.0 million (2022: \u00a319.6 million).
25. Interests in unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding
control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by
means of contractual arrangements. The types of structured entities that the Group does not consolidate but in which it
holds an interest are:
Type of structured entity Nature and purpose Interest held by the Group
Mutual funds To manage assets on behalf of investors and generate
fees for the investment manager.
These vehicles are financed through the issue of
shares or units to investors.
i) Shares or units issued by the funds
ii) Management fee and performance fee
Interests held by the Group in mutual funds are:
Number of
funds
AUM of the
funds
Carrying
amount
included in the
statement of
financial
position
Investment
management
and
performance
fees for the
year
Management/
performance
fees receivable
as at year end
\u00a3\u2019bn \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 31 March 2023 141 60.5 283.0 365.2 35.8
At 31 March 2022 139 67.1 144.0 403.6 34.8
The Group\u2019s proprietary investments in mutual funds comprise investment in money market funds and seed investments
which are classified as cash and cash equivalents and current investments on the consolidated statement of financial
position respectively. The carrying value of the Group\u2019s proprietary investments and fees receivable represent the Group\u2019s
maximum exposure to loss from the interests in unconsolidated structured entities.
During the years ended 31 March 2023 and 2022, the Group did not provide financial support to unconsolidated structured
entities and has no intention of providing financial or other support.
26. Related parties
In the ordinary course of business, the Group carries out transactions with related parties, as defined by IAS 24 Related
Party Disclosures. Apart from those disclosed elsewhere in the consolidated financial statements, material transactions
for the year are set out below.
26(a) Transactions with key management personnel
The key management personnel are defined as the Directors (both Executive and Non-Executive) of Ninety One plc
and Ninety One Limited. Details of the compensation paid to the Directors are disclosed on page 99 as well as their
shareholdings in the Group on page 104 of the Annual Report on Remuneration.
The remuneration related to key management personnel for employee services was:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Short-term employee benefits 4.2 6.1
Share-based payments 2.6 2.3
6.8 8.4
26(b) Balance and transactions with Marathon Trust and Forty Two Point Two
Ninety One employees indirectly hold an interest in the Group through the Marathon Trust (the \u201cTrust\u201d) and Forty Two Point
Two. The Trust owns 100 percent of Forty Two Point Two and Forty Two Point Two owns 25.65 percent (2022: 23.41 percent)
of the Group. During the year ended 31 March 2023, Forty Two Point Two increased their shareholding in the Group by
2.24 percent (2022: increased by 1.6 percent) through purchases of shares in the market.
The terms and conditions of the transaction were no more favourable than those available, or which might be expected to
be available, on a similar transaction to non-related entities. There are no cross guarantees between Ninety One and
Forty Two Point Two.
26(c) Relationship with former parent group, Investec
In May 2022, Investec distributed 15 percent of the Group\u2019s shares to its ordinary shareholders. Following the completion of
the distribution, Investec\u2019s percentage holding in the Group has reduced to approximately 10 percent (2022: 25 percent) on
a DLC basis. Investec is no longer considered to be a related party to the Group according to IAS24.
26(d) Other related parties
The Group operates and participates in staff pension schemes as detailed in note 18. Transactions made between the Group
and the Group\u2019s staff pension schemes are made in the normal course of business.
27. Financial risk management and fair values of financial instruments
The Group has exposure to credit and liquidity risk which arises in the normal course of the business. The Group is also
exposed to market risk arising from its financial instruments.
This note presents information about the Group\u2019s exposure to each of the above risks and the objectives, policies and
processes for measuring and managing risk.
The Board of Directors of the Group has overall responsibility for the oversight of the Group\u2019s risk management framework.
The Management Risk Committee, which is responsible for developing and monitoring the Group\u2019s risk management
policies, reports quarterly to the Board of Directors on its activities.
The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits. The Management Risk Committee meets
once every two months and risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Group\u2019s business activities. The Management Audit Committee reviews and oversees financial, audit and
tax-related matters. The Internal Audit Team undertakes both regular and ad hoc reviews of the governance framework, risk
management and control environment, the results of which are reported to the Management Audit Committee, as well as
the DLC Audit and Risk Committee.
The DLC Audit and Risk Committee oversees how management monitors compliance with the Group\u2019s risk management
policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the
Group. The DLC Audit and Risk Committee receives updates from the Internal Audit Team, the Management Risk Committee
and the Management Audit Committee on a regular basis. Material risks are appropriately escalated to the DLC Audit and
Risk Committee, and all levels of risk are regularly and formally evaluated.
27(a) Policyholders\u2019 assets and liabilities
The Group has no credit or market risk related to policyholders\u2019 investments and trade and other receivables as they are
matched by the liability that the Group has to its policyholders for the value of these assets. The risks and rewards
associated with the policyholders\u2019 investments and trade and other receivables are therefore borne by the policyholders
and not by the Group. Therefore, the credit and market risk disclosure in the remainder of this note only deals with the
financial risks related to non-policyholder financial assets and liabilities.
27(b) Credit risk
Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its
contractual obligations and arises principally from the Group\u2019s trade receivables. The Group\u2019s credit risk arising from cash
and cash equivalents is limited because the counterparties are reputable banks or financial institutions with a minimum
credit rating of Ba3 or BB assigned by Moody\u2019s and S&P respectively, which the management of the Group considers to
have low credit risk. The maximum exposure to credit risk is represented by the carrying value of trade receivables excluding
policyholders\u2019 trade and other receivables and cash and cash equivalents. The Group has no significant concentrations of
credit risk with respect to trade receivables as the client bases are widely dispersed in different sectors and industries.
Ageing of trade receivables at year end was:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Less than 30 days 90.0 119.0
Between 30 and 90 days 14.1 1.1
More than 90 days \u2014 0.4
104.1 120.5
Outstanding balances are aged monthly and long outstanding balances are actively followed up.
Trade receivables for the ageing analysis are reconciled to the total trade and other receivables presented on the
consolidated statement of financial position as follows:
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Trade receivables per ageing analysis 104.1 120.5
Trade receivables related to policyholders 64.7 66.7
Subscription account receivables 63.3 56.3
Other receivables
1
17. 2 11.3
Trade and other receivables measured at amortised cost
20 249.3 254.8
Trade and other receivables \u2013 non-financial instruments
2
20 14.7 14.6
Trade and other receivables \u2013 total 264.0 269.4
1. Principally relate to sundry debtors and fund recharge receivables.
2. Principally relate to prepayments and deposits.
ECLs are calculated on all of the Group\u2019s financial assets that are measured at amortised cost, which are presented in note
20 to the consolidated financial statements. The Group applies the IFRS 9 simplified approach to measuring ECLs for trade
receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are determined by grouping together trade
receivables with similar credit risk characteristics and collectively assessing them for the likelihood of recovery, taking into
account prevailing economic conditions. While cash and cash equivalents are also subject to the impairment requirement
of IFRS 9, the identified impairment loss was immaterial.
Expected loss rates are based on the payment profiles of trade receivables over the preceding ten years and the
corresponding historical credit losses experienced within this period. These rates are adjusted to reflect differences
between economic conditions during the period over which the historic data has been collected, current conditions
and the Group\u2019s view of economic conditions over the expected lives of the receivables. The Group has identified the
unemployment rate of the countries in which it provides services to be the most relevant factors, and accordingly adjusts
the historical loss rates based on expected changes in this factor.
The ECLs are considered insignificant as the results of the assessment showed an insignificant impact, therefore no loss
allowance has been provided for the years ended 31 March 2023 and 2022.
27(c) Liquidity risk
Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group\u2019s approach to
managing liquidity is to maintain sufficient liquidity to cover any cash flow funding, meeting obligations as they fall due and
maintaining solvency. The Group holds sufficient liquid funds to cover its needs in the normal course of business. At the end
of the reporting period, the Group held cash and cash equivalents of \u00a3379.6 million (2022: \u00a3406.6 million) (note 16) that are
readily available to use for managing the Group\u2019s liquidity risk.
The Group has no material exposure to liquidity risk in relation to linked investments backing policyholder funds as the risk
and rewards associated with these assets are borne by the policyholders, and the Group\u2019s liability to the policyholders is
equal to the market value of the assets underlying the policies, less applicable taxation. The maximum exposure to liquidity
risk is represented by current financial liabilities. All outstanding amounts are unsecured and interest-free. Current financial
liabilities are contractually due within one year or repayable on demand. The remaining contractual maturity of lease
liabilities is disclosed in note 13.
27(d) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will
affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters.
(i) Currency risk
The Group is exposed to currency risk in the ordinary course of business on portions of its trade receivables, cash and cash
equivalents and trade and other payables. Foreign currency exchange rate fluctuations may create unpredictable earnings
and cash flow volatility. Entities within the Group conducting business with international counterparties that leads to future
cash flows denominated in a currency other than their functional currencies are exposed to the risk from changes in foreign
currency exchange rates. Outstanding amounts are regularly monitored and settled to mitigate currency exposures. The risk
is also mitigated by, as far as possible, closing all types of business transactions mainly in the functional currency.
Effects of foreign currency translation
The financial statements of those entities located outside of the United Kingdom are translated into Pound Sterling for the
preparation of the financial statements of the Group. Investments in foreign-based operations are permanent and that
reinvestment is continuous. Effects from foreign currency exchange rate fluctuations on the translation of net asset amounts
into Pound Sterling are reflected in other comprehensive income in the consolidated statement of comprehensive income.
Cash flow sensitivity analysis
At the year ended 31 March 2023, if the functional currencies of respective foreign entities had strengthened by 10%, profit
before tax and equity of the Group would have decreased by \u00a35.8 million (2022: \u00a31.9 million). A 10% weakening would have
had the equal but opposite effect. Results of the analysis represent an aggregation of the instantaneous effects on each of
the entities\u2019 profit before tax. Differences from the translation of the financial statements of foreign operations into the
Group\u2019s presentation currency are excluded.
(ii) Interest rate risk
The Group adopts a policy of ensuring that its exposure to changes in interest rates is on a floating rate basis as virtually all
such exposures are short-term in nature. At the year end, the Group\u2019s only interest-bearing financial instrument was cash
and cash equivalents (2022: cash and cash equivalents).
Cash flow sensitivity analysis
An increase of 10 basis points in interest rates at the year ended 31 March 2023 would have increased profit before tax and
equity by \u00a30.4 million (2022: \u00a30.4 million). A decrease of 10 basis points in interest rates at year end would have had the
equal but opposite effect. This assumes that all other variables remain constant and the year-end balance has been
constant throughout the year. The analysis is performed on the same basis for the prior year.
(iii) Price risk
The financial instruments of the Group subject to price risk principally relates to its deferred compensation investments and
its investments in pooled vehicles which are seed capital investments. As the Group\u2019s deferred compensation investments
are matched by the liability the Group has to its employees for the value of these investments, there is no impact to the
consolidated statement of comprehensive income for changes in the values of these investments. Price risk on seed capital
investments is not deemed to be significant due to the size of these holdings.
27(e) Capital management
The capital of the Group is considered to be its share capital and reserves. The Group\u2019s objectives and policies are to retain
sufficient capital on hand to meet the external minimum capital requirements of the Financial Conduct Authority (\u201cFCA\u201d) in
the UK, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in South Africa and certain overseas financial regulators, to create
value for the Group\u2019s shareholders by providing returns and to safeguard the Group\u2019s ability to continue as a going concern.
All regulated entities within the Group complied with the externally imposed regulatory capital requirements. Through our
internal capital adequacy assessment processes and in conjunction with the Board of Directors, management assesses
the capital requirements periodically to ensure that the Group holds reasonable surplus capital over its regulatory capital
requirements to mitigate the financial impact of any key risks materialising. In forecasting the Group\u2019s capital requirements,
the Group considers all known changes in the economic environment and assesses against the forecast available capital
resources. There were no changes in the approach to capital management during the year.
27(f) Fair value measurements
The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement
of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in
the statement of financial position. The Group measures fair values including policyholders\u2019 assets and liabilities using the
following fair value hierarchy that reflects the significance of the inputs used in making the measurements:
Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.
Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on
observable inputs. The Group\u2019s level 2 financial instruments principally comprise unquoted investments including
equities, mutual funds, collective investment schemes, debt securities, derivatives and policyholder investment
contract liabilities. Valuation techniques may include using a broker quote in an active market or an evaluated
price based on a compilation of primarily observable market information utilising information readily available
via external sources.
Level 3: Valuation techniques that include significant inputs that are unobservable. Level 3 fair value measurements are
explained below.
Financial instruments measured at fair value at the end of the reporting period by the level in the fair value hierarchy were:
Level 1 Level 2 Level 3 Total
2023 Notes \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Deferred compensation investments 11 52.9 \u2014 \u2014 52.9
Seed investments
11 2.9 \u2014 \u2014 2.9
Unlisted investment vehicles
11 \u2014 \u2014 8.0 8.0
Other investments
11 \u2014 4.1 \u2014 4.1
Money market funds
1
16 280.1 \u2014 \u2014 280.1
Investments backing policyholder funds
15 800.5 9,116.2 45.9 9,962.6
Total financial assets measured at fair value
20 1,136.4 9,120.3 53.9 10,310.6
Policyholder investment contract liabilities
15 \u2014 (9,967.3) \u2014 (9,967.3)
Other liabilities
17 (55.6) \u2014 \u2014 (55.6)
Total financial liabilities measured at fair value
20 (55.6) (9,967.3) \u2014 (10,022.9)
2022 (Restated)
Deferred compensation investments 11 59.2 \u2014 \u2014 59.2
Seed investments
11 2.7 \u2014 \u2014 2.7
Unlisted investment vehicles
11 \u2014 \u2014 3.5 3.5
Other investments
11 \u2014 5.7 \u2014 5.7
Money market funds
1
16 141.3 \u2014 \u2014 141.3
Investments backing policyholder funds
2
15 1,075.2 9,646.8 63.9 10,785.9
Total financial assets measured at fair value
1,2
20 1,278.4 9,652.5 67.4 10,998.3
Policyholder investment contract liabilities
3
15 \u2014 (10,769.9) \u2014 (10,769.9)
Other liabilities
17 (65.1) \u2014 \u2014 (65.1)
Total financial liabilities measured at fair value
3
20 (65.1) (10,769.9) \u2014 (10,835.0)
1. The comparative amounts have been restated to reflect the reclassification of money market funds from financial assets measured at amortised cost to financial
assets measured at FVTPL. Money market funds are classified as level 1 financial instruments in the fair value hierarchy.
2. The comparative amount for Interest-bearing stocks, debentures and other loans within investments backing policyholder funds of \u00a31,897.8 million was reclassified
from level 1 to level 2 to correctly reflect the measurement of these investments.
3. The comparative amounts were reclassified as level 2 to align with the fair value measurement policy.
During the years ended 31 March 2023 and 2022, there were no transfers between level 1 and level 2, or transfers into or out
of level 3. The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting
period in which they occur. Carrying amounts of the financial assets and financial liabilities measured at amortised cost
approximate fair value.
Information about level 3 fair value measurements
Unlisted investment vehicles represent the Group\u2019s investment in Ninety One Africa Private Equity Fund 2 L.P. and Ninety
One Global Alternative Fund 2 SCSp RAIF \u2013 European Credit Opportunities Fund 1. (2022: investment in Ninety One Africa
Private Equity Fund 2 L.P. and Ninety One Global Alternative Fund 2 SCSp RAIF \u2013 European Credit Opportunities Fund 1). The
key unobservable input used in measuring their fair values is the value of the underlying investments of these funds which
are calculated by the General Partners using multiple valuation techniques such as amortised cost, EBITDA multiple or NPV.
Unrealised losses or gains on investments are included in net gain on investments in the consolidated statement of
comprehensive income.
Investments backing policyholder funds include credit exposures that are not actively traded and where the principal input
in their valuation (i.e. credit spreads) is unobservable. Accordingly, an alternative valuation methodology has been applied
being an EBITDA multiple, discounted cashflow models with spread adjustments for any credit rating downgrades or
expected cost recovery. All of the investment risk associated with these assets is borne by policyholders and the value
of these assets is exactly matched by a corresponding liability due to policyholders. The Group bears no risk from a
change in the market value of these assets except to the extent that it has an impact on management fees earned.
A sensitivity analysis has not been presented as the \u201cstressing\u201d of the significant unobservable inputs applied in the valuation
does not have a material impact on the consolidated financial statements. The movements during the year in the balance of
the level 3 fair value measurements were:
2023 2022
Unlisted investment vehicles \u00a3\u2019m \u00a3\u2019m
At 1 April 3.5 5.5
Purchase/(disposal) 4.3 (1.3)
Unrealised gain/(loss) 0.2 (0.7)
At 31 March 8.0 3.5
2023 2022
Investment backing policyholder funds \u00a3\u2019m \u00a3\u2019m
At 1 April 63.9 69.1
Disposal (10.1) (5.8)
Unrealised gain/(loss) 0.1 (4.1)
Foreign exchange adjustment (8.0) 4.7
At 31 March 45.9 63.9
28. Events after the reporting date
As part of a share buyback programme approved by the Board of Directors, the Group repurchased 2.9 million shares in
Ninety One Limited on-market for a total consideration of R114.4 million (equivalent to \u00a34.7 million) including transaction
costs from 1 April to 2 June 2023, being the last practicable date prior to the finalisation of the consolidated financial
statements.
29. Subsidiaries and other related undertakings
The Group operates globally, which results in the Group having a corporate structure consisting of a number of related
undertakings, comprising subsidiaries and associates. All subsidiaries have been consolidated in the Group\u2019s financial
statements. There are no restrictions or changes in ownership of the subsidiaries. The Group\u2019s related undertakings along
with the place of incorporation, the registered address, the classes of shares held and the effective percentage of equity
owned at 31 March 2023 are disclosed below.
The addresses of the registered offices of Ninety One plc and Ninety One Limited are 55 Gresham Street, London,
EC2V 7EL, United Kingdom and 36 Hans Strijdom Avenue, Cape Town, 8001, South Africa respectively.
Company name Share class Interest in %
Principal subsidiaries and associates held by Ninety One plc
United Kingdom
Registered office: 55 Gresham Street, London, EC2V 7EL
Ninety One Fund Managers UK Limited Ordinary 100
Ninety One Global Limited
1
Ordinary 100
Ninety One International Limited Ordinary 100
Ninety One UK Holdings Limited Ordinary 100
Ninety One UK Limited Ordinary 100
Australia
Registered office: Suite 3, Level 28, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000
Ninety One Australia Pty Limited Ordinary 100
Canada
Registered office: 22 Adelaide Street West, 3400, Toronto, Ontario, Canada, M5H 4E3
Ninety One Canada Inc. Ordinary 100
Guernsey
Registered office: First Floor, Dorey Court, Elizabeth Avenue, St. Peter Port, GY1 2HT
Ninety One Africa Frontier Private Equity Fund GP Limited Ordinary 100
Ninety One Africa Private Equity Fund 2 GP Limited Ordinary 100
Ninety One Guernsey Limited Ordinary 100
Lango Real Estate Management Limited
2, 3
Ordinary 37.5
Lango Co-Invest GP Limited Ordinary 100
Lango Co-Invest LP
2
Partnership interest 34.3
GIAP Manco Empowerment Limited Ordinary 50
Hong Kong
Registered office: Suite 1201-1206, 12/F, One Pacific Place, 88 Queensway, Admiralty
Ninety One Hong Kong Limited Ordinary 100
Luxembourg
Registered office: 2-4 Avenue Marie-Th\u00e9r\u00e8se, L-2132
Ninety One Africa Credit Opportunities Fund 2 GP S.\u00e0 r.l. Ordinary 100
Ninety One Global Alternative Fund 2 GP S.\u00e0 r.l. Ordinary 100
Ninety One Luxembourg S.A. Ordinary 100
Singapore
Registered office: 138 Market Street, #27-02 CapitaGreen, Singapore 048946
Ninety One Singapore Pte. Limited Ordinary 100
Company name Share class Interest in %
Switzerland
Registered office: Dufourstrasse 49, 8008 Zurich
Ninety One Switzerland GmbH Ordinary 100
United States of America
Registered office: 2711 Centerville Road, Suite 400, Wilmington, 19808, New Castle
Ninety One North America, Inc. Ordinary 100
Principal subsidiaries and associates held by Ninety One Limited
South Africa
Registered office: 36 Hans Strijdom Avenue, Cape Town, 8001
Ninety One Africa Proprietary Limited
4
Ordinary 100
Ninety One Alternative Investments GP Proprietary Limited Ordinary 100
Ninety One Assurance Limited Ordinary 100
Ninety One Fund Managers SA (RF) Proprietary Limited Ordinary 100
Ninety One Investment Platform Proprietary Limited Ordinary 100
Ninety One SA Proprietary Limited Ordinary 100
Grayston Nominees Proprietary Limited Ordinary 100
Botswana
Registered office: Deloitte House, Plot 64518, Fairgrounds, Gaborone
Ninety One Botswana Proprietary Limited
5
Ordinary 90
Ninety One Botswana Employee Share Scheme Trust
6
Unspecified \u2014
Ninety One Fund Managers Botswana Proprietary Limited
5
Ordinary 90
Namibia
Registered office: 24 Orban Street, Klein Windhoek, Windhoek
Ninety One Asset Management Namibia (Proprietary) Limited
7
Ordinary 100
Ninety One Asset Management Namibia Staff Share Scheme Trust
6
Unspecified \u2014
Ninety One Fund Managers Namibia Limited
7
Ordinary 100
1. Directly held by Ninety One plc.
2. This is an associate to the Group.
3. At 31 March 2022, the holding in Lango Real Estate Management Limited by the Group consisted of a 37.5% holding by Ninety One Guernsey Limited and a 5% holding
by GIAP Manco Empowerment LImited. During the year ended 31 March 2023, GIAP Manco Empowerment Limited disposed its 5% holding in Lango real estate
Management Limited and therefore the holding by the Group decreased from 42.5 percent to 37.5 percent at 31 March 2023.
4. Directly held by Ninety One Limited.
5. 75 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited, 15 percent is indirectly held by Ninety One Africa
Proprietary Limited via Ninety One Botswana Employee Share Scheme Trust and the remaining 10 percent is directly held by an employee.
6. The Group is considered to have control over these Trusts via Ninety One Africa Proprietary Limited under the requirements of IFRS 10. Accordingly, these Trusts are
classified as indirect subsidiaries of the Company.
7. 85 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited. The remaining 15 percent is indirectly held by Ninety One
Africa Proprietary Limited via Ninety One Asset Management Namibia Staff Share Scheme Trust.
",
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"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-399": {
"value": "Introduction Ninety One operates as a dual-listed company (\u201cDLC\u201d) under a DLC structure. The DLC structure comprises Ninety One plc, a public company incorporated in England and Wales under the UK Companies Act 2006 and Ninety One Limited, a public company incorporated in South Africa under the Companies Act of South Africa. Under the DLC structure, Ninety One plc and Ninety One Limited, together with their direct and indirect subsidiaries, effectively form a single economic enterprise (the \u201cGroup\u201d) in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. The Group is listed on the London and Johannesburg Stock Exchanges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-398": {
"value": "Introduction Ninety One operates as a dual-listed company (\u201cDLC\u201d) under a DLC structure. The DLC structure comprises Ninety One plc, a public company incorporated in England and Wales under the UK Companies Act 2006 and Ninety One Limited, a public company incorporated in South Africa under the Companies Act of South Africa. Under the DLC structure, Ninety One plc and Ninety One Limited, together with their direct and indirect subsidiaries, effectively form a single economic enterprise (the \u201cGroup\u201d) in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. The Group is listed on the London and Johannesburg Stock Exchanges. 1. Basis of preparation and presentation of the consolidated financial statements 1(a) Basis of preparation The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS\u201d) which, as they apply to the Group\u2019s financial statements, are identical in all material respects. They are also prepared in accordance with the interpretations adopted by the IASB, the South African Institute of Chartered Accountants\u2019 Financial Reporting Guides and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act 2006 in the UK and the Companies Act of South Africa. The consolidated financial statements of the Group comprise the consolidated statement of financial position at 31 March 2023, the consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended 31 March 2023 and the notes thereto. The accounting policies have been applied consistently throughout the periods presented in the consolidated financial statements. The consolidated financial statements have been prepared on the historical cost basis with the exception of linked investments backing policyholder funds, policyholder investment contract liabilities, investments, money market funds within cash and cash equivalents, other liabilities and the pension fund asset which are measured at fair value through profit or loss. The presentation currency of the Group is Pound Sterling (\u201c\u00a3\u201d), being the functional currency of Ninety One plc. The functional currency of Ninety One Limited is South African Rand. All values are rounded to the nearest million (\u201c\u00a3m\u201d), unless otherwise indicated. The functional currencies of subsidiary undertakings are determined based on the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency of the entity in which the transactions arise, based on rates of exchange ruling at the date of the transactions. The separate financial statements of Ninety One plc are included in the Group\u2019s financial statements in accordance with the requirement of UK Listing Rules. The separate financial statements of Ninety One plc are prepared in accordance with the Group\u2019s accounting policies, other than for investments in subsidiary undertakings, which are stated at cost less impairments in accordance with IAS 27 Separate Financial Statements. The separate financial statements of Ninety One Limited are published on the Group\u2019s website as a separate document. Going concern The Board of Directors has considered the resilience of the Group and taking into account its current financial position and the principal and emerging risks facing the business, including the impacts that climate change, current events and market conditions have had on the Group\u2019s financial performance and outlook. The Board of Directors has performed a going concern assessment by applying various stressed scenarios, including plausible downside assumptions, about the impact on assets under management, profitability of the Group and known commitments. Details of stress and scenario analysis are described in the statement of viability within the financial review section in this Integrated Annual Report 2023. All scenarios show that the Group would maintain sufficient resources to enable it to continue operating profitably for a period of at least 12 months from the date of approval of the consolidated financial statements. The consolidated financial statements have therefore been prepared on a going concern basis. 1(b) Basis of consolidation Ninety One plc and Ninety One Limited operate under a DLC structure as a result of legally binding agreements. The effect of the DLC structure is that Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates operate together as a single economic entity, with neither assuming a dominant role. Accordingly, they are reported as a single reporting entity under IFRS. IFRS does not specifically provide guidance on how to account for such structures and therefore judgement is required in applying the consolidation principles set out in IFRS 10 Consolidated Financial Statements. The Board of Directors of Ninety One plc and Ninety One Limited, having assessed the legal agreements referred to above and the requirements of IFRS 10, have concluded that the Group\u2019s consolidated financial statements represent the consolidation of the assets, liabilities and the results of Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates. Subsidiaries are those entities controlled by the Group. The Group controls an entity if the Group has all of the following: \u027d Power over the investee; \u027d exposure or rights to variable returns from its involvement with the investee; and \u027d the ability to use its power over the investee to affect its returns. Subsidiaries are consolidated from the date the Group obtains control and are excluded from consolidation from the date which the Group loses control. The Group also uses judgement to determine whether its interests in investment funds and trusts constitute controlling interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in funds. In conducting the assessment, the Group considers substantive contractual rights as well as de facto control. De facto control of an entity may arise from circumstances where the Group does not have more than 50% of the voting power, but has the practical ability to direct the relevant activities of the entity. If the Group has the ability to direct the relevant activities of the entity and is also exposed to variable returns of the entity, they are consolidated after considering the magnitude of, and variability associated with, the Group\u2019s economic interest relative to the returns expected from the activities of the entity. Economic interest includes management fees and performance fees received from the entity, rights to profits or distributions, as well as the obligation to absorb losses of the entity. On consolidation, the results and financial position of foreign operations are translated into the presentation currency of the Group, as follows: \u027d Assets and liabilities are translated at the closing rate at the reporting date within the consolidated statement of financial position; \u027d income and expense items are translated at exchange rates ruling at the date of the transactions; \u027d all resulting exchange differences are recognised in other comprehensive income (foreign currency translation reserve), which is recognised in profit or loss within the consolidated statement of comprehensive income on disposal of the foreign operation; and \u027d cash flow items are translated at the exchange rates ruling at the date of the transactions. Intercompany transactions and balances are eliminated on consolidation. The share capital of the Group is an aggregation of the share capitals of Ninety One plc and Ninety One Limited. Associates Associates are all entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Investments in associates are accounted for using the equity method of accounting. Under the equity method of accounting, investments are initially recognised at cost and thereafter the Group recognises its share of the investee\u2019s post-acquisition profits or losses in its consolidated statement of comprehensive income. Dividends received or receivable from the investee are recognised as a reduction in the carrying amount of the investment. The carrying amount of associates is tested for impairment in accordance with the policy described in \u201cImpairment of non-financial assets\u201d in note 20. 1(c) Accounting judgements and estimates The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Group has not identified any estimates which will have a significant risk of material adjustment to the reported results and financial position in the next financial year. However, the areas of the consolidated financial statements that include estimates are set out in: \u027d Note 13 Leases; \u027d Note 18 Pension scheme; and \u027d Note 27(f) Fair value measurements. The areas of the consolidated financial statements that involve judgements are set out in: \u027d Note 17 Other liabilities; \u027d Note 1(b) Basis of consolidation; and \u027d Note 13 Leases. Management do not expect changes in assumptions to lead to a material adjustment in future periods. 1(d) Forthcoming standards applicable to the Group There are new standards, interpretations and amendments to existing standards in issue that are not yet effective for the year ended 31 March 2023. The Group has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. 2. Segmental reporting As an integrated global investment manager, the Group operates a single-segment investment management business. All financial, business and strategic decisions are made centrally by the chief operating decision maker (the \u201cCODM\u201d) of the Group. The CODM is the Chief Executive Officer of the Group from time to time. Reporting provided to the CODM is on an aggregated basis which is used for evaluating the Group\u2019s performance and the allocation of resources. The CODM monitors operating profit for the purpose of making decisions about resource allocation and performance assessment. Given that only one segment exists, no additional information is presented in relation to it, as it is disclosed throughout the consolidated financial statements. Revenue is generated from a diversified customer base and the Group has no single customer that it relies on. Revenue is disaggregated by the geographic location of contractual entities, as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Non-current assets other than financial instruments and deferred tax assets are allocated based on where the assets are physically located. 3. Net revenue Revenue The Group recognises revenue when or as it satisfies a performance obligation by transferring promised services to customers in an amount to which the Group expects to be entitled in exchange for those services. The Group includes variable consideration in revenue when it is no longer highly probable of significant reversal. Generally, the Group is deemed to be the principal in the contracts because the Group controls the promised services before they are transferred to customers, and accordingly, presents the revenue gross of related costs. The key revenue components of the Group are accounted as follows: i) Management fees are recognised as the services are performed over time and are primarily based on agreed percentages of the net asset values of investment funds and segregated mandates. ii) Performance fees are recognised over time however represent variable consideration and are only recognised when the Group is unconditionally entitled to the revenue and no contingency with respect to future performance exists, which is on the crystallisation date. Performance fees are calculated on a percentage of the appreciation in the net asset value of investment funds and segregated mandates above a defined hurdle, taking into consideration the relevant basis of calculation for investment funds and segregated mandates, and when it is highly probable that they will not be subject to significant reversal. Management fees and performance fees are both forms of variable consideration. However, there is no significant judgement or estimation involved as the transaction price is equal to the amount determined at the end of each measurement period or on the crystallisation date, and is equal to the amount billed to customers as per contractual agreements. The performance obligation for both management fees and performance fees is the provision of investment management services. Fees received from customers are generally not subject to returns or refunds. All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15 Revenue from Contracts with Customers. The Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to customers of the entity\u2019s performance completed to date. The output method is considered appropriate as the performance obligations are generally satisfied over time when the Group provides services. Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. 6. Interest income/expense Interest income principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest rate method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. 7. Gain on disposal of subsidiaries Details of the gain on disposal of Silica are set out in the Group\u2019s Integrated Annual Report 2022. 8. Tax expense The Group\u2019s tax expense comprises both current and deferred tax expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same taxation authority on the same taxable entity. 9. Earnings per share The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS and prevailing South African requirements. 9(a) Basic and diluted earnings per share The calculations of basic and diluted EPS are based on IAS 33 Earnings Per Share. Basic EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, excluding own shares held by the Ninety One Employee Benefit Trusts (\u201cEBTs\u201d). Diluted EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive shares into ordinary shares. 10. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital and as a result are recognised as a deduction in equity. Dividends are recognised only when they are approved by the shareholders of the Group. Dividend per share is calculated by dividing dividend paid by the number of ordinary shares in issue. 11. Investments The majority of the Group\u2019s investments relate to deferred compensation investments which are made by the Group to economically hedge the liability the Group has to its employees (note 17). Deferred compensation investments consist of investments in pooled vehicles managed by entities within the Group. These investments do not qualify as plan assets and are presented separately in the consolidated statement of financial position. Other investments represent an equity-linked security of which the fair value is directly linked to the Group\u2019s share price. All investments held by the Group are measured at fair value through profit or loss. 12. Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided for on a straight-line basis over the estimated useful lives of property and equipment as follows: Computer equipment 3 years Fixtures and fittings 5 years Leasehold improvements Shorter of term of lease or useful economic life The residual values, depreciation methods and useful lives are reassessed annually. 13. Leases The Group leases various offices for business purposes. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset with a corresponding liability at the date which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of lease payments. The lease payments are discounted using the entity\u2019s incremental borrowing rate, being the rate that the entity would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between the principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u027d The amount of the initial measurement of lease liabilities; \u027d any lease payment made at or before the commencement date less any lease incentives; \u027d any initial direct costs; and \u027d restoration costs. The calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group\u2019s judgement on the likelihood of any extension and termination options being exercised. The Group considers all facts and circumstances around the extension and termination options, including the enforceability of such options and the economic incentive created for the Group to exercise such options. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Such options are only included in the lease term if the lease is reasonably certain to be extended or terminated by the Group. The potential future cash outflows relating to extension options not included in the measurement of lease liabilities approximate to \u00a396.7 million (2022: \u00a395.8 million). In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involved estimation. Where the lease\u2019s implicit rate is not readily determinable, an incremental borrowing rate, being the rate that the individual lease would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms and conditions, must be calculated by the Group. Right-of-use assets are generally depreciated over the lease term on a straight-line basis. 15. Policyholders\u2019 assets and liabilities The Group undertakes investment-linked insurance business through one of its South African entities which issues linked policies to the policyholders. These policies are unit-linked investment contracts, with measurement directly linked to the underlying investment assets which are carried at fair value through profit or loss. As the underlying investment assets are beneficially held by the Group, these assets together with the contract liabilities due to the policyholders are included in the consolidated statement of financial position and labelled as linked investments backing policyholder funds and policyholder investment contract liabilities respectively. Policyholder investment contracts do not qualify as insurance contracts as defined in IFRS 4 Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are accounted for financial liabilities under IFRS 9 and are also carried at fair value through profit or loss so as to avoid a mismatch in profit or loss between the policyholder investments linked to investment contracts and the policyholder investment contract liabilities. Gains and losses from assets and liabilities of these contracts are attributable to third party investors in linked investments backing policyholder funds. As a result, any gain or loss is offset by a change in the obligation to investors and is not included in the Group\u2019s net gain/loss on investments. Surplus transferred to shareholders represents deductions from policyholder funds to which the Group is entitled in exchange for managing policyholder investments. These amounts are included in net revenue. 16. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and money market funds that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash balances within linked investments backing policyholder funds of \u00a371.3 million (2022: \u00a3163.7 million) as set out in note 15 are not included as they are not available for use by the Group. 17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 11). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirement following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. 18. Pension scheme Defined benefit scheme The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme was funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2023 by qualified independent actuaries. The Group does not expect further contributions to the Scheme for the next annual reporting period. There is no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March 2023, there were no active members in the Scheme (2022: nil). Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in other administrative expenses. Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income. The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. 19. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. Trade payable largely relates to subscription accounts payable and commission payable. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. 20. Financial instruments Recognition and derecognition of financial instruments Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are discharged, cancelled or expire. Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. Financial assets measured at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. It typically applies to the Group\u2019s cash and cash equivalents excluding money market funds and trade and other receivables. The carrying amount of financial assets measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL model. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. The ECLs amount depends on the specific stage that the financial instrument has been allocated to within the ECL model, which depends on whether there has been a significant increase in credit risk since initial recognition of the financial instrument, it is in default, or is considered to be credit impaired. For financial instruments with external credit ratings, the Group assumes that credit risk on these financial instruments has increased significantly since initial recognition if the credit rating has been significantly deteriorated. ECL allowances are measured on either i) 12-month ECL: that result from possible default events within the 12 months after the reporting date; or ii) Lifetime ECLs: that result from all possible default events over the expected life of a financial instrument. The Group considers a financial asset to be in default when: i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or ii) the financial asset is more than 90 days past due without reasonable expectation of recovery. The Group applies the simplified approach in determining ECLs for trade receivables. The Group considers a trade receivable to be credit impaired when one or more detrimental events have occurred, such as significant financial difficulty of the client or it becoming probable that the client will enter bankruptcy or other financial reorganisation. Trade receivables are written off when they are considered credit impaired or there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group after the contractual payment has been past due. The Group has not written off any trade receivables for the years ended 31 March 2023 and 2022. Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments and the investment in unlisted investment vehicles. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. During the year ended 31 March 2023, the classification of money market funds changed from amortised cost to FVTPL as the Group has assessed FVTPL to be a more appropriate measurement. However there has been no change to the comparative valuation as amortised cost approximated to fair value. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any assets. Financial liabilities Financial liabilities comprise policyholder investment contract liabilities, lease liabilities, other liabilities which include deferred compensation liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and deferred compensation liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and deferred compensation liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income. 21. Share capital and reserves 21(a) Share capital Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied by their nominal value. 21(b) Demerger reserves and other reserves In the prior year, demerger reserves and other reserves were presented together as \u201cOther reserves\u201d. They have been separately presented in the current year and the comparatives for 2022 and 2021 have been re-presented accordingly. The change is considered to improve the clarity of the presentation to distinguish between the reserves arising during the demerger from the former parent group (\u201cInvestec\u201d) and other reserves. 21(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. 22(a) Ninety One share scheme The Group has two long-term incentive plans and a UK tax advantaged share incentive plan. These are the Ninety One plc Long-Term Incentive Plan (\u201cNinety One plc LTIP\u201d), Ninety One Limited Long-Term Incentive Plan (\u201cNinety One Limited LTIP\u201d) and Ninety One Share Incentive Plan (\u201cNinety One SIP\u201d) (collectively known as the \u201cNinety One share scheme\u201d). Awards under the Ninety One share scheme have been accounted for as equity-settled share-based payments. The fair value of employee services received, measured by reference to the grant date fair value of the awards adjusted by the estimate of the likely levels of forfeiture and achievement of performance criteria, is recognised as an expense over the vesting period with a corresponding credit to the share-based payment reserve in the equity of the Group\u2019s consolidated financial statements. The vesting period for these plans may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. At each period end, the Group reassesses the number of equity instruments expected to vest, and recognises any difference between the revised and original estimate in the consolidated statement of comprehensive income with a corresponding adjustment to the share-based payment reserve in equity. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest. (i) Ninety One plc LTIP and Ninety One Limited LTIP Employees of Ninety One plc and its subsidiaries are eligible to participate in the Ninety One plc LTIP. Employees of Ninety One Limited and its subsidiaries are eligible to participate in the Ninety One Limited LTIP. Awards are made at the discretion of the Group\u2019s Human Capital and Remuneration Committee and may be granted in the form of options, forfeitable shares or conditional awards. Awards granted under the Ninety One plc LTIP are over shares in Ninety One plc and awards granted under the Ninety One Limited LTIP are over shares in Ninety One Limited. The awards granted under the Ninety One plc LTIP and Ninety One Limited LTIP took the form of forfeitable shares or conditional awards. Awards are granted during the year in the following circumstances: \u027d annual bonus deferral into shares: The Group operates a bonus deferral arrangement which allows for a portion of selected employees\u2019 annual bonus to be deferred into an award under the Ninety One plc LTIP or Ninety One Limited LTIP when the award offer is received. The bonus deferral awards over shares will vest after at least three years; \u027d ad hoc awards for strategically important employees and new hires, excluding Executive Directors: these awards will vest in equal tranches on the third, fourth and fifth anniversaries of the grant; and \u027d annual single incentive award: awards granted to Executive Directors based on the long term and short term performance measures as determined by the Human Capital and Remuneration Committee annually. These awards will vest up to the fifth anniversary of the grant and will be subject to a further holding period after vesting. 27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. The Group\u2019s level 2 financial instruments principally comprise unquoted investments including equities, mutual funds, collective investment schemes, debt securities, derivatives and policyholder investment contract liabilities. Valuation techniques may include using a broker quote in an active market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. Level 3: Valuation techniques that include significant inputs that are unobservable. Level 3 fair value measurements are explained below. ",
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"fact-396": {
"value": "Ninety One operates as a dual-listed company (\u201cDLC\u201d) under a DLC structure. The DLC structure comprises Ninety One plc, ",
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"fact-17": {
"value": "Ninety One plc",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
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"fact-18": {
"value": "public company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-19": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-400": {
"value": "1(a) Basis of preparation The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS\u201d) which, as they apply to the Group\u2019s financial statements, are identical in all material respects. They are also prepared in accordance with the interpretations adopted by the IASB, the South African Institute of Chartered Accountants\u2019 Financial Reporting Guides and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act 2006 in the UK and the Companies Act of South Africa. The consolidated financial statements of the Group comprise the consolidated statement of financial position at 31 March 2023, the consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended 31 March 2023 and the notes thereto. The accounting policies have been applied consistently throughout the periods presented in the consolidated financial statements. The consolidated financial statements have been prepared on the historical cost basis with the exception of linked investments backing policyholder funds, policyholder investment contract liabilities, investments, money market funds within cash and cash equivalents, other liabilities and the pension fund asset which are measured at fair value through profit or loss. The presentation currency of the Group is Pound Sterling (\u201c\u00a3\u201d), being the functional currency of Ninety One plc. The functional currency of Ninety One Limited is South African Rand. All values are rounded to the nearest million (\u201c\u00a3m\u201d), unless otherwise indicated. The functional currencies of subsidiary undertakings are determined based on the primary economic environment in which the entity operates. Foreign currency transactions are translated into the functional currency of the entity in which the transactions arise, based on rates of exchange ruling at the date of the transactions. The separate financial statements of Ninety One plc are included in the Group\u2019s financial statements in accordance with the requirement of UK Listing Rules. The separate financial statements of Ninety One plc are prepared in accordance with the Group\u2019s accounting policies, other than for investments in subsidiary undertakings, which are stated at cost less impairments in accordance with IAS 27 Separate Financial Statements. The separate financial statements of Ninety One Limited are published on the Group\u2019s website as a separate document. ",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-433": {
"value": "The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS\u201d) which, as they apply to the Group\u2019s financial statements, are identical in all material respects. They are also prepared in accordance with the interpretations adopted by the IASB, the South African Institute of Chartered Accountants\u2019 Financial Reporting Guides and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and the requirements of the Companies Act 2006 in the UK and the Companies Act of South Africa. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-434": {
"value": "The presentation currency of the Group is Pound Sterling (\u201c\u00a3\u201d), being the functional currency of Ninety One plc. The functional currency of Ninety One Limited is South African Rand. All values are rounded to the nearest million (\u201c\u00a3m\u201d), unless otherwise indicated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-401": {
"value": "Going concern The Board of Directors has considered the resilience of the Group and taking into account its current financial position and the principal and emerging risks facing the business, including the impacts that climate change, current events and market conditions have had on the Group\u2019s financial performance and outlook. The Board of Directors has performed a going concern assessment by applying various stressed scenarios, including plausible downside assumptions, about the impact on assets under management, profitability of the Group and known commitments. Details of stress and scenario analysis are described in the statement of viability within the financial review section in this Integrated Annual Report 2023. All scenarios show that the Group would maintain sufficient resources to enable it to continue operating profitably for a period of at least 12 months from the date of approval of the consolidated financial statements. The consolidated financial statements have therefore been prepared on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-402": {
"value": "1(b) Basis of consolidation Ninety One plc and Ninety One Limited operate under a DLC structure as a result of legally binding agreements. The effect of the DLC structure is that Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates operate together as a single economic entity, with neither assuming a dominant role. Accordingly, they are reported as a single reporting entity under IFRS. IFRS does not specifically provide guidance on how to account for such structures and therefore judgement is required in applying the consolidation principles set out in IFRS 10 Consolidated Financial Statements. The Board of Directors of Ninety One plc and Ninety One Limited, having assessed the legal agreements referred to above and the requirements of IFRS 10, have concluded that the Group\u2019s consolidated financial statements represent the consolidation of the assets, liabilities and the results of Ninety One plc and Ninety One Limited and their direct and indirect subsidiaries and associates. Subsidiaries are those entities controlled by the Group. The Group controls an entity if the Group has all of the following: \u027d Power over the investee; \u027d exposure or rights to variable returns from its involvement with the investee; and \u027d the ability to use its power over the investee to affect its returns. Subsidiaries are consolidated from the date the Group obtains control and are excluded from consolidation from the date which the Group loses control. The Group also uses judgement to determine whether its interests in investment funds and trusts constitute controlling interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in funds. In conducting the assessment, the Group considers substantive contractual rights as well as de facto control. De facto control of an entity may arise from circumstances where the Group does not have more than 50% of the voting power, but has the practical ability to direct the relevant activities of the entity. If the Group has the ability to direct the relevant activities of the entity and is also exposed to variable returns of the entity, they are consolidated after considering the magnitude of, and variability associated with, the Group\u2019s economic interest relative to the returns expected from the activities of the entity. Economic interest includes management fees and performance fees received from the entity, rights to profits or distributions, as well as the obligation to absorb losses of the entity. On consolidation, the results and financial position of foreign operations are translated into the presentation currency of the Group, as follows: \u027d Assets and liabilities are translated at the closing rate at the reporting date within the consolidated statement of financial position; \u027d income and expense items are translated at exchange rates ruling at the date of the transactions; \u027d all resulting exchange differences are recognised in other comprehensive income (foreign currency translation reserve), which is recognised in profit or loss within the consolidated statement of comprehensive income on disposal of the foreign operation; and \u027d cash flow items are translated at the exchange rates ruling at the date of the transactions. Intercompany transactions and balances are eliminated on consolidation. The share capital of the Group is an aggregation of the share capitals of Ninety One plc and Ninety One Limited. Associates Associates are all entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Investments in associates are accounted for using the equity method of accounting. Under the equity method of accounting, investments are initially recognised at cost and thereafter the Group recognises its share of the investee\u2019s post-acquisition profits or losses in its consolidated statement of comprehensive income. Dividends received or receivable from the investee are recognised as a reduction in the carrying amount of the investment. The carrying amount of associates is tested for impairment in accordance with the policy described in \u201cImpairment of non-financial assets\u201d in note 20. ",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-435": {
"value": "Associates Associates are all entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Investments in associates are accounted for using the equity method of accounting. Under the equity method of accounting, investments are initially recognised at cost and thereafter the Group recognises its share of the investee\u2019s post-acquisition profits or losses in its consolidated statement of comprehensive income. Dividends received or receivable from the investee are recognised as a reduction in the carrying amount of the investment. The carrying amount of associates is tested for impairment in accordance with the policy described in \u201cImpairment of non-financial assets\u201d in note 20. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-403": {
"value": "1(c) Accounting judgements and estimates The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Group has not identified any estimates which will have a significant risk of material adjustment to the reported results and financial position in the next financial year. However, the areas of the consolidated financial statements that include estimates are set out in: \u027d Note 13 Leases; \u027d Note 18 Pension scheme; and \u027d Note 27(f) Fair value measurements. The areas of the consolidated financial statements that involve judgements are set out in: \u027d Note 17 Other liabilities; \u027d Note 1(b) Basis of consolidation; and \u027d Note 13 Leases. Management do not expect changes in assumptions to lead to a material adjustment in future periods. ",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
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"fact-436": {
"value": "1(d) Forthcoming standards applicable to the Group There are new standards, interpretations and amendments to existing standards in issue that are not yet effective for the year ended 31 March 2023. The Group has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-404": {
"value": "1(d) Forthcoming standards applicable to the Group There are new standards, interpretations and amendments to existing standards in issue that are not yet effective for the year ended 31 March 2023. The Group has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-437": {
"value": "2. Segmental reporting As an integrated global investment manager, the Group operates a single-segment investment management business. All financial, business and strategic decisions are made centrally by the chief operating decision maker (the \u201cCODM\u201d) of the Group. The CODM is the Chief Executive Officer of the Group from time to time. Reporting provided to the CODM is on an aggregated basis which is used for evaluating the Group\u2019s performance and the allocation of resources. The CODM monitors operating profit for the purpose of making decisions about resource allocation and performance assessment. Given that only one segment exists, no additional information is presented in relation to it, as it is disclosed throughout the consolidated financial statements. Revenue is generated from a diversified customer base and the Group has no single customer that it relies on. Revenue is disaggregated by the geographic location of contractual entities, as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Non-current assets other than financial instruments and deferred tax assets are allocated based on where the assets are physically located. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-405": {
"value": "2. Segmental reporting As an integrated global investment manager, the Group operates a single-segment investment management business. All financial, business and strategic decisions are made centrally by the chief operating decision maker (the \u201cCODM\u201d) of the Group. The CODM is the Chief Executive Officer of the Group from time to time. Reporting provided to the CODM is on an aggregated basis which is used for evaluating the Group\u2019s performance and the allocation of resources. The CODM monitors operating profit for the purpose of making decisions about resource allocation and performance assessment. Given that only one segment exists, no additional information is presented in relation to it, as it is disclosed throughout the consolidated financial statements. Revenue is generated from a diversified customer base and the Group has no single customer that it relies on. Revenue is disaggregated by the geographic location of contractual entities, as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Non-current assets other than financial instruments and deferred tax assets are allocated based on where the assets are physically located. 2023 2022 \u00a3\u2019m \u00a3\u2019m Revenue from external clients United Kingdom 499.7 554.4 South Africa 160.4 167.5 Rest of the world 85.4 73.2 745.5 795.1 Performance fees included in total revenue above 19.4 31.1 2023 2022 \u00a3\u2019m \u00a3\u2019m Non-current assets United Kingdom 73.3 80.8 South Africa 3.4 5.9 Rest of the world 24.3 23.9 101.0 110.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-466": {
"value": "3. Net revenue Revenue The Group recognises revenue when or as it satisfies a performance obligation by transferring promised services to customers in an amount to which the Group expects to be entitled in exchange for those services. The Group includes variable consideration in revenue when it is no longer highly probable of significant reversal. Generally, the Group is deemed to be the principal in the contracts because the Group controls the promised services before they are transferred to customers, and accordingly, presents the revenue gross of related costs. The key revenue components of the Group are accounted as follows: i) Management fees are recognised as the services are performed over time and are primarily based on agreed percentages of the net asset values of investment funds and segregated mandates. ii) Performance fees are recognised over time however represent variable consideration and are only recognised when the Group is unconditionally entitled to the revenue and no contingency with respect to future performance exists, which is on the crystallisation date. Performance fees are calculated on a percentage of the appreciation in the net asset value of investment funds and segregated mandates above a defined hurdle, taking into consideration the relevant basis of calculation for investment funds and segregated mandates, and when it is highly probable that they will not be subject to significant reversal. Management fees and performance fees are both forms of variable consideration. However, there is no significant judgement or estimation involved as the transaction price is equal to the amount determined at the end of each measurement period or on the crystallisation date, and is equal to the amount billed to customers as per contractual agreements. The performance obligation for both management fees and performance fees is the provision of investment management services. Fees received from customers are generally not subject to returns or refunds. All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15 Revenue from Contracts with Customers. The Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to customers of the entity\u2019s performance completed to date. The output method is considered appropriate as the performance obligations are generally satisfied over time when the Group provides services. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-406": {
"value": "3. Net revenue Revenue The Group recognises revenue when or as it satisfies a performance obligation by transferring promised services to customers in an amount to which the Group expects to be entitled in exchange for those services. The Group includes variable consideration in revenue when it is no longer highly probable of significant reversal. Generally, the Group is deemed to be the principal in the contracts because the Group controls the promised services before they are transferred to customers, and accordingly, presents the revenue gross of related costs. The key revenue components of the Group are accounted as follows: i) Management fees are recognised as the services are performed over time and are primarily based on agreed percentages of the net asset values of investment funds and segregated mandates. ii) Performance fees are recognised over time however represent variable consideration and are only recognised when the Group is unconditionally entitled to the revenue and no contingency with respect to future performance exists, which is on the crystallisation date. Performance fees are calculated on a percentage of the appreciation in the net asset value of investment funds and segregated mandates above a defined hurdle, taking into consideration the relevant basis of calculation for investment funds and segregated mandates, and when it is highly probable that they will not be subject to significant reversal. Management fees and performance fees are both forms of variable consideration. However, there is no significant judgement or estimation involved as the transaction price is equal to the amount determined at the end of each measurement period or on the crystallisation date, and is equal to the amount billed to customers as per contractual agreements. The performance obligation for both management fees and performance fees is the provision of investment management services. Fees received from customers are generally not subject to returns or refunds. All components of the Group\u2019s revenue are revenue from contracts within the scope of IFRS 15 Revenue from Contracts with Customers. The Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to customers of the entity\u2019s performance completed to date. The output method is considered appropriate as the performance obligations are generally satisfied over time when the Group provides services. Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-462": {
"value": "Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-438": {
"value": "Commission expense Commissions and similar expenses payable to intermediaries are generally based on agreed percentages of the net asset values of the investment funds and segregated mandates and recognised as expenses when services are provided. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-407": {
"value": "4. Operating expenses by nature Staff expenses represent the largest portion of operating expenses. The largest component of other administrative expenses is client and retail fund administration (2023: \u00a339.9 million, 2022: \u00a338.2 million). Other components include overheads, information and system expenses. Operating expenses are recognised as the services are received. 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m Staff expenses 4(a) 279.2 276.3 Deferred employee benefit scheme gain 1.3 3.4 Depreciation of right-of-use assets 23(a) 9.9 9.7 Depreciation of property and equipment 12,23(a) 4.9 5.3 Auditors\u2019 remuneration 4(b) 1.9 1.8 Other administrative expenses 131.5 119.8 428.7 416.3 4(a) Staff expenses Short term employee benefits including salaries, wages and other related expenses, social security costs and pension costs for defined contribution schemes are accrued in the year in which the associated services are rendered by employees. Salaries, wages and other related expenses were impacted by share scheme allocations, resulting in an expense of \u00a33.7 million (2022: credit of \u00a318.1 million), as described on page 52. 2023 2022 \u00a3\u2019m \u00a3\u2019m Salaries, wages and other related expenses 236.8 235.3 Share-based payment expenses related to Investec share plans 0.3 0.6 Share-based payment expenses related to the Ninety One share scheme 14.2 12.1 Social security costs 17.8 19.0 Pension costs for defined contribution schemes 10.1 9.3 279.2 276.3 Average number of employees The monthly average number of employees, including the Directors, employed by the Group during the year ended 31 March 2023 by activity is: 2023 2022 Investments 271 263 Client group and marketing 289 277 Operations and central services 648 642 1,208 1,182 4(b) Auditors\u2019 remuneration 2023 2022 \u00a3\u2019m \u00a3\u2019m Fees payable to the auditors of the parent companies and their associates in respect of audits of the parent companies\u2019 individual and consolidated financial statements 0.3 0.5 Fees payable to the auditors and their associates for audit and other services: Audits of the parent companies\u2019 subsidiaries 0.9 0.6 Audit-related assurance services 0.4 0.5 Other assurance services1 0.3 0.2 1.9 1.8 1. \u00a30.1 million of fees related to other assurance services not included in the comparative number were paid to the current year auditor. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-439": {
"value": "4(a) Staff expenses Short term employee benefits including salaries, wages and other related expenses, social security costs and pension costs for defined contribution schemes are accrued in the year in which the associated services are rendered by employees. Salaries, wages and other related expenses were impacted by share scheme allocations, resulting in an expense of \u00a33.7 million (2022: credit of \u00a318.1 million), as described on page 52. 2023 2022 \u00a3\u2019m \u00a3\u2019m Salaries, wages and other related expenses 236.8 235.3 Share-based payment expenses related to Investec share plans 0.3 0.6 Share-based payment expenses related to the Ninety One share scheme 14.2 12.1 Social security costs 17.8 19.0 Pension costs for defined contribution schemes 10.1 9.3 279.2 276.3 Average number of employees The monthly average number of employees, including the Directors, employed by the Group during the year ended 31 March 2023 by activity is: 2023 2022 Investments 271 263 Client group and marketing 289 277 Operations and central services 648 642 1,208 1,182 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-440": {
"value": "4(b) Auditors\u2019 remuneration 2023 2022 \u00a3\u2019m \u00a3\u2019m Fees payable to the auditors of the parent companies and their associates in respect of audits of the parent companies\u2019 individual and consolidated financial statements 0.3 0.5 Fees payable to the auditors and their associates for audit and other services: Audits of the parent companies\u2019 subsidiaries 0.9 0.6 Audit-related assurance services 0.4 0.5 Other assurance services1 0.3 0.2 1.9 1.8 1. \u00a30.1 million of fees related to other assurance services not included in the comparative number were paid to the current year auditor. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-408": {
"value": "5. Net gain on investments and other income Net gain on investments relates to the changes in market value of the Group\u2019s investments which are measured at fair value through profit or loss and realised gain/loss on disposal of investments. 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m Deferred employee benefit scheme gain 1.3 3.4 Loss on other investments (0.3) (2.2) Net gain on investments 23(a) 1.0 1.2 Foreign exchange gain 1.1 1.2 Subletting income 1.2 1.3 Other income 3.7 0.6 7.0 4.3 ",
"dimensions": {
"concept": "ninetyoneplc:DisclosureOfNetGainOnInvestmentsAndOtherIncome",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-467": {
"value": "6. Interest income/expense Interest income principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest rate method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-463": {
"value": "6. Interest income/expense Interest income principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest rate method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m Interest income from financial assets measured at amortised cost 2.5 1.1 Interest income from money market funds 7.1 2.8 Interest income 23(a) 9.6 3.9 Interest expense on lease liabilities 23(b) (3.6) (3.8) Other interest expense (0.2) (0.2) Interest expense 23(a) (3.8) (4.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-441": {
"value": "6. Interest income/expense Interest income principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest rate method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m Interest income from financial assets measured at amortised cost 2.5 1.1 Interest income from money market funds 7.1 2.8 Interest income 23(a) 9.6 3.9 Interest expense on lease liabilities 23(b) (3.6) (3.8) Other interest expense (0.2) (0.2) Interest expense 23(a) (3.8) (4.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-409": {
"value": "6. Interest income/expense Interest income principally generated from cash and cash equivalents. Interest income from cash and cash equivalents excluding money market funds, which are financial assets measured at amortised cost, is recognised on an accrual basis using the effective interest rate method in accordance with the requirements of IFRS 9 Financial instruments. Interest income from money market funds, which are measured at fair value through profit or loss, is recognised upon receipt or when the interest is re-invested into the funds. Interest expense on lease liabilities relates to the unwinding of the discount applied to lease liabilities in accordance with the requirements of IFRS 16 Leases. 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m Interest income from financial assets measured at amortised cost 2.5 1.1 Interest income from money market funds 7.1 2.8 Interest income 23(a) 9.6 3.9 Interest expense on lease liabilities 23(b) (3.6) (3.8) Other interest expense (0.2) (0.2) Interest expense 23(a) (3.8) (4.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-410": {
"value": "7. Gain on disposal of subsidiaries Details of the gain on disposal of Silica are set out in the Group\u2019s Integrated Annual Report 2022. ",
"dimensions": {
"concept": "ninetyoneplc:DisclosureOfGainOnDisposalOfSubsidiaries",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-411": {
"value": "8. Tax expense The Group\u2019s tax expense comprises both current and deferred tax expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same taxation authority on the same taxable entity. Income taxes of the Group were determined based on the assumption that the individual entities were separate taxable entities. Therefore, the current and deferred income taxes of all subsidiaries of the Group are calculated separately and the recoverability of the deferred tax assets is also assessed accordingly. 2023 2022 \u00a3\u2019m \u00a3\u2019m Current tax \u2013 current year 49.9 62.5 Current tax \u2013 adjustment for prior years 0.1 0.3 Current tax expense 50.0 62.8 Deferred tax \u2013 current year 0.3 1.0 Deferred tax \u2013 adjustment for prior years (0.3) 0.2 Deferred tax \u2013 change in corporate tax rates (1.2) (2.2) Deferred tax credit (1.2) (1.0) 48.8 61.8 The UK and South Africa corporate tax rates for 2023 were 19% (2022: 19%) and 27% (2022: 28%) respectively. The tax charge in the year is different to the standard rate of corporate tax in the UK and South Africa and the differences are explained below: South Africa United Kingdom 2023 2022 2023 2022 % % % % Effective rate of taxation 23.0 23.1 23.0 23.1 Tax effect of non-deductible expenses (0.4) (0.2) (0.4) (0.2) Effect on deferred tax balances resulting from changes in tax rates 0.6 0.7 0.6 0.7 Adjustment to tax charge in respect of prior year 0.1 \u2014 0.1 \u2014 Tax on gain on disposal of subsidiaries \u2014 (0.5) \u2014 (0.5) Effect of different tax rates applicable in foreign jurisdictions 3.7 4.9 (4.3) (4.1) Standard tax rate 27.0 28.0 19.0 19.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-464": {
"value": "The Group\u2019s tax expense comprises both current and deferred tax expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same taxation authority on the same taxable entity. Income taxes of the Group were determined based on the assumption that the individual entities were separate taxable entities. Therefore, the current and deferred income taxes of all subsidiaries of the Group are calculated separately and the recoverability of the deferred tax assets is also assessed accordingly. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-442": {
"value": "The Group\u2019s tax expense comprises both current and deferred tax expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the statement of financial position method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets are offset against deferred tax liabilities if they relate to income taxes levied by the same taxation authority on the same taxable entity. Income taxes of the Group were determined based on the assumption that the individual entities were separate taxable entities. Therefore, the current and deferred income taxes of all subsidiaries of the Group are calculated separately and the recoverability of the deferred tax assets is also assessed accordingly. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-412": {
"value": "9. Earnings per share The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS and prevailing South African requirements. 9(a) Basic and diluted earnings per share The calculations of basic and diluted EPS are based on IAS 33 Earnings Per Share. Basic EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, excluding own shares held by the Ninety One Employee Benefit Trusts (\u201cEBTs\u201d). Diluted EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive shares into ordinary shares. 2023 2022 \u00a3\u2019m \u00a3\u2019m Profit attributable to shareholders 163.8 205.3 The calculation of the weighted average number of ordinary shares for the purpose of calculating basic and diluted earnings per share is: 2023 2022 Number of shares Number of shares Millions Millions Weighted average number of ordinary shares for the purpose of calculating basic EPS 899.6 907.8 Effect of dilutive potential shares \u2013 share awards 5.2 9.9 Weighted average number of ordinary shares for the purpose of calculating diluted EPS 904.8 917.7 Basic EPS (pence) 18.2 22.6 Diluted EPS (pence) 18.1 22.4 9(b) Headline earnings and diluted headline earnings per share The Group is required to calculate headline earnings per share (\u201cHEPS\u201d) in accordance with the JSE Listings Requirements, determined by reference to circular 1/2021 \u201cHeadline Earnings\u201d issued by the South African Institute of Chartered Accountants. The table below reconciles the profit attributable to shareholders to headline earnings and summarises the calculation of basic and diluted HEPS: 2023 2022 \u00a3\u2019m \u00a3\u2019m Profit attributable to shareholders 163.8 205.3 Share of profit from associates \u2014 (0.4) Gain on disposal of subsidiaries \u2014 (14.9) CGT on disposal of subsidiaries \u2014 4.1 Headline earnings 163.8 194.1 2023 2022 Number of shares Number of shares Millions Millions Weighted average number of ordinary shares for the purpose of calculating basic EPS (note 9(a)) 899.6 907.8 Weighted average number of ordinary shares for the purpose of calculating diluted EPS (note 9(a)) 904.8 917.7 HEPS (pence) 18.2 21.4 Diluted HEPS (pence) 18.1 21.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-468": {
"value": "9. Earnings per share The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS and prevailing South African requirements. 9(a) Basic and diluted earnings per share The calculations of basic and diluted EPS are based on IAS 33 Earnings Per Share. Basic EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, excluding own shares held by the Ninety One Employee Benefit Trusts (\u201cEBTs\u201d). Diluted EPS is calculated by dividing profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive shares into ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-443": {
"value": "10. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital and as a result are recognised as a deduction in equity. Dividends are recognised only when they are approved by the shareholders of the Group. Dividend per share is calculated by dividing dividend paid by the number of ordinary shares in issue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-413": {
"value": "10. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital and as a result are recognised as a deduction in equity. Dividends are recognised only when they are approved by the shareholders of the Group. Dividend per share is calculated by dividing dividend paid by the number of ordinary shares in issue. 2023 2022 Pence per share \u00a3\u2019m Pence per share \u00a3\u2019m Prior year\u2019s final dividend paid 7.7 70.5 6.7 60.8 Interim dividend paid 6.5 59.7 6.9 62.9 14.2 130.2 13.6 123.7 On 16 May 2023, the Board recommended a final dividend for the year ended 31 March 2023 of 6.7 pence per ordinary share, an estimated \u00a361.7 million in total. The dividend is expected to be paid on 11 August 2023 to ordinary shareholders on the registers at the close of business on 21 July 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-470": {
"value": "11. Investments The majority of the Group\u2019s investments relate to deferred compensation investments which are made by the Group to economically hedge the liability the Group has to its employees (note 17). Deferred compensation investments consist of investments in pooled vehicles managed by entities within the Group. These investments do not qualify as plan assets and are presented separately in the consolidated statement of financial position. Other investments represent an equity-linked security of which the fair value is directly linked to the Group\u2019s share price. All investments held by the Group are measured at fair value through profit or loss. Details of the Group\u2019s accounting policy on classification and measurement of financial instruments are set out in note 20. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-414": {
"value": "11. Investments The majority of the Group\u2019s investments relate to deferred compensation investments which are made by the Group to economically hedge the liability the Group has to its employees (note 17). Deferred compensation investments consist of investments in pooled vehicles managed by entities within the Group. These investments do not qualify as plan assets and are presented separately in the consolidated statement of financial position. Other investments represent an equity-linked security of which the fair value is directly linked to the Group\u2019s share price. All investments held by the Group are measured at fair value through profit or loss. Details of the Group\u2019s accounting policy on classification and measurement of financial instruments are set out in note 20. 2023 2022 At 1 April 2021 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m (Restated) (Restated) Non-current Deferred compensation investments1 31.4 27.1 37.1 Investment in unlisted investment vehicles 8.0 3.5 5.5 Other investments 4.1 5.7 \u2014 43.5 36.3 42.6 Current Deferred compensation investments1 21.5 32.1 36.6 Seed investments 2.9 2.7 3.1 24.4 34.8 39.7 1. The comparative amounts have been restated to reclassify a portion of deferred compensation investments from current assets to non-current assets. Accordingly, the prior years numbers for current investments at 31 March 2022 changed from \u00a361.9 million to \u00a334.8 million (2021: from \u00a376.8 million to \u00a339.7 million) and non-current investments at 31 March 2022 changed from \u00a39.2 million to \u00a336.3 million (2021: from \u00a35.5 million to \u00a342.6 million). The purpose of this change is to better reflect the timing of the realisation of the investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-469": {
"value": "12. Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided for on a straight-line basis over the estimated useful lives of property and equipment as follows: Computer equipment 3 years Fixtures and fittings 5 years Leasehold improvements Shorter of term of lease or useful economic life The residual values, depreciation methods and useful lives are reassessed annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-415": {
"value": "12. Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided for on a straight-line basis over the estimated useful lives of property and equipment as follows: Computer equipment 3 years Fixtures and fittings 5 years Leasehold improvements Shorter of term of lease or useful economic life The residual values, depreciation methods and useful lives are reassessed annually. Leasehold improvements Computer equipment Fixtures and fittings Total 2023 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Cost At 1 April 25.4 10.3 3.7 39.4 Additions 0.5 0.7 \u2014 1.2 Disposals \u2014 \u2014 \u2014 \u2014 Foreign exchange adjustment 0.1 (0.5) \u2014 (0.4) At 31 March 26.0 10.5 3.7 40.2 Accumulated depreciation At 1 April (3.5) (7.7) (1.6) (12.8) Depreciation (2.1) (2.1) (0.7) (4.9) Disposals \u2014 \u2014 \u2014 \u2014 Foreign exchange adjustment (0.1) 0.6 \u2014 0.5 At 31 March (5.7) (9.2) (2.3) (17.2) Net book value at 31 March 2023 20.3 1.3 1.4 23.0 Leasehold improvements Computer equipment Fixtures and fittings Total 2022 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Cost At 1 April 25.2 9.9 4.0 39.1 Additions 0.8 0.5 0.1 1.4 Disposals (0.2) (0.5) (0.5) (1.2) Foreign exchange adjustment (0.4) 0.4 0.1 0.1 At 31 March 25.4 10.3 3.7 39.4 Accumulated depreciation At 1 April (1.7) (5.3) (1.4) (8.4) Depreciation (2.0) (2.6) (0.7) (5.3) Disposals 0.3 0.4 0.5 1.2 Foreign exchange adjustment (0.1) (0.2) \u2014 (0.3) At 31 March (3.5) (7.7) (1.6) (12.8) Net book value at 31 March 2022 21.9 2.6 2.1 26.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-444": {
"value": "13. Leases The Group leases various offices for business purposes. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset with a corresponding liability at the date which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of lease payments. The lease payments are discounted using the entity\u2019s incremental borrowing rate, being the rate that the entity would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between the principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u027d The amount of the initial measurement of lease liabilities; \u027d any lease payment made at or before the commencement date less any lease incentives; \u027d any initial direct costs; and \u027d restoration costs. The calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group\u2019s judgement on the likelihood of any extension and termination options being exercised. The Group considers all facts and circumstances around the extension and termination options, including the enforceability of such options and the economic incentive created for the Group to exercise such options. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Such options are only included in the lease term if the lease is reasonably certain to be extended or terminated by the Group. The potential future cash outflows relating to extension options not included in the measurement of lease liabilities approximate to \u00a396.7 million (2022: \u00a395.8 million). In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involved estimation. Where the lease\u2019s implicit rate is not readily determinable, an incremental borrowing rate, being the rate that the individual lease would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms and conditions, must be calculated by the Group. Right-of-use assets are generally depreciated over the lease term on a straight-line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-416": {
"value": "13. Leases The Group leases various offices for business purposes. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset with a corresponding liability at the date which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of lease payments. The lease payments are discounted using the entity\u2019s incremental borrowing rate, being the rate that the entity would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between the principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u027d The amount of the initial measurement of lease liabilities; \u027d any lease payment made at or before the commencement date less any lease incentives; \u027d any initial direct costs; and \u027d restoration costs. The calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group\u2019s judgement on the likelihood of any extension and termination options being exercised. The Group considers all facts and circumstances around the extension and termination options, including the enforceability of such options and the economic incentive created for the Group to exercise such options. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Such options are only included in the lease term if the lease is reasonably certain to be extended or terminated by the Group. The potential future cash outflows relating to extension options not included in the measurement of lease liabilities approximate to \u00a396.7 million (2022: \u00a395.8 million). In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involved estimation. Where the lease\u2019s implicit rate is not readily determinable, an incremental borrowing rate, being the rate that the individual lease would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms and conditions, must be calculated by the Group. Right-of-use assets are generally depreciated over the lease term on a straight-line basis. 2023 2022 \u00a3\u2019m \u00a3\u2019m Right-of-use assets Office premises 76.7 83.1 Lease liabilities Current 10.5 9.9 Non-current 92.2 99.5 102.7 109.4 Additions to right-of-use assets during the year ended 31 March 2023 were \u00a32.6 million (2022: \u00a32.4 million). The remaining contractual maturities of the Group\u2019s lease liabilities at the end of the current reporting period were: 2023 2022 Present value of the minimum lease payments Total minimum lease payments Present value of the minimum lease payments Total minimum lease payments \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Within one year 10.5 13.7 9.9 13.4 Between one and five years 36.6 46.1 36.6 47.0 Over five years 55.6 61.2 62.9 70.4 102.7 121.0 109.4 130.8 The total cash outflow for leases during the year ended 31 March 2023 was \u00a313.9 million (2022: \u00a37.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-417": {
"value": "14. Deferred taxation The components of deferred tax assets and liabilities recognised in the consolidated statement of financial position and the movements during the year were: 2023 2022 \u00a3\u2019m \u00a3\u2019m Deferred tax assets arising from the following: Depreciable assets 0.5 0.6 Employee benefits 11.4 18.6 Capital gains tax on fair value gains (0.2) (0.3) Deferred compensation payments 13.8 9.2 25.5 28.1 At 1 April 28.1 24.8 Deferred tax credit to profit from operations 0.8 1.3 Deferred tax on revaluation of pension fund (0.7) (0.1) Deferred tax on vesting of share awards (1.1) 1.4 Foreign exchange adjustment (1.6) 0.7 At 31 March 25.5 28.1 Deferred tax liabilities arising from the following: Deferred capital allowance (0.1) 0.2 Unrealised capital gain 24.2 29.9 Other temporary differences 0.2 0.3 24.3 30.4 At 1 April 30.4 29.0 Deferred tax (credit)/charge to profit from operations (0.4) 0.3 Deferred tax (credit)/charge related to policyholder funds (1.8) 0.9 Foreign exchange adjustment (3.9) 0.2 At 31 March 24.3 30.4 An increase in the UK corporation tax rate to 25% from 1 April 2023 was announced by the UK Government in the Spring Budget 2020. The rate increase was substantively enacted in May 2021. Deferred tax balances in the UK at 31 March 2023 were therefore revalued using this substantively enacted tax rate accordingly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-418": {
"value": "15. Policyholders\u2019 assets and liabilities The Group undertakes investment-linked insurance business through one of its South African entities which issues linked policies to the policyholders. These policies are unit-linked investment contracts, with measurement directly linked to the underlying investment assets which are carried at fair value through profit or loss. As the underlying investment assets are beneficially held by the Group, these assets together with the contract liabilities due to the policyholders are included in the consolidated statement of financial position and labelled as linked investments backing policyholder funds and policyholder investment contract liabilities respectively. Policyholder investment contracts do not qualify as insurance contracts as defined in IFRS 4 Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are accounted for financial liabilities under IFRS 9 and are also carried at fair value through profit or loss so as to avoid a mismatch in profit or loss between the policyholder investments linked to investment contracts and the policyholder investment contract liabilities. Gains and losses from assets and liabilities of these contracts are attributable to third party investors in linked investments backing policyholder funds. As a result, any gain or loss is offset by a change in the obligation to investors and is not included in the Group\u2019s net gain/loss on investments. Surplus transferred to shareholders represents deductions from policyholder funds to which the Group is entitled in exchange for managing policyholder investments. These amounts are included in net revenue. Linked investments backing policyholder funds The pooled portfolio of assets that is linked to policyholder investment contract liabilities was: 2023 2022 \u00a3\u2019m \u00a3\u2019m (Restated) Quoted investments at fair value Equities 801.7 1,064.5 Derivatives (1.2) 10.7 800.5 1,075.2 Unquoted investments at fair value Collective investment schemes 6,529.0 6,690.9 Equities \u2014 0.5 Interest-bearing stocks, debentures and other loans1 2,554.5 2,849.8 Derivatives 7.3 5.8 Cash and cash equivalents 71.3 163.7 9,162.1 9,710.7 9,962.6 10,785.9 1. The comparative amount for interest-bearing stocks, debentures and other loans of \u00a31,897.8 million was reclassified from quoted to unquoted investments. The change is to correctly reflect the nature of these investments. The movements in linked investments backing policyholder funds were: 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m At 1 April 10,785.9 9,063.9 Net fair value gains on linked investments backing policyholder funds 23(a) 359.0 478.5 Net acquisition of linked investments backing policyholder funds 23(a) 444.3 423.0 Net movement in cash and cash equivalents within linked investments backing policyholder funds (92.4) 57.7 Foreign exchange adjustment (1,534.2) 762.8 At 31 March 9,962.6 10,785.9 Policyholder investment contract liabilities The movements in policyholder investment contract liabilities were: 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m At 1 April 10,769.9 9,033.6 Investment income on linked investments backing policyholder funds 462.6 366.8 Net fair value gains on linked investments backing policyholder funds 359.0 478.5 Investment and administration expenses (40.8) (35.0) Income tax expense (2.7) (4.6) Surplus transferred to shareholders (37.1) (33.1) Net fair value change in policyholder investment contract liabilities 23(a) 741.0 772.6 Net contributions 23(a) 6.9 202.1 Foreign exchange adjustment (1,550.5) 761.6 At 31 March 9,967.3 10,769.9 ",
"dimensions": {
"concept": "ninetyoneplc:DisclosureOfPolicyholdersAssetsAndLiabilities",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-419": {
"value": "16. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and money market funds that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash balances within linked investments backing policyholder funds of \u00a371.3 million (2022: \u00a3163.7 million) as set out in note 15 are not included as they are not available for use by the Group. 2023 2022 \u00a3\u2019m \u00a3\u2019m Cash at bank 99.5 265.3 Money market funds 280.1 141.3 379.6 406.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-471": {
"value": "16. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and money market funds that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash balances within linked investments backing policyholder funds of \u00a371.3 million (2022: \u00a3163.7 million) as set out in note 15 are not included as they are not available for use by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-420": {
"value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 11). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirement following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. 2023 2022 \u00a3\u2019m \u00a3\u2019m Non-current Deferred compensation liabilities 31.9 28.6 Other liabilities 1.8 1.6 33.7 30.2 Current Deferred compensation liabilities 21.9 34.9 55.6 65.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-445": {
"value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 11). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirement following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. 2023 2022 \u00a3\u2019m \u00a3\u2019m Non-current Deferred compensation liabilities 31.9 28.6 Other liabilities 1.8 1.6 33.7 30.2 Current Deferred compensation liabilities 21.9 34.9 55.6 65.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-465": {
"value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 11). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirement following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. 2023 2022 \u00a3\u2019m \u00a3\u2019m Non-current Deferred compensation liabilities 31.9 28.6 Other liabilities 1.8 1.6 33.7 30.2 Current Deferred compensation liabilities 21.9 34.9 55.6 65.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-472": {
"value": "17. Other liabilities Other liabilities mainly consist of the liabilities due to employees related to deferred compensation. The obligation in respect of long-term employee benefits, other than retirement benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. This future benefit relates to deferred compensation provided by the Group to its employees, which the Group invests in pooled vehicles managed by entities within the Group. At the end of the specified period, employees are entitled to an amount equal to the value of the investments held by the Group (note 11). It is management\u2019s view that the most relevant measure of the employee benefit liabilities is therefore the fair value of the investments held by the Group. As there are no material ongoing performance requirement following the grant of the award, judgement has been applied in determining that the charge should be booked in full in profit or loss in the year in which the award is earned. Deferred compensation liabilities include applicable employer tax. ",
"dimensions": {
"concept": "ninetyoneplc:DescriptionOfAccountingPolicyForOtherLiabilities",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-473": {
"value": "18. Pension scheme Defined benefit scheme The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme was funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2023 by qualified independent actuaries. The Group does not expect further contributions to the Scheme for the next annual reporting period. There is no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March 2023, there were no active members in the Scheme (2022: nil). Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in other administrative expenses. Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income. The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-421": {
"value": "18. Pension scheme Defined benefit scheme The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme was funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2023 by qualified independent actuaries. The Group does not expect further contributions to the Scheme for the next annual reporting period. There is no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March 2023, there were no active members in the Scheme (2022: nil). Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in other administrative expenses. Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income. The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. The pension fund asset/(obligation) in respect of the Scheme is: 2023 2022 \u00a3\u2019m \u00a3\u2019m Managed Funds 15.0 16.5 Trustees\u2019 bank account 0.1 0.2 Total fair value of plan assets 15.1 16.7 Present value of obligation (12.5) (16.8) 2.6 (0.1) Managed funds invest primarily in a globally diversified portfolio of assets, and mainly consist of global equities, bonds issued by governments, physical gold and silver bullion and money market instruments. The funds are quoted in an active market and their underlying investments are either level 1 or level 2 investments. 2023 2022 \u00a3\u2019m \u00a3\u2019m Plan assets At 1 April 16.7 17.3 Benefits paid including expenses (1.2) (0.6) Group\u2019s contributions paid to the plan 0.1 0.2 Interest income 0.3 0.3 Return on plan assets, excluding interest income (0.8) (0.5) At 31 March 15.1 16.7 Present value of the defined benefit obligation At 1 April 16.8 18.0 Actuarial gain arising from changes in financial assumptions (3.4) (1.2) Actuarial (gain)/loss arising from changes in demographic (0.2) 0.2 Benefits paid including expenses (1.2) (0.6) Interest cost 0.4 0.3 Administration costs 0.1 0.1 At 31 March 12.5 16.8 Amounts recognised in the consolidated statement of comprehensive income Actuarial gain 3.6 1.0 Return on plan assets, excluding interest income (0.8) (0.5) Total defined benefit credit 2.8 0.5 The major assumptions used were: 2023 2022 % % Inflation assumption 3.3 3.7 Rate of increase in pensions in payment for post-1997 service 3.3 3.7 Rate of increase in pensionable salaries 3.3 3.7 Discount rate 4.8 2.7 The defined benefit obligation is not expected to be materially different with an estimated impact of less than \u00a31.0 million (2022: \u00a31.5 million) as a result of a 0.5% change in the above major assumptions. This sensitivity assessment is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions. Maturity profile of the defined benefit obligation is: 2023 2022 Number of members Weighted average duration of the defined benefit obligation (years) Number of members Weighted average duration of the defined benefit obligation (years) Deferred members 35 15.3 42 20.2 Pensioners 19 10.8 15 12.3 54 13.0 57 16.6 Defined contribution schemes The Group also contributes to a number of defined contribution pension schemes, the assets of which are held in separate trustee-administered funds, for the benefit of its employees. The Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Once the contributions have been paid, the Group, as the employer, does not have any further payment obligations. The Group\u2019s contributions are charged to the consolidated statement of comprehensive income in the reporting period to which they relate and are included in staff expenses (refer to note 4(a)). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-446": {
"value": "Defined benefit scheme The Group operates the Ninety One UK Pension Scheme (the \u201cScheme\u201d), which is a closed defined benefit scheme where it has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service. The Scheme is a registered defined benefit final salary scheme subject to the UK regulatory framework for pensions and is administered by its trustees with their assets held separately from those of the Group. The trustees are required by the Trust Deed to act in the best interest of the Scheme participants. The Scheme was funded by contributions from the Group in accordance with an independent actuary\u2019s recommendation based on actuarial valuations. The latest independent actuarial valuations of the Scheme were at 31 March 2023 by qualified independent actuaries. The Group does not expect further contributions to the Scheme for the next annual reporting period. There is no restriction to the amount of surplus that can be recognised. However, the recognition of the pension surplus involved judgement whether future economic benefits are available to the Group in the form of a reduction in future contributions or a cash refund. It is concluded that the Group has the right to a refund of the surpluses assuming the gradual settlement of the Scheme over time until all members have left the Scheme. At 31 March 2023, there were no active members in the Scheme (2022: nil). Defined benefit pension obligation is calculated using the projected unit credit method. The net charge to the consolidated statement of comprehensive income mainly comprises the service cost and the net interest on the net defined benefit asset or liability, and is presented in other administrative expenses. Remeasurements of the net defined benefit asset or liability, which comprise actuarial gains or losses, return on plan assets excluding interest and the effect of the asset ceiling (if any), are recognised in other comprehensive income. The net defined benefit asset or liability represents the present value of defined benefit obligation reduced by the fair value of plan assets, after applying the asset ceiling test, where the net defined benefit surplus is limited to the present value of available refunds and reductions in future contributions to the plan. The Scheme exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. The pension fund asset/(obligation) in respect of the Scheme is: 2023 2022 \u00a3\u2019m \u00a3\u2019m Managed Funds 15.0 16.5 Trustees\u2019 bank account 0.1 0.2 Total fair value of plan assets 15.1 16.7 Present value of obligation (12.5) (16.8) 2.6 (0.1) Managed funds invest primarily in a globally diversified portfolio of assets, and mainly consist of global equities, bonds issued by governments, physical gold and silver bullion and money market instruments. The funds are quoted in an active market and their underlying investments are either level 1 or level 2 investments. 2023 2022 \u00a3\u2019m \u00a3\u2019m Plan assets At 1 April 16.7 17.3 Benefits paid including expenses (1.2) (0.6) Group\u2019s contributions paid to the plan 0.1 0.2 Interest income 0.3 0.3 Return on plan assets, excluding interest income (0.8) (0.5) At 31 March 15.1 16.7 Present value of the defined benefit obligation At 1 April 16.8 18.0 Actuarial gain arising from changes in financial assumptions (3.4) (1.2) Actuarial (gain)/loss arising from changes in demographic (0.2) 0.2 Benefits paid including expenses (1.2) (0.6) Interest cost 0.4 0.3 Administration costs 0.1 0.1 At 31 March 12.5 16.8 Amounts recognised in the consolidated statement of comprehensive income Actuarial gain 3.6 1.0 Return on plan assets, excluding interest income (0.8) (0.5) Total defined benefit credit 2.8 0.5 The major assumptions used were: 2023 2022 % % Inflation assumption 3.3 3.7 Rate of increase in pensions in payment for post-1997 service 3.3 3.7 Rate of increase in pensionable salaries 3.3 3.7 Discount rate 4.8 2.7 The defined benefit obligation is not expected to be materially different with an estimated impact of less than \u00a31.0 million (2022: \u00a31.5 million) as a result of a 0.5% change in the above major assumptions. This sensitivity assessment is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions. Maturity profile of the defined benefit obligation is: 2023 2022 Number of members Weighted average duration of the defined benefit obligation (years) Number of members Weighted average duration of the defined benefit obligation (years) Deferred members 35 15.3 42 20.2 Pensioners 19 10.8 15 12.3 54 13.0 57 16.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-447": {
"value": "Defined contribution schemes The Group also contributes to a number of defined contribution pension schemes, the assets of which are held in separate trustee-administered funds, for the benefit of its employees. The Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Once the contributions have been paid, the Group, as the employer, does not have any further payment obligations. The Group\u2019s contributions are charged to the consolidated statement of comprehensive income in the reporting period to which they relate and are included in staff expenses (refer to note 4(a)). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-474": {
"value": "19. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. Trade payable largely relates to subscription accounts payable and commission payable. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. 2023 2022 \u00a3\u2019m \u00a3\u2019m Employee related payables 144.9 165.3 Trade payables 157.3 189.1 302.2 354.4 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-422": {
"value": "19. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. Trade payable largely relates to subscription accounts payable and commission payable. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. 2023 2022 \u00a3\u2019m \u00a3\u2019m Employee related payables 144.9 165.3 Trade payables 157.3 189.1 302.2 354.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-423": {
"value": "20. Financial instruments Recognition and derecognition of financial instruments Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are discharged, cancelled or expire. Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. Financial assets measured at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. It typically applies to the Group\u2019s cash and cash equivalents excluding money market funds and trade and other receivables. The carrying amount of financial assets measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL model. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. The ECLs amount depends on the specific stage that the financial instrument has been allocated to within the ECL model, which depends on whether there has been a significant increase in credit risk since initial recognition of the financial instrument, it is in default, or is considered to be credit impaired. For financial instruments with external credit ratings, the Group assumes that credit risk on these financial instruments has increased significantly since initial recognition if the credit rating has been significantly deteriorated. ECL allowances are measured on either i) 12-month ECL: that result from possible default events within the 12 months after the reporting date; or ii) Lifetime ECLs: that result from all possible default events over the expected life of a financial instrument. The Group considers a financial asset to be in default when: i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or ii) the financial asset is more than 90 days past due without reasonable expectation of recovery. The Group applies the simplified approach in determining ECLs for trade receivables. The Group considers a trade receivable to be credit impaired when one or more detrimental events have occurred, such as significant financial difficulty of the client or it becoming probable that the client will enter bankruptcy or other financial reorganisation. Trade receivables are written off when they are considered credit impaired or there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group after the contractual payment has been past due. The Group has not written off any trade receivables for the years ended 31 March 2023 and 2022. Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments and the investment in unlisted investment vehicles. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. During the year ended 31 March 2023, the classification of money market funds changed from amortised cost to FVTPL as the Group has assessed FVTPL to be a more appropriate measurement. However there has been no change to the comparative valuation as amortised cost approximated to fair value. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any assets. Financial liabilities Financial liabilities comprise policyholder investment contract liabilities, lease liabilities, other liabilities which include deferred compensation liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and deferred compensation liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and deferred compensation liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income. The Group\u2019s financial instruments by category and reconciled to the consolidated statement of financial position at 31 March were: Financial instruments at FVTPL Financial instruments measured at amortised cost Total financial instruments Non-financial instruments Total 2023 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Investments 67.9 \u2014 67.9 \u2014 67.9 Investment in associates \u2014 \u2014 \u2014 1.3 1.3 Property and equipment \u2014 \u2014 \u2014 23.0 23.0 Right-of-use assets \u2014 \u2014 \u2014 76.7 76.7 Deferred tax assets \u2014 \u2014 \u2014 25.5 25.5 Linked investments backing policyholder funds 9,962.6 \u2014 9,962.6 \u2014 9,962.6 Trade and other receivables \u2014 249.3 249.3 14.7 264.0 Pension fund asset \u2014 \u2014 \u2014 2.6 2.6 Income tax recoverable \u2014 \u2014 \u2014 9.2 9.2 Cash and cash equivalents 280.1 99.5 379.6 \u2014 379.6 Total assets 10,310.6 348.8 10,659.4 153.0 10,812.4 Policyholder investment contract liabilities (9,967.3) \u2014 (9,967.3) \u2014 (9,967.3) Other liabilities2 (55.6) \u2014 (55.6) \u2014 (55.6) Lease liabilities \u2014 (102.7) (102.7) \u2014 (102.7) Trade and other payables 2 \u2014 (302.2) (302.2) \u2014 (302.2) Income tax payable \u2014 \u2014 \u2014 (10.4) (10.4) Deferred tax liabilities \u2014 \u2014 \u2014 (24.3) (24.3) Total liabilities (10,022.9) (404.9) (10,427.8) (34.7) (10,462.5) Financial instruments at FVTPL 1 Financial instruments measured at amortised cost1 Total financial instruments Non-financial instruments Total 2022 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Investments 71.1 \u2014 71.1 \u2014 71.1 Investment in associates \u2014 \u2014 \u2014 0.9 0.9 Property and equipment \u2014 \u2014 \u2014 26.6 26.6 Right-of-use assets \u2014 \u2014 \u2014 83.1 83.1 Deferred tax assets \u2014 \u2014 \u2014 28.1 28.1 Linked investments backing policyholder funds 10,785.9 \u2014 10,785.9 \u2014 10,785.9 Trade and other receivables \u2014 254.8 254.8 14.6 269.4 Income tax recoverable \u2014 \u2014 \u2014 10.4 10.4 Cash and cash equivalents 1 141.3 265.3 406.6 \u2014 406.6 Total assets1 10,998.3 520.1 11,518.4 163.7 11,682.1 Policyholder investment contract liabilities (10,769.9) \u2014 (10,769.9) \u2014 (10,769.9) Other liabilities2 (65.1) \u2014 (65.1) \u2014 (65.1) Lease liabilities \u2014 (109.4) (109.4) \u2014 (109.4) Pension fund obligation \u2014 \u2014 \u2014 (0.1) (0.1) Trade and other payables2 \u2014 (354.4) (354.4) \u2014 (354.4) Income tax payable \u2014 \u2014 \u2014 (11.2) (11.2) Deferred tax liabilities \u2014 \u2014 \u2014 (30.4) (30.4) Total liabilities (10,835.0) (463.8) (11,298.8) (41.7) (11,340.5) 1. The comparative amounts have been re-presented to reflect the change of classification of money market funds from amortised cost to FVTPL. 2. Deferred compensation liabilities and employee related payables are included in the financial instruments column. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-475": {
"value": "20. Financial instruments Recognition and derecognition of financial instruments Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are discharged, cancelled or expire. Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. Financial assets measured at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. It typically applies to the Group\u2019s cash and cash equivalents excluding money market funds and trade and other receivables. The carrying amount of financial assets measured at amortised cost is adjusted for expected credit losses (\u201cECLs\u201d) under the ECL model. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions. The ECLs amount depends on the specific stage that the financial instrument has been allocated to within the ECL model, which depends on whether there has been a significant increase in credit risk since initial recognition of the financial instrument, it is in default, or is considered to be credit impaired. For financial instruments with external credit ratings, the Group assumes that credit risk on these financial instruments has increased significantly since initial recognition if the credit rating has been significantly deteriorated. ECL allowances are measured on either i) 12-month ECL: that result from possible default events within the 12 months after the reporting date; or ii) Lifetime ECLs: that result from all possible default events over the expected life of a financial instrument. The Group considers a financial asset to be in default when: i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or ii) the financial asset is more than 90 days past due without reasonable expectation of recovery. The Group applies the simplified approach in determining ECLs for trade receivables. The Group considers a trade receivable to be credit impaired when one or more detrimental events have occurred, such as significant financial difficulty of the client or it becoming probable that the client will enter bankruptcy or other financial reorganisation. Trade receivables are written off when they are considered credit impaired or there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage in a repayment plan with the Group after the contractual payment has been past due. The Group has not written off any trade receivables for the years ended 31 March 2023 and 2022. Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments and the investment in unlisted investment vehicles. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. During the year ended 31 March 2023, the classification of money market funds changed from amortised cost to FVTPL as the Group has assessed FVTPL to be a more appropriate measurement. However there has been no change to the comparative valuation as amortised cost approximated to fair value. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any assets. Financial liabilities Financial liabilities comprise policyholder investment contract liabilities, lease liabilities, other liabilities which include deferred compensation liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and deferred compensation liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and deferred compensation liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-448": {
"value": "Recognition and derecognition of financial instruments Financial instruments are initially recognised on the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the particular instrument. On initial recognition, financial assets are measured at fair value plus, for financial assets not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets. Initial recognition of financial liabilities is at fair value less directly attributable transaction costs. Financial assets are derecognised when the Group transfers substantially all risks and rewards of ownership. In addition, financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group transfers the rights to receive the contractual cash flows in a transaction in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liabilities are derecognised when, and only when, the obligations under the contract are discharged, cancelled or expire. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-449": {
"value": "Classification and measurement of financial assets and financial liabilities Financial assets are classified into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income and at fair value through profit or loss (\u201cFVTPL\u201d). The classification of financial assets is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. The Group\u2019s financial assets are either classified as measured at FVTPL or amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-450": {
"value": "Financial assets measured at FVTPL Financial assets measured at FVTPL consist of linked investments backing policyholder funds, holdings in pooled vehicles as part of the deferred compensation plan (explained further below), money market funds within cash and cash equivalents, seed capital investments and the investment in unlisted investment vehicles. These financial assets do not meet the classification criteria of measuring at amortised cost and fair value through other comprehensive income and therefore, they are initially recognised at fair value and subsequently measured at FVTPL, with gains and losses recognised in the consolidated statement of comprehensive income in the period in which they arise. During the year ended 31 March 2023, the classification of money market funds changed from amortised cost to FVTPL as the Group has assessed FVTPL to be a more appropriate measurement. However there has been no change to the comparative valuation as amortised cost approximated to fair value. When available, the Group measures the fair value of an instrument, such as interest-bearing investments, listed investments and investments in collective investment schemes and mutual funds, using the quoted price in an active market. If there is no quoted price in an active market, such as derivatives and unlisted investments, the fair value of these investments is determined by applying a generally accepted valuation technique. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-451": {
"value": "Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. At the reporting date, there was no indication of impairment of any assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-452": {
"value": "Financial liabilities Financial liabilities comprise policyholder investment contract liabilities, lease liabilities, other liabilities which include deferred compensation liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and deferred compensation liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and deferred compensation liabilities are measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-424": {
"value": "21. Share capital and reserves 21(a) Share capital Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied by their nominal value. Details of the share capital of Ninety One plc and Ninety One Limited are: Number of shares Nominal value Millions \u00a3\u2019m Ninety One plc Ordinary shares of \u00a30.0001 each, issued, allotted and fully paid 1 622.6 0.1 Special shares of \u00a30.0001 each, issued, allotted and fully paid: 2 Special converting shares 300.1 \u2014 UK DAS share * \u2014 UK DAN share * \u2014 Special voting share * \u2014 Special rights share * \u2014 Ninety One plc balance at 31 March 2023 and 2022 0.1 Number of shares Nominal value Millions \u00a3\u2019m Ninety One Limited Ordinary shares with no par value, issued, allotted and fully paid 1 300.1 441.1 Special shares with no par value, issued, allotted and fully paid: 2 Special converting shares 622.6 \u2014 SA DAS share * \u2014 SA DAN share * \u2014 Special voting share * \u2014 Special rights share * \u2014 Ninety One Limited balance at 31 March 2023 and 2022 441.1 Total ordinary shares in issue and share capital at 31 March 2023 and 2022 922.7 441.2 * Represents one share. 1. All ordinary shares in issue rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Group. Ninety One Limited is authorised to issue one billion ordinary shares with no par value. 2. Special shares will not have any rights to vote, except on a resolution either to vary the rights attached to such share or on a winding-up of Ninety One plc or Ninety One Limited, nor any right to receive any dividend, other distribution or repayment of capital by Ninety One plc or Ninety One Limited. Under the terms of the DLC Agreements, shareholders of Ninety One plc and Ninety One Limited have common economic and voting rights as if Ninety One plc and Ninety One Limited are a single decision-making body. These include equivalent dividends on a per share basis, joint electorate and class right variations, special converting shares, special voting share and special rights share are issued to facilitate joint voting by shareholders of Ninety One plc and Ninety One Limited on any joint electorate action and class rights action. The UK DAS share, UK DAN share, SA DAS share and SA DAN share are dividend access shares that support the DLC equalisation principles, including the requirement that ordinary shareholders of Ninety One plc and Ninety One Limited are paid equal cash dividends per share. 21(b) Demerger reserves and other reserves In the prior year, demerger reserves and other reserves were presented together as \u201cOther reserves\u201d. They have been separately presented in the current year and the comparatives for 2022 and 2021 have been re-presented accordingly. The change is considered to improve the clarity of the presentation to distinguish between the reserves arising during the demerger from the former parent group (\u201cInvestec\u201d) and other reserves. Demerger reserves The Group was demerged from Investec in March 2020 and reserves were created during the demerger process as below: 2023 2022 At 1 April 2021 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Distributable reserve (i) 732.2 732.2 732.2 Merger reserve (ii) 183.0 183.0 183.0 DLC reserve (iii) (1,236.5) (1,236.5) (1,236.5) At 31 March (321.3) (321.3) (321.3) (i) The distributable reserve represents the premium of shares issued by Ninety One plc to Investec plc shareholders in exchange for the 80 percent stake, plus one share, in Ninety One UK Limited which was subsequently transferred to a distributable reserve by effecting a court approved reduction of capital, reducing the share premium account in order to create a distributable reserve for future distributions by way of dividend. (ii) The merger reserve is a legally created reserve arising from the demerger transactions that represents the premium of shares issued by Ninety One plc to Forty Two Point Two in exchange for its 20 percent (less one share) stake in Ninety One UK Limited. This transaction attracted merger relief under section 612 of the Companies Act 2006. (iii) The DLC reserve is an accounting reserve in equity to reflect the difference between the consideration for the acquired net assets of Ninety One UK Limited and Ninety One Africa Proprietary Limited (i.e. the value of shares issued by Ninety One plc and Ninety One Limited) and the share capital and share premium of Ninety One UK Limited and Ninety One Africa Proprietary Limited. Other reserves The movements in other reserves during the year were: Share-based payment reserve Foreign currency translation reserve Total \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m 2023 (iv) (v) At 1 April 24.2 (20.2) 4.0 Foreign exchange differences on translation of foreign subsidiaries \u2014 (16.0) (16.0) Share-based payment charges 14.2 \u2014 14.2 Vesting and release of share awards (8.8) \u2014 (8.8) At 31 March 29.6 (36.2) (6.6) 2022 At 1 April 12.5 (29.6) (17.1) Foreign exchange differences on translation of foreign subsidiaries \u2014 9.1 9.1 Foreign exchange differences transferred to profit or loss \u2014 0.3 0.3 Share-based payment charges 12.1 \u2014 12.1 Vesting and release of share awards (0.4) \u2014 (0.4) At 31 March 24.2 (20.2) 4.0 (iv) The share-based payment reserve comprises the fair value of share awards granted which are yet to be exercised. The amount will be reversed to the own share reserve when the related awards are forfeited or vested and transferred to employees. (v) The foreign currency translation reserve of represents the exchange differences arising from the translation of the financial statements of foreign subsidiaries. 21(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. The movements in own share reserve during the year were: 2023 2022 Number of shares Number of shares Millions \u00a3\u2019m Millions \u00a3\u2019m At 1 April 17.6 35.7 11.0 19.5 Own shares purchased 10.0 23.8 6.8 16.7 Own shares vested and released (5.0) (8.1) (0.2) (0.5) At 31 March 22.6 51.4 17.6 35.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-453": {
"value": "21(a) Share capital Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied by their nominal value. Details of the share capital of Ninety One plc and Ninety One Limited are: Number of shares Nominal value Millions \u00a3\u2019m Ninety One plc Ordinary shares of \u00a30.0001 each, issued, allotted and fully paid 1 622.6 0.1 Special shares of \u00a30.0001 each, issued, allotted and fully paid: 2 Special converting shares 300.1 \u2014 UK DAS share * \u2014 UK DAN share * \u2014 Special voting share * \u2014 Special rights share * \u2014 Ninety One plc balance at 31 March 2023 and 2022 0.1 Number of shares Nominal value Millions \u00a3\u2019m Ninety One Limited Ordinary shares with no par value, issued, allotted and fully paid 1 300.1 441.1 Special shares with no par value, issued, allotted and fully paid: 2 Special converting shares 622.6 \u2014 SA DAS share * \u2014 SA DAN share * \u2014 Special voting share * \u2014 Special rights share * \u2014 Ninety One Limited balance at 31 March 2023 and 2022 441.1 Total ordinary shares in issue and share capital at 31 March 2023 and 2022 922.7 441.2 * Represents one share. 1. All ordinary shares in issue rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Group. Ninety One Limited is authorised to issue one billion ordinary shares with no par value. 2. Special shares will not have any rights to vote, except on a resolution either to vary the rights attached to such share or on a winding-up of Ninety One plc or Ninety One Limited, nor any right to receive any dividend, other distribution or repayment of capital by Ninety One plc or Ninety One Limited. Under the terms of the DLC Agreements, shareholders of Ninety One plc and Ninety One Limited have common economic and voting rights as if Ninety One plc and Ninety One Limited are a single decision-making body. These include equivalent dividends on a per share basis, joint electorate and class right variations, special converting shares, special voting share and special rights share are issued to facilitate joint voting by shareholders of Ninety One plc and Ninety One Limited on any joint electorate action and class rights action. The UK DAS share, UK DAN share, SA DAS share and SA DAN share are dividend access shares that support the DLC equalisation principles, including the requirement that ordinary shareholders of Ninety One plc and Ninety One Limited are paid equal cash dividends per share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-476": {
"value": "21(a) Share capital Ordinary shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity. The value of the Group\u2019s share capital consists of the number of ordinary shares in issue in Ninety One plc and Ninety One Limited multiplied by their nominal value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-454": {
"value": "21(b) Demerger reserves and other reserves In the prior year, demerger reserves and other reserves were presented together as \u201cOther reserves\u201d. They have been separately presented in the current year and the comparatives for 2022 and 2021 have been re-presented accordingly. The change is considered to improve the clarity of the presentation to distinguish between the reserves arising during the demerger from the former parent group (\u201cInvestec\u201d) and other reserves. Demerger reserves The Group was demerged from Investec in March 2020 and reserves were created during the demerger process as below: 2023 2022 At 1 April 2021 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Distributable reserve (i) 732.2 732.2 732.2 Merger reserve (ii) 183.0 183.0 183.0 DLC reserve (iii) (1,236.5) (1,236.5) (1,236.5) At 31 March (321.3) (321.3) (321.3) (i) The distributable reserve represents the premium of shares issued by Ninety One plc to Investec plc shareholders in exchange for the 80 percent stake, plus one share, in Ninety One UK Limited which was subsequently transferred to a distributable reserve by effecting a court approved reduction of capital, reducing the share premium account in order to create a distributable reserve for future distributions by way of dividend. (ii) The merger reserve is a legally created reserve arising from the demerger transactions that represents the premium of shares issued by Ninety One plc to Forty Two Point Two in exchange for its 20 percent (less one share) stake in Ninety One UK Limited. This transaction attracted merger relief under section 612 of the Companies Act 2006. (iii) The DLC reserve is an accounting reserve in equity to reflect the difference between the consideration for the acquired net assets of Ninety One UK Limited and Ninety One Africa Proprietary Limited (i.e. the value of shares issued by Ninety One plc and Ninety One Limited) and the share capital and share premium of Ninety One UK Limited and Ninety One Africa Proprietary Limited. Other reserves The movements in other reserves during the year were: Share-based payment reserve Foreign currency translation reserve Total \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m 2023 (iv) (v) At 1 April 24.2 (20.2) 4.0 Foreign exchange differences on translation of foreign subsidiaries \u2014 (16.0) (16.0) Share-based payment charges 14.2 \u2014 14.2 Vesting and release of share awards (8.8) \u2014 (8.8) At 31 March 29.6 (36.2) (6.6) 2022 At 1 April 12.5 (29.6) (17.1) Foreign exchange differences on translation of foreign subsidiaries \u2014 9.1 9.1 Foreign exchange differences transferred to profit or loss \u2014 0.3 0.3 Share-based payment charges 12.1 \u2014 12.1 Vesting and release of share awards (0.4) \u2014 (0.4) At 31 March 24.2 (20.2) 4.0 (iv) The share-based payment reserve comprises the fair value of share awards granted which are yet to be exercised. The amount will be reversed to the own share reserve when the related awards are forfeited or vested and transferred to employees. (v) The foreign currency translation reserve of represents the exchange differences arising from the translation of the financial statements of foreign subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-455": {
"value": "21(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. The movements in own share reserve during the year were: 2023 2022 Number of shares Number of shares Millions \u00a3\u2019m Millions \u00a3\u2019m At 1 April 17.6 35.7 11.0 19.5 Own shares purchased 10.0 23.8 6.8 16.7 Own shares vested and released (5.0) (8.1) (0.2) (0.5) At 31 March 22.6 51.4 17.6 35.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-477": {
"value": "21(c) Own share reserve The Group established the EBTs for the purpose of purchasing the Group\u2019s shares and satisfying the share-based payment awards granted to employees. The EBTs are funded and operated by the relevant entity of the Group and hold shares that have not vested unconditionally to employees of the Group. The EBTs are consolidated into the Group\u2019s consolidated financial statements, with any Ninety One shares held by the EBTs classified as own shares deducted from equity of the Group\u2019s consolidated statement of financial position. These shares are recorded at cost, and no gain or loss is recognised in the Group\u2019s consolidated statement of comprehensive income on the purchase, sale, issue or cancellation of these shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-425": {
"value": "22. Share-based payments The equity settled expense changed to the statement of comprehensive income related to share-based payments (excluding employer taxes) for each share-based payment arrangement was: 2023 2022 \u00a3\u2019m \u00a3\u2019m Ninety One plc LTIP and Ninety One Limited LTIP (note 22(a)(i)) 14.0 11.9 Ninety One SIP (note 22(a)(ii)) 0.2 0.2 Investec Share Plans 0.3 0.6 14.5 12.7 22(a) Ninety One share scheme The Group has two long-term incentive plans and a UK tax advantaged share incentive plan. These are the Ninety One plc Long-Term Incentive Plan (\u201cNinety One plc LTIP\u201d), Ninety One Limited Long-Term Incentive Plan (\u201cNinety One Limited LTIP\u201d) and Ninety One Share Incentive Plan (\u201cNinety One SIP\u201d) (collectively known as the \u201cNinety One share scheme\u201d). Awards under the Ninety One share scheme have been accounted for as equity-settled share-based payments. The fair value of employee services received, measured by reference to the grant date fair value of the awards adjusted by the estimate of the likely levels of forfeiture and achievement of performance criteria, is recognised as an expense over the vesting period with a corresponding credit to the share-based payment reserve in the equity of the Group\u2019s consolidated financial statements. The vesting period for these plans may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. At each period end, the Group reassesses the number of equity instruments expected to vest, and recognises any difference between the revised and original estimate in the consolidated statement of comprehensive income with a corresponding adjustment to the share-based payment reserve in equity. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest. (i) Ninety One plc LTIP and Ninety One Limited LTIP Employees of Ninety One plc and its subsidiaries are eligible to participate in the Ninety One plc LTIP. Employees of Ninety One Limited and its subsidiaries are eligible to participate in the Ninety One Limited LTIP. Awards are made at the discretion of the Group\u2019s Human Capital and Remuneration Committee and may be granted in the form of options, forfeitable shares or conditional awards. Awards granted under the Ninety One plc LTIP are over shares in Ninety One plc and awards granted under the Ninety One Limited LTIP are over shares in Ninety One Limited. The awards granted under the Ninety One plc LTIP and Ninety One Limited LTIP took the form of forfeitable shares or conditional awards. Awards are granted during the year in the following circumstances: \u027d annual bonus deferral into shares: The Group operates a bonus deferral arrangement which allows for a portion of selected employees\u2019 annual bonus to be deferred into an award under the Ninety One plc LTIP or Ninety One Limited LTIP when the award offer is received. The bonus deferral awards over shares will vest after at least three years; \u027d ad hoc awards for strategically important employees and new hires, excluding Executive Directors: these awards will vest in equal tranches on the third, fourth and fifth anniversaries of the grant; and \u027d annual single incentive award: awards granted to Executive Directors based on the long term and short term performance measures as determined by the Human Capital and Remuneration Committee annually. These awards will vest up to the fifth anniversary of the grant and will be subject to a further holding period after vesting. 2023 2022 Number of ordinary shares Number of ordinary shares Millions Millions Outstanding at 1 April 14.2 10.0 Granted 12.4 4.8 Vested (5.0) (0.2) Forfeited (0.1) (0.4) Outstanding at 31 March 21.5 14.2 The weighted average fair value of shares granted under these plans during the year ended 31 March 2023 is \u00a32.01 (2022: \u00a32.24). Fair value is equal to the market value of the shares at the date of grant. (ii) Ninety One SIP The Ninety One SIP is an all-employee share plan. Free share awards were made under the Ninety One SIP. All eligible UK employees on the admission date in March 2020 received their listing awards as free share awards under the Ninety One SIP which are subject to a three-year holding period starting from the grant date. The Ninety One SIP is also used as an employee share purchase plan. 2023 2022 Number of ordinary shares Number of ordinary shares Millions Millions Outstanding at 1 April 0.5 0.6 Vested (0.5) (0.1) Outstanding at 31 March \u2014 0.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-478": {
"value": "22(a) Ninety One share scheme The Group has two long-term incentive plans and a UK tax advantaged share incentive plan. These are the Ninety One plc Long-Term Incentive Plan (\u201cNinety One plc LTIP\u201d), Ninety One Limited Long-Term Incentive Plan (\u201cNinety One Limited LTIP\u201d) and Ninety One Share Incentive Plan (\u201cNinety One SIP\u201d) (collectively known as the \u201cNinety One share scheme\u201d). Awards under the Ninety One share scheme have been accounted for as equity-settled share-based payments. The fair value of employee services received, measured by reference to the grant date fair value of the awards adjusted by the estimate of the likely levels of forfeiture and achievement of performance criteria, is recognised as an expense over the vesting period with a corresponding credit to the share-based payment reserve in the equity of the Group\u2019s consolidated financial statements. The vesting period for these plans may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. At each period end, the Group reassesses the number of equity instruments expected to vest, and recognises any difference between the revised and original estimate in the consolidated statement of comprehensive income with a corresponding adjustment to the share-based payment reserve in equity. Failure to meet a vesting condition by the employee is not treated as a cancellation, and the amount of expense recognised for the award is adjusted to reflect the number of awards expected to vest. (i) Ninety One plc LTIP and Ninety One Limited LTIP Employees of Ninety One plc and its subsidiaries are eligible to participate in the Ninety One plc LTIP. Employees of Ninety One Limited and its subsidiaries are eligible to participate in the Ninety One Limited LTIP. Awards are made at the discretion of the Group\u2019s Human Capital and Remuneration Committee and may be granted in the form of options, forfeitable shares or conditional awards. Awards granted under the Ninety One plc LTIP are over shares in Ninety One plc and awards granted under the Ninety One Limited LTIP are over shares in Ninety One Limited. The awards granted under the Ninety One plc LTIP and Ninety One Limited LTIP took the form of forfeitable shares or conditional awards. Awards are granted during the year in the following circumstances: \u027d annual bonus deferral into shares: The Group operates a bonus deferral arrangement which allows for a portion of selected employees\u2019 annual bonus to be deferred into an award under the Ninety One plc LTIP or Ninety One Limited LTIP when the award offer is received. The bonus deferral awards over shares will vest after at least three years; \u027d ad hoc awards for strategically important employees and new hires, excluding Executive Directors: these awards will vest in equal tranches on the third, fourth and fifth anniversaries of the grant; and \u027d annual single incentive award: awards granted to Executive Directors based on the long term and short term performance measures as determined by the Human Capital and Remuneration Committee annually. These awards will vest up to the fifth anniversary of the grant and will be subject to a further holding period after vesting. (ii) Ninety One SIP The Ninety One SIP is an all-employee share plan. Free share awards were made under the Ninety One SIP. All eligible UK employees on the admission date in March 2020 received their listing awards as free share awards under the Ninety One SIP which are subject to a three-year holding period starting from the grant date. The Ninety One SIP is also used as an employee share purchase plan. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "23. Notes to the consolidated statement of cash flows 23(a) Reconciliation of cash flows from operations 2023 2022 \u00a3\u2019m \u00a3\u2019m Notes (Restated) Cashflows from operations \u2013 shareholders2 Profit before tax 212.6 267.1 Adjusted for: Net gain on investments 5 (1.0) (1.2) Depreciation of property and equipment 4 4.9 5.3 Depreciation of right-of-use assets 4 9.9 9.7 Interest income 6 (9.6) (3.9) Interest expense 6 3.8 4.0 Net loss of pension fund 0.2 0.1 Gain on disposal of subsidiaries 7 \u2014 (14.9) Share of profit from associates (1.4) (0.4) Share-based payment charges related to Ninety One share scheme 14.2 12.1 Working capital changes: Trade and other receivables 3.5 2.6 Assets classified as held for sale \u2014 12.2 Trade and other payables (35.8) (28.2) Other liabilities (9.4) (15.4) Liabilities classified as held for sale \u2014 (7.6) 191.9 241.5 Cashflows from operations \u2013 policyholders1,2 Net fair value gains on linked investments backing policyholder funds 15 (359.0) (478.5) Net fair value change on policyholder investment contract liabilities 15 741.0 772.6 Net contributions received from policyholders 15 6.9 202.1 Net acquisition of linked investments backing policyholder funds1 15 (444.3) (423.0) Working capital changes: Trade and other receivables 2.0 (15.7) Trade and other payables (16.4) 0.5 (69.8) 58.0 1. The comparative amounts have been restated to reflect the reclassification of net acquisition of linked investments backing policyholder funds from investing activities to operating activities. These changes are considered to improve the consistency of the classification of cash flows related to policyholders and to align the presentation with other sections of the Integrated Annual Report. 2. The note has been re-presented to include the split of shareholder and policyholder cash flows. 23(b) Reconciliation of liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the consolidated statement of cash flows as cash flows from financing activities. Lease liabilities 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m At 1 April 109.4 110.4 Changes from cash flows: Principal elements of lease payments (10.3) (5.3) Interest paid in respect of lease liabilities (3.6) (1.7) Payment of lease liabilities (13.9) (7.0) Other changes: Additions and remeasurements of lease liabilities 2.8 0.8 Interest expense on lease liabilities 6 3.6 3.8 Foreign exchange adjustment 0.8 1.4 At 31 March 102.7 109.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "24. Commitments The Group has a \u00a320.2 million (2022: \u00a319.6 million) commitment to Ninety One Global Alternative Fund 2 SCSp-RAIF \u2013 European Credit Opportunities Fund I. The commitment outstanding at 31 March 2023 not recognised as liability in the financial statements was \u00a316.0 million (2022: \u00a319.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "25. Interests in unconsolidated structured entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The types of structured entities that the Group does not consolidate but in which it holds an interest are: Type of structured entity Nature and purpose Interest held by the Group Mutual funds To manage assets on behalf of investors and generate fees for the investment manager. These vehicles are financed through the issue of shares or units to investors. i) Shares or units issued by the funds ii) Management fee and performance fee Interests held by the Group in mutual funds are: Number of funds AUM of the funds Carrying amount included in the statement of financial position Investment management and performance fees for the year Management/ performance fees receivable as at year end \u00a3\u2019bn \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m At 31 March 2023 141 60.5 283.0 365.2 35.8 At 31 March 2022 139 67.1 144.0 403.6 34.8 The Group\u2019s proprietary investments in mutual funds comprise investment in money market funds and seed investments which are classified as cash and cash equivalents and current investments on the consolidated statement of financial position respectively. The carrying value of the Group\u2019s proprietary investments and fees receivable represent the Group\u2019s maximum exposure to loss from the interests in unconsolidated structured entities. During the years ended 31 March 2023 and 2022, the Group did not provide financial support to unconsolidated structured entities and has no intention of providing financial or other support. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-429": {
"value": "26. Related parties In the ordinary course of business, the Group carries out transactions with related parties, as defined by IAS 24 Related Party Disclosures. Apart from those disclosed elsewhere in the consolidated financial statements, material transactions for the year are set out below. 26(a) Transactions with key management personnel The key management personnel are defined as the Directors (both Executive and Non-Executive) of Ninety One plc and Ninety One Limited. Details of the compensation paid to the Directors are disclosed on page 99 as well as their shareholdings in the Group on page 104 of the Annual Report on Remuneration. The remuneration related to key management personnel for employee services was: 2023 2022 \u00a3\u2019m \u00a3\u2019m Short-term employee benefits 4.2 6.1 Share-based payments 2.6 2.3 6.8 8.4 26(b) Balance and transactions with Marathon Trust and Forty Two Point Two Ninety One employees indirectly hold an interest in the Group through the Marathon Trust (the \u201cTrust\u201d) and Forty Two Point Two. The Trust owns 100 percent of Forty Two Point Two and Forty Two Point Two owns 25.65 percent (2022: 23.41 percent) of the Group. During the year ended 31 March 2023, Forty Two Point Two increased their shareholding in the Group by 2.24 percent (2022: increased by 1.6 percent) through purchases of shares in the market. The terms and conditions of the transaction were no more favourable than those available, or which might be expected to be available, on a similar transaction to non-related entities. There are no cross guarantees between Ninety One and Forty Two Point Two. 26(c) Relationship with former parent group, Investec In May 2022, Investec distributed 15 percent of the Group\u2019s shares to its ordinary shareholders. Following the completion of the distribution, Investec\u2019s percentage holding in the Group has reduced to approximately 10 percent (2022: 25 percent) on a DLC basis. Investec is no longer considered to be a related party to the Group according to IAS24. 26(d) Other related parties The Group operates and participates in staff pension schemes as detailed in note 18. Transactions made between the Group and the Group\u2019s staff pension schemes are made in the normal course of business. ",
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"fact-456": {
"value": "26(a) Transactions with key management personnel The key management personnel are defined as the Directors (both Executive and Non-Executive) of Ninety One plc and Ninety One Limited. Details of the compensation paid to the Directors are disclosed on page 99 as well as their shareholdings in the Group on page 104 of the Annual Report on Remuneration. The remuneration related to key management personnel for employee services was: 2023 2022 \u00a3\u2019m \u00a3\u2019m Short-term employee benefits 4.2 6.1 Share-based payments 2.6 2.3 6.8 8.4 ",
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"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-430": {
"value": "27. Financial risk management and fair values of financial instruments The Group has exposure to credit and liquidity risk which arises in the normal course of the business. The Group is also exposed to market risk arising from its financial instruments. This note presents information about the Group\u2019s exposure to each of the above risks and the objectives, policies and processes for measuring and managing risk. The Board of Directors of the Group has overall responsibility for the oversight of the Group\u2019s risk management framework. The Management Risk Committee, which is responsible for developing and monitoring the Group\u2019s risk management policies, reports quarterly to the Board of Directors on its activities. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. The Management Risk Committee meets once every two months and risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s business activities. The Management Audit Committee reviews and oversees financial, audit and tax-related matters. The Internal Audit Team undertakes both regular and ad hoc reviews of the governance framework, risk management and control environment, the results of which are reported to the Management Audit Committee, as well as the DLC Audit and Risk Committee. The DLC Audit and Risk Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The DLC Audit and Risk Committee receives updates from the Internal Audit Team, the Management Risk Committee and the Management Audit Committee on a regular basis. Material risks are appropriately escalated to the DLC Audit and Risk Committee, and all levels of risk are regularly and formally evaluated. 27(a) Policyholders\u2019 assets and liabilities The Group has no credit or market risk related to policyholders\u2019 investments and trade and other receivables as they are matched by the liability that the Group has to its policyholders for the value of these assets. The risks and rewards associated with the policyholders\u2019 investments and trade and other receivables are therefore borne by the policyholders and not by the Group. Therefore, the credit and market risk disclosure in the remainder of this note only deals with the financial risks related to non-policyholder financial assets and liabilities. 27(b) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables. The Group\u2019s credit risk arising from cash and cash equivalents is limited because the counterparties are reputable banks or financial institutions with a minimum credit rating of Ba3 or BB assigned by Moody\u2019s and S&P respectively, which the management of the Group considers to have low credit risk. The maximum exposure to credit risk is represented by the carrying value of trade receivables excluding policyholders\u2019 trade and other receivables and cash and cash equivalents. The Group has no significant concentrations of credit risk with respect to trade receivables as the client bases are widely dispersed in different sectors and industries. Ageing of trade receivables at year end was: 2023 2022 \u00a3\u2019m \u00a3\u2019m Less than 30 days 90.0 119.0 Between 30 and 90 days 14.1 1.1 More than 90 days \u2014 0.4 104.1 120.5 Outstanding balances are aged monthly and long outstanding balances are actively followed up. Trade receivables for the ageing analysis are reconciled to the total trade and other receivables presented on the consolidated statement of financial position as follows: 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m Trade receivables per ageing analysis 104.1 120.5 Trade receivables related to policyholders 64.7 66.7 Subscription account receivables 63.3 56.3 Other receivables1 17. 2 11.3 Trade and other receivables measured at amortised cost 20 249.3 254.8 Trade and other receivables \u2013 non-financial instruments 2 20 14.7 14.6 Trade and other receivables \u2013 total 264.0 269.4 1. Principally relate to sundry debtors and fund recharge receivables. 2. Principally relate to prepayments and deposits. ECLs are calculated on all of the Group\u2019s financial assets that are measured at amortised cost, which are presented in note 20 to the consolidated financial statements. The Group applies the IFRS 9 simplified approach to measuring ECLs for trade receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are determined by grouping together trade receivables with similar credit risk characteristics and collectively assessing them for the likelihood of recovery, taking into account prevailing economic conditions. While cash and cash equivalents are also subject to the impairment requirement of IFRS 9, the identified impairment loss was immaterial. Expected loss rates are based on the payment profiles of trade receivables over the preceding ten years and the corresponding historical credit losses experienced within this period. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables. The Group has identified the unemployment rate of the countries in which it provides services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in this factor. The ECLs are considered insignificant as the results of the assessment showed an insignificant impact, therefore no loss allowance has been provided for the years ended 31 March 2023 and 2022. 27(c) Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to maintain sufficient liquidity to cover any cash flow funding, meeting obligations as they fall due and maintaining solvency. The Group holds sufficient liquid funds to cover its needs in the normal course of business. At the end of the reporting period, the Group held cash and cash equivalents of \u00a3379.6 million (2022: \u00a3406.6 million) (note 16) that are readily available to use for managing the Group\u2019s liquidity risk. The Group has no material exposure to liquidity risk in relation to linked investments backing policyholder funds as the risk and rewards associated with these assets are borne by the policyholders, and the Group\u2019s liability to the policyholders is equal to the market value of the assets underlying the policies, less applicable taxation. The maximum exposure to liquidity risk is represented by current financial liabilities. All outstanding amounts are unsecured and interest-free. Current financial liabilities are contractually due within one year or repayable on demand. The remaining contractual maturity of lease liabilities is disclosed in note 13. 27(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters. (i) Currency risk The Group is exposed to currency risk in the ordinary course of business on portions of its trade receivables, cash and cash equivalents and trade and other payables. Foreign currency exchange rate fluctuations may create unpredictable earnings and cash flow volatility. Entities within the Group conducting business with international counterparties that leads to future cash flows denominated in a currency other than their functional currencies are exposed to the risk from changes in foreign currency exchange rates. Outstanding amounts are regularly monitored and settled to mitigate currency exposures. The risk is also mitigated by, as far as possible, closing all types of business transactions mainly in the functional currency. Effects of foreign currency translation The financial statements of those entities located outside of the United Kingdom are translated into Pound Sterling for the preparation of the financial statements of the Group. Investments in foreign-based operations are permanent and that reinvestment is continuous. Effects from foreign currency exchange rate fluctuations on the translation of net asset amounts into Pound Sterling are reflected in other comprehensive income in the consolidated statement of comprehensive income. Cash flow sensitivity analysis At the year ended 31 March 2023, if the functional currencies of respective foreign entities had strengthened by 10%, profit before tax and equity of the Group would have decreased by \u00a35.8 million (2022: \u00a31.9 million). A 10% weakening would have had the equal but opposite effect. Results of the analysis represent an aggregation of the instantaneous effects on each of the entities\u2019 profit before tax. Differences from the translation of the financial statements of foreign operations into the Group\u2019s presentation currency are excluded. (ii) Interest rate risk The Group adopts a policy of ensuring that its exposure to changes in interest rates is on a floating rate basis as virtually all such exposures are short-term in nature. At the year end, the Group\u2019s only interest-bearing financial instrument was cash and cash equivalents (2022: cash and cash equivalents). Cash flow sensitivity analysis An increase of 10 basis points in interest rates at the year ended 31 March 2023 would have increased profit before tax and equity by \u00a30.4 million (2022: \u00a30.4 million). A decrease of 10 basis points in interest rates at year end would have had the equal but opposite effect. This assumes that all other variables remain constant and the year-end balance has been constant throughout the year. The analysis is performed on the same basis for the prior year. (iii) Price risk The financial instruments of the Group subject to price risk principally relates to its deferred compensation investments and its investments in pooled vehicles which are seed capital investments. As the Group\u2019s deferred compensation investments are matched by the liability the Group has to its employees for the value of these investments, there is no impact to the consolidated statement of comprehensive income for changes in the values of these investments. Price risk on seed capital investments is not deemed to be significant due to the size of these holdings. 27(e) Capital management The capital of the Group is considered to be its share capital and reserves. The Group\u2019s objectives and policies are to retain sufficient capital on hand to meet the external minimum capital requirements of the Financial Conduct Authority (\u201cFCA\u201d) in the UK, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in South Africa and certain overseas financial regulators, to create value for the Group\u2019s shareholders by providing returns and to safeguard the Group\u2019s ability to continue as a going concern. All regulated entities within the Group complied with the externally imposed regulatory capital requirements. Through our internal capital adequacy assessment processes and in conjunction with the Board of Directors, management assesses the capital requirements periodically to ensure that the Group holds reasonable surplus capital over its regulatory capital requirements to mitigate the financial impact of any key risks materialising. In forecasting the Group\u2019s capital requirements, the Group considers all known changes in the economic environment and assesses against the forecast available capital resources. There were no changes in the approach to capital management during the year. 27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. The Group\u2019s level 2 financial instruments principally comprise unquoted investments including equities, mutual funds, collective investment schemes, debt securities, derivatives and policyholder investment contract liabilities. Valuation techniques may include using a broker quote in an active market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. Level 3: Valuation techniques that include significant inputs that are unobservable. Level 3 fair value measurements are explained below. Financial instruments measured at fair value at the end of the reporting period by the level in the fair value hierarchy were: Level 1 Level 2 Level 3 Total 2023 Notes \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Deferred compensation investments 11 52.9 \u2014 \u2014 52.9 Seed investments 11 2.9 \u2014 \u2014 2.9 Unlisted investment vehicles 11 \u2014 \u2014 8.0 8.0 Other investments 11 \u2014 4.1 \u2014 4.1 Money market funds 1 16 280.1 \u2014 \u2014 280.1 Investments backing policyholder funds 15 800.5 9,116.2 45.9 9,962.6 Total financial assets measured at fair value 20 1,136.4 9,120.3 53.9 10,310.6 Policyholder investment contract liabilities 15 \u2014 (9,967.3) \u2014 (9,967.3) Other liabilities 17 (55.6) \u2014 \u2014 (55.6) Total financial liabilities measured at fair value 20 (55.6) (9,967.3) \u2014 (10,022.9) 2022 (Restated) Deferred compensation investments 11 59.2 \u2014 \u2014 59.2 Seed investments 11 2.7 \u2014 \u2014 2.7 Unlisted investment vehicles 11 \u2014 \u2014 3.5 3.5 Other investments 11 \u2014 5.7 \u2014 5.7 Money market funds 1 16 141.3 \u2014 \u2014 141.3 Investments backing policyholder funds2 15 1,075.2 9,646.8 63.9 10,785.9 Total financial assets measured at fair value1,2 20 1,278.4 9,652.5 67.4 10,998.3 Policyholder investment contract liabilities3 15 \u2014 (10,769.9) \u2014 (10,769.9) Other liabilities 17 (65.1) \u2014 \u2014 (65.1) Total financial liabilities measured at fair value3 20 (65.1) (10,769.9) \u2014 (10,835.0) 1. The comparative amounts have been restated to reflect the reclassification of money market funds from financial assets measured at amortised cost to financial assets measured at FVTPL. Money market funds are classified as level 1 financial instruments in the fair value hierarchy. 2. The comparative amount for Interest-bearing stocks, debentures and other loans within investments backing policyholder funds of \u00a31,897.8 million was reclassified from level 1 to level 2 to correctly reflect the measurement of these investments. 3. The comparative amounts were reclassified as level 2 to align with the fair value measurement policy. During the years ended 31 March 2023 and 2022, there were no transfers between level 1 and level 2, or transfers into or out of level 3. The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. Carrying amounts of the financial assets and financial liabilities measured at amortised cost approximate fair value. Information about level 3 fair value measurements Unlisted investment vehicles represent the Group\u2019s investment in Ninety One Africa Private Equity Fund 2 L.P. and Ninety One Global Alternative Fund 2 SCSp RAIF \u2013 European Credit Opportunities Fund 1. (2022: investment in Ninety One Africa Private Equity Fund 2 L.P. and Ninety One Global Alternative Fund 2 SCSp RAIF \u2013 European Credit Opportunities Fund 1). The key unobservable input used in measuring their fair values is the value of the underlying investments of these funds which are calculated by the General Partners using multiple valuation techniques such as amortised cost, EBITDA multiple or NPV. Unrealised losses or gains on investments are included in net gain on investments in the consolidated statement of comprehensive income. Investments backing policyholder funds include credit exposures that are not actively traded and where the principal input in their valuation (i.e. credit spreads) is unobservable. Accordingly, an alternative valuation methodology has been applied being an EBITDA multiple, discounted cashflow models with spread adjustments for any credit rating downgrades or expected cost recovery. All of the investment risk associated with these assets is borne by policyholders and the value of these assets is exactly matched by a corresponding liability due to policyholders. The Group bears no risk from a change in the market value of these assets except to the extent that it has an impact on management fees earned. A sensitivity analysis has not been presented as the \u201cstressing\u201d of the significant unobservable inputs applied in the valuation does not have a material impact on the consolidated financial statements. The movements during the year in the balance of the level 3 fair value measurements were: 2023 2022 Unlisted investment vehicles \u00a3\u2019m \u00a3\u2019m At 1 April 3.5 5.5 Purchase/(disposal) 4.3 (1.3) Unrealised gain/(loss) 0.2 (0.7) At 31 March 8.0 3.5 2023 2022 Investment backing policyholder funds \u00a3\u2019m \u00a3\u2019m At 1 April 63.9 69.1 Disposal (10.1) (5.8) Unrealised gain/(loss) 0.1 (4.1) Foreign exchange adjustment (8.0) 4.7 At 31 March 45.9 63.9 ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-457": {
"value": "27(b) Credit risk Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade receivables. The Group\u2019s credit risk arising from cash and cash equivalents is limited because the counterparties are reputable banks or financial institutions with a minimum credit rating of Ba3 or BB assigned by Moody\u2019s and S&P respectively, which the management of the Group considers to have low credit risk. The maximum exposure to credit risk is represented by the carrying value of trade receivables excluding policyholders\u2019 trade and other receivables and cash and cash equivalents. The Group has no significant concentrations of credit risk with respect to trade receivables as the client bases are widely dispersed in different sectors and industries. Ageing of trade receivables at year end was: 2023 2022 \u00a3\u2019m \u00a3\u2019m Less than 30 days 90.0 119.0 Between 30 and 90 days 14.1 1.1 More than 90 days \u2014 0.4 104.1 120.5 Outstanding balances are aged monthly and long outstanding balances are actively followed up. Trade receivables for the ageing analysis are reconciled to the total trade and other receivables presented on the consolidated statement of financial position as follows: 2023 2022 Notes \u00a3\u2019m \u00a3\u2019m Trade receivables per ageing analysis 104.1 120.5 Trade receivables related to policyholders 64.7 66.7 Subscription account receivables 63.3 56.3 Other receivables1 17. 2 11.3 Trade and other receivables measured at amortised cost 20 249.3 254.8 Trade and other receivables \u2013 non-financial instruments 2 20 14.7 14.6 Trade and other receivables \u2013 total 264.0 269.4 1. Principally relate to sundry debtors and fund recharge receivables. 2. Principally relate to prepayments and deposits. ECLs are calculated on all of the Group\u2019s financial assets that are measured at amortised cost, which are presented in note 20 to the consolidated financial statements. The Group applies the IFRS 9 simplified approach to measuring ECLs for trade receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are determined by grouping together trade receivables with similar credit risk characteristics and collectively assessing them for the likelihood of recovery, taking into account prevailing economic conditions. While cash and cash equivalents are also subject to the impairment requirement of IFRS 9, the identified impairment loss was immaterial. Expected loss rates are based on the payment profiles of trade receivables over the preceding ten years and the corresponding historical credit losses experienced within this period. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables. The Group has identified the unemployment rate of the countries in which it provides services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in this factor. The ECLs are considered insignificant as the results of the assessment showed an insignificant impact, therefore no loss allowance has been provided for the years ended 31 March 2023 and 2022. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-458": {
"value": "27(c) Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to maintain sufficient liquidity to cover any cash flow funding, meeting obligations as they fall due and maintaining solvency. The Group holds sufficient liquid funds to cover its needs in the normal course of business. At the end of the reporting period, the Group held cash and cash equivalents of \u00a3379.6 million (2022: \u00a3406.6 million) (note 16) that are readily available to use for managing the Group\u2019s liquidity risk. The Group has no material exposure to liquidity risk in relation to linked investments backing policyholder funds as the risk and rewards associated with these assets are borne by the policyholders, and the Group\u2019s liability to the policyholders is equal to the market value of the assets underlying the policies, less applicable taxation. The maximum exposure to liquidity risk is represented by current financial liabilities. All outstanding amounts are unsecured and interest-free. Current financial liabilities are contractually due within one year or repayable on demand. The remaining contractual maturity of lease liabilities is disclosed in note 13. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-459": {
"value": "27(d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters. (i) Currency risk The Group is exposed to currency risk in the ordinary course of business on portions of its trade receivables, cash and cash equivalents and trade and other payables. Foreign currency exchange rate fluctuations may create unpredictable earnings and cash flow volatility. Entities within the Group conducting business with international counterparties that leads to future cash flows denominated in a currency other than their functional currencies are exposed to the risk from changes in foreign currency exchange rates. Outstanding amounts are regularly monitored and settled to mitigate currency exposures. The risk is also mitigated by, as far as possible, closing all types of business transactions mainly in the functional currency. Effects of foreign currency translation The financial statements of those entities located outside of the United Kingdom are translated into Pound Sterling for the preparation of the financial statements of the Group. Investments in foreign-based operations are permanent and that reinvestment is continuous. Effects from foreign currency exchange rate fluctuations on the translation of net asset amounts into Pound Sterling are reflected in other comprehensive income in the consolidated statement of comprehensive income. Cash flow sensitivity analysis At the year ended 31 March 2023, if the functional currencies of respective foreign entities had strengthened by 10%, profit before tax and equity of the Group would have decreased by \u00a35.8 million (2022: \u00a31.9 million). A 10% weakening would have had the equal but opposite effect. Results of the analysis represent an aggregation of the instantaneous effects on each of the entities\u2019 profit before tax. Differences from the translation of the financial statements of foreign operations into the Group\u2019s presentation currency are excluded. (ii) Interest rate risk The Group adopts a policy of ensuring that its exposure to changes in interest rates is on a floating rate basis as virtually all such exposures are short-term in nature. At the year end, the Group\u2019s only interest-bearing financial instrument was cash and cash equivalents (2022: cash and cash equivalents). Cash flow sensitivity analysis An increase of 10 basis points in interest rates at the year ended 31 March 2023 would have increased profit before tax and equity by \u00a30.4 million (2022: \u00a30.4 million). A decrease of 10 basis points in interest rates at year end would have had the equal but opposite effect. This assumes that all other variables remain constant and the year-end balance has been constant throughout the year. The analysis is performed on the same basis for the prior year. (iii) Price risk The financial instruments of the Group subject to price risk principally relates to its deferred compensation investments and its investments in pooled vehicles which are seed capital investments. As the Group\u2019s deferred compensation investments are matched by the liability the Group has to its employees for the value of these investments, there is no impact to the consolidated statement of comprehensive income for changes in the values of these investments. Price risk on seed capital investments is not deemed to be significant due to the size of these holdings. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"value": "27(e) Capital management The capital of the Group is considered to be its share capital and reserves. The Group\u2019s objectives and policies are to retain sufficient capital on hand to meet the external minimum capital requirements of the Financial Conduct Authority (\u201cFCA\u201d) in the UK, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in South Africa and certain overseas financial regulators, to create value for the Group\u2019s shareholders by providing returns and to safeguard the Group\u2019s ability to continue as a going concern. All regulated entities within the Group complied with the externally imposed regulatory capital requirements. Through our internal capital adequacy assessment processes and in conjunction with the Board of Directors, management assesses the capital requirements periodically to ensure that the Group holds reasonable surplus capital over its regulatory capital requirements to mitigate the financial impact of any key risks materialising. In forecasting the Group\u2019s capital requirements, the Group considers all known changes in the economic environment and assesses against the forecast available capital resources. There were no changes in the approach to capital management during the year. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-479": {
"value": "27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. The Group\u2019s level 2 financial instruments principally comprise unquoted investments including equities, mutual funds, collective investment schemes, debt securities, derivatives and policyholder investment contract liabilities. Valuation techniques may include using a broker quote in an active market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. Level 3: Valuation techniques that include significant inputs that are unobservable. Level 3 fair value measurements are explained below. ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-461": {
"value": "27(f) Fair value measurements The fair values of all financial instruments are substantially similar to carrying values reflected in the consolidated statement of financial position as they are short-term in nature, subject to variable, market-related interest rates or stated at fair value in the statement of financial position. The Group measures fair values including policyholders\u2019 assets and liabilities using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Prices that are not traded in an active market but are determined using valuation techniques, which are based on observable inputs. The Group\u2019s level 2 financial instruments principally comprise unquoted investments including equities, mutual funds, collective investment schemes, debt securities, derivatives and policyholder investment contract liabilities. Valuation techniques may include using a broker quote in an active market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. Level 3: Valuation techniques that include significant inputs that are unobservable. Level 3 fair value measurements are explained below. Financial instruments measured at fair value at the end of the reporting period by the level in the fair value hierarchy were: Level 1 Level 2 Level 3 Total 2023 Notes \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m Deferred compensation investments 11 52.9 \u2014 \u2014 52.9 Seed investments 11 2.9 \u2014 \u2014 2.9 Unlisted investment vehicles 11 \u2014 \u2014 8.0 8.0 Other investments 11 \u2014 4.1 \u2014 4.1 Money market funds 1 16 280.1 \u2014 \u2014 280.1 Investments backing policyholder funds 15 800.5 9,116.2 45.9 9,962.6 Total financial assets measured at fair value 20 1,136.4 9,120.3 53.9 10,310.6 Policyholder investment contract liabilities 15 \u2014 (9,967.3) \u2014 (9,967.3) Other liabilities 17 (55.6) \u2014 \u2014 (55.6) Total financial liabilities measured at fair value 20 (55.6) (9,967.3) \u2014 (10,022.9) 2022 (Restated) Deferred compensation investments 11 59.2 \u2014 \u2014 59.2 Seed investments 11 2.7 \u2014 \u2014 2.7 Unlisted investment vehicles 11 \u2014 \u2014 3.5 3.5 Other investments 11 \u2014 5.7 \u2014 5.7 Money market funds 1 16 141.3 \u2014 \u2014 141.3 Investments backing policyholder funds2 15 1,075.2 9,646.8 63.9 10,785.9 Total financial assets measured at fair value1,2 20 1,278.4 9,652.5 67.4 10,998.3 Policyholder investment contract liabilities3 15 \u2014 (10,769.9) \u2014 (10,769.9) Other liabilities 17 (65.1) \u2014 \u2014 (65.1) Total financial liabilities measured at fair value3 20 (65.1) (10,769.9) \u2014 (10,835.0) 1. The comparative amounts have been restated to reflect the reclassification of money market funds from financial assets measured at amortised cost to financial assets measured at FVTPL. Money market funds are classified as level 1 financial instruments in the fair value hierarchy. 2. The comparative amount for Interest-bearing stocks, debentures and other loans within investments backing policyholder funds of \u00a31,897.8 million was reclassified from level 1 to level 2 to correctly reflect the measurement of these investments. 3. The comparative amounts were reclassified as level 2 to align with the fair value measurement policy. During the years ended 31 March 2023 and 2022, there were no transfers between level 1 and level 2, or transfers into or out of level 3. The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. Carrying amounts of the financial assets and financial liabilities measured at amortised cost approximate fair value. Information about level 3 fair value measurements Unlisted investment vehicles represent the Group\u2019s investment in Ninety One Africa Private Equity Fund 2 L.P. and Ninety One Global Alternative Fund 2 SCSp RAIF \u2013 European Credit Opportunities Fund 1. (2022: investment in Ninety One Africa Private Equity Fund 2 L.P. and Ninety One Global Alternative Fund 2 SCSp RAIF \u2013 European Credit Opportunities Fund 1). The key unobservable input used in measuring their fair values is the value of the underlying investments of these funds which are calculated by the General Partners using multiple valuation techniques such as amortised cost, EBITDA multiple or NPV. Unrealised losses or gains on investments are included in net gain on investments in the consolidated statement of comprehensive income. Investments backing policyholder funds include credit exposures that are not actively traded and where the principal input in their valuation (i.e. credit spreads) is unobservable. Accordingly, an alternative valuation methodology has been applied being an EBITDA multiple, discounted cashflow models with spread adjustments for any credit rating downgrades or expected cost recovery. All of the investment risk associated with these assets is borne by policyholders and the value of these assets is exactly matched by a corresponding liability due to policyholders. The Group bears no risk from a change in the market value of these assets except to the extent that it has an impact on management fees earned. A sensitivity analysis has not been presented as the \u201cstressing\u201d of the significant unobservable inputs applied in the valuation does not have a material impact on the consolidated financial statements. The movements during the year in the balance of the level 3 fair value measurements were: 2023 2022 Unlisted investment vehicles \u00a3\u2019m \u00a3\u2019m At 1 April 3.5 5.5 Purchase/(disposal) 4.3 (1.3) Unrealised gain/(loss) 0.2 (0.7) At 31 March 8.0 3.5 2023 2022 Investment backing policyholder funds \u00a3\u2019m \u00a3\u2019m At 1 April 63.9 69.1 Disposal (10.1) (5.8) Unrealised gain/(loss) 0.1 (4.1) Foreign exchange adjustment (8.0) 4.7 At 31 March 45.9 63.9 ",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-431": {
"value": "28. Events after the reporting date As part of a share buyback programme approved by the Board of Directors, the Group repurchased 2.9 million shares in Ninety One Limited on-market for a total consideration of R114.4 million (equivalent to \u00a34.7 million) including transaction costs from 1 April to 2 June 2023, being the last practicable date prior to the finalisation of the consolidated financial statements. ",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-432": {
"value": "29. Subsidiaries and other related undertakings The Group operates globally, which results in the Group having a corporate structure consisting of a number of related undertakings, comprising subsidiaries and associates. All subsidiaries have been consolidated in the Group\u2019s financial statements. There are no restrictions or changes in ownership of the subsidiaries. The Group\u2019s related undertakings along with the place of incorporation, the registered address, the classes of shares held and the effective percentage of equity owned at 31 March 2023 are disclosed below. The addresses of the registered offices of Ninety One plc and Ninety One Limited are 55 Gresham Street, London, EC2V 7EL, United Kingdom and 36 Hans Strijdom Avenue, Cape Town, 8001, South Africa respectively. Company name Share class Interest in % Principal subsidiaries and associates held by Ninety One plc United Kingdom Registered office: 55 Gresham Street, London, EC2V 7EL Ninety One Fund Managers UK Limited Ordinary 100 Ninety One Global Limited 1 Ordinary 100 Ninety One International Limited Ordinary 100 Ninety One UK Holdings Limited Ordinary 100 Ninety One UK Limited Ordinary 100 Australia Registered office: Suite 3, Level 28, Chifley Tower, 2 Chifley Square, Sydney, NSW 2000 Ninety One Australia Pty Limited Ordinary 100 Canada Registered office: 22 Adelaide Street West, 3400, Toronto, Ontario, Canada, M5H 4E3 Ninety One Canada Inc. Ordinary 100 Guernsey Registered office: First Floor, Dorey Court, Elizabeth Avenue, St. Peter Port, GY1 2HT Ninety One Africa Frontier Private Equity Fund GP Limited Ordinary 100 Ninety One Africa Private Equity Fund 2 GP Limited Ordinary 100 Ninety One Guernsey Limited Ordinary 100 Lango Real Estate Management Limited 2, 3 Ordinary 37.5 Lango Co-Invest GP Limited Ordinary 100 Lango Co-Invest LP2 Partnership interest 34.3 GIAP Manco Empowerment Limited Ordinary 50 Hong Kong Registered office: Suite 1201-1206, 12/F, One Pacific Place, 88 Queensway, Admiralty Ninety One Hong Kong Limited Ordinary 100 Luxembourg Registered office: 2-4 Avenue Marie-Th\u00e9r\u00e8se, L-2132 Ninety One Africa Credit Opportunities Fund 2 GP S.\u00e0 r.l. Ordinary 100 Ninety One Global Alternative Fund 2 GP S.\u00e0 r.l. Ordinary 100 Ninety One Luxembourg S.A. Ordinary 100 Singapore Registered office: 138 Market Street, #27-02 CapitaGreen, Singapore 048946 Ninety One Singapore Pte. Limited Ordinary 100 Company name Share class Interest in % Switzerland Registered office: Dufourstrasse 49, 8008 Zurich Ninety One Switzerland GmbH Ordinary 100 United States of America Registered office: 2711 Centerville Road, Suite 400, Wilmington, 19808, New Castle Ninety One North America, Inc. Ordinary 100 Principal subsidiaries and associates held by Ninety One Limited South Africa Registered office: 36 Hans Strijdom Avenue, Cape Town, 8001 Ninety One Africa Proprietary Limited4 Ordinary 100 Ninety One Alternative Investments GP Proprietary Limited Ordinary 100 Ninety One Assurance Limited Ordinary 100 Ninety One Fund Managers SA (RF) Proprietary Limited Ordinary 100 Ninety One Investment Platform Proprietary Limited Ordinary 100 Ninety One SA Proprietary Limited Ordinary 100 Grayston Nominees Proprietary Limited Ordinary 100 Botswana Registered office: Deloitte House, Plot 64518, Fairgrounds, Gaborone Ninety One Botswana Proprietary Limited 5 Ordinary 90 Ninety One Botswana Employee Share Scheme Trust 6 Unspecified \u2014 Ninety One Fund Managers Botswana Proprietary Limited 5 Ordinary 90 Namibia Registered office: 24 Orban Street, Klein Windhoek, Windhoek Ninety One Asset Management Namibia (Proprietary) Limited7 Ordinary 100 Ninety One Asset Management Namibia Staff Share Scheme Trust6 Unspecified \u2014 Ninety One Fund Managers Namibia Limited7 Ordinary 100 1. Directly held by Ninety One plc. 2. This is an associate to the Group. 3. At 31 March 2022, the holding in Lango Real Estate Management Limited by the Group consisted of a 37.5% holding by Ninety One Guernsey Limited and a 5% holding by GIAP Manco Empowerment LImited. During the year ended 31 March 2023, GIAP Manco Empowerment Limited disposed its 5% holding in Lango real estate Management Limited and therefore the holding by the Group decreased from 42.5 percent to 37.5 percent at 31 March 2023. 4. Directly held by Ninety One Limited. 5. 75 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited, 15 percent is indirectly held by Ninety One Africa Proprietary Limited via Ninety One Botswana Employee Share Scheme Trust and the remaining 10 percent is directly held by an employee. 6. The Group is considered to have control over these Trusts via Ninety One Africa Proprietary Limited under the requirements of IFRS 10. Accordingly, these Trusts are classified as indirect subsidiaries of the Company. 7. 85 percent of the equity interest in these companies is directly held by Ninety One Africa Proprietary Limited. The remaining 15 percent is indirectly held by Ninety One Africa Proprietary Limited via Ninety One Asset Management Namibia Staff Share Scheme Trust.",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-20": {
"value": "Ninety One plc 55 Gresham Street London, EC2V 7EL United Kingdom",
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"language": "en",
"entity": "scheme:549300G0TJCT3K15ZG14",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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}