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"fact-344": { "value": "10300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "12500000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PurchaseOfOwnSharesClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "23800000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PurchaseOfOwnSharesClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "25400000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:ShareBuybackClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "-0", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:ShareBuybackClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "115800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "130200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "-163800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "-164300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "470900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "594300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-355": { "value": "3600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "-88000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-357": { "value": "-17400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-358": { "value": "-35400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-359": { "value": "457100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-360": { "value": "470900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "375300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "379600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "81800000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:CashAndCashEquivalentsPresentedWithinLinkedInvestmentsBackingPolicyholderFunds", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-364": { "value": "91300000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:CashAndCashEquivalentsPresentedWithinLinkedInvestmentsBackingPolicyholderFunds", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-365": { "value": "457100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-366": { "value": "470900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-10": { "value": "570300000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PriorValueOfCashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "594300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "450900000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PriorValueOfCashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "470900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "71300000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PreviousCashAndCashEquivalentsPresentedWithinLinkedInvestmentsBackingPolicyholderFunds", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "91300000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:CashAndCashEquivalentsPresentedWithinLinkedInvestmentsBackingPolicyholderFunds", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "69800000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PriorCashFlowsFromOperationsPolicyholders", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-4": { "value": "-70500000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:CashFlowsFromOperationsPolicyholders", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "122100000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PriorNetCashFlowsFromOperations", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "121400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "74600000", "decimals": -5, "dimensions": { "concept": "ninetyoneplc:PriorNetCashFlowsFromOperatingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "73900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "87.3", "dimensions": { "concept": "ninetyoneplc:PriorChangeInCashAndCashEquivalents", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-11": { "value": "-88000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "32.1", "dimensions": { "concept": "ninetyoneplc:PriorValueOfEffectOfForeignExchangeRates", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-14": { "value": "-35400000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-368": { "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 IFRS
\u00ae
Accounting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS
Accounting Standards\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 IFRIC
\u00ae
Interpretations (\u201cIFRIC Interpretations\u201d as issued by the IFRS Interpretation
Committee), or its predecessor body, the Standing Interpretations Committee (\u201cSIC
\u00ae
Interpretations\u201d), 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 2024, the consolidated statement of comprehensive income, consolidated statement of changes in equity,
and consolidated statement of cash flows for the year ended 31 March 2024 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\u00a3\u2019m\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 taken 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 2024. 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 Accounting Standards. IFRS Accounting Standards do 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.
Associates are those entities over which the Group has significant influence but not control or joint control, through
participation in the financial and operating policy decisions. Such entities are not consolidated, but are accounted for using
the equity method.
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 average monthly exchange rates;
\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.
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 or judgements 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 12 Leases;
\u027d Note 17 Pension scheme; and
\u027d Note 26(f) Fair value measurements.
The areas of the consolidated financial statements that involve judgements are set out in:
\u027d Note 16 Other liabilities;
\u027d Note 1(b) Basis of consolidation; and
\u027d Note 12 Leases.
Management does not expect changes in assumptions to lead to a material adjustment in future periods.
1(d) Forthcoming standards applicable to the Group
Up to the date of issue of the consolidated financial statements, the IASB has issued a number of new standards,
interpretations and amendments to existing standards in issue that are not yet effective for the year ended 31 March 2024.
Except for IFRS 18 Presentation and Disclosure in Financial Statements, which the Group is currently assessing its potential
impact, 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 is 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 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. 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.
8. Earnings per share
The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS Accounting
Standards and prevailing South African requirements.
8(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.
9. 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.
10. 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 16). 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.
11. 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.
12. 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 \u00a395.9 million (2023: \u00a396.7 million).
In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involves 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.
14. 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 17 Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are accounted for
as 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.
15. 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 \u00a363.2 million (2023: \u00a371.3 million) as set out in note 14 are not included in cash and cash equivalents
as they are not available for use by the Group.
16. 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 10).
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 requirements 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.
17. 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 2024 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 2024, there were no active members in the
Scheme (2023: 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.
18. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. Subscription accounts payable, commission payables, accrued expenses and other payables were grouped as trade payables in prior year. The change is to provide further disaggregation of the payables based on their nature. The total trade and other payables amount remains unchanged.
19. 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 2024 and 2023.
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, investments in unlisted investment vehicles and other investments. 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.
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 and trade and other
payables. All financial liabilities, excluding policyholder investment contract liabilities and other liabilities, are measured at
amortised cost using the effective interest method. Policyholder investment contract liabilities and other liabilities are
measured at fair value through profit or loss with movements in fair value recognised in the consolidated statement of
comprehensive income.
20. Share capital and reserves
20(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.
During the year ended 31 March 2024, Ninety One Limited bought back and cancelled 15.3 million of its ordinary shares
on-market at an average price of R38.92 per share, amounting to a total consideration of R596.9 million (equivalent to
\u00a325.4 million) including transaction costs. These transactions have resulted in a reduction in share capital of R463.4 million
(equivalent to \u00a322.5 million) and retained earnings of R133.5 million (equivalent to \u00a35.7 million). To maintain the same
equalisation ratio in the DLC structure, an equal number of special converting shares in Ninety One plc were redeemed
following the cancellation of ordinary shares in Ninety One Limited.
20(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.
21(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 in this financial year 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 have
bespoke vesting periods of up to five years and may be subject to performance conditions; 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 on the third anniversary of grant and be subject to further holding period after vesting of up to two years.
26(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 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. Unobservable inputs are only used to
measure fair value to the extent that relevant observables inputs are not available.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-369": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-19": { "value": "Ninety One plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-367": { "value": "Ninety One plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-20": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-21": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-370": { "value": "1(a) Basis of preparation The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with IFRS \u00ae Accounting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS Accounting Standards\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 IFRIC\u00ae Interpretations (\u201cIFRIC Interpretations\u201d as issued by the IFRS Interpretation Committee), or its predecessor body, the Standing Interpretations Committee (\u201cSIC\u00ae Interpretations\u201d), 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 2024, the consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended 31 March 2024 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\u00a3\u2019m\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 taken 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 2024. 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:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-396": { "value": "The Group\u2019s financial statements are prepared in accordance with UK-adopted international accounting standards and with IFRS \u00ae Accounting Standards as issued by the International Accounting Standards Board (\u201cIASB\u201d) (collectively \u201cIFRS Accounting Standards\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 IFRIC\u00ae Interpretations (\u201cIFRIC Interpretations\u201d as issued by the IFRS Interpretation Committee), or its predecessor body, the Standing Interpretations Committee (\u201cSIC\u00ae Interpretations\u201d), 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-397": { "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\u00a3\u2019m\u201d), unless otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-395": { "value": "Going concern The Board of Directors has considered the resilience of the Group and taken 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 2024. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-371": { "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 Accounting Standards. IFRS Accounting Standards do 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. Associates are those entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Such entities are not consolidated, but are accounted for using the equity method. 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 average monthly exchange rates; \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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-468": { "value": "Associates are those entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Such entities are not consolidated, but are accounted for using the equity method. 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-447": { "value": "Associates are those entities over which the Group has significant influence but not control or joint control, through participation in the financial and operating policy decisions. Such entities are not consolidated, but are accounted for using the equity method. 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 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-372": { "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 or judgements 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 12 Leases; \u027d Note 17 Pension scheme; and \u027d Note 26(f) Fair value measurements. The areas of the consolidated financial statements that involve judgements are set out in: \u027d Note 16 Other liabilities; \u027d Note 1(b) Basis of consolidation; and \u027d Note 12 Leases. Management does not expect changes in assumptions to lead to a material adjustment in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-399": { "value": "1(d) Forthcoming standards applicable to the Group Up to the date of issue of the consolidated financial statements, the IASB has issued a number of new standards, interpretations and amendments to existing standards in issue that are not yet effective for the year ended 31 March 2024. Except for IFRS 18 Presentation and Disclosure in Financial Statements, which the Group is currently assessing its potential impact, 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-373": { "value": "1(d) Forthcoming standards applicable to the Group Up to the date of issue of the consolidated financial statements, the IASB has issued a number of new standards, interpretations and amendments to existing standards in issue that are not yet effective for the year ended 31 March 2024. Except for IFRS 18 Presentation and Disclosure in Financial Statements, which the Group is currently assessing its potential impact, 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-448": { "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 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-425": { "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
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Revenue from external clients
United Kingdom
450.4
499.7
South Africa
162.8
160.4
Rest of the world
84.6
85.4
697.8
745.5
Performance fees included in total revenue above
30.6
19.4
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current assets
United Kingdom
69.6
73.3
South Africa
3.2
3.4
Rest of the world
21.9
24.3
94.7
101.0
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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-398": { "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 .
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Revenue from external clients
United Kingdom
450.4
499.7
South Africa
162.8
160.4
Rest of the world
84.6
85.4
697.8
745.5
Performance fees included in total revenue above
30.6
19.4
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current assets
United Kingdom
69.6
73.3
South Africa
3.2
3.4
Rest of the world
21.9
24.3
94.7
101.0
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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-374": { "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 .
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Revenue from external clients
United Kingdom
450.4
499.7
South Africa
162.8
160.4
Rest of the world
84.6
85.4
697.8
745.5
Performance fees included in total revenue above
30.6
19.4
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current assets
United Kingdom
69.6
73.3
South Africa
3.2
3.4
Rest of the world
21.9
24.3
94.7
101.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-449": { "value": "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-450": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-375": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-376": { "value": "
4. Operating expenses by nature
Staff expenses represent the largest portion of operating expenses. Other administrative expenses include overheads,
information and system expenses. Operating expenses are recognised as the services are received.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
251.5
279.2
Deferred employee benefit scheme gain
5
4.0
1.3
Depreciation of right-of-use assets
12,22(a)
9.6
9.9
Depreciation of property and equipment
11,22(a)
3.9
4.9
Auditors\u2019 remuneration
4(b)
1.8
1.9
Client and retail fund administration
37.5
39.9
Other administrative expenses
90.9
91.6
399.2
428.7
1
1
1. The comparative amounts have been re-presented to provide further disaggregation of expenses by nature, thus resulting in a split out of the \u201cClient and retail fund
administration\u201d. The total operating expenses amount remains unchanged.
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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
210.8
236.8
Share-based payment expenses related to Investec share plans
\u2014
0.3
Share-based payment expenses related to the Ninety One share scheme
16.5
14.2
Social security costs
14.4
17.8
Pension costs for defined contribution schemes
9.8
10.1
251.5
279.2
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2024
2023
Investments
264
271
Client group and marketing
277
289
Operations and central services
646
648
1,187
1,208
4(b) Auditors\u2019 remuneration
2024
2023
\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
0.4
0.3
Fees payable to the auditors and their associates for audit and other services:
Audits of the parent companies\u2019 subsidiaries
0.9
0.9
Audit-related assurance services
0.3
0.4
Other assurance services
0.2
0.3
1.8
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-437": { "value": "4. Operating expenses by nature Staff expenses represent the largest portion of operating expenses. Other administrative expenses include overheads, information and system expenses. Operating expenses are recognised as the services are received.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
251.5
279.2
Deferred employee benefit scheme gain
5
4.0
1.3
Depreciation of right-of-use assets
12,22(a)
9.6
9.9
Depreciation of property and equipment
11,22(a)
3.9
4.9
Auditors\u2019 remuneration
4(b)
1.8
1.9
Client and retail fund administration
37.5
39.9
Other administrative expenses
90.9
91.6
399.2
428.7
1 1 1. The comparative amounts have been re-presented to provide further disaggregation of expenses by nature, thus resulting in a split out of the \u201cClient and retail fund administration\u201d. The total operating expenses amount remains unchanged. 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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
210.8
236.8
Share-based payment expenses related to Investec share plans
\u2014
0.3
Share-based payment expenses related to the Ninety One share scheme
16.5
14.2
Social security costs
14.4
17.8
Pension costs for defined contribution schemes
9.8
10.1
251.5
279.2
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2024
2023
Investments
264
271
Client group and marketing
277
289
Operations and central services
646
648
1,187
1,208
4(b) Auditors\u2019 remuneration
2024
2023
\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
0.4
0.3
Fees payable to the auditors and their associates for audit and other services:
Audits of the parent companies\u2019 subsidiaries
0.9
0.9
Audit-related assurance services
0.3
0.4
Other assurance services
0.2
0.3
1.8
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-426": { "value": "4. Operating expenses by nature Staff expenses represent the largest portion of operating expenses. Other administrative expenses include overheads, information and system expenses. Operating expenses are recognised as the services are received.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
251.5
279.2
Deferred employee benefit scheme gain
5
4.0
1.3
Depreciation of right-of-use assets
12,22(a)
9.6
9.9
Depreciation of property and equipment
11,22(a)
3.9
4.9
Auditors\u2019 remuneration
4(b)
1.8
1.9
Client and retail fund administration
37.5
39.9
Other administrative expenses
90.9
91.6
399.2
428.7
1 1 1. The comparative amounts have been re-presented to provide further disaggregation of expenses by nature, thus resulting in a split out of the \u201cClient and retail fund administration\u201d. The total operating expenses amount remains unchanged. 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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
210.8
236.8
Share-based payment expenses related to Investec share plans
\u2014
0.3
Share-based payment expenses related to the Ninety One share scheme
16.5
14.2
Social security costs
14.4
17.8
Pension costs for defined contribution schemes
9.8
10.1
251.5
279.2
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2024
2023
Investments
264
271
Client group and marketing
277
289
Operations and central services
646
648
1,187
1,208
4(b) Auditors\u2019 remuneration
2024
2023
\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
0.4
0.3
Fees payable to the auditors and their associates for audit and other services:
Audits of the parent companies\u2019 subsidiaries
0.9
0.9
Audit-related assurance services
0.3
0.4
Other assurance services
0.2
0.3
1.8
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-400": { "value": "4. Operating expenses by nature Staff expenses represent the largest portion of operating expenses. Other administrative expenses include overheads, information and system expenses. Operating expenses are recognised as the services are received.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Staff expenses
4(a)
251.5
279.2
Deferred employee benefit scheme gain
5
4.0
1.3
Depreciation of right-of-use assets
12,22(a)
9.6
9.9
Depreciation of property and equipment
11,22(a)
3.9
4.9
Auditors\u2019 remuneration
4(b)
1.8
1.9
Client and retail fund administration
37.5
39.9
Other administrative expenses
90.9
91.6
399.2
428.7
1 1 1. The comparative amounts have been re-presented to provide further disaggregation of expenses by nature, thus resulting in a split out of the \u201cClient and retail fund administration\u201d. The total operating expenses amount remains unchanged. 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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
210.8
236.8
Share-based payment expenses related to Investec share plans
\u2014
0.3
Share-based payment expenses related to the Ninety One share scheme
16.5
14.2
Social security costs
14.4
17.8
Pension costs for defined contribution schemes
9.8
10.1
251.5
279.2
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2024
2023
Investments
264
271
Client group and marketing
277
289
Operations and central services
646
648
1,187
1,208
4(b) Auditors\u2019 remuneration
2024
2023
\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
0.4
0.3
Fees payable to the auditors and their associates for audit and other services:
Audits of the parent companies\u2019 subsidiaries
0.9
0.9
Audit-related assurance services
0.3
0.4
Other assurance services
0.2
0.3
1.8
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-441": { "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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Salaries, wages and other related expenses
210.8
236.8
Share-based payment expenses related to Investec share plans
\u2014
0.3
Share-based payment expenses related to the Ninety One share scheme
16.5
14.2
Social security costs
14.4
17.8
Pension costs for defined contribution schemes
9.8
10.1
251.5
279.2
Monthly average number of employees, including the Directors, employed by the Group during the year by activity:
Average number of employees
2024
2023
Investments
264
271
Client group and marketing
277
289
Operations and central services
646
648
1,187
1,208
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-442": { "value": "4(b) Auditors\u2019 remuneration
2024
2023
\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
0.4
0.3
Fees payable to the auditors and their associates for audit and other services:
Audits of the parent companies\u2019 subsidiaries
0.9
0.9
Audit-related assurance services
0.3
0.4
Other assurance services
0.2
0.3
1.8
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-378": { "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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Deferred employee benefit scheme gain
4
4.0
1.3
Gain/(loss) on other investments
1.2
(0.3)
Net gain on investments
22(a)
5.2
1.0
Foreign exchange (loss)/gain
(1.0)
1.1
Subletting income
2.0
1.2
Other income
5.8
3.7
12.0
7.0
10. 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 16). 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 19.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation investments
29.3
31.4
Investments in unlisted investment vehicles
16.1
8.0
Other investments
4.0
4.1
49.4
43.5
Current
Deferred compensation investments
22.2
21.5
Seed investments
3.2
2.9
25.4
24.4
24. 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
i) Shares or units issued by the funds
fees for the investment manager. ii) Management fee and performance fee
These vehicles are financed through the issue of
shares or units to investors.
Interests held by the Group in mutual funds are:
Carrying amount Investment Management/
included in the management and performance
AUM of statement of performance fees receivable
Number of funds the funds financial position fees for the year as at year end
\u00a3\u2019bn
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 31 March 2024
137
57.8
297.2
347.4
31.5
At 31 March 2023
141
60.5
283.0
365.2
35.8
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 2024 and 2023, the Group did not provide financial support to unconsolidated structured
entities and has no intention of providing financial or other support.
28. 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 2024 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
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
1
Company name
Share class
Interest in %
Ninety One Guernsey Limited
Ordinary
100
Lango Real Estate Management Limited
Ordinary
37.5
Lango Co-Invest GP Limited
Ordinary
100
Lango Co-Invest LP
Partnership interest
34.3
GIAP Manco Empowerment Limited
Ordinary
50
Ninety One Guernsey Nominees Limited
Ordinary
100
Ninety One Guernsey Service Company Limited
Ordinary
100
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 Global Alternative Fund 2 Carry SCSp
Partnership interest
40
Ninety One Luxembourg S.A.
Ordinary
100
Saudi Arabia
Registered office: 7934, Al Safarjal, 3193
Ninety One Capital Company (Single Shareholder Company)
3
Joint stock
100
Singapore
Registered office: 138 Market Street, #27-02 CapitaGreen, Singapore 048946
Ninety One Singapore Pte. Limited
Ordinary
100
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
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
Ordinary
90
Ninety One Botswana Employee Share Scheme Trust
Unspecified
\u2014
Ninety One Fund Managers Botswana Proprietary Limited
Ordinary
90
Namibia
Registered office: 24 Orban Street, Klein Windhoek, Windhoek
Ninety One Asset Management Namibia (Proprietary) Limited
Ordinary
100
Ninety One Asset Management Namibia Staff Share Scheme Trust
Unspecified
\u2014
Ninety One Fund Managers Namibia Limited
Ordinary
100
2
2
2
3
3
4
5
6
5
7
6
7
1. Directly held by Ninety One plc.
2. This is an associate to the Group.
3. Established in the current financial year.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-402": { "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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Deferred employee benefit scheme gain
4
4.0
1.3
Gain/(loss) on other investments
1.2
(0.3)
Net gain on investments
22(a)
5.2
1.0
Foreign exchange (loss)/gain
(1.0)
1.1
Subletting income
2.0
1.2
Other income
5.8
3.7
12.0
7.0
", "dimensions": { "concept": "ninetyoneplc:DisclosureOfNetGainOnInvestmentsAndOtherIncome", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-475": { "value": "6. Interest income/expense Interest income is 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 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-469": { "value": "6. Interest income/expense Interest income is 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 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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-451": { "value": "6. Interest income/expense Interest income is 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 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-445": { "value": "6. Interest income/expense Interest income is 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 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised cost
3.7
2.5
Interest income from money market funds
14.4
7.1
Interest income
22(a)
18.1
9.6
Interest expense on lease liabilities
22(b)
(3.5)
(3.6)
Other interest expense
(0.4)
(0.2)
Interest expense
22(a)
(3.9)
(3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-443": { "value": "6. Interest income/expense Interest income is 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 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised cost
3.7
2.5
Interest income from money market funds
14.4
7.1
Interest income
22(a)
18.1
9.6
Interest expense on lease liabilities
22(b)
(3.5)
(3.6)
Other interest expense
(0.4)
(0.2)
Interest expense
22(a)
(3.9)
(3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-438": { "value": "6. Interest income/expense Interest income is 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 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised cost
3.7
2.5
Interest income from money market funds
14.4
7.1
Interest income
22(a)
18.1
9.6
Interest expense on lease liabilities
22(b)
(3.5)
(3.6)
Other interest expense
(0.4)
(0.2)
Interest expense
22(a)
(3.9)
(3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-427": { "value": "6. Interest income/expense Interest income is 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 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised cost
3.7
2.5
Interest income from money market funds
14.4
7.1
Interest income
22(a)
18.1
9.6
Interest expense on lease liabilities
22(b)
(3.5)
(3.6)
Other interest expense
(0.4)
(0.2)
Interest expense
22(a)
(3.9)
(3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-401": { "value": "6. Interest income/expense Interest income is 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 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised cost
3.7
2.5
Interest income from money market funds
14.4
7.1
Interest income
22(a)
18.1
9.6
Interest expense on lease liabilities
22(b)
(3.5)
(3.6)
Other interest expense
(0.4)
(0.2)
Interest expense
22(a)
(3.9)
(3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-377": { "value": "6. Interest income/expense Interest income is 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 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Interest income from financial assets measured at amortised cost
3.7
2.5
Interest income from money market funds
14.4
7.1
Interest income
22(a)
18.1
9.6
Interest expense on lease liabilities
22(b)
(3.5)
(3.6)
Other interest expense
(0.4)
(0.2)
Interest expense
22(a)
(3.9)
(3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-379": { "value": "7. 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Current tax \u2013 current year
56.9
49.9
Current tax \u2013 adjustment for prior years
(0.4)
0.1
Current tax expense
56.5
50.0
Deferred tax \u2013 current year
(3.6)
0.3
Deferred tax \u2013 adjustment for prior years
\u2014
(0.3)
Deferred tax \u2013 change in corporate tax rates
\u2014
(1.2)
Deferred tax credit
13
(3.6)
(1.2)
52.9
48.8
The UK corporate tax rate for 2023 was 19% and increased to 25% with effect from 1 April 2023. South Africa\u2019s corporate tax rate for years ended 2024 and 2023 was 27%. 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
2024
2023
2024
2023
%
%
%
%
Effective rate of taxation
24.4
23.0
24.4
23.0
Tax effect of non-deductible expenses
(0.5)
(0.4)
(0.5)
(0.4)
Effect on deferred tax balances resulting from changes in tax rates
\u2014
0.6
\u2014
0.6
Adjustment to tax charge in respect of prior year
0.2
0.1
0.2
0.1
Effect of different tax rates applicable in foreign jurisdictions
2.9
3.7
0.9
(4.3)
Standard tax rate
27.0
27.0
25.0
19.0
On 20 June 2023, legislation was substantively enacted in the UK to introduce the \u2018Pillar Two\u2019 global minimum tax model rules of the OECD\u2019s Inclusive Framework on Base Erosion and Profit Shifting (\u2019BEPS\u2019) and a UK qualified domestic minimum top-up tax, effective for accounting periods starting on or after 31 December 2023. Similar rules are being introduced in South Africa. Under global minimum tax legislation, the Ninety One plc group or the Ninety One Limited group will be liable to pay a top-up tax calculated based on the difference between the effective tax rate calculated for each jurisdiction and the 15% global minimum tax rate. Depending on the status of domestic legislation, this additional tax will either be payable in the jurisdiction of the lower taxed entities or in the UK or South Africa as the location of the ultimate parent entity. As the Pillar Two legislation is not effective for this reporting period, the Group does not recognise any current tax related to the Pillar Two model rules for the year ended 31 March 2024. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The Group is in the process of assessing its exposure to the Pillar Two legislation. The Group does not anticipate any material top-up taxes associated with Pillar Two in the foreseeable future, given that all the jurisdictions except one in which the Group operates are expected to have an effective tax rate above the 15% minimum tax. In respect of the jurisdiction where the effective tax rate is expected to be below 15%, no material top up tax is expected to arise as a result.
13. 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:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Deferred tax assets arising from the following:
Share awards and other employee benefits
7.0
6.6
Deferred compensation payments
21.9
19.1
Other temporary differences
1.5
1.2
Gross deferred tax assets
30.4
26.9
Less: Offset against deferred tax liabilities
(1.9)
(1.4)
Deferred tax assets
28.5
25.5
Deferred tax liabilities arising from the following:
Unrealised capital gain
38.4
24.3
Other temporary differences
1.8
1.4
Gross deferred tax liabilities
40.2
25.7
Less: Offset against deferred tax assets
(1.9)
(1.4)
Deferred tax liabilities
38.3
24.3
Net deferred tax (liabilities)/assets
(9.8)
1.2
1
1. The comparative amounts have been re-presented to reflect 1) the amounts of deferred tax assets/liabilities arising from each type of temporary difference on a
gross basis instead of a net basis and 2) the reallocation of deferred tax assets/liabilities based on their nature.
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.0
19.2
0.4
(24.4)
1.2
(Charged)/credited to:
Profit or loss
0.3
3.5
\u2014
(0.2)
3.6
Directly to equity
0.1
\u2014
\u2014
\u2014
0.1
Policyholder funds
\u2014
\u2014
\u2014
(15.8)
(15.8)
Foreign exchange adjustment
(0.1)
(0.8)
\u2014
2.0
1.1
At 31 March
6.3
21.9
0.4
(38.4)
(9.8)
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.6
21.2
0.1
(30.2)
(2.3)
(Charged)/credited to:
Profit or loss
1.3
(0.3)
0.3
(0.1)
1.2
Other comprehensive income
(0.7)
\u2014
\u2014
\u2014
(0.7)
Directly to equity
(1.1)
\u2014
\u2014
\u2014
(1.1)
Policyholder funds
\u2014
\u2014
\u2014
1.8
1.8
Foreign exchange adjustment
(0.1)
(1.7)
\u2014
4.1
2.3
At 31 March
6.0
19.2
0.4
(24.4)
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-470": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-452": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-453": { "value": "8. Earnings per share The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS Accounting Standards and prevailing South African requirements. 8(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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-380": { "value": "8. Earnings per share The Group calculates earnings per share (\u201cEPS\u201d) on a number of different bases in accordance with IFRS Accounting Standards and prevailing South African requirements. 8(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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Profit attributable to shareholders
163.8
163.8
The calculation of the weighted average number of ordinary shares for the purpose of calculating basic and diluted earnings per share is:
2024
2023
Number of Number of
shares shares
Millions
Millions
Weighted average number of ordinary shares for the purpose of calculating basic EPS
890.3
899.6
Effect of dilutive potential shares \u2013 share awards
3.5
5.2
Weighted average number of ordinary shares for the purpose of calculating diluted EPS
893.8
904.8
Basic EPS (pence)
18.4
18.2
Diluted EPS (pence)
18.3
18.1
1 1. The share buyback and cancellation programme (see note 20(a)) has resulted in the decrease in weighted average number of ordinary shares by 9.4 million. 8(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 1/2023 \u201cHeadline Earnings\u201d issued by the South African Institute of Chartered Accountants. There are no adjustments between profit attributable to shareholders and headline earnings for the years ended 31 March 2024 and 2023. As a result, HEPS and diluted HEPS are the same as basic EPS and diluted EPS.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-454": { "value": "9. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-381": { "value": "9. 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.
2024
2023
Pence per Pence per
share
\u00a3\u2019m
share
\u00a3\u2019m
Prior year\u2019s final dividend paid
6.7
62.2
7. 7
70.5
Interim dividend paid
5.9
53.6
6.5
59.7
12.6
115.8
14.2
130.2
On 4 June 2024, the Board recommended a final dividend for the year ended 31 March 2024 of 6 .4 pence per ordinary share, an estimated \u00a358.2 million in total. The dividend is expected to be paid on 8 August 2024 to ordinary shareholders on the registers at the close of business on 19 July 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-404": { "value": "0.067", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-405": { "value": "0.077", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2021-04-01T00:00:00/2022-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-403": { "value": "0.064", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-455": { "value": "10. 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 16). 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 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-406": { "value": "10. 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 16). 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 19.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation investments
29.3
31.4
Investments in unlisted investment vehicles
16.1
8.0
Other investments
4.0
4.1
49.4
43.5
Current
Deferred compensation investments
22.2
21.5
Seed investments
3.2
2.9
25.4
24.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-471": { "value": "11. 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-456": { "value": "11. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-382": { "value": "11. 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 Computer Fixtures and
improvements equipment
fittings
Total
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Cost
At 1 April
26.0
10.5
3.7
40.2
Additions
0.6
1.9
\u2014
2.5
Disposals
\u2014
(0.2)
(0.1)
(0.3)
Foreign exchange adjustment
(0.1)
(0.4)
(0.1)
(0.6)
At 31 March
26.5
11.8
3.5
41.8
Accumulated depreciation
At 1 April
(5.7)
(9.2)
(2.3)
(17.2)
Depreciation
(2.1)
(1.1)
(0.7)
(3.9)
Disposals
\u2014
0.2
0.1
0.3
Foreign exchange adjustment
\u2014
0.2
0.1
0.3
At 31 March
(7.8)
(9.9)
(2.8)
(20.5)
Net book value at 31 March 2024
18.7
1.9
0.7
21.3
Leasehold Computer Fixtures and
improvements equipment
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-457": { "value": "12. 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 \u00a395.9 million (2023: \u00a396.7 million). In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involves 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-383": { "value": "12. 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 \u00a395.9 million (2023: \u00a396.7 million). In addition, the identification of an appropriate discount rate to use in the calculation of the lease liabilities involves 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.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Right-of-use assets \u2013 Office premises
At 1 April
76.7
83.1
Additions and remeasurements
5.4
2.8
Depreciation
4
(9.6)
(9.9)
Foreign exchange adjustment
(0.5)
0.7
At 31 March
72.0
76.7
Lease liabilities
Current
10.0
10.5
Non-current
84.7
92.2
94.7
102.7
The remaining contractual maturities of the Group\u2019s lease liabilities at the end of the current reporting period were:
2024
2023
Present value Present value
of the minimum Total minimum of the minimum Total minimum
lease lease lease lease
payments payments payments payments
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Within one year
10.0
13.0
10.5
13.7
Between one and five years
35.1
43.7
36.6
46.1
Over five years
49.6
54.2
55.6
61.2
94.7
110.9
102.7
121.0
The total cash outflow for leases during the year ended 31 March 2024 was \u00a313.6 million (2023: \u00a313.9 million). The Group is committed to enter into a new lease of 15 years that has not yet commenced, the estimated lease payments under which will amount to \u00a31.8 million per annum. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-408": { "value": "Right-of-use assets are generally depreciated over the lease term on a straight-line basis.
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Right-of-use assets \u2013 Office premises
At 1 April
76.7
83.1
Additions and remeasurements
5.4
2.8
Depreciation
4
(9.6)
(9.9)
Foreign exchange adjustment
(0.5)
0.7
At 31 March
72.0
76.7
Lease liabilities
Current
10.0
10.5
Non-current
84.7
92.2
94.7
102.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-446": { "value": "13. 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:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Deferred tax assets arising from the following:
Share awards and other employee benefits
7.0
6.6
Deferred compensation payments
21.9
19.1
Other temporary differences
1.5
1.2
Gross deferred tax assets
30.4
26.9
Less: Offset against deferred tax liabilities
(1.9)
(1.4)
Deferred tax assets
28.5
25.5
Deferred tax liabilities arising from the following:
Unrealised capital gain
38.4
24.3
Other temporary differences
1.8
1.4
Gross deferred tax liabilities
40.2
25.7
Less: Offset against deferred tax assets
(1.9)
(1.4)
Deferred tax liabilities
38.3
24.3
Net deferred tax (liabilities)/assets
(9.8)
1.2
1 1. The comparative amounts have been re-presented to reflect 1) the amounts of deferred tax assets/liabilities arising from each type of temporary difference on a gross basis instead of a net basis and 2) the reallocation of deferred tax assets/liabilities based on their nature.
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.0
19.2
0.4
(24.4)
1.2
(Charged)/credited to:
Profit or loss
0.3
3.5
\u2014
(0.2)
3.6
Directly to equity
0.1
\u2014
\u2014
\u2014
0.1
Policyholder funds
\u2014
\u2014
\u2014
(15.8)
(15.8)
Foreign exchange adjustment
(0.1)
(0.8)
\u2014
2.0
1.1
At 31 March
6.3
21.9
0.4
(38.4)
(9.8)
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.6
21.2
0.1
(30.2)
(2.3)
(Charged)/credited to:
Profit or loss
1.3
(0.3)
0.3
(0.1)
1.2
Other comprehensive income
(0.7)
\u2014
\u2014
\u2014
(0.7)
Directly to equity
(1.1)
\u2014
\u2014
\u2014
(1.1)
Policyholder funds
\u2014
\u2014
\u2014
1.8
1.8
Foreign exchange adjustment
(0.1)
(1.7)
\u2014
4.1
2.3
At 31 March
6.0
19.2
0.4
(24.4)
1.2
16. 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 10). 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 requirements 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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation liabilities
31.2
31.9
Third party interests in consolidated funds
1.8
1.8
33.0
33.7
Current
Deferred compensation liabilities
24.2
21.9
57.2
55.6
1 1. This was referred to as \u201cOther liabilities\u201d in the prior year and has been renamed to reflect the nature of the liability. 18. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. Subscription accounts payable, commission payables, accrued expenses and other payables were grouped as trade payables in prior year. The change is to provide further disaggregation of the payables based on their nature. The total trade and other payables amount remains unchanged.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Employee related payables
124.1
144.9
Subscription accounts payable
47.4
64.1
Commission payables
25.0
27.0
Accrued expenses
21.1
20.4
Other payables
55.2
45.8
272.8
302.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-444": { "value": "13. 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:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Deferred tax assets arising from the following:
Share awards and other employee benefits
7.0
6.6
Deferred compensation payments
21.9
19.1
Other temporary differences
1.5
1.2
Gross deferred tax assets
30.4
26.9
Less: Offset against deferred tax liabilities
(1.9)
(1.4)
Deferred tax assets
28.5
25.5
Deferred tax liabilities arising from the following:
Unrealised capital gain
38.4
24.3
Other temporary differences
1.8
1.4
Gross deferred tax liabilities
40.2
25.7
Less: Offset against deferred tax assets
(1.9)
(1.4)
Deferred tax liabilities
38.3
24.3
Net deferred tax (liabilities)/assets
(9.8)
1.2
1 1. The comparative amounts have been re-presented to reflect 1) the amounts of deferred tax assets/liabilities arising from each type of temporary difference on a gross basis instead of a net basis and 2) the reallocation of deferred tax assets/liabilities based on their nature.
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.0
19.2
0.4
(24.4)
1.2
(Charged)/credited to:
Profit or loss
0.3
3.5
\u2014
(0.2)
3.6
Directly to equity
0.1
\u2014
\u2014
\u2014
0.1
Policyholder funds
\u2014
\u2014
\u2014
(15.8)
(15.8)
Foreign exchange adjustment
(0.1)
(0.8)
\u2014
2.0
1.1
At 31 March
6.3
21.9
0.4
(38.4)
(9.8)
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.6
21.2
0.1
(30.2)
(2.3)
(Charged)/credited to:
Profit or loss
1.3
(0.3)
0.3
(0.1)
1.2
Other comprehensive income
(0.7)
\u2014
\u2014
\u2014
(0.7)
Directly to equity
(1.1)
\u2014
\u2014
\u2014
(1.1)
Policyholder funds
\u2014
\u2014
\u2014
1.8
1.8
Foreign exchange adjustment
(0.1)
(1.7)
\u2014
4.1
2.3
At 31 March
6.0
19.2
0.4
(24.4)
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-428": { "value": "13. 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:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Deferred tax assets arising from the following:
Share awards and other employee benefits
7.0
6.6
Deferred compensation payments
21.9
19.1
Other temporary differences
1.5
1.2
Gross deferred tax assets
30.4
26.9
Less: Offset against deferred tax liabilities
(1.9)
(1.4)
Deferred tax assets
28.5
25.5
Deferred tax liabilities arising from the following:
Unrealised capital gain
38.4
24.3
Other temporary differences
1.8
1.4
Gross deferred tax liabilities
40.2
25.7
Less: Offset against deferred tax assets
(1.9)
(1.4)
Deferred tax liabilities
38.3
24.3
Net deferred tax (liabilities)/assets
(9.8)
1.2
1 1. The comparative amounts have been re-presented to reflect 1) the amounts of deferred tax assets/liabilities arising from each type of temporary difference on a gross basis instead of a net basis and 2) the reallocation of deferred tax assets/liabilities based on their nature.
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.0
19.2
0.4
(24.4)
1.2
(Charged)/credited to:
Profit or loss
0.3
3.5
\u2014
(0.2)
3.6
Directly to equity
0.1
\u2014
\u2014
\u2014
0.1
Policyholder funds
\u2014
\u2014
\u2014
(15.8)
(15.8)
Foreign exchange adjustment
(0.1)
(0.8)
\u2014
2.0
1.1
At 31 March
6.3
21.9
0.4
(38.4)
(9.8)
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.6
21.2
0.1
(30.2)
(2.3)
(Charged)/credited to:
Profit or loss
1.3
(0.3)
0.3
(0.1)
1.2
Other comprehensive income
(0.7)
\u2014
\u2014
\u2014
(0.7)
Directly to equity
(1.1)
\u2014
\u2014
\u2014
(1.1)
Policyholder funds
\u2014
\u2014
\u2014
1.8
1.8
Foreign exchange adjustment
(0.1)
(1.7)
\u2014
4.1
2.3
At 31 March
6.0
19.2
0.4
(24.4)
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-407": { "value": "13. 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:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Deferred tax assets arising from the following:
Share awards and other employee benefits
7.0
6.6
Deferred compensation payments
21.9
19.1
Other temporary differences
1.5
1.2
Gross deferred tax assets
30.4
26.9
Less: Offset against deferred tax liabilities
(1.9)
(1.4)
Deferred tax assets
28.5
25.5
Deferred tax liabilities arising from the following:
Unrealised capital gain
38.4
24.3
Other temporary differences
1.8
1.4
Gross deferred tax liabilities
40.2
25.7
Less: Offset against deferred tax assets
(1.9)
(1.4)
Deferred tax liabilities
38.3
24.3
Net deferred tax (liabilities)/assets
(9.8)
1.2
1 1. The comparative amounts have been re-presented to reflect 1) the amounts of deferred tax assets/liabilities arising from each type of temporary difference on a gross basis instead of a net basis and 2) the reallocation of deferred tax assets/liabilities based on their nature.
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.0
19.2
0.4
(24.4)
1.2
(Charged)/credited to:
Profit or loss
0.3
3.5
\u2014
(0.2)
3.6
Directly to equity
0.1
\u2014
\u2014
\u2014
0.1
Policyholder funds
\u2014
\u2014
\u2014
(15.8)
(15.8)
Foreign exchange adjustment
(0.1)
(0.8)
\u2014
2.0
1.1
At 31 March
6.3
21.9
0.4
(38.4)
(9.8)
Share awards
and other Deferred Other Net deferred
employee compensation temporary Unrealised tax (liabilities)/
benefits payments differences capital gain assets
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 1 April
6.6
21.2
0.1
(30.2)
(2.3)
(Charged)/credited to:
Profit or loss
1.3
(0.3)
0.3
(0.1)
1.2
Other comprehensive income
(0.7)
\u2014
\u2014
\u2014
(0.7)
Directly to equity
(1.1)
\u2014
\u2014
\u2014
(1.1)
Policyholder funds
\u2014
\u2014
\u2014
1.8
1.8
Foreign exchange adjustment
(0.1)
(1.7)
\u2014
4.1
2.3
At 31 March
6.0
19.2
0.4
(24.4)
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-458": { "value": "14. 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 17 Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are accounted for as 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. ", "dimensions": { "concept": "ninetyoneplc:DescriptionAfAccountingPolicyForPolicyholdersAssetsAndLiabilities", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-409": { "value": "14. 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 17 Insurance Contracts as there is no transfer of insurance risk. Therefore, these contracts are accounted for as 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:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
(Restated)
Quoted investments at fair value
Equities
743.9
801.7
Derivatives
(1.3)
(1.2)
742.6
800.5
Unquoted investments at fair value
Collective investment schemes
7,024.0
6,529.0
Equities
0.8
\u2014
Interest-bearing stocks, debentures and other loans
2,466.0
2,554.5
Derivatives
1.7
7.3
Cash and cash equivalents
81.8
91.3
Unrecognised policyholder reduction
(18.6)
(20.0)
9,555.7
9,162.1
10,298.3
9,962.6
1
1
1. The comparative amounts have been restated to exclude unrecognised policyholder reduction from cash and cash equivalents in prior year, thus resulting in a split
out of a separate line \u201cUnrecognised policyholder reduction\u201d.
The movements in linked investments backing policyholder funds were:
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
(Restated)
At 1 April
9,962.6
10,785.9
Net fair value gains on linked investments backing policyholder funds
22(a)
563.7
359.0
Net acquisition of linked investments backing policyholder funds
2
22(a)
516.3
445.0
Net movement in cash and cash equivalents within linked investments backing
policyholder funds
(9.5)
(96.4)
Foreign exchange adjustment
(734.8)
(1,530.9)
At 31 March
10,298.3
9,962.6
2
2
2
2. The comparative amounts have been restated to remove the impact of unrecognised policyholder reduction which was offset against cash and cash equivalents
presented within linked investments backing policyholder funds.
Policyholder investment contract liabilities
The movements in policyholder investment contract liabilities were:
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
At 1 April
9,967.3
10,769.9
Investment income on linked investments backing policyholder funds
468.6
462.6
Net fair value gains on linked investments backing policyholder funds
563.7
359.0
Investment and administration expenses
(37.2)
(40.8)
Income tax expense
(21.6)
(2.7)
Surplus transferred to shareholders
(42.7)
(37.1)
Net fair value change in policyholder investment contract liabilities
22(a)
930.8
741.0
Net contributions
22(a)
121.9
6.9
Foreign exchange adjustment
(741.5)
(1,550.5)
At 31 March
10,278.5
9,967.3
", "dimensions": { "concept": "ninetyoneplc:DisclosureOfPolicyholdersAssetsAndLiabilities", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-459": { "value": "15. 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 \u00a363.2 million (2023: \u00a371.3 million) as set out in note 14 are not included in cash and cash equivalents as they are not available for use by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-410": { "value": "15. 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 \u00a363.2 million (2023: \u00a371.3 million) as set out in note 14 are not included in cash and cash equivalents as they are not available for use by the Group.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Cash at bank
81.3
99.5
Money market funds
294.0
280.1
375.3
379.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-384": { "value": "15. 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 \u00a363.2 million (2023: \u00a371.3 million) as set out in note 14 are not included in cash and cash equivalents as they are not available for use by the Group.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Cash at bank
81.3
99.5
Money market funds
294.0
280.1
375.3
379.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-460": { "value": "16. 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 10). 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 requirements 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-411": { "value": "16. 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 10). 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 requirements 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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation liabilities
31.2
31.9
Third party interests in consolidated funds
1.8
1.8
33.0
33.7
Current
Deferred compensation liabilities
24.2
21.9
57.2
55.6
1 1. This was referred to as \u201cOther liabilities\u201d in the prior year and has been renamed to reflect the nature of the liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-385": { "value": "16. 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 10). 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 requirements 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.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Non-current
Deferred compensation liabilities
31.2
31.9
Third party interests in consolidated funds
1.8
1.8
33.0
33.7
Current
Deferred compensation liabilities
24.2
21.9
57.2
55.6
1 1. This was referred to as \u201cOther liabilities\u201d in the prior year and has been renamed to reflect the nature of the liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-461": { "value": "17. 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 2024 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 2024, there were no active members in the Scheme (2023: 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-412": { "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 2024 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 2024, there were no active members in the Scheme (2023: 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 in respect of the Scheme is:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Managed Funds
13.3
15.0
Trustees\u2019 bank account
1.4
0.1
Total fair value of plan assets
14.7
15.1
Present value of obligation
(12.0)
(12.5)
2.7
2.6
Managed funds invest primarily in a globally diversified portfolio of assets, and mainly consist of bonds issued by governments and money market instruments. The funds are quoted in an active market and their underlying investments are either level 1 or level 2 investments.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Plan assets
At 1 April
15.1
16.7
Benefits paid including expenses
(0.7)
(1.2)
Group\u2019s contributions paid to the plan
\u2014
0.1
Interest income
0.7
0.3
Return on plan assets, excluding interest income
(0.4)
(0.8)
At 31 March
14.7
15.1
Present value of the defined benefit obligation
At 1 April
12.5
16.8
Actuarial gain arising from changes in financial assumptions
(0.5)
(3.4)
Actuarial gain arising from changes in demographic
(0.1)
(0.2)
Benefits paid including expenses
(0.7)
(1.2)
Interest cost
0.6
0.4
Administration costs
0.2
0.1
At 31 March
12.0
12.5
Amounts recognised in the consolidated statement of comprehensive income
Actuarial gain
0.6
3.6
Return on plan assets, excluding interest income
(0.4)
(0.8)
Total defined benefit credit
0.2
2.8
The major assumptions used were:
2024
2023
%
%
Inflation assumption
3.2
3.3
Rate of increase in pensions in payment for post-1997 service
3.1
3.3
Discount rate
4.8
4.8
The defined benefit obligation is not expected to be materially different with an estimated impact of less than \u00a31.0 million
(2023: \u00a31.0 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:
2024
2023
Weighted Weighted
average average
duration of the duration of the
defined benefit defined benefit
Number of obligation Number of obligation
members (years) members (years)
Deferred members
34
14.6
35
15.3
Pensioners
20
10.6
19
10.8
54
12.4
54
13.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-413": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-388": { "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:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-386": { "value": "
18. Trade and other payables
Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and
other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand.
Subscription accounts payable, commission payables, accrued expenses and other payables were grouped as trade
payables in prior year. The change is to provide further disaggregation of the payables based on their nature. The total
trade and other payables amount remains unchanged.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Employee related payables
124.1
144.9
Subscription accounts payable
47.4
64.1
Commission payables
25.0
27.0
Accrued expenses
21.1
20.4
Other payables
55.2
45.8
272.8
302.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-462": { "value": "18. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. Subscription accounts payable, commission payables, accrued expenses and other payables were grouped as trade payables in prior year. The change is to provide further disaggregation of the payables based on their nature. The total trade and other payables amount remains unchanged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-414": { "value": "18. Trade and other payables Trade and other payables consist of amounts due to third parties arising in the ordinary course of business. All trade and other payables are measured at amortised cost and are expected to be settled within one year or are repayable on demand. Subscription accounts payable, commission payables, accrued expenses and other payables were grouped as trade payables in prior year. The change is to provide further disaggregation of the payables based on their nature. The total trade and other payables amount remains unchanged.
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Employee related payables
124.1
144.9
Subscription accounts payable
47.4
64.1
Commission payables
25.0
27.0
Accrued expenses
21.1
20.4
Other payables
55.2
45.8
272.8
302.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-463": { "value": "19. 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 2024 and 2023. 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, investments in unlisted investment vehicles and other investments. 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. 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 and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and other 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-387": { "value": "19. 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 2024 and 2023. 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, investments in unlisted investment vehicles and other investments. 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. 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 and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and other 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
Financial instruments
instruments at measured at Total financial Non-financial
FVTPL amortised cost instruments
instruments
Total
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Investments
74.8
\u2014
74.8
\u2014
74.8
Investment in associates
\u2014
\u2014
\u2014
1.4
1.4
Property and equipment
\u2014
\u2014
\u2014
21.3
21.3
Right-of-use assets
\u2014
\u2014
\u2014
72.0
72.0
Deferred tax assets
\u2014
\u2014
\u2014
28.5
28.5
Linked investments backing policyholder funds
10,298.3
\u2014
10,298.3
\u2014
10,298.3
Trade and other receivables
\u2014
217.0
217.0
15.6
232.6
Pension fund asset
\u2014
\u2014
\u2014
2.7
2.7
Income tax recoverable
\u2014
\u2014
\u2014
11.6
11.6
Cash and cash equivalents
294.0
81.3
375.3
\u2014
375.3
Total assets
10,667.1
298.3
10,965.4
153.1
11,118.5
Policyholder investment contract liabilities
(10,278.5)
\u2014
(10,278.5)
\u2014
(10,278.5)
Other liabilities
(57. 2)
\u2014
(57.2)
\u2014
(57. 2)
Lease liabilities
\u2014
(94.7)
(94.7)
\u2014
(94.7)
Trade and other payables
\u2014
(272.8)
(272.8)
\u2014
(272.8)
Income tax payable
\u2014
\u2014
\u2014
(9.4)
(9.4)
Deferred tax liabilities
\u2014
\u2014
\u2014
(38.3)
(38.3)
Total liabilities
(10,335.7)
(367.5)
(10,703.2)
(47.7)
(10,750.9)
1
1
Financial
Financial instruments
instruments at measured at Total financial Non-financial
FVTPL amortised cost instruments
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
(55.6)
\u2014
(55.6)
\u2014
(55.6)
Lease liabilities
\u2014
(102.7)
(102.7)
\u2014
(102.7)
Trade and other payables
\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)
1
1
1. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee Benefit obligations. Consequently these are
not within the scope of IAS 32 and IFRS 7. However, they have been included within the financial instruments disclosures in order to reflect the unavoidable
contractural obligation that the Group has to its employees.
26. 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 Risk 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.
26(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.
26(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 subscription accounts receivable, 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.
An analysis of credit ratings of financial assets, excluding policyholders\u2019 trade and other receivables and subscription
accounts receivable, and the maximum exposure to credit risk was:
2024
2023
Other financial Other financial
assets assets
Money market measured at Money market measured at
funds
Cash at bank
amortised cost Total
funds
Cash at bank
amortised cost Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
AAA
199.8
\u2014
\u2014
199.8
184.1
\u2014
\u2014
184.1
AA+
94.2
\u2014
\u2014
94.2
96.0
\u2014
\u2014
96.0
A+
\u2014
69.5
\u2014
69.5
\u2014
87.6
\u2014
87.6
A-
\u2014
2.3
\u2014
2.3
\u2014
\u2014
\u2014
\u2014
BBB+ and lower
\u2014
9.2
\u2014
9.2
\u2014
11.6
\u2014
11.6
Not rated
\u2014
0.3
103.2
103.5
\u2014
0.3
104.1
104.4
Total
294.0
81.3
103.2
478.5
280.1
99.5
104.1
483.7
1
1
1. Relate to trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable and other receivables.
Ageing of trade receivables at year end was:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Less than 30 days
78.7
90.0
Between 30 and 90 days
24.5
14.1
103.2
104.1
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:
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Trade receivables per ageing analysis
103.2
104.1
Trade receivables related to policyholders
58.8
64.7
Subscription accounts receivable
42.2
63.3
Other receivables
12.8
17.2
Trade and other receivables measured at amortised cost
19
217.0
249.3
Trade and other receivables \u2013 non-financial instruments
19
15.6
14.7
Trade and other receivables \u2013 total
232.6
264.0
2
3
2. Principally relate to sundry debtors and fund recharge receivables.
3. 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
19 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 results of the ECL assessment showed an immaterial impact, therefore no loss allowance has been provided for the
years ended 31 March 2024 and 2023.
26(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 \u00a3375.3 million (2023: \u00a3379.6 million) (note 15) 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.
Contractual maturities of financial liabilities at year end was:
Total
One year Between one Over contractual Carrying
or less and five years five years cash flows amount
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
13.0
46.1
61.2
120.3
94.7
Trade and other payables
272.8
\u2014
\u2014
272.8
272.8
Other liabilities
24.2
33.0
\u2014
57.2
57.2
310.0
79.1
61.2
450.3
424.7
1,2
2
Total
One year Between one Over contractual Carrying
or less and five years five years cash flows amount
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
13.7
46.1
61.2
121.0
102.7
Trade and other payables
302.2
\u2014
\u2014
302.2
302.2
Other liabilities
21.9
33.7
\u2014
55.6
55.6
337.8
79.8
61.2
478.8
460.5
1,2
2
1. Contractual cash flows equal their carrying balances as the impact of discounting is not significant.
2. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee Benefit obligations. Consequently these
are not within the scope of IAS 32 and IFRS7. However, they have been included within the financial instruments disclosures in order to reflect the unavoidable
contractural obligation that the Group has to its employee.
26(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.
Currency risk The Group is exposed to currency risk in the ordinary course of business mainly from the Group\u2019s operations in multiple geographical markets. 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. The Group\u2019s key exposure to currency risk at the end of the reporting period was US dollar and Euro. The net assets attributable to USD and Euro at the closing rate for the reporting period were \u00a355.6 million and \u00a316.2 million (2023: \u00a354.0 million and \u00a310.3 million) respectively. 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. 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 (2023: cash and cash equivalents). 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. Sensitivity analysis to market risks The following table indicates the instantaneous change in the Group\u2019s profit after tax and equity if foreign exchange rates and interest rate to which the Group has significant exposure at the end of the reporting period had changed at that date, assuming all other variables remained constant.
2024
2023
A reasonable change A reasonable change
in the variable Effect on in the variable Effect on
within the next profit after within the next profit after
calendar year tax and equity calendar year tax and equity
%
\u00a3\u2019m
%
\u00a3\u2019m
US Dollar against Sterling
Strengthen
9
3.9
10
4.6
Weaken
9
(3.3)
10
(3.8)
Euro against Sterling
Strengthen
4
0.3
10
0.9
Weaken
4
(0.3)
10
(0.7)
Interest rate
Increase
0.3
0.7
0.1
0.3
Decrease
0.9
(2.4)
0.1
(0.3)
26(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 the Group\u2019s 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. 26(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 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. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. 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
2024
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
51.5
\u2014
\u2014
51.5
Seed investments
10
3.2
\u2014
\u2014
3.2
Unlisted investment vehicles
10
\u2014
2.4
13.7
16.1
Other investments
10
\u2014
4.0
\u2014
4.0
Money market funds
15
294.0
\u2014
\u2014
294.0
Investments backing policyholder funds
14
743.9
9,485.9
68.5
10,298.3
Total financial assets measured at fair value
19
1,092.6
9,492.3
82.2
10,667.1
Policyholder investment contract liabilities
14
\u2014
(10,278.5)
\u2014
(10,278.5)
Other liabilities
16
\u2014
(57. 2)
\u2014
(57. 2)
Total financial liabilities measured at fair value
19
\u2014
(10,335.7)
\u2014
(10,335.7)
2023 (Restated)
Deferred compensation investments
10
52.9
\u2014
\u2014
52.9
Seed investments
10
2.9
\u2014
\u2014
2.9
Unlisted investment vehicles
10
\u2014
\u2014
8.0
8.0
Other investments
10
\u2014
4.1
\u2014
4.1
Money market funds
15
280.1
\u2014
\u2014
280.1
Investments backing policyholder funds
14
800.5
9,116.2
45.9
9,962.6
Total financial assets measured at fair value
19
1,136.4
9,120.3
53.9
10,310.6
Policyholder investment contract liabilities
14
\u2014
(9,967.3)
\u2014
(9,967.3)
Other liabilities
16
\u2014
(55.6)
\u2014
(55.6)
Total financial liabilities measured at fair value
19
\u2014
(10,022.9)
\u2014
(10,022.9)
1 1 1. The comparative amount was reclassified from level 1 to level 2 to correctly reflect the measurement of these liabilities. The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of each reporting period, consistent with the date of the determination of fair value. During the years ended 31 March 2024 and 2023, there were no transfers between level 1 and level 2. 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. (2023: 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. If the value of the underlying level 3 investments within unlisted investment vehicles increased by 10% (2023: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a31.4 million (2023: \u00a30.8 million). A decrease of 10% would have had the equal but opposite effect. 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.
If the value of the underlying level 3 investments within investments backing policyholder funds increased by 10% (2023:
10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have
increased by \u00a36.9 million (2023: \u00a34.6 million). A decrease of 10% would have had the equal but opposite effect.
2024
2023
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
8.0
3.5
Purchase
5.1
4.3
Unrealised gain
0.6
0.2
At 31 March
13.7
8.0
2024
2023
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
45.9
63.9
Disposal
(7.9)
(10.1)
Transfer from level 2
27.8
\u2014
Unrealised gain
6.4
0.1
Foreign exchange adjustment
(3.7)
(8.0)
At 31 March
68.5
45.9
1
1. Some debt instruments were transferred from level 2 to level 3 due to a valuation technique changing from cost plus accrual to probability based valuation in which
the significant inputs used in the valuation are unobservable.
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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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-415": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-476": { "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. Financial liabilities Financial liabilities comprise policyholder investment contract liabilities, lease liabilities, other liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and other 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-473": { "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. 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 2024 and 2023. 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, investments in unlisted investment vehicles and other investments. 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. 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-478": { "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, investments in unlisted investment vehicles and other investments. 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. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-416": { "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, investments in unlisted investment vehicles and other investments. 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. 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-477": { "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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-474": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-417": { "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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-418": { "value": "Financial liabilities Financial liabilities comprise policyholder investment contract liabilities, lease liabilities, other liabilities and trade and other payables. All financial liabilities, excluding policyholder investment contract liabilities and other liabilities, are measured at amortised cost using the effective interest method. Policyholder investment contract liabilities and other 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-389": { "value": "20. Share capital and reserves 20(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. During the year ended 31 March 2024, Ninety One Limited bought back and cancelled 15.3 million of its ordinary shares on-market at an average price of R38.92 per share, amounting to a total consideration of R596.9 million (equivalent to \u00a325.4 million) including transaction costs. These transactions have resulted in a reduction in share capital of R463.4 million (equivalent to \u00a322.5 million) and retained earnings of R133.5 million (equivalent to \u00a35.7 million). To maintain the same equalisation ratio in the DLC structure, an equal number of special converting shares in Ninety One plc were redeemed following the cancellation of ordinary shares in Ninety One Limited. Details of the share capital of Ninety One plc and Ninety One Limited are:
2024
2023
Number of Nominal Number of Nominal
shares value shares value
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One plc
Ordinary shares of \u00a30.0001 each, issued, allotted and fully paid
622.6
0.1
622.6
0.1
Special shares of \u00a30.0001 each, issued, allotted and fully paid:
Special converting shares at 1 April
300.1
\u2014
300.1
\u2014
Shares redeemed
(15.3)
\u2014
\u2014
\u2014
Special converting shares at 31 March
284.8
\u2014
300.1
\u2014
UK DAS share *
\u2014 *
\u2014
UK DAN share *
\u2014 *
\u2014
Special voting share *
\u2014 *
\u2014
Special rights share *
\u2014 *
\u2014
Ninety One plc balance at 31 March 2024 and 2023
0.1
0.1
1 2
2024
2023
Number of Nominal Number of Nominal
shares value shares value
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One Limited
Ordinary shares with no par value, issued, allotted and fully paid
Ordinary shares at 1 April
300.1
441.1
300.1
441.1
Shares cancelled
(15.3)
(22.5)
\u2014
\u2014
Ordinary shares at 31 March
284.8
418.6
300.1
441.1
Special shares with no par value, issued, allotted and fully paid:
Special converting shares
622.6
\u2014
622.6
\u2014
SA DAS share *
\u2014 *
\u2014
SA DAN share *
\u2014 *
\u2014
Special voting share *
\u2014 *
\u2014
Special rights share *
\u2014 *
\u2014
Ninety One Limited balance at 31 March 2024 and 2023
418.6
441.1
Total ordinary shares in issue and share capital at 31 March
907.4
418.7
922.7
441.2
1 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 shares and special rights shares 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. 20(b) Demerger reserves and other reserves Demerger reserves The Group was demerged from Investec in March 2020 and reserves were created during the demerger process as below:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Distributable reserve (i)
732.2
732.2
Merger reserve (ii)
183.0
183.0
DLC reserve (iii)
(1,236.5)
(1,236.5)
At 31 March
(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:
Foreign
Share-based currency
payment translation
reserve
reserve
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
2024
(iv)
(v)
At 1 April
29.6
(36.2)
(6.6)
Foreign exchange differences on translation of foreign subsidiaries
\u2014
(6.5)
(6.5)
Share-based payment charges
16.5
\u2014
16.5
Vesting and release of share awards
(14.1)
\u2014
(14.1)
At 31 March
32.0
(42.7)
(10.7)
2023
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)
(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 vested and transferred to employees. (v) The foreign currency translation reserve represents the exchange differences arising from the translation of the financial statements of foreign subsidiaries. 20(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:
2024
2023
Number of Number of
shares shares
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
At 1 April
22.6
51.4
17.6
35.7
Own shares purchased
7.4
12.5
10.0
23.8
Own shares vested and released
(6.7)
(14.1)
(5.0)
(8.1)
At 31 March
23.3
49.8
22.6
51.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-464": { "value": "20(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. During the year ended 31 March 2024, Ninety One Limited bought back and cancelled 15.3 million of its ordinary shares on-market at an average price of R38.92 per share, amounting to a total consideration of R596.9 million (equivalent to \u00a325.4 million) including transaction costs. These transactions have resulted in a reduction in share capital of R463.4 million (equivalent to \u00a322.5 million) and retained earnings of R133.5 million (equivalent to \u00a35.7 million). To maintain the same equalisation ratio in the DLC structure, an equal number of special converting shares in Ninety One plc were redeemed following the cancellation of ordinary shares in Ninety One Limited. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-419": { "value": "20(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. During the year ended 31 March 2024, Ninety One Limited bought back and cancelled 15.3 million of its ordinary shares on-market at an average price of R38.92 per share, amounting to a total consideration of R596.9 million (equivalent to \u00a325.4 million) including transaction costs. These transactions have resulted in a reduction in share capital of R463.4 million (equivalent to \u00a322.5 million) and retained earnings of R133.5 million (equivalent to \u00a35.7 million). To maintain the same equalisation ratio in the DLC structure, an equal number of special converting shares in Ninety One plc were redeemed following the cancellation of ordinary shares in Ninety One Limited. Details of the share capital of Ninety One plc and Ninety One Limited are:
2024
2023
Number of Nominal Number of Nominal
shares value shares value
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One plc
Ordinary shares of \u00a30.0001 each, issued, allotted and fully paid
622.6
0.1
622.6
0.1
Special shares of \u00a30.0001 each, issued, allotted and fully paid:
Special converting shares at 1 April
300.1
\u2014
300.1
\u2014
Shares redeemed
(15.3)
\u2014
\u2014
\u2014
Special converting shares at 31 March
284.8
\u2014
300.1
\u2014
UK DAS share *
\u2014 *
\u2014
UK DAN share *
\u2014 *
\u2014
Special voting share *
\u2014 *
\u2014
Special rights share *
\u2014 *
\u2014
Ninety One plc balance at 31 March 2024 and 2023
0.1
0.1
1 2
2024
2023
Number of Nominal Number of Nominal
shares value shares value
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
Ninety One Limited
Ordinary shares with no par value, issued, allotted and fully paid
Ordinary shares at 1 April
300.1
441.1
300.1
441.1
Shares cancelled
(15.3)
(22.5)
\u2014
\u2014
Ordinary shares at 31 March
284.8
418.6
300.1
441.1
Special shares with no par value, issued, allotted and fully paid:
Special converting shares
622.6
\u2014
622.6
\u2014
SA DAS share *
\u2014 *
\u2014
SA DAN share *
\u2014 *
\u2014
Special voting share *
\u2014 *
\u2014
Special rights share *
\u2014 *
\u2014
Ninety One Limited balance at 31 March 2024 and 2023
418.6
441.1
Total ordinary shares in issue and share capital at 31 March
907.4
418.7
922.7
441.2
1 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 shares and special rights shares 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-420": { "value": "20(b) Demerger reserves and other reserves Demerger reserves The Group was demerged from Investec in March 2020 and reserves were created during the demerger process as below:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Distributable reserve (i)
732.2
732.2
Merger reserve (ii)
183.0
183.0
DLC reserve (iii)
(1,236.5)
(1,236.5)
At 31 March
(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:
Foreign
Share-based currency
payment translation
reserve
reserve
Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
2024
(iv)
(v)
At 1 April
29.6
(36.2)
(6.6)
Foreign exchange differences on translation of foreign subsidiaries
\u2014
(6.5)
(6.5)
Share-based payment charges
16.5
\u2014
16.5
Vesting and release of share awards
(14.1)
\u2014
(14.1)
At 31 March
32.0
(42.7)
(10.7)
2023
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)
(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 vested and transferred to employees. (v) The foreign currency translation reserve represents the exchange differences arising from the translation of the financial statements of foreign subsidiaries. 20(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:
2024
2023
Number of Number of
shares shares
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
At 1 April
22.6
51.4
17.6
35.7
Own shares purchased
7.4
12.5
10.0
23.8
Own shares vested and released
(6.7)
(14.1)
(5.0)
(8.1)
At 31 March
23.3
49.8
22.6
51.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-465": { "value": "20(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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-429": { "value": "20(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:
2024
2023
Number of Number of
shares shares
Millions
\u00a3\u2019m
Millions
\u00a3\u2019m
At 1 April
22.6
51.4
17.6
35.7
Own shares purchased
7.4
12.5
10.0
23.8
Own shares vested and released
(6.7)
(14.1)
(5.0)
(8.1)
At 31 March
23.3
49.8
22.6
51.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-390": { "value": "21. 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:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Ninety One plc LTIP and Ninety One Limited LTIP (note 21(a)(i))
16.5
14.0
Ninety One SIP (note 21(a)(ii))
\u2014
0.2
Investec Share Plans
\u2014
0.3
16.5
14.5
21(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 in this financial year 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 have bespoke vesting periods of up to five years and may be subject to performance conditions; 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 on the third anniversary of grant and be subject to further holding period after vesting of up to two years.
2024
2023
Number of Number of
ordinary ordinary
shares shares
Millions
Millions
Outstanding at 1 April
21.5
14.2
Granted
6.5
12.4
Vested
(6.6)
(5.0)
Forfeited
(0.4)
(0.1)
Outstanding at 31 March
21.0
21.5
The weighted average fair value of shares granted under these plans during the year ended 31 March 2024 was
\u00a31.67 (2023: \u00a32.01). 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 were subject to a three-year holding period starting from the grant date. All free share awards have fully vested in the
prior year. The Ninety One SIP is currently used as an employee share purchase plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-466": { "value": "21(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 in this financial year 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 have bespoke vesting periods of up to five years and may be subject to performance conditions; 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 on the third anniversary of grant and be subject to further holding period after vesting of up to two years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-391": { "value": "
22. Notes to the consolidated statement of cash flows
22(a) Reconciliation of cash flows from operations
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
(Restated)
Cashflows from operations \u2013 shareholders
Profit before tax
216.8
212.6
Adjusted for:
Net gain on investments
5
(5.2)
(1.0)
Depreciation of property and equipment
4
3.9
4.9
Depreciation of right-of-use assets
4
9.6
9.9
Interest income
6
(18.1)
(9.6)
Interest expense
6
3.9
3.8
Net loss of pension fund
0.1
0.2
Share of profit from associates
(1.3)
(1.4)
Share-based payment charges related to Ninety One share scheme
16.5
14.2
Working capital changes:
Trade and other receivables
25.5
3.5
Trade and other payables
(36.2)
(35.8)
Other liabilities
1.7
(9.4)
217.2
191.9
Cashflows from operations \u2013 policyholders
Net fair value gains on linked investments backing policyholder funds
14
(563.7)
(359.0)
Net fair value change in policyholder investment contract liabilities
14
930.8
741.0
Net contributions received from policyholders
14
121.9
6.9
Net acquisition of linked investments backing policyholder funds
14
(516.3)
(445.0)
Working capital changes:
Trade and other receivables
5.9
2.0
Trade and other payables
4.5
(16.4)
Other movements
15.8
\u2014
(1.1)
(70.5)
1
1. The comparative amounts have been restated to remove the impact of unrecognised policyholder reduction which was offset against cash and cash equivalents
presented within linked investments backing policyholder funds.
22(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
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
At 1 April
102.7
109.4
Changes from cash flows:
Principal elements of lease payments
(10.1)
(10.3)
Interest paid in respect of lease liabilities
(3.5)
(3.6)
Payment of lease liabilities
(13.6)
(13.9)
Other changes:
Additions and remeasurements of lease liabilities
2.9
2.8
Interest expense on lease liabilities
6
3.5
3.6
Foreign exchange adjustment
(0.8)
0.8
At 31 March
94.7
102.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-392": { "value": "
23. Commitments
The Group has a total of \u00a329.6 million (2023: \u00a320.2 million) investment call commitments. These commitments outstanding
at 31 March 2024 not recognised as liability in the financial statements were \u00a316.4 million (2023: \u00a316.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-421": { "value": "23. Commitments The Group has a total of \u00a329.6 million (2023: \u00a320.2 million) investment call commitments. These commitments outstanding at 31 March 2024 not recognised as liability in the financial statements were \u00a316.4 million (2023: \u00a316.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-422": { "value": "24. 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
i) Shares or units issued by the funds
fees for the investment manager. ii) Management fee and performance fee
These vehicles are financed through the issue of
shares or units to investors.
Interests held by the Group in mutual funds are:
Carrying amount Investment Management/
included in the management and performance
AUM of statement of performance fees receivable
Number of funds the funds financial position fees for the year as at year end
\u00a3\u2019bn
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
At 31 March 2024
137
57.8
297.2
347.4
31.5
At 31 March 2023
141
60.5
283.0
365.2
35.8
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 2024 and 2023, 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": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-423": { "value": "
25. 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.
25(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 87 as well as their shareholdings
in the Group on page 93 of the Annual Report on Remuneration.
The remuneration related to key management personnel for employee services was:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Short-term employee benefits
3.6
4.2
Share-based payments
3.4
2.6
7.0
6.8
25(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 27.79 percent (2023: 25.65 percent)
of the Group. During the year ended 31 March 2024, Forty Two Point Two increased their shareholding in the Group by 2.14
percent (2023: increased by 2.24 percent) mainly 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.
25(c) Other related parties
The Group operates and participates in staff pension schemes as detailed in note 17. Transactions made between the Group
and the Group\u2019s staff pension schemes are made in the normal course of business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-393": { "value": "25. 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. 25(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 87 as well as their shareholdings in the Group on page 93 of the Annual Report on Remuneration. The remuneration related to key management personnel for employee services was:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Short-term employee benefits
3.6
4.2
Share-based payments
3.4
2.6
7.0
6.8
25(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 27.79 percent (2023: 25.65 percent) of the Group. During the year ended 31 March 2024, Forty Two Point Two increased their shareholding in the Group by 2.14 percent (2023: increased by 2.24 percent) mainly 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. 25(c) Other related parties The Group operates and participates in staff pension schemes as detailed in note 17. Transactions made between the Group and the Group\u2019s staff pension schemes are made in the normal course of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-430": { "value": "25(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 87 as well as their shareholdings in the Group on page 93 of the Annual Report on Remuneration. The remuneration related to key management personnel for employee services was:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Short-term employee benefits
3.6
4.2
Share-based payments
3.4
2.6
7.0
6.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-424": { "value": "26. 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 Risk 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. 26(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. 26(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 subscription accounts receivable, 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. An analysis of credit ratings of financial assets, excluding policyholders\u2019 trade and other receivables and subscription accounts receivable, and the maximum exposure to credit risk was:
2024
2023
Other financial Other financial
assets assets
Money market measured at Money market measured at
funds
Cash at bank
amortised cost Total
funds
Cash at bank
amortised cost Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
AAA
199.8
\u2014
\u2014
199.8
184.1
\u2014
\u2014
184.1
AA+
94.2
\u2014
\u2014
94.2
96.0
\u2014
\u2014
96.0
A+
\u2014
69.5
\u2014
69.5
\u2014
87.6
\u2014
87.6
A-
\u2014
2.3
\u2014
2.3
\u2014
\u2014
\u2014
\u2014
BBB+ and lower
\u2014
9.2
\u2014
9.2
\u2014
11.6
\u2014
11.6
Not rated
\u2014
0.3
103.2
103.5
\u2014
0.3
104.1
104.4
Total
294.0
81.3
103.2
478.5
280.1
99.5
104.1
483.7
1 1 1. Relate to trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable and other receivables. Ageing of trade receivables at year end was:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Less than 30 days
78.7
90.0
Between 30 and 90 days
24.5
14.1
103.2
104.1
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:
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Trade receivables per ageing analysis
103.2
104.1
Trade receivables related to policyholders
58.8
64.7
Subscription accounts receivable
42.2
63.3
Other receivables
12.8
17.2
Trade and other receivables measured at amortised cost
19
217.0
249.3
Trade and other receivables \u2013 non-financial instruments
19
15.6
14.7
Trade and other receivables \u2013 total
232.6
264.0
2 3 2. Principally relate to sundry debtors and fund recharge receivables. 3. 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 19 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 results of the ECL assessment showed an immaterial impact, therefore no loss allowance has been provided for the years ended 31 March 2024 and 2023. 26(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 \u00a3375.3 million (2023: \u00a3379.6 million) (note 15) 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. Contractual maturities of financial liabilities at year end was:
Total
One year Between one Over contractual Carrying
or less and five years five years cash flows amount
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
13.0
46.1
61.2
120.3
94.7
Trade and other payables
272.8
\u2014
\u2014
272.8
272.8
Other liabilities
24.2
33.0
\u2014
57.2
57.2
310.0
79.1
61.2
450.3
424.7
1,2 2
Total
One year Between one Over contractual Carrying
or less and five years five years cash flows amount
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
13.7
46.1
61.2
121.0
102.7
Trade and other payables
302.2
\u2014
\u2014
302.2
302.2
Other liabilities
21.9
33.7
\u2014
55.6
55.6
337.8
79.8
61.2
478.8
460.5
1,2 2 1. Contractual cash flows equal their carrying balances as the impact of discounting is not significant. 2. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee Benefit obligations. Consequently these are not within the scope of IAS 32 and IFRS7. However, they have been included within the financial instruments disclosures in order to reflect the unavoidable contractural obligation that the Group has to its employee. 26(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. Currency risk The Group is exposed to currency risk in the ordinary course of business mainly from the Group\u2019s operations in multiple geographical markets. 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. The Group\u2019s key exposure to currency risk at the end of the reporting period was US dollar and Euro. The net assets attributable to USD and Euro at the closing rate for the reporting period were \u00a355.6 million and \u00a316.2 million (2023: \u00a354.0 million and \u00a310.3 million) respectively. 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. 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 (2023: cash and cash equivalents). 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. Sensitivity analysis to market risks The following table indicates the instantaneous change in the Group\u2019s profit after tax and equity if foreign exchange rates and interest rate to which the Group has significant exposure at the end of the reporting period had changed at that date, assuming all other variables remained constant.
2024
2023
A reasonable change A reasonable change
in the variable Effect on in the variable Effect on
within the next profit after within the next profit after
calendar year tax and equity calendar year tax and equity
%
\u00a3\u2019m
%
\u00a3\u2019m
US Dollar against Sterling
Strengthen
9
3.9
10
4.6
Weaken
9
(3.3)
10
(3.8)
Euro against Sterling
Strengthen
4
0.3
10
0.9
Weaken
4
(0.3)
10
(0.7)
Interest rate
Increase
0.3
0.7
0.1
0.3
Decrease
0.9
(2.4)
0.1
(0.3)
26(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 the Group\u2019s 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. 26(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 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. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. 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
2024
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
51.5
\u2014
\u2014
51.5
Seed investments
10
3.2
\u2014
\u2014
3.2
Unlisted investment vehicles
10
\u2014
2.4
13.7
16.1
Other investments
10
\u2014
4.0
\u2014
4.0
Money market funds
15
294.0
\u2014
\u2014
294.0
Investments backing policyholder funds
14
743.9
9,485.9
68.5
10,298.3
Total financial assets measured at fair value
19
1,092.6
9,492.3
82.2
10,667.1
Policyholder investment contract liabilities
14
\u2014
(10,278.5)
\u2014
(10,278.5)
Other liabilities
16
\u2014
(57. 2)
\u2014
(57. 2)
Total financial liabilities measured at fair value
19
\u2014
(10,335.7)
\u2014
(10,335.7)
2023 (Restated)
Deferred compensation investments
10
52.9
\u2014
\u2014
52.9
Seed investments
10
2.9
\u2014
\u2014
2.9
Unlisted investment vehicles
10
\u2014
\u2014
8.0
8.0
Other investments
10
\u2014
4.1
\u2014
4.1
Money market funds
15
280.1
\u2014
\u2014
280.1
Investments backing policyholder funds
14
800.5
9,116.2
45.9
9,962.6
Total financial assets measured at fair value
19
1,136.4
9,120.3
53.9
10,310.6
Policyholder investment contract liabilities
14
\u2014
(9,967.3)
\u2014
(9,967.3)
Other liabilities
16
\u2014
(55.6)
\u2014
(55.6)
Total financial liabilities measured at fair value
19
\u2014
(10,022.9)
\u2014
(10,022.9)
1 1 1. The comparative amount was reclassified from level 1 to level 2 to correctly reflect the measurement of these liabilities. The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of each reporting period, consistent with the date of the determination of fair value. During the years ended 31 March 2024 and 2023, there were no transfers between level 1 and level 2. 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. (2023: 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. If the value of the underlying level 3 investments within unlisted investment vehicles increased by 10% (2023: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a31.4 million (2023: \u00a30.8 million). A decrease of 10% would have had the equal but opposite effect. 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. If the value of the underlying level 3 investments within investments backing policyholder funds increased by 10% (2023: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a36.9 million (2023: \u00a34.6 million). A decrease of 10% would have had the equal but opposite effect.
2024
2023
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
8.0
3.5
Purchase
5.1
4.3
Unrealised gain
0.6
0.2
At 31 March
13.7
8.0
2024
2023
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
45.9
63.9
Disposal
(7.9)
(10.1)
Transfer from level 2
27.8
\u2014
Unrealised gain
6.4
0.1
Foreign exchange adjustment
(3.7)
(8.0)
At 31 March
68.5
45.9
1 1. Some debt instruments were transferred from level 2 to level 3 due to a valuation technique changing from cost plus accrual to probability based valuation in which the significant inputs used in the valuation are unobservable.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-431": { "value": "26(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 subscription accounts receivable, 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. An analysis of credit ratings of financial assets, excluding policyholders\u2019 trade and other receivables and subscription accounts receivable, and the maximum exposure to credit risk was:
2024
2023
Other financial Other financial
assets assets
Money market measured at Money market measured at
funds
Cash at bank
amortised cost Total
funds
Cash at bank
amortised cost Total
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
AAA
199.8
\u2014
\u2014
199.8
184.1
\u2014
\u2014
184.1
AA+
94.2
\u2014
\u2014
94.2
96.0
\u2014
\u2014
96.0
A+
\u2014
69.5
\u2014
69.5
\u2014
87.6
\u2014
87.6
A-
\u2014
2.3
\u2014
2.3
\u2014
\u2014
\u2014
\u2014
BBB+ and lower
\u2014
9.2
\u2014
9.2
\u2014
11.6
\u2014
11.6
Not rated
\u2014
0.3
103.2
103.5
\u2014
0.3
104.1
104.4
Total
294.0
81.3
103.2
478.5
280.1
99.5
104.1
483.7
1 1 1. Relate to trade receivables, excluding policyholders\u2019 trade and other receivables, subscription accounts receivable and other receivables. Ageing of trade receivables at year end was:
2024
2023
\u00a3\u2019m
\u00a3\u2019m
Less than 30 days
78.7
90.0
Between 30 and 90 days
24.5
14.1
103.2
104.1
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:
2024
2023
Notes
\u00a3\u2019m
\u00a3\u2019m
Trade receivables per ageing analysis
103.2
104.1
Trade receivables related to policyholders
58.8
64.7
Subscription accounts receivable
42.2
63.3
Other receivables
12.8
17.2
Trade and other receivables measured at amortised cost
19
217.0
249.3
Trade and other receivables \u2013 non-financial instruments
19
15.6
14.7
Trade and other receivables \u2013 total
232.6
264.0
2 3 2. Principally relate to sundry debtors and fund recharge receivables. 3. 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 19 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 results of the ECL assessment showed an immaterial impact, therefore no loss allowance has been provided for the years ended 31 March 2024 and 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-432": { "value": "26(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 \u00a3375.3 million (2023: \u00a3379.6 million) (note 15) 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. Contractual maturities of financial liabilities at year end was:
Total
One year Between one Over contractual Carrying
or less and five years five years cash flows amount
2024
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
13.0
46.1
61.2
120.3
94.7
Trade and other payables
272.8
\u2014
\u2014
272.8
272.8
Other liabilities
24.2
33.0
\u2014
57.2
57.2
310.0
79.1
61.2
450.3
424.7
1,2 2
Total
One year Between one Over contractual Carrying
or less and five years five years cash flows amount
2023
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Lease liabilities
13.7
46.1
61.2
121.0
102.7
Trade and other payables
302.2
\u2014
\u2014
302.2
302.2
Other liabilities
21.9
33.7
\u2014
55.6
55.6
337.8
79.8
61.2
478.8
460.5
1,2 2 1. Contractual cash flows equal their carrying balances as the impact of discounting is not significant. 2. The nature of other liabilities and employee related payables within trade and other payables is that of IAS 19 Employee Benefit obligations. Consequently these are not within the scope of IAS 32 and IFRS7. However, they have been included within the financial instruments disclosures in order to reflect the unavoidable contractural obligation that the Group has to its employee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-433": { "value": "26(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.
Currency risk
The Group is exposed to currency risk in the ordinary course of business mainly from the Group\u2019s operations in multiple
geographical markets. 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. The Group\u2019s key exposure to currency risk
at the end of the reporting period was US dollar and Euro. The net assets attributable to USD and Euro at the closing rate for the
reporting period were \u00a355.6 million and \u00a316.2 million (2023: \u00a354.0 million and \u00a310.3 million) respectively.
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.
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 (2023: cash and cash equivalents).
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.
Sensitivity analysis to market risks
The following table indicates the instantaneous change in the Group\u2019s profit after tax and equity if foreign exchange rates
and interest rate to which the Group has significant exposure at the end of the reporting period had changed at that date,
assuming all other variables remained constant.
2024
2023
A reasonable change A reasonable change
in the variable Effect on in the variable Effect on
within the next profit after within the next profit after
calendar year tax and equity calendar year tax and equity
%
\u00a3\u2019m
%
\u00a3\u2019m
US Dollar against Sterling
Strengthen
9
3.9
10
4.6
Weaken
9
(3.3)
10
(3.8)
Euro against Sterling
Strengthen
4
0.3
10
0.9
Weaken
4
(0.3)
10
(0.7)
Interest rate
Increase
0.3
0.7
0.1
0.3
Decrease
0.9
(2.4)
0.1
(0.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-434": { "value": "
26(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 the
Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-467": { "value": "26(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 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. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-439": { "value": "26(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 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. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. 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
2024
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
51.5
\u2014
\u2014
51.5
Seed investments
10
3.2
\u2014
\u2014
3.2
Unlisted investment vehicles
10
\u2014
2.4
13.7
16.1
Other investments
10
\u2014
4.0
\u2014
4.0
Money market funds
15
294.0
\u2014
\u2014
294.0
Investments backing policyholder funds
14
743.9
9,485.9
68.5
10,298.3
Total financial assets measured at fair value
19
1,092.6
9,492.3
82.2
10,667.1
Policyholder investment contract liabilities
14
\u2014
(10,278.5)
\u2014
(10,278.5)
Other liabilities
16
\u2014
(57. 2)
\u2014
(57. 2)
Total financial liabilities measured at fair value
19
\u2014
(10,335.7)
\u2014
(10,335.7)
2023 (Restated)
Deferred compensation investments
10
52.9
\u2014
\u2014
52.9
Seed investments
10
2.9
\u2014
\u2014
2.9
Unlisted investment vehicles
10
\u2014
\u2014
8.0
8.0
Other investments
10
\u2014
4.1
\u2014
4.1
Money market funds
15
280.1
\u2014
\u2014
280.1
Investments backing policyholder funds
14
800.5
9,116.2
45.9
9,962.6
Total financial assets measured at fair value
19
1,136.4
9,120.3
53.9
10,310.6
Policyholder investment contract liabilities
14
\u2014
(9,967.3)
\u2014
(9,967.3)
Other liabilities
16
\u2014
(55.6)
\u2014
(55.6)
Total financial liabilities measured at fair value
19
\u2014
(10,022.9)
\u2014
(10,022.9)
1 1 1. The comparative amount was reclassified from level 1 to level 2 to correctly reflect the measurement of these liabilities. The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of each reporting period, consistent with the date of the determination of fair value. During the years ended 31 March 2024 and 2023, there were no transfers between level 1 and level 2. 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. (2023: 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. If the value of the underlying level 3 investments within unlisted investment vehicles increased by 10% (2023: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a31.4 million (2023: \u00a30.8 million). A decrease of 10% would have had the equal but opposite effect. 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. If the value of the underlying level 3 investments within investments backing policyholder funds increased by 10% (2023: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a36.9 million (2023: \u00a34.6 million). A decrease of 10% would have had the equal but opposite effect.
2024
2023
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
8.0
3.5
Purchase
5.1
4.3
Unrealised gain
0.6
0.2
At 31 March
13.7
8.0
2024
2023
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
45.9
63.9
Disposal
(7.9)
(10.1)
Transfer from level 2
27.8
\u2014
Unrealised gain
6.4
0.1
Foreign exchange adjustment
(3.7)
(8.0)
At 31 March
68.5
45.9
1 1. Some debt instruments were transferred from level 2 to level 3 due to a valuation technique changing from cost plus accrual to probability based valuation in which the significant inputs used in the valuation are unobservable.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-435": { "value": "26(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 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. Unobservable inputs are only used to measure fair value to the extent that relevant observables inputs are not available. 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
2024
Notes
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
\u00a3\u2019m
Deferred compensation investments
10
51.5
\u2014
\u2014
51.5
Seed investments
10
3.2
\u2014
\u2014
3.2
Unlisted investment vehicles
10
\u2014
2.4
13.7
16.1
Other investments
10
\u2014
4.0
\u2014
4.0
Money market funds
15
294.0
\u2014
\u2014
294.0
Investments backing policyholder funds
14
743.9
9,485.9
68.5
10,298.3
Total financial assets measured at fair value
19
1,092.6
9,492.3
82.2
10,667.1
Policyholder investment contract liabilities
14
\u2014
(10,278.5)
\u2014
(10,278.5)
Other liabilities
16
\u2014
(57. 2)
\u2014
(57. 2)
Total financial liabilities measured at fair value
19
\u2014
(10,335.7)
\u2014
(10,335.7)
2023 (Restated)
Deferred compensation investments
10
52.9
\u2014
\u2014
52.9
Seed investments
10
2.9
\u2014
\u2014
2.9
Unlisted investment vehicles
10
\u2014
\u2014
8.0
8.0
Other investments
10
\u2014
4.1
\u2014
4.1
Money market funds
15
280.1
\u2014
\u2014
280.1
Investments backing policyholder funds
14
800.5
9,116.2
45.9
9,962.6
Total financial assets measured at fair value
19
1,136.4
9,120.3
53.9
10,310.6
Policyholder investment contract liabilities
14
\u2014
(9,967.3)
\u2014
(9,967.3)
Other liabilities
16
\u2014
(55.6)
\u2014
(55.6)
Total financial liabilities measured at fair value
19
\u2014
(10,022.9)
\u2014
(10,022.9)
1 1 1. The comparative amount was reclassified from level 1 to level 2 to correctly reflect the measurement of these liabilities. The Group\u2019s policy is to recognise transfers between levels of fair value hierarchy at the end of each reporting period, consistent with the date of the determination of fair value. During the years ended 31 March 2024 and 2023, there were no transfers between level 1 and level 2. 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. (2023: 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. If the value of the underlying level 3 investments within unlisted investment vehicles increased by 10% (2023: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a31.4 million (2023: \u00a30.8 million). A decrease of 10% would have had the equal but opposite effect. 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. If the value of the underlying level 3 investments within investments backing policyholder funds increased by 10% (2023: 10%) at year end, the Group estimates that the fair value measurement of these reported level 3 assets would have increased by \u00a36.9 million (2023: \u00a34.6 million). A decrease of 10% would have had the equal but opposite effect.
2024
2023
Unlisted investment vehicles
\u00a3\u2019m
\u00a3\u2019m
At 1 April
8.0
3.5
Purchase
5.1
4.3
Unrealised gain
0.6
0.2
At 31 March
13.7
8.0
2024
2023
Investment backing policyholder funds
\u00a3\u2019m
\u00a3\u2019m
At 1 April
45.9
63.9
Disposal
(7.9)
(10.1)
Transfer from level 2
27.8
\u2014
Unrealised gain
6.4
0.1
Foreign exchange adjustment
(3.7)
(8.0)
At 31 March
68.5
45.9
1 1. Some debt instruments were transferred from level 2 to level 3 due to a valuation technique changing from cost plus accrual to probability based valuation in which the significant inputs used in the valuation are unobservable.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-394": { "value": "
27. Events after the reporting date
Other than the dividend recommended by the Board presented in note 9, no event was noted after the reporting date that
would require disclosures in or adjustments to the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-440": { "value": "28. 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 2024 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
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
1 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-436": { "value": "28. 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 2024 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
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
1
Company name
Share class
Interest in %
Ninety One Guernsey Limited
Ordinary
100
Lango Real Estate Management Limited
Ordinary
37.5
Lango Co-Invest GP Limited
Ordinary
100
Lango Co-Invest LP
Partnership interest
34.3
GIAP Manco Empowerment Limited
Ordinary
50
Ninety One Guernsey Nominees Limited
Ordinary
100
Ninety One Guernsey Service Company Limited
Ordinary
100
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 Global Alternative Fund 2 Carry SCSp
Partnership interest
40
Ninety One Luxembourg S.A.
Ordinary
100
Saudi Arabia
Registered office: 7934, Al Safarjal, 3193
Ninety One Capital Company (Single Shareholder Company)
3
Joint stock
100
Singapore
Registered office: 138 Market Street, #27-02 CapitaGreen, Singapore 048946
Ninety One Singapore Pte. Limited
Ordinary
100
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
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
Ordinary
90
Ninety One Botswana Employee Share Scheme Trust
Unspecified
\u2014
Ninety One Fund Managers Botswana Proprietary Limited
Ordinary
90
Namibia
Registered office: 24 Orban Street, Klein Windhoek, Windhoek
Ninety One Asset Management Namibia (Proprietary) Limited
Ordinary
100
Ninety One Asset Management Namibia Staff Share Scheme Trust
Unspecified
\u2014
Ninety One Fund Managers Namibia Limited
Ordinary
100
2 2 2 3 3 4 5 6 5 7 6 7 1. Directly held by Ninety One plc. 2. This is an associate to the Group. 3. Established in the current financial year. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-22": { "value": "Ninety One plc 55 Gresham Street London, EC2V 7EL United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300G0TJCT3K15ZG14", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }